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Welcome to the

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Honest Money Show.

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Thanks to our

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sponsor Batory

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for making today's

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episode possible.

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Australia's

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biggest Bitcoin

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on the exchange.

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Hi, Joe.

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Welcome to the

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Honest Money Show.

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How are you?

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Thank you

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for having me.

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Yeah, I'm very good.

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Thank you.

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It's a real pleasure.

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Earlier on this year,

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you released a video

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that went viral, and,

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It's such a pleasure

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to have you on.

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I really like

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how you presented

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the idea

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that you've

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put forward.

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So for the listeners,

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it is,

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the video is called

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What's the Problem?

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And I guess

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I want to start

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with that.

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So over to you, Joe.

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Let's,

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let's talk about this

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problem.

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Okay.

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Well, I mean,

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the problem is that

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a big red

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button exists,

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and that big red

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button allows

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the people

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that have access to it

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to collect money

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in a variety of ways.

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And so it gives them

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exorbitant privilege

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in, in the

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financial system over

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and above

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everybody else,

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which is

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fundamentally wrong.

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And it's the existence

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of the flick of this

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big red button

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that precipitates

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all the issues

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that we see around

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ourselves today.

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And so,

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you know,

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the social

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deterioration,

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you know, from

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very explicit things

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to much less explicit

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things are all due to

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are all just

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downstream consequences

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of the fact

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that this big

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red button exists

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and is abused.

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And if you

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remove the

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big red button

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and you separate

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money and state,

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so that nobody

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can print for free,

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someone else

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has to work for

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and you resolve all

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of these issues.

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And so there is nothing

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more important

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than fixing the money.

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If you fix the money,

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you fix the world.

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And the video is is

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it's just a story.

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It just to start

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an accessible story

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for everybody,

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whether you're a child

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or an old person with,

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you know,

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or whether you have any

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financial experience

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at all, doesn't matter.

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You can watch it

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because it's

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just a story.

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And humans

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understand stories

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and you understand,

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after 30 minutes,

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the importance

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of having

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an incorruptible money.

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And what happens

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when you don't?

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And what happens

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when you don't is

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you end up with a world

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like today.

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And well,

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when you do have

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incorruptible money,

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you have

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human flourishing.

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And that is

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what we have

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in our future.

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Once we do

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separate money

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and stay

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with the matter.

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Humor

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I would summarize it

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like that.

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And if you haven't

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watched the video

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already, please do.

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Please do watch it

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and then share it

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with share it

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with friends.

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You will understand

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after 30 minutes

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why Bitcoin

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is so important.

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Yeah, absolutely.

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And I've already

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shared it

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with so many family

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and friends

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and it just a light

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goes off.

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And that's all that

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I can hope for.

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If you can just spark

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that curiosity enough

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for them to continue

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learning about it,

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I feel the

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I guess

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half of

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the work is done right.

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What I love

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in the video

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that you've done, Joe,

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is you've really

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humanized the problem,

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in a way, like you've

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presented this

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very heavy

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topic

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in a very human

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and empathetic way.

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But I want to

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talk about

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because you have

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a background in, in,

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in finance, like

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you are

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from a

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traditional finance,

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background.

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And I'm curious

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to know the backstory.

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Is this problem

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something that you

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were always aware

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of throughout

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your studies

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in your career? No.

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No, it's it's,

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I mean,

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I studied physics

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at university,

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and then

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then I, at 21 joined

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Goldman Sachs,

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and I was there

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for five years

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and then five years

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at other

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big investment banks.

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But you tend

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you tend

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not to learn,

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get taught

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about money at school

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for obvious reasons.

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Yeah.

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If somebody has access

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to a big red button

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and they constantly

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abuse it,

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it behooves them

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to not educate

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the population

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that they have

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a big red button

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and they abuse it.

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And so we are not

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taught at

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at school

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or at university,

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even even if you

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studied economics

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and I didn't

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study economics,

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even if you

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studied economics,

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you would get

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taught inflation

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is good,

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inflation is good,

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is Keynesian economics,

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which is just

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total nonsense,

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absolute

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total nonsense.

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And so we have

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a population

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even in the

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financial sector.

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He was taught

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the wrong thing,

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actively taught

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the wrong thing,

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taught to not question

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the fact that a big

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red button exists,

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and to

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actually celebrate

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that the big

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red button exists,

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because without it

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we would be

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impoverished,

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which is 180 degrees.

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Incorrect.

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And so

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when you go into

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into finance,

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when you have

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a background

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and not, you're either

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starting with

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no knowledge

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or you're starting

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with the

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wrong knowledge,

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and then

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you go into the

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financial sector

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and you become very,

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very specialized

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very quickly

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because you would join.

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Well, for me,

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I joined an equity

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derivatives desk,

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but there'd be

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100 different desks

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in an investment

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bank with very niche

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focus

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on a particular

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type of product

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within the product

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suite offered

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by investment banks,

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which is,

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you know,

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layers and layers down

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from the money printer.

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And so you, you

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learn about your,

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00:05:22,522 --> 00:05:23,823
your particular area

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00:05:23,823 --> 00:05:24,290
and you become

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an expert

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in your

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particular area,

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but not not

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not the big picture.

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And no one's

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really questioned

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the big picture

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because the banks

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are the beneficiaries

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of the big red button.

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So,

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you know,

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it's like that.

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00:05:34,233 --> 00:05:34,734
It's like that

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00:05:34,734 --> 00:05:36,102
saying you can't

317
00:05:36,102 --> 00:05:36,502
you can't

318
00:05:36,502 --> 00:05:38,604
convince somebody.

319
00:05:38,604 --> 00:05:39,472
You can't get someone

320
00:05:39,472 --> 00:05:41,007
to understand something

321
00:05:41,007 --> 00:05:41,708
their incentivized

322
00:05:41,708 --> 00:05:43,443
not to understand.

323
00:05:43,443 --> 00:05:44,711
Yeah, absolutely.

324
00:05:44,711 --> 00:05:45,378
And this is why

325
00:05:45,378 --> 00:05:46,446
the financial sector

326
00:05:46,446 --> 00:05:46,979
was also pushed

327
00:05:46,979 --> 00:05:48,414
back on Bitcoin for

328
00:05:48,414 --> 00:05:49,949
or tried to undermine

329
00:05:49,949 --> 00:05:50,583
the credibility

330
00:05:50,583 --> 00:05:52,452
of bitcoin

331
00:05:52,452 --> 00:05:55,455
over the last 15 years

332
00:05:55,521 --> 00:05:55,955
until they

333
00:05:55,955 --> 00:05:56,322
could actually

334
00:05:56,322 --> 00:05:58,057
make money out of it.

335
00:05:58,057 --> 00:05:58,491
And now they

336
00:05:58,491 --> 00:05:59,025
can make money

337
00:05:59,025 --> 00:05:59,559
out of it.

338
00:05:59,559 --> 00:06:00,059
Now it's a

339
00:06:00,059 --> 00:06:01,260
legitimate asset class.

340
00:06:01,260 --> 00:06:03,396
Latest first listener.

341
00:06:03,396 --> 00:06:04,497
And so,

342
00:06:04,497 --> 00:06:04,764
you know,

343
00:06:04,764 --> 00:06:06,032
even the whole time

344
00:06:06,032 --> 00:06:06,933
I was at

345
00:06:06,933 --> 00:06:08,034
the investment banks,

346
00:06:09,202 --> 00:06:10,169
you were very aware

347
00:06:10,169 --> 00:06:11,671
of quantitative easing

348
00:06:11,671 --> 00:06:12,271
because I

349
00:06:12,271 --> 00:06:14,140
went through the 2008

350
00:06:14,140 --> 00:06:16,609
financial crisis there,

351
00:06:16,609 --> 00:06:17,243
and the banks

352
00:06:17,243 --> 00:06:17,910
only survived

353
00:06:17,910 --> 00:06:18,511
because of the money

354
00:06:18,511 --> 00:06:20,113
printing,

355
00:06:20,113 --> 00:06:20,646
because of

356
00:06:20,646 --> 00:06:21,614
the backing of

357
00:06:21,614 --> 00:06:22,148
the governments

358
00:06:22,148 --> 00:06:23,082
and the central banks.

359
00:06:23,082 --> 00:06:23,616
So the only reason

360
00:06:23,616 --> 00:06:23,950
the banking

361
00:06:23,950 --> 00:06:25,852
sector survived.

362
00:06:25,852 --> 00:06:26,786
And so the direct

363
00:06:26,786 --> 00:06:28,187
beneficiaries of this,

364
00:06:28,187 --> 00:06:28,621
because of the

365
00:06:28,621 --> 00:06:29,322
framework

366
00:06:29,322 --> 00:06:29,756
and because

367
00:06:29,756 --> 00:06:32,425
the lack of,

368
00:06:32,425 --> 00:06:33,693
consideration

369
00:06:33,693 --> 00:06:34,494
or understanding

370
00:06:34,494 --> 00:06:36,129
or awareness of

371
00:06:36,129 --> 00:06:37,730
Austrian economics

372
00:06:37,730 --> 00:06:38,731
and Bitcoin,

373
00:06:38,731 --> 00:06:39,565
you just treat it

374
00:06:39,565 --> 00:06:42,001
just it's just normal.

375
00:06:42,001 --> 00:06:42,769
It's like,

376
00:06:42,769 --> 00:06:43,169
you know, you're

377
00:06:43,169 --> 00:06:43,970
fish, you're

378
00:06:43,970 --> 00:06:46,038
fish in water.

379
00:06:46,038 --> 00:06:46,706
You don't question

380
00:06:46,706 --> 00:06:48,541
the water,

381
00:06:48,541 --> 00:06:49,208
you don't question

382
00:06:49,208 --> 00:06:49,809
what's outside

383
00:06:49,809 --> 00:06:51,878
the fishbowl.

384
00:06:51,878 --> 00:06:52,812
And so it was

385
00:06:52,812 --> 00:06:54,480
only after

386
00:06:54,480 --> 00:06:56,249
leaving finance

387
00:06:56,249 --> 00:06:57,417
when I spent

388
00:06:57,417 --> 00:06:57,984
ten years there.

389
00:06:57,984 --> 00:06:59,519
And, and I left,

390
00:06:59,519 --> 00:07:01,154
started a quantitative

391
00:07:01,154 --> 00:07:03,489
hearing company with a,

392
00:07:03,489 --> 00:07:04,023
with a colleague

393
00:07:04,023 --> 00:07:05,024
focused on sports.

394
00:07:06,125 --> 00:07:06,459
We write

395
00:07:06,459 --> 00:07:07,727
algorithms and,

396
00:07:07,727 --> 00:07:08,928
and mathematical

397
00:07:08,928 --> 00:07:09,762
modeling sports

398
00:07:09,762 --> 00:07:10,163
and then used

399
00:07:10,163 --> 00:07:11,330
real time engineering.

400
00:07:11,330 --> 00:07:12,031
Even going through

401
00:07:12,031 --> 00:07:12,632
that process

402
00:07:12,632 --> 00:07:13,366
as an entrepreneur,

403
00:07:13,366 --> 00:07:15,401
it was much more

404
00:07:15,401 --> 00:07:16,769
eye opening

405
00:07:16,769 --> 00:07:18,171
because you're not

406
00:07:18,171 --> 00:07:18,671
you're not

407
00:07:18,671 --> 00:07:20,373
within the safety

408
00:07:20,373 --> 00:07:21,908
net of the investment

409
00:07:21,908 --> 00:07:23,810
bank. You're yeah.

410
00:07:23,810 --> 00:07:24,377
You're thrown

411
00:07:24,377 --> 00:07:25,311
right to the other end.

412
00:07:25,311 --> 00:07:25,878
It's like

413
00:07:25,878 --> 00:07:26,312
you've gone

414
00:07:26,312 --> 00:07:26,813
from being

415
00:07:26,813 --> 00:07:27,847
a direct beneficiary

416
00:07:27,847 --> 00:07:29,549
of the money printing.

417
00:07:29,549 --> 00:07:29,816
Yes.

418
00:07:29,816 --> 00:07:31,884
Being the last person

419
00:07:31,884 --> 00:07:32,518
to benefit

420
00:07:32,518 --> 00:07:33,619
for the money fintech,

421
00:07:33,619 --> 00:07:34,187
because there's no

422
00:07:34,187 --> 00:07:35,054
there's no bailouts

423
00:07:35,054 --> 00:07:35,321
for the

424
00:07:35,321 --> 00:07:36,189
small businesses.

425
00:07:36,189 --> 00:07:36,989
There's no bailouts

426
00:07:36,989 --> 00:07:38,291
for the small business

427
00:07:38,291 --> 00:07:39,459
owners.

428
00:07:39,459 --> 00:07:39,926
It's like

429
00:07:39,926 --> 00:07:40,359
they're on

430
00:07:40,359 --> 00:07:42,495
the receiving end

431
00:07:42,495 --> 00:07:43,796
of all the policies

432
00:07:43,796 --> 00:07:44,363
from the

433
00:07:44,363 --> 00:07:46,332
from the government.

434
00:07:46,332 --> 00:07:47,033
And, you know,

435
00:07:47,033 --> 00:07:48,367
a great example of that

436
00:07:48,367 --> 00:07:48,734
is, you know,

437
00:07:48,734 --> 00:07:50,536
during Covid,

438
00:07:50,536 --> 00:07:50,770
you know,

439
00:07:50,770 --> 00:07:51,504
small businesses

440
00:07:51,504 --> 00:07:52,071
have to close.

441
00:07:52,071 --> 00:07:52,772
The big businesses

442
00:07:52,772 --> 00:07:54,273
can stay open.

443
00:07:54,273 --> 00:07:55,107
You know,

444
00:07:55,107 --> 00:07:56,409
there's this

445
00:07:56,409 --> 00:07:56,776
there's not

446
00:07:56,776 --> 00:07:57,710
a single set of rules

447
00:07:57,710 --> 00:07:59,178
for everybody.

448
00:07:59,178 --> 00:08:00,913
And when you're a,

449
00:08:00,913 --> 00:08:01,180
you know,

450
00:08:01,180 --> 00:08:02,148
an entrepreneur trying

451
00:08:02,148 --> 00:08:02,915
to build a business,

452
00:08:02,915 --> 00:08:03,850
you're taking risks,

453
00:08:03,850 --> 00:08:04,016
you're

454
00:08:04,016 --> 00:08:04,951
investing capital,

455
00:08:04,951 --> 00:08:05,117
you're

456
00:08:05,117 --> 00:08:06,552
trying to find product

457
00:08:06,552 --> 00:08:07,253
market fit,

458
00:08:07,253 --> 00:08:08,054
reach, profitability,

459
00:08:08,054 --> 00:08:08,988
to find customers.

460
00:08:08,988 --> 00:08:09,088
You're

461
00:08:09,088 --> 00:08:09,722
doing all of this

462
00:08:09,722 --> 00:08:10,556
by having to do

463
00:08:10,556 --> 00:08:11,491
those things yourself.

464
00:08:12,825 --> 00:08:13,025
And you

465
00:08:13,025 --> 00:08:13,559
become much

466
00:08:13,559 --> 00:08:14,360
more aware of,

467
00:08:14,360 --> 00:08:16,963
the economic backdrop

468
00:08:16,963 --> 00:08:18,030
and the risks

469
00:08:18,030 --> 00:08:18,531
that you are

470
00:08:18,531 --> 00:08:19,365
now subjected

471
00:08:19,365 --> 00:08:19,966
to that

472
00:08:19,966 --> 00:08:20,366
you weren't

473
00:08:20,366 --> 00:08:22,535
subject to before.

474
00:08:22,535 --> 00:08:22,735
Right,

475
00:08:22,735 --> 00:08:23,369
because you're further

476
00:08:23,369 --> 00:08:23,603
from the

477
00:08:23,603 --> 00:08:24,270
money printing.

478
00:08:24,270 --> 00:08:25,037
But even then,

479
00:08:25,037 --> 00:08:26,939
you have to have

480
00:08:26,939 --> 00:08:28,841
enough contact points

481
00:08:28,841 --> 00:08:29,942
with Bitcoin for it

482
00:08:29,942 --> 00:08:31,277
to sort of stick.

483
00:08:31,277 --> 00:08:31,844
And you've

484
00:08:31,844 --> 00:08:32,245
probably gone

485
00:08:32,245 --> 00:08:33,546
through the same thing.

486
00:08:33,546 --> 00:08:35,081
And it was it,

487
00:08:35,081 --> 00:08:35,281
you know,

488
00:08:35,281 --> 00:08:35,815
the first time

489
00:08:35,815 --> 00:08:36,349
someone tells you

490
00:08:36,349 --> 00:08:36,949
about Bitcoin

491
00:08:36,949 --> 00:08:37,517
it's very rare.

492
00:08:37,517 --> 00:08:38,384
You go

493
00:08:38,384 --> 00:08:40,119
absolutely I get it.

494
00:08:40,119 --> 00:08:40,586
Yeah.

495
00:08:40,586 --> 00:08:41,454
You know

496
00:08:41,454 --> 00:08:42,054
because you're

497
00:08:42,054 --> 00:08:42,955
either dismissive.

498
00:08:42,955 --> 00:08:43,322
You're starting

499
00:08:43,322 --> 00:08:44,190
from the wrong place.

500
00:08:44,190 --> 00:08:44,790
You're hearing it

501
00:08:44,790 --> 00:08:45,625
from the wrong person

502
00:08:45,625 --> 00:08:47,894
at the wrong time.

503
00:08:47,894 --> 00:08:48,661
It's not quite

504
00:08:48,661 --> 00:08:50,363
relevant for you.

505
00:08:50,363 --> 00:08:51,797
Yeah absolutely.

506
00:08:51,797 --> 00:08:52,398
The first time

507
00:08:52,398 --> 00:08:53,132
I heard about

508
00:08:53,132 --> 00:08:54,567
it was 2017,

509
00:08:54,567 --> 00:08:56,269
and I just dismissed it

510
00:08:56,269 --> 00:08:57,103
until last year.

511
00:08:58,337 --> 00:08:58,804
But yeah,

512
00:08:58,804 --> 00:08:59,839
most people do.

513
00:08:59,839 --> 00:09:00,473
Most people do

514
00:09:00,473 --> 00:09:01,774
because it's

515
00:09:01,774 --> 00:09:03,009
so you either

516
00:09:03,009 --> 00:09:03,910
don't recognize

517
00:09:03,910 --> 00:09:04,510
there's a problem

518
00:09:04,510 --> 00:09:06,212
that needs a solution.

519
00:09:06,212 --> 00:09:06,946
So the solution

520
00:09:06,946 --> 00:09:07,413
comes along

521
00:09:07,413 --> 00:09:09,415
and you go, so what?

522
00:09:09,415 --> 00:09:09,782
Right.

523
00:09:09,782 --> 00:09:11,250
And

524
00:09:11,250 --> 00:09:12,118
in my case,

525
00:09:12,118 --> 00:09:13,786
I actually did so

526
00:09:13,786 --> 00:09:14,820
it's so funny.

527
00:09:14,820 --> 00:09:15,821
I remember this today.

528
00:09:15,821 --> 00:09:16,989
I watched a documentary

529
00:09:16,989 --> 00:09:19,458
from two from 1996

530
00:09:19,458 --> 00:09:20,526
about this problem.

531
00:09:20,526 --> 00:09:21,260
So this

532
00:09:21,260 --> 00:09:22,395
this problem

533
00:09:22,395 --> 00:09:23,462
is not a new problem.

534
00:09:23,462 --> 00:09:23,863
They've been

535
00:09:23,863 --> 00:09:24,730
people talking

536
00:09:24,730 --> 00:09:26,766
about it for since,

537
00:09:26,766 --> 00:09:27,867
since it commenced.

538
00:09:27,867 --> 00:09:28,534
And and

539
00:09:28,534 --> 00:09:29,402
many politicians

540
00:09:29,402 --> 00:09:30,870
have warned against it.

541
00:09:30,870 --> 00:09:31,938
Many economists

542
00:09:31,938 --> 00:09:33,272
have warned against it.

543
00:09:33,272 --> 00:09:34,740
But I never connected

544
00:09:34,740 --> 00:09:35,508
the problem

545
00:09:35,508 --> 00:09:36,676
to the solution.

546
00:09:36,676 --> 00:09:37,843
And that is Bitcoin

547
00:09:37,843 --> 00:09:39,412
being the solution.

548
00:09:39,412 --> 00:09:40,413
Until

549
00:09:40,413 --> 00:09:41,547
until just recently.

550
00:09:41,547 --> 00:09:42,415
And I think that gap

551
00:09:42,415 --> 00:09:43,516
still exists

552
00:09:43,516 --> 00:09:44,784
for many people.

553
00:09:44,784 --> 00:09:45,685
Oh yeah. Absolutely.

554
00:09:45,685 --> 00:09:46,552
Absolutely does.

555
00:09:46,552 --> 00:09:47,253
Absolutely does.

556
00:09:48,654 --> 00:09:50,623
And

557
00:09:50,623 --> 00:09:50,923
you know, I

558
00:09:50,923 --> 00:09:51,390
suffer from

559
00:09:51,390 --> 00:09:52,258
that as well

560
00:09:52,258 --> 00:09:54,160
because you like

561
00:09:54,160 --> 00:09:54,627
if Bitcoin

562
00:09:54,627 --> 00:09:54,894
has all

563
00:09:54,894 --> 00:09:56,696
these qualities,

564
00:09:56,696 --> 00:09:56,929
you know,

565
00:09:56,929 --> 00:09:58,197
unless you recognize

566
00:09:58,197 --> 00:10:00,633
this is shortfall

567
00:10:00,633 --> 00:10:00,967
in the

568
00:10:00,967 --> 00:10:02,735
existing solution,

569
00:10:02,735 --> 00:10:03,603
you don't recognize

570
00:10:03,603 --> 00:10:05,605
the improvement.

571
00:10:05,605 --> 00:10:08,174
And so it took 2 or 3

572
00:10:08,174 --> 00:10:08,941
interactions.

573
00:10:08,941 --> 00:10:10,743
But it was only in 2020

574
00:10:10,743 --> 00:10:12,612
that Bitcoin really

575
00:10:12,612 --> 00:10:13,679
hit home for me.

576
00:10:13,679 --> 00:10:14,380
And since then

577
00:10:14,380 --> 00:10:15,381
I've just been

578
00:10:15,381 --> 00:10:15,948
learning more

579
00:10:15,948 --> 00:10:16,916
and more about it,

580
00:10:16,916 --> 00:10:17,416
spending more

581
00:10:17,416 --> 00:10:18,751
and more time

582
00:10:18,751 --> 00:10:19,318
on more of my

583
00:10:19,318 --> 00:10:19,952
time on it.

584
00:10:19,952 --> 00:10:20,519
But you reached

585
00:10:20,519 --> 00:10:20,886
the point

586
00:10:20,886 --> 00:10:21,787
that it

587
00:10:21,787 --> 00:10:22,221
sounds like

588
00:10:22,221 --> 00:10:22,788
you're right,

589
00:10:22,788 --> 00:10:23,422
either

590
00:10:23,422 --> 00:10:24,390
already through this,

591
00:10:24,390 --> 00:10:25,625
through the event

592
00:10:25,625 --> 00:10:26,592
horizon of this,

593
00:10:26,592 --> 00:10:27,560
or very close to

594
00:10:27,560 --> 00:10:29,061
it is up once

595
00:10:29,061 --> 00:10:29,762
the penny drops

596
00:10:29,762 --> 00:10:30,329
sufficiently,

597
00:10:30,329 --> 00:10:30,896
you realize this.

598
00:10:30,896 --> 00:10:31,397
Nothing else

599
00:10:31,397 --> 00:10:32,965
is important.

600
00:10:32,965 --> 00:10:33,833
This is the only thing

601
00:10:33,833 --> 00:10:35,167
that matters.

602
00:10:35,167 --> 00:10:36,669
Yes, the only thing I

603
00:10:36,669 --> 00:10:38,137
fix is ever had.

604
00:10:38,137 --> 00:10:38,771
I think once you.

605
00:10:38,771 --> 00:10:39,939
Realize that,

606
00:10:39,939 --> 00:10:41,040
you just don't go back.

607
00:10:41,040 --> 00:10:41,807
It just.

608
00:10:41,807 --> 00:10:42,441
And it's

609
00:10:42,441 --> 00:10:43,142
like this moment.

610
00:10:43,142 --> 00:10:43,609
It's like it's

611
00:10:43,609 --> 00:10:44,410
one way door

612
00:10:44,410 --> 00:10:46,145
to a new world.

613
00:10:46,145 --> 00:10:48,347
I realize that

614
00:10:48,347 --> 00:10:49,015
you've been able

615
00:10:49,015 --> 00:10:49,915
to connect the dots

616
00:10:49,915 --> 00:10:51,150
in such a way

617
00:10:51,150 --> 00:10:51,450
that it's

618
00:10:51,450 --> 00:10:53,319
become obvious.

619
00:10:53,319 --> 00:10:54,186
It's become obvious

620
00:10:54,186 --> 00:10:55,788
to critical thinking,

621
00:10:55,788 --> 00:10:57,123
and it's not a belief.

622
00:10:57,123 --> 00:10:57,923
It's not a,

623
00:10:59,659 --> 00:11:01,093
it's not

624
00:11:01,093 --> 00:11:01,494
something you're

625
00:11:01,494 --> 00:11:01,961
going to change

626
00:11:01,961 --> 00:11:02,595
your mind on

627
00:11:02,595 --> 00:11:03,062
because it's

628
00:11:03,062 --> 00:11:03,863
taken rigorous,

629
00:11:03,863 --> 00:11:04,530
critical thinking

630
00:11:04,530 --> 00:11:05,131
to get there.

631
00:11:05,131 --> 00:11:05,631
And therefore your

632
00:11:05,631 --> 00:11:07,299
realization is,

633
00:11:07,299 --> 00:11:09,201
hang on a minute.

634
00:11:09,201 --> 00:11:09,835
Everybody's

635
00:11:09,835 --> 00:11:10,269
going to figure

636
00:11:10,269 --> 00:11:12,204
this out.

637
00:11:12,204 --> 00:11:12,471
And once

638
00:11:12,471 --> 00:11:12,805
everything's a.

639
00:11:12,805 --> 00:11:13,739
Matter of time.

640
00:11:13,739 --> 00:11:14,740
It's a matter of time.

641
00:11:14,740 --> 00:11:15,174
And then once

642
00:11:15,174 --> 00:11:15,741
everyone figures

643
00:11:15,741 --> 00:11:17,143
this out,

644
00:11:17,143 --> 00:11:17,443
you know,

645
00:11:17,443 --> 00:11:19,412
the world changes.

646
00:11:19,412 --> 00:11:20,279
But not everyone

647
00:11:20,279 --> 00:11:20,880
figures it out

648
00:11:20,880 --> 00:11:22,248
in one go.

649
00:11:22,248 --> 00:11:22,515
You know,

650
00:11:22,515 --> 00:11:23,049
you've got 8

651
00:11:23,049 --> 00:11:24,450
billion people.

652
00:11:24,450 --> 00:11:25,051
And this is

653
00:11:25,051 --> 00:11:26,585
this is an S-curve

654
00:11:26,585 --> 00:11:27,420
of of adoption.

655
00:11:27,420 --> 00:11:28,688
But it's not an S-curve

656
00:11:28,688 --> 00:11:30,856
of adoption with churn.

657
00:11:30,856 --> 00:11:31,757
It's not it's not like,

658
00:11:31,757 --> 00:11:34,160
Facebook, for example.

659
00:11:34,160 --> 00:11:34,360
I mean,

660
00:11:34,360 --> 00:11:35,261
I'm not picking face.

661
00:11:35,261 --> 00:11:35,895
I'm just it's

662
00:11:35,895 --> 00:11:36,262
the first one

663
00:11:36,262 --> 00:11:37,329
that came to mind.

664
00:11:37,329 --> 00:11:38,064
You know,

665
00:11:38,064 --> 00:11:39,231
they probably have.

666
00:11:39,231 --> 00:11:40,099
I would imagine

667
00:11:40,099 --> 00:11:40,833
I'll get these numbers

668
00:11:40,833 --> 00:11:41,767
horribly wrong.

669
00:11:41,767 --> 00:11:42,435
Half the world's

670
00:11:42,435 --> 00:11:43,069
population

671
00:11:43,069 --> 00:11:43,269
have a

672
00:11:43,269 --> 00:11:44,070
Facebook account.

673
00:11:44,070 --> 00:11:45,171
Maybe most of them

674
00:11:45,171 --> 00:11:45,705
use it.

675
00:11:45,705 --> 00:11:45,938
You know,

676
00:11:45,938 --> 00:11:47,440
most of them have

677
00:11:47,440 --> 00:11:48,340
created a Facebook

678
00:11:48,340 --> 00:11:48,607
kind of

679
00:11:48,607 --> 00:11:49,208
at some point

680
00:11:49,208 --> 00:11:49,675
in the past,

681
00:11:49,675 --> 00:11:50,443
used it for a bit

682
00:11:50,443 --> 00:11:51,877
and then churned.

683
00:11:51,877 --> 00:11:52,578
And now they don't

684
00:11:52,578 --> 00:11:53,212
use Facebook.

685
00:11:54,647 --> 00:11:55,981
No churn with Bitcoin.

686
00:11:55,981 --> 00:11:56,949
Once you get Bitcoin,

687
00:11:56,949 --> 00:11:58,818
you never go back.

688
00:11:58,818 --> 00:12:00,119
It becomes

689
00:12:00,119 --> 00:12:00,886
you're not just

690
00:12:00,886 --> 00:12:02,488
a perpetual user,

691
00:12:02,488 --> 00:12:04,857
a perpetual holder.

692
00:12:04,857 --> 00:12:06,192
You actively

693
00:12:06,192 --> 00:12:07,193
work to drive

694
00:12:07,193 --> 00:12:08,661
the network.

695
00:12:08,661 --> 00:12:08,994
Yeah,

696
00:12:08,994 --> 00:12:10,196
because I just wasn't.

697
00:12:10,196 --> 00:12:11,163
Thinking the world

698
00:12:11,163 --> 00:12:12,231
until you that

699
00:12:12,231 --> 00:12:12,531
you that

700
00:12:12,531 --> 00:12:13,499
help accelerate

701
00:12:13,499 --> 00:12:14,300
and you build

702
00:12:14,300 --> 00:12:14,867
and what tends

703
00:12:14,867 --> 00:12:16,102
to happen with bitcoin

704
00:12:16,102 --> 00:12:16,736
and I realize we're

705
00:12:16,736 --> 00:12:17,269
just jumping

706
00:12:17,269 --> 00:12:17,503
straight

707
00:12:17,503 --> 00:12:18,204
to the solution

708
00:12:18,204 --> 00:12:18,671
here I do

709
00:12:18,671 --> 00:12:20,139
we can come back.

710
00:12:20,139 --> 00:12:22,241
But there

711
00:12:22,241 --> 00:12:24,009
I'm the and

712
00:12:24,009 --> 00:12:24,577
you've probably

713
00:12:24,577 --> 00:12:25,244
seen this yourself.

714
00:12:25,244 --> 00:12:25,778
The people who

715
00:12:25,778 --> 00:12:28,080
find bitcoin

716
00:12:28,080 --> 00:12:28,881
tend to be

717
00:12:28,881 --> 00:12:29,281
the more

718
00:12:29,281 --> 00:12:31,183
motivated people

719
00:12:31,183 --> 00:12:31,984
the most in client

720
00:12:31,984 --> 00:12:32,852
agency.

721
00:12:32,852 --> 00:12:34,620
High agency people.

722
00:12:34,620 --> 00:12:35,688
Absolutely.

723
00:12:35,688 --> 00:12:36,322
And what do you get

724
00:12:36,322 --> 00:12:37,323
when you have higher

725
00:12:37,323 --> 00:12:38,657
agency people becoming

726
00:12:38,657 --> 00:12:39,091
convinced

727
00:12:39,091 --> 00:12:40,860
about something?

728
00:12:40,860 --> 00:12:42,528
They make stuff happen.

729
00:12:42,528 --> 00:12:44,029
They build businesses,

730
00:12:44,029 --> 00:12:45,965
they educate others,

731
00:12:45,965 --> 00:12:47,032
they drive

732
00:12:47,032 --> 00:12:48,033
adoption forward.

733
00:12:49,201 --> 00:12:50,169
And that's exactly the

734
00:12:50,169 --> 00:12:50,703
segment of

735
00:12:50,703 --> 00:12:51,470
the population

736
00:12:51,470 --> 00:12:52,972
you would want

737
00:12:52,972 --> 00:12:54,006
to initially

738
00:12:54,006 --> 00:12:55,207
adopt something

739
00:12:55,207 --> 00:12:56,175
which has a zero

740
00:12:56,175 --> 00:12:56,942
churn rate,

741
00:12:56,942 --> 00:12:57,576
which eventually

742
00:12:57,576 --> 00:12:57,877
is going to

743
00:12:57,877 --> 00:12:59,044
consume the world

744
00:12:59,044 --> 00:12:59,545
because just

745
00:12:59,545 --> 00:13:01,180
happens faster.

746
00:13:01,180 --> 00:13:02,114
It's like it becomes

747
00:13:02,114 --> 00:13:03,816
a self-fulfilling

748
00:13:03,816 --> 00:13:05,317
outcome.

749
00:13:05,317 --> 00:13:06,952
Yeah.

750
00:13:06,952 --> 00:13:07,486
So yeah, I've got.

751
00:13:07,486 --> 00:13:08,521
I just want to comment

752
00:13:08,521 --> 00:13:10,156
that. Yeah.

753
00:13:10,156 --> 00:13:10,623
Good. Oh, good.

754
00:13:10,623 --> 00:13:11,357
I just

755
00:13:11,357 --> 00:13:12,324
I just wanted to go

756
00:13:12,324 --> 00:13:13,125
back on something

757
00:13:13,125 --> 00:13:13,592
you said

758
00:13:13,592 --> 00:13:14,527
to just create

759
00:13:14,527 --> 00:13:15,828
clarity for listeners.

760
00:13:15,828 --> 00:13:16,796
So when we say

761
00:13:16,796 --> 00:13:17,730
there's zero churn

762
00:13:17,730 --> 00:13:18,898
rate in Bitcoin,

763
00:13:18,898 --> 00:13:19,532
we're not talking

764
00:13:19,532 --> 00:13:21,834
about bitcoin the asset

765
00:13:21,834 --> 00:13:22,968
or the token.

766
00:13:22,968 --> 00:13:23,469
We're talking about

767
00:13:23,469 --> 00:13:24,637
bitcoin the protocol.

768
00:13:24,637 --> 00:13:25,371
So once you

769
00:13:25,371 --> 00:13:26,338
you can buy

770
00:13:26,338 --> 00:13:27,273
and sell Bitcoin

771
00:13:27,273 --> 00:13:28,107
and or lose

772
00:13:28,107 --> 00:13:28,908
money in Bitcoin

773
00:13:28,908 --> 00:13:29,241
and never

774
00:13:29,241 --> 00:13:30,176
come back to it.

775
00:13:30,176 --> 00:13:31,010
But what are we talking

776
00:13:31,010 --> 00:13:31,610
about here

777
00:13:31,610 --> 00:13:32,311
specifically

778
00:13:32,311 --> 00:13:33,212
is understanding

779
00:13:33,212 --> 00:13:34,547
Bitcoin the protocol.

780
00:13:34,547 --> 00:13:35,181
Yes. Yeah.

781
00:13:35,181 --> 00:13:36,682
So it's the

782
00:13:36,682 --> 00:13:37,683
it's having the penny

783
00:13:37,683 --> 00:13:38,851
drop with Bitcoin.

784
00:13:39,885 --> 00:13:40,853
You never met

785
00:13:40,853 --> 00:13:43,856
anyone who

786
00:13:44,023 --> 00:13:44,890
has been a bitcoin

787
00:13:44,890 --> 00:13:46,192
and then decided that

788
00:13:46,192 --> 00:13:46,892
all this bitcoins is

789
00:13:46,892 --> 00:13:49,395
not for me.

790
00:13:49,395 --> 00:13:49,728
It is.

791
00:13:49,728 --> 00:13:51,330
It doesn't happen.

792
00:13:51,330 --> 00:13:52,031
It doesn't happen.

793
00:13:52,031 --> 00:13:53,766
If you knew it is.

794
00:13:53,766 --> 00:13:55,167
It's a one way

795
00:13:55,167 --> 00:13:55,968
it's a one way door.

796
00:13:55,968 --> 00:13:56,735
And it takes just

797
00:13:56,735 --> 00:13:57,937
a little bit of work

798
00:13:57,937 --> 00:13:59,338
to get started

799
00:13:59,338 --> 00:14:00,072
and it becomes

800
00:14:00,072 --> 00:14:01,707
infectious.

801
00:14:01,707 --> 00:14:02,241
It's a it's

802
00:14:02,241 --> 00:14:02,842
a positive

803
00:14:02,842 --> 00:14:04,343
infectious disease

804
00:14:04,343 --> 00:14:06,212
risk okay.

805
00:14:06,212 --> 00:14:06,712
But but

806
00:14:06,712 --> 00:14:07,813
and so I like

807
00:14:07,813 --> 00:14:08,848
like you said but the

808
00:14:08,848 --> 00:14:09,982
but the

809
00:14:09,982 --> 00:14:11,217
the the real problem

810
00:14:11,217 --> 00:14:11,750
we have

811
00:14:11,750 --> 00:14:12,885
is trying to get people

812
00:14:12,885 --> 00:14:13,619
to understand

813
00:14:13,619 --> 00:14:14,987
why it's important.

814
00:14:14,987 --> 00:14:15,321
Because if

815
00:14:15,321 --> 00:14:15,721
you understand

816
00:14:15,721 --> 00:14:18,123
why it's important,

817
00:14:18,123 --> 00:14:18,757
then you have

818
00:14:18,757 --> 00:14:20,593
some motivation

819
00:14:20,593 --> 00:14:21,527
to then go and do that

820
00:14:21,527 --> 00:14:23,062
little bit of work

821
00:14:23,062 --> 00:14:23,462
to start the

822
00:14:23,462 --> 00:14:25,264
ball rolling.

823
00:14:25,264 --> 00:14:25,831
But it's

824
00:14:25,831 --> 00:14:26,498
like the same issue

825
00:14:26,498 --> 00:14:27,399
that I had is,

826
00:14:27,399 --> 00:14:27,633
you know,

827
00:14:27,633 --> 00:14:30,002
you have this thing,

828
00:14:30,002 --> 00:14:30,603
but you don't know

829
00:14:30,603 --> 00:14:31,203
where it slots

830
00:14:31,203 --> 00:14:32,104
into your worldview.

831
00:14:32,104 --> 00:14:32,638
Like if I

832
00:14:32,638 --> 00:14:33,439
if I bring this

833
00:14:33,439 --> 00:14:33,873
new piece

834
00:14:33,873 --> 00:14:35,608
of technology to you,

835
00:14:35,608 --> 00:14:36,075
you think, like,

836
00:14:36,075 --> 00:14:37,810
that sounds great.

837
00:14:37,810 --> 00:14:38,210
Why it

838
00:14:38,210 --> 00:14:39,879
why is it relevant?

839
00:14:39,879 --> 00:14:40,246
Like if you

840
00:14:40,246 --> 00:14:40,746
don't understand

841
00:14:40,746 --> 00:14:41,447
the problem, you don't

842
00:14:41,447 --> 00:14:42,114
you don't recognize

843
00:14:42,114 --> 00:14:43,382
the solution.

844
00:14:43,382 --> 00:14:43,983
And so the,

845
00:14:45,017 --> 00:14:46,051
the, the

846
00:14:46,051 --> 00:14:47,019
focus of the video

847
00:14:47,019 --> 00:14:48,420
is literally just to

848
00:14:48,420 --> 00:14:49,054
help everyone

849
00:14:49,054 --> 00:14:49,622
understand

850
00:14:49,622 --> 00:14:51,056
what's the problem

851
00:14:51,056 --> 00:14:52,825
and do it in a,

852
00:14:52,825 --> 00:14:53,325
in a way

853
00:14:53,325 --> 00:14:56,095
that connects upfront

854
00:14:56,095 --> 00:14:59,098
to us for everybody,

855
00:14:59,198 --> 00:14:59,999
something that

856
00:14:59,999 --> 00:15:00,666
impacts them

857
00:15:00,666 --> 00:15:02,801
in their lives

858
00:15:02,801 --> 00:15:03,569
because it impacts

859
00:15:03,569 --> 00:15:04,169
everybody

860
00:15:04,169 --> 00:15:04,703
in almost

861
00:15:04,703 --> 00:15:06,572
every respect.

862
00:15:06,572 --> 00:15:08,641
So

863
00:15:08,641 --> 00:15:10,109
it's sort of connecting

864
00:15:10,109 --> 00:15:11,243
the real outcomes

865
00:15:11,243 --> 00:15:12,344
in your lives.

866
00:15:12,344 --> 00:15:13,178
Back to the money

867
00:15:13,178 --> 00:15:14,413
printing in a way,

868
00:15:14,413 --> 00:15:15,748
which is

869
00:15:15,748 --> 00:15:16,982
would be very hard

870
00:15:16,982 --> 00:15:17,383
to do

871
00:15:17,383 --> 00:15:18,284
the other way around.

872
00:15:18,284 --> 00:15:19,218
It's very hard

873
00:15:19,218 --> 00:15:19,852
to take

874
00:15:19,852 --> 00:15:21,053
all of the

875
00:15:21,053 --> 00:15:21,854
things we see

876
00:15:21,854 --> 00:15:23,455
in our lives,

877
00:15:23,455 --> 00:15:24,590
the deterioration

878
00:15:24,590 --> 00:15:24,957
in all of

879
00:15:24,957 --> 00:15:25,391
these different

880
00:15:25,391 --> 00:15:26,692
aspects of society

881
00:15:26,692 --> 00:15:28,127
and life in general,

882
00:15:28,127 --> 00:15:29,461
and to reverse engineer

883
00:15:29,461 --> 00:15:30,129
where those must

884
00:15:30,129 --> 00:15:31,764
have come from.

885
00:15:31,764 --> 00:15:32,398
That's a very

886
00:15:32,398 --> 00:15:34,533
hard thing to do.

887
00:15:34,533 --> 00:15:36,268
It's much easier

888
00:15:36,268 --> 00:15:37,069
to run it the other way

889
00:15:37,069 --> 00:15:38,570
around and say,

890
00:15:38,570 --> 00:15:39,271
well, imagine

891
00:15:39,271 --> 00:15:40,406
we had this

892
00:15:40,406 --> 00:15:42,141
far off Ireland

893
00:15:42,141 --> 00:15:42,975
and we started in

894
00:15:42,975 --> 00:15:43,876
a certain place,

895
00:15:43,876 --> 00:15:45,477
and then we made some

896
00:15:45,477 --> 00:15:46,645
one key decision.

897
00:15:47,713 --> 00:15:48,514
What does that mean?

898
00:15:48,514 --> 00:15:49,048
What does that

899
00:15:49,048 --> 00:15:49,415
that mean?

900
00:15:49,415 --> 00:15:50,282
What does that mean?

901
00:15:50,282 --> 00:15:50,883
And then you end up

902
00:15:50,883 --> 00:15:52,051
with all these issues.

903
00:15:52,051 --> 00:15:52,885
And then

904
00:15:52,885 --> 00:15:54,219
and that is very clear.

905
00:15:54,219 --> 00:15:54,787
Like we all just

906
00:15:54,787 --> 00:15:55,521
came from them

907
00:15:55,521 --> 00:15:55,921
when the big

908
00:15:55,921 --> 00:15:57,890
red button, that's it.

909
00:15:57,890 --> 00:15:58,123
You know,

910
00:15:58,123 --> 00:15:59,058
and then you abstract

911
00:15:59,058 --> 00:15:59,692
the entire

912
00:15:59,692 --> 00:16:01,427
financial system away

913
00:16:01,427 --> 00:16:01,760
just to

914
00:16:01,760 --> 00:16:02,795
this big red book

915
00:16:02,795 --> 00:16:03,262
that they can

916
00:16:03,262 --> 00:16:04,663
just press,

917
00:16:04,663 --> 00:16:05,364
because the system

918
00:16:05,364 --> 00:16:07,766
is super complicated

919
00:16:07,766 --> 00:16:09,568
and largely

920
00:16:09,568 --> 00:16:11,036
inaccessible outside

921
00:16:11,036 --> 00:16:12,805
of a small number of

922
00:16:12,805 --> 00:16:13,739
people who have spent

923
00:16:13,739 --> 00:16:14,340
the time

924
00:16:14,340 --> 00:16:16,642
and the energy,

925
00:16:16,642 --> 00:16:18,344
and typically have

926
00:16:18,344 --> 00:16:18,711
a highly

927
00:16:18,711 --> 00:16:19,611
academic background

928
00:16:19,611 --> 00:16:20,512
so they can understand

929
00:16:20,512 --> 00:16:21,447
the terminology

930
00:16:21,447 --> 00:16:22,414
that deliberately

931
00:16:22,414 --> 00:16:23,882
obfuscated terminology

932
00:16:23,882 --> 00:16:25,351
used, etc.

933
00:16:25,351 --> 00:16:25,951
try to understand

934
00:16:25,951 --> 00:16:26,652
how the banking system

935
00:16:26,652 --> 00:16:27,419
works.

936
00:16:27,419 --> 00:16:28,120
It's not relevant

937
00:16:28,120 --> 00:16:29,888
for most people.

938
00:16:29,888 --> 00:16:31,190
The simple thing is

939
00:16:31,190 --> 00:16:31,590
there's a big

940
00:16:31,590 --> 00:16:32,191
red button.

941
00:16:32,191 --> 00:16:33,025
They press it,

942
00:16:33,025 --> 00:16:34,526
they print more money,

943
00:16:34,526 --> 00:16:35,461
or they press it

944
00:16:35,461 --> 00:16:36,095
and they change

945
00:16:36,095 --> 00:16:36,662
the censorship

946
00:16:36,662 --> 00:16:37,363
resistant nature

947
00:16:37,363 --> 00:16:38,163
of the money.

948
00:16:38,163 --> 00:16:39,631
So that's it.

949
00:16:39,631 --> 00:16:40,499
Everyone can understand

950
00:16:40,499 --> 00:16:41,700
that concept.

951
00:16:41,700 --> 00:16:42,001
You don't

952
00:16:42,001 --> 00:16:42,801
have to understand

953
00:16:42,801 --> 00:16:43,702
what quantitative

954
00:16:43,702 --> 00:16:44,536
easing actually is

955
00:16:44,536 --> 00:16:45,371
and practice stuff

956
00:16:45,371 --> 00:16:46,472
to understand

957
00:16:46,472 --> 00:16:47,039
how the banking

958
00:16:47,039 --> 00:16:47,740
system works.

959
00:16:47,740 --> 00:16:49,274
Nothing abstract

960
00:16:49,274 --> 00:16:50,275
that all away

961
00:16:50,275 --> 00:16:51,276
big red button.

962
00:16:51,276 --> 00:16:51,910
No one should have

963
00:16:51,910 --> 00:16:54,613
a big red button. Easy.

964
00:16:54,613 --> 00:16:55,080
Yeah.

965
00:16:55,080 --> 00:16:55,814
And that's and that's.

966
00:16:55,814 --> 00:16:57,583
Yeah, that's the video.

967
00:16:57,583 --> 00:16:59,118
Start saving in Bitcoin

968
00:16:59,118 --> 00:17:00,119
with BitTorrent

969
00:17:00,119 --> 00:17:00,786
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970
00:17:00,786 --> 00:17:01,754
biggest bitcoin

971
00:17:01,754 --> 00:17:03,222
on the exchange.

972
00:17:03,222 --> 00:17:04,890
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973
00:17:04,890 --> 00:17:06,525
and advanced features.

974
00:17:06,525 --> 00:17:07,459
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975
00:17:07,459 --> 00:17:08,394
of happy users

976
00:17:08,394 --> 00:17:08,894
making their

977
00:17:08,894 --> 00:17:09,728
first Bitcoin

978
00:17:09,728 --> 00:17:10,929
purchase today.

979
00:17:10,929 --> 00:17:12,197
Download the app

980
00:17:12,197 --> 00:17:12,831
or visit

981
00:17:12,831 --> 00:17:13,732
beta Radio.com.

982
00:17:13,732 --> 00:17:14,433
Today you.

983
00:17:17,436 --> 00:17:18,170
Yeah.

984
00:17:18,170 --> 00:17:19,571
Let's let's start

985
00:17:19,571 --> 00:17:20,439
with something

986
00:17:20,439 --> 00:17:20,973
like low

987
00:17:20,973 --> 00:17:21,607
hanging fruit,

988
00:17:21,607 --> 00:17:22,107
something that

989
00:17:22,107 --> 00:17:23,342
everyone can relate to

990
00:17:23,342 --> 00:17:25,110
and that is inflation.

991
00:17:25,110 --> 00:17:26,578
So in Australia

992
00:17:26,578 --> 00:17:27,479
we have a cost

993
00:17:27,479 --> 00:17:28,981
of living crisis.

994
00:17:28,981 --> 00:17:29,882
Inflation is one

995
00:17:29,882 --> 00:17:30,716
of the issues

996
00:17:30,716 --> 00:17:31,283
that we're dealing

997
00:17:31,283 --> 00:17:32,451
with among many.

998
00:17:32,451 --> 00:17:35,220
So what can you

999
00:17:35,220 --> 00:17:36,055
what can you teach us

1000
00:17:36,055 --> 00:17:36,889
about inflation

1001
00:17:36,889 --> 00:17:38,457
and how that is related

1002
00:17:38,457 --> 00:17:40,459
to the big red button?

1003
00:17:40,459 --> 00:17:41,493
It's entirely due

1004
00:17:41,493 --> 00:17:43,529
to the big red button.

1005
00:17:43,529 --> 00:17:44,129
Inflation

1006
00:17:44,129 --> 00:17:47,132
is not because of

1007
00:17:47,232 --> 00:17:48,934
some foreign dictator

1008
00:17:48,934 --> 00:17:50,502
or greedy businessmen

1009
00:17:50,502 --> 00:17:52,504
or anything like that.

1010
00:17:52,504 --> 00:17:53,772
It's just not.

1011
00:17:53,772 --> 00:17:54,273
It's because

1012
00:17:54,273 --> 00:17:55,307
you print money

1013
00:17:55,307 --> 00:17:55,774
and we all,

1014
00:17:55,774 --> 00:17:56,542
we all know this

1015
00:17:56,542 --> 00:17:57,476
deep down, right?

1016
00:17:57,476 --> 00:17:58,444
We've all

1017
00:17:58,444 --> 00:18:00,846
it we've seen.

1018
00:18:00,846 --> 00:18:01,113
I mean,

1019
00:18:01,113 --> 00:18:01,980
certainly in the UK,

1020
00:18:01,980 --> 00:18:02,581
I assume it's

1021
00:18:02,581 --> 00:18:03,515
similar in Australia.

1022
00:18:03,515 --> 00:18:05,250
You get taught about

1023
00:18:05,250 --> 00:18:06,151
World War One,

1024
00:18:06,151 --> 00:18:07,052
World War two,

1025
00:18:08,287 --> 00:18:10,089
the causes

1026
00:18:10,089 --> 00:18:11,490
of World War two, and,

1027
00:18:11,490 --> 00:18:11,690
you know,

1028
00:18:11,690 --> 00:18:12,458
linking that back

1029
00:18:12,458 --> 00:18:13,392
to hyperinflation

1030
00:18:13,392 --> 00:18:13,959
in Germany

1031
00:18:13,959 --> 00:18:15,727
in World War one.

1032
00:18:15,727 --> 00:18:16,095
And there's

1033
00:18:16,095 --> 00:18:17,496
many other instances

1034
00:18:17,496 --> 00:18:18,697
of hyperinflation

1035
00:18:18,697 --> 00:18:20,132
everywhere else

1036
00:18:20,132 --> 00:18:20,966
since, including

1037
00:18:20,966 --> 00:18:21,567
recent ones

1038
00:18:21,567 --> 00:18:22,534
in South America

1039
00:18:22,534 --> 00:18:23,435
and continue

1040
00:18:23,435 --> 00:18:24,937
banks around the world.

1041
00:18:24,937 --> 00:18:25,337
But it's just

1042
00:18:25,337 --> 00:18:26,738
money printing.

1043
00:18:26,738 --> 00:18:27,940
So less

1044
00:18:27,940 --> 00:18:29,341
you print, more money,

1045
00:18:29,341 --> 00:18:30,409
it debase the currency.

1046
00:18:30,409 --> 00:18:32,611
All the prices go up.

1047
00:18:32,611 --> 00:18:33,779
Simple as that.

1048
00:18:33,779 --> 00:18:34,213
If you don't

1049
00:18:34,213 --> 00:18:36,115
print money,

1050
00:18:36,115 --> 00:18:38,350
the prices go down.

1051
00:18:38,350 --> 00:18:40,119
And so

1052
00:18:40,119 --> 00:18:40,819
what is

1053
00:18:40,819 --> 00:18:42,554
we've been conditioned

1054
00:18:42,554 --> 00:18:45,257
and gaslit by

1055
00:18:45,257 --> 00:18:46,859
Keynesian economics

1056
00:18:46,859 --> 00:18:48,527
and the central banks

1057
00:18:48,527 --> 00:18:49,228
to consider

1058
00:18:49,228 --> 00:18:50,028
that inflation

1059
00:18:50,028 --> 00:18:51,063
is a necessity.

1060
00:18:51,063 --> 00:18:51,563
And so

1061
00:18:51,563 --> 00:18:52,431
all the central banks

1062
00:18:52,431 --> 00:18:53,298
around the world to say

1063
00:18:53,298 --> 00:18:54,032
we need to state

1064
00:18:54,032 --> 00:18:55,934
we need to target,

1065
00:18:55,934 --> 00:18:57,069
2% inflation

1066
00:18:57,069 --> 00:18:59,071
every year.

1067
00:18:59,071 --> 00:18:59,605
They started

1068
00:18:59,605 --> 00:19:01,273
in New Zealand.

1069
00:19:01,273 --> 00:19:01,707
I'm sorry.

1070
00:19:01,707 --> 00:19:02,241
It started

1071
00:19:02,241 --> 00:19:03,108
in Asia, right.

1072
00:19:03,108 --> 00:19:03,675
New Zealand,

1073
00:19:04,676 --> 00:19:05,611
the island long

1074
00:19:05,611 --> 00:19:07,246
for far, far away.

1075
00:19:07,246 --> 00:19:08,046
Yeah.

1076
00:19:08,046 --> 00:19:08,947
But but but they

1077
00:19:08,947 --> 00:19:09,915
they all justify

1078
00:19:09,915 --> 00:19:10,983
the choice of 2%

1079
00:19:10,983 --> 00:19:11,617
because everyone else

1080
00:19:11,617 --> 00:19:12,751
chooses 2%.

1081
00:19:12,751 --> 00:19:13,218
That's it.

1082
00:19:13,218 --> 00:19:14,586
That's that's explain

1083
00:19:14,586 --> 00:19:15,287
why we need

1084
00:19:15,287 --> 00:19:16,855
2% inflation.

1085
00:19:16,855 --> 00:19:17,589
And the answer is well

1086
00:19:17,589 --> 00:19:18,290
everyone else uses

1087
00:19:18,290 --> 00:19:20,192
2% targets.

1088
00:19:20,192 --> 00:19:20,859
Well that's not a

1089
00:19:20,859 --> 00:19:22,161
that's not a reason.

1090
00:19:22,161 --> 00:19:22,694
That's not a reason

1091
00:19:22,694 --> 00:19:23,462
why we need it.

1092
00:19:23,462 --> 00:19:24,296
Just because you all do

1093
00:19:24,296 --> 00:19:24,997
it doesn't make it

1094
00:19:24,997 --> 00:19:26,498
the correct thing.

1095
00:19:26,498 --> 00:19:27,833
But there's

1096
00:19:27,833 --> 00:19:28,767
another aspect to it

1097
00:19:28,767 --> 00:19:29,601
there.

1098
00:19:29,601 --> 00:19:30,102
They get to

1099
00:19:30,102 --> 00:19:32,237
measure it as well.

1100
00:19:32,237 --> 00:19:32,638
And so they

1101
00:19:32,638 --> 00:19:33,772
get to target 2%

1102
00:19:33,772 --> 00:19:34,439
and decide

1103
00:19:34,439 --> 00:19:35,174
how to measure it.

1104
00:19:35,174 --> 00:19:35,807
And they change

1105
00:19:35,807 --> 00:19:36,508
how they measure it.

1106
00:19:36,508 --> 00:19:37,876
So, you know,

1107
00:19:37,876 --> 00:19:39,011
they'll tell you it's

1108
00:19:39,011 --> 00:19:40,546
targeting 2%,

1109
00:19:40,546 --> 00:19:41,013
but it'll

1110
00:19:41,013 --> 00:19:43,015
actually be 3%.

1111
00:19:43,015 --> 00:19:45,450
But you know, it's 10%

1112
00:19:45,450 --> 00:19:46,485
because you feel 10%

1113
00:19:46,485 --> 00:19:47,152
in the shops.

1114
00:19:47,152 --> 00:19:49,388
It feels 10%.

1115
00:19:49,388 --> 00:19:49,955
Because they

1116
00:19:49,955 --> 00:19:50,822
when the price of stuff

1117
00:19:50,822 --> 00:19:51,190
goes up,

1118
00:19:51,190 --> 00:19:51,590
they take it

1119
00:19:51,590 --> 00:19:51,890
out of the

1120
00:19:51,890 --> 00:19:52,858
calculation basket

1121
00:19:52,858 --> 00:19:53,525
and they replace it

1122
00:19:53,525 --> 00:19:54,359
with something cheap.

1123
00:19:54,359 --> 00:19:55,060
And the logic

1124
00:19:55,060 --> 00:19:55,894
would be, well,

1125
00:19:55,894 --> 00:19:56,562
because the price

1126
00:19:56,562 --> 00:19:57,296
went up too much.

1127
00:19:57,296 --> 00:19:57,996
People don't buy

1128
00:19:57,996 --> 00:19:58,797
chicken anymore.

1129
00:19:58,797 --> 00:19:59,431
They buy pork.

1130
00:19:59,431 --> 00:20:00,432
So we replace chicken

1131
00:20:00,432 --> 00:20:01,099
because the price has

1132
00:20:01,099 --> 00:20:01,800
gone up with pork,

1133
00:20:01,800 --> 00:20:02,334
which didn't go

1134
00:20:02,334 --> 00:20:02,801
up as much,

1135
00:20:02,801 --> 00:20:03,101
and therefore

1136
00:20:03,101 --> 00:20:04,736
inflation is lower.

1137
00:20:04,736 --> 00:20:05,370
It's like that's not

1138
00:20:05,370 --> 00:20:06,672
how it works guys.

1139
00:20:06,672 --> 00:20:06,972
That's not

1140
00:20:06,972 --> 00:20:07,839
how it works.

1141
00:20:07,839 --> 00:20:10,509
And so it the, the,

1142
00:20:10,509 --> 00:20:11,343
the fact that a

1143
00:20:11,343 --> 00:20:12,844
we need inflation

1144
00:20:12,844 --> 00:20:13,545
is incorrect.

1145
00:20:13,545 --> 00:20:14,813
Be the way that

1146
00:20:14,813 --> 00:20:15,948
they measure

1147
00:20:15,948 --> 00:20:16,548
and report

1148
00:20:16,548 --> 00:20:18,183
it's corrupted.

1149
00:20:18,183 --> 00:20:19,651
And so it mismatches

1150
00:20:19,651 --> 00:20:21,153
our expectations

1151
00:20:21,153 --> 00:20:21,486
for it.

1152
00:20:21,486 --> 00:20:22,054
But let's,

1153
00:20:22,054 --> 00:20:23,155
let's dig into

1154
00:20:25,457 --> 00:20:26,124
why we don't

1155
00:20:26,124 --> 00:20:28,126
need inflation.

1156
00:20:28,126 --> 00:20:29,161
And there and also

1157
00:20:29,161 --> 00:20:30,495
why inflation,

1158
00:20:30,495 --> 00:20:32,231
why inflation exists

1159
00:20:32,231 --> 00:20:32,731
because of

1160
00:20:32,731 --> 00:20:34,132
what they do.

1161
00:20:34,132 --> 00:20:36,501
And so the first thing

1162
00:20:36,501 --> 00:20:38,103
is to think about

1163
00:20:38,103 --> 00:20:38,704
a scenario

1164
00:20:38,704 --> 00:20:40,005
where nobody could

1165
00:20:40,005 --> 00:20:40,672
print money.

1166
00:20:40,672 --> 00:20:41,440
If nobody could

1167
00:20:41,440 --> 00:20:43,508
print money,

1168
00:20:43,508 --> 00:20:44,343
there is no way

1169
00:20:44,343 --> 00:20:44,977
to inflate

1170
00:20:44,977 --> 00:20:46,178
the monetary supply.

1171
00:20:46,178 --> 00:20:46,745
And so

1172
00:20:46,745 --> 00:20:48,180
what happens over time

1173
00:20:48,180 --> 00:20:49,448
is that prices go down.

1174
00:20:49,448 --> 00:20:50,115
And this is

1175
00:20:50,115 --> 00:20:52,084
this is very logical,

1176
00:20:52,084 --> 00:20:53,885
but entirely opposite

1177
00:20:53,885 --> 00:20:54,820
to everyone's life

1178
00:20:54,820 --> 00:20:55,887
experience today.

1179
00:20:55,887 --> 00:20:56,955
Prices go down

1180
00:20:56,955 --> 00:20:57,456
because of

1181
00:20:57,456 --> 00:20:59,558
human action,

1182
00:20:59,558 --> 00:21:01,460
because people

1183
00:21:01,460 --> 00:21:02,494
people try to become

1184
00:21:02,494 --> 00:21:03,262
more productive

1185
00:21:03,262 --> 00:21:04,129
over time.

1186
00:21:04,129 --> 00:21:05,797
They try to outcompete

1187
00:21:05,797 --> 00:21:06,465
each other

1188
00:21:06,465 --> 00:21:07,633
in a free market.

1189
00:21:07,633 --> 00:21:08,567
And so

1190
00:21:08,567 --> 00:21:09,234
there's an example

1191
00:21:09,234 --> 00:21:10,269
in the

1192
00:21:10,269 --> 00:21:13,238
in the video where I,

1193
00:21:13,238 --> 00:21:13,572
and I,

1194
00:21:13,572 --> 00:21:14,840
and I should say

1195
00:21:14,840 --> 00:21:15,741
this, this

1196
00:21:15,741 --> 00:21:16,742
the presentation

1197
00:21:16,742 --> 00:21:17,342
is built

1198
00:21:17,342 --> 00:21:18,010
on the shoulders

1199
00:21:18,010 --> 00:21:18,744
of all

1200
00:21:18,744 --> 00:21:19,578
the great work done

1201
00:21:19,578 --> 00:21:21,013
by all the Bitcoiners

1202
00:21:21,013 --> 00:21:21,747
around the world

1203
00:21:21,747 --> 00:21:23,415
over the last ten,

1204
00:21:23,415 --> 00:21:24,783
15 years.

1205
00:21:24,783 --> 00:21:25,350
To this.

1206
00:21:25,350 --> 00:21:26,151
There's a section here

1207
00:21:26,151 --> 00:21:27,286
where the islanders

1208
00:21:27,286 --> 00:21:28,186
are figuring out how

1209
00:21:28,186 --> 00:21:29,421
to live on the island.

1210
00:21:30,522 --> 00:21:31,423
And this is just

1211
00:21:31,423 --> 00:21:33,125
Jeff Booth's

1212
00:21:33,125 --> 00:21:33,992
price of tomorrow,

1213
00:21:33,992 --> 00:21:34,760
which I would encourage

1214
00:21:34,760 --> 00:21:37,062
everybody to read

1215
00:21:37,062 --> 00:21:38,897
in two minutes.

1216
00:21:38,897 --> 00:21:39,331
I mean, it's

1217
00:21:39,331 --> 00:21:40,132
it's a horrible

1218
00:21:40,132 --> 00:21:40,799
it's a horrible

1219
00:21:40,799 --> 00:21:41,466
compromise

1220
00:21:41,466 --> 00:21:42,601
and what he's written,

1221
00:21:42,601 --> 00:21:44,036
but it gets the key.

1222
00:21:44,036 --> 00:21:44,970
It gets the key,

1223
00:21:44,970 --> 00:21:47,172
components across.

1224
00:21:47,172 --> 00:21:48,240
And that's

1225
00:21:48,240 --> 00:21:48,774
when you have

1226
00:21:48,774 --> 00:21:49,808
a free market

1227
00:21:49,808 --> 00:21:50,909
with perfect money,

1228
00:21:50,909 --> 00:21:51,910
IP money,

1229
00:21:51,910 --> 00:21:53,612
people come in for free

1230
00:21:53,612 --> 00:21:54,613
prices go down

1231
00:21:54,613 --> 00:21:55,580
and quality goes up,

1232
00:21:55,580 --> 00:21:56,415
and that happens

1233
00:21:56,415 --> 00:21:57,182
forever.

1234
00:21:57,182 --> 00:21:57,783
And they have

1235
00:21:57,783 --> 00:21:58,950
the opposite.

1236
00:21:58,950 --> 00:21:59,751
We have the opposite.

1237
00:21:59,751 --> 00:22:01,353
We have prices going.

1238
00:22:01,353 --> 00:22:02,154
Up and quality

1239
00:22:02,154 --> 00:22:04,156
going down forever.

1240
00:22:04,156 --> 00:22:04,623
I need all that.

1241
00:22:04,623 --> 00:22:04,956
Well okay.

1242
00:22:04,956 --> 00:22:06,024
Well how

1243
00:22:06,024 --> 00:22:07,726
how have we gone from

1244
00:22:07,726 --> 00:22:08,460
what should be

1245
00:22:08,460 --> 00:22:09,861
obviously true

1246
00:22:09,861 --> 00:22:11,096
to something

1247
00:22:11,096 --> 00:22:11,663
to, to

1248
00:22:11,663 --> 00:22:13,131
what we see today

1249
00:22:13,131 --> 00:22:14,166
and perhaps

1250
00:22:14,166 --> 00:22:14,633
you just run

1251
00:22:14,633 --> 00:22:15,067
through why

1252
00:22:15,067 --> 00:22:16,501
this is obviously true.

1253
00:22:16,501 --> 00:22:18,337
If we have.

1254
00:22:18,337 --> 00:22:18,904
So I just give you the

1255
00:22:18,904 --> 00:22:19,471
same example

1256
00:22:19,471 --> 00:22:20,038
in the video.

1257
00:22:21,840 --> 00:22:22,474
You know,

1258
00:22:22,474 --> 00:22:23,642
you have people

1259
00:22:23,642 --> 00:22:25,410
washed up on an island

1260
00:22:25,410 --> 00:22:27,379
and a starting again

1261
00:22:27,379 --> 00:22:27,946
for the first

1262
00:22:27,946 --> 00:22:28,613
half of the day

1263
00:22:28,613 --> 00:22:29,014
is just trying

1264
00:22:29,014 --> 00:22:29,614
to survive

1265
00:22:29,614 --> 00:22:30,215
so that

1266
00:22:30,215 --> 00:22:31,650
everybody, individual

1267
00:22:31,650 --> 00:22:32,651
is trying to fight,

1268
00:22:32,651 --> 00:22:33,118
trying to

1269
00:22:33,118 --> 00:22:34,052
catch their own fish

1270
00:22:34,052 --> 00:22:34,586
for food.

1271
00:22:34,586 --> 00:22:34,953
They're trying to

1272
00:22:34,953 --> 00:22:35,821
cut down trees

1273
00:22:35,821 --> 00:22:37,322
for firewood

1274
00:22:37,322 --> 00:22:38,056
and build materials

1275
00:22:38,056 --> 00:22:38,523
and build their

1276
00:22:38,523 --> 00:22:40,158
own houses.

1277
00:22:40,158 --> 00:22:41,760
Super inefficient

1278
00:22:41,760 --> 00:22:43,095
because I'm terrible.

1279
00:22:43,095 --> 00:22:44,129
Fish in

1280
00:22:44,129 --> 00:22:45,430
it are terrible things.

1281
00:22:45,430 --> 00:22:45,931
But I'm all right.

1282
00:22:45,931 --> 00:22:47,799
Cook down trees, right?

1283
00:22:47,799 --> 00:22:49,568
But everybody is

1284
00:22:49,568 --> 00:22:50,902
is just scratching

1285
00:22:50,902 --> 00:22:52,237
a living, right?

1286
00:22:52,237 --> 00:22:54,072
Focusing on themselves.

1287
00:22:54,072 --> 00:22:54,639
But humans

1288
00:22:54,639 --> 00:22:55,707
being humans,

1289
00:22:55,707 --> 00:22:57,376
if they realize that

1290
00:22:57,376 --> 00:22:57,843
some people

1291
00:22:57,843 --> 00:22:58,610
are better at fishing,

1292
00:22:58,610 --> 00:22:59,678
some people are better

1293
00:22:59,678 --> 00:23:00,245
than trees

1294
00:23:00,245 --> 00:23:00,812
and some people

1295
00:23:00,812 --> 00:23:02,814
are better at building,

1296
00:23:02,814 --> 00:23:04,983
so they specialize.

1297
00:23:04,983 --> 00:23:05,917
So now they can produce

1298
00:23:05,917 --> 00:23:06,785
half them

1299
00:23:06,785 --> 00:23:07,486
twice the amount

1300
00:23:07,486 --> 00:23:09,187
and half the time

1301
00:23:09,187 --> 00:23:09,721
you increase

1302
00:23:09,721 --> 00:23:10,322
the amount of good

1303
00:23:10,322 --> 00:23:10,822
to be available

1304
00:23:10,822 --> 00:23:11,556
to everybody.

1305
00:23:12,891 --> 00:23:13,592
And now everyone

1306
00:23:13,592 --> 00:23:13,959
that has to

1307
00:23:13,959 --> 00:23:14,693
actively trade

1308
00:23:14,693 --> 00:23:15,227
with each other.

1309
00:23:15,227 --> 00:23:16,661
Because,

1310
00:23:16,661 --> 00:23:16,895
you know,

1311
00:23:16,895 --> 00:23:17,729
I only have wood,

1312
00:23:17,729 --> 00:23:18,430
I can't eat wood.

1313
00:23:18,430 --> 00:23:19,231
I need to sell them

1314
00:23:19,231 --> 00:23:20,098
with some fish.

1315
00:23:20,098 --> 00:23:20,732
And now you have

1316
00:23:20,732 --> 00:23:21,633
an active economy

1317
00:23:21,633 --> 00:23:22,467
where quantities

1318
00:23:22,467 --> 00:23:23,802
going up.

1319
00:23:23,802 --> 00:23:26,471
So prices begin to fall

1320
00:23:26,471 --> 00:23:28,407
and quality is going up

1321
00:23:28,407 --> 00:23:28,740
because we're

1322
00:23:28,740 --> 00:23:29,574
focusing on things

1323
00:23:29,574 --> 00:23:31,343
and we're better at it.

1324
00:23:31,343 --> 00:23:31,977
I could build,

1325
00:23:31,977 --> 00:23:32,511
I can create

1326
00:23:32,511 --> 00:23:33,178
better building

1327
00:23:33,178 --> 00:23:34,346
materials out of wood

1328
00:23:34,346 --> 00:23:35,847
than you could,

1329
00:23:35,847 --> 00:23:36,114
because I'm

1330
00:23:36,114 --> 00:23:37,215
specialized in it

1331
00:23:37,215 --> 00:23:38,116
and I get better at it.

1332
00:23:38,116 --> 00:23:38,583
Over time,

1333
00:23:38,583 --> 00:23:40,352
I improve my practices,

1334
00:23:40,352 --> 00:23:40,719
I become

1335
00:23:40,719 --> 00:23:42,421
more efficient,

1336
00:23:42,421 --> 00:23:43,355
I build better tools

1337
00:23:43,355 --> 00:23:44,222
so now I can increase

1338
00:23:44,222 --> 00:23:45,957
the quantity further,

1339
00:23:45,957 --> 00:23:46,658
or I can reduce

1340
00:23:46,658 --> 00:23:48,593
the cost of producing.

1341
00:23:48,593 --> 00:23:49,561
And so prices go

1342
00:23:49,561 --> 00:23:50,862
down, quality goes up.

1343
00:23:50,862 --> 00:23:51,296
And this is

1344
00:23:51,296 --> 00:23:52,230
just natural.

1345
00:23:52,230 --> 00:23:53,198
And and there's

1346
00:23:53,198 --> 00:23:54,099
lots of wood cutters,

1347
00:23:54,099 --> 00:23:54,966
lots of fishermen.

1348
00:23:54,966 --> 00:23:55,801
There's lots of people

1349
00:23:55,801 --> 00:23:57,002
building houses.

1350
00:23:57,002 --> 00:23:57,636
And so when you're

1351
00:23:57,636 --> 00:23:59,938
making a decision about

1352
00:23:59,938 --> 00:24:00,505
swapping

1353
00:24:00,505 --> 00:24:01,339
your production,

1354
00:24:01,339 --> 00:24:02,808
your productive output

1355
00:24:02,808 --> 00:24:04,609
for something else,

1356
00:24:04,609 --> 00:24:05,777
that decision is based

1357
00:24:05,777 --> 00:24:06,611
on a combination

1358
00:24:06,611 --> 00:24:08,146
of price and quality.

1359
00:24:08,146 --> 00:24:08,747
I want the highest

1360
00:24:08,747 --> 00:24:09,448
quality

1361
00:24:09,448 --> 00:24:11,116
at the lowest price.

1362
00:24:11,116 --> 00:24:12,384
So everyone's competing

1363
00:24:12,384 --> 00:24:13,051
on a combination

1364
00:24:13,051 --> 00:24:13,885
of the two,

1365
00:24:13,885 --> 00:24:14,653
which drives prices

1366
00:24:14,653 --> 00:24:15,387
lower on quality

1367
00:24:15,387 --> 00:24:15,921
higher.

1368
00:24:15,921 --> 00:24:16,388
This is like

1369
00:24:16,388 --> 00:24:17,556
basic stuff.

1370
00:24:17,556 --> 00:24:18,390
Like we all know

1371
00:24:18,390 --> 00:24:19,691
this to be true.

1372
00:24:19,691 --> 00:24:20,459
Like if we are up

1373
00:24:20,459 --> 00:24:21,393
on an island today,

1374
00:24:21,393 --> 00:24:22,127
this is exactly

1375
00:24:22,127 --> 00:24:22,527
what we.

1376
00:24:22,527 --> 00:24:25,497
Okay, so human action

1377
00:24:25,497 --> 00:24:26,431
in a free market

1378
00:24:26,431 --> 00:24:26,965
with perfect

1379
00:24:26,965 --> 00:24:27,766
money is prices

1380
00:24:27,766 --> 00:24:28,767
go down forever

1381
00:24:28,767 --> 00:24:29,201
and quality

1382
00:24:29,201 --> 00:24:29,868
goes up forever.

1383
00:24:29,868 --> 00:24:30,502
That's true.

1384
00:24:30,502 --> 00:24:31,503
So why the hell does

1385
00:24:31,503 --> 00:24:31,837
a world

1386
00:24:31,837 --> 00:24:32,671
not work like that?

1387
00:24:32,671 --> 00:24:33,638
And the world doesn't

1388
00:24:33,638 --> 00:24:35,307
work like that

1389
00:24:35,307 --> 00:24:35,674
because they

1390
00:24:35,674 --> 00:24:36,441
print money.

1391
00:24:36,441 --> 00:24:37,142
And so

1392
00:24:37,142 --> 00:24:38,343
if you think about

1393
00:24:38,343 --> 00:24:39,411
those interactions

1394
00:24:39,411 --> 00:24:40,312
on the island,

1395
00:24:40,312 --> 00:24:41,279
every interaction,

1396
00:24:41,279 --> 00:24:41,947
every economic

1397
00:24:41,947 --> 00:24:42,481
interaction

1398
00:24:42,481 --> 00:24:43,381
is a price signal

1399
00:24:43,381 --> 00:24:44,349
to everybody else.

1400
00:24:45,450 --> 00:24:45,884
So let's

1401
00:24:45,884 --> 00:24:48,887
say the

1402
00:24:49,287 --> 00:24:49,688
there were

1403
00:24:49,688 --> 00:24:50,956
two homebuilders.

1404
00:24:50,956 --> 00:24:53,492
I'm making it I'm

1405
00:24:53,492 --> 00:24:54,059
making this

1406
00:24:54,059 --> 00:24:54,693
making stuff now.

1407
00:24:54,693 --> 00:24:55,060
So imagine

1408
00:24:55,060 --> 00:24:55,393
there's two

1409
00:24:55,393 --> 00:24:55,961
homebuilders

1410
00:24:55,961 --> 00:24:56,361
and one of them

1411
00:24:56,361 --> 00:24:57,996
falls ill.

1412
00:24:57,996 --> 00:24:59,397
So the other one

1413
00:24:59,397 --> 00:24:59,631
says,

1414
00:24:59,631 --> 00:24:59,965
well I've got

1415
00:24:59,965 --> 00:25:01,466
no competition anymore

1416
00:25:01,466 --> 00:25:01,833
and I've put

1417
00:25:01,833 --> 00:25:02,534
my prices up.

1418
00:25:02,534 --> 00:25:03,368
And now everyone's

1419
00:25:03,368 --> 00:25:03,835
paying more

1420
00:25:03,835 --> 00:25:04,903
for the house.

1421
00:25:04,903 --> 00:25:05,804
That's a price signal

1422
00:25:05,804 --> 00:25:06,271
to the rest

1423
00:25:06,271 --> 00:25:06,838
of the market

1424
00:25:06,838 --> 00:25:07,806
that there is.

1425
00:25:07,806 --> 00:25:08,373
He's making

1426
00:25:08,373 --> 00:25:08,974
a greater level

1427
00:25:08,974 --> 00:25:09,774
of profitability

1428
00:25:09,774 --> 00:25:11,510
versus his inputs.

1429
00:25:11,510 --> 00:25:12,010
It's a signal

1430
00:25:12,010 --> 00:25:12,611
that someone else

1431
00:25:12,611 --> 00:25:13,512
on the island,

1432
00:25:13,512 --> 00:25:14,279
maybe someone else,

1433
00:25:14,279 --> 00:25:14,980
should become a home

1434
00:25:14,980 --> 00:25:15,580
builder

1435
00:25:15,580 --> 00:25:16,381
and go and compete

1436
00:25:16,381 --> 00:25:18,116
with this guy

1437
00:25:18,116 --> 00:25:18,483
that has

1438
00:25:18,483 --> 00:25:20,151
a price signal.

1439
00:25:20,151 --> 00:25:21,052
And so somebody stops

1440
00:25:21,052 --> 00:25:21,753
cutting down wood

1441
00:25:21,753 --> 00:25:22,721
and they go and focus

1442
00:25:22,721 --> 00:25:23,989
on house building.

1443
00:25:23,989 --> 00:25:24,456
They bring more

1444
00:25:24,456 --> 00:25:25,524
supply to the market.

1445
00:25:25,524 --> 00:25:25,991
They compete

1446
00:25:25,991 --> 00:25:26,525
with this guy.

1447
00:25:26,525 --> 00:25:27,392
They put his margins

1448
00:25:27,392 --> 00:25:27,893
under pressure.

1449
00:25:27,893 --> 00:25:29,094
They make him produce

1450
00:25:29,094 --> 00:25:29,761
more high

1451
00:25:29,761 --> 00:25:30,662
quality output.

1452
00:25:30,662 --> 00:25:31,263
This is free

1453
00:25:31,263 --> 00:25:32,197
market economics.

1454
00:25:34,232 --> 00:25:35,333
Right.

1455
00:25:35,333 --> 00:25:36,401
And so

1456
00:25:36,401 --> 00:25:38,370
in a free market,

1457
00:25:38,370 --> 00:25:39,571
the fact that people

1458
00:25:39,571 --> 00:25:40,772
trade with one another

1459
00:25:40,772 --> 00:25:41,273
and yet

1460
00:25:41,273 --> 00:25:43,208
the prices are visible

1461
00:25:43,208 --> 00:25:44,609
to people

1462
00:25:44,609 --> 00:25:46,244
is, is the signal

1463
00:25:46,244 --> 00:25:46,845
that drives

1464
00:25:46,845 --> 00:25:49,548
long term productivity.

1465
00:25:49,548 --> 00:25:49,781
Okay.

1466
00:25:49,781 --> 00:25:50,615
And then

1467
00:25:50,615 --> 00:25:52,317
compare that with

1468
00:25:52,317 --> 00:25:53,552
the ability

1469
00:25:53,552 --> 00:25:54,152
for somebody

1470
00:25:54,152 --> 00:25:56,688
to print extra money.

1471
00:25:56,688 --> 00:25:57,222
So now if we

1472
00:25:57,222 --> 00:25:58,490
think about

1473
00:25:58,490 --> 00:25:59,157
oh one more thing

1474
00:25:59,157 --> 00:25:59,858
I should say

1475
00:25:59,858 --> 00:26:00,592
is that

1476
00:26:00,592 --> 00:26:01,660
you should think about

1477
00:26:01,660 --> 00:26:02,460
the prices

1478
00:26:02,460 --> 00:26:04,563
falling over time

1479
00:26:04,563 --> 00:26:05,864
as society's

1480
00:26:05,864 --> 00:26:07,232
productivity accruing

1481
00:26:07,232 --> 00:26:07,832
to the money.

1482
00:26:07,832 --> 00:26:08,433
So the fact

1483
00:26:08,433 --> 00:26:09,301
of competition

1484
00:26:09,301 --> 00:26:10,168
and technological

1485
00:26:10,168 --> 00:26:11,102
innovation drives

1486
00:26:11,102 --> 00:26:11,937
all of the prices

1487
00:26:11,937 --> 00:26:12,737
for all of the products

1488
00:26:12,737 --> 00:26:13,772
and services lower.

1489
00:26:13,772 --> 00:26:14,205
The money

1490
00:26:14,205 --> 00:26:16,541
you have today

1491
00:26:16,541 --> 00:26:17,776
would buy more tomorrow

1492
00:26:17,776 --> 00:26:19,811
than it does today.

1493
00:26:19,811 --> 00:26:20,345
You would have

1494
00:26:20,345 --> 00:26:22,514
deflation

1495
00:26:22,514 --> 00:26:24,616
in an economy.

1496
00:26:24,616 --> 00:26:25,650
Yeah, right.

1497
00:26:25,650 --> 00:26:26,184
We're taught

1498
00:26:26,184 --> 00:26:27,852
that it's bad.

1499
00:26:27,852 --> 00:26:28,520
We're taught it.

1500
00:26:28,520 --> 00:26:29,287
But now

1501
00:26:29,287 --> 00:26:30,221
deflation is bad.

1502
00:26:30,221 --> 00:26:31,022
If you're leveraged

1503
00:26:31,022 --> 00:26:31,856
to the eyeballs,

1504
00:26:32,991 --> 00:26:33,959
which the

1505
00:26:33,959 --> 00:26:34,793
system is leveraged

1506
00:26:34,793 --> 00:26:35,427
to the eyeballs

1507
00:26:35,427 --> 00:26:36,861
because it's a debt

1508
00:26:36,861 --> 00:26:37,996
based system,

1509
00:26:37,996 --> 00:26:38,730
and that's the only way

1510
00:26:38,730 --> 00:26:39,431
it can survive

1511
00:26:39,431 --> 00:26:41,566
in a inflationary

1512
00:26:41,566 --> 00:26:43,335
Keynesian world.

1513
00:26:43,335 --> 00:26:43,902
Right.

1514
00:26:43,902 --> 00:26:45,770
So it's bad if you're

1515
00:26:45,770 --> 00:26:47,339
if you're indebted

1516
00:26:47,339 --> 00:26:48,039
hugely rich.

1517
00:26:48,039 --> 00:26:49,674
The world is

1518
00:26:49,674 --> 00:26:51,176
if you were thinking

1519
00:26:51,176 --> 00:26:51,910
about how the world

1520
00:26:51,910 --> 00:26:53,311
actually likes

1521
00:26:53,311 --> 00:26:53,878
the natural

1522
00:26:53,878 --> 00:26:54,579
state of wealth

1523
00:26:54,579 --> 00:26:55,580
is deflation.

1524
00:26:55,580 --> 00:26:56,681
And

1525
00:26:56,681 --> 00:26:59,684
the argument would be,

1526
00:26:59,751 --> 00:27:00,652
well, people wouldn't

1527
00:27:00,652 --> 00:27:02,520
spend money

1528
00:27:02,520 --> 00:27:03,455
in a deflationary

1529
00:27:03,455 --> 00:27:03,989
environment,

1530
00:27:03,989 --> 00:27:04,889
but we already know

1531
00:27:04,889 --> 00:27:05,857
that's totally not

1532
00:27:05,857 --> 00:27:06,992
total nonsense.

1533
00:27:06,992 --> 00:27:07,692
Because you have

1534
00:27:07,692 --> 00:27:08,560
a smartphone,

1535
00:27:08,560 --> 00:27:10,195
you have a TV,

1536
00:27:10,195 --> 00:27:10,795
you spend money

1537
00:27:10,795 --> 00:27:11,730
on credit cards.

1538
00:27:11,730 --> 00:27:12,330
All of these

1539
00:27:12,330 --> 00:27:14,466
things would be cheaper

1540
00:27:14,466 --> 00:27:15,600
if you waited a year.

1541
00:27:15,600 --> 00:27:15,934
You get

1542
00:27:15,934 --> 00:27:18,036
the same technology

1543
00:27:18,036 --> 00:27:19,137
for much lower price

1544
00:27:19,137 --> 00:27:19,804
in a year's time,

1545
00:27:19,804 --> 00:27:20,972
but you don't do it.

1546
00:27:20,972 --> 00:27:21,873
You don't wait a year

1547
00:27:21,873 --> 00:27:23,008
to buy a TV

1548
00:27:23,008 --> 00:27:23,875
or a smartphone

1549
00:27:23,875 --> 00:27:24,776
or a new laptop.

1550
00:27:26,044 --> 00:27:26,911
You don't.

1551
00:27:26,911 --> 00:27:27,912
The price appears

1552
00:27:27,912 --> 00:27:28,480
to be the same

1553
00:27:28,480 --> 00:27:29,581
in a year's time

1554
00:27:29,581 --> 00:27:30,448
because it's twice

1555
00:27:30,448 --> 00:27:31,983
as good

1556
00:27:31,983 --> 00:27:32,217
through

1557
00:27:32,217 --> 00:27:33,018
technological

1558
00:27:33,018 --> 00:27:33,585
innovation.

1559
00:27:33,585 --> 00:27:34,085
But if you bought

1560
00:27:34,085 --> 00:27:34,919
the same product

1561
00:27:34,919 --> 00:27:35,587
in a year's time,

1562
00:27:35,587 --> 00:27:35,820
it would be

1563
00:27:35,820 --> 00:27:37,022
50% cheaper.

1564
00:27:37,022 --> 00:27:37,822
So why don't you just

1565
00:27:37,822 --> 00:27:39,124
wait a year?

1566
00:27:39,124 --> 00:27:39,424
You don't

1567
00:27:39,424 --> 00:27:39,858
wait a year

1568
00:27:39,858 --> 00:27:40,225
because of the

1569
00:27:40,225 --> 00:27:41,793
utility value.

1570
00:27:41,793 --> 00:27:42,560
Because you want that,

1571
00:27:42,560 --> 00:27:42,927
because it

1572
00:27:42,927 --> 00:27:44,496
makes you more either

1573
00:27:44,496 --> 00:27:45,330
makes you happier

1574
00:27:45,330 --> 00:27:46,131
in some way

1575
00:27:46,131 --> 00:27:46,331
or it

1576
00:27:46,331 --> 00:27:46,598
makes you

1577
00:27:46,598 --> 00:27:48,500
more productive.

1578
00:27:48,500 --> 00:27:48,700
Yeah,

1579
00:27:48,700 --> 00:27:49,100
you could be

1580
00:27:49,100 --> 00:27:49,801
more productive

1581
00:27:49,801 --> 00:27:50,435
because you buy

1582
00:27:50,435 --> 00:27:51,770
a laptop

1583
00:27:51,770 --> 00:27:52,337
to allow you

1584
00:27:52,337 --> 00:27:53,071
to do work

1585
00:27:53,071 --> 00:27:54,239
and host podcasts

1586
00:27:54,239 --> 00:27:55,240
around the world

1587
00:27:55,240 --> 00:27:56,207
to unlock

1588
00:27:56,207 --> 00:27:57,475
more economic access

1589
00:27:57,475 --> 00:27:58,543
for yourself.

1590
00:27:58,543 --> 00:27:59,244
You spend money

1591
00:27:59,244 --> 00:28:01,513
on a credit card

1592
00:28:01,513 --> 00:28:02,714
and then you pay

1593
00:28:02,714 --> 00:28:04,382
20% annual

1594
00:28:04,382 --> 00:28:06,284
interest on it.

1595
00:28:06,284 --> 00:28:06,951
Why would you do that?

1596
00:28:06,951 --> 00:28:08,486
Just wait a month.

1597
00:28:08,486 --> 00:28:08,787
Spend it

1598
00:28:08,787 --> 00:28:10,021
in a month's time.

1599
00:28:10,021 --> 00:28:10,989
This is deflation.

1600
00:28:10,989 --> 00:28:11,623
You don't do it.

1601
00:28:11,623 --> 00:28:13,024
It's not a human,

1602
00:28:13,024 --> 00:28:13,725
it's a human.

1603
00:28:13,725 --> 00:28:14,859
What deflation

1604
00:28:14,859 --> 00:28:16,061
does is drive

1605
00:28:16,061 --> 00:28:17,228
higher quality

1606
00:28:17,228 --> 00:28:17,896
decision making.

1607
00:28:17,896 --> 00:28:18,630
Because for the

1608
00:28:18,630 --> 00:28:19,898
very first time, you're

1609
00:28:19,898 --> 00:28:21,099
in a situation where

1610
00:28:22,333 --> 00:28:23,368
you have the option

1611
00:28:23,368 --> 00:28:24,703
to retain your money,

1612
00:28:24,703 --> 00:28:25,303
because right now

1613
00:28:25,303 --> 00:28:25,770
you can't

1614
00:28:25,770 --> 00:28:26,571
retain your money

1615
00:28:26,571 --> 00:28:28,406
because it's melting.

1616
00:28:28,406 --> 00:28:28,873
It buys

1617
00:28:28,873 --> 00:28:29,641
less in years

1618
00:28:29,641 --> 00:28:30,175
time than it

1619
00:28:30,175 --> 00:28:30,709
does today.

1620
00:28:30,709 --> 00:28:31,810
So you feel

1621
00:28:31,810 --> 00:28:33,678
the constant pressure

1622
00:28:33,678 --> 00:28:35,580
to either spend

1623
00:28:35,580 --> 00:28:37,415
or speculate

1624
00:28:37,415 --> 00:28:38,850
to try and protect

1625
00:28:38,850 --> 00:28:40,485
that car of your money.

1626
00:28:40,485 --> 00:28:41,152
Whereas if you know,

1627
00:28:41,152 --> 00:28:42,687
in a year's time

1628
00:28:42,687 --> 00:28:44,322
the money's going to be

1629
00:28:44,322 --> 00:28:45,023
going to pay

1630
00:28:45,023 --> 00:28:45,590
at least

1631
00:28:45,590 --> 00:28:47,225
the same amount

1632
00:28:47,225 --> 00:28:48,326
and probably three

1633
00:28:48,326 --> 00:28:50,195
4% more

1634
00:28:50,195 --> 00:28:51,096
because

1635
00:28:51,096 --> 00:28:52,030
of the productivity

1636
00:28:52,030 --> 00:28:52,797
gains

1637
00:28:52,797 --> 00:28:53,498
occurring through

1638
00:28:53,498 --> 00:28:54,165
the free market,

1639
00:28:54,165 --> 00:28:54,899
because the prices

1640
00:28:54,899 --> 00:28:56,034
are falling,

1641
00:28:56,034 --> 00:28:56,601
then you start

1642
00:28:56,601 --> 00:28:59,471
to think, okay.

1643
00:28:59,471 --> 00:29:00,205
I mean, I'm

1644
00:29:00,205 --> 00:29:00,839
not in a position

1645
00:29:00,839 --> 00:29:01,506
to make better

1646
00:29:01,506 --> 00:29:02,540
quality decisions

1647
00:29:02,540 --> 00:29:03,808
around my spending

1648
00:29:03,808 --> 00:29:05,477
and around investment.

1649
00:29:05,477 --> 00:29:06,511
I'm not going to waste

1650
00:29:06,511 --> 00:29:07,846
my money frivolously

1651
00:29:07,846 --> 00:29:08,546
on stuff I don't

1652
00:29:08,546 --> 00:29:09,147
need today.

1653
00:29:10,982 --> 00:29:11,583
And and

1654
00:29:11,583 --> 00:29:12,150
think about

1655
00:29:12,150 --> 00:29:14,452
the quality of

1656
00:29:14,452 --> 00:29:16,621
the upgrading, decision

1657
00:29:16,621 --> 00:29:18,389
making quality

1658
00:29:18,389 --> 00:29:18,990
that brings

1659
00:29:18,990 --> 00:29:20,191
to a society.

1660
00:29:20,191 --> 00:29:20,859
And yes,

1661
00:29:20,859 --> 00:29:21,593
you would see a drop

1662
00:29:21,593 --> 00:29:22,227
in spending

1663
00:29:22,227 --> 00:29:23,094
if a society

1664
00:29:23,094 --> 00:29:24,229
went to a deflation

1665
00:29:24,229 --> 00:29:26,765
we want immediately,

1666
00:29:26,765 --> 00:29:27,265
but the drop

1667
00:29:27,265 --> 00:29:27,632
in spending

1668
00:29:27,632 --> 00:29:29,134
would be a good thing.

1669
00:29:29,134 --> 00:29:29,501
You wouldn't

1670
00:29:29,501 --> 00:29:30,502
be spending

1671
00:29:30,502 --> 00:29:31,102
money on stuff

1672
00:29:31,102 --> 00:29:32,504
that is unproductive

1673
00:29:32,504 --> 00:29:34,806
or unnecessary.

1674
00:29:34,806 --> 00:29:36,040
You funnel more capital

1675
00:29:36,040 --> 00:29:36,574
to the things

1676
00:29:36,574 --> 00:29:37,776
that is unproductive,

1677
00:29:37,776 --> 00:29:38,977
unnecessary,

1678
00:29:38,977 --> 00:29:40,111
which then compound

1679
00:29:40,111 --> 00:29:42,046
very, very quickly

1680
00:29:42,046 --> 00:29:43,148
because good decisions

1681
00:29:43,148 --> 00:29:43,615
allow more

1682
00:29:43,615 --> 00:29:44,215
good decisions,

1683
00:29:44,215 --> 00:29:44,549
a lot more

1684
00:29:44,549 --> 00:29:45,550
good decisions.

1685
00:29:45,550 --> 00:29:46,351
And very quickly

1686
00:29:46,351 --> 00:29:46,684
you end up

1687
00:29:46,684 --> 00:29:47,318
with an economy

1688
00:29:47,318 --> 00:29:48,453
that's far stronger

1689
00:29:48,453 --> 00:29:50,421
and far bigger

1690
00:29:50,421 --> 00:29:52,724
than one, which is

1691
00:29:52,724 --> 00:29:54,692
driven from inflation.

1692
00:29:54,692 --> 00:29:56,461
So deflation

1693
00:29:56,461 --> 00:29:58,429
is absolutely

1694
00:29:58,429 --> 00:29:59,364
the natural state

1695
00:29:59,364 --> 00:30:01,065
of the world.

1696
00:30:01,065 --> 00:30:01,900
It is

1697
00:30:01,900 --> 00:30:02,634
where we need

1698
00:30:02,634 --> 00:30:03,902
to return to

1699
00:30:03,902 --> 00:30:05,670
as humanity,

1700
00:30:05,670 --> 00:30:07,238
would very quickly put

1701
00:30:08,706 --> 00:30:09,641
the whole of the

1702
00:30:09,641 --> 00:30:10,441
economy on

1703
00:30:10,441 --> 00:30:11,209
a much stronger

1704
00:30:11,209 --> 00:30:11,876
footing very,

1705
00:30:11,876 --> 00:30:12,944
very quickly.

1706
00:30:12,944 --> 00:30:13,845
And I'll caveat that

1707
00:30:13,845 --> 00:30:14,546
with it's

1708
00:30:14,546 --> 00:30:15,480
extremely difficult

1709
00:30:15,480 --> 00:30:16,047
to get there

1710
00:30:16,047 --> 00:30:16,915
when you are leveraged

1711
00:30:16,915 --> 00:30:17,582
to the eyeballs,

1712
00:30:17,582 --> 00:30:17,916
like all

1713
00:30:17,916 --> 00:30:18,516
the governments

1714
00:30:18,516 --> 00:30:20,552
and companies, etc..

1715
00:30:20,552 --> 00:30:21,186
So it depends on

1716
00:30:21,186 --> 00:30:22,086
your starting point.

1717
00:30:22,086 --> 00:30:22,821
But if you're starting

1718
00:30:22,821 --> 00:30:23,688
from zero,

1719
00:30:23,688 --> 00:30:24,255
deflation

1720
00:30:24,255 --> 00:30:25,089
is that natural?

1721
00:30:25,089 --> 00:30:27,258
Is not shock.

1722
00:30:27,258 --> 00:30:29,861
And so you you were

1723
00:30:29,861 --> 00:30:30,795
wanting to understand

1724
00:30:30,795 --> 00:30:31,896
where inflation

1725
00:30:31,896 --> 00:30:32,664
comes from.

1726
00:30:32,664 --> 00:30:33,064
Then it's like

1727
00:30:33,064 --> 00:30:33,631
if this is the

1728
00:30:33,631 --> 00:30:34,966
natural state,

1729
00:30:34,966 --> 00:30:36,334
like how do we not

1730
00:30:36,334 --> 00:30:37,035
how do we not get

1731
00:30:37,035 --> 00:30:37,869
this productivity

1732
00:30:37,869 --> 00:30:39,470
accruing to the money?

1733
00:30:39,470 --> 00:30:40,238
One last point

1734
00:30:40,238 --> 00:30:41,239
I should say,

1735
00:30:41,239 --> 00:30:41,673
because the

1736
00:30:41,673 --> 00:30:42,607
productivity accrues

1737
00:30:42,607 --> 00:30:43,708
to the money,

1738
00:30:43,708 --> 00:30:44,676
you don't have to be

1739
00:30:44,676 --> 00:30:45,710
productive yourself

1740
00:30:45,710 --> 00:30:46,344
to benefit.

1741
00:30:46,344 --> 00:30:46,578
You know,

1742
00:30:46,578 --> 00:30:48,613
if you're also or young

1743
00:30:48,613 --> 00:30:49,080
and you are

1744
00:30:49,080 --> 00:30:50,281
not contributing

1745
00:30:50,281 --> 00:30:51,049
productively

1746
00:30:51,049 --> 00:30:52,016
to society, you

1747
00:30:52,016 --> 00:30:52,984
are still benefiting.

1748
00:30:53,985 --> 00:30:54,619
And this is what's

1749
00:30:54,619 --> 00:30:55,153
wonderful

1750
00:30:55,153 --> 00:30:57,121
about capitalism,

1751
00:30:57,121 --> 00:30:58,156
actual capitalism,

1752
00:30:58,156 --> 00:30:58,823
not what we live

1753
00:30:58,823 --> 00:31:00,091
in today.

1754
00:31:00,091 --> 00:31:02,460
Yeah, actual capitalism

1755
00:31:02,460 --> 00:31:03,161
is that

1756
00:31:03,161 --> 00:31:04,162
the productivity

1757
00:31:04,162 --> 00:31:06,831
accrues to the money,

1758
00:31:06,831 --> 00:31:08,199
right?

1759
00:31:08,199 --> 00:31:08,600
Everyone's

1760
00:31:08,600 --> 00:31:09,300
working in their

1761
00:31:09,300 --> 00:31:10,301
own self-interest

1762
00:31:10,301 --> 00:31:10,969
to the benefit

1763
00:31:10,969 --> 00:31:13,371
of everybody else.

1764
00:31:13,371 --> 00:31:14,172
And it's exactly

1765
00:31:14,172 --> 00:31:15,273
the same with Bitcoin.

1766
00:31:15,273 --> 00:31:16,474
Everybody is reacting

1767
00:31:16,474 --> 00:31:17,342
to price signals

1768
00:31:17,342 --> 00:31:18,843
in capitalism

1769
00:31:18,843 --> 00:31:19,844
and trying to make

1770
00:31:19,844 --> 00:31:21,579
good decisions,

1771
00:31:21,579 --> 00:31:21,980
which leads

1772
00:31:21,980 --> 00:31:22,947
to competition,

1773
00:31:22,947 --> 00:31:23,815
innovation,

1774
00:31:23,815 --> 00:31:25,783
technological

1775
00:31:25,783 --> 00:31:26,985
evolution,

1776
00:31:26,985 --> 00:31:27,952
driving prices

1777
00:31:27,952 --> 00:31:28,720
lower and raising

1778
00:31:28,720 --> 00:31:29,454
living standards

1779
00:31:29,454 --> 00:31:30,488
for everybody.

1780
00:31:30,488 --> 00:31:31,422
It's amazing.

1781
00:31:31,422 --> 00:31:32,724
This is just

1782
00:31:32,724 --> 00:31:33,791
people alone.

1783
00:31:33,791 --> 00:31:35,493
Leave people alone

1784
00:31:35,493 --> 00:31:35,894
and things

1785
00:31:35,894 --> 00:31:36,761
resolve themselves.

1786
00:31:36,761 --> 00:31:37,896
It's the interactions,

1787
00:31:37,896 --> 00:31:40,398
the interference

1788
00:31:40,398 --> 00:31:41,232
and the corruption

1789
00:31:41,232 --> 00:31:43,268
of the money

1790
00:31:43,268 --> 00:31:44,269
which makes everything

1791
00:31:44,269 --> 00:31:46,304
deteriorate.

1792
00:31:46,304 --> 00:31:47,672
And so,

1793
00:31:47,672 --> 00:31:48,339
you know, imagine

1794
00:31:48,339 --> 00:31:49,641
we go from the island

1795
00:31:49,641 --> 00:31:50,441
scenario now

1796
00:31:50,441 --> 00:31:51,976
and instead of

1797
00:31:51,976 --> 00:31:52,977
someone not being able

1798
00:31:52,977 --> 00:31:53,611
to print money,

1799
00:31:53,611 --> 00:31:54,579
someone is actually

1800
00:31:54,579 --> 00:31:55,413
able to print money.

1801
00:31:57,248 --> 00:31:58,082
And so they

1802
00:31:58,082 --> 00:31:59,450
have a big red button,

1803
00:31:59,450 --> 00:32:00,151
they press the

1804
00:32:00,151 --> 00:32:00,752
big red button

1805
00:32:00,752 --> 00:32:01,352
and they print

1806
00:32:01,352 --> 00:32:01,853
all money

1807
00:32:01,853 --> 00:32:02,854
for the government.

1808
00:32:02,854 --> 00:32:03,688
Now, when

1809
00:32:03,688 --> 00:32:04,055
the government

1810
00:32:04,055 --> 00:32:06,624
prints money,

1811
00:32:06,624 --> 00:32:08,192
it it belongs

1812
00:32:08,192 --> 00:32:09,627
to the government.

1813
00:32:09,627 --> 00:32:09,894
And I'm

1814
00:32:09,894 --> 00:32:10,528
using government

1815
00:32:10,528 --> 00:32:11,262
and central bank

1816
00:32:11,262 --> 00:32:12,063
interchangeably

1817
00:32:12,063 --> 00:32:13,131
because I

1818
00:32:13,131 --> 00:32:13,798
for most people

1819
00:32:13,798 --> 00:32:14,532
it doesn't matter

1820
00:32:14,532 --> 00:32:15,233
because that

1821
00:32:15,233 --> 00:32:16,134
the central banks

1822
00:32:16,134 --> 00:32:17,635
are independent,

1823
00:32:17,635 --> 00:32:17,969
but they're

1824
00:32:17,969 --> 00:32:20,805
not independent at all,

1825
00:32:20,805 --> 00:32:21,539
nominally.

1826
00:32:21,539 --> 00:32:22,440
So to try and give

1827
00:32:22,440 --> 00:32:22,941
some level

1828
00:32:22,941 --> 00:32:23,641
of credibility

1829
00:32:23,641 --> 00:32:24,208
around the fact

1830
00:32:24,208 --> 00:32:25,176
that they just abused

1831
00:32:25,176 --> 00:32:26,244
the money

1832
00:32:26,244 --> 00:32:26,911
on behalf of

1833
00:32:26,911 --> 00:32:28,780
the government, but

1834
00:32:28,780 --> 00:32:29,747
they can be received

1835
00:32:29,747 --> 00:32:30,515
the mandates

1836
00:32:30,515 --> 00:32:31,416
can be rescinded,

1837
00:32:31,416 --> 00:32:32,083
changed by

1838
00:32:32,083 --> 00:32:32,517
the government,

1839
00:32:32,517 --> 00:32:33,318
etc., whenever.

1840
00:32:33,318 --> 00:32:33,618
So they're

1841
00:32:33,618 --> 00:32:35,853
not independent.

1842
00:32:35,853 --> 00:32:36,187
But when you

1843
00:32:36,187 --> 00:32:37,388
print money

1844
00:32:37,388 --> 00:32:38,222
goes into the coffers

1845
00:32:38,222 --> 00:32:40,058
of the government,

1846
00:32:40,058 --> 00:32:41,492
and then

1847
00:32:41,492 --> 00:32:42,160
for that money

1848
00:32:42,160 --> 00:32:43,394
to enter the economy,

1849
00:32:43,394 --> 00:32:43,928
it has to go

1850
00:32:43,928 --> 00:32:44,662
from the government

1851
00:32:44,662 --> 00:32:45,363
to those people

1852
00:32:45,363 --> 00:32:46,331
connected

1853
00:32:46,331 --> 00:32:47,165
closely to

1854
00:32:47,165 --> 00:32:48,132
the government.

1855
00:32:48,132 --> 00:32:48,733
So typically

1856
00:32:48,733 --> 00:32:50,401
the banking sector,

1857
00:32:50,401 --> 00:32:50,768
but it could

1858
00:32:50,768 --> 00:32:51,936
be directorates,

1859
00:32:51,936 --> 00:32:52,170
you know,

1860
00:32:52,170 --> 00:32:52,770
pharmaceutical

1861
00:32:52,770 --> 00:32:53,838
companies, all

1862
00:32:53,838 --> 00:32:54,505
these sorts of things.

1863
00:32:55,506 --> 00:32:55,974
They are the

1864
00:32:55,974 --> 00:32:57,342
first recipients

1865
00:32:57,342 --> 00:32:58,176
of that freshly

1866
00:32:58,176 --> 00:32:59,978
printed money.

1867
00:32:59,978 --> 00:33:00,611
But if you go back

1868
00:33:00,611 --> 00:33:02,580
to thinking about that,

1869
00:33:02,580 --> 00:33:03,081
the price

1870
00:33:03,081 --> 00:33:03,581
signals

1871
00:33:03,581 --> 00:33:04,682
for the home builders,

1872
00:33:04,682 --> 00:33:05,583
if there's suddenly

1873
00:33:05,583 --> 00:33:06,985
an increase in demand

1874
00:33:06,985 --> 00:33:08,586
for the houses

1875
00:33:08,586 --> 00:33:09,187
and there's only

1876
00:33:09,187 --> 00:33:11,456
those two suppliers,

1877
00:33:11,456 --> 00:33:11,956
the prices

1878
00:33:11,956 --> 00:33:13,091
will start going up

1879
00:33:13,091 --> 00:33:14,025
and it'll be a signal

1880
00:33:14,025 --> 00:33:14,826
to other people

1881
00:33:14,826 --> 00:33:16,861
that again,

1882
00:33:16,861 --> 00:33:17,695
there is extra

1883
00:33:17,695 --> 00:33:19,263
profitability here.

1884
00:33:19,263 --> 00:33:20,131
I should become a home

1885
00:33:20,131 --> 00:33:21,399
builder too,

1886
00:33:21,399 --> 00:33:21,933
and compete

1887
00:33:21,933 --> 00:33:22,200
for this

1888
00:33:22,200 --> 00:33:23,301
extra profitability.

1889
00:33:23,301 --> 00:33:25,670
But there is demand.

1890
00:33:25,670 --> 00:33:27,038
If instead

1891
00:33:27,038 --> 00:33:27,572
the government

1892
00:33:27,572 --> 00:33:28,773
comes along

1893
00:33:28,773 --> 00:33:29,073
and it's

1894
00:33:29,073 --> 00:33:29,640
got freshly

1895
00:33:29,640 --> 00:33:30,408
printed money

1896
00:33:30,408 --> 00:33:31,976
and it spends it

1897
00:33:31,976 --> 00:33:32,810
with the companies

1898
00:33:32,810 --> 00:33:33,211
close to

1899
00:33:33,211 --> 00:33:34,178
the government,

1900
00:33:34,178 --> 00:33:36,514
it looks like demand.

1901
00:33:36,514 --> 00:33:37,548
But it's not demand,

1902
00:33:37,548 --> 00:33:39,584
it's just fresh money.

1903
00:33:39,584 --> 00:33:42,053
It's just extra money,

1904
00:33:42,053 --> 00:33:42,620
but it causes

1905
00:33:42,620 --> 00:33:44,455
the prices to go up

1906
00:33:44,455 --> 00:33:45,256
in those areas

1907
00:33:45,256 --> 00:33:45,757
connected to

1908
00:33:45,757 --> 00:33:46,224
the government,

1909
00:33:46,224 --> 00:33:46,924
which is a signal

1910
00:33:46,924 --> 00:33:47,725
to everybody else

1911
00:33:47,725 --> 00:33:48,860
in the

1912
00:33:48,860 --> 00:33:49,827
in the economy,

1913
00:33:49,827 --> 00:33:50,461
there's a demand

1914
00:33:50,461 --> 00:33:52,196
supply imbalance,

1915
00:33:52,196 --> 00:33:52,730
there's extra

1916
00:33:52,730 --> 00:33:53,664
profitability to

1917
00:33:53,664 --> 00:33:54,465
compete for.

1918
00:33:54,465 --> 00:33:55,066
And you

1919
00:33:55,066 --> 00:33:56,901
begin to suck in

1920
00:33:56,901 --> 00:33:58,403
active capital

1921
00:33:58,403 --> 00:33:59,404
and motivated

1922
00:33:59,404 --> 00:34:01,039
entrepreneurs

1923
00:34:01,039 --> 00:34:02,173
from other parts

1924
00:34:02,173 --> 00:34:02,807
of the economy

1925
00:34:02,807 --> 00:34:03,341
closer to

1926
00:34:03,341 --> 00:34:03,875
the government.

1927
00:34:03,875 --> 00:34:04,375
But they're only

1928
00:34:04,375 --> 00:34:04,742
being pulled

1929
00:34:04,742 --> 00:34:05,510
close to the government

1930
00:34:05,510 --> 00:34:06,144
because you printed

1931
00:34:06,144 --> 00:34:07,311
extra money.

1932
00:34:07,311 --> 00:34:08,246
It wasn't demand.

1933
00:34:09,714 --> 00:34:11,382
And so you're pulling

1934
00:34:11,382 --> 00:34:12,283
the most productive

1935
00:34:12,283 --> 00:34:14,352
people in society away

1936
00:34:14,352 --> 00:34:15,453
from other areas

1937
00:34:15,453 --> 00:34:16,754
of the economy

1938
00:34:16,754 --> 00:34:17,221
where they

1939
00:34:17,221 --> 00:34:18,990
were contributing

1940
00:34:18,990 --> 00:34:20,024
competition

1941
00:34:20,024 --> 00:34:20,625
to go and fight

1942
00:34:20,625 --> 00:34:21,059
for something

1943
00:34:21,059 --> 00:34:21,926
that's not real.

1944
00:34:21,926 --> 00:34:24,729
And so the prices

1945
00:34:24,729 --> 00:34:25,897
stop declining

1946
00:34:25,897 --> 00:34:26,464
in the other parts

1947
00:34:26,464 --> 00:34:28,166
of the economy

1948
00:34:28,166 --> 00:34:28,499
because there's

1949
00:34:28,499 --> 00:34:29,667
less competition,

1950
00:34:29,667 --> 00:34:30,468
there's less focus,

1951
00:34:30,468 --> 00:34:30,635
there's

1952
00:34:30,635 --> 00:34:32,870
less innovation.

1953
00:34:32,870 --> 00:34:33,271
And so if you

1954
00:34:33,271 --> 00:34:33,738
think about

1955
00:34:33,738 --> 00:34:34,472
what that means

1956
00:34:34,472 --> 00:34:36,207
for the deflation,

1957
00:34:36,207 --> 00:34:36,741
deflation

1958
00:34:36,741 --> 00:34:38,342
begins to slow.

1959
00:34:38,342 --> 00:34:39,143
You don't get the

1960
00:34:39,143 --> 00:34:40,945
rapid technology

1961
00:34:40,945 --> 00:34:41,879
increases that accrue

1962
00:34:41,879 --> 00:34:42,647
to the money.

1963
00:34:42,647 --> 00:34:43,881
You begin to undermine

1964
00:34:43,881 --> 00:34:45,183
the productivity gains

1965
00:34:45,183 --> 00:34:46,751
in the free market

1966
00:34:46,751 --> 00:34:47,452
that previously

1967
00:34:47,452 --> 00:34:47,952
were occurring

1968
00:34:47,952 --> 00:34:48,920
to the money.

1969
00:34:48,920 --> 00:34:49,353
And the more

1970
00:34:49,353 --> 00:34:50,221
you do this, you more

1971
00:34:50,221 --> 00:34:52,256
the undermine them.

1972
00:34:52,256 --> 00:34:52,857
So just by

1973
00:34:52,857 --> 00:34:53,925
printing money

1974
00:34:53,925 --> 00:34:54,826
you erode

1975
00:34:54,826 --> 00:34:55,693
the purchasing power.

1976
00:34:55,693 --> 00:34:57,795
Increase of the money.

1977
00:34:57,795 --> 00:34:58,229
Yeah.

1978
00:34:58,229 --> 00:34:59,497
Without even thinking

1979
00:34:59,497 --> 00:35:00,765
about

1980
00:35:00,765 --> 00:35:02,133
the negative impact

1981
00:35:02,133 --> 00:35:02,900
on top of that,

1982
00:35:02,900 --> 00:35:04,268
of all this extra money

1983
00:35:04,268 --> 00:35:04,936
washing around

1984
00:35:04,936 --> 00:35:05,636
in the economy.

1985
00:35:07,004 --> 00:35:07,205
Right.

1986
00:35:07,205 --> 00:35:07,738
So that's the

1987
00:35:07,738 --> 00:35:08,606
that's the first one

1988
00:35:08,606 --> 00:35:09,440
is the misallocation

1989
00:35:09,440 --> 00:35:10,441
of cattle.

1990
00:35:10,441 --> 00:35:13,444
The second is when

1991
00:35:13,811 --> 00:35:15,279
when those businesses

1992
00:35:15,279 --> 00:35:16,614
have received money

1993
00:35:16,614 --> 00:35:18,382
from the government

1994
00:35:18,382 --> 00:35:19,584
and they've made

1995
00:35:19,584 --> 00:35:20,551
profits,

1996
00:35:20,551 --> 00:35:21,486
they have to run

1997
00:35:21,486 --> 00:35:22,854
their business

1998
00:35:22,854 --> 00:35:25,490
using humans.

1999
00:35:25,490 --> 00:35:27,258
Material input costs,

2000
00:35:27,258 --> 00:35:27,992
interacting

2001
00:35:27,992 --> 00:35:28,726
with other businesses.

2002
00:35:28,726 --> 00:35:30,995
So they begin to spend

2003
00:35:30,995 --> 00:35:31,762
with other people

2004
00:35:31,762 --> 00:35:32,497
in the economy,

2005
00:35:32,497 --> 00:35:33,364
and those people spend

2006
00:35:33,364 --> 00:35:34,265
with other people.

2007
00:35:34,265 --> 00:35:34,899
And eventually

2008
00:35:34,899 --> 00:35:37,201
all this extra money

2009
00:35:37,201 --> 00:35:38,369
gradually washes

2010
00:35:38,369 --> 00:35:38,669
through the

2011
00:35:38,669 --> 00:35:40,605
whole economy.

2012
00:35:40,605 --> 00:35:42,540
But the net impact is

2013
00:35:42,540 --> 00:35:42,874
that it

2014
00:35:42,874 --> 00:35:43,841
starts to increase

2015
00:35:43,841 --> 00:35:44,742
the input costs

2016
00:35:44,742 --> 00:35:46,711
for everybody,

2017
00:35:46,711 --> 00:35:47,345
because there's more

2018
00:35:47,345 --> 00:35:49,213
there's more money,

2019
00:35:49,213 --> 00:35:50,047
not more demand.

2020
00:35:50,047 --> 00:35:50,314
There's just

2021
00:35:50,314 --> 00:35:51,983
more money.

2022
00:35:51,983 --> 00:35:52,416
And so when

2023
00:35:52,416 --> 00:35:53,518
the input costs go up,

2024
00:35:53,518 --> 00:35:54,452
whether it's human

2025
00:35:54,452 --> 00:35:56,120
or energy or raw

2026
00:35:56,120 --> 00:35:57,788
material inputs

2027
00:35:57,788 --> 00:35:59,390
for everyone,

2028
00:35:59,390 --> 00:36:01,359
every business

2029
00:36:01,359 --> 00:36:02,693
is reliant on those.

2030
00:36:02,693 --> 00:36:03,094
It doesn't matter

2031
00:36:03,094 --> 00:36:04,195
what business you are.

2032
00:36:04,195 --> 00:36:05,463
So if you

2033
00:36:05,463 --> 00:36:06,631
are thinking about

2034
00:36:06,631 --> 00:36:07,498
a previous state

2035
00:36:07,498 --> 00:36:09,333
where you had a price

2036
00:36:09,333 --> 00:36:10,234
for your service

2037
00:36:10,234 --> 00:36:11,636
or product

2038
00:36:11,636 --> 00:36:12,103
and the other

2039
00:36:12,103 --> 00:36:13,437
input cost,

2040
00:36:13,437 --> 00:36:14,672
and you made sufficient

2041
00:36:14,672 --> 00:36:15,506
profitability

2042
00:36:15,506 --> 00:36:16,474
given the competition

2043
00:36:16,474 --> 00:36:17,341
in the market,

2044
00:36:17,341 --> 00:36:18,342
that the profitability

2045
00:36:18,342 --> 00:36:19,410
justified you

2046
00:36:19,410 --> 00:36:20,411
being the entrepreneur

2047
00:36:21,679 --> 00:36:21,846
because

2048
00:36:21,846 --> 00:36:23,347
it's not riskless,

2049
00:36:23,347 --> 00:36:24,849
it's a lot of stress.

2050
00:36:24,849 --> 00:36:26,384
A hassle

2051
00:36:26,384 --> 00:36:27,818
doesn't suit everybody.

2052
00:36:27,818 --> 00:36:28,252
All right.

2053
00:36:28,252 --> 00:36:28,486
You're

2054
00:36:28,486 --> 00:36:30,087
employing people,

2055
00:36:30,087 --> 00:36:31,622
but you justify enough

2056
00:36:31,622 --> 00:36:32,023
and you make

2057
00:36:32,023 --> 00:36:32,623
as much profit

2058
00:36:32,623 --> 00:36:33,524
as you can

2059
00:36:33,524 --> 00:36:34,325
while delivering

2060
00:36:34,325 --> 00:36:34,725
the highest

2061
00:36:34,725 --> 00:36:35,760
quality service

2062
00:36:35,760 --> 00:36:37,195
at the lowest price

2063
00:36:37,195 --> 00:36:38,162
to to make the books

2064
00:36:38,162 --> 00:36:38,930
balance, giving

2065
00:36:38,930 --> 00:36:40,164
you competition,

2066
00:36:40,164 --> 00:36:40,698
as you talked

2067
00:36:40,698 --> 00:36:40,932
about in

2068
00:36:40,932 --> 00:36:42,633
the free market,

2069
00:36:42,633 --> 00:36:43,501
if your input costs

2070
00:36:43,501 --> 00:36:45,570
start to increase,

2071
00:36:45,570 --> 00:36:46,337
your profit margins

2072
00:36:46,337 --> 00:36:48,573
getting eroded.

2073
00:36:48,573 --> 00:36:49,240
So now you're left

2074
00:36:49,240 --> 00:36:51,342
with the choice, right?

2075
00:36:51,342 --> 00:36:52,510
You need that profit

2076
00:36:52,510 --> 00:36:54,512
margin to justify

2077
00:36:54,512 --> 00:36:56,747
running the business.

2078
00:36:56,747 --> 00:36:57,481
If you make

2079
00:36:57,481 --> 00:36:59,383
less profit,

2080
00:36:59,383 --> 00:37:00,218
you start to think,

2081
00:37:00,218 --> 00:37:01,352
well, I,

2082
00:37:01,352 --> 00:37:02,119
I can't justify

2083
00:37:02,119 --> 00:37:02,820
running this business

2084
00:37:02,820 --> 00:37:02,987
anymore.

2085
00:37:02,987 --> 00:37:03,688
I'll just close it

2086
00:37:03,688 --> 00:37:03,921
down.

2087
00:37:03,921 --> 00:37:04,355
I'll go and work

2088
00:37:04,355 --> 00:37:04,989
for someone else.

2089
00:37:04,989 --> 00:37:06,157
They can take the risk.

2090
00:37:06,157 --> 00:37:06,991
And if you do that,

2091
00:37:06,991 --> 00:37:07,959
you reduce competition

2092
00:37:07,959 --> 00:37:09,126
in the market

2093
00:37:09,126 --> 00:37:09,660
and prices

2094
00:37:09,660 --> 00:37:10,695
start going up

2095
00:37:10,695 --> 00:37:11,896
or they stop declining.

2096
00:37:11,896 --> 00:37:12,263
So

2097
00:37:13,431 --> 00:37:13,931
for every

2098
00:37:13,931 --> 00:37:15,499
business, you now

2099
00:37:15,499 --> 00:37:16,067
have to make

2100
00:37:16,067 --> 00:37:16,801
a decision.

2101
00:37:16,801 --> 00:37:17,101
It's like,

2102
00:37:17,101 --> 00:37:19,503
how do I reinstate

2103
00:37:19,503 --> 00:37:20,605
the previous profit

2104
00:37:20,605 --> 00:37:22,173
margin I had?

2105
00:37:22,173 --> 00:37:22,640
This is not me

2106
00:37:22,640 --> 00:37:24,075
being greedy.

2107
00:37:24,075 --> 00:37:24,742
This is just me

2108
00:37:24,742 --> 00:37:26,444
reacting to the fact

2109
00:37:26,444 --> 00:37:27,211
that the input costs

2110
00:37:27,211 --> 00:37:27,912
have gone up.

2111
00:37:27,912 --> 00:37:28,412
And so now

2112
00:37:28,412 --> 00:37:29,046
I have a choice.

2113
00:37:29,046 --> 00:37:29,647
I can either

2114
00:37:29,647 --> 00:37:30,081
if you think

2115
00:37:30,081 --> 00:37:32,049
about a product,

2116
00:37:32,049 --> 00:37:33,017
I can either

2117
00:37:33,017 --> 00:37:34,185
just pass on the prices

2118
00:37:34,185 --> 00:37:34,552
directly

2119
00:37:34,552 --> 00:37:35,920
to the customer.

2120
00:37:35,920 --> 00:37:36,654
So I keep the product

2121
00:37:36,654 --> 00:37:37,722
the same size,

2122
00:37:37,722 --> 00:37:39,523
same quality.

2123
00:37:39,523 --> 00:37:40,124
My input costs

2124
00:37:40,124 --> 00:37:40,524
have gone up,

2125
00:37:40,524 --> 00:37:40,858
so I just

2126
00:37:40,858 --> 00:37:42,393
raise the price

2127
00:37:42,393 --> 00:37:43,594
like very visible

2128
00:37:43,594 --> 00:37:44,128
inflation.

2129
00:37:44,128 --> 00:37:44,962
The alternative

2130
00:37:44,962 --> 00:37:46,731
is to say, well,

2131
00:37:46,731 --> 00:37:47,265
I don't want to

2132
00:37:47,265 --> 00:37:47,999
put the price up.

2133
00:37:47,999 --> 00:37:50,067
So I'll keep the same

2134
00:37:50,067 --> 00:37:51,869
quality of product,

2135
00:37:51,869 --> 00:37:52,737
the same price,

2136
00:37:52,737 --> 00:37:53,337
I'll just make

2137
00:37:53,337 --> 00:37:54,272
it 10% smaller.

2138
00:37:55,806 --> 00:37:56,007
I have,

2139
00:37:56,007 --> 00:37:58,175
which is Shrinkflation,

2140
00:37:58,175 --> 00:37:59,977
which we also say,

2141
00:37:59,977 --> 00:38:01,112
yeah, you know,

2142
00:38:01,112 --> 00:38:01,812
chocolate bars

2143
00:38:01,812 --> 00:38:03,414
constantly getting

2144
00:38:03,414 --> 00:38:04,582
smaller.

2145
00:38:04,582 --> 00:38:05,283
For example, for.

2146
00:38:05,283 --> 00:38:06,584
Us it's chips, chips,

2147
00:38:06,584 --> 00:38:07,785
bags like crisps.

2148
00:38:07,785 --> 00:38:08,152
I don't know

2149
00:38:08,152 --> 00:38:08,586
what you call.

2150
00:38:08,586 --> 00:38:10,988
Them or a

2151
00:38:10,988 --> 00:38:11,989
full. Of it.

2152
00:38:11,989 --> 00:38:13,124
All of that for that.

2153
00:38:13,124 --> 00:38:13,824
And this is the same

2154
00:38:13,824 --> 00:38:14,425
thing.

2155
00:38:14,425 --> 00:38:14,725
This is

2156
00:38:14,725 --> 00:38:14,992
this is

2157
00:38:14,992 --> 00:38:16,227
just shrinkflation.

2158
00:38:16,227 --> 00:38:16,761
So you've got

2159
00:38:16,761 --> 00:38:17,895
visible inflation

2160
00:38:17,895 --> 00:38:18,663
where the price goes

2161
00:38:18,663 --> 00:38:19,497
up, you've got semi

2162
00:38:19,497 --> 00:38:20,931
visible inflation

2163
00:38:20,931 --> 00:38:21,899
and it's semi visible

2164
00:38:21,899 --> 00:38:22,400
because sometimes

2165
00:38:22,400 --> 00:38:23,901
you don't notice

2166
00:38:23,901 --> 00:38:24,902
or you're tricked into

2167
00:38:24,902 --> 00:38:25,703
just thinking,

2168
00:38:25,703 --> 00:38:26,304
questioning

2169
00:38:26,304 --> 00:38:28,039
your own memories

2170
00:38:28,039 --> 00:38:28,739
about how big

2171
00:38:28,739 --> 00:38:29,774
it used to be.

2172
00:38:29,774 --> 00:38:30,541
Other currencies

2173
00:38:30,541 --> 00:38:30,841
because it's

2174
00:38:30,841 --> 00:38:33,377
a very gradual process.

2175
00:38:33,377 --> 00:38:34,278
But then third one

2176
00:38:34,278 --> 00:38:35,279
is to say well,

2177
00:38:35,279 --> 00:38:35,913
I don't want to make it

2178
00:38:35,913 --> 00:38:37,682
smaller

2179
00:38:37,682 --> 00:38:38,215
and I don't want to

2180
00:38:38,215 --> 00:38:39,216
increase the price.

2181
00:38:40,618 --> 00:38:40,985
What if

2182
00:38:40,985 --> 00:38:41,519
I could keep the

2183
00:38:41,519 --> 00:38:42,887
product the same size,

2184
00:38:42,887 --> 00:38:44,355
same price,

2185
00:38:44,355 --> 00:38:47,191
and I just compromise

2186
00:38:47,191 --> 00:38:48,125
on the inputs

2187
00:38:48,125 --> 00:38:49,527
to try and reduce them,

2188
00:38:49,527 --> 00:38:49,860
reduce

2189
00:38:49,860 --> 00:38:51,962
the cost of them again?

2190
00:38:51,962 --> 00:38:52,463
And the easiest

2191
00:38:52,463 --> 00:38:52,830
way to do

2192
00:38:52,830 --> 00:38:53,230
that is just

2193
00:38:53,230 --> 00:38:54,765
to fire people.

2194
00:38:54,765 --> 00:38:55,499
You just

2195
00:38:55,499 --> 00:38:56,167
find a way

2196
00:38:56,167 --> 00:38:56,867
to have fewer

2197
00:38:56,867 --> 00:38:58,636
humans involved

2198
00:38:58,636 --> 00:38:59,570
in producing.

2199
00:38:59,570 --> 00:39:00,604
So you fire them,

2200
00:39:00,604 --> 00:39:01,205
you increase

2201
00:39:01,205 --> 00:39:02,506
unemployment.

2202
00:39:02,506 --> 00:39:03,240
Fresh problem

2203
00:39:03,240 --> 00:39:03,774
for the government

2204
00:39:03,774 --> 00:39:05,309
to deal with

2205
00:39:05,309 --> 00:39:07,411
or you compromise

2206
00:39:07,411 --> 00:39:08,112
on the quality.

2207
00:39:08,112 --> 00:39:08,512
And so if you

2208
00:39:08,512 --> 00:39:09,080
think about a

2209
00:39:09,080 --> 00:39:11,349
physical product,

2210
00:39:11,349 --> 00:39:11,749
they'll start

2211
00:39:11,749 --> 00:39:12,917
to break sooner

2212
00:39:12,917 --> 00:39:13,951
because the

2213
00:39:13,951 --> 00:39:14,685
the components

2214
00:39:14,685 --> 00:39:15,419
they used to use,

2215
00:39:15,419 --> 00:39:17,121
they've replaced with,

2216
00:39:17,121 --> 00:39:18,122
lower

2217
00:39:18,122 --> 00:39:20,458
quality components.

2218
00:39:20,458 --> 00:39:20,758
And so it

2219
00:39:20,758 --> 00:39:22,960
looks the same.

2220
00:39:22,960 --> 00:39:23,928
But instead of lasting

2221
00:39:23,928 --> 00:39:24,729
two years it now

2222
00:39:24,729 --> 00:39:26,130
last one year

2223
00:39:26,130 --> 00:39:26,497
and you have

2224
00:39:26,497 --> 00:39:27,098
to rebuy it.

2225
00:39:28,265 --> 00:39:29,633
That's still inflation.

2226
00:39:29,633 --> 00:39:30,735
You're having to buy it

2227
00:39:30,735 --> 00:39:31,802
more frequently.

2228
00:39:31,802 --> 00:39:33,104
It still costs the same

2229
00:39:33,104 --> 00:39:33,537
but it's a

2230
00:39:33,537 --> 00:39:34,372
worse product.

2231
00:39:34,372 --> 00:39:34,972
And so this is

2232
00:39:34,972 --> 00:39:35,840
why we start

2233
00:39:35,840 --> 00:39:36,507
to feel like

2234
00:39:36,507 --> 00:39:37,007
everything

2235
00:39:37,007 --> 00:39:38,142
is deteriorating

2236
00:39:38,142 --> 00:39:39,844
around us.

2237
00:39:39,844 --> 00:39:40,010
Right.

2238
00:39:40,010 --> 00:39:40,811
And this is

2239
00:39:40,811 --> 00:39:43,114
hidden inflation

2240
00:39:43,114 --> 00:39:43,314
because

2241
00:39:43,314 --> 00:39:43,881
the price doesn't

2242
00:39:43,881 --> 00:39:45,049
look like it's changed.

2243
00:39:45,049 --> 00:39:45,716
It's not obvious

2244
00:39:45,716 --> 00:39:46,450
the products change,

2245
00:39:46,450 --> 00:39:47,151
but the quality has

2246
00:39:47,151 --> 00:39:49,453
been compromised.

2247
00:39:49,453 --> 00:39:50,254
And if you think about

2248
00:39:50,254 --> 00:39:51,021
other types

2249
00:39:51,021 --> 00:39:51,956
of products,

2250
00:39:51,956 --> 00:39:52,223
they're not

2251
00:39:52,223 --> 00:39:53,691
all mechanical

2252
00:39:53,691 --> 00:39:54,625
products like that

2253
00:39:54,625 --> 00:39:55,259
would incorporate

2254
00:39:55,259 --> 00:39:56,160
a food as well.

2255
00:39:56,160 --> 00:39:57,528
So now

2256
00:39:57,528 --> 00:39:57,728
you know

2257
00:39:57,728 --> 00:39:58,996
a food manufacturer

2258
00:39:58,996 --> 00:39:59,964
is trying to move

2259
00:39:59,964 --> 00:40:02,266
to ever lower quality

2260
00:40:02,266 --> 00:40:02,767
food.

2261
00:40:02,767 --> 00:40:05,236
Components,

2262
00:40:05,236 --> 00:40:06,137
the fresh ingredients

2263
00:40:06,137 --> 00:40:07,037
just replace it.

2264
00:40:07,037 --> 00:40:08,038
Increasing levels

2265
00:40:08,038 --> 00:40:08,739
of industrialized

2266
00:40:08,739 --> 00:40:09,907
sludge, the products,

2267
00:40:09,907 --> 00:40:10,808
the looks the same.

2268
00:40:10,808 --> 00:40:12,143
It's just unhealthy

2269
00:40:12,143 --> 00:40:12,643
for us.

2270
00:40:12,643 --> 00:40:14,912
Increasingly unhealthy.

2271
00:40:14,912 --> 00:40:15,546
And then we start

2272
00:40:15,546 --> 00:40:16,380
consuming things

2273
00:40:16,380 --> 00:40:16,881
we should never

2274
00:40:16,881 --> 00:40:17,581
be consuming.

2275
00:40:17,581 --> 00:40:18,282
About meat

2276
00:40:18,282 --> 00:40:19,917
in the supermarket.

2277
00:40:19,917 --> 00:40:20,551
Meat in

2278
00:40:20,551 --> 00:40:21,819
the supermarket here is

2279
00:40:21,819 --> 00:40:24,522
is like 87% pork.

2280
00:40:24,522 --> 00:40:26,157
Exactly. Yeah, exactly.

2281
00:40:26,157 --> 00:40:26,557
And this is

2282
00:40:26,557 --> 00:40:27,558
the deterioration

2283
00:40:27,558 --> 00:40:28,392
caused by the big

2284
00:40:28,392 --> 00:40:29,627
red button.

2285
00:40:29,627 --> 00:40:30,461
Then this causes

2286
00:40:30,461 --> 00:40:32,062
health crises.

2287
00:40:32,062 --> 00:40:32,596
Why do you think.

2288
00:40:32,596 --> 00:40:32,930
Why do I think

2289
00:40:32,930 --> 00:40:33,564
we have an obesity

2290
00:40:33,564 --> 00:40:34,265
crisis?

2291
00:40:34,265 --> 00:40:34,999
This only started

2292
00:40:34,999 --> 00:40:35,800
50 years ago.

2293
00:40:36,967 --> 00:40:37,868
Right

2294
00:40:37,868 --> 00:40:38,335
now, half the

2295
00:40:38,335 --> 00:40:39,870
population to this.

2296
00:40:39,870 --> 00:40:40,604
It's because we're

2297
00:40:40,604 --> 00:40:41,272
consuming stuff

2298
00:40:41,272 --> 00:40:41,539
we shouldn't

2299
00:40:41,539 --> 00:40:43,073
be consuming.

2300
00:40:43,073 --> 00:40:43,441
But it's because

2301
00:40:43,441 --> 00:40:45,276
of the money printer.

2302
00:40:45,276 --> 00:40:47,478
This is inflation.

2303
00:40:47,478 --> 00:40:48,345
So people think,

2304
00:40:48,345 --> 00:40:49,346
you know, inflation is

2305
00:40:49,346 --> 00:40:51,382
price is changing.

2306
00:40:51,382 --> 00:40:51,849
Inflation

2307
00:40:51,849 --> 00:40:53,017
is everything.

2308
00:40:53,017 --> 00:40:54,718
It's visible inflation

2309
00:40:54,718 --> 00:40:55,920
price is going up.

2310
00:40:55,920 --> 00:40:56,487
It's semi

2311
00:40:56,487 --> 00:40:57,455
visible inflation

2312
00:40:57,455 --> 00:40:59,023
through shrinkflation.

2313
00:40:59,023 --> 00:40:59,323
And there's

2314
00:40:59,323 --> 00:41:00,291
hidden inflation

2315
00:41:00,291 --> 00:41:01,292
where it's

2316
00:41:01,292 --> 00:41:03,227
quality deterioration

2317
00:41:03,227 --> 00:41:04,929
and negative outcomes

2318
00:41:04,929 --> 00:41:06,397
for the population

2319
00:41:06,397 --> 00:41:06,764
across

2320
00:41:06,764 --> 00:41:07,765
all range of things

2321
00:41:07,765 --> 00:41:08,666
but largely health.

2322
00:41:08,666 --> 00:41:09,366
And so that

2323
00:41:09,366 --> 00:41:11,268
that is inflation

2324
00:41:11,268 --> 00:41:11,569
right.

2325
00:41:11,569 --> 00:41:13,337
But it's all because

2326
00:41:13,337 --> 00:41:14,371
somebody printed

2327
00:41:14,371 --> 00:41:15,739
extra money.

2328
00:41:15,739 --> 00:41:16,640
That's it.

2329
00:41:16,640 --> 00:41:17,575
You do not get

2330
00:41:17,575 --> 00:41:18,476
those things

2331
00:41:18,476 --> 00:41:19,577
when somebody cannot

2332
00:41:19,577 --> 00:41:21,645
print money for free.

2333
00:41:21,645 --> 00:41:22,346
Yeah.

2334
00:41:22,346 --> 00:41:23,047
That's so heavy

2335
00:41:23,047 --> 00:41:24,682
because in Australia,

2336
00:41:24,682 --> 00:41:25,583
one of the one

2337
00:41:25,583 --> 00:41:26,350
of the problems

2338
00:41:26,350 --> 00:41:27,551
we have at the moment,

2339
00:41:27,551 --> 00:41:28,552
we have a massive

2340
00:41:28,552 --> 00:41:29,820
cost of living process.

2341
00:41:29,820 --> 00:41:30,955
And if you think

2342
00:41:30,955 --> 00:41:31,789
about Maslow's

2343
00:41:31,789 --> 00:41:33,691
hierarchy of needs,

2344
00:41:33,691 --> 00:41:34,892
the two

2345
00:41:34,892 --> 00:41:35,860
the two areas

2346
00:41:35,860 --> 00:41:36,360
that I hit

2347
00:41:36,360 --> 00:41:37,962
the most is housing

2348
00:41:37,962 --> 00:41:39,163
and food.

2349
00:41:39,163 --> 00:41:40,431
So, you know,

2350
00:41:40,431 --> 00:41:41,265
our supermarkets

2351
00:41:41,265 --> 00:41:41,765
are very much

2352
00:41:41,765 --> 00:41:43,501
being the scapegoats

2353
00:41:43,501 --> 00:41:45,169
of of this problem.

2354
00:41:45,169 --> 00:41:46,637
And people are blaming

2355
00:41:46,637 --> 00:41:47,705
big corporations.

2356
00:41:47,705 --> 00:41:48,072
That is

2357
00:41:48,072 --> 00:41:50,040
being big supermarkets,

2358
00:41:50,040 --> 00:41:50,975
not understanding

2359
00:41:50,975 --> 00:41:51,509
that there's

2360
00:41:51,509 --> 00:41:52,443
a much bigger

2361
00:41:52,443 --> 00:41:54,812
sort of problem

2362
00:41:54,812 --> 00:41:55,646
behind the scenes.

2363
00:41:55,646 --> 00:41:56,881
So yeah.

2364
00:41:56,881 --> 00:41:58,349
So yeah, we you

2365
00:41:58,349 --> 00:41:58,983
also I mean

2366
00:41:58,983 --> 00:41:59,917
this is not to

2367
00:42:01,218 --> 00:42:03,254
give everyone a pass.

2368
00:42:03,254 --> 00:42:04,755
You will always find

2369
00:42:04,755 --> 00:42:05,523
some people

2370
00:42:05,523 --> 00:42:06,290
who will try

2371
00:42:06,290 --> 00:42:06,991
and take advantage

2372
00:42:06,991 --> 00:42:08,492
of any situation.

2373
00:42:08,492 --> 00:42:09,026
Yeah.

2374
00:42:09,026 --> 00:42:09,894
That is not to say

2375
00:42:09,894 --> 00:42:11,929
all price increases

2376
00:42:11,929 --> 00:42:12,663
are only ever due

2377
00:42:12,663 --> 00:42:13,163
to the big red.

2378
00:42:13,163 --> 00:42:13,931
But some people

2379
00:42:13,931 --> 00:42:14,298
think, oh,

2380
00:42:14,298 --> 00:42:14,598
this is

2381
00:42:14,598 --> 00:42:16,033
a good opportunity

2382
00:42:16,033 --> 00:42:16,800
for me to jack

2383
00:42:16,800 --> 00:42:18,335
the prices up.

2384
00:42:18,335 --> 00:42:19,203
Okay.

2385
00:42:19,203 --> 00:42:20,070
To think otherwise

2386
00:42:20,070 --> 00:42:22,006
would be naive.

2387
00:42:22,006 --> 00:42:23,340
The fundamental driver

2388
00:42:23,340 --> 00:42:24,141
of all of this

2389
00:42:24,141 --> 00:42:25,042
is the corruption

2390
00:42:25,042 --> 00:42:25,576
of the money.

2391
00:42:25,576 --> 00:42:28,379
And you also talk about

2392
00:42:28,379 --> 00:42:30,781
housing. For

2393
00:42:30,781 --> 00:42:31,215
instance,

2394
00:42:31,215 --> 00:42:31,916
if a third

2395
00:42:31,916 --> 00:42:33,083
the third big

2396
00:42:33,083 --> 00:42:34,218
impact of inflation.

2397
00:42:34,218 --> 00:42:34,885
So the first is

2398
00:42:34,885 --> 00:42:35,519
the distortion

2399
00:42:35,519 --> 00:42:36,720
of the free market.

2400
00:42:36,720 --> 00:42:37,588
The second is

2401
00:42:37,588 --> 00:42:38,589
is inflation

2402
00:42:38,589 --> 00:42:40,090
in the cost of living

2403
00:42:40,090 --> 00:42:40,491
and the

2404
00:42:40,491 --> 00:42:41,325
negative impacts.

2405
00:42:41,325 --> 00:42:42,226
Then that brings to you

2406
00:42:42,226 --> 00:42:43,527
as humans

2407
00:42:43,527 --> 00:42:44,328
the the third is

2408
00:42:44,328 --> 00:42:45,729
is asset inflation.

2409
00:42:45,729 --> 00:42:46,931
And you guys know

2410
00:42:46,931 --> 00:42:48,699
the Australian House.

2411
00:42:48,699 --> 00:42:49,934
How does the market

2412
00:42:49,934 --> 00:42:50,534
spin off.

2413
00:42:50,534 --> 00:42:51,869
Yeah five feet.

2414
00:42:51,869 --> 00:42:52,636
We

2415
00:42:52,636 --> 00:42:54,872
we love our property.

2416
00:42:54,872 --> 00:42:56,140
Why is it the property.

2417
00:42:56,140 --> 00:42:56,941
It's I guess

2418
00:42:56,941 --> 00:42:57,741
it's the

2419
00:42:57,741 --> 00:42:58,776
Australian dream

2420
00:42:58,776 --> 00:43:00,210
to own your own home.

2421
00:43:00,210 --> 00:43:01,946
It's also

2422
00:43:01,946 --> 00:43:02,613
the way that

2423
00:43:02,613 --> 00:43:03,881
many people sort of.

2424
00:43:03,881 --> 00:43:05,349
And it was well,

2425
00:43:05,349 --> 00:43:06,417
there's a bias

2426
00:43:06,417 --> 00:43:07,184
with a lot of our

2427
00:43:07,184 --> 00:43:08,686
financial advisors

2428
00:43:08,686 --> 00:43:09,787
really liking property

2429
00:43:09,787 --> 00:43:10,754
as an asset class.

2430
00:43:10,754 --> 00:43:11,288
I'm not sure

2431
00:43:11,288 --> 00:43:12,122
where it came from,

2432
00:43:12,122 --> 00:43:13,791
but there's definitely

2433
00:43:13,791 --> 00:43:14,124
like the

2434
00:43:14,124 --> 00:43:15,192
Australian dream.

2435
00:43:15,192 --> 00:43:16,260
And it's also

2436
00:43:16,260 --> 00:43:17,027
an asset class

2437
00:43:17,027 --> 00:43:17,728
that's very well

2438
00:43:17,728 --> 00:43:18,963
understood.

2439
00:43:18,963 --> 00:43:19,797
It's done

2440
00:43:19,797 --> 00:43:20,898
very well in Australia.

2441
00:43:20,898 --> 00:43:21,565
So when it's done

2442
00:43:21,565 --> 00:43:22,499
well for other people,

2443
00:43:22,499 --> 00:43:23,033
other people

2444
00:43:23,033 --> 00:43:23,701
that are interested

2445
00:43:23,701 --> 00:43:24,668
in understanding it

2446
00:43:24,668 --> 00:43:25,970
and getting into it,

2447
00:43:25,970 --> 00:43:26,770
I don't

2448
00:43:26,770 --> 00:43:27,504
I don't know that

2449
00:43:27,504 --> 00:43:28,339
I can answer that

2450
00:43:28,339 --> 00:43:28,906
any better.

2451
00:43:28,906 --> 00:43:30,474
Well,

2452
00:43:30,474 --> 00:43:31,241
I get

2453
00:43:31,241 --> 00:43:33,043
the Australian treat

2454
00:43:33,043 --> 00:43:33,711
that makes sense.

2455
00:43:33,711 --> 00:43:34,311
Everyone should be able

2456
00:43:34,311 --> 00:43:35,012
to own their own home.

2457
00:43:36,413 --> 00:43:37,348
It's increasingly

2458
00:43:37,348 --> 00:43:39,316
difficult

2459
00:43:39,316 --> 00:43:40,017
because of the

2460
00:43:40,017 --> 00:43:42,019
second thing.

2461
00:43:42,019 --> 00:43:42,586
And the second

2462
00:43:42,586 --> 00:43:44,188
thing is,

2463
00:43:44,188 --> 00:43:44,421
I mean,

2464
00:43:44,421 --> 00:43:44,955
you talk about it

2465
00:43:44,955 --> 00:43:45,556
being sort of a

2466
00:43:45,556 --> 00:43:46,423
store of value.

2467
00:43:46,423 --> 00:43:47,191
Yeah.

2468
00:43:47,191 --> 00:43:47,891
That's that's what

2469
00:43:47,891 --> 00:43:48,726
I should have said.

2470
00:43:48,726 --> 00:43:49,526
Store value.

2471
00:43:49,526 --> 00:43:49,994
The house

2472
00:43:49,994 --> 00:43:51,095
was the store of value

2473
00:43:51,095 --> 00:43:53,731
very much is today the,

2474
00:43:53,731 --> 00:43:54,498
the yeah.

2475
00:43:54,498 --> 00:43:55,265
People want to store

2476
00:43:55,265 --> 00:43:55,799
their wealth

2477
00:43:55,799 --> 00:43:57,001
primarily in their home

2478
00:43:57,001 --> 00:43:58,202
and be set for life

2479
00:43:58,202 --> 00:44:00,404
and be able to retire

2480
00:44:00,404 --> 00:44:01,138
that.

2481
00:44:01,138 --> 00:44:02,239
But why

2482
00:44:02,239 --> 00:44:02,706
why do you have

2483
00:44:02,706 --> 00:44:03,107
to store

2484
00:44:03,107 --> 00:44:03,507
the wealth

2485
00:44:03,507 --> 00:44:04,174
in the house?

2486
00:44:04,174 --> 00:44:04,375
Because

2487
00:44:04,375 --> 00:44:05,209
the money's broken.

2488
00:44:05,209 --> 00:44:05,876
If you were

2489
00:44:05,876 --> 00:44:06,577
able to store

2490
00:44:06,577 --> 00:44:07,411
your value,

2491
00:44:07,411 --> 00:44:08,312
still store

2492
00:44:08,312 --> 00:44:08,946
your value

2493
00:44:08,946 --> 00:44:10,214
in the money,

2494
00:44:10,214 --> 00:44:10,681
you wouldn't

2495
00:44:10,681 --> 00:44:11,348
need to store it

2496
00:44:11,348 --> 00:44:12,082
in the house.

2497
00:44:12,082 --> 00:44:14,652
Like drop it.

2498
00:44:14,652 --> 00:44:15,586
Like if you could.

2499
00:44:15,586 --> 00:44:16,754
If you could go out,

2500
00:44:16,754 --> 00:44:17,721
do a day's work

2501
00:44:17,721 --> 00:44:18,889
and keep that money

2502
00:44:18,889 --> 00:44:20,457
and know

2503
00:44:20,457 --> 00:44:21,358
that tomorrow

2504
00:44:21,358 --> 00:44:21,925
is not going

2505
00:44:21,925 --> 00:44:23,394
to buy less

2506
00:44:23,394 --> 00:44:24,161
in ten years

2507
00:44:24,161 --> 00:44:24,628
time, it's

2508
00:44:24,628 --> 00:44:25,496
not going to be worth

2509
00:44:25,496 --> 00:44:26,430
30% of

2510
00:44:26,430 --> 00:44:27,164
what it is today.

2511
00:44:28,165 --> 00:44:28,432
If it

2512
00:44:28,432 --> 00:44:30,134
retained its value,

2513
00:44:30,134 --> 00:44:30,901
retained its

2514
00:44:30,901 --> 00:44:32,036
purchasing power,

2515
00:44:32,036 --> 00:44:32,469
you wouldn't

2516
00:44:32,469 --> 00:44:33,370
need to put it in

2517
00:44:33,370 --> 00:44:35,572
anything else,

2518
00:44:35,572 --> 00:44:36,006
because that's

2519
00:44:36,006 --> 00:44:37,574
your economic battery,

2520
00:44:37,574 --> 00:44:38,175
that the money

2521
00:44:38,175 --> 00:44:39,576
should be an accruing

2522
00:44:39,576 --> 00:44:40,744
economic battery.

2523
00:44:40,744 --> 00:44:42,279
I do a day's work today

2524
00:44:42,279 --> 00:44:43,247
that represents

2525
00:44:43,247 --> 00:44:43,847
one day

2526
00:44:43,847 --> 00:44:45,983
of my economic energy.

2527
00:44:45,983 --> 00:44:46,850
That's going to buy

2528
00:44:46,850 --> 00:44:47,751
3% more

2529
00:44:47,751 --> 00:44:48,786
tomorrow, 3%

2530
00:44:48,786 --> 00:44:49,653
more than that

2531
00:44:49,653 --> 00:44:50,254
in two years

2532
00:44:50,254 --> 00:44:51,922
time, etc., etc.

2533
00:44:51,922 --> 00:44:52,322
because the

2534
00:44:52,322 --> 00:44:53,290
the productivity

2535
00:44:53,290 --> 00:44:54,158
of the population

2536
00:44:54,158 --> 00:44:54,925
should be accruing

2537
00:44:54,925 --> 00:44:56,260
to the money.

2538
00:44:56,260 --> 00:44:56,627
And therefore

2539
00:44:56,627 --> 00:44:58,262
when I earn it,

2540
00:44:58,262 --> 00:44:59,063
it's adding

2541
00:44:59,063 --> 00:45:00,597
to my storage

2542
00:45:00,597 --> 00:45:01,598
and I can call on that

2543
00:45:01,598 --> 00:45:03,634
whenever I need to.

2544
00:45:03,634 --> 00:45:04,468
That's how I stole

2545
00:45:04,468 --> 00:45:07,204
my value,

2546
00:45:07,204 --> 00:45:08,172
is that we don't do

2547
00:45:08,172 --> 00:45:09,039
that.

2548
00:45:09,039 --> 00:45:09,840
We're not able

2549
00:45:09,840 --> 00:45:10,274
to do that

2550
00:45:10,274 --> 00:45:10,941
because someone's

2551
00:45:10,941 --> 00:45:12,976
printing it for free.

2552
00:45:12,976 --> 00:45:13,577
And, you know,

2553
00:45:13,577 --> 00:45:14,678
in a year's time

2554
00:45:14,678 --> 00:45:15,079
it's going to

2555
00:45:15,079 --> 00:45:15,846
be worthless.

2556
00:45:15,846 --> 00:45:16,580
You know, in ten years

2557
00:45:16,580 --> 00:45:17,247
time could be worth

2558
00:45:17,247 --> 00:45:17,748
a fraction

2559
00:45:17,748 --> 00:45:19,016
of what it is today.

2560
00:45:19,016 --> 00:45:19,950
So your

2561
00:45:19,950 --> 00:45:21,251
your question is like,

2562
00:45:21,251 --> 00:45:22,419
how do I protect it?

2563
00:45:22,419 --> 00:45:23,887
I buy a house,

2564
00:45:23,887 --> 00:45:25,322
I buy an extra house,

2565
00:45:25,322 --> 00:45:27,157
and I rent it out.

2566
00:45:27,157 --> 00:45:27,758
What you're doing

2567
00:45:27,758 --> 00:45:29,359
that is just trying

2568
00:45:29,359 --> 00:45:29,860
to get

2569
00:45:29,860 --> 00:45:31,328
a better store of value

2570
00:45:31,328 --> 00:45:31,862
for the money,

2571
00:45:31,862 --> 00:45:32,062
because

2572
00:45:32,062 --> 00:45:33,731
the money's broken.

2573
00:45:33,731 --> 00:45:34,465
You don't

2574
00:45:34,465 --> 00:45:35,599
you don't necessarily

2575
00:45:35,599 --> 00:45:37,067
go through that

2576
00:45:37,067 --> 00:45:37,668
explicit

2577
00:45:37,668 --> 00:45:38,402
thought process,

2578
00:45:38,402 --> 00:45:39,136
but that's

2579
00:45:39,136 --> 00:45:39,737
what you're doing.

2580
00:45:39,737 --> 00:45:40,237
That is what

2581
00:45:40,237 --> 00:45:41,171
you're doing,

2582
00:45:41,171 --> 00:45:41,572
whether you're

2583
00:45:41,572 --> 00:45:42,573
aware of it or not.

2584
00:45:44,174 --> 00:45:45,142
And why

2585
00:45:45,142 --> 00:45:46,143
this is the case is

2586
00:45:46,143 --> 00:45:47,311
that when they printing

2587
00:45:47,311 --> 00:45:48,412
extra money,

2588
00:45:48,412 --> 00:45:49,113
they're inflating

2589
00:45:49,113 --> 00:45:50,514
the monetary supply.

2590
00:45:50,514 --> 00:45:51,415
The costs of everything

2591
00:45:51,415 --> 00:45:52,716
are going up.

2592
00:45:52,716 --> 00:45:54,718
Your economic output,

2593
00:45:54,718 --> 00:45:55,452
which you get paid

2594
00:45:55,452 --> 00:45:56,820
for in Aussie dollars.

2595
00:45:56,820 --> 00:45:57,521
Someone else is

2596
00:45:57,521 --> 00:45:58,455
printing for free.

2597
00:45:58,455 --> 00:45:59,790
And so that

2598
00:45:59,790 --> 00:46:01,291
slice of the share

2599
00:46:01,291 --> 00:46:02,292
of the overall pie of

2600
00:46:02,292 --> 00:46:02,793
the economy

2601
00:46:02,793 --> 00:46:03,527
is declining.

2602
00:46:03,527 --> 00:46:04,361
There's somebody

2603
00:46:04,361 --> 00:46:05,195
present

2604
00:46:05,195 --> 00:46:06,630
printing their bit

2605
00:46:06,630 --> 00:46:07,831
for free.

2606
00:46:07,831 --> 00:46:07,998
Right.

2607
00:46:07,998 --> 00:46:08,432
So this

2608
00:46:08,432 --> 00:46:08,899
feeling

2609
00:46:08,899 --> 00:46:09,767
of productivity,

2610
00:46:09,767 --> 00:46:10,534
the stealing the

2611
00:46:10,534 --> 00:46:12,503
the purchasing power.

2612
00:46:12,503 --> 00:46:13,270
But by printing

2613
00:46:13,270 --> 00:46:15,405
this extra money,

2614
00:46:15,405 --> 00:46:16,473
it causes the prices

2615
00:46:16,473 --> 00:46:18,242
of everything to go up,

2616
00:46:18,242 --> 00:46:19,510
including the houses.

2617
00:46:19,510 --> 00:46:20,744
So if you think

2618
00:46:20,744 --> 00:46:21,178
about the

2619
00:46:21,178 --> 00:46:22,212
housing stock,

2620
00:46:22,212 --> 00:46:23,013
the housing stock

2621
00:46:23,013 --> 00:46:24,314
is not fixed

2622
00:46:24,314 --> 00:46:26,183
in supply like Bitcoin.

2623
00:46:26,183 --> 00:46:27,785
The housing stock is

2624
00:46:27,785 --> 00:46:28,852
absolutely elastic.

2625
00:46:28,852 --> 00:46:29,386
You can build

2626
00:46:29,386 --> 00:46:30,154
as many houses

2627
00:46:30,154 --> 00:46:31,155
as you want

2628
00:46:31,155 --> 00:46:32,222
given,

2629
00:46:32,222 --> 00:46:33,223
especially given the

2630
00:46:33,223 --> 00:46:34,291
space in Australia.

2631
00:46:35,259 --> 00:46:35,492
Lots.

2632
00:46:35,492 --> 00:46:36,160
Of space.

2633
00:46:36,160 --> 00:46:36,593
To play.

2634
00:46:36,593 --> 00:46:37,628
So we don't necessarily

2635
00:46:37,628 --> 00:46:38,595
have that everywhere.

2636
00:46:38,595 --> 00:46:38,796
But you're

2637
00:46:38,796 --> 00:46:40,264
not really constrained

2638
00:46:40,264 --> 00:46:41,231
from a,

2639
00:46:41,231 --> 00:46:43,333
space perspective.

2640
00:46:43,333 --> 00:46:44,101
You're constrained

2641
00:46:44,101 --> 00:46:45,002
from a population

2642
00:46:45,002 --> 00:46:45,602
perspective

2643
00:46:45,602 --> 00:46:46,370
and the

2644
00:46:46,370 --> 00:46:48,238
value of the houses.

2645
00:46:48,238 --> 00:46:50,374
So as houses are worth

2646
00:46:50,374 --> 00:46:52,810
more in money,

2647
00:46:52,810 --> 00:46:53,310
you increase

2648
00:46:53,310 --> 00:46:54,478
the supply of them

2649
00:46:54,478 --> 00:46:56,680
as home builders.

2650
00:46:56,680 --> 00:46:56,880
Yeah.

2651
00:46:56,880 --> 00:46:57,648
Because you

2652
00:46:57,648 --> 00:46:58,782
can even generate

2653
00:46:58,782 --> 00:46:59,416
a greater

2654
00:46:59,416 --> 00:46:59,850
a greater

2655
00:46:59,850 --> 00:47:02,519
profitability.

2656
00:47:02,519 --> 00:47:03,287
But by printing

2657
00:47:03,287 --> 00:47:04,822
more money

2658
00:47:04,822 --> 00:47:05,255
and you've got

2659
00:47:05,255 --> 00:47:06,089
a reasonable

2660
00:47:06,089 --> 00:47:06,924
from day one,

2661
00:47:06,924 --> 00:47:07,624
from one day

2662
00:47:07,624 --> 00:47:08,292
to the next,

2663
00:47:08,292 --> 00:47:09,126
the housing stock

2664
00:47:09,126 --> 00:47:10,894
doesn't really change.

2665
00:47:10,894 --> 00:47:11,562
It takes time

2666
00:47:11,562 --> 00:47:12,396
to build a house

2667
00:47:12,396 --> 00:47:14,097
as planning leases.

2668
00:47:14,097 --> 00:47:14,598
But if you just go

2669
00:47:14,598 --> 00:47:17,100
and print more money

2670
00:47:17,100 --> 00:47:19,036
and if you divide

2671
00:47:19,036 --> 00:47:20,137
the the money

2672
00:47:20,137 --> 00:47:21,872
by the number of houses

2673
00:47:21,872 --> 00:47:22,472
or houses

2674
00:47:22,472 --> 00:47:23,273
just worth more,

2675
00:47:23,273 --> 00:47:23,941
the houses have

2676
00:47:23,941 --> 00:47:25,175
become more valuable.

2677
00:47:25,175 --> 00:47:25,876
You just printed

2678
00:47:25,876 --> 00:47:26,910
more money. And so

2679
00:47:27,911 --> 00:47:29,413
when you compare

2680
00:47:29,413 --> 00:47:29,980
that with

2681
00:47:29,980 --> 00:47:31,248
just leaving your money

2682
00:47:31,248 --> 00:47:31,582
in the

2683
00:47:31,582 --> 00:47:32,850
in the bank account,

2684
00:47:32,850 --> 00:47:33,183
it's better

2685
00:47:33,183 --> 00:47:35,152
to buy a house

2686
00:47:35,152 --> 00:47:35,519
because at

2687
00:47:35,519 --> 00:47:36,887
then at least it's

2688
00:47:36,887 --> 00:47:38,622
the value of it

2689
00:47:38,622 --> 00:47:40,090
is sort of expanding

2690
00:47:40,090 --> 00:47:40,757
when measured

2691
00:47:40,757 --> 00:47:41,325
in the thing,

2692
00:47:41,325 --> 00:47:42,092
the extra stuff

2693
00:47:42,092 --> 00:47:42,659
they're printing

2694
00:47:42,659 --> 00:47:43,694
rather than fixed.

2695
00:47:43,694 --> 00:47:44,695
It's just a proxy

2696
00:47:44,695 --> 00:47:45,829
store of value

2697
00:47:45,829 --> 00:47:47,097
to try and protect

2698
00:47:47,097 --> 00:47:47,598
you against

2699
00:47:47,598 --> 00:47:48,932
the money printer.

2700
00:47:48,932 --> 00:47:49,399
And this is

2701
00:47:49,399 --> 00:47:50,400
why the house prices

2702
00:47:50,400 --> 00:47:52,035
are going up forever.

2703
00:47:52,035 --> 00:47:52,536
And it's just

2704
00:47:52,536 --> 00:47:54,004
printing more money.

2705
00:47:54,004 --> 00:47:55,939
And the longer

2706
00:47:55,939 --> 00:47:57,574
that goes on,

2707
00:47:57,574 --> 00:47:59,142
it becomes

2708
00:47:59,142 --> 00:47:59,776
you have the money

2709
00:47:59,776 --> 00:48:01,278
printer driving it,

2710
00:48:01,278 --> 00:48:03,847
but it also becomes,

2711
00:48:03,847 --> 00:48:05,616
driven by speculation

2712
00:48:05,616 --> 00:48:06,049
as well

2713
00:48:06,049 --> 00:48:07,217
and by leverage,

2714
00:48:07,217 --> 00:48:08,151
because the

2715
00:48:08,151 --> 00:48:09,553
banking sector

2716
00:48:09,553 --> 00:48:10,020
will offer

2717
00:48:10,020 --> 00:48:10,854
you loans

2718
00:48:10,854 --> 00:48:12,222
to buy the houses

2719
00:48:12,222 --> 00:48:12,623
because they

2720
00:48:12,623 --> 00:48:13,457
keep going up.

2721
00:48:13,457 --> 00:48:13,690
And so

2722
00:48:13,690 --> 00:48:14,091
you can go

2723
00:48:14,091 --> 00:48:14,725
and get a loan

2724
00:48:14,725 --> 00:48:15,759
for a second house,

2725
00:48:15,759 --> 00:48:16,693
but you get a loan

2726
00:48:16,693 --> 00:48:18,362
for the second house

2727
00:48:18,362 --> 00:48:18,962
helps you drive

2728
00:48:18,962 --> 00:48:19,263
the house.

2729
00:48:19,263 --> 00:48:20,397
Prices are faster,

2730
00:48:20,397 --> 00:48:20,564
right?

2731
00:48:20,564 --> 00:48:20,998
They become

2732
00:48:20,998 --> 00:48:21,932
a speculative

2733
00:48:21,932 --> 00:48:23,400
asset class,

2734
00:48:23,400 --> 00:48:24,868
not where you live.

2735
00:48:24,868 --> 00:48:26,703
Homes, a, just

2736
00:48:26,703 --> 00:48:28,872
utility tax. Yeah.

2737
00:48:29,840 --> 00:48:30,974
Sorry.

2738
00:48:30,974 --> 00:48:32,175
Oh that's good.

2739
00:48:32,175 --> 00:48:33,010
Hopefully.

2740
00:48:33,010 --> 00:48:34,845
Yes. It

2741
00:48:34,845 --> 00:48:35,379
they're

2742
00:48:35,379 --> 00:48:36,246
they're liabilities

2743
00:48:36,246 --> 00:48:37,414
not assets.

2744
00:48:37,414 --> 00:48:39,249
When you live somewhere

2745
00:48:39,249 --> 00:48:40,717
you pay property tax

2746
00:48:40,717 --> 00:48:41,318
you pay

2747
00:48:41,318 --> 00:48:42,219
there's maintenance.

2748
00:48:42,219 --> 00:48:42,786
There's all of these

2749
00:48:42,786 --> 00:48:44,254
different things.

2750
00:48:44,254 --> 00:48:45,923
Like sorry I gotta ask

2751
00:48:45,923 --> 00:48:46,657
I got to ask

2752
00:48:46,657 --> 00:48:47,324
what dog is it?

2753
00:48:47,324 --> 00:48:48,358
What breed of a dog?

2754
00:48:48,358 --> 00:48:48,759
It sounds like

2755
00:48:48,759 --> 00:48:49,927
a small dog.

2756
00:48:49,927 --> 00:48:50,761
I think

2757
00:48:50,761 --> 00:48:51,728
she's she's a toy.

2758
00:48:51,728 --> 00:48:53,563
A toy cockapoo.

2759
00:48:53,563 --> 00:48:53,830
Yeah.

2760
00:48:53,830 --> 00:48:56,833
She's she's she's tidy.

2761
00:48:56,900 --> 00:48:57,701
She's not.

2762
00:48:57,701 --> 00:48:58,769
He's very alert.

2763
00:48:58,769 --> 00:49:01,338
I'm sorry. I listen.

2764
00:49:01,338 --> 00:49:01,939
I could tell

2765
00:49:01,939 --> 00:49:02,673
by the bark

2766
00:49:02,673 --> 00:49:03,106
that it was

2767
00:49:03,106 --> 00:49:03,941
a small dog.

2768
00:49:03,941 --> 00:49:04,775
I have a miniature

2769
00:49:04,775 --> 00:49:05,342
schnauzer,

2770
00:49:05,342 --> 00:49:06,510
and he's very yappy.

2771
00:49:06,510 --> 00:49:08,512
A lovely,

2772
00:49:08,512 --> 00:49:10,080
very lovely breed.

2773
00:49:10,080 --> 00:49:11,114
Yeah. Sorry.

2774
00:49:11,114 --> 00:49:12,716
Sorry about that.

2775
00:49:12,716 --> 00:49:13,583
I forgot where we were.

2776
00:49:13,583 --> 00:49:14,518
I hope you don't.

2777
00:49:14,518 --> 00:49:15,352
No, no no, no.

2778
00:49:15,352 --> 00:49:15,686
So we were

2779
00:49:15,686 --> 00:49:16,920
talking about the

2780
00:49:16,920 --> 00:49:17,754
the house prices

2781
00:49:17,754 --> 00:49:18,588
going up.

2782
00:49:18,588 --> 00:49:19,389
Yes. Yeah.

2783
00:49:19,389 --> 00:49:20,357
And so the house price,

2784
00:49:20,357 --> 00:49:21,191
the housing sector

2785
00:49:21,191 --> 00:49:22,292
becomes speculative.

2786
00:49:22,292 --> 00:49:23,827
And this is why

2787
00:49:23,827 --> 00:49:24,728
you see on Australian

2788
00:49:24,728 --> 00:49:26,496
TV all there I,

2789
00:49:26,496 --> 00:49:26,830
I'm, I'm

2790
00:49:26,830 --> 00:49:27,097
making

2791
00:49:27,097 --> 00:49:27,931
an assumption here

2792
00:49:27,931 --> 00:49:28,565
I, I'm assuming it's

2793
00:49:28,565 --> 00:49:29,433
the same as the UK.

2794
00:49:29,433 --> 00:49:30,400
We have

2795
00:49:30,400 --> 00:49:30,701
you know

2796
00:49:30,701 --> 00:49:32,402
lots of property shows

2797
00:49:32,402 --> 00:49:33,303
and buy

2798
00:49:33,303 --> 00:49:34,504
to let portfolios

2799
00:49:34,504 --> 00:49:35,739
and rebuilding

2800
00:49:35,739 --> 00:49:36,640
our house and all.

2801
00:49:36,640 --> 00:49:37,074
Of this stuff,

2802
00:49:37,074 --> 00:49:38,942
reality shows, home

2803
00:49:38,942 --> 00:49:39,710
maintenance

2804
00:49:39,710 --> 00:49:40,610
and improvement.

2805
00:49:40,610 --> 00:49:41,578
It's all over

2806
00:49:41,578 --> 00:49:42,980
Australia.

2807
00:49:42,980 --> 00:49:43,480
Because you're

2808
00:49:43,480 --> 00:49:43,914
buying them.

2809
00:49:43,914 --> 00:49:45,582
This is store value.

2810
00:49:45,582 --> 00:49:46,883
You then realize

2811
00:49:48,352 --> 00:49:49,052
you may not even

2812
00:49:49,052 --> 00:49:50,687
realize why,

2813
00:49:50,687 --> 00:49:51,822
but buying

2814
00:49:51,822 --> 00:49:52,923
being more leverage

2815
00:49:52,923 --> 00:49:54,491
to the housing

2816
00:49:54,491 --> 00:49:55,492
market

2817
00:49:55,492 --> 00:49:56,526
is a better thing.

2818
00:49:56,526 --> 00:49:58,095
Because if I borrow

2819
00:49:58,095 --> 00:50:00,130
money cheaper

2820
00:50:00,130 --> 00:50:00,764
than the rate

2821
00:50:00,764 --> 00:50:01,098
at which

2822
00:50:01,098 --> 00:50:02,566
they're printing it,

2823
00:50:02,566 --> 00:50:03,266
I can buy more

2824
00:50:03,266 --> 00:50:04,201
houses, benefit

2825
00:50:04,201 --> 00:50:04,468
from the

2826
00:50:04,468 --> 00:50:05,902
monetary debasement,

2827
00:50:05,902 --> 00:50:08,372
and repay the loans.

2828
00:50:08,372 --> 00:50:09,906
But you're just driving

2829
00:50:09,906 --> 00:50:11,041
the underlying cause,

2830
00:50:11,041 --> 00:50:12,175
which is,

2831
00:50:12,175 --> 00:50:14,745
the direct result

2832
00:50:14,745 --> 00:50:15,912
of the money printing.

2833
00:50:15,912 --> 00:50:16,813
But that hurts your

2834
00:50:16,813 --> 00:50:19,149
everyday family

2835
00:50:19,149 --> 00:50:19,483
because your

2836
00:50:19,483 --> 00:50:20,117
everyday family,

2837
00:50:20,117 --> 00:50:20,584
as you said,

2838
00:50:20,584 --> 00:50:21,084
is suffering

2839
00:50:21,084 --> 00:50:21,618
from the cost

2840
00:50:21,618 --> 00:50:24,121
of living crisis.

2841
00:50:24,121 --> 00:50:24,621
They're getting

2842
00:50:24,621 --> 00:50:25,389
squeezed

2843
00:50:25,389 --> 00:50:26,656
by visible,

2844
00:50:26,656 --> 00:50:27,424
semi visible

2845
00:50:27,424 --> 00:50:28,492
and hidden inflation.

2846
00:50:28,492 --> 00:50:29,026
Their health

2847
00:50:29,026 --> 00:50:30,961
is being undermined

2848
00:50:30,961 --> 00:50:31,795
at the same time

2849
00:50:31,795 --> 00:50:32,029
as they're

2850
00:50:32,029 --> 00:50:32,396
they're trying to

2851
00:50:32,396 --> 00:50:34,097
buy a house.

2852
00:50:34,097 --> 00:50:34,831
But now the houses

2853
00:50:34,831 --> 00:50:35,665
are more expensive

2854
00:50:35,665 --> 00:50:36,233
when measured

2855
00:50:36,233 --> 00:50:36,533
in their

2856
00:50:36,533 --> 00:50:39,202
daily earnings,

2857
00:50:39,202 --> 00:50:39,703
because they're

2858
00:50:39,703 --> 00:50:40,170
also driven

2859
00:50:40,170 --> 00:50:40,904
by speculation

2860
00:50:40,904 --> 00:50:41,071
that the

2861
00:50:41,071 --> 00:50:41,638
money printing.

2862
00:50:42,572 --> 00:50:43,473
So I'm

2863
00:50:43,473 --> 00:50:45,175
struggling to afford

2864
00:50:45,175 --> 00:50:46,443
my day to day living.

2865
00:50:46,443 --> 00:50:46,877
I know it's

2866
00:50:46,877 --> 00:50:47,477
more expensive

2867
00:50:47,477 --> 00:50:48,879
to buy a house,

2868
00:50:48,879 --> 00:50:49,446
so I can't buy

2869
00:50:49,446 --> 00:50:51,448
a house anymore

2870
00:50:51,448 --> 00:50:53,483
unless

2871
00:50:53,483 --> 00:50:55,318
my wife also works.

2872
00:50:55,318 --> 00:50:57,487
If we both work,

2873
00:50:57,487 --> 00:50:58,221
then we can afford

2874
00:50:58,221 --> 00:50:58,588
to live

2875
00:50:58,588 --> 00:50:59,756
and afford a house

2876
00:50:59,756 --> 00:51:00,624
while taking on

2877
00:51:00,624 --> 00:51:02,759
a load of debt.

2878
00:51:02,759 --> 00:51:03,994
But if we both work,

2879
00:51:03,994 --> 00:51:04,561
we don't have

2880
00:51:04,561 --> 00:51:05,295
time for children.

2881
00:51:05,295 --> 00:51:05,729
There's more

2882
00:51:05,729 --> 00:51:06,696
stresses in our life

2883
00:51:06,696 --> 00:51:07,230
and we start to see

2884
00:51:07,230 --> 00:51:07,798
the breakdown

2885
00:51:07,798 --> 00:51:10,033
of the nuclear family.

2886
00:51:10,033 --> 00:51:10,967
We can't make

2887
00:51:10,967 --> 00:51:11,902
the economics

2888
00:51:11,902 --> 00:51:13,403
work anymore

2889
00:51:13,403 --> 00:51:15,038
to have children

2890
00:51:15,038 --> 00:51:15,405
or have as

2891
00:51:15,405 --> 00:51:16,073
many children

2892
00:51:16,073 --> 00:51:18,241
as we wanted

2893
00:51:18,241 --> 00:51:19,810
to be able to live

2894
00:51:19,810 --> 00:51:20,744
and keep the roof

2895
00:51:20,744 --> 00:51:22,712
over your head.

2896
00:51:22,712 --> 00:51:23,213
And so you have

2897
00:51:23,213 --> 00:51:23,947
fewer children

2898
00:51:23,947 --> 00:51:24,481
and you have

2899
00:51:24,481 --> 00:51:27,451
more family breakdowns.

2900
00:51:27,484 --> 00:51:27,984
There's just more

2901
00:51:27,984 --> 00:51:28,585
stresses, like

2902
00:51:28,585 --> 00:51:29,820
you're undermining

2903
00:51:30,754 --> 00:51:31,888
the,

2904
00:51:31,888 --> 00:51:33,390
the nuclear family

2905
00:51:33,390 --> 00:51:33,890
through the money

2906
00:51:33,890 --> 00:51:34,458
printer.

2907
00:51:34,458 --> 00:51:35,358
And this is all

2908
00:51:35,358 --> 00:51:36,560
this is all engineers.

2909
00:51:36,560 --> 00:51:37,828
This is like

2910
00:51:37,828 --> 00:51:39,729
the system is corrupted

2911
00:51:39,729 --> 00:51:40,330
because it's the

2912
00:51:40,330 --> 00:51:40,997
money printer

2913
00:51:40,997 --> 00:51:42,566
and it's

2914
00:51:42,566 --> 00:51:44,167
it's everywhere.

2915
00:51:44,167 --> 00:51:45,202
And you can see it.

2916
00:51:45,202 --> 00:51:46,536
It's just it's it's

2917
00:51:46,536 --> 00:51:47,671
absolutely everywhere.

2918
00:51:47,671 --> 00:51:49,139
But then it has second

2919
00:51:49,139 --> 00:51:49,806
it has knock

2920
00:51:49,806 --> 00:51:50,640
on impacts.

2921
00:51:50,640 --> 00:51:51,641
So when you

2922
00:51:51,641 --> 00:51:53,143
have fewer children

2923
00:51:53,143 --> 00:51:53,910
and this is why you see

2924
00:51:53,910 --> 00:51:54,711
declining birth

2925
00:51:54,711 --> 00:51:55,278
rates everywhere

2926
00:51:55,278 --> 00:51:56,880
in the West,

2927
00:51:56,880 --> 00:51:57,114
right?

2928
00:51:57,114 --> 00:51:58,815
It's because

2929
00:51:58,815 --> 00:51:59,816
women have been told.

2930
00:51:59,816 --> 00:52:00,450
Right.

2931
00:52:00,450 --> 00:52:01,118
The most important

2932
00:52:01,118 --> 00:52:01,451
thing is

2933
00:52:01,451 --> 00:52:02,385
to have a career

2934
00:52:02,385 --> 00:52:03,353
go out,

2935
00:52:03,353 --> 00:52:03,820
you know, be

2936
00:52:03,820 --> 00:52:06,256
independent, strong.

2937
00:52:06,256 --> 00:52:07,824
It's like family

2938
00:52:07,824 --> 00:52:08,258
is the most

2939
00:52:08,258 --> 00:52:09,893
important thing.

2940
00:52:09,893 --> 00:52:12,629
Family and dogs.

2941
00:52:12,629 --> 00:52:13,196
I think we may

2942
00:52:13,196 --> 00:52:14,030
have to cut this,

2943
00:52:14,030 --> 00:52:14,798
cut this vet out,

2944
00:52:14,798 --> 00:52:16,032
but here he is.

2945
00:52:16,032 --> 00:52:17,300
I'm sorry.

2946
00:52:17,300 --> 00:52:18,902
I like this bit.

2947
00:52:18,902 --> 00:52:19,536
Yeah. Like,

2948
00:52:21,438 --> 00:52:22,372
If family's most

2949
00:52:22,372 --> 00:52:23,840
important thing,

2950
00:52:23,840 --> 00:52:25,509
family is.

2951
00:52:25,509 --> 00:52:27,310
And

2952
00:52:27,310 --> 00:52:28,311
but but the whole

2953
00:52:28,311 --> 00:52:29,613
the last 50 years

2954
00:52:29,613 --> 00:52:31,281
has been about

2955
00:52:31,281 --> 00:52:32,215
driving women

2956
00:52:32,215 --> 00:52:33,383
into the workforce

2957
00:52:33,383 --> 00:52:34,551
to ensure they can keep

2958
00:52:34,551 --> 00:52:34,885
the money

2959
00:52:34,885 --> 00:52:36,753
printer on the road,

2960
00:52:36,753 --> 00:52:37,087
to ensure

2961
00:52:37,087 --> 00:52:37,787
that they can keep

2962
00:52:37,787 --> 00:52:38,588
the benefit

2963
00:52:38,588 --> 00:52:39,222
of the access

2964
00:52:39,222 --> 00:52:40,023
to the money printer

2965
00:52:40,023 --> 00:52:40,524
because they need to

2966
00:52:40,524 --> 00:52:41,525
increase the tax base.

2967
00:52:41,525 --> 00:52:42,125
So it doesn't look

2968
00:52:42,125 --> 00:52:43,393
like they're just

2969
00:52:43,393 --> 00:52:44,227
printing money

2970
00:52:44,227 --> 00:52:45,095
for free,

2971
00:52:45,095 --> 00:52:45,762
which is exactly

2972
00:52:45,762 --> 00:52:47,430
what they're doing.

2973
00:52:47,430 --> 00:52:49,666
Yeah. And then

2974
00:52:49,666 --> 00:52:50,700
because you have

2975
00:52:50,700 --> 00:52:51,568
declining birth

2976
00:52:51,568 --> 00:52:52,536
rates everywhere,

2977
00:52:52,536 --> 00:52:53,403
the pension system

2978
00:52:53,403 --> 00:52:54,204
doesn't work.

2979
00:52:54,204 --> 00:52:56,072
The pension system is

2980
00:52:56,072 --> 00:52:57,607
absolutely insolvent

2981
00:52:57,607 --> 00:52:58,141
everywhere.

2982
00:52:58,141 --> 00:52:58,909
And so

2983
00:52:58,909 --> 00:52:59,776
the way the pensions

2984
00:52:59,776 --> 00:53:00,577
typically work

2985
00:53:00,577 --> 00:53:01,178
and I can't speak

2986
00:53:01,178 --> 00:53:01,745
to Australia,

2987
00:53:01,745 --> 00:53:02,612
but how they would work

2988
00:53:02,612 --> 00:53:04,080
in the UK

2989
00:53:04,080 --> 00:53:05,215
is that

2990
00:53:05,215 --> 00:53:05,749
there's no

2991
00:53:05,749 --> 00:53:06,316
sense of an

2992
00:53:06,316 --> 00:53:07,384
investment vehicle

2993
00:53:07,384 --> 00:53:08,084
or something like that

2994
00:53:08,084 --> 00:53:08,718
from the government

2995
00:53:09,819 --> 00:53:10,086
is that

2996
00:53:10,086 --> 00:53:11,087
you pay in

2997
00:53:11,087 --> 00:53:11,788
and someone else

2998
00:53:11,788 --> 00:53:13,089
gets the money,

2999
00:53:13,089 --> 00:53:14,191
the retiree gets you

3000
00:53:14,191 --> 00:53:15,158
money,

3001
00:53:15,158 --> 00:53:15,692
you're not paying

3002
00:53:15,692 --> 00:53:16,560
into a central thing

3003
00:53:16,560 --> 00:53:17,460
that's invested

3004
00:53:17,460 --> 00:53:18,261
and it accrues over

3005
00:53:18,261 --> 00:53:18,562
time.

3006
00:53:18,562 --> 00:53:19,429
It's like

3007
00:53:19,429 --> 00:53:20,530
money earned money out.

3008
00:53:20,530 --> 00:53:22,566
But the pension system

3009
00:53:22,566 --> 00:53:23,900
and the promises

3010
00:53:23,900 --> 00:53:25,001
made associated

3011
00:53:25,001 --> 00:53:26,670
with that to the amount

3012
00:53:26,670 --> 00:53:28,405
when you get to retire

3013
00:53:28,405 --> 00:53:28,705
and the

3014
00:53:28,705 --> 00:53:30,106
the quality of life

3015
00:53:30,106 --> 00:53:30,574
you will have

3016
00:53:30,574 --> 00:53:32,008
when you retire.

3017
00:53:32,008 --> 00:53:32,776
Those promises

3018
00:53:32,776 --> 00:53:34,110
were made

3019
00:53:34,110 --> 00:53:36,479
a long time ago,

3020
00:53:36,479 --> 00:53:37,214
but the demographic

3021
00:53:37,214 --> 00:53:37,714
shifts means

3022
00:53:37,714 --> 00:53:38,114
you still

3023
00:53:38,114 --> 00:53:38,682
have people

3024
00:53:38,682 --> 00:53:39,950
coming through,

3025
00:53:39,950 --> 00:53:40,650
but there's not enough

3026
00:53:40,650 --> 00:53:41,418
young people

3027
00:53:41,418 --> 00:53:41,985
to support

3028
00:53:41,985 --> 00:53:43,053
the older people.

3029
00:53:43,053 --> 00:53:43,620
The older people

3030
00:53:43,620 --> 00:53:44,454
are living longer.

3031
00:53:44,454 --> 00:53:45,222
The younger people

3032
00:53:45,222 --> 00:53:45,956
are increasingly

3033
00:53:45,956 --> 00:53:47,757
unhealthy,

3034
00:53:47,757 --> 00:53:48,692
struggling to own

3035
00:53:48,692 --> 00:53:50,160
any assets,

3036
00:53:50,160 --> 00:53:51,328
underpaid,

3037
00:53:51,328 --> 00:53:52,162
less engaged

3038
00:53:52,162 --> 00:53:54,598
with society,

3039
00:53:54,598 --> 00:53:56,366
just overworked.

3040
00:53:56,366 --> 00:53:57,934
The system is broken,

3041
00:53:57,934 --> 00:53:58,201
right?

3042
00:53:58,201 --> 00:53:59,302
There is no way

3043
00:53:59,302 --> 00:54:00,403
to balance

3044
00:54:00,403 --> 00:54:01,004
the promises

3045
00:54:01,004 --> 00:54:01,838
you've made

3046
00:54:01,838 --> 00:54:02,539
with the inputs

3047
00:54:02,539 --> 00:54:03,106
coming through with

3048
00:54:03,106 --> 00:54:03,940
the demographics.

3049
00:54:04,941 --> 00:54:05,742
And so what happens

3050
00:54:05,742 --> 00:54:08,745
is it goes bust,

3051
00:54:08,878 --> 00:54:09,579
it goes bust.

3052
00:54:09,579 --> 00:54:10,981
Unless you continue

3053
00:54:10,981 --> 00:54:11,581
to push back

3054
00:54:11,581 --> 00:54:13,116
the retirement age

3055
00:54:13,116 --> 00:54:13,984
and you continue

3056
00:54:13,984 --> 00:54:14,784
to undermine

3057
00:54:14,784 --> 00:54:15,919
the quality,

3058
00:54:15,919 --> 00:54:16,853
the real value

3059
00:54:16,853 --> 00:54:17,120
of what

3060
00:54:17,120 --> 00:54:18,121
you pay in retirement.

3061
00:54:18,121 --> 00:54:18,521
So it doesn't

3062
00:54:18,521 --> 00:54:19,322
work anymore.

3063
00:54:19,322 --> 00:54:20,624
So the people working

3064
00:54:20,624 --> 00:54:21,391
now will never

3065
00:54:21,391 --> 00:54:22,959
get to retire,

3066
00:54:22,959 --> 00:54:25,262
because it won't exist,

3067
00:54:25,262 --> 00:54:26,329
because it can't exist.

3068
00:54:26,329 --> 00:54:27,664
And so

3069
00:54:27,664 --> 00:54:30,100
you have all of these,

3070
00:54:30,100 --> 00:54:30,667
secondary

3071
00:54:30,667 --> 00:54:32,636
and tertiary impacts.

3072
00:54:32,636 --> 00:54:32,969
But if you

3073
00:54:32,969 --> 00:54:33,703
think about also

3074
00:54:33,703 --> 00:54:36,273
the people who

3075
00:54:36,273 --> 00:54:36,673
the people

3076
00:54:36,673 --> 00:54:37,607
who aren't

3077
00:54:37,607 --> 00:54:38,108
in a position

3078
00:54:38,108 --> 00:54:39,876
to buy a house.

3079
00:54:39,876 --> 00:54:41,745
So either they're

3080
00:54:41,745 --> 00:54:42,712
poorer and can

3081
00:54:42,712 --> 00:54:44,114
and can't,

3082
00:54:44,114 --> 00:54:44,681
won't be able

3083
00:54:44,681 --> 00:54:45,315
to get their deposit

3084
00:54:45,315 --> 00:54:46,049
together, can't

3085
00:54:46,049 --> 00:54:47,751
get access to,

3086
00:54:47,751 --> 00:54:49,419
leverage, etc.

3087
00:54:49,419 --> 00:54:49,719
or they're

3088
00:54:49,719 --> 00:54:51,321
just younger,

3089
00:54:51,321 --> 00:54:52,255
not ready

3090
00:54:52,255 --> 00:54:53,256
to buy a house.

3091
00:54:53,256 --> 00:54:54,391
They increasingly

3092
00:54:54,391 --> 00:54:55,258
disengage

3093
00:54:55,258 --> 00:54:55,859
because they see

3094
00:54:55,859 --> 00:54:56,626
the house prices

3095
00:54:56,626 --> 00:54:57,761
going up.

3096
00:54:57,761 --> 00:54:58,595
They see the cost

3097
00:54:58,595 --> 00:55:00,163
of living pressure.

3098
00:55:01,331 --> 00:55:01,798
And you think,

3099
00:55:01,798 --> 00:55:02,299
I'm never

3100
00:55:02,299 --> 00:55:02,732
going to be able

3101
00:55:02,732 --> 00:55:03,433
to buy a house?

3102
00:55:03,433 --> 00:55:03,800
Yeah,

3103
00:55:03,800 --> 00:55:04,834
I've heard some stats

3104
00:55:04,834 --> 00:55:05,835
in in Australia

3105
00:55:05,835 --> 00:55:07,270
recently that it takes

3106
00:55:07,270 --> 00:55:08,305
ten years

3107
00:55:08,305 --> 00:55:08,972
and two months

3108
00:55:08,972 --> 00:55:09,639
at this point in

3109
00:55:09,639 --> 00:55:10,440
time to save

3110
00:55:10,440 --> 00:55:11,341
up for a deposit,

3111
00:55:11,341 --> 00:55:12,008
which is a very

3112
00:55:12,008 --> 00:55:13,109
long time,

3113
00:55:13,109 --> 00:55:14,311
and that the average

3114
00:55:14,311 --> 00:55:14,911
first home

3115
00:55:14,911 --> 00:55:16,513
buyer now is 50.

3116
00:55:16,513 --> 00:55:17,814
I need to validate

3117
00:55:17,814 --> 00:55:18,715
this and verify

3118
00:55:18,715 --> 00:55:19,316
that I'm not just

3119
00:55:19,316 --> 00:55:20,183
making things up,

3120
00:55:20,183 --> 00:55:20,817
but it

3121
00:55:20,817 --> 00:55:22,652
it sounds accurate.

3122
00:55:22,652 --> 00:55:23,253
Yeah,

3123
00:55:23,253 --> 00:55:24,554
but is that normal?

3124
00:55:24,554 --> 00:55:25,522
Absolutely not.

3125
00:55:25,522 --> 00:55:25,922
Because what

3126
00:55:25,922 --> 00:55:26,589
you tend to do

3127
00:55:26,589 --> 00:55:26,956
is you buy

3128
00:55:26,956 --> 00:55:27,590
a house first,

3129
00:55:27,590 --> 00:55:29,492
then you have children.

3130
00:55:29,492 --> 00:55:29,859
So if you

3131
00:55:29,859 --> 00:55:30,360
make it harder

3132
00:55:30,360 --> 00:55:31,061
to buy a house

3133
00:55:31,061 --> 00:55:32,162
and settle down,

3134
00:55:32,162 --> 00:55:32,829
you push back

3135
00:55:32,829 --> 00:55:33,630
the ability

3136
00:55:33,630 --> 00:55:33,997
for people

3137
00:55:33,997 --> 00:55:35,432
to have children.

3138
00:55:35,432 --> 00:55:35,999
And so you just

3139
00:55:35,999 --> 00:55:36,933
exacerbate everything.

3140
00:55:36,933 --> 00:55:37,200
Again.

3141
00:55:38,168 --> 00:55:39,469
And if you come

3142
00:55:39,469 --> 00:55:41,438
to the conclusion,

3143
00:55:41,438 --> 00:55:42,272
I'm never going

3144
00:55:42,272 --> 00:55:42,605
to be able

3145
00:55:42,605 --> 00:55:43,540
to buy a house,

3146
00:55:43,540 --> 00:55:44,674
what does that mean

3147
00:55:44,674 --> 00:55:45,241
for you?

3148
00:55:45,241 --> 00:55:47,777
Decision making wise?

3149
00:55:47,777 --> 00:55:48,912
It's like, okay, well,

3150
00:55:48,912 --> 00:55:49,212
there's no

3151
00:55:49,212 --> 00:55:49,979
point saving.

3152
00:55:49,979 --> 00:55:50,814
So I'll just start

3153
00:55:50,814 --> 00:55:51,581
going on holiday.

3154
00:55:51,581 --> 00:55:52,682
I'll live my best life.

3155
00:55:52,682 --> 00:55:54,351
I'll yellow.

3156
00:55:54,351 --> 00:55:56,019
Build up, right? Yeah.

3157
00:55:56,019 --> 00:55:57,420
If you don't plan

3158
00:55:57,420 --> 00:55:58,254
for the long term,

3159
00:55:58,254 --> 00:56:00,557
you don't sacrifice.

3160
00:56:00,557 --> 00:56:01,024
You put off

3161
00:56:01,024 --> 00:56:01,591
getting married.

3162
00:56:01,591 --> 00:56:01,891
Part of

3163
00:56:01,891 --> 00:56:03,760
having children.

3164
00:56:03,760 --> 00:56:04,961
You think

3165
00:56:04,961 --> 00:56:05,795
about your quality

3166
00:56:05,795 --> 00:56:06,396
of decision

3167
00:56:06,396 --> 00:56:06,896
making of

3168
00:56:06,896 --> 00:56:07,297
spend

3169
00:56:07,297 --> 00:56:07,564
that we're

3170
00:56:07,564 --> 00:56:08,098
talking about

3171
00:56:08,098 --> 00:56:11,034
before it deteriorates,

3172
00:56:11,034 --> 00:56:11,334
because you're

3173
00:56:11,334 --> 00:56:12,302
not investing

3174
00:56:12,302 --> 00:56:13,236
future productivity

3175
00:56:13,236 --> 00:56:14,003
investing and you're

3176
00:56:14,003 --> 00:56:15,505
enjoying yourself.

3177
00:56:15,505 --> 00:56:16,072
Yeah.

3178
00:56:16,072 --> 00:56:17,307
And then if you're

3179
00:56:17,307 --> 00:56:17,907
struggling

3180
00:56:17,907 --> 00:56:20,610
even further, what you

3181
00:56:20,610 --> 00:56:21,277
it is struggling

3182
00:56:21,277 --> 00:56:23,313
to survive

3183
00:56:23,313 --> 00:56:23,880
and everything's

3184
00:56:23,880 --> 00:56:24,814
getting more expensive.

3185
00:56:24,814 --> 00:56:25,815
Your wages are lagging

3186
00:56:25,815 --> 00:56:26,316
behind.

3187
00:56:26,316 --> 00:56:27,584
You cannot save at all.

3188
00:56:27,584 --> 00:56:28,551
You're living paycheck

3189
00:56:28,551 --> 00:56:29,519
to paycheck.

3190
00:56:29,519 --> 00:56:30,153
You're probably living

3191
00:56:30,153 --> 00:56:31,254
in debt.

3192
00:56:31,254 --> 00:56:31,988
There's no way out.

3193
00:56:33,390 --> 00:56:33,923
And so you start

3194
00:56:33,923 --> 00:56:34,891
making bad decisions.

3195
00:56:34,891 --> 00:56:35,792
It's like

3196
00:56:35,792 --> 00:56:36,726
alcoholism or

3197
00:56:36,726 --> 00:56:38,461
drug abuse or whatever.

3198
00:56:38,461 --> 00:56:38,928
And then you have

3199
00:56:38,928 --> 00:56:39,863
a mental health crisis

3200
00:56:39,863 --> 00:56:40,797
for everybody.

3201
00:56:40,797 --> 00:56:41,231
It's all

3202
00:56:41,231 --> 00:56:41,798
because of the money

3203
00:56:41,798 --> 00:56:42,932
printer.

3204
00:56:42,932 --> 00:56:43,600
It's all the

3205
00:56:43,600 --> 00:56:44,868
direct result

3206
00:56:44,868 --> 00:56:46,636
of the money printing,

3207
00:56:46,636 --> 00:56:47,003
and it's

3208
00:56:47,003 --> 00:56:50,006
destroying society.

3209
00:56:51,241 --> 00:56:52,442
But yeah, and this is

3210
00:56:52,442 --> 00:56:54,244
and this is,

3211
00:56:54,244 --> 00:56:56,079
this is how everything

3212
00:56:56,079 --> 00:56:57,647
is just

3213
00:56:57,647 --> 00:56:58,515
and all the issues

3214
00:56:58,515 --> 00:57:00,850
we see analyze

3215
00:57:00,850 --> 00:57:01,618
because of the big

3216
00:57:01,618 --> 00:57:02,952
red button ecosystem.

3217
00:57:02,952 --> 00:57:03,953
You take that away.

3218
00:57:03,953 --> 00:57:05,021
Root cause.

3219
00:57:05,021 --> 00:57:05,755
The root cause,

3220
00:57:05,755 --> 00:57:07,023
if you take that away,

3221
00:57:07,023 --> 00:57:07,590
these things

3222
00:57:07,590 --> 00:57:08,958
all resolve themselves.

3223
00:57:08,958 --> 00:57:09,926
And this is why

3224
00:57:09,926 --> 00:57:10,593
I like Bitcoin.

3225
00:57:10,593 --> 00:57:10,894
I say

3226
00:57:10,894 --> 00:57:11,761
if you fix the money,

3227
00:57:11,761 --> 00:57:12,862
you fix the world

3228
00:57:12,862 --> 00:57:13,163
because you

3229
00:57:13,163 --> 00:57:15,899
absolutely do.

3230
00:57:15,899 --> 00:57:16,332
Because the

3231
00:57:16,332 --> 00:57:18,234
the world is broken,

3232
00:57:18,234 --> 00:57:19,369
because the money is.

3233
00:57:19,369 --> 00:57:20,336
But it's really not

3234
00:57:20,336 --> 00:57:21,571
obvious.

3235
00:57:21,571 --> 00:57:22,238
It's really,

3236
00:57:22,238 --> 00:57:23,039
really not obvious.

3237
00:57:23,039 --> 00:57:23,740
But when we talk it

3238
00:57:23,740 --> 00:57:24,340
through like this,

3239
00:57:24,340 --> 00:57:25,241
it should be entirely

3240
00:57:25,241 --> 00:57:25,942
logical.

3241
00:57:25,942 --> 00:57:27,010
And, you know,

3242
00:57:27,010 --> 00:57:27,544
people should be

3243
00:57:27,544 --> 00:57:28,178
hopefully listening,

3244
00:57:28,178 --> 00:57:28,711
go, well,

3245
00:57:28,711 --> 00:57:29,379
yeah, of course.

3246
00:57:30,613 --> 00:57:31,247
But unless.

3247
00:57:31,247 --> 00:57:31,614
You know.

3248
00:57:31,614 --> 00:57:33,483
That you can show

3249
00:57:33,483 --> 00:57:34,050
unless you can

3250
00:57:34,050 --> 00:57:35,552
show someone the map,

3251
00:57:35,552 --> 00:57:36,486
they don't know how to

3252
00:57:36,486 --> 00:57:38,121
go from A to B,

3253
00:57:38,121 --> 00:57:38,655
but once you know

3254
00:57:38,655 --> 00:57:39,889
how to go from A to B,

3255
00:57:39,889 --> 00:57:40,089
you don't

3256
00:57:40,089 --> 00:57:41,391
forget it again.

3257
00:57:41,391 --> 00:57:42,258
It's like you see it,

3258
00:57:42,258 --> 00:57:42,992
you see it once,

3259
00:57:42,992 --> 00:57:43,493
you remember

3260
00:57:43,493 --> 00:57:44,227
it forever.

3261
00:57:44,227 --> 00:57:46,329
And this is why,

3262
00:57:46,329 --> 00:57:46,996
you know, once,

3263
00:57:46,996 --> 00:57:47,897
once P once

3264
00:57:47,897 --> 00:57:48,698
the penny drops

3265
00:57:48,698 --> 00:57:50,233
a Bitcoin

3266
00:57:50,233 --> 00:57:50,467
is it

3267
00:57:50,467 --> 00:57:52,635
changes everything.

3268
00:57:52,635 --> 00:57:53,703
So the first time

3269
00:57:53,703 --> 00:57:55,772
you go from thinking

3270
00:57:55,772 --> 00:57:56,172
the world

3271
00:57:56,172 --> 00:57:57,240
is deteriorating,

3272
00:57:57,240 --> 00:58:00,109
I don't understand why.

3273
00:58:00,109 --> 00:58:00,944
I don't understand

3274
00:58:00,944 --> 00:58:02,378
how I protect myself,

3275
00:58:02,378 --> 00:58:02,946
my family,

3276
00:58:02,946 --> 00:58:04,214
the people I care about

3277
00:58:04,214 --> 00:58:06,082
to a position of yeah,

3278
00:58:06,082 --> 00:58:06,416
the world

3279
00:58:06,416 --> 00:58:07,317
is deteriorating.

3280
00:58:07,317 --> 00:58:09,185
I know exactly why,

3281
00:58:09,185 --> 00:58:10,153
and I absolutely can't

3282
00:58:10,153 --> 00:58:10,854
protect myself,

3283
00:58:10,854 --> 00:58:11,488
my family and the

3284
00:58:11,488 --> 00:58:12,288
people I care about.

3285
00:58:13,356 --> 00:58:14,023
And that protection

3286
00:58:14,023 --> 00:58:15,692
is Bitcoin.

3287
00:58:15,692 --> 00:58:17,026
Yeah.

3288
00:58:17,026 --> 00:58:17,594
Well let's talk

3289
00:58:17,594 --> 00:58:18,428
about bitcoin.

3290
00:58:18,428 --> 00:58:18,728
Yeah.

3291
00:58:18,728 --> 00:58:19,429
And the conflict

3292
00:58:19,429 --> 00:58:20,363
between

3293
00:58:20,363 --> 00:58:20,997
the comprehensive

3294
00:58:20,997 --> 00:58:21,931
for free.

3295
00:58:21,931 --> 00:58:24,033
And the can't sensory

3296
00:58:24,033 --> 00:58:24,634
can't censor it

3297
00:58:24,634 --> 00:58:26,369
in any way.

3298
00:58:26,369 --> 00:58:28,271
So even even the money

3299
00:58:28,271 --> 00:58:29,239
you have like

3300
00:58:29,239 --> 00:58:29,939
because

3301
00:58:29,939 --> 00:58:30,306
everything we've

3302
00:58:30,306 --> 00:58:30,707
talked about

3303
00:58:30,707 --> 00:58:31,574
there is about

3304
00:58:31,574 --> 00:58:33,510
quantity of money.

3305
00:58:33,510 --> 00:58:34,010
It's not about

3306
00:58:34,010 --> 00:58:34,777
the other aspects

3307
00:58:34,777 --> 00:58:36,513
of aspects of money.

3308
00:58:36,513 --> 00:58:37,514
And you guys will know

3309
00:58:37,514 --> 00:58:39,516
this as well.

3310
00:58:39,516 --> 00:58:39,916
Is it.

3311
00:58:39,916 --> 00:58:41,484
We feel it in the UK

3312
00:58:41,484 --> 00:58:42,118
increasingly over

3313
00:58:42,118 --> 00:58:43,653
the West.

3314
00:58:43,653 --> 00:58:44,454
The money you keep in

3315
00:58:44,454 --> 00:58:45,922
the bank

3316
00:58:45,922 --> 00:58:47,090
is absolutely not

3317
00:58:47,090 --> 00:58:48,091
yours. It's not.

3318
00:58:48,091 --> 00:58:49,325
To get permission.

3319
00:58:49,325 --> 00:58:50,493
And you get permission.

3320
00:58:50,493 --> 00:58:51,528
To access it.

3321
00:58:51,528 --> 00:58:53,062
And if you're lucky.

3322
00:58:53,062 --> 00:58:53,830
Yeah, yeah,

3323
00:58:53,830 --> 00:58:54,464
you, you,

3324
00:58:54,464 --> 00:58:54,931
you want to

3325
00:58:54,931 --> 00:58:56,132
do something,

3326
00:58:56,132 --> 00:58:56,966
you have to

3327
00:58:56,966 --> 00:58:58,668
convince them

3328
00:58:58,668 --> 00:58:59,035
they should

3329
00:58:59,035 --> 00:59:01,170
let you do it,

3330
00:59:01,170 --> 00:59:03,273
which is bonkers.

3331
00:59:03,273 --> 00:59:04,507
Absolutely bonkers.

3332
00:59:06,142 --> 00:59:06,676
You're working

3333
00:59:06,676 --> 00:59:07,243
for something

3334
00:59:07,243 --> 00:59:07,911
someone else can

3335
00:59:07,911 --> 00:59:08,978
print for free,

3336
00:59:08,978 --> 00:59:09,479
and someone

3337
00:59:09,479 --> 00:59:10,413
can stop using

3338
00:59:10,413 --> 00:59:11,180
whenever they want.

3339
00:59:11,180 --> 00:59:13,082
How's that logical?

3340
00:59:13,082 --> 00:59:13,616
Yeah,

3341
00:59:13,616 --> 00:59:14,350
it seems like

3342
00:59:14,350 --> 00:59:15,051
an extreme

3343
00:59:15,051 --> 00:59:18,321
case, because, I mean,

3344
00:59:18,321 --> 00:59:18,788
across the

3345
00:59:18,788 --> 00:59:19,756
whole population,

3346
00:59:19,756 --> 00:59:21,691
it hasn't happened

3347
00:59:21,691 --> 00:59:22,559
entirely across

3348
00:59:22,559 --> 00:59:22,926
the board,

3349
00:59:22,926 --> 00:59:23,626
but we have had

3350
00:59:23,626 --> 00:59:24,527
many instances

3351
00:59:24,527 --> 00:59:26,029
of the banking

3352
00:59:26,029 --> 00:59:27,130
of just normal,

3353
00:59:27,130 --> 00:59:28,798
everyday citizens.

3354
00:59:28,798 --> 00:59:29,999
We're not able

3355
00:59:29,999 --> 00:59:30,833
to withdraw cash

3356
00:59:30,833 --> 00:59:31,701
without being asked

3357
00:59:31,701 --> 00:59:33,703
all sorts of questions.

3358
00:59:33,703 --> 00:59:35,371
So, yeah.

3359
00:59:35,371 --> 00:59:36,940
And then,

3360
00:59:36,940 --> 00:59:38,575
yeah.

3361
00:59:38,575 --> 00:59:39,709
If you just.

3362
00:59:39,709 --> 00:59:41,210
It's a matter of time.

3363
00:59:41,210 --> 00:59:41,377
Yeah.

3364
00:59:41,377 --> 00:59:41,811
You don't have

3365
00:59:41,811 --> 00:59:42,445
to be to back

3366
00:59:42,445 --> 00:59:43,813
suffer from it.

3367
00:59:43,813 --> 00:59:44,847
Just try my online

3368
00:59:44,847 --> 00:59:46,449
transaction.

3369
00:59:46,449 --> 00:59:47,350
Just try and go

3370
00:59:47,350 --> 00:59:48,151
into the bank and say,

3371
00:59:48,151 --> 00:59:48,818
can I withdraw

3372
00:59:48,818 --> 00:59:49,385
all my money?

3373
00:59:49,385 --> 00:59:51,487
And they'll say, no,

3374
00:59:51,487 --> 00:59:51,888
okay.

3375
00:59:51,888 --> 00:59:53,756
Or what's it for?

3376
00:59:53,756 --> 00:59:54,290
It doesn't matter

3377
00:59:54,290 --> 00:59:54,757
what it's for.

3378
00:59:54,757 --> 00:59:56,092
It's my money.

3379
00:59:56,092 --> 00:59:58,227
And the reality is

3380
00:59:58,227 --> 01:00:00,063
it's your money.

3381
01:00:00,063 --> 01:00:00,897
If the government

3382
01:00:00,897 --> 01:00:01,764
says it's okay

3383
01:00:02,732 --> 01:00:03,333
and the bank

3384
01:00:03,333 --> 01:00:04,133
says it's okay

3385
01:00:04,133 --> 01:00:04,901
if you require

3386
01:00:04,901 --> 01:00:05,568
someone else's

3387
01:00:05,568 --> 01:00:06,069
permission,

3388
01:00:06,069 --> 01:00:07,904
you are not wealthy.

3389
01:00:07,904 --> 01:00:09,172
You're

3390
01:00:09,172 --> 01:00:10,273
you have to be

3391
01:00:10,273 --> 01:00:12,408
self sovereign.

3392
01:00:12,408 --> 01:00:13,977
And Bitcoin is

3393
01:00:13,977 --> 01:00:16,746
perfect money.

3394
01:00:16,746 --> 01:00:17,547
They can't print it

3395
01:00:17,547 --> 01:00:18,815
for free

3396
01:00:18,815 --> 01:00:21,017
and they can't censor

3397
01:00:21,017 --> 01:00:21,884
you. Hold it yourself.

3398
01:00:21,884 --> 01:00:22,552
You don't even need

3399
01:00:22,552 --> 01:00:24,120
to keep it in the bank.

3400
01:00:24,120 --> 01:00:24,921
The fact that we keep

3401
01:00:24,921 --> 01:00:25,922
money in the bank

3402
01:00:25,922 --> 01:00:28,625
is as a

3403
01:00:28,625 --> 01:00:30,093
result of the money

3404
01:00:30,093 --> 01:00:31,661
being imperfect.

3405
01:00:31,661 --> 01:00:32,228
It's not the way

3406
01:00:32,228 --> 01:00:32,996
it should be.

3407
01:00:32,996 --> 01:00:34,564
Perfect money is paper.

3408
01:00:34,564 --> 01:00:35,264
Money is something

3409
01:00:35,264 --> 01:00:35,865
you should just

3410
01:00:35,865 --> 01:00:36,532
hold yourself.

3411
01:00:36,532 --> 01:00:37,400
Why would you?

3412
01:00:37,400 --> 01:00:38,034
You need to give

3413
01:00:38,034 --> 01:00:38,568
someone else

3414
01:00:38,568 --> 01:00:39,969
your money.

3415
01:00:39,969 --> 01:00:40,503
That doesn't make

3416
01:00:40,503 --> 01:00:42,438
any sense.

3417
01:00:42,438 --> 01:00:43,673
Yeah, it's money, but.

3418
01:00:43,673 --> 01:00:45,608
Oh yeah,

3419
01:00:45,608 --> 01:00:46,142
I remember

3420
01:00:46,142 --> 01:00:46,676
Andras

3421
01:00:46,676 --> 01:00:47,677
Antonopoulos said

3422
01:00:47,677 --> 01:00:48,511
very early on

3423
01:00:48,511 --> 01:00:49,178
that there's

3424
01:00:49,178 --> 01:00:50,013
we don't even have

3425
01:00:50,013 --> 01:00:50,747
an instance

3426
01:00:50,747 --> 01:00:51,514
in this world

3427
01:00:51,514 --> 01:00:53,950
where you can pay

3428
01:00:53,950 --> 01:00:55,485
someone, anyone

3429
01:00:55,485 --> 01:00:56,686
in the world

3430
01:00:56,686 --> 01:00:57,820
or locally

3431
01:00:57,820 --> 01:00:58,688
without going through

3432
01:00:58,688 --> 01:00:59,522
a third party,

3433
01:00:59,522 --> 01:01:00,223
without going

3434
01:01:00,223 --> 01:01:01,324
through a company.

3435
01:01:01,324 --> 01:01:02,225
So there's

3436
01:01:02,225 --> 01:01:03,559
no more like,

3437
01:01:03,559 --> 01:01:04,460
I can't,

3438
01:01:04,460 --> 01:01:04,694
you know,

3439
01:01:04,694 --> 01:01:05,161
we go out to

3440
01:01:05,161 --> 01:01:05,728
a restaurant,

3441
01:01:05,728 --> 01:01:06,229
have dinner,

3442
01:01:06,229 --> 01:01:07,230
split the bill.

3443
01:01:07,230 --> 01:01:07,797
I want to send

3444
01:01:07,797 --> 01:01:08,197
you money.

3445
01:01:08,197 --> 01:01:08,765
It has to go

3446
01:01:08,765 --> 01:01:09,432
through a company

3447
01:01:09,432 --> 01:01:10,633
you just seem so like.

3448
01:01:10,633 --> 01:01:11,701
And we've accepted it

3449
01:01:11,701 --> 01:01:13,770
as as something normal.

3450
01:01:13,770 --> 01:01:14,137
We've been

3451
01:01:14,137 --> 01:01:15,338
disintermediated from

3452
01:01:15,338 --> 01:01:15,738
the money,

3453
01:01:16,706 --> 01:01:17,640
and it's been a

3454
01:01:17,640 --> 01:01:19,375
deliberate action.

3455
01:01:19,375 --> 01:01:20,076
And this is why

3456
01:01:20,076 --> 01:01:21,144
there's a war on cash.

3457
01:01:21,144 --> 01:01:22,111
There's a war on cash.

3458
01:01:22,111 --> 01:01:22,745
Because they can't

3459
01:01:22,745 --> 01:01:24,914
disintermediate cash.

3460
01:01:24,914 --> 01:01:26,849
I can give you

3461
01:01:26,849 --> 01:01:28,151
some Aussie dollars

3462
01:01:28,151 --> 01:01:28,685
and no one's

3463
01:01:28,685 --> 01:01:29,786
taking the fee out

3464
01:01:29,786 --> 01:01:31,421
the middle.

3465
01:01:31,421 --> 01:01:32,989
No one is censoring it.

3466
01:01:32,989 --> 01:01:35,425
No one is protecting me

3467
01:01:35,425 --> 01:01:37,560
or protecting you.

3468
01:01:37,560 --> 01:01:38,828
But they come by.

3469
01:01:38,828 --> 01:01:39,962
We make a digital.

3470
01:01:39,962 --> 01:01:40,296
They have to

3471
01:01:40,296 --> 01:01:40,663
pass through

3472
01:01:40,663 --> 01:01:42,732
third party.

3473
01:01:42,732 --> 01:01:43,399
And therefore you have

3474
01:01:43,399 --> 01:01:44,701
total surveillance,

3475
01:01:44,701 --> 01:01:47,103
you have total control,

3476
01:01:47,103 --> 01:01:47,837
and you get to charge

3477
01:01:47,837 --> 01:01:48,271
everybody

3478
01:01:48,271 --> 01:01:48,805
for everything.

3479
01:01:48,805 --> 01:01:49,172
And that's

3480
01:01:49,172 --> 01:01:49,772
how you subjugate

3481
01:01:49,772 --> 01:01:50,573
the population.

3482
01:01:50,573 --> 01:01:51,374
This is just

3483
01:01:51,374 --> 01:01:52,675
about control,

3484
01:01:52,675 --> 01:01:53,776
control

3485
01:01:53,776 --> 01:01:54,510
and stealing

3486
01:01:54,510 --> 01:01:54,977
as much money

3487
01:01:54,977 --> 01:01:55,511
as possible

3488
01:01:55,511 --> 01:01:56,312
through a combination

3489
01:01:56,312 --> 01:01:56,946
of inflation

3490
01:01:56,946 --> 01:01:58,915
and centralization.

3491
01:01:58,915 --> 01:01:59,248
Yeah.

3492
01:01:59,248 --> 01:02:00,149
For phase

3493
01:02:00,149 --> 01:02:02,118
it Bitcoin solves

3494
01:02:02,118 --> 01:02:03,920
all of this.

3495
01:02:03,920 --> 01:02:04,687
Bitcoin solves

3496
01:02:04,687 --> 01:02:05,221
all of it.

3497
01:02:05,221 --> 01:02:06,089
Not only does it just

3498
01:02:07,190 --> 01:02:09,492
does it fix the world

3499
01:02:09,492 --> 01:02:09,992
right.

3500
01:02:09,992 --> 01:02:12,729
It empowers everybody.

3501
01:02:12,729 --> 01:02:14,530
It removes

3502
01:02:14,530 --> 01:02:15,298
it removes

3503
01:02:15,298 --> 01:02:16,833
the state's ability

3504
01:02:16,833 --> 01:02:19,202
to control your life.

3505
01:02:19,202 --> 01:02:20,837
It defunds the state

3506
01:02:20,837 --> 01:02:21,504
because the state

3507
01:02:21,504 --> 01:02:22,171
cannot take

3508
01:02:22,171 --> 01:02:23,139
the money from you

3509
01:02:23,139 --> 01:02:23,506
because they

3510
01:02:23,506 --> 01:02:24,040
never had it

3511
01:02:24,040 --> 01:02:26,342
in the first place.

3512
01:02:26,342 --> 01:02:27,043
You own the money

3513
01:02:27,043 --> 01:02:28,544
yourself.

3514
01:02:28,544 --> 01:02:29,312
No one can stop

3515
01:02:29,312 --> 01:02:29,846
you sending

3516
01:02:29,846 --> 01:02:30,546
or receiving it

3517
01:02:30,546 --> 01:02:31,347
to anybody,

3518
01:02:31,347 --> 01:02:32,215
anywhere in the world

3519
01:02:32,215 --> 01:02:33,549
at any time,

3520
01:02:33,549 --> 01:02:34,684
at the speed of light.

3521
01:02:34,684 --> 01:02:35,685
No one can even prove

3522
01:02:35,685 --> 01:02:36,219
you have it,

3523
01:02:36,219 --> 01:02:37,153
and they absolutely

3524
01:02:37,153 --> 01:02:37,920
cannot take it off

3525
01:02:37,920 --> 01:02:38,588
you unless you choose

3526
01:02:38,588 --> 01:02:39,155
to give it to them.

3527
01:02:39,155 --> 01:02:40,556
So it massively reduces

3528
01:02:40,556 --> 01:02:41,424
the power of the state.

3529
01:02:41,424 --> 01:02:42,658
And so,

3530
01:02:42,658 --> 01:02:42,892
you know,

3531
01:02:42,892 --> 01:02:45,895
we are in a creeping,

3532
01:02:46,062 --> 01:02:47,430
we're creeping towards

3533
01:02:47,430 --> 01:02:50,133
total dystopia

3534
01:02:50,133 --> 01:02:51,000
around the world,

3535
01:02:51,000 --> 01:02:52,368
actually in the West,

3536
01:02:52,368 --> 01:02:52,802
with ever

3537
01:02:52,802 --> 01:02:53,569
bigger governments,

3538
01:02:53,569 --> 01:02:55,505
ever greater level of

3539
01:02:55,505 --> 01:02:56,506
interference,

3540
01:02:56,506 --> 01:02:57,440
etc., etc..

3541
01:02:58,441 --> 01:02:59,842
Now this is,

3542
01:02:59,842 --> 01:03:01,210
this is the cause.

3543
01:03:01,210 --> 01:03:01,844
They can control

3544
01:03:01,844 --> 01:03:03,146
the money

3545
01:03:03,146 --> 01:03:03,679
because they can

3546
01:03:03,679 --> 01:03:04,313
take the money

3547
01:03:04,313 --> 01:03:06,682
whenever they want.

3548
01:03:06,682 --> 01:03:07,617
If you remove

3549
01:03:07,617 --> 01:03:08,151
the ability

3550
01:03:08,151 --> 01:03:09,619
for them to do that.

3551
01:03:09,619 --> 01:03:09,886
All right.

3552
01:03:09,886 --> 01:03:10,887
Sorry.

3553
01:03:10,887 --> 01:03:12,088
She's she's reacting

3554
01:03:12,088 --> 01:03:13,823
to the conversation.

3555
01:03:13,823 --> 01:03:14,657
She's an impressive

3556
01:03:14,657 --> 01:03:16,025
ultimate that you like.

3557
01:03:16,025 --> 01:03:16,893
And if you

3558
01:03:16,893 --> 01:03:17,760
remove that ability

3559
01:03:17,760 --> 01:03:19,328
to do that

3560
01:03:19,328 --> 01:03:19,996
then they have

3561
01:03:19,996 --> 01:03:20,863
to start acting

3562
01:03:20,863 --> 01:03:21,464
in the interest

3563
01:03:21,464 --> 01:03:22,331
of the population.

3564
01:03:22,331 --> 01:03:23,132
And this is

3565
01:03:23,132 --> 01:03:23,866
this is what is.

3566
01:03:23,866 --> 01:03:25,301
So this is

3567
01:03:25,301 --> 01:03:26,469
why I think

3568
01:03:26,469 --> 01:03:27,270
Bitcoin is

3569
01:03:27,270 --> 01:03:29,605
as a segment,

3570
01:03:29,605 --> 01:03:32,608
so optimistic

3571
01:03:32,942 --> 01:03:33,910
because they feel like

3572
01:03:33,910 --> 01:03:34,710
they have a greater

3573
01:03:34,710 --> 01:03:36,379
level of control

3574
01:03:36,379 --> 01:03:37,680
in their lives

3575
01:03:37,680 --> 01:03:38,848
for the first time.

3576
01:03:38,848 --> 01:03:39,382
They have

3577
01:03:39,382 --> 01:03:40,349
a bright future

3578
01:03:40,349 --> 01:03:40,917
ahead of them

3579
01:03:40,917 --> 01:03:41,818
because they can see

3580
01:03:41,818 --> 01:03:42,518
what everyone else

3581
01:03:42,518 --> 01:03:42,885
is going

3582
01:03:42,885 --> 01:03:43,419
to figure out

3583
01:03:43,419 --> 01:03:44,053
over time.

3584
01:03:44,053 --> 01:03:45,721
And they also know

3585
01:03:45,721 --> 01:03:46,489
that once everyone else

3586
01:03:46,489 --> 01:03:47,557
figures it out,

3587
01:03:47,557 --> 01:03:48,124
the problems

3588
01:03:48,124 --> 01:03:49,125
resolve themselves

3589
01:03:49,125 --> 01:03:50,827
because, yeah. This is.

3590
01:03:50,827 --> 01:03:51,460
Because, well,

3591
01:03:51,460 --> 01:03:52,495
what happens is

3592
01:03:52,495 --> 01:03:53,262
Bitcoin is start

3593
01:03:53,262 --> 01:03:54,263
turning elections.

3594
01:03:55,598 --> 01:03:56,199
And you see this

3595
01:03:56,199 --> 01:03:58,301
in the States.

3596
01:03:58,301 --> 01:04:00,736
And so Trump came out

3597
01:04:00,736 --> 01:04:03,906
and he was explicitly

3598
01:04:03,906 --> 01:04:04,974
pro crypto.

3599
01:04:04,974 --> 01:04:05,474
This is a much

3600
01:04:05,474 --> 01:04:06,209
broader base.

3601
01:04:06,209 --> 01:04:09,111
But he was explicitly

3602
01:04:09,111 --> 01:04:11,414
separating Bitcoin

3603
01:04:11,414 --> 01:04:13,716
from crypto

3604
01:04:13,716 --> 01:04:14,083
and create

3605
01:04:14,083 --> 01:04:14,517
a Bitcoin

3606
01:04:14,517 --> 01:04:15,418
strategic reserve.

3607
01:04:15,418 --> 01:04:16,652
And saying

3608
01:04:16,652 --> 01:04:17,153
that he wants

3609
01:04:17,153 --> 01:04:17,820
the US to be

3610
01:04:17,820 --> 01:04:18,921
the number

3611
01:04:18,921 --> 01:04:20,156
one superpower

3612
01:04:20,156 --> 01:04:20,523
when it comes

3613
01:04:20,523 --> 01:04:21,357
to Bitcoin.

3614
01:04:21,357 --> 01:04:22,291
Whereas the Democrats

3615
01:04:22,291 --> 01:04:23,526
were fighting it.

3616
01:04:23,526 --> 01:04:23,926
Okay.

3617
01:04:23,926 --> 01:04:24,827
And anti crypto

3618
01:04:24,827 --> 01:04:25,428
army were trying

3619
01:04:25,428 --> 01:04:25,862
to kill

3620
01:04:25,862 --> 01:04:26,329
all the

3621
01:04:26,329 --> 01:04:27,163
bitcoin businesses

3622
01:04:27,163 --> 01:04:28,431
through shadow

3623
01:04:28,431 --> 01:04:30,800
banking, interference

3624
01:04:30,800 --> 01:04:31,534
regulation.

3625
01:04:31,534 --> 01:04:33,603
The SEC has been

3626
01:04:33,603 --> 01:04:34,303
has been trying

3627
01:04:34,303 --> 01:04:35,104
to create

3628
01:04:35,104 --> 01:04:38,107
just difficulties for

3629
01:04:38,307 --> 01:04:39,575
bitcoin companies

3630
01:04:39,575 --> 01:04:40,977
through time

3631
01:04:40,977 --> 01:04:43,980
enforced and through

3632
01:04:44,013 --> 01:04:44,580
regulation

3633
01:04:44,580 --> 01:04:45,481
through enforcement,

3634
01:04:45,481 --> 01:04:47,817
not communication.

3635
01:04:47,817 --> 01:04:49,652
And so

3636
01:04:49,652 --> 01:04:50,686
what happens is

3637
01:04:50,686 --> 01:04:51,187
Trump wins

3638
01:04:51,187 --> 01:04:53,656
all the votes.

3639
01:04:53,656 --> 01:04:54,857
He wins all the votes.

3640
01:04:54,857 --> 01:04:55,558
Democrats win

3641
01:04:55,558 --> 01:04:57,093
no votes from Bitcoin

3642
01:04:57,093 --> 01:04:57,560
because the most

3643
01:04:57,560 --> 01:04:58,094
important thing

3644
01:04:58,094 --> 01:04:59,528
is fixing the money.

3645
01:04:59,528 --> 01:05:00,129
So Bitcoin has

3646
01:05:00,129 --> 01:05:00,796
become one issue.

3647
01:05:00,796 --> 01:05:01,264
Voters

3648
01:05:03,132 --> 01:05:04,967
I'm sorry I.

3649
01:05:04,967 --> 01:05:06,235
That's all right

3650
01:05:06,235 --> 01:05:07,136
I'm sorry.

3651
01:05:07,136 --> 01:05:07,703
We're gonna have to

3652
01:05:07,703 --> 01:05:08,471
fuck this down.

3653
01:05:08,471 --> 01:05:10,039
Give me one second.

3654
01:05:10,039 --> 01:05:10,740
Yeah, yeah, sure.

3655
01:05:10,740 --> 01:05:11,774
No problem at all.

3656
01:05:11,774 --> 01:05:12,275
And, yeah, I'm.

3657
01:05:12,275 --> 01:05:12,975
I'm sorry.

3658
01:05:12,975 --> 01:05:14,010
I'm sorry about that.

3659
01:05:14,010 --> 01:05:14,944
I mean, no, no.

3660
01:05:14,944 --> 01:05:15,678
Not at all.

3661
01:05:15,678 --> 01:05:15,978
I don't know,

3662
01:05:15,978 --> 01:05:16,312
I don't know

3663
01:05:16,312 --> 01:05:17,146
what's gotten into

3664
01:05:17,146 --> 01:05:17,480
normal.

3665
01:05:17,480 --> 01:05:18,381
She's fast asleep,

3666
01:05:18,381 --> 01:05:19,115
up till

3667
01:05:19,115 --> 01:05:20,616
about lunchtime.

3668
01:05:20,616 --> 01:05:21,484
I think she's

3669
01:05:21,484 --> 01:05:22,318
getting triggered

3670
01:05:22,318 --> 01:05:23,386
by the conversation.

3671
01:05:23,386 --> 01:05:24,186
I have tried

3672
01:05:24,186 --> 01:05:24,787
talking about

3673
01:05:24,787 --> 01:05:25,621
the problem,

3674
01:05:25,621 --> 01:05:26,856
and she's like.

3675
01:05:26,856 --> 01:05:27,690
She's just wanting

3676
01:05:27,690 --> 01:05:28,391
to give

3677
01:05:28,391 --> 01:05:29,191
the sound effect

3678
01:05:29,191 --> 01:05:30,026
that she's, you know,

3679
01:05:30,026 --> 01:05:30,793
very supportive

3680
01:05:30,793 --> 01:05:32,128
of of this.

3681
01:05:32,128 --> 01:05:33,095
I'm sorry.

3682
01:05:33,095 --> 01:05:34,030
I hope it hasn't.

3683
01:05:34,030 --> 01:05:35,197
Ruined the ruin

3684
01:05:35,197 --> 01:05:36,032
the podcast for you.

3685
01:05:36,032 --> 01:05:37,500
Hopefully not. At all.

3686
01:05:37,500 --> 01:05:39,568
I did edit that out.

3687
01:05:39,568 --> 01:05:41,070
And so we're

3688
01:05:41,070 --> 01:05:42,271
talking about the,

3689
01:05:42,271 --> 01:05:42,905
so we're talking about

3690
01:05:42,905 --> 01:05:43,472
the votes.

3691
01:05:43,472 --> 01:05:44,440
So I guess we can.

3692
01:05:46,642 --> 01:05:47,443
Restart it,

3693
01:05:47,443 --> 01:05:48,978
restart it here.

3694
01:05:48,978 --> 01:05:49,278
And so

3695
01:05:49,278 --> 01:05:50,012
the Democrats win

3696
01:05:50,012 --> 01:05:50,646
no votes

3697
01:05:50,646 --> 01:05:52,548
because no one is a

3698
01:05:52,548 --> 01:05:54,517
single issue voter

3699
01:05:54,517 --> 01:05:55,818
against Bitcoin,

3700
01:05:55,818 --> 01:05:56,485
but almost

3701
01:05:56,485 --> 01:05:57,086
every Bitcoin

3702
01:05:57,086 --> 01:05:57,954
or is a single issue

3703
01:05:57,954 --> 01:06:00,256
voter for Bitcoin.

3704
01:06:00,256 --> 01:06:01,157
So the path

3705
01:06:01,157 --> 01:06:02,224
to the candidate

3706
01:06:02,224 --> 01:06:03,292
who is pro Bitcoin

3707
01:06:03,292 --> 01:06:04,327
wins all the votes.

3708
01:06:04,327 --> 01:06:05,161
And so there's no point

3709
01:06:05,161 --> 01:06:05,962
fighting bitcoin.

3710
01:06:05,962 --> 01:06:07,830
It becomes table stakes

3711
01:06:07,830 --> 01:06:08,965
in the next elections

3712
01:06:08,965 --> 01:06:09,999
around the world.

3713
01:06:09,999 --> 01:06:10,533
You've got to be

3714
01:06:10,533 --> 01:06:11,233
pro bitcoin.

3715
01:06:11,233 --> 01:06:13,369
Or if you lose votes

3716
01:06:13,369 --> 01:06:14,470
politicians don't like

3717
01:06:14,470 --> 01:06:15,938
not winning elections.

3718
01:06:15,938 --> 01:06:16,472
So they'll be

3719
01:06:16,472 --> 01:06:17,073
pro bitcoin.

3720
01:06:17,073 --> 01:06:17,606
This is just

3721
01:06:17,606 --> 01:06:19,542
what's going to happen.

3722
01:06:19,542 --> 01:06:20,443
And the more bitcoin

3723
01:06:20,443 --> 01:06:21,577
you have,

3724
01:06:21,577 --> 01:06:21,944
the bigger

3725
01:06:21,944 --> 01:06:23,245
that block of votes

3726
01:06:23,245 --> 01:06:24,213
that you're winning.

3727
01:06:24,213 --> 01:06:24,647
And it means

3728
01:06:24,647 --> 01:06:25,247
the candidates

3729
01:06:25,247 --> 01:06:26,549
have to be pro bitcoin

3730
01:06:26,549 --> 01:06:27,316
more explicitly

3731
01:06:27,316 --> 01:06:27,984
pro Bitcoin.

3732
01:06:27,984 --> 01:06:29,085
You even get candidates

3733
01:06:29,085 --> 01:06:30,286
who are bitcoin less.

3734
01:06:30,286 --> 01:06:30,886
And once you are

3735
01:06:30,886 --> 01:06:32,321
a bitcoin

3736
01:06:32,321 --> 01:06:32,855
I've never

3737
01:06:32,855 --> 01:06:33,489
met a candidate.

3738
01:06:33,489 --> 01:06:34,023
I've never met

3739
01:06:34,023 --> 01:06:34,557
a bitcoin a

3740
01:06:34,557 --> 01:06:34,924
who thinks a

3741
01:06:34,924 --> 01:06:35,524
bigger government

3742
01:06:35,524 --> 01:06:36,659
is a good idea, right?

3743
01:06:36,659 --> 01:06:36,993
It's about

3744
01:06:36,993 --> 01:06:37,727
less government.

3745
01:06:37,727 --> 01:06:38,260
It's about

3746
01:06:38,260 --> 01:06:40,162
more sovereignty.

3747
01:06:40,162 --> 01:06:41,097
And so eventually

3748
01:06:41,097 --> 01:06:41,630
everyone's going

3749
01:06:41,630 --> 01:06:42,198
to be a Bitcoin

3750
01:06:43,766 --> 01:06:44,433
way before

3751
01:06:44,433 --> 01:06:46,702
everyone's a bitcoin.

3752
01:06:46,702 --> 01:06:47,403
Bitcoin is are

3753
01:06:47,403 --> 01:06:48,404
going to represent

3754
01:06:48,404 --> 01:06:50,439
a sufficiently large

3755
01:06:50,439 --> 01:06:51,707
but still small block

3756
01:06:51,707 --> 01:06:51,874
of the

3757
01:06:51,874 --> 01:06:52,808
voting population

3758
01:06:52,808 --> 01:06:54,043
that it changes

3759
01:06:54,043 --> 01:06:55,544
candidates behavior.

3760
01:06:55,544 --> 01:06:55,778
And we're

3761
01:06:55,778 --> 01:06:56,178
going to start

3762
01:06:56,178 --> 01:06:56,779
having Bitcoin

3763
01:06:56,779 --> 01:06:58,981
is in politics.

3764
01:06:58,981 --> 01:06:59,582
So government

3765
01:06:59,582 --> 01:07:00,349
starts to fall.

3766
01:07:00,349 --> 01:07:01,350
You run on a smaller

3767
01:07:01,350 --> 01:07:03,619
government ticket

3768
01:07:03,619 --> 01:07:03,886
and you

3769
01:07:03,886 --> 01:07:04,987
gradually remove

3770
01:07:04,987 --> 01:07:05,721
the interference

3771
01:07:05,721 --> 01:07:06,555
of the state

3772
01:07:06,555 --> 01:07:07,156
because they realize

3773
01:07:07,156 --> 01:07:09,191
you can't buy Bitcoin.

3774
01:07:09,191 --> 01:07:09,692
And they realize

3775
01:07:09,692 --> 01:07:10,292
the logical thing

3776
01:07:10,292 --> 01:07:11,193
is to embrace Bitcoin

3777
01:07:11,193 --> 01:07:11,660
because it gives you

3778
01:07:11,660 --> 01:07:12,194
a competitive

3779
01:07:12,194 --> 01:07:14,096
advantage.

3780
01:07:14,096 --> 01:07:14,630
This is what's

3781
01:07:14,630 --> 01:07:15,031
going to happen

3782
01:07:15,031 --> 01:07:15,598
to every country

3783
01:07:15,598 --> 01:07:16,832
in the world.

3784
01:07:16,832 --> 01:07:17,500
And so as big

3785
01:07:17,500 --> 01:07:19,168
as Bitcoin is,

3786
01:07:19,168 --> 01:07:19,568
you can be

3787
01:07:19,568 --> 01:07:20,703
massively optimistic

3788
01:07:20,703 --> 01:07:21,270
about the future

3789
01:07:21,270 --> 01:07:22,671
because you know

3790
01:07:22,671 --> 01:07:23,539
you know

3791
01:07:23,539 --> 01:07:24,874
we're going to win

3792
01:07:24,874 --> 01:07:25,674
this resolves

3793
01:07:25,674 --> 01:07:26,575
this result.

3794
01:07:26,575 --> 01:07:27,610
This resolves itself.

3795
01:07:27,610 --> 01:07:28,411
There is

3796
01:07:28,411 --> 01:07:28,944
it's a question

3797
01:07:28,944 --> 01:07:30,413
of how long it takes

3798
01:07:30,413 --> 01:07:31,080
and the planet

3799
01:07:31,080 --> 01:07:32,048
takes between now

3800
01:07:32,048 --> 01:07:32,782
and there.

3801
01:07:32,782 --> 01:07:33,516
But we know where

3802
01:07:33,516 --> 01:07:34,650
it's going.

3803
01:07:34,650 --> 01:07:35,284
We know that's the.

3804
01:07:35,284 --> 01:07:37,019
Path that I'm always

3805
01:07:37,019 --> 01:07:38,054
speculating on.

3806
01:07:38,054 --> 01:07:38,621
So I do

3807
01:07:38,621 --> 01:07:39,655
speculate on Bitcoin,

3808
01:07:39,655 --> 01:07:40,389
just not the way

3809
01:07:40,389 --> 01:07:41,323
that people,

3810
01:07:41,323 --> 01:07:41,924
the traders

3811
01:07:41,924 --> 01:07:42,291
would think.

3812
01:07:42,291 --> 01:07:43,492
I speculate on Bitcoin.

3813
01:07:43,492 --> 01:07:44,727
It's more about

3814
01:07:44,727 --> 01:07:45,661
what's that path

3815
01:07:45,661 --> 01:07:47,096
going to look like,

3816
01:07:47,096 --> 01:07:47,830
what countries

3817
01:07:47,830 --> 01:07:48,130
are going

3818
01:07:48,130 --> 01:07:48,864
to be friendly

3819
01:07:48,864 --> 01:07:50,066
towards it versus

3820
01:07:50,066 --> 01:07:50,633
not friendly

3821
01:07:50,633 --> 01:07:51,801
towards it.

3822
01:07:51,801 --> 01:07:52,668
Will it be

3823
01:07:52,668 --> 01:07:53,569
civil unrest?

3824
01:07:53,569 --> 01:07:54,036
Are we going to

3825
01:07:54,036 --> 01:07:55,004
have an evolution

3826
01:07:55,004 --> 01:07:56,005
or a revolution soon?

3827
01:07:56,005 --> 01:07:56,939
These are all thoughts

3828
01:07:56,939 --> 01:07:57,440
that keep me

3829
01:07:57,440 --> 01:07:58,174
up at night.

3830
01:07:58,174 --> 01:07:59,075
Yeah, and I don't

3831
01:07:59,075 --> 01:07:59,642
I don't have

3832
01:07:59,642 --> 01:08:00,276
the answer.

3833
01:08:00,276 --> 01:08:01,444
That I'm.

3834
01:08:01,444 --> 01:08:01,877
Used to them

3835
01:08:01,877 --> 01:08:02,611
all because it's

3836
01:08:03,979 --> 01:08:04,447
it's less

3837
01:08:04,447 --> 01:08:05,281
about logic and

3838
01:08:05,281 --> 01:08:05,781
it's more about

3839
01:08:05,781 --> 01:08:06,749
human emotion

3840
01:08:06,749 --> 01:08:07,216
as those

3841
01:08:07,216 --> 01:08:08,217
things play out.

3842
01:08:08,217 --> 01:08:10,386
But I think

3843
01:08:10,386 --> 01:08:12,621
game theory wins.

3844
01:08:12,621 --> 01:08:15,591
Human action wins.

3845
01:08:15,591 --> 01:08:16,225
People tend

3846
01:08:16,225 --> 01:08:16,859
to do things

3847
01:08:16,859 --> 01:08:17,093
that are

3848
01:08:17,093 --> 01:08:18,394
in their interest

3849
01:08:18,394 --> 01:08:19,128
to do.

3850
01:08:19,128 --> 01:08:20,062
You learn lessons

3851
01:08:20,062 --> 01:08:21,030
from other people.

3852
01:08:21,030 --> 01:08:22,131
If you fight back,

3853
01:08:22,131 --> 01:08:23,899
you lose.

3854
01:08:23,899 --> 01:08:25,334
Yeah, stop.

3855
01:08:25,334 --> 01:08:26,102
And if you

3856
01:08:26,102 --> 01:08:26,936
ignore Bitcoin,

3857
01:08:26,936 --> 01:08:28,704
you get left behind.

3858
01:08:28,704 --> 01:08:29,071
For this.

3859
01:08:29,071 --> 01:08:29,438
There isn't

3860
01:08:29,438 --> 01:08:31,440
a neutral strategy.

3861
01:08:31,440 --> 01:08:32,374
Yeah.

3862
01:08:32,374 --> 01:08:32,775
It's like

3863
01:08:32,775 --> 01:08:33,809
it's like goes out to

3864
01:08:33,809 --> 01:08:34,777
on the internet.

3865
01:08:34,777 --> 01:08:35,244
It's like

3866
01:08:35,244 --> 01:08:35,778
you can choose

3867
01:08:35,778 --> 01:08:37,646
to ignore those things.

3868
01:08:37,646 --> 01:08:38,414
But if you do

3869
01:08:38,414 --> 01:08:40,182
you either end up dead

3870
01:08:40,182 --> 01:08:41,984
or out competed.

3871
01:08:41,984 --> 01:08:42,518
So you don't

3872
01:08:42,518 --> 01:08:43,018
ignore them.

3873
01:08:43,018 --> 01:08:43,385
You you

3874
01:08:43,385 --> 01:08:45,121
engage with them.

3875
01:08:45,121 --> 01:08:45,921
And this is the same

3876
01:08:45,921 --> 01:08:46,455
as is

3877
01:08:46,455 --> 01:08:47,189
what's going to happen

3878
01:08:47,189 --> 01:08:47,790
to Bitcoin

3879
01:08:47,790 --> 01:08:49,391
over the next

3880
01:08:49,391 --> 01:08:50,459
decades

3881
01:08:50,459 --> 01:08:51,060
as it washes

3882
01:08:51,060 --> 01:08:52,361
around the world

3883
01:08:52,361 --> 01:08:53,662
and washes

3884
01:08:53,662 --> 01:08:55,531
washes society clean,

3885
01:08:55,531 --> 01:08:56,065
I would say.

3886
01:08:56,065 --> 01:08:58,033
I want to ask you, Joe,

3887
01:08:58,033 --> 01:08:58,801
do you think

3888
01:08:58,801 --> 01:08:59,368
because sometimes

3889
01:08:59,368 --> 01:09:00,102
I'm trying to

3890
01:09:01,570 --> 01:09:01,971
think of

3891
01:09:01,971 --> 01:09:03,139
questions to ask like

3892
01:09:03,139 --> 01:09:04,807
I see this solution

3893
01:09:04,807 --> 01:09:05,774
very clearly.

3894
01:09:05,774 --> 01:09:06,575
I see the problem

3895
01:09:06,575 --> 01:09:07,476
very clearly.

3896
01:09:07,476 --> 01:09:09,145
But someone who is

3897
01:09:09,145 --> 01:09:11,514
entirely new to this,

3898
01:09:11,514 --> 01:09:12,181
I think they might

3899
01:09:12,181 --> 01:09:13,516
be thinking like,

3900
01:09:13,516 --> 01:09:16,318
are we too idealistic?

3901
01:09:16,318 --> 01:09:18,721
I would,

3902
01:09:18,721 --> 01:09:19,288
I encourage you

3903
01:09:19,288 --> 01:09:21,257
to watch the video

3904
01:09:21,257 --> 01:09:21,991
because I don't think

3905
01:09:21,991 --> 01:09:22,191
there'll be

3906
01:09:22,191 --> 01:09:22,925
anything in the video

3907
01:09:22,925 --> 01:09:23,792
they disagree with.

3908
01:09:23,792 --> 01:09:24,326
And if you can

3909
01:09:24,326 --> 01:09:25,261
watch that video

3910
01:09:25,261 --> 01:09:25,861
and you agree

3911
01:09:25,861 --> 01:09:28,397
with every step of it

3912
01:09:28,397 --> 01:09:28,998
and you use

3913
01:09:28,998 --> 01:09:29,765
your own critical

3914
01:09:29,765 --> 01:09:31,500
thinking

3915
01:09:31,500 --> 01:09:31,800
at the end

3916
01:09:31,800 --> 01:09:33,235
of the video,

3917
01:09:33,235 --> 01:09:34,470
you will know

3918
01:09:34,470 --> 01:09:35,538
that you don't want

3919
01:09:35,538 --> 01:09:36,005
to be on

3920
01:09:36,005 --> 01:09:36,939
one side of the aisle,

3921
01:09:36,939 --> 01:09:37,506
but that one

3922
01:09:37,506 --> 01:09:39,141
side of the island

3923
01:09:39,141 --> 01:09:40,276
is so much better

3924
01:09:40,276 --> 01:09:42,511
than reality.

3925
01:09:42,511 --> 01:09:42,745
Better

3926
01:09:42,745 --> 01:09:43,412
than where we are

3927
01:09:43,412 --> 01:09:44,346
currently.

3928
01:09:44,346 --> 01:09:45,047
You already know

3929
01:09:45,047 --> 01:09:45,548
you don't want to be

3930
01:09:45,548 --> 01:09:46,015
on that side

3931
01:09:46,015 --> 01:09:46,415
of the island,

3932
01:09:46,415 --> 01:09:46,749
but that was

3933
01:09:46,749 --> 01:09:47,650
better than we are

3934
01:09:47,650 --> 01:09:49,585
where we are today.

3935
01:09:49,585 --> 01:09:50,419
I am convinced

3936
01:09:50,419 --> 01:09:51,053
you've got there

3937
01:09:51,053 --> 01:09:52,188
on your own.

3938
01:09:52,188 --> 01:09:52,888
This is all just

3939
01:09:52,888 --> 01:09:54,089
critical thinking.

3940
01:09:54,089 --> 01:09:54,690
It's all it is.

3941
01:09:56,192 --> 01:09:56,692
Do you know is

3942
01:09:56,692 --> 01:09:57,426
Bitcoin is if

3943
01:09:57,426 --> 01:09:58,327
we always say

3944
01:09:58,327 --> 01:10:01,297
don't trust, verify and

3945
01:10:01,297 --> 01:10:02,097
with Bitcoin

3946
01:10:02,097 --> 01:10:03,566
you're just encouraged.

3947
01:10:03,566 --> 01:10:04,500
Everyone encourages you

3948
01:10:04,500 --> 01:10:06,535
to not trust anybody

3949
01:10:06,535 --> 01:10:07,336
and to deliver

3950
01:10:07,336 --> 01:10:07,836
to do your

3951
01:10:07,836 --> 01:10:08,671
own thinking.

3952
01:10:08,671 --> 01:10:10,372
And at the core of this

3953
01:10:10,372 --> 01:10:11,407
is it's all just

3954
01:10:11,407 --> 01:10:13,242
natural human action.

3955
01:10:13,242 --> 01:10:14,043
Think about what

3956
01:10:14,043 --> 01:10:14,743
you would do

3957
01:10:14,743 --> 01:10:15,778
in those scenarios.

3958
01:10:15,778 --> 01:10:16,111
Well, that's

3959
01:10:16,111 --> 01:10:16,679
kind of special.

3960
01:10:16,679 --> 01:10:17,913
Give me hope.

3961
01:10:17,913 --> 01:10:18,714
Yeah, well,

3962
01:10:18,714 --> 01:10:19,548
it gives me hope

3963
01:10:19,548 --> 01:10:20,749
about the adoption

3964
01:10:20,749 --> 01:10:21,617
because I do

3965
01:10:21,617 --> 01:10:22,351
worry about,

3966
01:10:22,351 --> 01:10:23,419
you know, Australia

3967
01:10:23,419 --> 01:10:24,153
and how that's going

3968
01:10:24,153 --> 01:10:25,087
to unfold here.

3969
01:10:25,087 --> 01:10:26,822
And whether, you know,

3970
01:10:26,822 --> 01:10:27,957
people will be open to

3971
01:10:27,957 --> 01:10:28,691
whether governments

3972
01:10:28,691 --> 01:10:30,192
will be friendly.

3973
01:10:30,192 --> 01:10:31,660
But I do

3974
01:10:31,660 --> 01:10:32,895
ultimately believe

3975
01:10:32,895 --> 01:10:34,129
that most people

3976
01:10:34,129 --> 01:10:35,331
are inherently good,

3977
01:10:35,331 --> 01:10:36,432
and most people want

3978
01:10:36,432 --> 01:10:37,066
what's best

3979
01:10:37,066 --> 01:10:37,833
for themselves

3980
01:10:37,833 --> 01:10:38,734
and everyone else.

3981
01:10:38,734 --> 01:10:39,768
And that,

3982
01:10:39,768 --> 01:10:40,803
I guess truth

3983
01:10:40,803 --> 01:10:41,570
will prevail.

3984
01:10:43,138 --> 01:10:44,039
Well, incentives

3985
01:10:44,039 --> 01:10:45,274
prevail.

3986
01:10:45,274 --> 01:10:45,874
Yeah.

3987
01:10:45,874 --> 01:10:48,110
Human action

3988
01:10:48,110 --> 01:10:51,080
will take hold.

3989
01:10:51,080 --> 01:10:51,480
And when I'm

3990
01:10:51,480 --> 01:10:52,114
with Bitcoin,

3991
01:10:52,114 --> 01:10:53,215
you unlock a global

3992
01:10:53,215 --> 01:10:55,284
free market

3993
01:10:55,284 --> 01:10:55,884
because no one could

3994
01:10:55,884 --> 01:10:56,552
stop your trading

3995
01:10:56,552 --> 01:10:57,253
with anybody.

3996
01:10:57,253 --> 01:10:57,886
No one can even

3997
01:10:57,886 --> 01:10:58,821
no one even has to know

3998
01:10:58,821 --> 01:10:59,321
you've traded

3999
01:10:59,321 --> 01:11:00,589
with somebody else.

4000
01:11:00,589 --> 01:11:01,690
There has to be

4001
01:11:01,690 --> 01:11:03,659
anybody in between.

4002
01:11:03,659 --> 01:11:05,027
And in exactly

4003
01:11:05,027 --> 01:11:06,095
the same ways.

4004
01:11:06,095 --> 01:11:07,096
Capitalism is

4005
01:11:07,096 --> 01:11:08,897
everybody working

4006
01:11:08,897 --> 01:11:10,299
free market capitalism,

4007
01:11:10,299 --> 01:11:11,667
not the distortions

4008
01:11:11,667 --> 01:11:12,301
we have today

4009
01:11:12,301 --> 01:11:12,901
where you have more

4010
01:11:12,901 --> 01:11:13,435
and more government

4011
01:11:13,435 --> 01:11:14,770
interference,

4012
01:11:14,770 --> 01:11:16,572
introducing regulations

4013
01:11:16,572 --> 01:11:17,706
and disruptions

4014
01:11:17,706 --> 01:11:18,774
to the free market.

4015
01:11:18,774 --> 01:11:19,441
But free market

4016
01:11:19,441 --> 01:11:20,209
capitalism is

4017
01:11:20,209 --> 01:11:20,976
everyone just working

4018
01:11:20,976 --> 01:11:21,210
in their

4019
01:11:21,210 --> 01:11:22,411
own self-interest,

4020
01:11:22,411 --> 01:11:23,078
which ultimately

4021
01:11:23,078 --> 01:11:25,247
benefits everybody else

4022
01:11:25,247 --> 01:11:26,081
because the product is

4023
01:11:26,081 --> 01:11:26,482
your cruise

4024
01:11:26,482 --> 01:11:27,850
to the money.

4025
01:11:27,850 --> 01:11:28,851
Okay,

4026
01:11:28,851 --> 01:11:29,818
Bitcoin is exactly

4027
01:11:29,818 --> 01:11:31,387
the same.

4028
01:11:31,387 --> 01:11:31,920
The entire

4029
01:11:31,920 --> 01:11:32,688
Bitcoin network

4030
01:11:32,688 --> 01:11:34,456
is everyone

4031
01:11:34,456 --> 01:11:35,024
just working

4032
01:11:35,024 --> 01:11:35,291
in their

4033
01:11:35,291 --> 01:11:36,659
own self-interest,

4034
01:11:36,659 --> 01:11:37,293
but it benefits

4035
01:11:37,293 --> 01:11:38,027
everybody else

4036
01:11:39,128 --> 01:11:39,361
because it

4037
01:11:39,361 --> 01:11:41,163
makes Bitcoin

4038
01:11:41,163 --> 01:11:42,398
more secure,

4039
01:11:42,398 --> 01:11:43,299
more accepted,

4040
01:11:43,299 --> 01:11:46,302
more trusted by people

4041
01:11:46,335 --> 01:11:47,403
through the passage

4042
01:11:47,403 --> 01:11:49,772
of time, etc., etc.

4043
01:11:49,772 --> 01:11:52,408
you can't beat up.

4044
01:11:52,408 --> 01:11:53,475
You can't beat a system

4045
01:11:53,475 --> 01:11:54,877
either.

4046
01:11:54,877 --> 01:11:56,879
You fight it,

4047
01:11:56,879 --> 01:11:57,846
but you'll lose.

4048
01:11:57,846 --> 01:11:58,981
The right thing to do

4049
01:11:58,981 --> 01:12:00,316
is to engage with it

4050
01:12:00,316 --> 01:12:00,849
and make it a

4051
01:12:00,849 --> 01:12:02,051
competitive advantage.

4052
01:12:02,051 --> 01:12:03,552
Fear

4053
01:12:03,552 --> 01:12:04,620
and understand it.

4054
01:12:04,620 --> 01:12:06,355
Yeah, absolutely.

4055
01:12:06,355 --> 01:12:07,523
And by doing that,

4056
01:12:07,523 --> 01:12:08,123
you strengthen

4057
01:12:08,123 --> 01:12:09,625
the network.

4058
01:12:09,625 --> 01:12:10,259
You strengthen

4059
01:12:10,259 --> 01:12:12,127
and help it win faster.

4060
01:12:12,127 --> 01:12:14,430
And so it wins

4061
01:12:14,430 --> 01:12:15,130
this.

4062
01:12:15,130 --> 01:12:16,231
Then it's it's

4063
01:12:16,231 --> 01:12:17,666
not it's not in doubt.

4064
01:12:17,666 --> 01:12:18,300
It's just how long

4065
01:12:18,300 --> 01:12:20,602
it's going to take.

4066
01:12:20,602 --> 01:12:20,869
Yeah.

4067
01:12:20,869 --> 01:12:21,704
People

4068
01:12:21,704 --> 01:12:22,304
people may

4069
01:12:22,304 --> 01:12:23,972
struggle with

4070
01:12:23,972 --> 01:12:24,406
the cause.

4071
01:12:24,406 --> 01:12:25,541
It's technology.

4072
01:12:25,541 --> 01:12:27,009
You have an adoption

4073
01:12:27,009 --> 01:12:27,409
period.

4074
01:12:27,409 --> 01:12:28,410
It's like it's

4075
01:12:28,410 --> 01:12:29,845
like it might seem

4076
01:12:29,845 --> 01:12:32,414
clunky or hard to use

4077
01:12:32,414 --> 01:12:33,716
or of a

4078
01:12:33,716 --> 01:12:35,217
high, steep learning

4079
01:12:35,217 --> 01:12:35,984
curve, these

4080
01:12:35,984 --> 01:12:37,019
different things.

4081
01:12:37,019 --> 01:12:38,153
But that's no different

4082
01:12:38,153 --> 01:12:38,954
for the internet.

4083
01:12:39,988 --> 01:12:40,889
30 years ago,

4084
01:12:40,889 --> 01:12:41,523
you wouldn't know them

4085
01:12:41,523 --> 01:12:41,924
say that of

4086
01:12:41,924 --> 01:12:42,458
the internet.

4087
01:12:42,458 --> 01:12:43,792
Now,

4088
01:12:43,792 --> 01:12:44,226
you know,

4089
01:12:44,226 --> 01:12:45,094
it's really difficult

4090
01:12:45,094 --> 01:12:46,862
to get online.

4091
01:12:46,862 --> 01:12:47,730
You know, it's

4092
01:12:47,730 --> 01:12:49,665
not it's super easy.

4093
01:12:49,665 --> 01:12:49,865
It

4094
01:12:49,865 --> 01:12:50,199
you live your

4095
01:12:50,199 --> 01:12:50,933
lives online.

4096
01:12:50,933 --> 01:12:51,900
It is shopping online.

4097
01:12:51,900 --> 01:12:53,335
I do banking online.

4098
01:12:53,335 --> 01:12:53,802
It's easy.

4099
01:12:53,802 --> 01:12:55,938
It's frictionless.

4100
01:12:55,938 --> 01:12:56,872
That was not the case.

4101
01:12:56,872 --> 01:12:57,606
There is

4102
01:12:57,606 --> 01:12:58,507
think about Bitcoin

4103
01:12:58,507 --> 01:13:01,076
exactly the same way.

4104
01:13:01,076 --> 01:13:01,710
There is time.

4105
01:13:01,710 --> 01:13:03,245
Going to be super easy

4106
01:13:03,245 --> 01:13:03,812
even in the world.

4107
01:13:03,812 --> 01:13:05,848
Yeah you it

4108
01:13:05,848 --> 01:13:07,483
it's just your early.

4109
01:13:07,483 --> 01:13:08,217
You're early

4110
01:13:08,217 --> 01:13:08,517
and you're

4111
01:13:08,517 --> 01:13:09,151
dealing with those

4112
01:13:09,151 --> 01:13:10,652
early fractions

4113
01:13:10,652 --> 01:13:11,320
for those early

4114
01:13:11,320 --> 01:13:12,121
fractions are

4115
01:13:12,121 --> 01:13:12,888
what represents

4116
01:13:12,888 --> 01:13:14,156
the opportunity.

4117
01:13:14,156 --> 01:13:15,090
Once you one

4118
01:13:15,090 --> 01:13:15,958
penny is dropped

4119
01:13:15,958 --> 01:13:16,425
and you know

4120
01:13:16,425 --> 01:13:16,892
everyone else

4121
01:13:16,892 --> 01:13:18,560
is going to get it

4122
01:13:18,560 --> 01:13:18,761
once.

4123
01:13:18,761 --> 01:13:20,496
That was going to be

4124
01:13:20,496 --> 01:13:21,497
my next question

4125
01:13:21,497 --> 01:13:22,030
for you

4126
01:13:22,030 --> 01:13:23,699
is any listeners

4127
01:13:23,699 --> 01:13:25,134
that don't yet own

4128
01:13:25,134 --> 01:13:25,934
any Bitcoin

4129
01:13:25,934 --> 01:13:26,902
or don't understand

4130
01:13:26,902 --> 01:13:27,703
much about it

4131
01:13:27,703 --> 01:13:29,004
other than, you know,

4132
01:13:29,004 --> 01:13:29,638
listening,

4133
01:13:29,638 --> 01:13:30,139
watching with

4134
01:13:30,139 --> 01:13:30,873
your video,

4135
01:13:30,873 --> 01:13:32,975
do you think

4136
01:13:32,975 --> 01:13:33,509
they've missed

4137
01:13:33,509 --> 01:13:34,643
the boat?

4138
01:13:34,643 --> 01:13:36,578
No, no.

4139
01:13:36,578 --> 01:13:38,280
But let me ask

4140
01:13:38,280 --> 01:13:38,814
you this.

4141
01:13:38,814 --> 01:13:39,248
Are they going to

4142
01:13:39,248 --> 01:13:40,149
stop printing money?

4143
01:13:41,316 --> 01:13:42,251
No.

4144
01:13:42,251 --> 01:13:43,619
Never.

4145
01:13:43,619 --> 01:13:44,086
Ever.

4146
01:13:44,086 --> 01:13:44,720
So the

4147
01:13:44,720 --> 01:13:45,220
Aussie dollar

4148
01:13:45,220 --> 01:13:46,488
is going to zero.

4149
01:13:46,488 --> 01:13:47,022
So are you.

4150
01:13:47,022 --> 01:13:50,025
Well, I late know

4151
01:13:50,359 --> 01:13:51,326
early.

4152
01:13:51,326 --> 01:13:51,960
Yeah. Early.

4153
01:13:51,960 --> 01:13:53,562
Absolutely.

4154
01:13:53,562 --> 01:13:54,496
Because the dollar

4155
01:13:54,496 --> 01:13:55,664
the Aussie dollar is

4156
01:13:55,664 --> 01:13:58,100
is not worth zero yet.

4157
01:13:58,100 --> 01:13:58,700
It's going to

4158
01:13:58,700 --> 01:13:59,535
be worth zero

4159
01:13:59,535 --> 01:13:59,835
because they'll

4160
01:13:59,835 --> 01:14:02,337
never stop printing

4161
01:14:02,337 --> 01:14:02,771
the purchasing

4162
01:14:02,771 --> 01:14:03,338
power of you

4163
01:14:03,338 --> 01:14:03,772
dollars

4164
01:14:03,772 --> 01:14:04,740
is going to zero.

4165
01:14:04,740 --> 01:14:05,441
And you know this

4166
01:14:05,441 --> 01:14:05,841
because you don't

4167
01:14:05,841 --> 01:14:06,708
keep money in the bank

4168
01:14:06,708 --> 01:14:08,210
because it's melting.

4169
01:14:08,210 --> 01:14:08,610
You know,

4170
01:14:08,610 --> 01:14:08,944
everyone

4171
01:14:08,944 --> 01:14:10,946
already knows this.

4172
01:14:10,946 --> 01:14:11,613
Everyone knows

4173
01:14:11,613 --> 01:14:12,214
you don't keep money

4174
01:14:12,214 --> 01:14:12,548
in the bank

4175
01:14:12,548 --> 01:14:13,215
for ten years.

4176
01:14:13,215 --> 01:14:13,782
You definitely don't

4177
01:14:13,782 --> 01:14:14,483
keep money in the bank

4178
01:14:14,483 --> 01:14:16,118
for 50 years.

4179
01:14:16,118 --> 01:14:16,385
Won't be

4180
01:14:16,385 --> 01:14:17,920
worth anything.

4181
01:14:17,920 --> 01:14:18,387
I thought you were

4182
01:14:18,387 --> 01:14:19,254
singling me out.

4183
01:14:19,254 --> 01:14:19,655
Like I don't

4184
01:14:19,655 --> 01:14:20,155
keep money.

4185
01:14:20,155 --> 01:14:20,656
In the bank.

4186
01:14:20,656 --> 01:14:22,591
You know, this?

4187
01:14:22,591 --> 01:14:24,293
Yeah. Sorry, sorry.

4188
01:14:24,293 --> 01:14:24,693
Are you trying.

4189
01:14:24,693 --> 01:14:26,128
To $5 range attack me?

4190
01:14:26,128 --> 01:14:26,562
Joe?

4191
01:14:28,764 --> 01:14:30,132
Yeah, but all.

4192
01:14:30,132 --> 01:14:30,933
Reactivity

4193
01:14:30,933 --> 01:14:31,834
that's come across.

4194
01:14:31,834 --> 01:14:33,068
I think it's.

4195
01:14:33,068 --> 01:14:33,735
No, no, no, it's

4196
01:14:33,735 --> 01:14:35,938
funny tone.

4197
01:14:35,938 --> 01:14:36,839
I meant,

4198
01:14:36,839 --> 01:14:38,474
I meant in general

4199
01:14:38,474 --> 01:14:39,041
people.

4200
01:14:39,041 --> 01:14:39,808
This is not new.

4201
01:14:39,808 --> 01:14:40,742
People know.

4202
01:14:40,742 --> 01:14:41,210
People know.

4203
01:14:41,210 --> 01:14:41,677
This is why

4204
01:14:41,677 --> 01:14:43,345
they buy the house.

4205
01:14:43,345 --> 01:14:44,313
Yeah.

4206
01:14:44,313 --> 01:14:44,780
Because the money

4207
01:14:44,780 --> 01:14:45,581
is broken.

4208
01:14:45,581 --> 01:14:46,648
And so

4209
01:14:46,648 --> 01:14:47,182
if the

4210
01:14:47,182 --> 01:14:47,416
if the

4211
01:14:47,416 --> 01:14:49,685
money's broke now

4212
01:14:49,685 --> 01:14:49,985
they're just

4213
01:14:49,985 --> 01:14:50,586
going to continue

4214
01:14:50,586 --> 01:14:51,186
to print money.

4215
01:14:51,186 --> 01:14:52,120
It's more of the same

4216
01:14:52,120 --> 01:14:52,421
until it's

4217
01:14:52,421 --> 01:14:54,423
not worth anything.

4218
01:14:54,423 --> 01:14:56,892
And so sometimes

4219
01:14:56,892 --> 01:14:57,593
sometimes people

4220
01:14:57,593 --> 01:14:58,427
ask me for

4221
01:14:58,427 --> 01:14:59,161
and I don't talk

4222
01:14:59,161 --> 01:14:59,995
about price

4223
01:14:59,995 --> 01:15:00,662
predictions.

4224
01:15:00,662 --> 01:15:01,330
But sometimes

4225
01:15:01,330 --> 01:15:01,964
people say, well,

4226
01:15:01,964 --> 01:15:02,531
what's your price

4227
01:15:02,531 --> 01:15:02,965
prediction?

4228
01:15:02,965 --> 01:15:03,866
I say,

4229
01:15:03,866 --> 01:15:06,835
the only thing I say,

4230
01:15:06,835 --> 01:15:07,703
but I wouldn't normally

4231
01:15:07,703 --> 01:15:08,570
say the Aussie dollar.

4232
01:15:08,570 --> 01:15:09,571
I'd say something else.

4233
01:15:09,571 --> 01:15:10,839
But yeah, my price

4234
01:15:10,839 --> 01:15:11,373
prediction is

4235
01:15:11,373 --> 01:15:11,940
Aussie dollars

4236
01:15:11,940 --> 01:15:12,975
going to zero?

4237
01:15:12,975 --> 01:15:13,509
I so you don't

4238
01:15:13,509 --> 01:15:14,042
want to own it.

4239
01:15:15,010 --> 01:15:15,577
You want to own the

4240
01:15:15,577 --> 01:15:16,411
thing they can't print,

4241
01:15:16,411 --> 01:15:16,745
and now

4242
01:15:16,745 --> 01:15:17,679
no one can take off

4243
01:15:17,679 --> 01:15:18,313
you and stop

4244
01:15:18,313 --> 01:15:19,381
you sending.

4245
01:15:19,381 --> 01:15:19,815
And then everyone

4246
01:15:19,815 --> 01:15:20,249
in the world

4247
01:15:20,249 --> 01:15:20,849
is going to accept

4248
01:15:20,849 --> 01:15:22,317
what they

4249
01:15:22,317 --> 01:15:23,418
and it's going to be

4250
01:15:23,418 --> 01:15:24,353
the money.

4251
01:15:24,353 --> 01:15:25,020
It's going to be

4252
01:15:25,020 --> 01:15:27,356
the money of the world.

4253
01:15:27,356 --> 01:15:27,990
Why would I want to

4254
01:15:27,990 --> 01:15:29,157
own anything else?

4255
01:15:29,157 --> 01:15:29,658
Why would I want

4256
01:15:29,658 --> 01:15:31,627
to own a house?

4257
01:15:31,627 --> 01:15:32,361
Why would I want to own

4258
01:15:32,361 --> 01:15:33,896
a second house

4259
01:15:33,896 --> 01:15:35,731
that goes down

4260
01:15:35,731 --> 01:15:36,865
when measured in debt?

4261
01:15:36,865 --> 01:15:37,032
Right.

4262
01:15:37,032 --> 01:15:38,934
So so think about

4263
01:15:38,934 --> 01:15:40,202
think about

4264
01:15:40,202 --> 01:15:40,936
the decision

4265
01:15:40,936 --> 01:15:42,104
making for

4266
01:15:42,104 --> 01:15:43,272
the Australian people

4267
01:15:43,272 --> 01:15:44,373
where they've gone

4268
01:15:44,373 --> 01:15:45,307
from realizing

4269
01:15:45,307 --> 01:15:47,276
they can't keep money,

4270
01:15:47,276 --> 01:15:47,643
can't keep

4271
01:15:47,643 --> 01:15:48,043
the purchasing

4272
01:15:48,043 --> 01:15:48,644
power of the money.

4273
01:15:48,644 --> 01:15:51,113
So they buy the houses,

4274
01:15:51,113 --> 01:15:51,980
the housing market

4275
01:15:51,980 --> 01:15:53,982
gets inflated

4276
01:15:53,982 --> 01:15:54,616
and the houses

4277
01:15:54,616 --> 01:15:55,350
represent more

4278
01:15:55,350 --> 01:15:55,951
than their core

4279
01:15:55,951 --> 01:15:57,419
utility value to

4280
01:15:57,419 --> 01:15:58,153
to the family.

4281
01:15:58,153 --> 01:15:58,921
Now,

4282
01:15:58,921 --> 01:15:59,521
when you're thinking

4283
01:15:59,521 --> 01:16:00,489
about your

4284
01:16:00,489 --> 01:16:01,957
portfolio of houses,

4285
01:16:03,025 --> 01:16:03,392
you think,

4286
01:16:03,392 --> 01:16:03,892
oh, well, that's

4287
01:16:03,892 --> 01:16:05,160
going up in value

4288
01:16:05,160 --> 01:16:05,827
because it's worth

4289
01:16:05,827 --> 01:16:06,595
more Aussie dollars

4290
01:16:06,595 --> 01:16:08,263
every year.

4291
01:16:08,263 --> 01:16:08,564
I think

4292
01:16:08,564 --> 01:16:08,964
that's a good

4293
01:16:08,964 --> 01:16:09,765
investment.

4294
01:16:09,765 --> 01:16:10,399
If you measured it

4295
01:16:10,399 --> 01:16:10,999
in Bitcoin,

4296
01:16:10,999 --> 01:16:11,867
it's losing money.

4297
01:16:11,867 --> 01:16:12,601
It's going down

4298
01:16:12,601 --> 01:16:13,769
in value every year.

4299
01:16:13,769 --> 01:16:14,403
And so as soon

4300
01:16:14,403 --> 01:16:15,070
as your unit

4301
01:16:15,070 --> 01:16:16,271
of internal

4302
01:16:16,271 --> 01:16:17,105
unit of account

4303
01:16:17,105 --> 01:16:18,707
switches to Bitcoin,

4304
01:16:18,707 --> 01:16:19,207
you realize

4305
01:16:19,207 --> 01:16:19,675
the housing

4306
01:16:19,675 --> 01:16:21,677
is terrible investment.

4307
01:16:21,677 --> 01:16:22,110
Why on.

4308
01:16:22,110 --> 01:16:24,179
Earth might. Why.

4309
01:16:24,179 --> 01:16:24,980
Why on earth

4310
01:16:24,980 --> 01:16:25,380
would I be

4311
01:16:25,380 --> 01:16:27,182
buying houses

4312
01:16:27,182 --> 01:16:28,483
that lose money

4313
01:16:28,483 --> 01:16:30,852
over time?

4314
01:16:30,852 --> 01:16:31,687
I'll buy a loan.

4315
01:16:31,687 --> 01:16:33,422
The house I live in

4316
01:16:33,422 --> 01:16:34,423
because it has utility

4317
01:16:34,423 --> 01:16:35,724
value for me,

4318
01:16:35,724 --> 01:16:36,325
but I'm selling

4319
01:16:36,325 --> 01:16:37,526
the rest of them.

4320
01:16:37,526 --> 01:16:38,360
I'm selling them.

4321
01:16:38,360 --> 01:16:40,162
I'm keep it in bitcoin

4322
01:16:40,162 --> 01:16:40,429
because if

4323
01:16:40,429 --> 01:16:41,096
I don't do that,

4324
01:16:41,096 --> 01:16:42,497
I'm losing bitcoin.

4325
01:16:42,497 --> 01:16:44,633
I'm losing money.

4326
01:16:44,633 --> 01:16:46,134
And so what happens is

4327
01:16:46,134 --> 01:16:48,270
you demonetize all the

4328
01:16:48,270 --> 01:16:49,771
proxies for the value

4329
01:16:49,771 --> 01:16:50,672
that have taken

4330
01:16:50,672 --> 01:16:51,840
the place

4331
01:16:51,840 --> 01:16:53,442
of the money

4332
01:16:53,442 --> 01:16:54,876
over the last 50 years,

4333
01:16:54,876 --> 01:16:55,477
and Bitcoin

4334
01:16:55,477 --> 01:16:56,111
just consumes

4335
01:16:56,111 --> 01:16:56,745
everything.

4336
01:16:56,745 --> 01:16:57,813
It Demonetize

4337
01:16:57,813 --> 01:16:58,947
is all of these

4338
01:16:59,915 --> 01:17:00,449
all of these

4339
01:17:00,449 --> 01:17:02,250
asset classes,

4340
01:17:02,250 --> 01:17:02,417
because

4341
01:17:02,417 --> 01:17:03,118
the asset classes

4342
01:17:03,118 --> 01:17:04,519
have been purchased,

4343
01:17:04,519 --> 01:17:05,053
not because of

4344
01:17:05,053 --> 01:17:06,755
their intrinsic,

4345
01:17:06,755 --> 01:17:07,322
not because

4346
01:17:07,322 --> 01:17:07,923
intrinsic is

4347
01:17:07,923 --> 01:17:08,757
not the right word,

4348
01:17:08,757 --> 01:17:09,391
not because

4349
01:17:09,391 --> 01:17:12,361
of their utility value,

4350
01:17:12,361 --> 01:17:12,928
that because

4351
01:17:12,928 --> 01:17:13,795
they're being used

4352
01:17:13,795 --> 01:17:15,030
as a

4353
01:17:15,030 --> 01:17:16,231
better store of value,

4354
01:17:16,231 --> 01:17:16,832
because the money

4355
01:17:16,832 --> 01:17:17,933
is broken.

4356
01:17:17,933 --> 01:17:19,201
So if you fix money,

4357
01:17:19,201 --> 01:17:19,968
do you monetize

4358
01:17:19,968 --> 01:17:20,702
all these things?

4359
01:17:20,702 --> 01:17:21,970
This is like natural,

4360
01:17:21,970 --> 01:17:23,305
logical outcomes.

4361
01:17:23,305 --> 01:17:24,006
I've just fixing

4362
01:17:24,006 --> 01:17:25,440
the money.

4363
01:17:25,440 --> 01:17:25,874
Yeah.

4364
01:17:25,874 --> 01:17:26,375
Now that you've

4365
01:17:26,375 --> 01:17:27,209
said intrinsic,

4366
01:17:27,209 --> 01:17:28,276
I have to ask you,

4367
01:17:28,276 --> 01:17:29,711
Joe, can you

4368
01:17:29,711 --> 01:17:30,712
I just have to

4369
01:17:30,712 --> 01:17:31,847
I think this is

4370
01:17:31,847 --> 01:17:32,547
a lot of people

4371
01:17:32,547 --> 01:17:34,082
get hung up with this.

4372
01:17:34,082 --> 01:17:35,283
Bitcoin has no

4373
01:17:35,283 --> 01:17:37,185
intrinsic value.

4374
01:17:37,185 --> 01:17:37,486
Okay.

4375
01:17:37,486 --> 01:17:39,621
Well I would go back to

4376
01:17:39,621 --> 01:17:39,855
I thought

4377
01:17:39,855 --> 01:17:40,122
you were gonna

4378
01:17:40,122 --> 01:17:40,322
ask a

4379
01:17:40,322 --> 01:17:42,157
different question. No.

4380
01:17:42,157 --> 01:17:42,924
Oh really?

4381
01:17:42,924 --> 01:17:43,692
What you going to say?

4382
01:17:43,692 --> 01:17:43,892
You did.

4383
01:17:43,892 --> 01:17:44,426
You do

4384
01:17:44,426 --> 01:17:45,293
I think you can say

4385
01:17:45,293 --> 01:17:46,128
is there such thing

4386
01:17:46,128 --> 01:17:46,862
as intrinsic value?

4387
01:17:48,063 --> 01:17:48,997
Well, I have

4388
01:17:48,997 --> 01:17:49,865
an opinion on that.

4389
01:17:49,865 --> 01:17:51,033
But.

4390
01:17:51,033 --> 01:17:51,700
Okay.

4391
01:17:51,700 --> 01:17:54,036


4392
01:17:54,036 --> 01:17:55,137
Well, yeah, I'm

4393
01:17:55,137 --> 01:17:57,272
just saying, if.

4394
01:17:57,272 --> 01:17:57,873
I believe in

4395
01:17:57,873 --> 01:17:59,641
subjective value,

4396
01:17:59,641 --> 01:18:00,242
I don't believe in

4397
01:18:00,242 --> 01:18:01,109
intrinsic value,

4398
01:18:01,109 --> 01:18:02,978
but yeah. 100%.

4399
01:18:02,978 --> 01:18:03,478
And I'm not

4400
01:18:03,478 --> 01:18:05,280
so obviously true.

4401
01:18:05,280 --> 01:18:07,849
If you're drowning,

4402
01:18:07,849 --> 01:18:08,984
do you want a gold bar

4403
01:18:08,984 --> 01:18:10,786
or a life jacket?

4404
01:18:10,786 --> 01:18:11,520
Life jacket.

4405
01:18:11,520 --> 01:18:12,521
So how is the range

4406
01:18:12,521 --> 01:18:13,855
and how is there

4407
01:18:13,855 --> 01:18:14,523
any such thing

4408
01:18:14,523 --> 01:18:16,758
as intrinsic value.

4409
01:18:16,758 --> 01:18:18,393
There's not.

4410
01:18:18,393 --> 01:18:19,628
It has utility.

4411
01:18:19,628 --> 01:18:20,162
But there's

4412
01:18:20,162 --> 01:18:20,629
no such thing

4413
01:18:20,629 --> 01:18:22,831
as intrinsic value.

4414
01:18:22,831 --> 01:18:24,166
Full stop.

4415
01:18:24,166 --> 01:18:26,134
A single example proves

4416
01:18:26,134 --> 01:18:27,335
that's the case.

4417
01:18:27,335 --> 01:18:28,236
Okay.

4418
01:18:28,236 --> 01:18:30,172
It's about

4419
01:18:30,172 --> 01:18:31,039
what you want

4420
01:18:31,039 --> 01:18:33,008
at a given time.

4421
01:18:33,008 --> 01:18:33,275
Given

4422
01:18:33,275 --> 01:18:34,242
the circumstances.

4423
01:18:34,242 --> 01:18:34,876
It's entirely

4424
01:18:34,876 --> 01:18:36,144
subjective.

4425
01:18:36,144 --> 01:18:38,447
So to say

4426
01:18:38,447 --> 01:18:39,247
Bitcoin doesn't

4427
01:18:39,247 --> 01:18:40,682
have intrinsic value,

4428
01:18:40,682 --> 01:18:41,783
nothing has

4429
01:18:41,783 --> 01:18:42,517
nothing at all

4430
01:18:42,517 --> 01:18:44,286
has intrinsic value.

4431
01:18:44,286 --> 01:18:44,619
Okay.

4432
01:18:44,619 --> 01:18:46,755
What Bitcoin does have

4433
01:18:46,755 --> 01:18:46,988
is it

4434
01:18:46,988 --> 01:18:47,889
has proof of work.

4435
01:18:47,889 --> 01:18:49,291
So when you have she.

4436
01:18:49,291 --> 01:18:50,492
Loves proof of work.

4437
01:18:51,493 --> 01:18:52,894
I will cut this bit

4438
01:18:52,894 --> 01:18:54,062
back in and go.

4439
01:18:54,062 --> 01:18:55,530
Okay okay.

4440
01:18:55,530 --> 01:18:58,300
I didn't.

4441
01:18:58,300 --> 01:18:58,500
Right.

4442
01:18:58,500 --> 01:18:58,967
Sorry I have

4443
01:18:58,967 --> 01:19:00,001
to start again.

4444
01:19:00,001 --> 01:19:02,771
So I said Bitcoin

4445
01:19:02,771 --> 01:19:03,805
as proof of work.

4446
01:19:03,805 --> 01:19:05,340
Money printing

4447
01:19:05,340 --> 01:19:05,874
does not have

4448
01:19:05,874 --> 01:19:06,775
proof of work.

4449
01:19:06,775 --> 01:19:08,110
You can press a key

4450
01:19:08,110 --> 01:19:09,778
on a keyboard

4451
01:19:09,778 --> 01:19:10,746
and create more money.

4452
01:19:10,746 --> 01:19:12,280
Nothing goes into that

4453
01:19:12,280 --> 01:19:12,814
with bitcoin.

4454
01:19:12,814 --> 01:19:13,915
You cannot

4455
01:19:13,915 --> 01:19:15,450
print it for free.

4456
01:19:15,450 --> 01:19:16,418
And this is one of the

4457
01:19:16,418 --> 01:19:16,985
this is one of

4458
01:19:16,985 --> 01:19:17,385
the issues

4459
01:19:17,385 --> 01:19:18,086
that people have

4460
01:19:18,086 --> 01:19:18,320
is like

4461
01:19:18,320 --> 01:19:18,720
why is

4462
01:19:18,720 --> 01:19:20,522
Bitcoin valuable?

4463
01:19:20,522 --> 01:19:21,757
And I would

4464
01:19:21,757 --> 01:19:22,824
get into question why

4465
01:19:22,824 --> 01:19:23,391
I think gold

4466
01:19:23,391 --> 01:19:25,327
is valuable.

4467
01:19:25,327 --> 01:19:25,894
No one seems

4468
01:19:25,894 --> 01:19:26,728
to question

4469
01:19:26,728 --> 01:19:28,864
that gold is valuable.

4470
01:19:28,864 --> 01:19:29,831
But why is gold

4471
01:19:29,831 --> 01:19:30,665
gold valuable?

4472
01:19:30,665 --> 01:19:32,267
Because it

4473
01:19:32,267 --> 01:19:33,602
has a

4474
01:19:33,602 --> 01:19:35,971
series of qualities

4475
01:19:35,971 --> 01:19:36,638
that make it

4476
01:19:36,638 --> 01:19:38,006
an acceptable money.

4477
01:19:38,006 --> 01:19:39,407
Historically

4478
01:19:39,407 --> 01:19:41,443
the best, approximate,

4479
01:19:41,443 --> 01:19:42,544
the best, the best

4480
01:19:42,544 --> 01:19:43,478
evolution of money

4481
01:19:44,646 --> 01:19:45,347
that we've had

4482
01:19:45,347 --> 01:19:46,982
available to us

4483
01:19:46,982 --> 01:19:47,516
on Earth.

4484
01:19:47,516 --> 01:19:48,283
However,

4485
01:19:48,283 --> 01:19:49,651
it's compromised.

4486
01:19:49,651 --> 01:19:51,720
It's not portable.

4487
01:19:51,720 --> 01:19:52,521
We can't send it over

4488
01:19:52,521 --> 01:19:53,221
the internet.

4489
01:19:53,221 --> 01:19:54,723
It's hard to verify.

4490
01:19:54,723 --> 01:19:55,557
I can't pay for

4491
01:19:55,557 --> 01:19:56,424
small amounts in it

4492
01:19:56,424 --> 01:19:57,626
because how do you pay?

4493
01:19:57,626 --> 01:19:57,993
How do you keep

4494
01:19:57,993 --> 01:19:58,860
changing gold?

4495
01:19:58,860 --> 01:19:59,494
How do you even pay

4496
01:19:59,494 --> 01:20:00,462
for it?

4497
01:20:00,462 --> 01:20:01,129
A bag of chips

4498
01:20:01,129 --> 01:20:01,997
and gold.

4499
01:20:01,997 --> 01:20:02,764
You couldn't do. That.

4500
01:20:02,764 --> 01:20:04,065
Can't digitalize it.

4501
01:20:04,065 --> 01:20:04,966
You can't carry it

4502
01:20:04,966 --> 01:20:05,867
in your pocket.

4503
01:20:05,867 --> 01:20:06,201
So?

4504
01:20:06,201 --> 01:20:07,836
So clearly it fails on

4505
01:20:07,836 --> 01:20:08,937
so many different

4506
01:20:08,937 --> 01:20:09,871
measures.

4507
01:20:09,871 --> 01:20:11,773
It's not good money,

4508
01:20:11,773 --> 01:20:12,474
it's just the best

4509
01:20:12,474 --> 01:20:13,375
money we had

4510
01:20:13,375 --> 01:20:14,309
because it's not good

4511
01:20:14,309 --> 01:20:14,609
money.

4512
01:20:14,609 --> 01:20:15,377
Had a paper layer

4513
01:20:15,377 --> 01:20:16,611
put over the top of it

4514
01:20:16,611 --> 01:20:17,078
until you put

4515
01:20:17,078 --> 01:20:17,579
all the gold

4516
01:20:17,579 --> 01:20:18,346
in the gold vaults

4517
01:20:18,346 --> 01:20:19,281
need issue receipts

4518
01:20:19,281 --> 01:20:20,415
against the gold.

4519
01:20:20,415 --> 01:20:21,316
And then you say

4520
01:20:21,316 --> 01:20:21,783
you can come

4521
01:20:21,783 --> 01:20:23,218
and swap the receipt

4522
01:20:23,218 --> 01:20:23,819
for the gold

4523
01:20:23,819 --> 01:20:24,853
whenever you want,

4524
01:20:24,853 --> 01:20:25,687
but no one ever did,

4525
01:20:25,687 --> 01:20:26,054
because no

4526
01:20:26,054 --> 01:20:26,755
one wants the gold

4527
01:20:26,755 --> 01:20:27,756
because it's clunky and

4528
01:20:28,757 --> 01:20:29,858
impractical.

4529
01:20:29,858 --> 01:20:30,826
So you just end

4530
01:20:30,826 --> 01:20:32,794
it with fiat money.

4531
01:20:32,794 --> 01:20:33,562
And then over time,

4532
01:20:33,562 --> 01:20:33,962
they realize

4533
01:20:33,962 --> 01:20:34,296
they could just

4534
01:20:34,296 --> 01:20:34,663
print more

4535
01:20:34,663 --> 01:20:35,063
of that money

4536
01:20:35,063 --> 01:20:35,630
because no one ever

4537
01:20:35,630 --> 01:20:37,032
asked for the gold.

4538
01:20:37,032 --> 01:20:37,732
And then when someone

4539
01:20:37,732 --> 01:20:38,400
calls their bluff,

4540
01:20:38,400 --> 01:20:38,934
they just severed

4541
01:20:38,934 --> 01:20:40,435
the convertibility.

4542
01:20:40,435 --> 01:20:41,069
And now we just use

4543
01:20:41,069 --> 01:20:42,904
not only money.

4544
01:20:42,904 --> 01:20:43,572
That's the history

4545
01:20:43,572 --> 01:20:43,772
of the

4546
01:20:43,772 --> 01:20:45,106
financial sector,

4547
01:20:45,106 --> 01:20:45,707
the history of

4548
01:20:45,707 --> 01:20:46,942
the monetary

4549
01:20:46,942 --> 01:20:47,843
sector of the last

4550
01:20:47,843 --> 01:20:49,444
since 1971.

4551
01:20:49,444 --> 01:20:50,011
Like the severed

4552
01:20:50,011 --> 01:20:52,047
that link in 71.

4553
01:20:52,047 --> 01:20:52,380
That's why

4554
01:20:52,380 --> 01:20:52,981
we use paper.

4555
01:20:52,981 --> 01:20:54,316
So it's called

4556
01:20:54,316 --> 01:20:54,749
because gold,

4557
01:20:54,749 --> 01:20:56,618
imperfect money,

4558
01:20:56,618 --> 01:20:57,986
bitcoins, perfect money

4559
01:20:57,986 --> 01:20:59,020
because paper money.

4560
01:20:59,020 --> 01:20:59,554
And so you can

4561
01:20:59,554 --> 01:21:00,021
send it over

4562
01:21:00,021 --> 01:21:00,422
the internet,

4563
01:21:00,422 --> 01:21:00,989
you can hold it

4564
01:21:00,989 --> 01:21:01,723
yourself.

4565
01:21:01,723 --> 01:21:02,357
It's infinitely

4566
01:21:02,357 --> 01:21:02,958
divisible.

4567
01:21:02,958 --> 01:21:05,193
It lasts forever.

4568
01:21:05,193 --> 01:21:06,094
You know,

4569
01:21:06,094 --> 01:21:06,728
you don't need

4570
01:21:06,728 --> 01:21:08,864
you don't need,

4571
01:21:08,864 --> 01:21:10,198
you don't need the,

4572
01:21:10,198 --> 01:21:11,867
PayPal.

4573
01:21:11,867 --> 01:21:13,168
It is the paper layer.

4574
01:21:13,168 --> 01:21:13,635
It's the paper

4575
01:21:13,635 --> 01:21:14,302
layer in the money.

4576
01:21:14,302 --> 01:21:15,537
It's everything.

4577
01:21:15,537 --> 01:21:15,670
There's

4578
01:21:15,670 --> 01:21:16,738
no separation anymore

4579
01:21:16,738 --> 01:21:17,672
between currency

4580
01:21:17,672 --> 01:21:18,240
and money.

4581
01:21:19,441 --> 01:21:20,442
Paper is the currency.

4582
01:21:20,442 --> 01:21:22,344
Gold is the money.

4583
01:21:22,344 --> 01:21:23,044
Bitcoin is one

4584
01:21:23,044 --> 01:21:23,845
and the same thing.

4585
01:21:23,845 --> 01:21:24,512
It solves.

4586
01:21:24,512 --> 01:21:25,981
It's perfect money.

4587
01:21:25,981 --> 01:21:27,215
It's the perfection

4588
01:21:27,215 --> 01:21:28,550
of money.

4589
01:21:28,550 --> 01:21:28,917
So you don't

4590
01:21:28,917 --> 01:21:31,253
need anything else.

4591
01:21:31,253 --> 01:21:31,653
You don't need

4592
01:21:31,653 --> 01:21:33,521
anything else at all.

4593
01:21:33,521 --> 01:21:34,322
And so when.

4594
01:21:34,322 --> 01:21:35,056
I ask.

4595
01:21:35,056 --> 01:21:35,557
I'm so sorry.

4596
01:21:35,557 --> 01:21:36,324
It's okay

4597
01:21:36,324 --> 01:21:36,958
to come back

4598
01:21:36,958 --> 01:21:37,659
to the answer

4599
01:21:37,659 --> 01:21:38,260
in the question.

4600
01:21:38,260 --> 01:21:38,593
Like so.

4601
01:21:38,593 --> 01:21:39,094
If you have

4602
01:21:39,094 --> 01:21:40,729
convinced yourself

4603
01:21:40,729 --> 01:21:43,498
that gold is valuable,

4604
01:21:43,498 --> 01:21:43,899
then you're going

4605
01:21:43,899 --> 01:21:45,967
to love Bitcoin

4606
01:21:45,967 --> 01:21:46,635
because gold

4607
01:21:46,635 --> 01:21:47,135
is valuable,

4608
01:21:47,135 --> 01:21:48,036
because it feels

4609
01:21:48,036 --> 01:21:49,738
those characteristics

4610
01:21:49,738 --> 01:21:50,839
of a money

4611
01:21:50,839 --> 01:21:51,840
good enough

4612
01:21:51,840 --> 01:21:52,941
or better than anything

4613
01:21:52,941 --> 01:21:54,042
else. Right?

4614
01:21:54,042 --> 01:21:56,912
But still imperfect.

4615
01:21:56,912 --> 01:21:57,679
But one of the core

4616
01:21:57,679 --> 01:22:00,315
characteristics is,

4617
01:22:00,315 --> 01:22:03,151
you can't print it,

4618
01:22:03,151 --> 01:22:04,686
you can't print gold,

4619
01:22:04,686 --> 01:22:04,953
you can't

4620
01:22:04,953 --> 01:22:06,354
print it for free.

4621
01:22:06,354 --> 01:22:06,955
You've got to go

4622
01:22:06,955 --> 01:22:08,290
and decide to mine.

4623
01:22:08,290 --> 01:22:09,024
You've got to do

4624
01:22:09,024 --> 01:22:10,492
some work.

4625
01:22:10,492 --> 01:22:11,026
You've got to

4626
01:22:11,026 --> 01:22:12,994
do proof of work

4627
01:22:12,994 --> 01:22:14,129
to bring gold

4628
01:22:14,129 --> 01:22:15,664
into circulation.

4629
01:22:15,664 --> 01:22:16,331
You've got to

4630
01:22:16,331 --> 01:22:17,132
go in mining,

4631
01:22:17,132 --> 01:22:18,300
you've got to expend

4632
01:22:18,300 --> 01:22:19,067
energy, you've got

4633
01:22:19,067 --> 01:22:20,602
to expend resources

4634
01:22:21,670 --> 01:22:22,404
to go and

4635
01:22:22,404 --> 01:22:23,238
get gold

4636
01:22:23,238 --> 01:22:25,173
out of the ground,

4637
01:22:25,173 --> 01:22:25,674
and you'll make

4638
01:22:25,674 --> 01:22:26,308
a small profit

4639
01:22:26,308 --> 01:22:28,677
margin on doing so.

4640
01:22:28,677 --> 01:22:29,277
But similarly,

4641
01:22:29,277 --> 01:22:30,078
if it was,

4642
01:22:30,078 --> 01:22:31,112
if the cost of

4643
01:22:31,112 --> 01:22:31,713
getting gold out

4644
01:22:31,713 --> 01:22:32,280
the ground was

4645
01:22:32,280 --> 01:22:33,315
really low,

4646
01:22:33,315 --> 01:22:33,915
more people

4647
01:22:33,915 --> 01:22:34,449
would compete

4648
01:22:34,449 --> 01:22:37,152
to do so, right?

4649
01:22:37,152 --> 01:22:37,953
And then you would have

4650
01:22:37,953 --> 01:22:38,453
the erosion

4651
01:22:38,453 --> 01:22:39,187
of the profit margin,

4652
01:22:39,187 --> 01:22:40,221
like any other

4653
01:22:40,221 --> 01:22:42,524
thing in society.

4654
01:22:42,524 --> 01:22:42,991
But also as the

4655
01:22:42,991 --> 01:22:45,126
gold price goes up,

4656
01:22:45,126 --> 01:22:45,393
you could

4657
01:22:45,393 --> 01:22:45,827
dig more out

4658
01:22:45,827 --> 01:22:47,028
of the ground.

4659
01:22:47,028 --> 01:22:47,862
So it's a hard

4660
01:22:47,862 --> 01:22:48,363
it's was

4661
01:22:48,363 --> 01:22:49,431
like a hard money,

4662
01:22:49,431 --> 01:22:51,333
but it has soft edges.

4663
01:22:51,333 --> 01:22:53,702
It's in a supply

4664
01:22:53,702 --> 01:22:54,135
because basically

4665
01:22:54,135 --> 01:22:54,569
all the money

4666
01:22:54,569 --> 01:22:55,370
or the gold

4667
01:22:55,370 --> 01:22:56,338
already exists.

4668
01:22:56,338 --> 01:22:57,205
It's just

4669
01:22:57,205 --> 01:22:58,306
an economical

4670
01:22:58,306 --> 01:23:00,875
to excavate it

4671
01:23:00,875 --> 01:23:01,209
unless

4672
01:23:01,209 --> 01:23:03,511
the price goes up

4673
01:23:03,511 --> 01:23:03,979
and as the price

4674
01:23:03,979 --> 01:23:04,279
goes up,

4675
01:23:04,279 --> 01:23:05,680
the supply goes up.

4676
01:23:05,680 --> 01:23:06,181
But but

4677
01:23:06,181 --> 01:23:07,649
the whole construct

4678
01:23:07,649 --> 01:23:08,316
there is you're

4679
01:23:08,316 --> 01:23:09,351
expanding energy,

4680
01:23:11,052 --> 01:23:12,153
doing proof of work

4681
01:23:12,153 --> 01:23:12,520
to bring

4682
01:23:12,520 --> 01:23:13,688
gold into existence

4683
01:23:13,688 --> 01:23:15,156
above the surface.

4684
01:23:15,156 --> 01:23:16,491
And that's along with

4685
01:23:16,491 --> 01:23:17,659
its characteristics is

4686
01:23:17,659 --> 01:23:19,160
what gives gold value.

4687
01:23:19,160 --> 01:23:19,794
Right.

4688
01:23:19,794 --> 01:23:21,062
And this is people

4689
01:23:21,062 --> 01:23:21,596
probably listening

4690
01:23:21,596 --> 01:23:23,865
gold obviously.

4691
01:23:23,865 --> 01:23:24,332
Obviously

4692
01:23:24,332 --> 01:23:26,368
that's the case. Okay.

4693
01:23:26,368 --> 01:23:27,969
Well great.

4694
01:23:27,969 --> 01:23:28,937
Bitcoin is exactly

4695
01:23:28,937 --> 01:23:29,671
the same apart

4696
01:23:29,671 --> 01:23:30,572
from it's better.

4697
01:23:30,572 --> 01:23:31,539
So you're mining

4698
01:23:31,539 --> 01:23:32,107
Bitcoin.

4699
01:23:32,107 --> 01:23:32,741
There's a fixed

4700
01:23:32,741 --> 01:23:33,475
amount of Bitcoin

4701
01:23:33,475 --> 01:23:34,776
that will ever exist.

4702
01:23:34,776 --> 01:23:36,778
And that gold right.

4703
01:23:36,778 --> 01:23:37,379
There's an unknown

4704
01:23:37,379 --> 01:23:37,979
amount of gold

4705
01:23:37,979 --> 01:23:38,880
in the planet.

4706
01:23:38,880 --> 01:23:39,481
And the gold

4707
01:23:39,481 --> 01:23:40,448
is absolutely infinite.

4708
01:23:40,448 --> 01:23:41,483
The universe.

4709
01:23:41,483 --> 01:23:41,816
It's just that

4710
01:23:41,816 --> 01:23:43,251
we can't reach it.

4711
01:23:43,251 --> 01:23:43,785
Bitcoin is

4712
01:23:43,785 --> 01:23:45,420
absolutely finite.

4713
01:23:45,420 --> 01:23:46,087
Will ever be

4714
01:23:46,087 --> 01:23:47,522
will forever be finite.

4715
01:23:47,522 --> 01:23:49,057
And

4716
01:23:49,057 --> 01:23:49,724
you can't mine

4717
01:23:49,724 --> 01:23:50,125
more of it

4718
01:23:50,125 --> 01:23:51,126
as the price goes up.

4719
01:23:51,126 --> 01:23:51,659
And so it's

4720
01:23:51,659 --> 01:23:53,061
absolutely scarce.

4721
01:23:53,061 --> 01:23:54,462
It's absolutely hard.

4722
01:23:54,462 --> 01:23:55,864
It's totally inelastic.

4723
01:23:55,864 --> 01:23:57,632
And so

4724
01:23:57,632 --> 01:23:57,999
there's there's

4725
01:23:57,999 --> 01:23:58,767
nothing like that

4726
01:23:58,767 --> 01:24:00,268
in the entire universe,

4727
01:24:00,268 --> 01:24:01,069
but it's secured

4728
01:24:01,069 --> 01:24:02,303
by energy.

4729
01:24:02,303 --> 01:24:03,772
So instead of,

4730
01:24:03,772 --> 01:24:04,372
you know, digging

4731
01:24:04,372 --> 01:24:05,040
massive holes

4732
01:24:05,040 --> 01:24:05,774
in the ground,

4733
01:24:05,774 --> 01:24:06,541
expanding huge

4734
01:24:06,541 --> 01:24:07,909
amounts of energy,

4735
01:24:07,909 --> 01:24:09,044
destroying the planet,

4736
01:24:09,044 --> 01:24:09,477
getting all

4737
01:24:09,477 --> 01:24:10,712
the gold out,

4738
01:24:10,712 --> 01:24:11,479
you're using,

4739
01:24:13,848 --> 01:24:14,716
mining infrastructure,

4740
01:24:14,716 --> 01:24:16,317
electronic mining

4741
01:24:16,317 --> 01:24:17,819
infrastructure.

4742
01:24:17,819 --> 01:24:19,354
It's just electronic.

4743
01:24:19,354 --> 01:24:19,921
It's just

4744
01:24:19,921 --> 01:24:21,222
electrical energy.

4745
01:24:21,222 --> 01:24:22,057
That's all it is.

4746
01:24:22,057 --> 01:24:22,323
And you're

4747
01:24:22,323 --> 01:24:22,824
just getting

4748
01:24:22,824 --> 01:24:24,325
a random number.

4749
01:24:24,325 --> 01:24:25,894
It's 100%

4750
01:24:25,894 --> 01:24:28,296
efficient energy money.

4751
01:24:28,296 --> 01:24:29,097
You're not destroying

4752
01:24:29,097 --> 01:24:29,697
the planet.

4753
01:24:29,697 --> 01:24:29,931
You're

4754
01:24:29,931 --> 01:24:32,100
saving the planet

4755
01:24:32,100 --> 01:24:34,235
through Bitcoin mining

4756
01:24:34,235 --> 01:24:36,905
because Bitcoin mining

4757
01:24:36,905 --> 01:24:38,039
incentivizes

4758
01:24:38,039 --> 01:24:39,574
renewable energies

4759
01:24:39,574 --> 01:24:40,275
infrastructure

4760
01:24:40,275 --> 01:24:41,342
globally,

4761
01:24:41,342 --> 01:24:42,377
lowering the cost

4762
01:24:42,377 --> 01:24:42,911
of energy

4763
01:24:42,911 --> 01:24:44,746
for everybody,

4764
01:24:44,746 --> 01:24:45,613
stabilizing

4765
01:24:45,613 --> 01:24:46,081
grids,

4766
01:24:46,081 --> 01:24:47,949
bringing economic

4767
01:24:47,949 --> 01:24:49,951
empowerment to

4768
01:24:49,951 --> 01:24:50,718
to company

4769
01:24:50,718 --> 01:24:51,686
to communities

4770
01:24:51,686 --> 01:24:52,320
all around the world

4771
01:24:52,320 --> 01:24:52,921
that wouldn't

4772
01:24:52,921 --> 01:24:54,322
be able to monetize

4773
01:24:54,322 --> 01:24:55,090
this stranded,

4774
01:24:55,090 --> 01:24:55,590
stranded

4775
01:24:55,590 --> 01:24:56,391
energy resources

4776
01:24:56,391 --> 01:24:58,126
they have access to

4777
01:24:58,126 --> 01:24:58,860
Bitcoin fixes

4778
01:24:58,860 --> 01:24:59,360
everything,

4779
01:24:59,360 --> 01:25:00,228
including

4780
01:25:00,228 --> 01:25:02,564
the environment

4781
01:25:02,564 --> 01:25:04,532
and

4782
01:25:04,532 --> 01:25:04,933
and that should

4783
01:25:04,933 --> 01:25:06,301
be very clear

4784
01:25:06,301 --> 01:25:08,503
why that has value.

4785
01:25:08,503 --> 01:25:09,270
And the more people

4786
01:25:09,270 --> 01:25:09,971
that miner,

4787
01:25:09,971 --> 01:25:10,638
the more people

4788
01:25:10,638 --> 01:25:12,006
that compete for it.

4789
01:25:12,006 --> 01:25:14,542
Free market process,

4790
01:25:14,542 --> 01:25:15,810
not like gold mining.

4791
01:25:15,810 --> 01:25:16,244
You don't get

4792
01:25:16,244 --> 01:25:18,313
the rights to mine it.

4793
01:25:18,313 --> 01:25:18,813
If you know

4794
01:25:18,813 --> 01:25:20,348
the politicians,

4795
01:25:20,348 --> 01:25:21,082
you don't get to

4796
01:25:21,082 --> 01:25:22,584
with the rights.

4797
01:25:22,584 --> 01:25:22,951
It's free

4798
01:25:22,951 --> 01:25:23,852
for everybody,

4799
01:25:23,852 --> 01:25:25,053
everywhere in the world

4800
01:25:25,053 --> 01:25:25,954
to compete

4801
01:25:25,954 --> 01:25:27,055
to mine Bitcoin.

4802
01:25:28,490 --> 01:25:28,923
You just got

4803
01:25:28,923 --> 01:25:29,457
to try and do it

4804
01:25:29,457 --> 01:25:30,492
on the most economical

4805
01:25:30,492 --> 01:25:31,559
basis possible.

4806
01:25:31,559 --> 01:25:33,761
So you want computers

4807
01:25:33,761 --> 01:25:34,562
and the lowest

4808
01:25:34,562 --> 01:25:36,898
cost energy,

4809
01:25:36,898 --> 01:25:37,866
which is the energy

4810
01:25:37,866 --> 01:25:39,267
that already exists.

4811
01:25:39,267 --> 01:25:39,801
This is why

4812
01:25:39,801 --> 01:25:40,535
you get to build out

4813
01:25:40,535 --> 01:25:42,203
the renewables grid.

4814
01:25:42,203 --> 01:25:42,971
Because if a river

4815
01:25:42,971 --> 01:25:44,339
is flowing

4816
01:25:44,339 --> 01:25:45,273
the energy exists.

4817
01:25:45,273 --> 01:25:45,740
It's just not

4818
01:25:45,740 --> 01:25:47,509
being monetized.

4819
01:25:47,509 --> 01:25:47,909
So build

4820
01:25:47,909 --> 01:25:48,543
the infrastructure

4821
01:25:48,543 --> 01:25:50,345
to monetize it.

4822
01:25:50,345 --> 01:25:51,546
You have green energy

4823
01:25:51,546 --> 01:25:53,414
and so

4824
01:25:53,414 --> 01:25:53,982
yeah Bitcoin

4825
01:25:53,982 --> 01:25:55,316
absolutely has value.

4826
01:25:55,316 --> 01:25:55,917
And the more people

4827
01:25:55,917 --> 01:25:56,551
that mine it,

4828
01:25:56,551 --> 01:25:57,318
the more secure

4829
01:25:57,318 --> 01:25:58,453
the network,

4830
01:25:58,453 --> 01:25:59,420
the more decentralized

4831
01:25:59,420 --> 01:26:00,221
the network is

4832
01:26:00,221 --> 01:26:01,422
around the world.

4833
01:26:01,422 --> 01:26:02,457
So no one country

4834
01:26:02,457 --> 01:26:03,124
controls it.

4835
01:26:03,124 --> 01:26:04,592
No one country

4836
01:26:04,592 --> 01:26:06,161
can impact

4837
01:26:06,161 --> 01:26:06,928
it materially

4838
01:26:06,928 --> 01:26:08,496
to any degree.

4839
01:26:08,496 --> 01:26:09,631
The amount of

4840
01:26:09,631 --> 01:26:10,532
total power

4841
01:26:10,532 --> 01:26:11,432
used to mine

4842
01:26:11,432 --> 01:26:12,867
Bitcoin is in excess

4843
01:26:12,867 --> 01:26:13,735
of any combination

4844
01:26:13,735 --> 01:26:14,536
of nation states

4845
01:26:14,536 --> 01:26:15,170
could possibly

4846
01:26:15,170 --> 01:26:16,304
put together.

4847
01:26:16,304 --> 01:26:16,738
So you can't

4848
01:26:16,738 --> 01:26:17,739
compromise the network

4849
01:26:17,739 --> 01:26:18,373
and the more people

4850
01:26:18,373 --> 01:26:19,240
join it,

4851
01:26:19,240 --> 01:26:19,841
the more secure

4852
01:26:19,841 --> 01:26:20,308
it becomes,

4853
01:26:20,308 --> 01:26:20,942
the more valuable

4854
01:26:20,942 --> 01:26:21,709
it becomes.

4855
01:26:21,709 --> 01:26:22,777
So more people join it,

4856
01:26:24,312 --> 01:26:25,280
the more decentralized

4857
01:26:25,280 --> 01:26:25,813
it becomes.

4858
01:26:25,813 --> 01:26:26,814
You can't beat it.

4859
01:26:26,814 --> 01:26:27,382
Why do you?

4860
01:26:27,382 --> 01:26:27,749
Why would you

4861
01:26:27,749 --> 01:26:28,416
expand energy

4862
01:26:28,416 --> 01:26:30,118
doing anything else?

4863
01:26:30,118 --> 01:26:30,618
Yeah.

4864
01:26:30,618 --> 01:26:31,286
Why did you take.

4865
01:26:31,286 --> 01:26:32,453
In a life on its own.

4866
01:26:32,453 --> 01:26:33,688
And my bitcoin

4867
01:26:33,688 --> 01:26:34,589
is that Bitcoin

4868
01:26:34,589 --> 01:26:35,890
ultimately demonetized.

4869
01:26:35,890 --> 01:26:37,292
Is gold as well.

4870
01:26:37,292 --> 01:26:39,627
Gold

4871
01:26:39,627 --> 01:26:40,628
cult is ten times

4872
01:26:40,628 --> 01:26:41,729
the size of Bitcoin

4873
01:26:41,729 --> 01:26:42,597
is bonkers.

4874
01:26:42,597 --> 01:26:44,566
Gold is just terrible.

4875
01:26:44,566 --> 01:26:45,567
Really inefficient

4876
01:26:45,567 --> 01:26:46,768
energy money.

4877
01:26:46,768 --> 01:26:47,702
Bitcoin is perfect

4878
01:26:47,702 --> 01:26:48,269
energy money.

4879
01:26:48,269 --> 01:26:48,670
So yeah.

4880
01:26:48,670 --> 01:26:50,238
So I want yes. Yeah.

4881
01:26:50,238 --> 01:26:50,972
So it doesn't have

4882
01:26:50,972 --> 01:26:52,273
intrinsic value

4883
01:26:52,273 --> 01:26:53,641
but it has

4884
01:26:53,641 --> 01:26:56,010
it has real world

4885
01:26:56,010 --> 01:26:57,879
energy value.

4886
01:26:57,879 --> 01:26:58,513
Someone's had

4887
01:26:58,513 --> 01:27:00,548
to expend energy

4888
01:27:00,548 --> 01:27:01,082
to bring that

4889
01:27:01,082 --> 01:27:02,850
into existence.

4890
01:27:02,850 --> 01:27:03,251
Yeah.

4891
01:27:03,251 --> 01:27:03,751
Not press

4892
01:27:03,751 --> 01:27:04,652
a key on the keyboard.

4893
01:27:04,652 --> 01:27:05,186
I wanted to

4894
01:27:05,186 --> 01:27:06,054
ask you, Joe.

4895
01:27:06,054 --> 01:27:06,788
And I'm going

4896
01:27:06,788 --> 01:27:08,623
to read your quote of

4897
01:27:08,623 --> 01:27:10,091
my note notebook.

4898
01:27:10,091 --> 01:27:11,059
I don't misquote you,

4899
01:27:11,059 --> 01:27:12,894
but once you, you once

4900
01:27:12,894 --> 01:27:14,429
you called Bitcoin

4901
01:27:14,429 --> 01:27:15,830
the most asymmetric

4902
01:27:15,830 --> 01:27:17,031
bet of all time.

4903
01:27:18,132 --> 01:27:18,533
What did you

4904
01:27:18,533 --> 01:27:21,302
mean by that?

4905
01:27:21,302 --> 01:27:21,736
Because it can

4906
01:27:21,736 --> 01:27:22,937
only lose 100%.

4907
01:27:22,937 --> 01:27:23,338
The most

4908
01:27:23,338 --> 01:27:26,341
you can lose is 100%,

4909
01:27:26,407 --> 01:27:26,908
but the most

4910
01:27:26,908 --> 01:27:27,342
it's going to go

4911
01:27:27,342 --> 01:27:28,142
up is forever,

4912
01:27:28,142 --> 01:27:28,576
because they're

4913
01:27:28,576 --> 01:27:29,010
never going

4914
01:27:29,010 --> 01:27:29,911
to stop printing money.

4915
01:27:29,911 --> 01:27:31,346
So when you measure it

4916
01:27:31,346 --> 01:27:31,913
in something

4917
01:27:31,913 --> 01:27:32,447
that someone's

4918
01:27:32,447 --> 01:27:34,048
going to print forever

4919
01:27:34,048 --> 01:27:35,283
and ultimately print

4920
01:27:35,283 --> 01:27:36,084
an infinite amount

4921
01:27:36,084 --> 01:27:36,851
of it,

4922
01:27:36,851 --> 01:27:39,020
it's going up forever.

4923
01:27:39,020 --> 01:27:40,722
So if you

4924
01:27:40,722 --> 01:27:41,923
if you

4925
01:27:41,923 --> 01:27:42,991
want to think

4926
01:27:42,991 --> 01:27:44,659
about how I stole

4927
01:27:44,659 --> 01:27:45,426
my economic

4928
01:27:45,426 --> 01:27:46,995
energy forever,

4929
01:27:46,995 --> 01:27:47,528
you have to

4930
01:27:47,528 --> 01:27:48,363
use Bitcoin.

4931
01:27:48,363 --> 01:27:49,397
There's no alternative.

4932
01:27:49,397 --> 01:27:49,797
And it's

4933
01:27:49,797 --> 01:27:50,632
the most asymmetric

4934
01:27:50,632 --> 01:27:51,332
bet of all time

4935
01:27:51,332 --> 01:27:52,233
because

4936
01:27:52,233 --> 01:27:53,001
most people

4937
01:27:53,001 --> 01:27:53,768
have no idea.

4938
01:27:53,768 --> 01:27:54,202
But it's

4939
01:27:54,202 --> 01:27:55,136
entirely obvious

4940
01:27:55,136 --> 01:27:55,737
once you connect

4941
01:27:55,737 --> 01:27:56,271
the dots.

4942
01:27:56,271 --> 01:27:57,171
And so

4943
01:27:57,171 --> 01:27:58,840
the total global

4944
01:27:58,840 --> 01:27:59,941
asset base

4945
01:27:59,941 --> 01:28:00,642
of everything

4946
01:28:00,642 --> 01:28:03,645
is about 1000 trillion

4947
01:28:03,811 --> 01:28:05,647
top market real estate,

4948
01:28:05,647 --> 01:28:06,247
the bond

4949
01:28:06,247 --> 01:28:08,182
market collectibles

4950
01:28:08,182 --> 01:28:09,717
all gold

4951
01:28:09,717 --> 01:28:10,952
thousand trillion.

4952
01:28:10,952 --> 01:28:12,954
Bitcoin is 2 trillion.

4953
01:28:12,954 --> 01:28:14,222
So it's 0.2%

4954
01:28:14,222 --> 01:28:15,056
and everything.

4955
01:28:15,056 --> 01:28:15,523
We've already

4956
01:28:15,523 --> 01:28:16,391
talked about

4957
01:28:16,391 --> 01:28:17,225
the decisions

4958
01:28:17,225 --> 01:28:17,659
you make

4959
01:28:17,659 --> 01:28:18,393
when you understand

4960
01:28:18,393 --> 01:28:19,327
Bitcoin.

4961
01:28:19,327 --> 01:28:19,994
You don't buy

4962
01:28:19,994 --> 01:28:21,496
the other stuff.

4963
01:28:21,496 --> 01:28:22,096
You sell the

4964
01:28:22,096 --> 01:28:23,164
other stuff

4965
01:28:23,164 --> 01:28:24,065
about bitcoin.

4966
01:28:25,233 --> 01:28:26,100
And so yeah.

4967
01:28:26,100 --> 01:28:27,068
So if you are

4968
01:28:27,068 --> 01:28:29,070
adamant in your view

4969
01:28:29,070 --> 01:28:30,171
that Bitcoin is perfect

4970
01:28:30,171 --> 01:28:31,406
money,

4971
01:28:31,406 --> 01:28:31,906
that everyone

4972
01:28:31,906 --> 01:28:32,407
in the world

4973
01:28:32,407 --> 01:28:33,408
is ultimately going

4974
01:28:33,408 --> 01:28:34,442
to understand,

4975
01:28:34,442 --> 01:28:34,842
and once

4976
01:28:34,842 --> 01:28:35,543
they understand,

4977
01:28:35,543 --> 01:28:37,211
they never go back,

4978
01:28:37,211 --> 01:28:37,812
then ultimately

4979
01:28:37,812 --> 01:28:39,013
everybody understands

4980
01:28:39,013 --> 01:28:40,615
one day.

4981
01:28:40,615 --> 01:28:41,182
And if everyone

4982
01:28:41,182 --> 01:28:41,683
understands,

4983
01:28:41,683 --> 01:28:42,283
everyone thinks

4984
01:28:42,283 --> 01:28:42,817
like you

4985
01:28:42,817 --> 01:28:43,184
and they don't

4986
01:28:43,184 --> 01:28:43,685
want anything

4987
01:28:43,685 --> 01:28:44,485
other than Bitcoin.

4988
01:28:44,485 --> 01:28:45,186
So for that

4989
01:28:45,186 --> 01:28:46,354
to be 0.2%

4990
01:28:46,354 --> 01:28:47,789
of everything right now

4991
01:28:47,789 --> 01:28:50,124
is ridiculous.

4992
01:28:50,124 --> 01:28:50,725
That's what I mean

4993
01:28:50,725 --> 01:28:51,793
by the greatest

4994
01:28:51,793 --> 01:28:52,560
asymmetrical power

4995
01:28:52,560 --> 01:28:53,695
of all time.

4996
01:28:53,695 --> 01:28:54,128
And it happens.

4997
01:28:54,128 --> 01:28:55,963
Yeah, it happens once.

4998
01:28:55,963 --> 01:28:56,397
This is a

4999
01:28:56,397 --> 01:28:57,999
civilizational change.

5000
01:28:57,999 --> 01:28:58,466
You don't

5001
01:28:58,466 --> 01:28:59,567
you don't go back.

5002
01:28:59,567 --> 01:29:00,468
Yeah. Go back.

5003
01:29:00,468 --> 01:29:01,269
There's

5004
01:29:01,269 --> 01:29:02,070
there's a quote

5005
01:29:02,070 --> 01:29:02,970
by an Australian

5006
01:29:02,970 --> 01:29:03,471
Bitcoin

5007
01:29:03,471 --> 01:29:04,205
called Peter

5008
01:29:04,205 --> 01:29:04,872
Dunn with that

5009
01:29:04,872 --> 01:29:05,807
I absolutely love.

5010
01:29:05,807 --> 01:29:06,774
And he said it's

5011
01:29:06,774 --> 01:29:07,809
not the big that eat

5012
01:29:07,809 --> 01:29:08,409
the small.

5013
01:29:08,409 --> 01:29:09,243
It's the fast

5014
01:29:09,243 --> 01:29:10,378
that eat the slow.

5015
01:29:10,378 --> 01:29:11,546
And I love that quote

5016
01:29:11,546 --> 01:29:12,213
for Bitcoin

5017
01:29:12,213 --> 01:29:13,414
because yeah

5018
01:29:14,382 --> 01:29:17,285
for obvious reasons.

5019
01:29:17,285 --> 01:29:17,652
Bitcoin.

5020
01:29:17,652 --> 01:29:20,154
Cannot eat everything.

5021
01:29:20,154 --> 01:29:21,322
You

5022
01:29:21,322 --> 01:29:22,123
you can't fight

5023
01:29:22,123 --> 01:29:24,092
incentives

5024
01:29:24,092 --> 01:29:25,126
long term.

5025
01:29:25,126 --> 01:29:25,560
And it's a

5026
01:29:25,560 --> 01:29:26,427
competitive vantage

5027
01:29:26,427 --> 01:29:28,262
for everybody.

5028
01:29:28,262 --> 01:29:29,797
And humans are humans.

5029
01:29:29,797 --> 01:29:30,431
You can't fake

5030
01:29:30,431 --> 01:29:31,132
human action.

5031
01:29:31,132 --> 01:29:31,733
You can try

5032
01:29:31,733 --> 01:29:32,500
and put structures

5033
01:29:32,500 --> 01:29:33,267
in place

5034
01:29:33,267 --> 01:29:33,968
that restrict

5035
01:29:33,968 --> 01:29:35,970
human action.

5036
01:29:35,970 --> 01:29:37,505
But we all know

5037
01:29:37,505 --> 01:29:39,540
those structures break.

5038
01:29:39,540 --> 01:29:41,409
That's what history is.

5039
01:29:41,409 --> 01:29:41,909
History

5040
01:29:41,909 --> 01:29:42,677
is about

5041
01:29:42,677 --> 01:29:45,680
putting structures

5042
01:29:46,080 --> 01:29:48,549
in and around humans

5043
01:29:48,549 --> 01:29:49,250
to constrain

5044
01:29:49,250 --> 01:29:51,786
what they do naturally.

5045
01:29:51,786 --> 01:29:52,453
And the last year

5046
01:29:52,453 --> 01:29:53,721
period of time,

5047
01:29:53,721 --> 01:29:54,856
and then the collapse

5048
01:29:54,856 --> 01:29:56,090
Bitcoin is

5049
01:29:56,090 --> 01:29:58,059
is a humanity upgrade.

5050
01:29:58,059 --> 01:29:59,527
A big one.

5051
01:29:59,527 --> 01:30:00,128
Big one.

5052
01:30:00,128 --> 01:30:01,028
And it removed I.

5053
01:30:01,028 --> 01:30:02,430
Never thought yeah,

5054
01:30:02,430 --> 01:30:03,297
I never thought

5055
01:30:03,297 --> 01:30:04,465
I would ever seen

5056
01:30:04,465 --> 01:30:05,500
anything like this

5057
01:30:05,500 --> 01:30:07,101
in my lifetime.

5058
01:30:07,101 --> 01:30:07,668
And I just

5059
01:30:07,668 --> 01:30:08,603
feel grateful

5060
01:30:08,603 --> 01:30:09,637
every single day

5061
01:30:09,637 --> 01:30:11,038
that I'm alive

5062
01:30:11,038 --> 01:30:12,673
to see this happen.

5063
01:30:12,673 --> 01:30:13,741
Like, it just.

5064
01:30:13,741 --> 01:30:15,343
Yeah, it's amazing.

5065
01:30:15,343 --> 01:30:15,977
Yeah, yeah.

5066
01:30:15,977 --> 01:30:16,811
I think we look back

5067
01:30:18,012 --> 01:30:18,546
in our old

5068
01:30:18,546 --> 01:30:20,481
age, hopefully,

5069
01:30:20,481 --> 01:30:22,083
I mean, hopefully

5070
01:30:22,083 --> 01:30:23,184
as we get to old age,

5071
01:30:23,184 --> 01:30:23,751
not hopefully

5072
01:30:23,751 --> 01:30:24,952
this happens.

5073
01:30:24,952 --> 01:30:26,888


5074
01:30:26,888 --> 01:30:28,456
And think,

5075
01:30:28,456 --> 01:30:28,923
how is it

5076
01:30:28,923 --> 01:30:30,191
not just so obvious?

5077
01:30:30,191 --> 01:30:30,591
How is it

5078
01:30:30,591 --> 01:30:31,893
not so obvious as quick

5079
01:30:31,893 --> 01:30:34,061
as most people haven't,

5080
01:30:34,061 --> 01:30:35,129
haven't even done

5081
01:30:35,129 --> 01:30:36,063
a small amount of work.

5082
01:30:36,063 --> 01:30:37,832
Yeah.

5083
01:30:37,832 --> 01:30:38,733
And so

5084
01:30:38,733 --> 01:30:39,367
my encouragements

5085
01:30:39,367 --> 01:30:40,067
everyone would be

5086
01:30:40,067 --> 01:30:41,869
just to just start,

5087
01:30:41,869 --> 01:30:42,136
start

5088
01:30:42,136 --> 01:30:43,104
reading something,

5089
01:30:43,104 --> 01:30:43,504
watch

5090
01:30:43,504 --> 01:30:45,139
what's the problem

5091
01:30:45,139 --> 01:30:45,840
then watch a few

5092
01:30:45,840 --> 01:30:47,775
more videos

5093
01:30:47,775 --> 01:30:48,709
and you'll connect

5094
01:30:48,709 --> 01:30:51,712
the dots and

5095
01:30:51,779 --> 01:30:52,580
hopefully never look.

5096
01:30:52,580 --> 01:30:53,448
Never look back

5097
01:30:53,448 --> 01:30:54,382
and then

5098
01:30:54,382 --> 01:30:54,916
take control

5099
01:30:54,916 --> 01:30:57,151
of your life again.

5100
01:30:57,151 --> 01:30:57,752
Be optimistic

5101
01:30:57,752 --> 01:30:59,754
about the future.

5102
01:30:59,754 --> 01:31:01,522
Absolutely.

5103
01:31:01,522 --> 01:31:02,490
And I

5104
01:31:02,490 --> 01:31:03,057
don't want to keep

5105
01:31:03,057 --> 01:31:03,724
you much longer

5106
01:31:03,724 --> 01:31:04,292
because we're

5107
01:31:04,292 --> 01:31:06,360
already quite

5108
01:31:06,360 --> 01:31:07,862
long into this podcast.

5109
01:31:07,862 --> 01:31:09,063
But the last question

5110
01:31:09,063 --> 01:31:09,797
I want to ask you,

5111
01:31:09,797 --> 01:31:11,399
Joe, is

5112
01:31:11,399 --> 01:31:12,500
a speculative one,

5113
01:31:12,500 --> 01:31:13,201
but it's

5114
01:31:13,201 --> 01:31:14,035
you're speculating

5115
01:31:14,035 --> 01:31:15,303
on your own self.

5116
01:31:15,303 --> 01:31:16,404
Okay.

5117
01:31:16,404 --> 01:31:17,805
And where

5118
01:31:17,805 --> 01:31:18,506
like where

5119
01:31:18,506 --> 01:31:19,907
do you hope to see

5120
01:31:19,907 --> 01:31:20,408
Bitcoin in

5121
01:31:20,408 --> 01:31:21,476
the next ten years.

5122
01:31:21,476 --> 01:31:22,410
As an active medium

5123
01:31:22,410 --> 01:31:23,144
of exchange?

5124
01:31:23,144 --> 01:31:23,511
That's the

5125
01:31:23,511 --> 01:31:24,579
missing piece

5126
01:31:24,579 --> 01:31:25,046
right now.

5127
01:31:26,247 --> 01:31:27,615
For us.

5128
01:31:27,615 --> 01:31:28,382
It's seen as

5129
01:31:28,382 --> 01:31:28,883
increasingly

5130
01:31:28,883 --> 01:31:29,684
a store of value,

5131
01:31:29,684 --> 01:31:30,384
especially pushed

5132
01:31:30,384 --> 01:31:32,920
by the financial,

5133
01:31:32,920 --> 01:31:34,055
participants,

5134
01:31:34,055 --> 01:31:34,989
financial players,

5135
01:31:34,989 --> 01:31:36,023
etc., etc.

5136
01:31:36,023 --> 01:31:36,858
it's absolutely not.

5137
01:31:36,858 --> 01:31:38,793
It's money.

5138
01:31:38,793 --> 01:31:39,627
It's peer to peer

5139
01:31:39,627 --> 01:31:41,896
electronic cash.

5140
01:31:41,896 --> 01:31:42,897
It's not something

5141
01:31:42,897 --> 01:31:43,564
you put in evolve

5142
01:31:43,564 --> 01:31:44,265
to never touch

5143
01:31:44,265 --> 01:31:44,765
Bitcoin

5144
01:31:44,765 --> 01:31:46,000
is going to become

5145
01:31:46,000 --> 01:31:46,534
the medium

5146
01:31:46,534 --> 01:31:47,735
of exchange globally.

5147
01:31:47,735 --> 01:31:48,302
We're just trying

5148
01:31:48,302 --> 01:31:48,736
to remove

5149
01:31:48,736 --> 01:31:49,370
those frictions

5150
01:31:49,370 --> 01:31:51,172
at this point,

5151
01:31:51,172 --> 01:31:52,006
it is coming.

5152
01:31:52,006 --> 01:31:52,607
You're never going

5153
01:31:52,607 --> 01:31:53,341
to need to.

5154
01:31:53,341 --> 01:31:54,075
In my view,

5155
01:31:54,075 --> 01:31:54,609
you're never going

5156
01:31:54,609 --> 01:31:54,842
to need

5157
01:31:54,842 --> 01:31:55,710
to sell your bitcoin

5158
01:31:55,710 --> 01:31:57,178
because one day

5159
01:31:57,178 --> 01:31:57,512
you'll just

5160
01:31:57,512 --> 01:31:58,513
spend it all

5161
01:31:58,513 --> 01:31:59,580
your shopping in it.

5162
01:31:59,580 --> 01:32:02,116
You pay mortgage in it,

5163
01:32:02,116 --> 01:32:02,583
the mortgage would be

5164
01:32:02,583 --> 01:32:04,652
a lot smaller.

5165
01:32:04,652 --> 01:32:06,254
And it is today.

5166
01:32:06,254 --> 01:32:08,589
I bet you'll use it.

5167
01:32:08,589 --> 01:32:09,390
It's peer

5168
01:32:09,390 --> 01:32:09,824
to peer

5169
01:32:09,824 --> 01:32:12,093
electronic cash,

5170
01:32:12,093 --> 01:32:12,994
but it's your long term

5171
01:32:12,994 --> 01:32:14,195
economic battery.

5172
01:32:14,195 --> 01:32:15,096
It is everything.

5173
01:32:15,096 --> 01:32:15,363
It's your

5174
01:32:15,363 --> 01:32:16,163
store of value.

5175
01:32:16,163 --> 01:32:16,697
It's the medium

5176
01:32:16,697 --> 01:32:17,398
of exchange.

5177
01:32:17,398 --> 01:32:17,999
And ultimately

5178
01:32:17,999 --> 01:32:19,433
it's how you think.

5179
01:32:19,433 --> 01:32:20,134
It's your it's

5180
01:32:20,134 --> 01:32:20,568
going to be

5181
01:32:20,568 --> 01:32:22,370
your unit of account.

5182
01:32:22,370 --> 01:32:23,037
You don't think in

5183
01:32:23,037 --> 01:32:24,438
Aussie dollars anymore.

5184
01:32:24,438 --> 01:32:25,373
We think in Bitcoin

5185
01:32:25,373 --> 01:32:26,173
that's that's

5186
01:32:26,173 --> 01:32:27,608
where it's going.

5187
01:32:27,608 --> 01:32:28,476
It just takes time.

5188
01:32:28,476 --> 01:32:29,010
And so my

5189
01:32:29,010 --> 01:32:30,211
my personal focus

5190
01:32:30,211 --> 01:32:31,379
next ten years

5191
01:32:31,379 --> 01:32:31,946
how do we help.

5192
01:32:33,381 --> 01:32:34,048
How do we fix

5193
01:32:34,048 --> 01:32:35,049
medium of exchange.

5194
01:32:35,049 --> 01:32:35,917
I have a feeling

5195
01:32:35,917 --> 01:32:37,251
it will happen.

5196
01:32:37,251 --> 01:32:38,619
And I'll tell you why.

5197
01:32:38,619 --> 01:32:38,886
There's

5198
01:32:38,886 --> 01:32:40,555
this one little clue

5199
01:32:40,555 --> 01:32:41,389
that happened

5200
01:32:41,389 --> 01:32:42,823
in BlackRock's,

5201
01:32:42,823 --> 01:32:45,793
letter 2025 letter

5202
01:32:45,793 --> 01:32:47,795
to the investors

5203
01:32:47,795 --> 01:32:49,931
and shareholders.

5204
01:32:49,931 --> 01:32:50,598
Small line

5205
01:32:50,598 --> 01:32:51,632
that says

5206
01:32:51,632 --> 01:32:53,634
if US doesn't

5207
01:32:53,634 --> 01:32:54,402
get its debt

5208
01:32:54,402 --> 01:32:55,970
under control,

5209
01:32:55,970 --> 01:32:57,071
it's going to lose

5210
01:32:57,071 --> 01:32:57,972
the world

5211
01:32:57,972 --> 01:32:59,774
reserve currency status

5212
01:32:59,774 --> 01:33:01,742
to Bitcoin.

5213
01:33:01,742 --> 01:33:03,511
And he didn't say

5214
01:33:03,511 --> 01:33:05,279
the Chinese yuan.

5215
01:33:05,279 --> 01:33:06,480
He said bitcoin.

5216
01:33:06,480 --> 01:33:08,616
So it's almost like

5217
01:33:08,616 --> 01:33:09,183
America

5218
01:33:09,183 --> 01:33:10,117
has an incentive

5219
01:33:10,117 --> 01:33:11,586
to push this.

5220
01:33:11,586 --> 01:33:14,589
F well yeah I guess

5221
01:33:14,722 --> 01:33:15,723
there's a slight nuance

5222
01:33:15,723 --> 01:33:17,558
there as well because

5223
01:33:17,558 --> 01:33:18,459
you can have

5224
01:33:18,459 --> 01:33:19,026
you could have

5225
01:33:19,026 --> 01:33:19,393
they could have

5226
01:33:19,393 --> 01:33:21,829
easily said gold.

5227
01:33:21,829 --> 01:33:21,996
Right.

5228
01:33:21,996 --> 01:33:22,396
And that

5229
01:33:22,396 --> 01:33:23,464
that wouldn't make gold

5230
01:33:23,464 --> 01:33:24,565
the medium of exchange.

5231
01:33:24,565 --> 01:33:25,032
It would just be

5232
01:33:25,032 --> 01:33:26,133
the reserve

5233
01:33:26,133 --> 01:33:26,968
currency is what you

5234
01:33:26,968 --> 01:33:27,501
would hold

5235
01:33:27,501 --> 01:33:28,069
in your vault.

5236
01:33:29,136 --> 01:33:29,403
Yeah.

5237
01:33:29,403 --> 01:33:29,770
So where are you

5238
01:33:29,770 --> 01:33:30,605
going with this?

5239
01:33:30,605 --> 01:33:31,706
And so yeah,

5240
01:33:31,706 --> 01:33:32,139
I mean that's

5241
01:33:32,139 --> 01:33:33,507
absolutely true.

5242
01:33:33,507 --> 01:33:33,975
Bitcoin

5243
01:33:33,975 --> 01:33:35,309
will replace the dollar

5244
01:33:35,309 --> 01:33:37,411
as the global reserve

5245
01:33:37,411 --> 01:33:38,112
currency

5246
01:33:38,112 --> 01:33:38,779
is the wrong thing.

5247
01:33:38,779 --> 01:33:40,481
It's currency on money.

5248
01:33:40,481 --> 01:33:41,148
At some point

5249
01:33:41,148 --> 01:33:42,783
in the future.

5250
01:33:42,783 --> 01:33:43,517
That's not ready.

5251
01:33:43,517 --> 01:33:44,118
No one's ready

5252
01:33:44,118 --> 01:33:44,685
for that.

5253
01:33:44,685 --> 01:33:45,553
Yeah the infrastructure

5254
01:33:45,553 --> 01:33:47,221
is not ready for that.

5255
01:33:47,221 --> 01:33:47,722
Yeah.

5256
01:33:47,722 --> 01:33:48,889
So many fiat currencies

5257
01:33:48,889 --> 01:33:50,925
will die completely

5258
01:33:50,925 --> 01:33:51,993
before then.

5259
01:33:51,993 --> 01:33:53,060
And I,

5260
01:33:53,060 --> 01:33:53,461
I believe

5261
01:33:53,461 --> 01:33:54,061
we're going to see

5262
01:33:54,061 --> 01:33:55,062
a reduction

5263
01:33:55,062 --> 01:33:55,363
in number

5264
01:33:55,363 --> 01:33:56,130
of fiat currencies

5265
01:33:56,130 --> 01:33:57,765
we have globally

5266
01:33:57,765 --> 01:33:58,432
over time.

5267
01:33:58,432 --> 01:33:59,133
And they will either

5268
01:33:59,133 --> 01:34:00,001
move to the dollar

5269
01:34:00,001 --> 01:34:02,303
or bitcoin,

5270
01:34:02,303 --> 01:34:02,903
especially as the

5271
01:34:02,903 --> 01:34:03,838
dollar promotes

5272
01:34:03,838 --> 01:34:04,772
as the US promotes

5273
01:34:04,772 --> 01:34:06,574
stablecoins

5274
01:34:06,574 --> 01:34:08,376
which can then eat

5275
01:34:08,376 --> 01:34:09,143
fiat currencies

5276
01:34:09,143 --> 01:34:10,478
all over the world.

5277
01:34:10,478 --> 01:34:11,112
Dollar is

5278
01:34:11,112 --> 01:34:11,812
fiat currencies

5279
01:34:11,812 --> 01:34:12,380
very easily

5280
01:34:12,380 --> 01:34:14,415
on, low cost

5281
01:34:14,415 --> 01:34:15,750
payment rails instantly

5282
01:34:17,652 --> 01:34:17,985
everyone will

5283
01:34:17,985 --> 01:34:18,452
have a choice.

5284
01:34:18,452 --> 01:34:19,020
It's the dollar

5285
01:34:19,020 --> 01:34:20,521
or bitcoin,

5286
01:34:20,521 --> 01:34:21,956
but the choice

5287
01:34:21,956 --> 01:34:23,491
of the US,

5288
01:34:23,491 --> 01:34:24,358
it will be the dollar

5289
01:34:24,358 --> 01:34:25,459
built on bitcoin,

5290
01:34:25,459 --> 01:34:26,360
because the US knows

5291
01:34:26,360 --> 01:34:26,827
the only way

5292
01:34:26,827 --> 01:34:28,496
out of being solvency.

5293
01:34:28,496 --> 01:34:30,531
It finds itself in

5294
01:34:30,531 --> 01:34:32,600
is by owning Bitcoin.

5295
01:34:32,600 --> 01:34:33,134
And so the way

5296
01:34:33,134 --> 01:34:33,968
that they all going

5297
01:34:33,968 --> 01:34:35,002
gold in Fort Knox,

5298
01:34:35,002 --> 01:34:35,736
they already

5299
01:34:35,736 --> 01:34:36,537
are the biggest bitcoin

5300
01:34:36,537 --> 01:34:38,172
holders in the world.

5301
01:34:38,172 --> 01:34:38,806
And they know

5302
01:34:38,806 --> 01:34:39,507
they're staffed.

5303
01:34:39,507 --> 01:34:40,374
Their administration

5304
01:34:40,374 --> 01:34:41,409
staff full of bitcoins.

5305
01:34:41,409 --> 01:34:41,942
They know

5306
01:34:41,942 --> 01:34:42,510
Bitcoin is

5307
01:34:42,510 --> 01:34:43,878
the only way out.

5308
01:34:43,878 --> 01:34:44,545
So you've got to own

5309
01:34:44,545 --> 01:34:45,212
as much bitcoin

5310
01:34:45,212 --> 01:34:46,981
as quickly as possible.

5311
01:34:46,981 --> 01:34:47,381
And you're

5312
01:34:47,381 --> 01:34:48,115
collateralize

5313
01:34:48,115 --> 01:34:49,650
the dollar with bitcoin

5314
01:34:49,650 --> 01:34:51,585
by doing so

5315
01:34:51,585 --> 01:34:52,820
drive Bitcoin adoption

5316
01:34:52,820 --> 01:34:53,854
globally in Bitcoin

5317
01:34:53,854 --> 01:34:54,689
becomes partner

5318
01:34:54,689 --> 01:34:56,590
to the dollar

5319
01:34:56,590 --> 01:34:57,591
and helps cement

5320
01:34:57,591 --> 01:34:58,592
the dollar's position

5321
01:34:58,592 --> 01:34:59,860
as the

5322
01:34:59,860 --> 01:35:02,063
global reserve currency

5323
01:35:02,063 --> 01:35:03,330
for a number of years

5324
01:35:03,330 --> 01:35:03,698
to come.

5325
01:35:03,698 --> 01:35:04,398
But ultimately

5326
01:35:04,398 --> 01:35:04,899
Bitcoin it's

5327
01:35:04,899 --> 01:35:05,800
the dollar.

5328
01:35:05,800 --> 01:35:06,267
Because why would

5329
01:35:06,267 --> 01:35:06,634
I want to use

5330
01:35:06,634 --> 01:35:07,234
the dollar when I

5331
01:35:07,234 --> 01:35:08,169
can just use Bitcoin.

5332
01:35:09,570 --> 01:35:09,970
But by

5333
01:35:09,970 --> 01:35:12,973
enabling the dollar

5334
01:35:12,973 --> 01:35:15,543
to retain its

5335
01:35:15,543 --> 01:35:16,977
primary status

5336
01:35:16,977 --> 01:35:17,812
for longer

5337
01:35:17,812 --> 01:35:18,813
than it should,

5338
01:35:18,813 --> 01:35:21,115
it makes the world

5339
01:35:21,115 --> 01:35:21,782
aware

5340
01:35:21,782 --> 01:35:23,250
and very comfortable

5341
01:35:23,250 --> 01:35:25,286
with Bitcoin.

5342
01:35:25,286 --> 01:35:26,187
So then why do you

5343
01:35:26,187 --> 01:35:26,821
need the dollar?

5344
01:35:26,821 --> 01:35:28,923
That's how I see the

5345
01:35:28,923 --> 01:35:29,290
how I see

5346
01:35:29,290 --> 01:35:30,191
the future playing.

5347
01:35:30,191 --> 01:35:31,225
Now obviously

5348
01:35:31,225 --> 01:35:31,592
I'm going to be

5349
01:35:31,592 --> 01:35:32,293
totally wrong,

5350
01:35:32,293 --> 01:35:33,260
but that's

5351
01:35:33,260 --> 01:35:34,261
the marketplace

5352
01:35:34,261 --> 01:35:34,595
of money.

5353
01:35:34,595 --> 01:35:35,096
That's that's

5354
01:35:35,096 --> 01:35:35,696
how I see it.

5355
01:35:35,696 --> 01:35:37,865
As I see it.

5356
01:35:37,865 --> 01:35:39,700
Yeah. Yeah.

5357
01:35:39,700 --> 01:35:41,102
Well yeah,

5358
01:35:41,102 --> 01:35:42,169
this conversation

5359
01:35:42,169 --> 01:35:43,170
has given me so much

5360
01:35:43,170 --> 01:35:43,971
to think about,

5361
01:35:43,971 --> 01:35:45,005
and I'm very grateful

5362
01:35:45,005 --> 01:35:45,573
that you came

5363
01:35:45,573 --> 01:35:46,440
on the show.

5364
01:35:46,440 --> 01:35:47,041
Oh my. Pleasure.

5365
01:35:47,041 --> 01:35:48,776
Thank, thank you.

5366
01:35:48,776 --> 01:35:49,176
Thank you

5367
01:35:49,176 --> 01:35:51,479
for your time.

5368
01:35:51,479 --> 01:35:52,379
Lot lots

5369
01:35:52,379 --> 01:35:53,114
for,

5370
01:35:53,114 --> 01:35:54,381
people to think about.

5371
01:35:54,381 --> 01:35:55,983
And I'll drop some

5372
01:35:55,983 --> 01:35:57,284
links in the,

5373
01:35:57,284 --> 01:35:58,886
the podcast description

5374
01:35:58,886 --> 01:36:00,521
and yeah, thanks again.

5375
01:36:00,521 --> 01:36:01,122
Okay.

5376
01:36:01,122 --> 01:36:01,522
Well thank you,

5377
01:36:01,522 --> 01:36:02,356
thank you.

5378
01:36:02,356 --> 01:36:03,491
That's it for this week

5379
01:36:03,491 --> 01:36:04,492
on the Honest Money

5380
01:36:04,492 --> 01:36:05,192
Show.

5381
01:36:05,192 --> 01:36:06,994
Big thanks to be to

5382
01:36:06,994 --> 01:36:07,962
check out one more

5383
01:36:07,962 --> 01:36:08,596
Aussies are

5384
01:36:08,596 --> 01:36:09,797
choosing them at future

5385
01:36:09,797 --> 01:36:10,831
Root.com today

5386
01:36:10,831 --> 01:36:12,032
you and shout

5387
01:36:12,032 --> 01:36:13,033
out to our listeners

5388
01:36:13,033 --> 01:36:13,701
and found to

5389
01:36:13,701 --> 01:36:15,002
where you can earn subs

5390
01:36:15,002 --> 01:36:16,670
just by tuning in.

5391
01:36:16,670 --> 01:36:17,738
If you appreciate

5392
01:36:17,738 --> 01:36:18,205
the way

5393
01:36:18,205 --> 01:36:18,873
we cut through the.

5394
01:36:18,873 --> 01:36:19,540
Noise,

5395
01:36:19,540 --> 01:36:20,441
you can support us.

5396
01:36:20,441 --> 01:36:21,275
Directly via

5397
01:36:21,275 --> 01:36:22,209
the QR code

5398
01:36:22,209 --> 01:36:23,778
in the episode. Notes.

5399
01:36:23,778 --> 01:36:24,879
Until next week,

5400
01:36:24,879 --> 01:36:26,147
take care of yourself

5401
01:36:26,147 --> 01:36:26,914
and your money.