The Big Print with Larry Lepard - Bitcoin Infinity Show #145

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Financialization has created

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kind of a billionaire class.

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And then all the rest of us

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and the middle class has really gotten

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eviscerated in the process.

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I mean, the interest rate

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is the price of money.

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The price of money determines

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how capital is allocated.

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If the society correctly allocates

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its capital, everybody gets better off.

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I think the top 1% of the country owns

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92% of the wealth today.

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I mean, this is just incredibly absurd.

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I mean, you guys know this.

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It all starts with the money.

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If we had sound money,

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things would be a lot better

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across a lot of dimensions.

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If you understand Bitcoin.

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It means you've got

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a clear understanding of,

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you know,

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what a fair monetary protocol

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looks like

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and ought to be the notion

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that mankind might have solved

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that problem

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by creating a form of money

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that cannot be subject to tomfoolery

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because it's mathematically driven.

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That is a big, big, big deal.

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Larry welcome back to the Bitcoin

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Infinity Show.

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Thank you.

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Thanks, guys.

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It's,

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I've really enjoyed

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our past conversations.

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I'm looking forward to this one.

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Note and look yeah. Us two, of course.

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I think the last one was in Madera,

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wasn't it?

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It was.

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It was for a soccer stadium,

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which was a lot of fun.

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I had a great time over there.

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Yeah, yeah,

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we we had this great big wall behind us

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with meat on it.

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You remember that?

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I don't remember that now.

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Yeah, yeah, I'm.

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It must be.

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And Ronaldo and all those guys.

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Yeah yeah, yeah.

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No, that was fantastic.

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And a lot has happened

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since in our lives.

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And a lot has happened on the island,

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and a lot has happened in your life

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and all. True. Yeah.

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And I guess the third of those three

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is what we're here to talk about. So.

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So what's been going on

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with Larry Langford

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since we last saw each other in Madera?

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What is it now?

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One nine, 1st March, I think. Right.

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Yeah. So, yeah.

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Let me give you the timeline.

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I'll take people through the timeline.

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So sometime

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after that, I want to say in

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April or May,

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I was watching,

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a political show on TV, just,

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you know, something on CNN or whatever,

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which I try to avoid watching.

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But somehow I got to watching it,

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and I was watching

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blue people and red people

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screaming at each other

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and criticize each other

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and argue with each other.

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And I,

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I came away just incredibly frustrated

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because I thought to myself,

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they're all arguing

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about the wrong stuff.

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The things that are important,

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for sure, but

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but when the underlying issue

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really is that the money is broken and,

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you know, and that was never discussed.

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They weren't talking about deficits,

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they weren't talking about inflation.

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They weren't care about, hey, that's

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what I believe

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are kind of the core issues

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that are driving the difficulty

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in our society today.

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And and it really angered me.

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I think

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somebody has got to tell this story

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of what's going on

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and try to re-orient these people

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to think about, you

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know, this core issue. And,

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and then I thought, well, okay,

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but some people have done it

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and I, you know,

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I give them a ton of credit

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because they've done a great job of it.

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And that borrowed heavily in my book.

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I mean, I use a lot of their stuff.

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And those would be, you know,

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saving animals with a Bitcoin star

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or a fabulous book

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and then all the broken money,

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other fabulous pork chop booths with,

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you know, the price of tomorrow

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and, you know, the families way

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and, and,

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you know, a

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lot of other macro analysts

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that I've relied on, you know,

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to, to gather information,

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I thought to myself,

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somebody's got to put this in a form

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that's easy for everybody to understand.

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It's not a textbook.

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It's more of a story

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because people like to read stories

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and narratives,

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and people don't really read

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textbooks and,

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and explain,

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you know, why things are so messed up

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and then how to fix it.

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And,

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so that was really kind of

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the genesis of the idea.

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And I didn't know if I could do it.

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And then

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I, I as time went by,

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I got more and more confident

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I could do it.

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And I've done the best I can with it,

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and we'll see if it's any good.

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But, you know, the

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I felt like I probably fit

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in kind of a unique position

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because I've been at sound money

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for a long time before Bitcoin even.

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And this is don't get me wrong,

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this is a Bitcoin bought.

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This supports Bitcoin massively.

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But but pre Bitcoin

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you know gold is our only choice.

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And I'm a gold guy.

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And I've been at this battle

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for a long long time.

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Support of Ron Paul and so forth.

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And been a very strong advocate

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of ending the fed.

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And you know,

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I just thought

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I've got, you know,

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and I made a lot of great Bitcoin

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and many of them were very young.

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And, you know, they weren't even around

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when a lot of these older events

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were going on that I saw take place

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that are all messed up.

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And I thought well you know

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so I've got kind of

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institutional memory, right?

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I can say,

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hey, I remember when that happened

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and I remember how we react to it.

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So, so I kind of took all those,

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I put them in a book and

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I made it a story.

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And, you know, like with any story,

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they're, they're good guys

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and they're heroes and villains.

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You know,

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the villains are the central bankers.

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The heroes, in my view,

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are the sound money crew.

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And, you know,

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I just kind of try to tell a story and,

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make it readable

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and make it enjoyable, but

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but also make it educational

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because I think that

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most people really don't

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think about this very much.

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They don't understand

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the issue of sound money.

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They don't understand

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why Keynes was wrong.

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They don't understand why

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deflation is a good thing.

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They don't understand

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that interest in savings

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have to balance each other out,

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and that the interest rate

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is the price of money.

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I mean, all those things,

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the most, most people in the world

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just have no clue on those topics.

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And yet those topics are what inform,

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you know, societal well-being, right?

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I mean, the interest rate

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is the price of money.

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The price of money determines

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how capital is allocated

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and the way that if we

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if if the society

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correctly allocates its capital,

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everybody gets better off.

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And that's what we want.

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We want more prosperity

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for everybody, top,

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bottom, middle, all of it.

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And that happens

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when interest rates currently set.

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And it doesn't happen

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when you have a pull up bureau

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like organization like the fed

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setting the interest rate,

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you know they go to zero, they go to 20.

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They you know, they're all over the place

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and they just nobody can plan.

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You know, business

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people get hurt, individuals

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get hurt on the bubbles burst.

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And so you know, so that's

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that's kind of the, the thesis

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and the genesis of the book and, and,

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you know, I've

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just I've kind of told a story

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that I'm hoping,

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you know, anyone with,

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you know, people

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without a financial background.

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And I tested it

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and, you know,

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I tested a lot of people

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that financial backers

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got a lot of feedback.

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I mean, perfect examples.

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Early on in the book, somebody said,

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what's the Federal Reserve?

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So I put in a footnote and said, well,

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you know,

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we all know what the Federal Reserve

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is, but, you know,

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the average person may not.

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So explain that,

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and I took suggestions

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and my wife had a great suggestion,

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and she said,

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you need to sharpen your own skepticism

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because everybody's skeptical of this,

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and you got to explain why they

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shouldn't be.

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So, you know,

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that's how that chapter came about. So,

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so here it is.

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It's, it's almost done.

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As you guys know,

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we're all working to get it and press

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ready for form.

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And, hopefully within a few weeks,

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you know, it'll you can buy it.

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Well, you can buy it now

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as a Kindle book boss preorder.

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But but I mean, you'll be able to read it

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in a few weeks.

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Of course.

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Mr.. Hello there.

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And here's how to use code infinity

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like everywhere on the internet.

287
00:06:48,666 --> 00:06:52,000
For instance for the MicroStrategy

288
00:06:52,208 --> 00:06:55,208
Bitcoin for corporations, conference

289
00:06:55,541 --> 00:06:57,333
for BTC, frog for BTC.

290
00:06:57,333 --> 00:06:57,625
Hell,

291
00:06:57,625 --> 00:06:59,541
we come to Helsinki in August

292
00:06:59,541 --> 00:07:02,458
and make sure T goes stamp seed

293
00:07:02,458 --> 00:07:03,875
with your three fantastic

294
00:07:03,875 --> 00:07:05,708
little C plates.

295
00:07:05,708 --> 00:07:07,916
You can get the infinite, the over 21

296
00:07:07,916 --> 00:07:10,916
million, this, special plates.

297
00:07:11,083 --> 00:07:14,083
But we collaborated with them and,

298
00:07:14,083 --> 00:07:14,583
making,

299
00:07:15,875 --> 00:07:18,541
use code Infinity for a discount.

300
00:07:18,541 --> 00:07:20,916
Same thing goes for our favorite

301
00:07:20,916 --> 00:07:23,041
hardware, Walmart B big box.

302
00:07:23,041 --> 00:07:25,500
So to the spirit box, dot Swiss.

303
00:07:25,500 --> 00:07:28,125
So get that,

304
00:07:28,125 --> 00:07:29,833
the Bitcoin advisor

305
00:07:29,833 --> 00:07:31,000
for bitcoin inheritance

306
00:07:31,000 --> 00:07:32,750
planning and so on and so forth.

307
00:07:32,750 --> 00:07:34,458
And the general advice

308
00:07:34,458 --> 00:07:36,375
Bitcoin advisor.com.

309
00:07:36,375 --> 00:07:38,083
And make sure to like subscribe

310
00:07:38,083 --> 00:07:38,958
and brush your feet

311
00:07:38,958 --> 00:07:41,916
and all that for the Bitcoin infinity.com

312
00:07:41,916 --> 00:07:44,916
and get some stuff and some books.

313
00:07:45,041 --> 00:07:47,666
Great to have you here.

314
00:07:47,666 --> 00:07:49,250
Now, skepticism

315
00:07:49,250 --> 00:07:51,625
is what brought me to Bitcoin

316
00:07:51,625 --> 00:07:52,458
in the first place.

317
00:07:52,458 --> 00:07:53,083
Absolutely.

318
00:07:53,083 --> 00:07:54,041
Like I was a

319
00:07:54,041 --> 00:07:56,666
I was a skeptic towards fiat money.

320
00:07:56,666 --> 00:07:57,958
I didn't really

321
00:07:57,958 --> 00:07:58,583
yeah, it

322
00:07:58,583 --> 00:07:59,750
didn't make sense to me

323
00:07:59,750 --> 00:08:00,458
that everything

324
00:08:00,458 --> 00:08:02,333
would have to go up in price.

325
00:08:02,333 --> 00:08:03,208
And, well,

326
00:08:03,208 --> 00:08:04,958
I think I put this in one of the books

327
00:08:04,958 --> 00:08:06,708
that the Federal Reserve

328
00:08:06,708 --> 00:08:08,333
is the Galactic Empire.

329
00:08:08,333 --> 00:08:10,125
We in caps are the,

330
00:08:10,125 --> 00:08:11,875
rebellion and Bitcoin

331
00:08:11,875 --> 00:08:12,541
is the photon

332
00:08:12,541 --> 00:08:14,791
torpedoes fired at the Death Star's

333
00:08:14,791 --> 00:08:16,791
a thermal exhaust pipe,

334
00:08:16,791 --> 00:08:18,166
and it just about to blow up.

335
00:08:18,166 --> 00:08:19,041
I mean, I think that's a

336
00:08:19,041 --> 00:08:20,291
that's a pretty good model

337
00:08:20,291 --> 00:08:21,500
for what's going on here.

338
00:08:21,500 --> 00:08:24,291
And and by the way, we're winning.

339
00:08:24,291 --> 00:08:25,375
I mean, the fed is really in a

340
00:08:25,375 --> 00:08:26,666
lot of trouble, you know.

341
00:08:27,958 --> 00:08:28,583
So so

342
00:08:28,583 --> 00:08:29,375
in that respect, the

343
00:08:29,375 --> 00:08:30,416
book is kind of timely.

344
00:08:30,416 --> 00:08:32,208
I mean, I'm hopping on a trend

345
00:08:32,208 --> 00:08:33,541
that we're we're already the train

346
00:08:33,541 --> 00:08:34,583
as the is running down

347
00:08:34,583 --> 00:08:36,541
the track pretty hard and it's.

348
00:08:36,541 --> 00:08:37,000
Yeah.

349
00:08:37,000 --> 00:08:38,375
And it's a it's

350
00:08:38,375 --> 00:08:40,125
this is a really timely issue

351
00:08:40,125 --> 00:08:41,000
that in my opinion

352
00:08:41,000 --> 00:08:42,583
is going to explode onto everybody's

353
00:08:42,583 --> 00:08:43,875
radar screen.

354
00:08:43,875 --> 00:08:45,291
You know, with the next big problem.

355
00:08:45,291 --> 00:08:47,166
So,

356
00:08:47,166 --> 00:08:49,541
you know thus, thus the book.

357
00:08:49,541 --> 00:08:49,791
Yeah.

358
00:08:49,791 --> 00:08:50,875
And that's the name of the book,

359
00:08:50,875 --> 00:08:53,208
by the way, the, the big print. Right.

360
00:08:53,208 --> 00:08:54,791
And we've had the opportunity.

361
00:08:54,791 --> 00:08:55,416
Look, and I have

362
00:08:55,416 --> 00:08:57,166
had the opportunity to read it early

363
00:08:57,166 --> 00:08:58,666
and help you out a bit with it,

364
00:08:58,666 --> 00:09:00,333
which we're really super proud.

365
00:09:00,333 --> 00:09:00,958
To help on it.

366
00:09:00,958 --> 00:09:03,250
Yeah, I really appreciate that.

367
00:09:03,250 --> 00:09:05,250
And, I mean, I,

368
00:09:05,250 --> 00:09:08,250
I read through a early draft

369
00:09:08,291 --> 00:09:09,333
and I loved it.

370
00:09:09,333 --> 00:09:11,041
And, Luke has read

371
00:09:11,041 --> 00:09:12,625
a more updated version

372
00:09:12,625 --> 00:09:14,083
and is working on it right now,

373
00:09:14,083 --> 00:09:15,333
and he loves it, too.

374
00:09:15,333 --> 00:09:16,250
I know, and like,

375
00:09:16,250 --> 00:09:18,708
we're so looking forward to this launch

376
00:09:18,708 --> 00:09:20,041
because this is great.

377
00:09:20,041 --> 00:09:20,666
This is

378
00:09:20,666 --> 00:09:23,250
this is not only Bitcoin for boomers.

379
00:09:23,250 --> 00:09:26,250
This is this is something else like.

380
00:09:26,333 --> 00:09:27,500
Yeah everybody this is

381
00:09:27,500 --> 00:09:30,416
this is it's a broad societal movement.

382
00:09:30,416 --> 00:09:31,166
And that's

383
00:09:31,166 --> 00:09:32,333
you know, I've been talking to people,

384
00:09:32,333 --> 00:09:33,750
but what will you measure?

385
00:09:33,750 --> 00:09:35,750
Book success as and I look like

386
00:09:35,750 --> 00:09:37,291
we'll sell some books to bitcoiners.

387
00:09:37,291 --> 00:09:38,208
No doubt about that.

388
00:09:38,208 --> 00:09:39,208
That's not the market.

389
00:09:39,208 --> 00:09:40,166
I mean, it is the market,

390
00:09:40,166 --> 00:09:41,791
but that's not the real market.

391
00:09:41,791 --> 00:09:42,750
Here

392
00:09:42,750 --> 00:09:44,291
is everybody else who's asleep

393
00:09:44,291 --> 00:09:45,291
and doesn't understand

394
00:09:45,291 --> 00:09:46,875
why they're getting screwed,

395
00:09:46,875 --> 00:09:47,958
and doesn't understand

396
00:09:47,958 --> 00:09:48,708
how the central banks

397
00:09:48,708 --> 00:09:49,875
have done it to us and doesn't,

398
00:09:49,875 --> 00:09:52,083
you know, can't see all the corruption.

399
00:09:52,083 --> 00:09:53,125
And they're just all they know

400
00:09:53,125 --> 00:09:53,875
is that their groceries

401
00:09:53,875 --> 00:09:54,833
are getting more expensive.

402
00:09:54,833 --> 00:09:55,416
And it's hard.

403
00:09:55,416 --> 00:09:56,333
And they

404
00:09:56,333 --> 00:09:56,916
they're afraid,

405
00:09:56,916 --> 00:09:57,958
you know, they're afraid about,

406
00:09:57,958 --> 00:09:58,375
you know,

407
00:09:58,375 --> 00:09:59,583
the monetary situation

408
00:09:59,583 --> 00:10:01,375
and understandably so.

409
00:10:01,375 --> 00:10:02,791
And so many people in this country

410
00:10:02,791 --> 00:10:04,041
are hurting as a result of it.

411
00:10:04,041 --> 00:10:05,333
And,

412
00:10:05,333 --> 00:10:06,125
you know, the book is,

413
00:10:06,125 --> 00:10:08,000
is, is a call to action

414
00:10:08,000 --> 00:10:09,416
on how we can change this

415
00:10:09,416 --> 00:10:11,958
and make it better and stop that pain.

416
00:10:11,958 --> 00:10:12,291
You know,

417
00:10:12,291 --> 00:10:13,791
that's, and so,

418
00:10:13,791 --> 00:10:16,708
so in my view, it will be successful

419
00:10:16,708 --> 00:10:18,333
if we can cross the chasm,

420
00:10:18,333 --> 00:10:20,458
so to speak, of, you know. Okay.

421
00:10:20,458 --> 00:10:20,958
Yeah. Okay.

422
00:10:20,958 --> 00:10:22,916
Hardcore Bitcoin is a love the book.

423
00:10:22,916 --> 00:10:23,750
But does,

424
00:10:23,750 --> 00:10:24,041
you know,

425
00:10:24,041 --> 00:10:25,125
does an average person

426
00:10:25,125 --> 00:10:25,791
who doesn't know anything

427
00:10:25,791 --> 00:10:27,416
about monetary policy

428
00:10:27,416 --> 00:10:28,791
read it and get it and go,

429
00:10:28,791 --> 00:10:31,125
oh wow, I know, I really get it.

430
00:10:31,125 --> 00:10:33,208
You know, that's that's the goal.

431
00:10:33,208 --> 00:10:34,666
That was the goal of the book.

432
00:10:34,666 --> 00:10:35,666
You know what

433
00:10:35,666 --> 00:10:36,333
I think the

434
00:10:36,333 --> 00:10:37,750
the general population

435
00:10:37,750 --> 00:10:39,416
is sort of primed for this stuff

436
00:10:39,416 --> 00:10:41,208
because like the Overton window

437
00:10:41,208 --> 00:10:43,375
has shifted with

438
00:10:43,375 --> 00:10:45,625
melee melee in Argentina and,

439
00:10:45,625 --> 00:10:46,750
Brooklyn and Salvador.

440
00:10:46,750 --> 00:10:47,375
And now

441
00:10:47,375 --> 00:10:49,416
the second coming of Trump here

442
00:10:49,416 --> 00:10:51,416
with Elon and Ron

443
00:10:51,416 --> 00:10:53,125
Paul as some kind of advisor

444
00:10:53,125 --> 00:10:56,125
and stuff like, like the, the,

445
00:10:56,125 --> 00:10:58,083
the topics of discussion are different

446
00:10:58,083 --> 00:10:59,625
now than, than last time

447
00:10:59,625 --> 00:11:00,500
he was in office.

448
00:11:00,500 --> 00:11:01,083
And like

449
00:11:01,083 --> 00:11:03,416
there is no question and you know,

450
00:11:03,416 --> 00:11:04,750
there are all kinds of signs.

451
00:11:04,750 --> 00:11:05,375
I mean, the deck

452
00:11:05,375 --> 00:11:07,000
stuff was getting louder.

453
00:11:07,000 --> 00:11:07,583
Yeah.

454
00:11:07,583 --> 00:11:08,750
The, you know, books

455
00:11:08,750 --> 00:11:10,041
like Chris Leonard's book,

456
00:11:10,041 --> 00:11:11,958
you know, The Lords of Easy Money.

457
00:11:11,958 --> 00:11:12,500
I mean, here's a

458
00:11:12,500 --> 00:11:13,791
mainstream New York Times

459
00:11:13,791 --> 00:11:14,875
reporter wrote a book

460
00:11:14,875 --> 00:11:16,875
really critical of the fed.

461
00:11:16,875 --> 00:11:18,416
And by the way, you got plugged.

462
00:11:18,416 --> 00:11:19,583
They it was applauded

463
00:11:19,583 --> 00:11:20,916
by The Wall Street Journal,

464
00:11:20,916 --> 00:11:22,416
Financial Times, etc..

465
00:11:22,416 --> 00:11:23,458
I mean,

466
00:11:23,458 --> 00:11:23,666
you know,

467
00:11:23,666 --> 00:11:26,416
the Overton Window is clearly shifting.

468
00:11:26,416 --> 00:11:27,458
I mean, I think, yeah,

469
00:11:27,458 --> 00:11:28,458
the problem,

470
00:11:28,458 --> 00:11:29,333
you know, the problem

471
00:11:29,333 --> 00:11:30,333
that we're all going to resolve

472
00:11:30,333 --> 00:11:30,916
in this fourth

473
00:11:30,916 --> 00:11:32,125
turning is, is what,

474
00:11:32,125 --> 00:11:32,958
you know, Robert Breedlove

475
00:11:32,958 --> 00:11:34,791
coined is what is money.

476
00:11:34,791 --> 00:11:35,750
And, you know,

477
00:11:35,750 --> 00:11:36,916
and what kind of central bank

478
00:11:36,916 --> 00:11:37,833
should we have, if any.

479
00:11:37,833 --> 00:11:38,333
And what

480
00:11:38,333 --> 00:11:39,750
what kind of fractional reserve banking

481
00:11:39,750 --> 00:11:40,375
should we have.

482
00:11:40,375 --> 00:11:42,166
And those problems

483
00:11:42,166 --> 00:11:43,416
are going to get resolved

484
00:11:43,416 --> 00:11:45,250
in this fourth turning and crisis.

485
00:11:45,250 --> 00:11:47,166
And that's and it's becoming

486
00:11:47,166 --> 00:11:48,208
more and more clear

487
00:11:48,208 --> 00:11:48,958
to more and more people

488
00:11:48,958 --> 00:11:50,166
that that's really the issue, you.

489
00:11:51,166 --> 00:11:53,500
Know, and I mean,

490
00:11:53,500 --> 00:11:55,083
there are so many other signs,

491
00:11:55,083 --> 00:11:57,166
like in other

492
00:11:57,166 --> 00:11:58,458
parts of the,

493
00:11:58,458 --> 00:12:00,166
the internet, that Mark Zuckerberg,

494
00:12:00,166 --> 00:12:01,083
for instance,

495
00:12:01,083 --> 00:12:02,125
now coming out with

496
00:12:02,125 --> 00:12:02,916
how much pressure

497
00:12:02,916 --> 00:12:04,458
he was under to censor stuff

498
00:12:04,458 --> 00:12:06,416
during Covid and all of this.

499
00:12:06,416 --> 00:12:08,291
It's like the whole

500
00:12:08,291 --> 00:12:10,666
I don't know if he's truly changed

501
00:12:10,666 --> 00:12:12,500
or if he needs to do that to, to

502
00:12:12,500 --> 00:12:14,583
to speak to the new audience, which.

503
00:12:14,583 --> 00:12:15,500
Might be covering his.

504
00:12:15,500 --> 00:12:16,958
But because he's worried about him

505
00:12:16,958 --> 00:12:17,458
coming up. Yeah.

506
00:12:17,458 --> 00:12:17,708
You know,

507
00:12:17,708 --> 00:12:18,875
but either way, it's

508
00:12:18,875 --> 00:12:19,416
telling you

509
00:12:19,416 --> 00:12:19,875
something

510
00:12:19,875 --> 00:12:21,750
about the general discussion going on

511
00:12:21,750 --> 00:12:23,958
and how much people, you know.

512
00:12:23,958 --> 00:12:26,291
There's no there's no doubt that,

513
00:12:26,291 --> 00:12:26,791
you know,

514
00:12:26,791 --> 00:12:29,500
we lived in a centralized world.

515
00:12:29,500 --> 00:12:31,000
There's even got a chapter,

516
00:12:31,000 --> 00:12:31,708
you know, on that.

517
00:12:31,708 --> 00:12:33,208
The title of the chapter is,

518
00:12:33,208 --> 00:12:35,125
you know Why rule be saved?

519
00:12:35,125 --> 00:12:37,083
Decentralization. Yeah.

520
00:12:37,083 --> 00:12:38,291
And decentralization.

521
00:12:38,291 --> 00:12:39,958
It's just a, you know, technology's

522
00:12:39,958 --> 00:12:40,458
just it's

523
00:12:40,458 --> 00:12:42,250
finally come around to save us here

524
00:12:42,250 --> 00:12:44,666
because it's such a great trend.

525
00:12:44,666 --> 00:12:45,666
Now, the.

526
00:12:45,666 --> 00:12:46,708
You know.

527
00:12:46,708 --> 00:12:49,208
The revolution will not be centralized.

528
00:12:49,208 --> 00:12:49,958
And it's

529
00:12:49,958 --> 00:12:51,625
I mean, that's some

530
00:12:51,625 --> 00:12:52,875
think of what the internet's done

531
00:12:52,875 --> 00:12:54,208
to information sharing

532
00:12:54,208 --> 00:12:56,875
and to the legacy networks and stuff.

533
00:12:56,875 --> 00:12:58,041
And, you know,

534
00:12:58,041 --> 00:12:59,625
just the ability to source,

535
00:12:59,625 --> 00:13:00,625
you know, more information.

536
00:13:00,625 --> 00:13:02,458
And it's been fantastic.

537
00:13:02,458 --> 00:13:02,750
No.

538
00:13:02,750 --> 00:13:04,541
And once you grok what this

539
00:13:04,541 --> 00:13:06,625
what this implies that,

540
00:13:06,625 --> 00:13:07,458
that we've lived

541
00:13:07,458 --> 00:13:11,083
under false money for 5000 years

542
00:13:11,458 --> 00:13:12,541
and that we've

543
00:13:12,541 --> 00:13:14,416
finally got a way to get out of it.

544
00:13:14,416 --> 00:13:16,000
And it doesn't have to be this way

545
00:13:16,000 --> 00:13:16,500
like that.

546
00:13:16,500 --> 00:13:18,000
That's to me, that's why

547
00:13:18,000 --> 00:13:20,125
I'm doing what I'm doing today.

548
00:13:20,125 --> 00:13:22,583
And, it just blew my mind.

549
00:13:22,583 --> 00:13:26,041
And I kind of instantly knew that

550
00:13:26,125 --> 00:13:26,958
this is what I have

551
00:13:26,958 --> 00:13:29,291
to devote my life to now, like, because.

552
00:13:29,291 --> 00:13:30,958
I think, well, and that's, I mean,

553
00:13:30,958 --> 00:13:32,541
and that's why you wrote a great book,

554
00:13:32,541 --> 00:13:35,291
you know, infinity divided by 21 million.

555
00:13:35,291 --> 00:13:36,208
I mean, it's

556
00:13:36,208 --> 00:13:37,666
once you understand this

557
00:13:37,666 --> 00:13:38,583
and you realize

558
00:13:38,583 --> 00:13:40,666
just how big it is, it's like,

559
00:13:40,666 --> 00:13:41,708
I don't know, it's like, you know,

560
00:13:41,708 --> 00:13:44,208
you've discovered fire or the wheel or,

561
00:13:44,208 --> 00:13:45,250
you know, the printing press

562
00:13:45,250 --> 00:13:46,250
or air flight or.

563
00:13:46,250 --> 00:13:47,458
I mean, it's just,

564
00:13:47,458 --> 00:13:47,750
you know,

565
00:13:47,750 --> 00:13:49,166
the notion of money

566
00:13:49,166 --> 00:13:51,791
that doesn't the base over time.

567
00:13:51,791 --> 00:13:52,458
I mean, we've spent

568
00:13:52,458 --> 00:13:53,791
thousands of years, man

569
00:13:53,791 --> 00:13:56,000
has never had this before.

570
00:13:56,000 --> 00:13:57,291
And so, you know, okay.

571
00:13:57,291 --> 00:13:58,791
Never had it before of,

572
00:13:58,791 --> 00:14:00,291
wow, that that means things are going

573
00:14:00,291 --> 00:14:01,750
to be significantly different.

574
00:14:01,750 --> 00:14:03,625
And that was actually part of the book.

575
00:14:03,625 --> 00:14:04,708
I talk about that.

576
00:14:04,708 --> 00:14:05,333
You know,

577
00:14:05,333 --> 00:14:06,958
some people say it's a little hyperbolic.

578
00:14:06,958 --> 00:14:07,583
I don't think so.

579
00:14:07,583 --> 00:14:08,208
I mean,

580
00:14:08,208 --> 00:14:09,500
I think finance will someday

581
00:14:09,500 --> 00:14:10,500
be looked at before

582
00:14:10,500 --> 00:14:12,708
Bitcoin and after Bitcoin.

583
00:14:12,708 --> 00:14:14,208
You know, absolutely.

584
00:14:14,208 --> 00:14:16,916
Because it just changes a lot.

585
00:14:16,916 --> 00:14:18,625
You know what I mean. Yeah. Yeah.

586
00:14:18,625 --> 00:14:20,791
The Federal Reserve is Blockbuster Video.

587
00:14:20,791 --> 00:14:22,250
We're just waiting.

588
00:14:22,250 --> 00:14:23,333
That's a great comparison

589
00:14:24,291 --> 00:14:24,750
right there.

590
00:14:24,750 --> 00:14:25,916
You streaming services.

591
00:14:25,916 --> 00:14:26,458
Yeah yeah.

592
00:14:26,458 --> 00:14:27,166
Yeah.

593
00:14:27,166 --> 00:14:28,166
So okay

594
00:14:28,166 --> 00:14:29,625
let's let's get into the book

595
00:14:29,625 --> 00:14:32,625
because like as you say, this is not a,

596
00:14:33,083 --> 00:14:34,791
it's not a book for boomers

597
00:14:34,791 --> 00:14:36,583
and it's not a book for Bitcoin.

598
00:14:36,583 --> 00:14:37,791
It's a book for everyone.

599
00:14:37,791 --> 00:14:40,458
And the first, it's divided into parts.

600
00:14:40,458 --> 00:14:41,625
And the first thing it does

601
00:14:41,625 --> 00:14:43,625
is that it describes the problem.

602
00:14:43,625 --> 00:14:45,666
So so can you go a little.

603
00:14:45,666 --> 00:14:47,791
Into the let's talk. For a minute.

604
00:14:47,791 --> 00:14:49,166
So,

605
00:14:49,166 --> 00:14:49,500
you know,

606
00:14:49,500 --> 00:14:50,458
if a lot of people

607
00:14:50,458 --> 00:14:52,416
look at like the GFC and the bailouts

608
00:14:52,416 --> 00:14:53,583
and more recently the

609
00:14:53,583 --> 00:14:54,375
you know, what I consider

610
00:14:54,375 --> 00:14:55,166
this fourth turning

611
00:14:55,166 --> 00:14:55,666
and everyone thinks

612
00:14:55,666 --> 00:14:57,083
this is the beginning of the problem.

613
00:14:57,083 --> 00:14:58,041
But,

614
00:14:58,041 --> 00:14:59,541
well, first of all, as you alluded to,

615
00:14:59,541 --> 00:15:01,458
the book is very clearly decided

616
00:15:01,458 --> 00:15:02,791
into two sections

617
00:15:02,791 --> 00:15:05,000
the problem and the solution.

618
00:15:05,000 --> 00:15:06,166
And they're about equal in length.

619
00:15:06,166 --> 00:15:07,458
And I obviously,

620
00:15:07,458 --> 00:15:07,875
I don't think

621
00:15:07,875 --> 00:15:09,291
you can address the solution

622
00:15:09,291 --> 00:15:11,041
until you fully understand the problem.

623
00:15:11,041 --> 00:15:13,125
So so I've tried to start off

624
00:15:13,125 --> 00:15:14,416
with laying out the problem,

625
00:15:14,416 --> 00:15:15,625
the wealth inequality,

626
00:15:15,625 --> 00:15:17,583
the consistent inflation.

627
00:15:17,583 --> 00:15:18,875
You know, how much worse it got

628
00:15:18,875 --> 00:15:21,416
when we went off the gold standard in 71,

629
00:15:21,416 --> 00:15:23,458
the financialization of the economy,

630
00:15:23,458 --> 00:15:24,416
etc., etc..

631
00:15:24,416 --> 00:15:25,833
And, and so I,

632
00:15:25,833 --> 00:15:26,125
you know,

633
00:15:26,125 --> 00:15:27,291
I kind of take people

634
00:15:27,291 --> 00:15:28,458
through a quick history.

635
00:15:29,541 --> 00:15:29,958
You know, I

636
00:15:29,958 --> 00:15:31,458
summarize a lot of what's contained

637
00:15:31,458 --> 00:15:33,166
in, you know, Richard from Jekyll Island.

638
00:15:33,166 --> 00:15:35,250
But I take people through a quick history

639
00:15:35,250 --> 00:15:37,333
of how governments have abused

640
00:15:37,333 --> 00:15:39,041
the monetary power,

641
00:15:39,041 --> 00:15:40,041
really through, through,

642
00:15:40,041 --> 00:15:41,500
you know, millennia.

643
00:15:41,500 --> 00:15:42,958
But more particularly, I'm

644
00:15:42,958 --> 00:15:45,958
looking at the United States from 1789

645
00:15:46,000 --> 00:15:48,041
and, you know, I what you a lot of things

646
00:15:48,041 --> 00:15:49,375
when I as a research

647
00:15:49,375 --> 00:15:51,833
the book I learned a lot actually I mean,

648
00:15:51,833 --> 00:15:53,541
you know, they started debasing the money

649
00:15:53,541 --> 00:15:55,500
to pay for the War of 1812, you know,

650
00:15:55,500 --> 00:15:57,458
and they suspended specie reduction,

651
00:15:57,458 --> 00:15:58,583
and then they did it again,

652
00:15:58,583 --> 00:15:59,666
and the Civil War,

653
00:15:59,666 --> 00:16:00,500
and then they did it again

654
00:16:00,500 --> 00:16:01,208
in World War One.

655
00:16:01,208 --> 00:16:03,083
And what is just come to see

656
00:16:03,083 --> 00:16:04,750
is that wars are extremely expensive,

657
00:16:04,750 --> 00:16:05,208
and governments

658
00:16:05,208 --> 00:16:06,208
generally can't pay for them

659
00:16:06,208 --> 00:16:06,958
through taxation

660
00:16:06,958 --> 00:16:07,500
because nobody will

661
00:16:07,500 --> 00:16:08,833
put up with the taxes.

662
00:16:08,833 --> 00:16:10,375
So they print the money to pay for

663
00:16:10,375 --> 00:16:11,541
what they do.

664
00:16:11,541 --> 00:16:12,291
Which is why,

665
00:16:12,291 --> 00:16:13,208
you know, if we go to a sound

666
00:16:13,208 --> 00:16:15,000
money standard, one could argue that then

667
00:16:15,000 --> 00:16:16,166
we're on to wars. But,

668
00:16:17,958 --> 00:16:19,166
so I kind of walk everybody

669
00:16:19,166 --> 00:16:20,458
through the history.

670
00:16:20,458 --> 00:16:21,375
And actually those are

671
00:16:21,375 --> 00:16:22,833
those chapters of tough sledding.

672
00:16:22,833 --> 00:16:24,333
Some people may not want to read them.

673
00:16:24,333 --> 00:16:25,875
And but I start off

674
00:16:25,875 --> 00:16:27,625
with a quick summary of the problem

675
00:16:27,625 --> 00:16:29,083
and how basically,

676
00:16:29,083 --> 00:16:30,708
you know, the elites and the bankers

677
00:16:30,708 --> 00:16:31,250
and the

678
00:16:31,250 --> 00:16:31,875
the government,

679
00:16:31,875 --> 00:16:32,916
the bankers have made a deal

680
00:16:32,916 --> 00:16:33,958
with each other

681
00:16:33,958 --> 00:16:35,500
that kind of gives them

682
00:16:35,500 --> 00:16:36,833
benefits over the rest of us.

683
00:16:36,833 --> 00:16:38,333
And they they in a sense,

684
00:16:38,333 --> 00:16:40,458
that's why we're getting screwed.

685
00:16:40,458 --> 00:16:41,833
Because wealthy people know

686
00:16:41,833 --> 00:16:42,750
how to make inflation

687
00:16:42,750 --> 00:16:44,250
work in their advantage.

688
00:16:44,250 --> 00:16:45,416
They actually get wealthier

689
00:16:45,416 --> 00:16:46,083
with inflation.

690
00:16:46,083 --> 00:16:47,125
They like it

691
00:16:47,125 --> 00:16:48,291
because they can borrow cheap.

692
00:16:48,291 --> 00:16:49,250
They can buy assets that

693
00:16:49,250 --> 00:16:49,916
give them a yield.

694
00:16:49,916 --> 00:16:50,666
And it's what,

695
00:16:50,666 --> 00:16:50,875
you know,

696
00:16:50,875 --> 00:16:52,916
we all describe as millionaires.

697
00:16:52,916 --> 00:16:53,750
So that's

698
00:16:53,750 --> 00:16:54,416
that's really

699
00:16:54,416 --> 00:16:55,625
the heart of the problem that the

700
00:16:55,625 --> 00:16:57,708
the monetary system is rigged

701
00:16:57,708 --> 00:16:58,916
by the wealthy in government.

702
00:16:58,916 --> 00:16:59,958
And they're in

703
00:16:59,958 --> 00:17:01,583
they're in cahoots with each other.

704
00:17:01,583 --> 00:17:02,416
The government likes it

705
00:17:02,416 --> 00:17:03,583
because it gets all their wars

706
00:17:03,583 --> 00:17:05,250
and all their programs paid for.

707
00:17:05,250 --> 00:17:06,500
And the wealthy like it

708
00:17:06,500 --> 00:17:07,250
because they're not a game

709
00:17:07,250 --> 00:17:08,708
it and get wealthier.

710
00:17:08,708 --> 00:17:10,083
And the rest of us

711
00:17:10,083 --> 00:17:11,666
pay higher prices for groceries.

712
00:17:12,625 --> 00:17:13,916
So because we don't have

713
00:17:13,916 --> 00:17:14,750
we don't have the advantage.

714
00:17:14,750 --> 00:17:15,291
We don't have either

715
00:17:15,291 --> 00:17:16,666
those advantages the government has.

716
00:17:16,666 --> 00:17:17,625
Right.

717
00:17:17,625 --> 00:17:19,458
And so so that's

718
00:17:19,458 --> 00:17:20,791
kind of the fundamental thesis.

719
00:17:20,791 --> 00:17:21,625
And then like so

720
00:17:21,625 --> 00:17:23,750
but how do we get to that being the case

721
00:17:23,750 --> 00:17:24,833
where, you know,

722
00:17:24,833 --> 00:17:25,875
now there's a chart in there

723
00:17:25,875 --> 00:17:27,458
which I love, which shows that,

724
00:17:27,458 --> 00:17:27,750
you know,

725
00:17:27,750 --> 00:17:29,916
I think the top 1% of the country owns

726
00:17:29,916 --> 00:17:31,458
92% of the wealth today.

727
00:17:31,458 --> 00:17:33,500
I mean, this is just incredibly absurd.

728
00:17:33,500 --> 00:17:35,208
And again, part of the reason I wrote

729
00:17:35,208 --> 00:17:36,333
the book was

730
00:17:36,333 --> 00:17:38,250
I, I remember growing up in the 70s

731
00:17:38,250 --> 00:17:39,875
and there was a big, broad middle class.

732
00:17:39,875 --> 00:17:41,166
I was a part of it.

733
00:17:41,166 --> 00:17:43,916
And, you know, and, you know,

734
00:17:43,916 --> 00:17:45,500
the guy who ran Ford Motor is,

735
00:17:45,500 --> 00:17:45,750
you know,

736
00:17:45,750 --> 00:17:47,458
he lived down the street from us.

737
00:17:47,458 --> 00:17:48,041
But, you know,

738
00:17:48,041 --> 00:17:49,458
he probably made 3 or 4 times

739
00:17:49,458 --> 00:17:50,208
what my dad made.

740
00:17:50,208 --> 00:17:53,000
Not that 500 times what my dad made.

741
00:17:53,000 --> 00:17:53,583
And, you know,

742
00:17:53,583 --> 00:17:54,583
and I played with his kids.

743
00:17:54,583 --> 00:17:56,666
And so, you know, it's,

744
00:17:58,791 --> 00:18:00,541
you know, it's that's gone away.

745
00:18:00,541 --> 00:18:03,291
I mean, financialization has created,

746
00:18:03,291 --> 00:18:05,125
you know, a kind of a billionaire class.

747
00:18:05,125 --> 00:18:06,416
And then all the rest of us

748
00:18:06,416 --> 00:18:07,333
and the middle class

749
00:18:07,333 --> 00:18:07,916
has really gotten

750
00:18:07,916 --> 00:18:09,166
eviscerated in the process.

751
00:18:09,166 --> 00:18:11,208
And but but again, there's there was a,

752
00:18:11,208 --> 00:18:11,666
you know,

753
00:18:11,666 --> 00:18:13,500
there were many, many steps, right?

754
00:18:13,500 --> 00:18:14,625
I mean, there was,

755
00:18:14,625 --> 00:18:17,125
you know, I mean, the 1800s,

756
00:18:17,125 --> 00:18:18,291
some smaller steps.

757
00:18:18,291 --> 00:18:18,833
But the,

758
00:18:18,833 --> 00:18:20,125
the biggest ones really started

759
00:18:20,125 --> 00:18:23,958
with the fed in 1913, Roosevelt in 1933,

760
00:18:23,958 --> 00:18:25,041
and then Nixon

761
00:18:25,041 --> 00:18:27,708
and 71 taking us off the gold standard.

762
00:18:27,708 --> 00:18:29,083
But even since that, even

763
00:18:29,083 --> 00:18:30,833
even since that, it's got worse.

764
00:18:30,833 --> 00:18:32,750
I mean, it, you know,

765
00:18:32,750 --> 00:18:34,625
Greenspan decided he wanted to manage

766
00:18:34,625 --> 00:18:36,166
to push the stock market up.

767
00:18:36,166 --> 00:18:37,375
So he printed a lot of money.

768
00:18:37,375 --> 00:18:38,583
Well, Bernanke's

769
00:18:38,583 --> 00:18:39,750
said, you know, hold my beer.

770
00:18:39,750 --> 00:18:41,625
I can print more than you.

771
00:18:41,625 --> 00:18:44,000
And, and, you know, 2008

772
00:18:44,000 --> 00:18:44,666
came along

773
00:18:44,666 --> 00:18:46,083
and it brought in

774
00:18:46,083 --> 00:18:47,125
enormous amount of money.

775
00:18:47,125 --> 00:18:48,500
And then he lied to Ron Paul about it

776
00:18:48,500 --> 00:18:49,500
and said he's going to reduce

777
00:18:49,500 --> 00:18:50,125
the balance sheet.

778
00:18:50,125 --> 00:18:51,083
Of course, he knew he couldn't do

779
00:18:51,083 --> 00:18:52,166
that, would never do that.

780
00:18:52,166 --> 00:18:54,208
And and he said it was a it was A14.

781
00:18:54,208 --> 00:18:55,208
And he said it was going to take it back

782
00:18:55,208 --> 00:18:56,000
down to the 800

783
00:18:56,000 --> 00:18:57,916
that it was before the GFC.

784
00:18:57,916 --> 00:18:59,000
And of course the fed balance sheet,

785
00:18:59,000 --> 00:19:00,500
they is 7 trillion.

786
00:19:00,500 --> 00:19:00,875
Right.

787
00:19:00,875 --> 00:19:01,875
And so,

788
00:19:01,875 --> 00:19:02,166
you know

789
00:19:02,166 --> 00:19:03,833
and but with each step

790
00:19:03,833 --> 00:19:04,125
you know,

791
00:19:04,125 --> 00:19:06,833
they took actions to enhance their wealth

792
00:19:06,833 --> 00:19:08,708
and protect themselves

793
00:19:08,708 --> 00:19:10,708
at the expense of all the rest of us.

794
00:19:10,708 --> 00:19:12,750
We all pay for the higher prices.

795
00:19:12,750 --> 00:19:14,541
And and yet,

796
00:19:14,541 --> 00:19:16,125
you know, if you're in that system

797
00:19:16,125 --> 00:19:17,500
and you know how to game it,

798
00:19:17,500 --> 00:19:18,333
you know, you're worth

799
00:19:18,333 --> 00:19:19,416
hundreds of millions of dollars.

800
00:19:19,416 --> 00:19:21,458
I mean, these guys and I was one of them

801
00:19:21,458 --> 00:19:22,625
in my earlier part of my career.

802
00:19:22,625 --> 00:19:23,541
And I actually

803
00:19:23,541 --> 00:19:24,416
that had some lens

804
00:19:24,416 --> 00:19:25,375
of credibility in the book.

805
00:19:25,375 --> 00:19:27,166
I mean, I, I sat at some of these tables.

806
00:19:27,166 --> 00:19:28,375
I know who some of these people are.

807
00:19:28,375 --> 00:19:30,125
They know me, I know them.

808
00:19:30,125 --> 00:19:31,666
And, you know, throughout my career,

809
00:19:31,666 --> 00:19:32,791
I eventually kind of made a choice

810
00:19:32,791 --> 00:19:33,916
to go on a different direction

811
00:19:33,916 --> 00:19:34,750
because I just

812
00:19:34,750 --> 00:19:36,500
I didn't like what was going on there.

813
00:19:36,500 --> 00:19:38,541
I mean, you could just see a broken

814
00:19:38,541 --> 00:19:39,958
this whole thing was so,

815
00:19:41,166 --> 00:19:41,458
Yeah.

816
00:19:41,458 --> 00:19:43,041
So it's,

817
00:19:43,041 --> 00:19:43,791
I don't know, I,

818
00:19:43,791 --> 00:19:45,083
I think I've gotten off your question

819
00:19:45,083 --> 00:19:46,041
a little bit,

820
00:19:46,041 --> 00:19:48,625
but but that's, that's the problem.

821
00:19:48,625 --> 00:19:49,791
So I kind of lay out

822
00:19:49,791 --> 00:19:50,916
the problem in spades.

823
00:19:50,916 --> 00:19:51,416
And I,

824
00:19:51,416 --> 00:19:52,000
I don't think

825
00:19:52,000 --> 00:19:52,958
we're going to have a hard time

826
00:19:52,958 --> 00:19:54,500
convincing the average person

827
00:19:54,500 --> 00:19:56,000
that something's wrong.

828
00:19:56,000 --> 00:19:56,208
I mean,

829
00:19:56,208 --> 00:19:57,791
I think I think the average person's

830
00:19:57,791 --> 00:19:58,875
intrinsically sense

831
00:19:58,875 --> 00:19:59,916
is that something's wrong.

832
00:19:59,916 --> 00:20:02,375
And they see these bubbles, they see,

833
00:20:02,375 --> 00:20:03,208
you know, inflation

834
00:20:03,208 --> 00:20:04,916
and they see how hard it is to get by.

835
00:20:04,916 --> 00:20:05,958
They worry about their kids

836
00:20:05,958 --> 00:20:06,625
buying a house.

837
00:20:06,625 --> 00:20:08,583
They worry about where the retirement.

838
00:20:08,583 --> 00:20:09,625
I mean, there's

839
00:20:09,625 --> 00:20:10,583
there's a lot of evidence

840
00:20:10,583 --> 00:20:11,458
that unless you're in the,

841
00:20:11,458 --> 00:20:13,666
you know, up for 20%,

842
00:20:13,666 --> 00:20:15,083
you know, life is life is tough.

843
00:20:15,083 --> 00:20:15,833
And it shouldn't

844
00:20:15,833 --> 00:20:17,000
necessarily have to be this way.

845
00:20:17,000 --> 00:20:18,083
And and some of us,

846
00:20:18,083 --> 00:20:18,625
that's the other thing

847
00:20:18,625 --> 00:20:19,833
I got to point out.

848
00:20:19,833 --> 00:20:21,625
I can remember when it wasn't this way.

849
00:20:21,625 --> 00:20:23,166
I remember the 70s and 80s.

850
00:20:23,166 --> 00:20:24,750
There were great,

851
00:20:24,750 --> 00:20:26,333
you know, and

852
00:20:26,333 --> 00:20:27,208
and that's, you know,

853
00:20:27,208 --> 00:20:28,333
I feel sad for people

854
00:20:28,333 --> 00:20:29,416
born into this world

855
00:20:29,416 --> 00:20:30,250
who don't

856
00:20:30,250 --> 00:20:30,916
couldn't see

857
00:20:30,916 --> 00:20:32,375
and don't remember what it was like

858
00:20:32,375 --> 00:20:34,791
in those days when the money was sounder.

859
00:20:34,791 --> 00:20:36,750
So and then, of course, part

860
00:20:36,750 --> 00:20:38,625
two of the book is how do we fix this?

861
00:20:38,625 --> 00:20:39,291
Okay, great.

862
00:20:39,291 --> 00:20:40,583
You know, you've described a problem

863
00:20:40,583 --> 00:20:41,791
that's no fun,

864
00:20:41,791 --> 00:20:44,125
you know, and we all know it's there,

865
00:20:44,125 --> 00:20:45,500
but what's the solution?

866
00:20:45,500 --> 00:20:47,208
And so, you know, we

867
00:20:47,208 --> 00:20:49,125
I kind of walk through that

868
00:20:49,125 --> 00:20:50,208
and we know all,

869
00:20:50,208 --> 00:20:51,333
you know, Bitcoiners

870
00:20:51,333 --> 00:20:52,583
know where I'm going with this,

871
00:20:52,583 --> 00:20:54,250
but what other people don't.

872
00:20:54,250 --> 00:20:55,791
And so I try to again

873
00:20:55,791 --> 00:20:56,958
at a first principles

874
00:20:56,958 --> 00:20:59,416
basis, take people into Bitcoin

875
00:20:59,416 --> 00:21:01,208
and try and try and help Warren's bill.

876
00:21:01,208 --> 00:21:01,916
And then,

877
00:21:01,916 --> 00:21:02,166
you know,

878
00:21:02,166 --> 00:21:04,083
in a very understandable way, not,

879
00:21:04,083 --> 00:21:04,500
you know,

880
00:21:04,500 --> 00:21:06,291
not trying to make anything complicated.

881
00:21:06,291 --> 00:21:06,666
In fact,

882
00:21:06,666 --> 00:21:09,666
I try to make it as simple as possible.

883
00:21:09,708 --> 00:21:10,083
So

884
00:21:11,250 --> 00:21:13,708
now and yeah,

885
00:21:13,708 --> 00:21:14,958
I mean, I remember when,

886
00:21:14,958 --> 00:21:17,333
when Obama took over after Bush. Right.

887
00:21:17,333 --> 00:21:18,583
And, that's

888
00:21:18,583 --> 00:21:20,333
when it was an eye opener for me

889
00:21:20,333 --> 00:21:22,250
when both sides were just pro

890
00:21:22,250 --> 00:21:23,333
bailing out the banks.

891
00:21:23,333 --> 00:21:24,625
And that's when

892
00:21:24,625 --> 00:21:27,000
some kind of penny dropped for me, even I

893
00:21:27,000 --> 00:21:28,291
even though I was watching it

894
00:21:28,291 --> 00:21:29,333
from a distance,

895
00:21:29,333 --> 00:21:31,250
it's like I had something that.

896
00:21:31,250 --> 00:21:33,125
Actually might try and reform the system.

897
00:21:33,125 --> 00:21:33,541
And then he

898
00:21:33,541 --> 00:21:34,541
then he appointed Larry

899
00:21:34,541 --> 00:21:37,166
Summers and Robert Rubin the position.

900
00:21:37,166 --> 00:21:39,291
Oh, shit. Here we go. Again.

901
00:21:39,291 --> 00:21:41,333
Yeah. Yeah. Right.

902
00:21:41,333 --> 00:21:41,666
Yeah.

903
00:21:41,666 --> 00:21:42,791
I mean,

904
00:21:42,791 --> 00:21:43,916
the expression is kicking

905
00:21:43,916 --> 00:21:46,208
the can down the road, down the road,

906
00:21:46,208 --> 00:21:47,000
but I view it

907
00:21:47,000 --> 00:21:49,041
more as like rolling the snowball

908
00:21:49,041 --> 00:21:50,083
further down the hill

909
00:21:50,083 --> 00:21:51,416
because like, oh, it's a good one too.

910
00:21:51,416 --> 00:21:53,500
They both work. It's the same idea.

911
00:21:53,500 --> 00:21:55,500
Yeah, but the snowball gets bigger.

912
00:21:55,500 --> 00:21:58,000
The cow, it's just a can like.

913
00:21:58,000 --> 00:21:58,583
A good point.

914
00:21:58,583 --> 00:21:59,583
Yeah. So.

915
00:21:59,583 --> 00:22:01,583
So the snowball, it snowballs.

916
00:22:01,583 --> 00:22:02,958
And you have the,

917
00:22:02,958 --> 00:22:03,500
the the

918
00:22:03,500 --> 00:22:04,916
the longer you let it go, the bigger

919
00:22:04,916 --> 00:22:06,375
the crash. Right, right.

920
00:22:06,375 --> 00:22:08,041
And as one of the chapters in the book

921
00:22:08,041 --> 00:22:09,083
is named, as you know,

922
00:22:09,083 --> 00:22:09,833
2 or 2 important

923
00:22:09,833 --> 00:22:11,416
chapters are signs law that,

924
00:22:11,416 --> 00:22:12,958
you know, something cannot go on forever.

925
00:22:12,958 --> 00:22:14,125
It will end.

926
00:22:14,125 --> 00:22:15,291
And then the chapter right after

927
00:22:15,291 --> 00:22:15,958
that was

928
00:22:15,958 --> 00:22:17,083
taken with her permission

929
00:22:17,083 --> 00:22:17,791
from Lynn Alden,

930
00:22:17,791 --> 00:22:20,000
which is nothing stops this time,

931
00:22:20,000 --> 00:22:21,708
which is to say that, you know, we're

932
00:22:21,708 --> 00:22:22,833
we're just we're in a

933
00:22:22,833 --> 00:22:24,666
we're in a fiscal mess that, you know,

934
00:22:24,666 --> 00:22:26,875
I mean, something's going to break here.

935
00:22:26,875 --> 00:22:27,625
And, you know,

936
00:22:27,625 --> 00:22:28,416
in a, in a sense,

937
00:22:28,416 --> 00:22:29,291
we're going to have to go through

938
00:22:29,291 --> 00:22:30,333
a monetary reset,

939
00:22:30,333 --> 00:22:31,666
a restructuring of some kind.

940
00:22:31,666 --> 00:22:32,208
It's just a matter

941
00:22:32,208 --> 00:22:33,083
of whether it's controlled

942
00:22:33,083 --> 00:22:33,833
or uncontrolled,

943
00:22:33,833 --> 00:22:35,583
and it's only a matter of time

944
00:22:35,583 --> 00:22:36,416
before it happens,

945
00:22:36,416 --> 00:22:37,333
but it appears to be

946
00:22:37,333 --> 00:22:38,291
getting pretty close.

947
00:22:39,291 --> 00:22:39,708
So.

948
00:22:39,708 --> 00:22:42,708
So this this might be, a tough question.

949
00:22:43,750 --> 00:22:46,375
Did we do this to ourselves in your mind?

950
00:22:46,375 --> 00:22:48,500
Like by letting

951
00:22:48,500 --> 00:22:51,166
letting them have us use their money?

952
00:22:51,166 --> 00:22:52,958
Like, did we do it to ourselves, though?

953
00:22:52,958 --> 00:22:54,500
Or.

954
00:22:54,500 --> 00:22:56,416
I'm not only speaking for like,

955
00:22:56,416 --> 00:22:57,291
the population

956
00:22:57,291 --> 00:22:59,250
or everyone in a fiat system.

957
00:22:59,250 --> 00:23:01,416
Did we do it to ourselves or not?

958
00:23:01,416 --> 00:23:05,000
Well, I mean, look, I you know, if 71,

959
00:23:05,208 --> 00:23:05,958
you know,

960
00:23:05,958 --> 00:23:07,375
I mean, I was 13,

961
00:23:07,375 --> 00:23:09,291
so I wasn't even voting for Nixon.

962
00:23:09,291 --> 00:23:11,375
So, yeah.

963
00:23:11,375 --> 00:23:13,708
You know this.

964
00:23:13,708 --> 00:23:14,875
Yeah, to a degree.

965
00:23:14,875 --> 00:23:15,875
I mean, you know,

966
00:23:15,875 --> 00:23:17,125
I mean, some people, I mean,

967
00:23:17,125 --> 00:23:18,291
you know, we've

968
00:23:18,291 --> 00:23:19,833
we voted for politicians

969
00:23:19,833 --> 00:23:21,791
who spend more than, you know,

970
00:23:21,791 --> 00:23:23,250
they should. And that's great.

971
00:23:23,250 --> 00:23:24,916
That's made the problems worse.

972
00:23:24,916 --> 00:23:26,166
And, you know,

973
00:23:26,166 --> 00:23:26,875
everybody kind of

974
00:23:26,875 --> 00:23:27,958
wants something for nothing.

975
00:23:27,958 --> 00:23:29,125
So there's certainly been,

976
00:23:29,125 --> 00:23:30,125
you know, an element

977
00:23:30,125 --> 00:23:30,666
to which we've

978
00:23:30,666 --> 00:23:32,750
all kind of done it to ourselves.

979
00:23:32,750 --> 00:23:35,875
But but also and, and we've,

980
00:23:35,875 --> 00:23:37,750
you know, we've distracted ourselves.

981
00:23:37,750 --> 00:23:38,625
And,

982
00:23:38,625 --> 00:23:39,000
you know, I mean,

983
00:23:39,000 --> 00:23:40,083
I think that

984
00:23:40,083 --> 00:23:41,916
a lot of the Founding Fathers wrote about

985
00:23:41,916 --> 00:23:42,708
and said how,

986
00:23:42,708 --> 00:23:43,250
you know, in order

987
00:23:43,250 --> 00:23:45,000
to keep a democracy

988
00:23:45,000 --> 00:23:46,250
in a republic operating

989
00:23:46,250 --> 00:23:48,083
properly, citizenry

990
00:23:48,083 --> 00:23:48,833
has to be self

991
00:23:48,833 --> 00:23:50,208
informed and smart and,

992
00:23:50,208 --> 00:23:50,958
and demand

993
00:23:50,958 --> 00:23:52,083
that the people

994
00:23:52,083 --> 00:23:52,250
you know

995
00:23:52,250 --> 00:23:53,208
in positions of power

996
00:23:53,208 --> 00:23:55,708
behave in a responsible fashion.

997
00:23:55,708 --> 00:23:56,500
You know, when everybody's

998
00:23:56,500 --> 00:23:58,458
watching reality TV and football,

999
00:23:58,458 --> 00:23:59,500
they're not paying attention.

1000
00:23:59,500 --> 00:24:00,666
All this,

1001
00:24:00,666 --> 00:24:01,958
it's pretty easy for the government

1002
00:24:01,958 --> 00:24:02,708
to just kind of slip

1003
00:24:02,708 --> 00:24:04,208
all these bad policies in place.

1004
00:24:04,208 --> 00:24:07,208
And, you know, I mean, we bitch, but

1005
00:24:07,625 --> 00:24:08,708
there's not much you can do about

1006
00:24:08,708 --> 00:24:10,250
I mean, take the 2008 example,

1007
00:24:10,250 --> 00:24:12,458
you know, when they were going for Tarp,

1008
00:24:12,458 --> 00:24:13,375
right after the banks

1009
00:24:13,375 --> 00:24:14,750
spill and also went up,

1010
00:24:14,750 --> 00:24:15,166
you know,

1011
00:24:15,166 --> 00:24:16,333
like Nancy Pelosi to

1012
00:24:16,333 --> 00:24:17,750
give them $700 billion?

1013
00:24:18,958 --> 00:24:19,500
You know,

1014
00:24:19,500 --> 00:24:20,500
there were everyone wrote that

1015
00:24:20,500 --> 00:24:21,666
a lot of people wrote to congressmen,

1016
00:24:21,666 --> 00:24:23,458
call their congressmen, you know, no way.

1017
00:24:23,458 --> 00:24:24,916
Do not bail these guys out.

1018
00:24:24,916 --> 00:24:26,916
They failed. Let them fail.

1019
00:24:26,916 --> 00:24:29,125
And so the first vote on Tarp was no.

1020
00:24:29,125 --> 00:24:31,041
It was a resounding no.

1021
00:24:31,041 --> 00:24:31,708
And then,

1022
00:24:31,708 --> 00:24:32,750
you know, the market went down

1023
00:24:32,750 --> 00:24:34,916
12% very quickly.

1024
00:24:34,916 --> 00:24:35,958
And the bankers went back

1025
00:24:35,958 --> 00:24:37,500
to the congressmen and said, look,

1026
00:24:37,500 --> 00:24:38,458
if you guys don't do this,

1027
00:24:38,458 --> 00:24:40,000
the entire economy is going to implode.

1028
00:24:40,000 --> 00:24:40,916
And, you know,

1029
00:24:40,916 --> 00:24:42,166
which is what the bankers always do,

1030
00:24:42,166 --> 00:24:44,125
they hold a gun to your head and say,

1031
00:24:44,125 --> 00:24:44,833
you know,

1032
00:24:44,833 --> 00:24:45,500
give me the money,

1033
00:24:45,500 --> 00:24:46,250
or else I'm going to blow

1034
00:24:46,250 --> 00:24:47,666
your economy away. Right.

1035
00:24:47,666 --> 00:24:49,916
And so Congress voted for Tarp.

1036
00:24:49,916 --> 00:24:50,208
And, I mean,

1037
00:24:50,208 --> 00:24:51,666
I remember the polls at the time

1038
00:24:51,666 --> 00:24:54,416
where like 95% of the country opposed it.

1039
00:24:54,416 --> 00:24:56,666
You know, don't bail those people out.

1040
00:24:56,666 --> 00:24:58,083
You know, they did it to themselves.

1041
00:24:58,083 --> 00:24:59,208
They'd done it to all of us.

1042
00:24:59,208 --> 00:25:00,500
Let them fail.

1043
00:25:00,500 --> 00:25:01,791
And I mean, actually, in the book,

1044
00:25:01,791 --> 00:25:03,083
if there's a policy prescription

1045
00:25:03,083 --> 00:25:03,958
where I say I would love

1046
00:25:03,958 --> 00:25:04,791
to have

1047
00:25:04,791 --> 00:25:05,833
been the guy negotiating

1048
00:25:05,833 --> 00:25:06,958
on behalf of the government,

1049
00:25:06,958 --> 00:25:07,708
you know what I mean?

1050
00:25:07,708 --> 00:25:08,875
Okay, banks.

1051
00:25:08,875 --> 00:25:09,708
Yeah, we'll bail you out.

1052
00:25:09,708 --> 00:25:11,458
We don't want any proposals to fail.

1053
00:25:11,458 --> 00:25:12,625
We'll use the Fed's balance sheet

1054
00:25:12,625 --> 00:25:14,750
to give them all the money they need.

1055
00:25:14,750 --> 00:25:15,458
But guess what?

1056
00:25:15,458 --> 00:25:16,250
We get a five year

1057
00:25:16,250 --> 00:25:17,583
clawback on all your salaries

1058
00:25:17,583 --> 00:25:18,208
and bonuses.

1059
00:25:18,208 --> 00:25:19,625
You resign, you're banned

1060
00:25:19,625 --> 00:25:21,666
from working in the financial business.

1061
00:25:21,666 --> 00:25:22,250
And we're going to bring

1062
00:25:22,250 --> 00:25:23,208
in small town bankers

1063
00:25:23,208 --> 00:25:24,083
from all over America

1064
00:25:24,083 --> 00:25:25,583
to clean up this mess.

1065
00:25:25,583 --> 00:25:27,791
You know, people that are honest, I mean,

1066
00:25:27,791 --> 00:25:28,458
and that would have

1067
00:25:28,458 --> 00:25:30,250
been the right solution, because

1068
00:25:30,250 --> 00:25:31,208
when I say, you know,

1069
00:25:31,208 --> 00:25:32,666
the 2008 was a crime,

1070
00:25:32,666 --> 00:25:33,833
a lot of people say to me, well,

1071
00:25:33,833 --> 00:25:35,166
you know, what else could they have done?

1072
00:25:35,166 --> 00:25:36,375
They had to do it.

1073
00:25:36,375 --> 00:25:37,333
Yeah, it's a bailout.

1074
00:25:37,333 --> 00:25:38,875
Yeah, it's unfair, but they had not.

1075
00:25:38,875 --> 00:25:39,958
They didn't.

1076
00:25:39,958 --> 00:25:40,666
Oh they didn't.

1077
00:25:40,666 --> 00:25:41,458
They could have,

1078
00:25:41,458 --> 00:25:41,666
you know,

1079
00:25:41,666 --> 00:25:43,000
they could have punished the wrongdoers.

1080
00:25:43,000 --> 00:25:43,583
I mean

1081
00:25:43,583 --> 00:25:44,666
a good example of prior

1082
00:25:44,666 --> 00:25:45,708
and this is talked about in the book

1083
00:25:45,708 --> 00:25:47,125
and the prior example,

1084
00:25:47,125 --> 00:25:48,291
you know, the SNL crisis

1085
00:25:48,291 --> 00:25:49,916
in the early 90s,

1086
00:25:49,916 --> 00:25:52,166
you know, 800 people went to jail.

1087
00:25:52,166 --> 00:25:53,333
I mean, it was it was the same thing.

1088
00:25:53,333 --> 00:25:54,416
It was kind of a credit bubble.

1089
00:25:54,416 --> 00:25:56,000
And there were a lot of banks, you know,

1090
00:25:56,000 --> 00:25:57,083
I mean, they're making bad loans.

1091
00:25:57,083 --> 00:25:57,750
They knew what they were

1092
00:25:57,750 --> 00:25:59,083
paying themselves, huge salaries.

1093
00:25:59,083 --> 00:26:00,958
There was all kinds of excess.

1094
00:26:00,958 --> 00:26:01,916
And, you know,

1095
00:26:01,916 --> 00:26:03,250
they brought in a guy to clean it up

1096
00:26:03,250 --> 00:26:05,083
and they sent people to jail,

1097
00:26:05,083 --> 00:26:07,375
you know, and that didn't happen.

1098
00:26:07,375 --> 00:26:08,666
And, you know, so,

1099
00:26:10,500 --> 00:26:11,125
you know, and

1100
00:26:11,125 --> 00:26:12,541
that's because the bankers,

1101
00:26:12,541 --> 00:26:14,333
you know, have a lot of political power.

1102
00:26:14,333 --> 00:26:16,083
And they were able to

1103
00:26:16,083 --> 00:26:17,250
exercise that power

1104
00:26:17,250 --> 00:26:18,166
to protect themselves.

1105
00:26:18,166 --> 00:26:19,041
I mean, they have a

1106
00:26:19,041 --> 00:26:20,250
they have a no lose game

1107
00:26:20,250 --> 00:26:21,625
where, you know, heads

1108
00:26:21,625 --> 00:26:24,625
has they win and tails we lose.

1109
00:26:24,833 --> 00:26:25,125
You know,

1110
00:26:25,125 --> 00:26:26,833
they made a ton of money,

1111
00:26:26,833 --> 00:26:27,500
and, and

1112
00:26:27,500 --> 00:26:29,333
and and then they throw it in your face.

1113
00:26:29,333 --> 00:26:30,875
I mean, in the year when they failed

1114
00:26:30,875 --> 00:26:32,125
and were bailed out,

1115
00:26:32,125 --> 00:26:34,791
they paid out $20 billion of bonuses

1116
00:26:34,791 --> 00:26:36,416
to senior executives,

1117
00:26:36,416 --> 00:26:38,791
$20 billion the year they failed.

1118
00:26:38,791 --> 00:26:40,250
That was all just taxpayer money

1119
00:26:40,250 --> 00:26:40,916
that we all wrote.

1120
00:26:40,916 --> 00:26:42,125
And and you,

1121
00:26:42,125 --> 00:26:43,166
we actually had like, well,

1122
00:26:43,166 --> 00:26:44,208
you know, they had to same

1123
00:26:44,208 --> 00:26:45,333
and it's not that painful.

1124
00:26:45,333 --> 00:26:47,208
Well but that explains

1125
00:26:47,208 --> 00:26:48,541
why the price of gasoline is high.

1126
00:26:48,541 --> 00:26:49,333
That explains

1127
00:26:49,333 --> 00:26:51,083
why the price of food is high.

1128
00:26:51,083 --> 00:26:51,458
You know,

1129
00:26:51,458 --> 00:26:53,875
the creating those monetary units

1130
00:26:53,875 --> 00:26:54,791
we all pay for,

1131
00:26:54,791 --> 00:26:56,958
we you know, we pay in a different way.

1132
00:26:56,958 --> 00:26:59,000
We don't pay in terms of taxation.

1133
00:26:59,000 --> 00:27:01,500
We pay in terms of higher prices.

1134
00:27:01,500 --> 00:27:03,791
You know, all of us pay it.

1135
00:27:03,791 --> 00:27:04,125
Yeah.

1136
00:27:04,125 --> 00:27:08,541
So, so like in this is not a US

1137
00:27:08,541 --> 00:27:10,333
only problem for our

1138
00:27:10,333 --> 00:27:11,875
it's like everywhere in the world.

1139
00:27:11,875 --> 00:27:12,958
Right. Absolutely.

1140
00:27:12,958 --> 00:27:14,500
So, so in

1141
00:27:14,500 --> 00:27:17,000
your mind is democracy itself

1142
00:27:17,000 --> 00:27:18,583
like a system

1143
00:27:18,583 --> 00:27:19,708
that is so flawed

1144
00:27:19,708 --> 00:27:21,125
that inevitably

1145
00:27:21,125 --> 00:27:23,291
at some point leads to corruption.

1146
00:27:23,291 --> 00:27:24,750
Like if you just let it play

1147
00:27:24,750 --> 00:27:26,791
out over a century or something,

1148
00:27:26,791 --> 00:27:28,708
will it inevitably lead to corruption?

1149
00:27:28,708 --> 00:27:29,666
Is that what we're seeing

1150
00:27:29,666 --> 00:27:30,958
now, like everywhere?

1151
00:27:30,958 --> 00:27:31,458
I don't know,

1152
00:27:31,458 --> 00:27:31,750
I haven't

1153
00:27:31,750 --> 00:27:32,958
you know, I'm not a political theorist

1154
00:27:32,958 --> 00:27:34,583
and I haven't thought all that through.

1155
00:27:34,583 --> 00:27:35,916
I mean, I think that the

1156
00:27:35,916 --> 00:27:37,416
I think the founding documents

1157
00:27:37,416 --> 00:27:38,750
were pretty damn good.

1158
00:27:38,750 --> 00:27:41,208
And, you know, I think sadly,

1159
00:27:41,208 --> 00:27:44,000
you know, we've gotten away from them.

1160
00:27:44,000 --> 00:27:45,625
But maybe with some reforms

1161
00:27:45,625 --> 00:27:47,666
we can go back and reset it

1162
00:27:47,666 --> 00:27:48,625
and try again.

1163
00:27:48,625 --> 00:27:50,041
I mean, I think that,

1164
00:27:50,041 --> 00:27:51,666
you know, term limits would help.

1165
00:27:51,666 --> 00:27:53,458
And and there are other things, but

1166
00:27:53,458 --> 00:27:54,500
I don't know, I look, I'm

1167
00:27:54,500 --> 00:27:55,875
not really a political theorist

1168
00:27:55,875 --> 00:27:57,166
and so I'm not going to comment.

1169
00:27:57,166 --> 00:27:57,833
I mean, I you know,

1170
00:27:57,833 --> 00:28:00,708
I generally support dictatorships, but

1171
00:28:01,916 --> 00:28:02,708
you know, I

1172
00:28:02,708 --> 00:28:05,000
think I think a republic, an intelligent,

1173
00:28:05,000 --> 00:28:06,458
you know, well-managed republic.

1174
00:28:06,458 --> 00:28:07,166
I mean, it's

1175
00:28:07,166 --> 00:28:08,708
probably the most important thing

1176
00:28:08,708 --> 00:28:11,416
that the America's got to return to

1177
00:28:11,416 --> 00:28:12,500
is where, you know,

1178
00:28:12,500 --> 00:28:15,291
citizen responsibility returns

1179
00:28:15,291 --> 00:28:17,666
and people actually pay attention

1180
00:28:17,666 --> 00:28:19,541
and care about their civic life,

1181
00:28:19,541 --> 00:28:21,875
recognizing that it's important,

1182
00:28:21,875 --> 00:28:23,250
you know, I mean, that,

1183
00:28:23,250 --> 00:28:24,708
that, that they,

1184
00:28:24,708 --> 00:28:25,916
you know, who they vote for,

1185
00:28:25,916 --> 00:28:26,875
what the, you know,

1186
00:28:26,875 --> 00:28:27,208
and they

1187
00:28:27,208 --> 00:28:28,083
and they make noise

1188
00:28:28,083 --> 00:28:30,625
when they see things that are wrong.

1189
00:28:30,625 --> 00:28:33,208
You know, because that's how we right

1190
00:28:33,208 --> 00:28:36,083
the wrongs that are out there. So,

1191
00:28:36,083 --> 00:28:38,875
and by the way, it's easier to do that

1192
00:28:38,875 --> 00:28:40,166
when you have sound money

1193
00:28:40,166 --> 00:28:41,250
and you have savings

1194
00:28:41,250 --> 00:28:42,208
and you have the time

1195
00:28:42,208 --> 00:28:43,541
to figure things out.

1196
00:28:43,541 --> 00:28:44,458
I mean,

1197
00:28:44,458 --> 00:28:45,958
I think one of these one of the reasons

1198
00:28:45,958 --> 00:28:47,500
why a lot of people are hurting,

1199
00:28:47,500 --> 00:28:48,666
you know, and don't,

1200
00:28:48,666 --> 00:28:50,250
you know, aren't civically involved

1201
00:28:50,250 --> 00:28:51,000
just now

1202
00:28:51,000 --> 00:28:52,083
they're working three jobs,

1203
00:28:52,083 --> 00:28:52,791
trying to

1204
00:28:52,791 --> 00:28:54,250
trying to put food on the table.

1205
00:28:54,250 --> 00:28:55,541
I mean, price writing

1206
00:28:55,541 --> 00:28:56,708
their congressmen is not something

1207
00:28:56,708 --> 00:28:57,791
that they're going to take the

1208
00:28:57,791 --> 00:28:59,458
time to do. Right. And so,

1209
00:29:00,625 --> 00:29:02,375
it's it also,

1210
00:29:02,375 --> 00:29:03,250
I mean, you guys know this,

1211
00:29:03,250 --> 00:29:04,458
it all starts with the money.

1212
00:29:04,458 --> 00:29:05,083
It really does.

1213
00:29:05,083 --> 00:29:07,083
It all starts with the money.

1214
00:29:07,083 --> 00:29:08,125
If we had sound money,

1215
00:29:08,125 --> 00:29:09,125
things would be a lot better

1216
00:29:09,125 --> 00:29:11,666
across a lot of dimensions.

1217
00:29:11,666 --> 00:29:11,875
Yeah,

1218
00:29:11,875 --> 00:29:14,208
it would be way harder to rig systems and

1219
00:29:14,208 --> 00:29:16,208
and rig them against people.

1220
00:29:16,208 --> 00:29:17,666
Yeah, exactly.

1221
00:29:17,666 --> 00:29:18,291
I mean that's.

1222
00:29:18,291 --> 00:29:21,291
Yeah, I mean that's yeah,

1223
00:29:21,625 --> 00:29:23,791
there's so many rabbit holes to go down

1224
00:29:23,791 --> 00:29:25,083
that it's not.

1225
00:29:25,083 --> 00:29:27,166
No. But it's, it's really super easy.

1226
00:29:27,166 --> 00:29:28,125
Like with Bitcoin

1227
00:29:28,125 --> 00:29:29,958
you can, you can have an enormous stack.

1228
00:29:29,958 --> 00:29:31,583
You can be a sailor or someone

1229
00:29:31,583 --> 00:29:33,125
and have like 2% of the supply.

1230
00:29:33,125 --> 00:29:33,791
It doesn't matter.

1231
00:29:33,791 --> 00:29:35,541
The only thing you can do with them

1232
00:29:35,541 --> 00:29:37,375
is spend them on other people

1233
00:29:37,375 --> 00:29:39,541
and therefore they will

1234
00:29:39,541 --> 00:29:42,458
they will like trickle, trickle down,

1235
00:29:42,458 --> 00:29:43,625
sooner or later,

1236
00:29:43,625 --> 00:29:44,916
even if it takes a generation,

1237
00:29:44,916 --> 00:29:45,666
it doesn't matter.

1238
00:29:45,666 --> 00:29:47,458
You can't leverage the system.

1239
00:29:47,458 --> 00:29:48,583
That's the point.

1240
00:29:48,583 --> 00:29:49,458
That is the point.

1241
00:29:49,458 --> 00:29:50,666
And and,

1242
00:29:50,666 --> 00:29:52,166
and and more importantly,

1243
00:29:52,166 --> 00:29:53,458
I and you've said this many times,

1244
00:29:53,458 --> 00:29:54,500
this is your whole theme.

1245
00:29:54,500 --> 00:29:55,375
It's just

1246
00:29:55,375 --> 00:29:57,916
it's a mathematically driven system.

1247
00:29:57,916 --> 00:30:00,833
It's actually scientific in nature

1248
00:30:00,833 --> 00:30:04,250
as opposed to, you know, touch and feel.

1249
00:30:04,708 --> 00:30:05,333
You know,

1250
00:30:05,333 --> 00:30:06,625
what what some central

1251
00:30:06,625 --> 00:30:07,750
banker is saying today.

1252
00:30:07,750 --> 00:30:09,000
I mean, I just it's hilarious.

1253
00:30:09,000 --> 00:30:10,250
These guys came out last week

1254
00:30:10,250 --> 00:30:12,291
and I was Waller said, well,

1255
00:30:12,291 --> 00:30:13,500
we think we're making good progress

1256
00:30:13,500 --> 00:30:14,375
towards the 2%,

1257
00:30:14,375 --> 00:30:15,583
so we're going to be able to cut rates.

1258
00:30:15,583 --> 00:30:15,875
I mean,

1259
00:30:15,875 --> 00:30:17,791
while the PPI is going up at a

1260
00:30:17,791 --> 00:30:19,250
very sharp rate and inflation

1261
00:30:19,250 --> 00:30:20,875
seems to be coming back in some areas.

1262
00:30:20,875 --> 00:30:21,958
I mean,

1263
00:30:21,958 --> 00:30:22,208
yeah,

1264
00:30:22,208 --> 00:30:23,000
look that it's

1265
00:30:23,000 --> 00:30:24,458
just no way to run a railroad.

1266
00:30:24,458 --> 00:30:26,291
You know, we need to

1267
00:30:26,291 --> 00:30:28,583
we need to have a free market here in in

1268
00:30:28,583 --> 00:30:30,291
the cost of money. No,

1269
00:30:31,583 --> 00:30:33,625
it's it's, I mean.

1270
00:30:33,625 --> 00:30:34,666
Bitcoin's the ultimate

1271
00:30:34,666 --> 00:30:36,583
mathematically driven free market.

1272
00:30:36,583 --> 00:30:38,208
I guess the point I'd like to make,

1273
00:30:38,208 --> 00:30:40,041
which you guys agree with, right.

1274
00:30:40,041 --> 00:30:40,791
Absolutely.

1275
00:30:40,791 --> 00:30:41,500
Like, the

1276
00:30:41,500 --> 00:30:43,958
I came to this from a skeptic is true

1277
00:30:43,958 --> 00:30:45,291
skeptics perspective.

1278
00:30:45,291 --> 00:30:46,583
Like, I'm

1279
00:30:46,583 --> 00:30:47,708
trying to spread,

1280
00:30:47,708 --> 00:30:50,208
a skeptics version of the gospels here,

1281
00:30:50,208 --> 00:30:50,958
I guess,

1282
00:30:50,958 --> 00:30:52,041
because to me,

1283
00:30:52,041 --> 00:30:55,000
to me, Bitcoin is the only type of money

1284
00:30:55,000 --> 00:30:57,666
that does not require faith in

1285
00:30:57,666 --> 00:30:59,875
in something you can't prove.

1286
00:30:59,875 --> 00:31:02,750
Like right on every dollar bill that's in

1287
00:31:02,750 --> 00:31:05,750
God we trust the yeah

1288
00:31:05,958 --> 00:31:06,750
written on it.

1289
00:31:06,750 --> 00:31:08,416
And I just can't help thinking

1290
00:31:08,416 --> 00:31:09,166
well in Bitcoin

1291
00:31:09,166 --> 00:31:12,666
we don't trust we will verify like yeah.

1292
00:31:12,708 --> 00:31:15,041
So that's exactly right I mean it's

1293
00:31:15,041 --> 00:31:16,375
yeah I mean the faith

1294
00:31:16,375 --> 00:31:18,208
I mean I think if Satoshi even wrote it

1295
00:31:18,208 --> 00:31:18,791
I mean

1296
00:31:18,791 --> 00:31:21,083
there's a lot of evidence of governments

1297
00:31:21,083 --> 00:31:22,041
abusing the faith

1298
00:31:22,041 --> 00:31:23,458
that they're supposed to have no courage.

1299
00:31:23,458 --> 00:31:24,625
It's just too much.

1300
00:31:24,625 --> 00:31:26,916
It's just too tempting to easy to do.

1301
00:31:26,916 --> 00:31:27,958
And so what happens?

1302
00:31:27,958 --> 00:31:29,000
I mean, this is a

1303
00:31:29,000 --> 00:31:30,083
there's a long, sad tale

1304
00:31:30,083 --> 00:31:30,958
the book talks about that.

1305
00:31:30,958 --> 00:31:31,916
I got a lot of great quotes.

1306
00:31:31,916 --> 00:31:33,500
I mean, it's it's interesting.

1307
00:31:33,500 --> 00:31:34,458
I mean, Voltaire knew it.

1308
00:31:34,458 --> 00:31:35,125
You know, fiat

1309
00:31:35,125 --> 00:31:35,916
money always goes to

1310
00:31:35,916 --> 00:31:37,625
with some of value zero.

1311
00:31:37,625 --> 00:31:38,250
But there are also,

1312
00:31:38,250 --> 00:31:39,291
you know, a lot of U.S. presidents.

1313
00:31:39,291 --> 00:31:39,625
No, like,

1314
00:31:39,625 --> 00:31:40,291
I mean, Garfield,

1315
00:31:40,291 --> 00:31:41,833
I got a great quote on Garfield

1316
00:31:41,833 --> 00:31:43,166
that I dragged out of Trudy

1317
00:31:43,166 --> 00:31:44,000
Charlton's book.

1318
00:31:44,000 --> 00:31:46,041
And I mean, you know, he understood that.

1319
00:31:46,041 --> 00:31:47,583
I mean, Daniel Webster understood it.

1320
00:31:47,583 --> 00:31:48,833
Jefferson understood it.

1321
00:31:48,833 --> 00:31:49,791
I mean,

1322
00:31:49,791 --> 00:31:51,291
you know, monetary shenanigans

1323
00:31:51,291 --> 00:31:53,208
have been around for a long, long time.

1324
00:31:53,208 --> 00:31:54,708
I mean, it's in the Bible,

1325
00:31:54,708 --> 00:31:55,875
honest weights and measures,

1326
00:31:55,875 --> 00:31:56,500
which means there were

1327
00:31:56,500 --> 00:31:57,458
people trying to cheat,

1328
00:31:57,458 --> 00:31:59,291
you know, hey, this is an ounce

1329
00:31:59,291 --> 00:32:00,416
when it wasn't really an ounce.

1330
00:32:00,416 --> 00:32:01,791
And so they're trying to shortchange you

1331
00:32:01,791 --> 00:32:03,083
on whatever you were buying or selling.

1332
00:32:03,083 --> 00:32:07,166
And, you know, it's monetary tomfoolery

1333
00:32:07,833 --> 00:32:10,750
as a long and checkered history.

1334
00:32:10,750 --> 00:32:12,333
And, the notion

1335
00:32:12,333 --> 00:32:14,000
that mankind might have solved

1336
00:32:14,000 --> 00:32:16,750
that problem by creating a form of money

1337
00:32:16,750 --> 00:32:18,875
that cannot be subject to tomfoolery

1338
00:32:18,875 --> 00:32:21,416
because it's mathematically driven,

1339
00:32:21,416 --> 00:32:25,416
that is a big, big, big deal.

1340
00:32:26,125 --> 00:32:28,208
And, I think we're just starting

1341
00:32:28,208 --> 00:32:29,208
to come to grips with it.

1342
00:32:29,208 --> 00:32:31,208
I mean, those of us who see it

1343
00:32:31,208 --> 00:32:31,833
and believe in it,

1344
00:32:31,833 --> 00:32:32,958
we've kind of come to grips with.

1345
00:32:32,958 --> 00:32:35,208
And that's why we're so excited about it.

1346
00:32:35,208 --> 00:32:36,416
And I think the rest of the world

1347
00:32:36,416 --> 00:32:37,458
is going to come to grips with it

1348
00:32:37,458 --> 00:32:38,416
over the next 20 years

1349
00:32:38,416 --> 00:32:39,000
or so,

1350
00:32:39,000 --> 00:32:40,125
very much in the same way,

1351
00:32:40,125 --> 00:32:42,166
the internet is a big, big deal.

1352
00:32:42,166 --> 00:32:44,958
I got involved in the internet 93,

1353
00:32:44,958 --> 00:32:46,208
and I was just because somebody said,

1354
00:32:46,208 --> 00:32:46,708
here's some

1355
00:32:46,708 --> 00:32:48,208
something on my internet address. And,

1356
00:32:49,291 --> 00:32:49,875
I said, what's that?

1357
00:32:49,875 --> 00:32:50,958
And I said, well, you have Novell, right?

1358
00:32:50,958 --> 00:32:51,916
Which is

1359
00:32:51,916 --> 00:32:53,000
basically it was a

1360
00:32:53,000 --> 00:32:55,250
there was a mini internet for,

1361
00:32:55,250 --> 00:32:56,958
within a building or within an office.

1362
00:32:56,958 --> 00:32:58,250
You could send email messages.

1363
00:32:58,250 --> 00:32:59,208
Well, imagine

1364
00:32:59,208 --> 00:33:00,416
you had Novell for the whole world.

1365
00:33:00,416 --> 00:33:01,291
You send an email message

1366
00:33:01,291 --> 00:33:02,916
anywhere in the world for free.

1367
00:33:02,916 --> 00:33:04,375
I was like, really?

1368
00:33:04,375 --> 00:33:05,625
I said, yeah,

1369
00:33:05,625 --> 00:33:06,625
you know, the government developed

1370
00:33:06,625 --> 00:33:08,166
that DARPA developed in 68

1371
00:33:08,166 --> 00:33:11,000
nine CCP okay, I wasn't Holy shit.

1372
00:33:11,000 --> 00:33:13,916
That's a really powerful idea, you know?

1373
00:33:13,916 --> 00:33:15,833
And, I mean, I don't

1374
00:33:15,833 --> 00:33:17,666
I still don't think we've seen all the,

1375
00:33:17,666 --> 00:33:18,958
the full impact of the internet.

1376
00:33:18,958 --> 00:33:19,708
I mean,

1377
00:33:19,708 --> 00:33:19,875
you know,

1378
00:33:19,875 --> 00:33:20,833
we've seen the big networks

1379
00:33:20,833 --> 00:33:22,250
get disintermediated by Joe

1380
00:33:22,250 --> 00:33:23,500
Rogan and Tucker Carlson.

1381
00:33:23,500 --> 00:33:25,041
I mean, there's there's a lot of

1382
00:33:25,041 --> 00:33:25,833
which is beautiful.

1383
00:33:25,833 --> 00:33:27,958
And by guys like you, I mean, it's,

1384
00:33:27,958 --> 00:33:28,583
you know, here, here

1385
00:33:28,583 --> 00:33:29,541
we are on other side,

1386
00:33:29,541 --> 00:33:30,791
opposite sides of the world,

1387
00:33:30,791 --> 00:33:32,291
telling a story, communicating

1388
00:33:32,291 --> 00:33:33,708
something to people

1389
00:33:33,708 --> 00:33:35,333
who are willing to listen

1390
00:33:35,333 --> 00:33:36,833
that they can't find anywhere else.

1391
00:33:36,833 --> 00:33:38,041
They're not going to find a conversation

1392
00:33:38,041 --> 00:33:41,041
like this on CBS, you know, or CNN

1393
00:33:42,208 --> 00:33:42,875
right now.

1394
00:33:42,875 --> 00:33:44,041
I think we're

1395
00:33:44,041 --> 00:33:45,708
we're similar here because, like,

1396
00:33:45,708 --> 00:33:47,041
and you were,

1397
00:33:47,041 --> 00:33:48,708
like when I discovered the internet,

1398
00:33:48,708 --> 00:33:50,541
like I was in my teens or late

1399
00:33:50,541 --> 00:33:52,375
teens, some the 90s.

1400
00:33:52,375 --> 00:33:53,666
I'm born in 76.

1401
00:33:53,666 --> 00:33:54,750
So, like, see,

1402
00:33:54,750 --> 00:33:57,208
the internet took off for like,

1403
00:33:57,208 --> 00:33:58,416
95 or something

1404
00:33:58,416 --> 00:34:00,500
where it's really started to.

1405
00:34:00,500 --> 00:34:02,166
Really start going. Yeah. Yeah.

1406
00:34:02,166 --> 00:34:05,291
And, and I quite early on realized

1407
00:34:05,291 --> 00:34:07,916
how big that was, but I didn't act on it.

1408
00:34:07,916 --> 00:34:09,541
I didn't become like,

1409
00:34:09,541 --> 00:34:10,458
a computer programmer

1410
00:34:10,458 --> 00:34:12,500
or or, network expert or anything.

1411
00:34:12,500 --> 00:34:14,166
I became a C man instead.

1412
00:34:14,166 --> 00:34:15,458
Well, which in hindsight

1413
00:34:15,458 --> 00:34:17,000
seems kind of stupid,

1414
00:34:17,000 --> 00:34:19,708
but this this is part of why I.

1415
00:34:19,708 --> 00:34:20,666
Why I started

1416
00:34:20,666 --> 00:34:22,500
giving is so much attention to Bitcoin.

1417
00:34:22,500 --> 00:34:23,083
Because I

1418
00:34:23,083 --> 00:34:24,708
didn't want to make that mistake again.

1419
00:34:24,708 --> 00:34:25,916
When I saw something

1420
00:34:25,916 --> 00:34:27,333
and I saw that other people

1421
00:34:27,333 --> 00:34:28,583
didn't see it,

1422
00:34:28,583 --> 00:34:30,625
I knew I had to like,

1423
00:34:30,625 --> 00:34:31,458
oh, there's pattern.

1424
00:34:31,458 --> 00:34:32,458
Recognition on your part.

1425
00:34:32,458 --> 00:34:33,500
You'd seen this model

1426
00:34:33,500 --> 00:34:34,541
and you knew it was going to happen.

1427
00:34:34,541 --> 00:34:36,708
And that's exactly what happened to me.

1428
00:34:36,708 --> 00:34:38,125
Exactly.

1429
00:34:38,125 --> 00:34:40,708
And and this model changes all investing.

1430
00:34:40,708 --> 00:34:41,708
And there's a chapter in the book

1431
00:34:41,708 --> 00:34:43,166
that shows this how.

1432
00:34:43,166 --> 00:34:44,666
I mean, so I was taught to invest

1433
00:34:44,666 --> 00:34:45,708
based on price earnings

1434
00:34:45,708 --> 00:34:47,833
ratios and price to cash flow and growth

1435
00:34:47,833 --> 00:34:49,375
and all those kinds of things.

1436
00:34:49,375 --> 00:34:50,333
Here's the thing that's happened,

1437
00:34:50,333 --> 00:34:52,000
guys, that never happened before.

1438
00:34:52,000 --> 00:34:52,791
You know, the internet

1439
00:34:52,791 --> 00:34:54,708
and before network models,

1440
00:34:54,708 --> 00:34:56,291
there were never any investments

1441
00:34:56,291 --> 00:34:58,708
that went up thousands of percent

1442
00:34:58,708 --> 00:35:00,166
in 20 years or less.

1443
00:35:00,166 --> 00:35:01,708
They just didn't exist. Okay.

1444
00:35:01,708 --> 00:35:02,000
I mean,

1445
00:35:02,000 --> 00:35:02,541
Ford Motor

1446
00:35:02,541 --> 00:35:03,916
probably went up thousands of percent,

1447
00:35:03,916 --> 00:35:05,375
but over, of course, of 80 years

1448
00:35:05,375 --> 00:35:05,833
or something.

1449
00:35:05,833 --> 00:35:06,666
I mean,

1450
00:35:06,666 --> 00:35:07,458
and here you are,

1451
00:35:07,458 --> 00:35:09,625
you know, Amazon, Google, Facebook,

1452
00:35:09,625 --> 00:35:10,250
I mean, these are all

1453
00:35:10,250 --> 00:35:11,833
these are all companies that increased

1454
00:35:11,833 --> 00:35:12,291
in value,

1455
00:35:12,291 --> 00:35:13,791
thousands of percent

1456
00:35:13,791 --> 00:35:15,958
in less than 20 years.

1457
00:35:15,958 --> 00:35:17,416
And that's the power of Metcalf's

1458
00:35:17,416 --> 00:35:19,208
law and the power of networking

1459
00:35:19,208 --> 00:35:20,875
and the power of network investing.

1460
00:35:20,875 --> 00:35:22,125
And so

1461
00:35:22,125 --> 00:35:24,250
here we have a world wide

1462
00:35:24,250 --> 00:35:25,958
monetary network

1463
00:35:25,958 --> 00:35:26,833
that, in my opinion,

1464
00:35:26,833 --> 00:35:28,791
could go up thousands of percent.

1465
00:35:28,791 --> 00:35:29,958
And so

1466
00:35:29,958 --> 00:35:30,500
and we're

1467
00:35:30,500 --> 00:35:32,000
you know, we're not in the beginning.

1468
00:35:32,000 --> 00:35:33,208
I mean, we're not Max Kaiser

1469
00:35:33,208 --> 00:35:34,833
buying a dollar or for a smile

1470
00:35:34,833 --> 00:35:36,750
or watching at $0.25.

1471
00:35:36,750 --> 00:35:38,166
But, you know, we're not

1472
00:35:38,166 --> 00:35:39,208
we're not at the end.

1473
00:35:39,208 --> 00:35:40,541
We're still at a very

1474
00:35:40,541 --> 00:35:42,291
low penetration rate. I mean,

1475
00:35:43,250 --> 00:35:45,333
Jesse Meyer's chart, I love

1476
00:35:45,333 --> 00:35:46,000
shows, you know,

1477
00:35:46,000 --> 00:35:49,000
$2 trillion of of internet market cap

1478
00:35:49,000 --> 00:35:49,916
or I'm sorry,

1479
00:35:49,916 --> 00:35:50,750
Bitcoin market

1480
00:35:50,750 --> 00:35:54,000
cap, over $900 trillion of total

1481
00:35:54,500 --> 00:35:57,500
industrial assets, 0.2%.

1482
00:35:57,750 --> 00:35:59,625
And you know, so Bitcoin

1483
00:35:59,625 --> 00:36:02,333
if you go to $1 million of a coin

1484
00:36:02,333 --> 00:36:05,083
and it was only me 2%

1485
00:36:05,083 --> 00:36:06,333
and this is the best form of money

1486
00:36:06,333 --> 00:36:07,750
that mankind has ever seen.

1487
00:36:07,750 --> 00:36:09,958
So, you know, I just

1488
00:36:09,958 --> 00:36:11,375
I don't think people are prepared

1489
00:36:11,375 --> 00:36:12,625
for how quickly

1490
00:36:12,625 --> 00:36:15,333
and how high this thing is going to go.

1491
00:36:15,333 --> 00:36:16,541
And, and again,

1492
00:36:16,541 --> 00:36:17,666
that's the book

1493
00:36:17,666 --> 00:36:19,041
I'm trying to say, people

1494
00:36:19,041 --> 00:36:20,708
trying to help people,

1495
00:36:20,708 --> 00:36:21,541
you know, try to help

1496
00:36:21,541 --> 00:36:22,166
the person

1497
00:36:22,166 --> 00:36:24,166
that just can't seem to get ahead

1498
00:36:24,166 --> 00:36:24,916
because they're getting,

1499
00:36:24,916 --> 00:36:26,833
you know, their savings get inflated.

1500
00:36:26,833 --> 00:36:28,041
Right now.

1501
00:36:28,041 --> 00:36:28,875
And this is something

1502
00:36:28,875 --> 00:36:31,416
I talked to Jeff a lot about, like the

1503
00:36:31,416 --> 00:36:33,500
the inability of people's

1504
00:36:33,500 --> 00:36:34,666
people's inability to,

1505
00:36:34,666 --> 00:36:37,208
to see exponentials, like to, to

1506
00:36:37,208 --> 00:36:38,750
to really understand exponentials

1507
00:36:38,750 --> 00:36:40,000
because they're, they're,

1508
00:36:40,000 --> 00:36:40,750
they are weird

1509
00:36:40,750 --> 00:36:41,916
and they're hard to get

1510
00:36:41,916 --> 00:36:42,875
their head around.

1511
00:36:42,875 --> 00:36:44,250
Yeah. Come on.

1512
00:36:44,250 --> 00:36:45,083
It's like the seventh

1513
00:36:45,083 --> 00:36:45,958
wonder of the world, right?

1514
00:36:45,958 --> 00:36:46,666
You know what, Einstein?

1515
00:36:46,666 --> 00:36:47,666
Yeah, yeah, yeah, yeah.

1516
00:36:47,666 --> 00:36:48,708
Compound entrance

1517
00:36:48,708 --> 00:36:50,916
to this, the eighth wonder of the,

1518
00:36:50,916 --> 00:36:52,458
But the the thing is,

1519
00:36:53,750 --> 00:36:54,208
I mean,

1520
00:36:54,208 --> 00:36:55,666
after, let's say

1521
00:36:55,666 --> 00:36:58,750
we're hyper bitcoin ized, that in my mind

1522
00:36:58,750 --> 00:37:00,416
that means that productivity

1523
00:37:00,416 --> 00:37:02,208
per year goes up.

1524
00:37:02,208 --> 00:37:05,666
It can only continue to be exponential

1525
00:37:05,791 --> 00:37:06,791
because the,

1526
00:37:06,791 --> 00:37:08,583
the free market is so much more

1527
00:37:08,583 --> 00:37:10,375
well oiled and

1528
00:37:10,375 --> 00:37:12,833
free of interventionism at that point.

1529
00:37:12,833 --> 00:37:14,125
So like the example,

1530
00:37:14,125 --> 00:37:15,833
it feels like I give it on every show.

1531
00:37:15,833 --> 00:37:17,541
Now look like with the apple tree

1532
00:37:17,541 --> 00:37:18,583
farmer where, you know,

1533
00:37:18,583 --> 00:37:19,791
it's year

1534
00:37:19,791 --> 00:37:21,750
one, he can buy one apple tree a year

1535
00:37:21,750 --> 00:37:24,916
or two, two apple trees, year three, four

1536
00:37:25,166 --> 00:37:27,000
and year five, eight

1537
00:37:27,000 --> 00:37:28,166
and so on and so forth.

1538
00:37:28,166 --> 00:37:29,875
Because he can, I guess if he

1539
00:37:29,875 --> 00:37:30,583
if he gets some.

1540
00:37:30,583 --> 00:37:31,916
Billions of apple trees a lot.

1541
00:37:31,916 --> 00:37:32,416
Faster. Yeah.

1542
00:37:32,416 --> 00:37:34,083
And he gets to feed,

1543
00:37:34,083 --> 00:37:35,458
feed a lot of people,

1544
00:37:35,458 --> 00:37:37,458
but if it's taxed, that's 50%.

1545
00:37:37,458 --> 00:37:38,500
Or if there's inflation,

1546
00:37:38,500 --> 00:37:40,125
he never gets to the second tree.

1547
00:37:40,125 --> 00:37:41,125
So like we're

1548
00:37:41,125 --> 00:37:42,666
we're depriving ourselves

1549
00:37:42,666 --> 00:37:44,625
of all of these exponential effects

1550
00:37:44,625 --> 00:37:46,125
that could just enhance.

1551
00:37:46,125 --> 00:37:47,875
But when you have bitcoin. Yeah.

1552
00:37:47,875 --> 00:37:49,458
And you have this

1553
00:37:49,458 --> 00:37:50,333
dream scenario

1554
00:37:50,333 --> 00:37:52,583
that we're all working towards,

1555
00:37:52,583 --> 00:37:54,375
then every effort

1556
00:37:54,375 --> 00:37:55,166
of every

1557
00:37:55,166 --> 00:37:56,583
single human being

1558
00:37:56,583 --> 00:37:57,916
is of benefit

1559
00:37:57,916 --> 00:37:59,750
to every other single human being,

1560
00:37:59,750 --> 00:38:00,958
which is just

1561
00:38:00,958 --> 00:38:02,208
absolute, totally bonkers

1562
00:38:02,208 --> 00:38:03,750
and absolutely mind blowing.

1563
00:38:03,750 --> 00:38:05,750
And we can't just it's impossible

1564
00:38:05,750 --> 00:38:06,708
to wrap your head around

1565
00:38:06,708 --> 00:38:07,833
how good that is.

1566
00:38:07,833 --> 00:38:09,083
Well, it sounds utopian,

1567
00:38:09,083 --> 00:38:11,875
but I I'd say when they call us a cult,

1568
00:38:11,875 --> 00:38:12,541
I'd say

1569
00:38:12,541 --> 00:38:13,375
we're the only ones

1570
00:38:13,375 --> 00:38:14,666
that are not in a cult.

1571
00:38:14,666 --> 00:38:15,833
We're the ones breaking

1572
00:38:15,833 --> 00:38:18,833
free from the cult of this fiat banking

1573
00:38:19,125 --> 00:38:22,083
is Satanists, right?

1574
00:38:22,083 --> 00:38:24,208
Yeah, I would agree with you.

1575
00:38:24,208 --> 00:38:26,166
And I would also say that, you know,

1576
00:38:27,125 --> 00:38:29,916
just capital, proper capital allocation

1577
00:38:29,916 --> 00:38:31,375
would just stop people

1578
00:38:31,375 --> 00:38:34,708
from wasting money on stupid shit.

1579
00:38:35,833 --> 00:38:38,833
And, and, you know, and that's

1580
00:38:38,875 --> 00:38:40,375
and that's just, I mean, like,

1581
00:38:40,375 --> 00:38:41,500
I mean, a good example,

1582
00:38:41,500 --> 00:38:42,416
one of the ones I use

1583
00:38:42,416 --> 00:38:43,291
and actually look, Roman,

1584
00:38:43,291 --> 00:38:44,791
the nice job with Preston recently

1585
00:38:44,791 --> 00:38:45,958
on a podcast talking about this.

1586
00:38:45,958 --> 00:38:48,500
And we pissed away $8 trillion

1587
00:38:48,500 --> 00:38:49,750
in the Middle East,

1588
00:38:49,750 --> 00:38:53,125
I mean, the last 20 years and, you know,

1589
00:38:53,125 --> 00:38:54,708
want to secure Afghanistan,

1590
00:38:54,708 --> 00:38:56,625
to give it back and to secure Iraq

1591
00:38:56,625 --> 00:38:58,208
so that China could buy all their oil.

1592
00:38:58,208 --> 00:38:59,416
I mean.

1593
00:38:59,416 --> 00:39:01,041
That's just we might as well just wash.

1594
00:39:01,041 --> 00:39:02,666
The money down the toilet,

1595
00:39:02,666 --> 00:39:03,083
you know what I mean?

1596
00:39:03,083 --> 00:39:04,375
I mean, imagine if that 8 trillion

1597
00:39:04,375 --> 00:39:05,000
had been spent

1598
00:39:05,000 --> 00:39:08,000
on infrastructure or productivity,

1599
00:39:08,208 --> 00:39:09,708
you know, nuclear power,

1600
00:39:09,708 --> 00:39:11,458
you know, a lot of things that would have

1601
00:39:11,458 --> 00:39:12,833
made the well-being

1602
00:39:12,833 --> 00:39:15,000
of our citizens better as opposed to,

1603
00:39:15,000 --> 00:39:15,666
you know, building

1604
00:39:15,666 --> 00:39:17,875
tanks and guns and things that want to,

1605
00:39:17,875 --> 00:39:19,708
you know, the rusting now in Afghanistan.

1606
00:39:19,708 --> 00:39:20,250
I mean, it's,

1607
00:39:21,416 --> 00:39:22,291
and, and

1608
00:39:22,291 --> 00:39:22,708
I would

1609
00:39:22,708 --> 00:39:23,500
contend, I

1610
00:39:23,500 --> 00:39:26,500
think most Bitcoiners would contend that,

1611
00:39:26,666 --> 00:39:27,291
you know, if you

1612
00:39:27,291 --> 00:39:28,208
if you take the money,

1613
00:39:28,208 --> 00:39:29,583
the power to print money away

1614
00:39:29,583 --> 00:39:30,875
from the state,

1615
00:39:30,875 --> 00:39:32,750
state's going to have a really hard time

1616
00:39:32,750 --> 00:39:34,208
conducting big wars.

1617
00:39:34,208 --> 00:39:35,333
And,

1618
00:39:35,333 --> 00:39:36,041
and that's a good thing

1619
00:39:36,041 --> 00:39:39,041
because war is incredibly destructive,

1620
00:39:39,250 --> 00:39:41,208
to, you know, both people who suffer

1621
00:39:41,208 --> 00:39:41,708
from the

1622
00:39:41,708 --> 00:39:42,750
injuries and deaths,

1623
00:39:42,750 --> 00:39:45,500
but also just to the overall economy

1624
00:39:45,500 --> 00:39:46,416
because just it's a

1625
00:39:46,416 --> 00:39:47,708
it doesn't produce anything.

1626
00:39:47,708 --> 00:39:48,500
It just it

1627
00:39:48,500 --> 00:39:51,500
it sucks resources and destroys them.

1628
00:39:51,500 --> 00:39:53,750
So there's nothing more destructive,

1629
00:39:53,750 --> 00:39:54,500
I would say

1630
00:39:54,500 --> 00:39:56,833
exactly what wants to be more destructive

1631
00:39:56,833 --> 00:39:57,500
than that. Right.

1632
00:39:57,500 --> 00:39:58,833
And then

1633
00:39:58,833 --> 00:39:59,708
yeah. Go on.

1634
00:39:59,708 --> 00:40:00,500
No that's it.

1635
00:40:00,500 --> 00:40:02,291
I mean that's that's my point.

1636
00:40:02,291 --> 00:40:02,500
Yeah.

1637
00:40:02,500 --> 00:40:03,208
So so this

1638
00:40:03,208 --> 00:40:04,458
I don't know if you heard this,

1639
00:40:04,458 --> 00:40:06,208
but like it resonates.

1640
00:40:06,208 --> 00:40:07,333
What you're saying resonates

1641
00:40:07,333 --> 00:40:08,750
so deeply with me because like

1642
00:40:08,750 --> 00:40:10,750
and I think this had a lot to do

1643
00:40:10,750 --> 00:40:12,833
with why I became a bit coiner.

1644
00:40:12,833 --> 00:40:15,416
And it's a saying from my grandfathers,

1645
00:40:15,416 --> 00:40:16,625
like from my grandfather,

1646
00:40:16,625 --> 00:40:17,458
I never met

1647
00:40:17,458 --> 00:40:18,000
my grandfather

1648
00:40:18,000 --> 00:40:19,125
who died before I was born,

1649
00:40:19,125 --> 00:40:21,208
like my grandfather on my father's side.

1650
00:40:21,208 --> 00:40:22,583
But but his saying,

1651
00:40:22,583 --> 00:40:23,875
like trinkle

1652
00:40:23,875 --> 00:40:25,958
trickled down the generations

1653
00:40:25,958 --> 00:40:26,666
and down to me.

1654
00:40:26,666 --> 00:40:28,875
And I've been pondering it ever since.

1655
00:40:28,875 --> 00:40:31,000
First I heard it, and it's a saying,

1656
00:40:32,291 --> 00:40:32,916
that which

1657
00:40:32,916 --> 00:40:35,916
you can do without your own.

1658
00:40:36,000 --> 00:40:37,458
It's as simple as that.

1659
00:40:37,458 --> 00:40:40,291
So if, if, if you can, if you can resist

1660
00:40:40,291 --> 00:40:41,958
the urge to own something,

1661
00:40:41,958 --> 00:40:43,541
you already own the thing.

1662
00:40:43,541 --> 00:40:44,291
Like if you can

1663
00:40:44,291 --> 00:40:46,791
truly, psychologically do that

1664
00:40:46,791 --> 00:40:49,250
and I think like that is.

1665
00:40:49,250 --> 00:40:50,458
Yeah, I get it.

1666
00:40:50,458 --> 00:40:52,208
Like that's it.

1667
00:40:52,208 --> 00:40:54,208
And some things you actually do need

1668
00:40:54,208 --> 00:40:56,000
and you actually do want them

1669
00:40:56,000 --> 00:40:59,000
and you can't, you can't do without them.

1670
00:40:59,458 --> 00:41:01,041
But if you can, like, for instance,

1671
00:41:01,041 --> 00:41:03,208
I don't crave any Lambo.

1672
00:41:03,208 --> 00:41:06,125
So in, in, in effect, I own

1673
00:41:06,125 --> 00:41:09,125
all the lambos, I own the urge, like,

1674
00:41:09,416 --> 00:41:11,458
and there's so much depth to

1675
00:41:11,458 --> 00:41:12,750
to that saying.

1676
00:41:12,750 --> 00:41:15,000
So I just think you kind of rounded up.

1677
00:41:15,000 --> 00:41:16,583
It's a fascinating thought.

1678
00:41:16,583 --> 00:41:17,583
I mean, it

1679
00:41:17,583 --> 00:41:18,833
it's very stoic

1680
00:41:18,833 --> 00:41:20,916
and it's also very long term preference,

1681
00:41:20,916 --> 00:41:22,750
which is, you know, a big.

1682
00:41:22,750 --> 00:41:24,166
Yeah, coin thing. Marina.

1683
00:41:25,583 --> 00:41:26,041
Yeah.

1684
00:41:26,041 --> 00:41:29,041
No, I was about the only thing

1685
00:41:29,500 --> 00:41:29,791
that was

1686
00:41:29,791 --> 00:41:31,041
I had lunch yesterday with George.

1687
00:41:31,041 --> 00:41:32,208
Boating is a good friend of mine.

1688
00:41:32,208 --> 00:41:34,458
He's also written up in the book.

1689
00:41:34,458 --> 00:41:34,708
You know,

1690
00:41:34,708 --> 00:41:35,125
the only thing

1691
00:41:35,125 --> 00:41:37,833
I'm kind of locked in on is,

1692
00:41:37,833 --> 00:41:39,375
I want to be able to eat steaks.

1693
00:41:39,375 --> 00:41:42,375
I really do.

1694
00:41:42,416 --> 00:41:45,416
Like, steak is my equivalent of Lambo.

1695
00:41:45,666 --> 00:41:46,416
Yeah. Same here.

1696
00:41:46,416 --> 00:41:47,000
I mean.

1697
00:41:47,000 --> 00:41:48,083
They're not cheap, you know?

1698
00:41:48,083 --> 00:41:48,791
But but, you know,

1699
00:41:48,791 --> 00:41:50,875
I think it's really good.

1700
00:41:50,875 --> 00:41:52,000
That I know

1701
00:41:52,000 --> 00:41:53,750
some things you really can't do without.

1702
00:41:53,750 --> 00:41:55,250
But. But it's more.

1703
00:41:55,250 --> 00:41:56,541
But I like the whole thing

1704
00:41:56,541 --> 00:41:56,958
because it's

1705
00:41:56,958 --> 00:41:59,375
sort of to me that that is exactly

1706
00:41:59,375 --> 00:42:00,625
what Bitcoin represents.

1707
00:42:00,625 --> 00:42:01,875
Like get rid of all

1708
00:42:01,875 --> 00:42:03,541
the stupid consumerism

1709
00:42:03,541 --> 00:42:05,458
and people buying frivolous shit

1710
00:42:05,458 --> 00:42:07,333
they don't need, right?

1711
00:42:07,333 --> 00:42:09,208
Margaritaville mixer

1712
00:42:09,208 --> 00:42:11,500
with a, seltzer dispenser.

1713
00:42:11,500 --> 00:42:12,375
Let's just pour

1714
00:42:12,375 --> 00:42:13,708
your favorite salts on the top

1715
00:42:13,708 --> 00:42:15,041
when it comes out in the bottom.

1716
00:42:15,041 --> 00:42:17,916
Like, we don't need that kind of stuff.

1717
00:42:17,916 --> 00:42:18,958
Like you.

1718
00:42:18,958 --> 00:42:19,875
All right, so

1719
00:42:19,875 --> 00:42:20,666
so I think that

1720
00:42:20,666 --> 00:42:22,625
it perfectly encapsulates like,

1721
00:42:22,625 --> 00:42:23,833
what Bitcoin is to me.

1722
00:42:23,833 --> 00:42:24,333
Like it's

1723
00:42:24,333 --> 00:42:25,791
the people think it is

1724
00:42:25,791 --> 00:42:27,083
about getting rich fast,

1725
00:42:27,083 --> 00:42:29,708
but it's about not getting poorer slow

1726
00:42:29,708 --> 00:42:31,291
like it's about. That's right.

1727
00:42:31,291 --> 00:42:31,916
Yeah that's right.

1728
00:42:31,916 --> 00:42:32,458
Well it gives you.

1729
00:42:32,458 --> 00:42:33,625
It gives you back your time,

1730
00:42:33,625 --> 00:42:35,125
your freedom and your optimism.

1731
00:42:35,125 --> 00:42:38,333
I mean, you know, I if, I mean, I think

1732
00:42:38,333 --> 00:42:41,333
one of the great tragedies of Fiat world

1733
00:42:41,583 --> 00:42:42,583
are these people.

1734
00:42:42,583 --> 00:42:43,791
And my father was one of them.

1735
00:42:43,791 --> 00:42:44,541
And I'm sure

1736
00:42:44,541 --> 00:42:45,541
everyone knows people

1737
00:42:45,541 --> 00:42:47,458
like those who retire

1738
00:42:47,458 --> 00:42:48,250
with what they kind of

1739
00:42:48,250 --> 00:42:49,208
thought at one point

1740
00:42:49,208 --> 00:42:51,375
in time was enough money.

1741
00:42:51,375 --> 00:42:52,166
And then,

1742
00:42:52,166 --> 00:42:53,041
of course, inflation

1743
00:42:53,041 --> 00:42:55,041
just relentlessly eats away at it

1744
00:42:55,041 --> 00:42:56,708
and costs of everything they do.

1745
00:42:56,708 --> 00:42:58,000
By the time,

1746
00:42:58,000 --> 00:42:58,208
you know,

1747
00:42:58,208 --> 00:42:58,583
if they happen

1748
00:42:58,583 --> 00:43:00,458
to live longer than expected

1749
00:43:00,458 --> 00:43:02,458
or even normal lifespan,

1750
00:43:02,458 --> 00:43:03,625
they they find that

1751
00:43:03,625 --> 00:43:04,666
what they thought was enough

1752
00:43:04,666 --> 00:43:05,750
really is enough

1753
00:43:05,750 --> 00:43:07,166
because of the inflation

1754
00:43:07,166 --> 00:43:08,583
that's eaten away at their savings.

1755
00:43:08,583 --> 00:43:09,500
And so

1756
00:43:09,500 --> 00:43:10,250
and it leads to,

1757
00:43:10,250 --> 00:43:10,541
you know,

1758
00:43:10,541 --> 00:43:12,000
a lot of people just can't even retire.

1759
00:43:12,000 --> 00:43:12,291
You know,

1760
00:43:12,291 --> 00:43:13,083
they just kind of

1761
00:43:13,083 --> 00:43:15,000
have to be able to work until they drop,

1762
00:43:15,000 --> 00:43:15,833
which is really sad

1763
00:43:15,833 --> 00:43:17,208
because we ought to be able to everyone,

1764
00:43:17,208 --> 00:43:17,708
every human

1765
00:43:17,708 --> 00:43:18,416
being ought to be able

1766
00:43:18,416 --> 00:43:20,875
to produce enough excess value

1767
00:43:20,875 --> 00:43:21,958
that, you know, at the tail

1768
00:43:21,958 --> 00:43:23,333
end of their life as their faculties

1769
00:43:23,333 --> 00:43:24,625
start to slip that they can,

1770
00:43:24,625 --> 00:43:27,041
you know, enjoy themselves and not be,

1771
00:43:27,041 --> 00:43:27,208
you know,

1772
00:43:27,208 --> 00:43:29,166
not have to be a greeter at Walmart.

1773
00:43:29,166 --> 00:43:29,750
You know what I mean?

1774
00:43:29,750 --> 00:43:31,375
To, to pay the bills. And,

1775
00:43:32,958 --> 00:43:35,000
you know, that that has

1776
00:43:35,000 --> 00:43:36,625
as one of the things that Fiat

1777
00:43:36,625 --> 00:43:37,500
has taken away,

1778
00:43:37,500 --> 00:43:39,541
I think from, from this country,

1779
00:43:39,541 --> 00:43:41,000
it's very sad

1780
00:43:41,000 --> 00:43:41,708
is there's so much

1781
00:43:41,708 --> 00:43:42,958
there's so many sad stories.

1782
00:43:42,958 --> 00:43:44,333
I mean, but,

1783
00:43:44,333 --> 00:43:44,791
you know,

1784
00:43:44,791 --> 00:43:46,125
the flip of those sad stories

1785
00:43:46,125 --> 00:43:47,583
is there's a very bright future

1786
00:43:47,583 --> 00:43:48,416
if we can get it going

1787
00:43:48,416 --> 00:43:50,208
in the right direction, as you point out.

1788
00:43:50,208 --> 00:43:52,000
I mean, that's,

1789
00:43:52,000 --> 00:43:53,333
and that's why I'm

1790
00:43:53,333 --> 00:43:54,750
the book is very much a balance

1791
00:43:54,750 --> 00:43:56,208
of pessimism and optimism.

1792
00:43:56,208 --> 00:43:57,041
I mean,

1793
00:43:57,041 --> 00:43:57,833
you know, let's let's,

1794
00:43:57,833 --> 00:43:58,666
you know, let's call

1795
00:43:58,666 --> 00:44:00,083
what the system is

1796
00:44:00,083 --> 00:44:01,125
was be pessimistic

1797
00:44:01,125 --> 00:44:03,416
and aggressively pessimistic about

1798
00:44:03,416 --> 00:44:03,958
a broken

1799
00:44:03,958 --> 00:44:05,583
it is and how corrupt these people are

1800
00:44:05,583 --> 00:44:07,708
and how they put us in this position.

1801
00:44:07,708 --> 00:44:09,458
But let's be extremely optimistic

1802
00:44:09,458 --> 00:44:10,041
about the fact

1803
00:44:10,041 --> 00:44:12,083
that we've got the courage to win.

1804
00:44:12,083 --> 00:44:13,250
You know, we got them outnumbered.

1805
00:44:13,250 --> 00:44:14,375
We got a better tool,

1806
00:44:15,583 --> 00:44:16,791
you know, and we are winning.

1807
00:44:16,791 --> 00:44:17,916
I mean, and we're going to

1808
00:44:17,916 --> 00:44:19,916
we're ultimately going to win because

1809
00:44:19,916 --> 00:44:22,416
humankind always finds its way forward

1810
00:44:22,416 --> 00:44:23,291
in spite of,

1811
00:44:23,291 --> 00:44:23,541
you know,

1812
00:44:23,541 --> 00:44:24,958
what could be some tough transitions?

1813
00:44:24,958 --> 00:44:26,208
I mean, a lot of people said to me,

1814
00:44:26,208 --> 00:44:27,458
what you're describing means

1815
00:44:27,458 --> 00:44:28,125
there might be a really

1816
00:44:28,125 --> 00:44:30,500
tough transition point. And that's true.

1817
00:44:30,500 --> 00:44:32,208
I mean, I, I can't I can't deny that.

1818
00:44:32,208 --> 00:44:33,500
I mean, if you really want to get scared,

1819
00:44:33,500 --> 00:44:34,458
go read the mandibles.

1820
00:44:34,458 --> 00:44:36,625
Right.

1821
00:44:36,625 --> 00:44:37,541
That's

1822
00:44:37,541 --> 00:44:38,125
that's a,

1823
00:44:38,125 --> 00:44:38,333
you know,

1824
00:44:38,333 --> 00:44:39,291
that's a dystopian

1825
00:44:39,291 --> 00:44:40,208
view of the transition.

1826
00:44:40,208 --> 00:44:41,375
I don't think it has to be like that.

1827
00:44:41,375 --> 00:44:42,125
I think

1828
00:44:42,125 --> 00:44:43,958
I think we can make this transition with,

1829
00:44:43,958 --> 00:44:46,291
you know, in, in a fair way.

1830
00:44:46,291 --> 00:44:47,500
With, with minimal hurt.

1831
00:44:47,500 --> 00:44:48,208
And I and I,

1832
00:44:48,208 --> 00:44:49,375
and I look forward to doing it

1833
00:44:49,375 --> 00:44:51,333
sooner rather than later because,

1834
00:44:51,333 --> 00:44:51,875
you know,

1835
00:44:51,875 --> 00:44:53,541
we all have limited time spans here.

1836
00:44:53,541 --> 00:44:54,416
And I'd like to see it

1837
00:44:54,416 --> 00:44:56,125
happen in my lifetime.

1838
00:44:56,125 --> 00:44:57,000
I also am concerned

1839
00:44:57,000 --> 00:44:57,958
very much about my kids,

1840
00:44:57,958 --> 00:44:59,750
who are all in their 20s and thriving.

1841
00:44:59,750 --> 00:45:00,833
But, you know,

1842
00:45:00,833 --> 00:45:02,791
they think I'm not going to buy a house,

1843
00:45:02,791 --> 00:45:03,041
you know,

1844
00:45:03,041 --> 00:45:04,291
how am I going to get the down payment?

1845
00:45:04,291 --> 00:45:05,208
I mean, they're,

1846
00:45:05,208 --> 00:45:05,708
you know,

1847
00:45:05,708 --> 00:45:07,208
they're they're suffering from a

1848
00:45:07,208 --> 00:45:07,958
from the inflation

1849
00:45:07,958 --> 00:45:09,250
just like everybody else's.

1850
00:45:09,250 --> 00:45:11,208
So, no,

1851
00:45:11,208 --> 00:45:12,791
I, I absolutely agree

1852
00:45:12,791 --> 00:45:13,916
that we want the transition

1853
00:45:13,916 --> 00:45:14,916
as soon as possible.

1854
00:45:14,916 --> 00:45:17,916
Like and here many bitcoins disagreement

1855
00:45:17,958 --> 00:45:18,958
because they are

1856
00:45:18,958 --> 00:45:19,916
they're afraid of this

1857
00:45:19,916 --> 00:45:21,291
violent transition.

1858
00:45:21,291 --> 00:45:24,208
But the way I see it like without Bitcoin

1859
00:45:24,208 --> 00:45:26,250
there wouldn't be a transition at all.

1860
00:45:26,250 --> 00:45:29,458
What it would just be dark like and and

1861
00:45:30,041 --> 00:45:33,041
and also that the it

1862
00:45:33,083 --> 00:45:34,250
getting orange pilled

1863
00:45:34,250 --> 00:45:35,625
and becoming a Bitcoin

1864
00:45:35,625 --> 00:45:37,375
is getting away from the violence.

1865
00:45:37,375 --> 00:45:39,083
It is the peaceful solution.

1866
00:45:39,083 --> 00:45:42,083
So so it it it already takes a

1867
00:45:42,208 --> 00:45:42,833
takes away

1868
00:45:42,833 --> 00:45:44,666
the the theft and the threats

1869
00:45:44,666 --> 00:45:46,250
thereof like it

1870
00:45:46,250 --> 00:45:48,083
may is already gives you

1871
00:45:48,083 --> 00:45:49,583
this lens to view the world

1872
00:45:49,583 --> 00:45:51,208
to where you can see

1873
00:45:51,208 --> 00:45:52,916
that all prices are falling

1874
00:45:52,916 --> 00:45:54,708
into their marginal cost of production.

1875
00:45:54,708 --> 00:45:57,333
As Jeff likes to point out, like this.

1876
00:45:57,333 --> 00:45:58,625
Is, I think what's happening.

1877
00:45:58,625 --> 00:45:58,958
Yeah.

1878
00:45:58,958 --> 00:46:01,125
And only by, by like

1879
00:46:01,125 --> 00:46:03,000
starting pricing things in sets

1880
00:46:03,000 --> 00:46:04,500
can you actually experience that.

1881
00:46:04,500 --> 00:46:07,291
And it's a it's a fantastic thing to do.

1882
00:46:07,291 --> 00:46:09,083
Right. Absolutely everyone.

1883
00:46:09,083 --> 00:46:09,833
Yeah that's the thing.

1884
00:46:09,833 --> 00:46:10,666
I mean the

1885
00:46:10,666 --> 00:46:12,875
the sense of peace that you get once

1886
00:46:12,875 --> 00:46:14,583
you really fully understand this

1887
00:46:14,583 --> 00:46:15,833
and you come to embrace it,

1888
00:46:17,000 --> 00:46:18,708
it's it's pretty undescribable.

1889
00:46:18,708 --> 00:46:20,458
I mean, like, because I was

1890
00:46:20,458 --> 00:46:21,875
I've been fighting this monster

1891
00:46:21,875 --> 00:46:23,000
for a lot of years

1892
00:46:23,000 --> 00:46:24,500
before Bitcoin even existed.

1893
00:46:24,500 --> 00:46:25,333
All right.

1894
00:46:25,333 --> 00:46:26,333
You know, in 2015,

1895
00:46:26,333 --> 00:46:28,291
I was close to thinking about giving up.

1896
00:46:28,291 --> 00:46:29,041
I was just kind of like,

1897
00:46:29,041 --> 00:46:30,500
I just can't take this anymore.

1898
00:46:30,500 --> 00:46:31,625
It's brutal.

1899
00:46:31,625 --> 00:46:33,958
We're never going to win.

1900
00:46:33,958 --> 00:46:34,583
But I, you know,

1901
00:46:34,583 --> 00:46:37,083
I became aware of Bitcoin in 2013 or 14.

1902
00:46:37,083 --> 00:46:37,708
WhatsApp.

1903
00:46:37,708 --> 00:46:39,250
And and

1904
00:46:39,250 --> 00:46:40,916
you know, I started attending conferences

1905
00:46:40,916 --> 00:46:42,333
and I got really,

1906
00:46:42,333 --> 00:46:43,041
really hopeful

1907
00:46:43,041 --> 00:46:45,041
because let's say you wrote this book

1908
00:46:45,041 --> 00:46:46,250
and, you know, suddenly

1909
00:46:46,250 --> 00:46:47,000
a whole generation

1910
00:46:47,000 --> 00:46:48,166
of young people understood

1911
00:46:48,166 --> 00:46:49,166
Austrian economics

1912
00:46:49,166 --> 00:46:50,208
and understood the flaws

1913
00:46:50,208 --> 00:46:52,083
in Keynesian economics.

1914
00:46:52,083 --> 00:46:53,666
And I'm going to these conferences

1915
00:46:53,666 --> 00:46:54,416
I'm meeting 20 year

1916
00:46:54,416 --> 00:46:55,291
olds were quoting von

1917
00:46:55,291 --> 00:46:57,416
Mises, and I'm like, Holy shit,

1918
00:46:57,416 --> 00:46:58,875
this is different. You know,

1919
00:46:59,875 --> 00:47:00,541
I got,

1920
00:47:00,541 --> 00:47:01,125
you know, I'm

1921
00:47:01,125 --> 00:47:02,083
this old gold bug,

1922
00:47:02,083 --> 00:47:03,833
and I got all these young reinforcements

1923
00:47:03,833 --> 00:47:04,958
and they got a

1924
00:47:04,958 --> 00:47:06,083
they got a better spear,

1925
00:47:06,083 --> 00:47:07,500
you know, they got they got gunpowder.

1926
00:47:07,500 --> 00:47:10,041
And I'm fine with the spear. So,

1927
00:47:10,041 --> 00:47:11,500
you know, it's,

1928
00:47:11,500 --> 00:47:13,041
it's really been super,

1929
00:47:13,041 --> 00:47:15,875
super exciting and encouraging for me to

1930
00:47:15,875 --> 00:47:18,416
to watch it and be a part of it and,

1931
00:47:18,416 --> 00:47:19,833
and to watch Luke's generation.

1932
00:47:19,833 --> 00:47:20,458
And I like,

1933
00:47:20,458 --> 00:47:21,708
you know, you're kind of in between.

1934
00:47:21,708 --> 00:47:23,083
But to watch Luke's generation,

1935
00:47:23,083 --> 00:47:25,000
like Jack Milo's generation,

1936
00:47:25,000 --> 00:47:26,000
you know, pick up the,

1937
00:47:26,000 --> 00:47:26,333
you know,

1938
00:47:26,333 --> 00:47:27,500
pick up the weapon and say,

1939
00:47:27,500 --> 00:47:29,125
okay, guys, you know,

1940
00:47:29,125 --> 00:47:30,208
don't worry about gold, guys.

1941
00:47:30,208 --> 00:47:33,041
We got, you know, we got you covered.

1942
00:47:33,041 --> 00:47:33,875
We're going to we're going to

1943
00:47:33,875 --> 00:47:35,875
we're going to slay this beast,

1944
00:47:35,875 --> 00:47:36,166
you know,

1945
00:47:36,166 --> 00:47:37,583
because we got, you know, this this is

1946
00:47:37,583 --> 00:47:38,583
we got the right tool

1947
00:47:38,583 --> 00:47:39,458
and we're going to slay it.

1948
00:47:40,708 --> 00:47:41,000
You know,

1949
00:47:41,000 --> 00:47:42,625
as, I

1950
00:47:42,625 --> 00:47:42,958
said, what

1951
00:47:42,958 --> 00:47:45,000
does that sneaky roundabout way.

1952
00:47:45,000 --> 00:47:45,500
Yeah.

1953
00:47:45,500 --> 00:47:46,166
Well,

1954
00:47:46,166 --> 00:47:47,083
the guy who created

1955
00:47:47,083 --> 00:47:48,125
it, Satoshi, created

1956
00:47:48,125 --> 00:47:49,458
something that cannot stop,

1957
00:47:49,458 --> 00:47:51,333
which is a thing of beauty.

1958
00:47:51,333 --> 00:47:53,458
So. Absolutely.

1959
00:47:53,458 --> 00:47:54,583
I mean, oh.

1960
00:47:54,583 --> 00:47:55,541
This,

1961
00:47:55,541 --> 00:47:58,083
malus is such a such an eloquent speaker.

1962
00:47:58,083 --> 00:48:01,041
Oh, I love that speech he gave him.

1963
00:48:01,041 --> 00:48:02,208
I recorded it in the book.

1964
00:48:02,208 --> 00:48:04,125
That speech he gave in Miami in 21

1965
00:48:04,125 --> 00:48:05,458
when he was,

1966
00:48:05,458 --> 00:48:07,666
talking about El Salvador going, Yeah,

1967
00:48:07,666 --> 00:48:08,750
he was on fire.

1968
00:48:08,750 --> 00:48:09,666
Yeah, he was on fire.

1969
00:48:09,666 --> 00:48:10,958
And he said, I'll die on this hill.

1970
00:48:10,958 --> 00:48:12,250
I mean, you know.

1971
00:48:12,250 --> 00:48:14,125
Yeah, all of us were driven to tears

1972
00:48:14,125 --> 00:48:15,458
or moved to tears on that shit.

1973
00:48:15,458 --> 00:48:16,458
It was great.

1974
00:48:16,458 --> 00:48:18,416
No, it was superb.

1975
00:48:18,416 --> 00:48:19,708
And, yeah.

1976
00:48:19,708 --> 00:48:21,916
So back, back into the book.

1977
00:48:21,916 --> 00:48:22,708
I mean,

1978
00:48:22,708 --> 00:48:23,916
it's, it's it's

1979
00:48:23,916 --> 00:48:26,541
so fun to to go off on tangents with you.

1980
00:48:26,541 --> 00:48:27,041
Yeah. Right.

1981
00:48:27,041 --> 00:48:30,166
And help myself, but, but like, the,

1982
00:48:30,208 --> 00:48:32,125
the writing process, like,

1983
00:48:32,125 --> 00:48:33,083
how is that for you

1984
00:48:33,083 --> 00:48:35,958
and how do you enjoy it? Like, how.

1985
00:48:35,958 --> 00:48:38,416
Did you know? It was pretty interesting.

1986
00:48:38,416 --> 00:48:39,083
It really.

1987
00:48:39,083 --> 00:48:40,416
I mean, I felt like a higher power

1988
00:48:40,416 --> 00:48:41,583
was talking to me a lot of times.

1989
00:48:41,583 --> 00:48:42,208
I mean, I'm not.

1990
00:48:42,208 --> 00:48:43,583
I mean, I'm a little spiritual, but,

1991
00:48:43,583 --> 00:48:45,583
I mean, it was it just flew out of me.

1992
00:48:45,583 --> 00:48:46,791
I mean, I just once it

1993
00:48:46,791 --> 00:48:48,291
once I got the message,

1994
00:48:48,291 --> 00:48:48,708
you know, once

1995
00:48:48,708 --> 00:48:50,416
I knew what the message was.

1996
00:48:50,416 --> 00:48:51,125
And I

1997
00:48:51,125 --> 00:48:51,708
was actually a woman

1998
00:48:51,708 --> 00:48:54,208
who was just credited to kind of,

1999
00:48:54,208 --> 00:48:55,166
try and got me started

2000
00:48:55,166 --> 00:48:56,000
on writing the book.

2001
00:48:56,000 --> 00:48:57,708
And she proposed ghost writing.

2002
00:48:57,708 --> 00:48:58,750
And I decided not to go with

2003
00:48:58,750 --> 00:48:59,333
a ghostwriter,

2004
00:48:59,333 --> 00:49:00,708
but she said something to me

2005
00:49:00,708 --> 00:49:03,041
that was very, very profound.

2006
00:49:03,041 --> 00:49:04,458
She said, you know, Larry,

2007
00:49:04,458 --> 00:49:06,083
she said that, you know,

2008
00:49:06,083 --> 00:49:07,583
two things about a book writing a book.

2009
00:49:07,583 --> 00:49:08,875
One, it becomes your legacy

2010
00:49:08,875 --> 00:49:09,875
for your relatives,

2011
00:49:09,875 --> 00:49:11,875
you know, generations later,

2012
00:49:11,875 --> 00:49:14,208
and two books can change the world.

2013
00:49:14,208 --> 00:49:14,625
And she said,

2014
00:49:14,625 --> 00:49:15,916
they really can change the world.

2015
00:49:15,916 --> 00:49:16,791
And I thought about that.

2016
00:49:16,791 --> 00:49:17,791
Wow.

2017
00:49:17,791 --> 00:49:18,666
That's you know,

2018
00:49:18,666 --> 00:49:19,041
I don't know

2019
00:49:19,041 --> 00:49:21,375
if I've got the skill to do that, but

2020
00:49:21,375 --> 00:49:23,458
but that's that's kind of what drove me.

2021
00:49:23,458 --> 00:49:24,833
And I thought, you know, what can I,

2022
00:49:24,833 --> 00:49:26,375
I, I see this thing.

2023
00:49:26,375 --> 00:49:28,041
I'm in a unique position to see it.

2024
00:49:28,041 --> 00:49:29,041
I don't think anyone sees it

2025
00:49:29,041 --> 00:49:30,791
quite the way I do.

2026
00:49:30,791 --> 00:49:32,458
You know, maybe, just maybe,

2027
00:49:32,458 --> 00:49:33,250
I can write a book

2028
00:49:33,250 --> 00:49:35,333
that might change the world. And so.

2029
00:49:35,333 --> 00:49:37,666
So it actually just flew out of me.

2030
00:49:37,666 --> 00:49:38,666
It was like I.

2031
00:49:38,666 --> 00:49:39,708
And what had happened,

2032
00:49:39,708 --> 00:49:41,000
like my general pattern

2033
00:49:41,000 --> 00:49:42,958
was I go to bed at ten

2034
00:49:42,958 --> 00:49:44,416
and I would wake up at 3 a.m.

2035
00:49:44,416 --> 00:49:45,916
with a great idea.

2036
00:49:45,916 --> 00:49:48,583
And so I would write from 3 to 4,

2037
00:49:48,583 --> 00:49:49,541
and then I would go back

2038
00:49:49,541 --> 00:49:50,583
to sleep at four,

2039
00:49:50,583 --> 00:49:51,916
and then I wake up at six,

2040
00:49:51,916 --> 00:49:53,666
and then I write some more.

2041
00:49:53,666 --> 00:49:54,916
And so yeah,

2042
00:49:54,916 --> 00:49:55,166
I mean,

2043
00:49:55,166 --> 00:49:57,291
I wrote this book, it's two, it's 300

2044
00:49:57,291 --> 00:49:59,166
some pages now.

2045
00:49:59,166 --> 00:50:00,291
I wrote it in six months.

2046
00:50:00,291 --> 00:50:02,958
I started in May, June of last year.

2047
00:50:02,958 --> 00:50:05,583
So, and it just it just flew out of me.

2048
00:50:05,583 --> 00:50:06,375
And then,

2049
00:50:06,375 --> 00:50:06,916
you know,

2050
00:50:06,916 --> 00:50:08,750
I will say, you know, full,

2051
00:50:08,750 --> 00:50:11,208
full, full credit and confession chat.

2052
00:50:11,208 --> 00:50:15,000
GPT is like a game changer in terms of,

2053
00:50:15,041 --> 00:50:16,250
you know, research, right?

2054
00:50:16,250 --> 00:50:16,958
I mean, you can get

2055
00:50:16,958 --> 00:50:18,958
all the information off of Google.

2056
00:50:18,958 --> 00:50:19,541
But, you know,

2057
00:50:19,541 --> 00:50:20,625
I want to know about the Currency

2058
00:50:20,625 --> 00:50:22,375
Act of 1792 bomb.

2059
00:50:22,375 --> 00:50:24,208
You know, it just lays it right out. So,

2060
00:50:25,416 --> 00:50:26,291
yeah, I,

2061
00:50:26,291 --> 00:50:28,125
I pretty much enjoyed the process.

2062
00:50:28,125 --> 00:50:29,083
I mean, it's

2063
00:50:29,083 --> 00:50:30,500
I and then my brilliant,

2064
00:50:30,500 --> 00:50:31,708
absolutely brilliant

2065
00:50:31,708 --> 00:50:32,791
editor, Mel Schilling.

2066
00:50:32,791 --> 00:50:34,041
Oh my God, I mean,

2067
00:50:34,041 --> 00:50:36,041
this book would not be

2068
00:50:36,041 --> 00:50:37,500
half as good as it is

2069
00:50:37,500 --> 00:50:39,291
because I'm not that good a writer.

2070
00:50:39,291 --> 00:50:40,916
But she is.

2071
00:50:40,916 --> 00:50:43,791
And so I knew what I wanted to say.

2072
00:50:43,791 --> 00:50:45,291
And then Mel helped me to say it

2073
00:50:45,291 --> 00:50:46,041
in a way that,

2074
00:50:46,041 --> 00:50:46,416
you know,

2075
00:50:46,416 --> 00:50:48,875
is digestible and understandable

2076
00:50:48,875 --> 00:50:50,125
and grammatically correct.

2077
00:50:50,125 --> 00:50:51,708
So, you know,

2078
00:50:51,708 --> 00:50:53,208
I mean, I've had that's the other thing.

2079
00:50:53,208 --> 00:50:54,916
It's it's really not my book.

2080
00:50:54,916 --> 00:50:56,208
It's a crowdsourced book.

2081
00:50:56,208 --> 00:50:58,500
I've had so much help

2082
00:50:58,500 --> 00:50:59,875
from so many people.

2083
00:50:59,875 --> 00:51:01,166
But that's what Bitcoin really is

2084
00:51:01,166 --> 00:51:02,166
all about, isn't it?

2085
00:51:02,166 --> 00:51:03,333
I mean, you know,

2086
00:51:03,333 --> 00:51:05,000
I mean there's Jesse Myers,

2087
00:51:05,000 --> 00:51:06,416
there's Preston, there's Saylor,

2088
00:51:06,416 --> 00:51:07,333
there's you guys.

2089
00:51:07,333 --> 00:51:09,125
I mean just you know, Breedlove.

2090
00:51:09,125 --> 00:51:11,375
It just goes on and on and on.

2091
00:51:11,375 --> 00:51:14,416
And you know I every everybody you know,

2092
00:51:14,416 --> 00:51:14,958
you'll see him.

2093
00:51:14,958 --> 00:51:16,250
They're all credit in the back.

2094
00:51:16,250 --> 00:51:17,875
And they're lots and lots of people

2095
00:51:17,875 --> 00:51:19,291
who've made a contribution.

2096
00:51:19,291 --> 00:51:20,333
And I think what

2097
00:51:20,333 --> 00:51:22,041
my value added is, is

2098
00:51:22,041 --> 00:51:24,583
that I was able to pull together

2099
00:51:24,583 --> 00:51:27,125
the best of all these people

2100
00:51:27,125 --> 00:51:28,208
and put it in the book.

2101
00:51:28,208 --> 00:51:29,208
I mean, so,

2102
00:51:29,208 --> 00:51:29,458
you know,

2103
00:51:29,458 --> 00:51:31,500
I've got some of the Jekyll, I mean,

2104
00:51:31,500 --> 00:51:32,875
Jekyll Islands, a great book,

2105
00:51:32,875 --> 00:51:33,833
the Creature from Jekyll

2106
00:51:33,833 --> 00:51:34,625
describing this, that.

2107
00:51:34,625 --> 00:51:36,833
Okay, but it's 450 pages.

2108
00:51:36,833 --> 00:51:37,708
The average American

2109
00:51:37,708 --> 00:51:38,750
is not going to wade through that.

2110
00:51:38,750 --> 00:51:40,750
They're just not it's just way too much.

2111
00:51:40,750 --> 00:51:42,791
And to dance and to detail.

2112
00:51:42,791 --> 00:51:43,875
And it's a great accounting

2113
00:51:43,875 --> 00:51:45,958
of how they sneakily did it.

2114
00:51:45,958 --> 00:51:47,791
But you know, but

2115
00:51:47,791 --> 00:51:48,791
I think the average American

2116
00:51:48,791 --> 00:51:49,875
is interested in the,

2117
00:51:49,875 --> 00:51:52,333
the fundamental what happened there.

2118
00:51:52,333 --> 00:51:53,791
And so if I can boil it down

2119
00:51:53,791 --> 00:51:55,041
into four paragraphs

2120
00:51:55,041 --> 00:51:55,708
and kind of give you

2121
00:51:55,708 --> 00:51:57,041
the Reader's Digest version,

2122
00:51:57,041 --> 00:51:57,916
oh, I get it.

2123
00:51:57,916 --> 00:51:59,875
They set up a system of screw us

2124
00:51:59,875 --> 00:52:01,791
then, you know, then that's good. Right.

2125
00:52:01,791 --> 00:52:03,833
And and I did that with,

2126
00:52:03,833 --> 00:52:04,791
with tons of books.

2127
00:52:04,791 --> 00:52:05,416
I mean, I just,

2128
00:52:05,416 --> 00:52:06,083
I grabbed

2129
00:52:06,083 --> 00:52:07,791
kind of the best of all these things

2130
00:52:07,791 --> 00:52:09,541
and put it all into one

2131
00:52:09,541 --> 00:52:12,291
coherent, explainable story

2132
00:52:12,291 --> 00:52:13,833
so that, you know, what I've got is,

2133
00:52:13,833 --> 00:52:16,416
I think, a very comprehensive tool

2134
00:52:16,416 --> 00:52:17,416
for orange

2135
00:52:17,416 --> 00:52:20,333
filling people and helping people

2136
00:52:20,333 --> 00:52:21,500
out of the predicament,

2137
00:52:21,500 --> 00:52:22,916
the monetary predicament

2138
00:52:22,916 --> 00:52:24,416
that we all find ourselves in

2139
00:52:24,416 --> 00:52:25,625
in today's world.

2140
00:52:27,416 --> 00:52:28,791
Now,

2141
00:52:28,791 --> 00:52:30,208
recognize any of that look,

2142
00:52:30,208 --> 00:52:33,208
it sounds familiar to another writing.

2143
00:52:33,291 --> 00:52:34,166
You guys. Same thing.

2144
00:52:34,166 --> 00:52:34,833
Yeah. When you wrote.

2145
00:52:34,833 --> 00:52:35,958
Yeah, very. Much.

2146
00:52:35,958 --> 00:52:38,958
I, it's exactly the same for me.

2147
00:52:38,958 --> 00:52:40,916
I wake up one day and it all starts

2148
00:52:40,916 --> 00:52:42,291
pouring out of me, and I.

2149
00:52:42,291 --> 00:52:44,000
I view it nowadays.

2150
00:52:44,000 --> 00:52:44,208
Like,

2151
00:52:44,208 --> 00:52:48,291
if the the work is really people ask me,

2152
00:52:48,291 --> 00:52:49,916
when did you start writing the book?

2153
00:52:49,916 --> 00:52:51,208
And I have no clue.

2154
00:52:51,208 --> 00:52:51,833
Like,

2155
00:52:51,833 --> 00:52:52,833
I know that it wasn't

2156
00:52:52,833 --> 00:52:53,875
when I first pressed

2157
00:52:53,875 --> 00:52:55,833
the first key on the keyboard.

2158
00:52:55,833 --> 00:52:56,458
I think it was.

2159
00:52:56,458 --> 00:52:57,708
It was formulated in your mind.

2160
00:52:57,708 --> 00:52:58,666
Yeah, yeah, yeah.

2161
00:52:58,666 --> 00:52:59,458
And and that's

2162
00:52:59,458 --> 00:53:00,833
a huge part of the process.

2163
00:53:00,833 --> 00:53:02,166
And the other thing I'd like to echo

2164
00:53:02,166 --> 00:53:04,083
is Mel Schilling's efforts,

2165
00:53:04,083 --> 00:53:05,458
like she's the unsung

2166
00:53:05,458 --> 00:53:07,166
heroine of, of Bitcoin books.

2167
00:53:07,166 --> 00:53:08,625
She's so great

2168
00:53:08,625 --> 00:53:09,625
and she's been with me

2169
00:53:09,625 --> 00:53:12,125
ever since everything divided,

2170
00:53:12,125 --> 00:53:15,000
and, with the, in the editing.

2171
00:53:15,000 --> 00:53:16,583
And she's just fantastic at it.

2172
00:53:16,583 --> 00:53:18,458
So, so like big shout out to her.

2173
00:53:18,458 --> 00:53:19,375
And I know she's done

2174
00:53:19,375 --> 00:53:20,000
a whole

2175
00:53:20,000 --> 00:53:22,333
bunch of other Bitcoin books as well.

2176
00:53:22,333 --> 00:53:24,666
And you know, she's just phenomenal,

2177
00:53:24,666 --> 00:53:26,000
you know, so so

2178
00:53:26,000 --> 00:53:27,291
but it's so good to hear

2179
00:53:27,291 --> 00:53:28,833
and it's so good to hear like that.

2180
00:53:28,833 --> 00:53:31,333
You've got to have this experience like.

2181
00:53:31,333 --> 00:53:32,708
Yeah it was an incredible experience.

2182
00:53:32,708 --> 00:53:33,541
I don't you know people say,

2183
00:53:33,541 --> 00:53:34,416
well once you've written one

2184
00:53:34,416 --> 00:53:36,625
you write more. I'm not so sure it was.

2185
00:53:36,625 --> 00:53:38,458
There were times, I mean, and my wife is

2186
00:53:38,458 --> 00:53:40,083
I work up pretty angry with me

2187
00:53:40,083 --> 00:53:41,166
at various points in time.

2188
00:53:41,166 --> 00:53:43,166
So I wasn't paying any attention to her.

2189
00:53:43,166 --> 00:53:43,666
As you know,

2190
00:53:43,666 --> 00:53:44,833
when you're doing these kind of things,

2191
00:53:44,833 --> 00:53:46,125
you just get obsessed,

2192
00:53:46,125 --> 00:53:47,041
you know what I mean?

2193
00:53:47,041 --> 00:53:48,500
I just, I know

2194
00:53:48,500 --> 00:53:51,083
well, and I and and two things.

2195
00:53:51,083 --> 00:53:52,958
One, I got obsessed and two,

2196
00:53:52,958 --> 00:53:54,833
I just didn't want to produce crap.

2197
00:53:54,833 --> 00:53:56,958
I wanted it to be my best work.

2198
00:53:56,958 --> 00:53:57,958
And, you know,

2199
00:53:57,958 --> 00:53:58,958
people might come out and say,

2200
00:53:58,958 --> 00:54:00,125
hey, I disagree with this, or,

2201
00:54:00,125 --> 00:54:01,708
hey, I don't like it, or hey,

2202
00:54:01,708 --> 00:54:03,250
it's not even good work.

2203
00:54:03,250 --> 00:54:05,333
But, I'm very comfortable

2204
00:54:05,333 --> 00:54:08,000
that it's my best work that I can't do.

2205
00:54:08,000 --> 00:54:08,541
I couldn't do it

2206
00:54:08,541 --> 00:54:10,625
any better than what I've done, so.

2207
00:54:10,625 --> 00:54:12,083
And and I'll rest on that.

2208
00:54:12,083 --> 00:54:13,166
Right? I mean, that's,

2209
00:54:14,791 --> 00:54:16,250
So I'll

2210
00:54:16,250 --> 00:54:18,375
it is not because, I mean, I, you know,

2211
00:54:18,375 --> 00:54:19,375
the, the,

2212
00:54:19,375 --> 00:54:22,125
the $64,000 question, guys, is how,

2213
00:54:22,125 --> 00:54:22,541
you know,

2214
00:54:22,541 --> 00:54:25,541
are the dogs going to eat the food?

2215
00:54:27,291 --> 00:54:28,375
When the dogs read that,

2216
00:54:28,375 --> 00:54:29,458
they're going to look at like, oh,

2217
00:54:29,458 --> 00:54:30,708
this is a really good book.

2218
00:54:30,708 --> 00:54:32,416
Or they go, oh God, I you know,

2219
00:54:32,416 --> 00:54:33,250
that was just tiresome.

2220
00:54:33,250 --> 00:54:34,791
I don't want to read all that.

2221
00:54:34,791 --> 00:54:35,958
And then one of the problems today

2222
00:54:35,958 --> 00:54:37,083
is, I'm sure you've a counter

2223
00:54:37,083 --> 00:54:38,333
to like a lot of people

2224
00:54:38,333 --> 00:54:39,291
don't read that much anymore.

2225
00:54:39,291 --> 00:54:40,041
They get all their information

2226
00:54:40,041 --> 00:54:40,791
from podcasts,

2227
00:54:40,791 --> 00:54:41,583
you know,

2228
00:54:41,583 --> 00:54:42,250
although, you know,

2229
00:54:42,250 --> 00:54:42,958
there will be an audio

2230
00:54:42,958 --> 00:54:44,750
version of the book,

2231
00:54:44,750 --> 00:54:46,708
or people ask to have me to read it

2232
00:54:46,708 --> 00:54:47,416
myself, I can't,

2233
00:54:47,416 --> 00:54:48,416
I've got too many business

2234
00:54:48,416 --> 00:54:49,708
commitments to do it.

2235
00:54:49,708 --> 00:54:50,416
I pick Walker.

2236
00:54:50,416 --> 00:54:51,625
America's a very good guy

2237
00:54:51,625 --> 00:54:52,416
with a great voice.

2238
00:54:52,416 --> 00:54:53,458
He's going to read it for it.

2239
00:54:53,458 --> 00:54:54,708
And so there will be an audible

2240
00:54:54,708 --> 00:54:56,375
audio version.

2241
00:54:56,375 --> 00:54:58,416
It'll be delayed and it won't be released

2242
00:54:58,416 --> 00:55:00,291
the day the paperback comes out, but be,

2243
00:55:00,291 --> 00:55:01,666
you know, mouth or something afterwards.

2244
00:55:01,666 --> 00:55:01,916
So,

2245
00:55:03,000 --> 00:55:04,041
for people who, you know,

2246
00:55:04,041 --> 00:55:05,166
I've had guest long haul

2247
00:55:05,166 --> 00:55:06,375
truckers DM me and say, hey,

2248
00:55:06,375 --> 00:55:07,125
I drive a truck.

2249
00:55:07,125 --> 00:55:07,666
You know, I want to

2250
00:55:07,666 --> 00:55:08,291
I want to read your book.

2251
00:55:08,291 --> 00:55:09,250
But out of time can you get

2252
00:55:09,250 --> 00:55:10,041
are you doing audio?

2253
00:55:10,041 --> 00:55:11,666
I'm like, yep, I'm doing it.

2254
00:55:11,666 --> 00:55:14,000
So it's all good.

2255
00:55:14,000 --> 00:55:16,000
No, it's it's fantastic.

2256
00:55:16,000 --> 00:55:17,250
I mean, Luke.

2257
00:55:17,250 --> 00:55:19,250
Luke, what, what do you think?

2258
00:55:19,250 --> 00:55:19,791
I mean, you

2259
00:55:19,791 --> 00:55:21,708
you've also had this experience

2260
00:55:21,708 --> 00:55:22,916
now with making a book

2261
00:55:22,916 --> 00:55:23,875
and working with Mel

2262
00:55:23,875 --> 00:55:25,833
and all of this, so, like. Yeah.

2263
00:55:25,833 --> 00:55:27,083
What's on your. Mind?

2264
00:55:27,083 --> 00:55:29,916
So I've gotten to to read, read it

2265
00:55:29,916 --> 00:55:31,916
fairly deeply at this point, and,

2266
00:55:31,916 --> 00:55:34,291
yeah, it's a it's a great.

2267
00:55:34,291 --> 00:55:37,166
Yes story of, of some stuff that I think

2268
00:55:37,166 --> 00:55:38,083
a lot of bitcoiners,

2269
00:55:38,083 --> 00:55:41,083
non bitcoiners won't be aware of.

2270
00:55:41,166 --> 00:55:41,666
And

2271
00:55:42,708 --> 00:55:43,875
so far what I'm thinking

2272
00:55:43,875 --> 00:55:45,208
is, is really the,

2273
00:55:45,208 --> 00:55:47,375
the key here of the book,

2274
00:55:47,375 --> 00:55:49,333
what you call the, the, the thesis.

2275
00:55:49,333 --> 00:55:51,291
And I don't think,

2276
00:55:51,291 --> 00:55:52,375
I'm not

2277
00:55:52,375 --> 00:55:53,125
exactly asking you

2278
00:55:53,125 --> 00:55:54,375
to spoil the ending or anything,

2279
00:55:54,375 --> 00:55:55,916
but we're, we're 45 minutes,

2280
00:55:55,916 --> 00:55:58,375
50 minutes into a pod here now.

2281
00:55:58,375 --> 00:56:00,208
So whoever is stuck along to this point,

2282
00:56:00,208 --> 00:56:02,458
I think has,

2283
00:56:02,458 --> 00:56:02,958
maybe earned

2284
00:56:02,958 --> 00:56:04,166
a little bit of kind of you're

2285
00:56:04,166 --> 00:56:05,458
thinking about this key point,

2286
00:56:05,458 --> 00:56:08,500
but why is the big print inevitable?

2287
00:56:08,500 --> 00:56:10,375
Like the whole first, first.

2288
00:56:10,375 --> 00:56:11,208
Part of the book

2289
00:56:11,208 --> 00:56:13,875
basically builds up to that, like, yeah,

2290
00:56:13,875 --> 00:56:16,375
why is it going to happen?

2291
00:56:16,375 --> 00:56:17,500
Is because of the math

2292
00:56:17,500 --> 00:56:19,541
of geometric compounding.

2293
00:56:19,541 --> 00:56:21,083
It's really it's a it's

2294
00:56:21,083 --> 00:56:23,083
actually a math problem.

2295
00:56:23,083 --> 00:56:26,083
It's not it's not a political problem.

2296
00:56:26,125 --> 00:56:27,833
If you compound something, I mean,

2297
00:56:27,833 --> 00:56:29,458
if you go to my Twitter,

2298
00:56:29,458 --> 00:56:30,000
account,

2299
00:56:30,000 --> 00:56:31,458
you'll see there's a chart that I,

2300
00:56:31,458 --> 00:56:33,041
it's my pin chart.

2301
00:56:33,041 --> 00:56:35,583
It shows that we've grown debt at a rate

2302
00:56:35,583 --> 00:56:37,208
in excess of the rate

2303
00:56:37,208 --> 00:56:39,208
that we've grown GDP

2304
00:56:39,208 --> 00:56:40,250
and gross

2305
00:56:40,250 --> 00:56:41,958
domestic product goods and services.

2306
00:56:41,958 --> 00:56:43,250
And so

2307
00:56:43,250 --> 00:56:45,750
history shows through thousands of years

2308
00:56:45,750 --> 00:56:47,083
that when that happens

2309
00:56:47,083 --> 00:56:48,458
and you get overly indebted

2310
00:56:48,458 --> 00:56:49,583
compared to your ability

2311
00:56:49,583 --> 00:56:50,541
to service the debt,

2312
00:56:50,541 --> 00:56:52,333
I GDP represents the ability

2313
00:56:52,333 --> 00:56:53,041
to service the debt,

2314
00:56:53,041 --> 00:56:55,083
pay it off or pay the interest.

2315
00:56:55,083 --> 00:56:57,208
Eventually something breaks.

2316
00:56:57,208 --> 00:56:58,541
Either the debt must collapse

2317
00:56:58,541 --> 00:57:01,250
and become unpayable, or people,

2318
00:57:01,250 --> 00:57:03,541
if they control the monetary system,

2319
00:57:03,541 --> 00:57:04,791
don't want that outcome.

2320
00:57:04,791 --> 00:57:06,375
And so they print the money

2321
00:57:06,375 --> 00:57:07,166
to pay the debt,

2322
00:57:07,166 --> 00:57:08,041
and effectively

2323
00:57:08,041 --> 00:57:08,875
the debt collapses

2324
00:57:08,875 --> 00:57:10,875
because you get paid back in dollars

2325
00:57:10,875 --> 00:57:12,291
or the currency.

2326
00:57:12,291 --> 00:57:14,666
But so many currency units get created.

2327
00:57:14,666 --> 00:57:16,833
The effectively not valuable,

2328
00:57:16,833 --> 00:57:18,375
you know, inflation is very, very high.

2329
00:57:18,375 --> 00:57:21,041
So so what really is described,

2330
00:57:21,041 --> 00:57:21,291
I mean,

2331
00:57:21,291 --> 00:57:23,125
and there are a lot of charts in the book

2332
00:57:23,125 --> 00:57:23,750
that show this,

2333
00:57:23,750 --> 00:57:25,708
and probably the best one is actually

2334
00:57:25,708 --> 00:57:26,208
look at the U.S.

2335
00:57:26,208 --> 00:57:28,541
federal government interest expense

2336
00:57:28,541 --> 00:57:29,625
and, you know, the views

2337
00:57:29,625 --> 00:57:30,625
and the growth of the US

2338
00:57:30,625 --> 00:57:31,458
federal government debt.

2339
00:57:31,458 --> 00:57:33,083
And if you can see if you look at them,

2340
00:57:33,083 --> 00:57:35,000
what you'll see is just describing them.

2341
00:57:35,000 --> 00:57:36,250
They're kind of going parabolic.

2342
00:57:36,250 --> 00:57:37,916
They're going straight up,

2343
00:57:37,916 --> 00:57:38,208
you know,

2344
00:57:38,208 --> 00:57:40,375
I mean, the U.S debt is $36 trillion.

2345
00:57:40,375 --> 00:57:41,208
We're adding $1

2346
00:57:41,208 --> 00:57:42,416
trillion every three months.

2347
00:57:42,416 --> 00:57:44,541
And that's that rate is growing.

2348
00:57:44,541 --> 00:57:47,500
U.S interest expenses are, you know, 400

2349
00:57:47,500 --> 00:57:48,958
worth 400 billion a year.

2350
00:57:48,958 --> 00:57:51,000
Now we're at 1.2 trillion.

2351
00:57:51,000 --> 00:57:52,541
And that's going up.

2352
00:57:52,541 --> 00:57:54,583
And so it's just a kind of a,

2353
00:57:54,583 --> 00:57:55,000
you know, it's

2354
00:57:55,000 --> 00:57:58,000
a continual mathematical compounding

2355
00:57:58,416 --> 00:57:59,208
of this debt

2356
00:57:59,208 --> 00:58:00,583
that's that's going to lead

2357
00:58:00,583 --> 00:58:02,291
to a day of reckoning unless,

2358
00:58:02,291 --> 00:58:03,166
unless somehow,

2359
00:58:03,166 --> 00:58:04,750
you know, x machina,

2360
00:58:04,750 --> 00:58:06,583
we find some magical solution.

2361
00:58:06,583 --> 00:58:07,416
But,

2362
00:58:07,416 --> 00:58:07,750
you know,

2363
00:58:07,750 --> 00:58:10,791
in 2000 years of recorded history, when,

2364
00:58:10,791 --> 00:58:12,500
when debt gets this bad,

2365
00:58:12,500 --> 00:58:12,666
you know,

2366
00:58:12,666 --> 00:58:14,625
you get a sovereign debt crisis,

2367
00:58:14,625 --> 00:58:16,625
you know, the currency collapses or,

2368
00:58:16,625 --> 00:58:18,250
you know, in biblical times,

2369
00:58:18,250 --> 00:58:19,958
it was actually, you know, you had it

2370
00:58:19,958 --> 00:58:21,791
that Jubilee or else,

2371
00:58:21,791 --> 00:58:24,083
you know, the whole thing fell apart. So,

2372
00:58:25,083 --> 00:58:26,041
so really,

2373
00:58:26,041 --> 00:58:27,416
really look, the answer to your question

2374
00:58:27,416 --> 00:58:28,916
is it's just math.

2375
00:58:28,916 --> 00:58:30,083
It's just it's

2376
00:58:30,083 --> 00:58:31,833
not a it's not an emotional view.

2377
00:58:31,833 --> 00:58:33,333
It's literally just math.

2378
00:58:33,333 --> 00:58:33,583
And it's

2379
00:58:33,583 --> 00:58:35,500
so it's kind of ironic,

2380
00:58:35,500 --> 00:58:35,875
isn't it,

2381
00:58:35,875 --> 00:58:37,333
that the solution to the problem

2382
00:58:37,333 --> 00:58:40,000
is just math too, right?

2383
00:58:40,000 --> 00:58:41,916
I mean, if we, you know,

2384
00:58:41,916 --> 00:58:42,500
the math is

2385
00:58:42,500 --> 00:58:43,083
what's causing

2386
00:58:43,083 --> 00:58:45,208
the existing system to break.

2387
00:58:45,208 --> 00:58:46,041
And if we go to

2388
00:58:46,041 --> 00:58:47,875
a, a monetary system

2389
00:58:47,875 --> 00:58:49,833
based on a mathematical protocol

2390
00:58:49,833 --> 00:58:52,541
that's inviolate and immutable

2391
00:58:52,541 --> 00:58:54,041
and can't be gamed,

2392
00:58:54,041 --> 00:58:55,375
that will solve the problem.

2393
00:58:55,375 --> 00:58:58,375
So, wow, I mean, it's, you know,

2394
00:58:58,416 --> 00:59:00,208
there's real symmetry there.

2395
00:59:00,208 --> 00:59:00,500
Yeah.

2396
00:59:00,500 --> 00:59:00,875
I mean,

2397
00:59:00,875 --> 00:59:01,916
I think the

2398
00:59:01,916 --> 00:59:04,916
the first part is, is, of the book

2399
00:59:05,208 --> 00:59:07,125
describing the problem is,

2400
00:59:07,125 --> 00:59:09,000
is going to be really fascinating for

2401
00:59:09,000 --> 00:59:11,000
especially our listeners

2402
00:59:11,000 --> 00:59:13,625
who are already quite familiar

2403
00:59:13,625 --> 00:59:14,458
with Bitcoin.

2404
00:59:14,458 --> 00:59:16,500
But I also like the

2405
00:59:16,500 --> 00:59:17,666
the second half of the book,

2406
00:59:17,666 --> 00:59:20,666
sort of systematically explaining

2407
00:59:21,291 --> 00:59:22,875
why Bitcoin is the solution.

2408
00:59:22,875 --> 00:59:24,500
And then and then

2409
00:59:25,666 --> 00:59:27,958
what is your view of, of

2410
00:59:27,958 --> 00:59:30,500
what we as Bitcoiners

2411
00:59:30,500 --> 00:59:32,333
need to do to help

2412
00:59:32,333 --> 00:59:34,041
the world become a better place?

2413
00:59:34,041 --> 00:59:35,291
Because I think that's a

2414
00:59:35,291 --> 00:59:38,208
that's a big part of the. The second.

2415
00:59:38,208 --> 00:59:39,458
My view is the Bitcoiners

2416
00:59:39,458 --> 00:59:41,375
are going to have enormous responsibility

2417
00:59:41,375 --> 00:59:42,500
because we're going to be silly,

2418
00:59:42,500 --> 00:59:43,916
rich and,

2419
00:59:43,916 --> 00:59:44,916
and, and,

2420
00:59:44,916 --> 00:59:45,250
you know,

2421
00:59:45,250 --> 00:59:46,625
I think it's our job

2422
00:59:46,625 --> 00:59:48,291
to try to help as many people

2423
00:59:48,291 --> 00:59:51,500
see what we see sooner rather than later.

2424
00:59:52,125 --> 00:59:54,708
And then it's our job to, you know,

2425
00:59:54,708 --> 00:59:56,166
continue the, the,

2426
00:59:56,166 --> 00:59:58,833
you know, to try and influence society.

2427
00:59:58,833 --> 01:00:00,125
And this goes back to Newt's

2428
01:00:00,125 --> 01:00:01,708
point about democracy and

2429
01:00:01,708 --> 01:00:03,625
and so on and so forth to,

2430
01:00:03,625 --> 01:00:03,916
you know,

2431
01:00:03,916 --> 01:00:06,958
to try and advocate for a fairer society

2432
01:00:06,958 --> 01:00:08,708
in every way, shape and form.

2433
01:00:08,708 --> 01:00:09,791
You know, and,

2434
01:00:09,791 --> 01:00:10,958
and and by the way,

2435
01:00:10,958 --> 01:00:12,125
I think those kinds of things

2436
01:00:12,125 --> 01:00:14,750
are going to happen here regardless.

2437
01:00:14,750 --> 01:00:15,833
I mean, this,

2438
01:00:15,833 --> 01:00:16,041
you know,

2439
01:00:16,041 --> 01:00:17,291
this decentralization

2440
01:00:17,291 --> 01:00:19,875
trend is just so strong.

2441
01:00:19,875 --> 01:00:21,333
And these these big

2442
01:00:21,333 --> 01:00:22,541
it these big governments,

2443
01:00:22,541 --> 01:00:24,083
these big nation states

2444
01:00:24,083 --> 01:00:26,416
have have outlived their usefulness.

2445
01:00:26,416 --> 01:00:26,750
I mean,

2446
01:00:26,750 --> 01:00:28,166
we don't need to have big nation

2447
01:00:28,166 --> 01:00:30,000
state wars anymore.

2448
01:00:30,000 --> 01:00:31,750
And, we don't need to have,

2449
01:00:31,750 --> 01:00:33,333
you know, big nation state power.

2450
01:00:33,333 --> 01:00:33,875
I mean, if you look at what

2451
01:00:33,875 --> 01:00:35,791
the federal government does,

2452
01:00:35,791 --> 01:00:36,250
there's nothing

2453
01:00:36,250 --> 01:00:37,708
they really do that we couldn't,

2454
01:00:37,708 --> 01:00:39,083
you know, push down to the states

2455
01:00:39,083 --> 01:00:40,250
except national defense.

2456
01:00:40,250 --> 01:00:41,958
And I think if we can get a,

2457
01:00:41,958 --> 01:00:43,458
you know, a global ban

2458
01:00:43,458 --> 01:00:45,166
on nuclear weapons,

2459
01:00:45,166 --> 01:00:46,125
national defense won't

2460
01:00:46,125 --> 01:00:47,000
become so much of an issue

2461
01:00:47,000 --> 01:00:48,166
in the future either. So,

2462
01:00:49,666 --> 01:00:50,583
you know, I

2463
01:00:50,583 --> 01:00:50,916
think there's

2464
01:00:50,916 --> 01:00:53,000
going to be a lot of responsibility

2465
01:00:53,000 --> 01:00:54,166
for all sorts of new,

2466
01:00:54,166 --> 01:00:56,583
you know, onto Bitcoiners.

2467
01:00:56,583 --> 01:00:59,583
Because they they will,

2468
01:00:59,916 --> 01:01:02,916
by definition, be fairly well-to-do and,

2469
01:01:03,500 --> 01:01:05,208
and which would then give them the time

2470
01:01:05,208 --> 01:01:05,958
and maybe

2471
01:01:05,958 --> 01:01:07,583
people will ask them to be involved

2472
01:01:07,583 --> 01:01:09,916
in the political process.

2473
01:01:09,916 --> 01:01:10,458
But I

2474
01:01:10,458 --> 01:01:12,625
can say this with high confidence, I,

2475
01:01:12,625 --> 01:01:14,333
I would have a lot more confidence

2476
01:01:14,333 --> 01:01:15,625
in any government run

2477
01:01:15,625 --> 01:01:17,291
by pure Bitcoiners

2478
01:01:17,291 --> 01:01:18,791
than I have in the existing system.

2479
01:01:18,791 --> 01:01:19,916
I mean, it's

2480
01:01:19,916 --> 01:01:21,625
that's a very low bar to jump over,

2481
01:01:21,625 --> 01:01:23,041
but I, you know, I

2482
01:01:23,041 --> 01:01:23,875
and there are some bitcoiners

2483
01:01:23,875 --> 01:01:24,416
I don't like.

2484
01:01:24,416 --> 01:01:25,875
Not very many, but

2485
01:01:25,875 --> 01:01:28,291
but I think your average Bitcoiners is,

2486
01:01:28,291 --> 01:01:30,958
is, generally speaking, a pretty,

2487
01:01:30,958 --> 01:01:32,125
pretty balanced

2488
01:01:32,125 --> 01:01:33,250
and thoughtful person

2489
01:01:33,250 --> 01:01:34,916
that's going to try and advocate

2490
01:01:34,916 --> 01:01:36,208
for a better world for everybody,

2491
01:01:36,208 --> 01:01:37,208
not just for themselves.

2492
01:01:37,208 --> 01:01:37,916
I mean,

2493
01:01:37,916 --> 01:01:39,291
I get angry when people point

2494
01:01:39,291 --> 01:01:39,833
because they say,

2495
01:01:39,833 --> 01:01:40,458
oh, you're just doing this

2496
01:01:40,458 --> 01:01:41,750
to pump this thing and get rich.

2497
01:01:41,750 --> 01:01:42,958
And now that's

2498
01:01:42,958 --> 01:01:44,250
that's not really what it's about.

2499
01:01:44,250 --> 01:01:45,958
I mean, that's that's a byproduct.

2500
01:01:45,958 --> 01:01:48,208
You know, it will be financially fine.

2501
01:01:48,208 --> 01:01:50,125
But to me, what it's really about, I'm

2502
01:01:50,125 --> 01:01:52,250
in this because I hate government

2503
01:01:52,250 --> 01:01:54,375
and I hate what government's done to us.

2504
01:01:54,375 --> 01:01:55,375
And I hate the system

2505
01:01:55,375 --> 01:01:56,416
that's that's killed

2506
01:01:56,416 --> 01:01:58,750
people and broken so many lives.

2507
01:01:58,750 --> 01:01:59,750
That's why I'm in this,

2508
01:02:00,833 --> 01:02:01,208
you know,

2509
01:02:01,208 --> 01:02:02,541
if I can have enough money

2510
01:02:02,541 --> 01:02:04,333
that I can eat steaks,

2511
01:02:04,333 --> 01:02:06,583
I'm a happy camper.

2512
01:02:06,583 --> 01:02:07,291
No, exactly.

2513
01:02:07,291 --> 01:02:07,541
I mean,

2514
01:02:07,541 --> 01:02:08,541
I think this goes

2515
01:02:08,541 --> 01:02:10,583
this all goes along with that.

2516
01:02:10,583 --> 01:02:11,916
I mean, even back to the

2517
01:02:11,916 --> 01:02:12,458
what you can do

2518
01:02:12,458 --> 01:02:15,416
without your own thing, like,

2519
01:02:15,416 --> 01:02:19,666
if we if we all have enough,

2520
01:02:20,166 --> 01:02:20,583
and don't

2521
01:02:20,583 --> 01:02:21,208
have to worry

2522
01:02:21,208 --> 01:02:23,083
about the necessities of life,

2523
01:02:23,083 --> 01:02:26,083
but but we we buy into this,

2524
01:02:26,166 --> 01:02:27,458
this new system

2525
01:02:27,458 --> 01:02:30,083
and put our energy into this new system.

2526
01:02:30,083 --> 01:02:31,833
Then it's it's going to reduce

2527
01:02:31,833 --> 01:02:32,875
the consumerism.

2528
01:02:32,875 --> 01:02:34,375
It's going to reduce the,

2529
01:02:34,375 --> 01:02:36,416
the need to,

2530
01:02:36,416 --> 01:02:38,041
stay ahead of, of the inflation.

2531
01:02:38,041 --> 01:02:38,875
It's it's amazing.

2532
01:02:38,875 --> 01:02:39,333
And I mean,

2533
01:02:39,333 --> 01:02:40,625
one thing you said the

2534
01:02:40,625 --> 01:02:42,458
that I really agree with is,

2535
01:02:42,458 --> 01:02:43,291
is about the,

2536
01:02:43,291 --> 01:02:44,750
the world becomes more fair.

2537
01:02:44,750 --> 01:02:46,791
The, the irony, I think, is

2538
01:02:46,791 --> 01:02:47,166
that that's

2539
01:02:47,166 --> 01:02:47,958
usually applied

2540
01:02:47,958 --> 01:02:50,083
in the context of the government

2541
01:02:50,083 --> 01:02:50,875
has to make

2542
01:02:50,875 --> 01:02:52,250
the world more fair

2543
01:02:52,250 --> 01:02:54,625
for people by redistribution.

2544
01:02:54,625 --> 01:02:55,375
Right, right.

2545
01:02:55,375 --> 01:02:56,708
But but the fairness

2546
01:02:56,708 --> 01:02:59,666
is getting out of the system that is,

2547
01:02:59,666 --> 01:03:01,250
secretly redistributing

2548
01:03:01,250 --> 01:03:04,250
everything unfairly that we don't see.

2549
01:03:04,375 --> 01:03:05,541
That's. Well.

2550
01:03:05,541 --> 01:03:06,916
Yeah, exactly correct.

2551
01:03:06,916 --> 01:03:08,250
But sadly,

2552
01:03:08,250 --> 01:03:10,000
that's not very causal

2553
01:03:10,000 --> 01:03:11,958
to the average person.

2554
01:03:11,958 --> 01:03:13,333
And hopefully this book will help.

2555
01:03:13,333 --> 01:03:14,916
And I'm I mean, look, this is just a

2556
01:03:14,916 --> 01:03:16,250
this is a first bought by me.

2557
01:03:16,250 --> 01:03:17,125
Somebody will come along

2558
01:03:17,125 --> 01:03:18,000
and write a better one

2559
01:03:18,000 --> 01:03:19,666
that'll move the needle more.

2560
01:03:19,666 --> 01:03:19,916
You know,

2561
01:03:19,916 --> 01:03:21,000
I mean I think, you know,

2562
01:03:21,000 --> 01:03:22,166
I think the Bitcoin standard

2563
01:03:22,166 --> 01:03:23,750
really moved the needle a lot.

2564
01:03:23,750 --> 01:03:25,583
I mean, it's probably the best economics

2565
01:03:25,583 --> 01:03:26,958
book of the last 100 years.

2566
01:03:26,958 --> 01:03:29,083
Safer way down in the history books.

2567
01:03:29,083 --> 01:03:29,333
You know,

2568
01:03:29,333 --> 01:03:30,125
I think Len's book

2569
01:03:30,125 --> 01:03:31,875
moved the needle further.

2570
01:03:31,875 --> 01:03:33,125
And this book moves the needle

2571
01:03:33,125 --> 01:03:34,250
in a slightly different way.

2572
01:03:34,250 --> 01:03:35,916
This is, I'm writing a

2573
01:03:35,916 --> 01:03:37,375
I wrote a populist book.

2574
01:03:37,375 --> 01:03:39,583
I wrote I didn't write a textbook.

2575
01:03:39,583 --> 01:03:41,583
I wrote a book that try to,

2576
01:03:41,583 --> 01:03:42,333
you know, get the

2577
01:03:42,333 --> 01:03:44,958
get the masses riled up and, and and,

2578
01:03:44,958 --> 01:03:46,791
you know, than anybody can read

2579
01:03:46,791 --> 01:03:48,125
and understand.

2580
01:03:48,125 --> 01:03:48,833
And,

2581
01:03:48,833 --> 01:03:49,041
you know,

2582
01:03:49,041 --> 01:03:52,041
we can create a mass movement here to,

2583
01:03:52,041 --> 01:03:53,958
return the world to sound money.

2584
01:03:53,958 --> 01:03:55,583
Because if we return to sound money,

2585
01:03:56,708 --> 01:03:57,666
it'll be a world that's

2586
01:03:57,666 --> 01:03:58,458
more like the world

2587
01:03:58,458 --> 01:04:01,458
I grew up in, which was really great.

2588
01:04:01,666 --> 01:04:02,750
And, and,

2589
01:04:02,750 --> 01:04:04,458
you know, there's so many fabulous things

2590
01:04:04,458 --> 01:04:05,583
that have taken place in the world.

2591
01:04:05,583 --> 01:04:06,625
I mean, the technologies

2592
01:04:06,625 --> 01:04:07,791
are just unbelievable.

2593
01:04:07,791 --> 01:04:10,791
I mean, you know, in spite of,

2594
01:04:11,000 --> 01:04:13,041
all the things that are wrong with Fiat,

2595
01:04:13,041 --> 01:04:14,416
I mean, look at how much technology

2596
01:04:14,416 --> 01:04:15,166
has made our life better.

2597
01:04:15,166 --> 01:04:16,208
I mean, I say our life was better

2598
01:04:16,208 --> 01:04:16,708
in the seventh.

2599
01:04:16,708 --> 01:04:17,875
Yeah, it was in a lot of ways

2600
01:04:17,875 --> 01:04:19,375
we had the middle class all.

2601
01:04:19,375 --> 01:04:21,333
But I mean, technologically it wasn't.

2602
01:04:21,333 --> 01:04:21,625
Yeah.

2603
01:04:21,625 --> 01:04:22,541
Couldn't even touch it,

2604
01:04:22,541 --> 01:04:23,541
you know what I mean?

2605
01:04:23,541 --> 01:04:25,166
I mean, I, you know, I,

2606
01:04:25,166 --> 01:04:26,083
I could take 12

2607
01:04:26,083 --> 01:04:28,041
to 24 photographs on a camera

2608
01:04:28,041 --> 01:04:28,791
and I had to wait,

2609
01:04:28,791 --> 01:04:30,291
you know, a week to get them back.

2610
01:04:30,291 --> 01:04:30,708
I mean,

2611
01:04:32,000 --> 01:04:32,750
there's so

2612
01:04:32,750 --> 01:04:34,500
many, so many differences

2613
01:04:34,500 --> 01:04:36,500
between that and that.

2614
01:04:36,500 --> 01:04:38,666
Now, and that's, that's like

2615
01:04:38,666 --> 01:04:40,166
my best counterargument

2616
01:04:40,166 --> 01:04:42,041
to whoever argues for inflation

2617
01:04:42,041 --> 01:04:43,458
being a good thing is like, well,

2618
01:04:43,458 --> 01:04:44,875
look at the computing world,

2619
01:04:44,875 --> 01:04:47,375
like where the cost of a megabyte

2620
01:04:47,375 --> 01:04:48,875
has consistently gone down

2621
01:04:48,875 --> 01:04:50,916
over 40 years and,

2622
01:04:50,916 --> 01:04:52,083
people are still buying more

2623
01:04:52,083 --> 01:04:53,875
and more computers, like,

2624
01:04:53,875 --> 01:04:55,083
there's nothing wrong with that.

2625
01:04:55,083 --> 01:04:56,625
Like,

2626
01:04:56,625 --> 01:04:57,500
I think,

2627
01:04:57,500 --> 01:04:58,750
I think that's

2628
01:04:58,750 --> 01:05:00,583
Jevons paradox, isn't it, Luke?

2629
01:05:00,583 --> 01:05:01,916
Like we wrote about that in book

2630
01:05:01,916 --> 01:05:03,625
and that's in Lynn's book as well,

2631
01:05:03,625 --> 01:05:05,958
I think, by the way.

2632
01:05:05,958 --> 01:05:06,291
Oh.

2633
01:05:06,291 --> 01:05:07,333
What's your preferred

2634
01:05:07,333 --> 01:05:09,458
way of reading a book is like audiobook

2635
01:05:09,458 --> 01:05:11,083
or like reading a physical book?

2636
01:05:11,083 --> 01:05:12,083
Me personally.

2637
01:05:12,083 --> 01:05:12,791
Yeah. Yeah.

2638
01:05:12,791 --> 01:05:15,375
I, my wife has gone to all Kindle.

2639
01:05:15,375 --> 01:05:17,208
I actually like having a physical book

2640
01:05:17,208 --> 01:05:18,000
because I like to be able

2641
01:05:18,000 --> 01:05:20,041
to hop around quickly from,

2642
01:05:20,041 --> 01:05:22,041
you know, and go to the bibliography.

2643
01:05:22,041 --> 01:05:23,958
If not, somebody go there.

2644
01:05:23,958 --> 01:05:25,250
I also tend to read books

2645
01:05:25,250 --> 01:05:26,666
with either a highlighter or pen,

2646
01:05:27,666 --> 01:05:28,916
and, and, and

2647
01:05:28,916 --> 01:05:29,458
dog your

2648
01:05:29,458 --> 01:05:32,458
pages and circle good quotes and try to

2649
01:05:32,750 --> 01:05:34,583
because I think, you know,

2650
01:05:34,583 --> 01:05:35,541
and that's actually that's

2651
01:05:35,541 --> 01:05:36,708
one of the things I think I've done with

2652
01:05:36,708 --> 01:05:37,625
this book is I,

2653
01:05:37,625 --> 01:05:38,208
you know,

2654
01:05:38,208 --> 01:05:39,625
I've pulled out some of the really

2655
01:05:39,625 --> 01:05:39,916
I mean,

2656
01:05:39,916 --> 01:05:41,166
you read certain things written

2657
01:05:41,166 --> 01:05:42,416
by other people and like, wow,

2658
01:05:42,416 --> 01:05:43,666
this guy just nailed it.

2659
01:05:43,666 --> 01:05:45,166
You know what I mean?

2660
01:05:45,166 --> 01:05:46,166
And it's like, okay,

2661
01:05:46,166 --> 01:05:46,708
I got a,

2662
01:05:46,708 --> 01:05:47,958
you know, full attribution, right?

2663
01:05:47,958 --> 01:05:48,833
I'm going to grab that quote

2664
01:05:48,833 --> 01:05:50,250
and stick it in here because this is

2665
01:05:50,250 --> 01:05:52,375
this is a brilliant explanation of this,

2666
01:05:52,375 --> 01:05:53,250
you know.

2667
01:05:53,250 --> 01:05:53,958
Yeah, I know,

2668
01:05:53,958 --> 01:05:55,958
I know, it's it's fantastic.

2669
01:05:55,958 --> 01:05:56,958
And and Luke,

2670
01:05:56,958 --> 01:05:58,166
we need to get Larry

2671
01:05:58,166 --> 01:05:59,541
a copy of Bitcoin

2672
01:05:59,541 --> 01:06:00,708
the universal clown world.

2673
01:06:00,708 --> 01:06:02,416
The the book that's you know together

2674
01:06:02,416 --> 01:06:04,250
that's a new one I've got. 21. Million.

2675
01:06:04,250 --> 01:06:08,041
Yeah I know but yeah about yeah I should

2676
01:06:08,083 --> 01:06:08,458
I should.

2677
01:06:08,458 --> 01:06:09,208
Know that I've been

2678
01:06:09,208 --> 01:06:10,708
I've been heads down on my book.

2679
01:06:10,708 --> 01:06:12,541
So I've been reading other stuff.

2680
01:06:12,541 --> 01:06:13,583
Yeah, yeah.

2681
01:06:13,583 --> 01:06:15,083
But we, we'd love to

2682
01:06:15,083 --> 01:06:16,666
to hear what you think about it

2683
01:06:16,666 --> 01:06:17,666
and we'd love to

2684
01:06:17,666 --> 01:06:19,458
to see some screenshots of highlights

2685
01:06:19,458 --> 01:06:20,125
and, and,

2686
01:06:20,125 --> 01:06:22,208
you know, earmarks and whatever.

2687
01:06:22,208 --> 01:06:23,333
So we're going to I.

2688
01:06:23,333 --> 01:06:24,875
Know I know it'll be good I love

2689
01:06:24,875 --> 01:06:26,083
I love your first book.

2690
01:06:26,083 --> 01:06:26,875
I just love it.

2691
01:06:26,875 --> 01:06:27,833
So yeah.

2692
01:06:27,833 --> 01:06:29,125
Thank you, thank you.

2693
01:06:29,125 --> 01:06:30,708
Oh, yeah. We'll get you a copy.

2694
01:06:30,708 --> 01:06:31,083
That you

2695
01:06:31,083 --> 01:06:32,666
that you can, dig into

2696
01:06:32,666 --> 01:06:34,250
after this book processes.

2697
01:06:34,250 --> 01:06:35,750
Oh, yeah.

2698
01:06:35,750 --> 01:06:37,541
Distractions. Till then.

2699
01:06:37,541 --> 01:06:37,875
Yeah.

2700
01:06:37,875 --> 01:06:38,125
Well,

2701
01:06:38,125 --> 01:06:40,458
while you have any time on your hands,

2702
01:06:40,458 --> 01:06:41,708
instead of.

2703
01:06:41,708 --> 01:06:42,041
But.

2704
01:06:42,041 --> 01:06:44,041
Yeah, just working on a book, like,

2705
01:06:44,041 --> 01:06:45,166
it takes a lot of time.

2706
01:06:45,166 --> 01:06:46,916
It takes up your whole day.

2707
01:06:46,916 --> 01:06:47,958
But you, as you say,

2708
01:06:47,958 --> 01:06:49,083
you want it to be the best

2709
01:06:49,083 --> 01:06:51,875
it can be, like, for your baby.

2710
01:06:51,875 --> 01:06:52,625
I mean, this

2711
01:06:52,625 --> 01:06:53,666
this should make sense to you.

2712
01:06:53,666 --> 01:06:54,958
Is we spent,

2713
01:06:54,958 --> 01:06:56,125
the better part of six months,

2714
01:06:56,125 --> 01:06:57,666
multiple hours per day together

2715
01:06:57,666 --> 01:06:58,583
on this last book.

2716
01:06:58,583 --> 01:06:59,458
And I'm sure you spent

2717
01:06:59,458 --> 01:07:00,583
about the equivalent. So.

2718
01:07:00,583 --> 01:07:03,583
Yeah, it's it's not an easy process.

2719
01:07:04,041 --> 01:07:05,875
If you want to produce quality

2720
01:07:05,875 --> 01:07:07,458
or try to produce quality.

2721
01:07:07,458 --> 01:07:08,541
No, but it's.

2722
01:07:08,541 --> 01:07:09,958
But it's worthwhile doing.

2723
01:07:09,958 --> 01:07:12,000
And and for me,

2724
01:07:12,000 --> 01:07:13,750
I had a very crystal clear

2725
01:07:13,750 --> 01:07:15,333
vision of what I wanted to accomplish.

2726
01:07:16,375 --> 01:07:18,416
And that it's easy to enjoy the process.

2727
01:07:18,416 --> 01:07:19,208
Right. Well, that's right.

2728
01:07:19,208 --> 01:07:20,125
And so I did enjoy it.

2729
01:07:20,125 --> 01:07:21,208
I mean, I brought something, I was like,

2730
01:07:21,208 --> 01:07:23,208
wow, I got it, I think I got it.

2731
01:07:23,208 --> 01:07:24,000
And then

2732
01:07:24,000 --> 01:07:25,250
I of course, I come back a week later.

2733
01:07:25,250 --> 01:07:27,250
I know that you got to make that better.

2734
01:07:27,250 --> 01:07:28,708
But,

2735
01:07:28,708 --> 01:07:31,708
you know, and as I say, it was amazing.

2736
01:07:31,708 --> 01:07:32,541
I mean, it's either

2737
01:07:32,541 --> 01:07:33,958
it seemed to me either 3 a.m.

2738
01:07:33,958 --> 01:07:35,625
or in the shower,

2739
01:07:35,625 --> 01:07:38,625
I'd be like, oh, my God, I got an idea,

2740
01:07:38,875 --> 01:07:39,208
and I

2741
01:07:39,208 --> 01:07:40,583
and and I have to go

2742
01:07:40,583 --> 01:07:43,583
jot it down quickly before I forget it.

2743
01:07:43,791 --> 01:07:45,791
So.

2744
01:07:45,791 --> 01:07:46,291
Yeah, yeah,

2745
01:07:46,291 --> 01:07:48,458
I know, I know exactly what you mean,

2746
01:07:48,458 --> 01:07:49,750
but what?

2747
01:07:49,750 --> 01:07:51,041
You said something before that

2748
01:07:51,041 --> 01:07:52,041
got me curious.

2749
01:07:52,041 --> 01:07:52,708
So, like,

2750
01:07:52,708 --> 01:07:54,500
before we wrap this thing up

2751
01:07:54,500 --> 01:07:55,041
and everything,

2752
01:07:55,041 --> 01:07:56,083
I'd like to pick your brain.

2753
01:07:56,083 --> 01:07:57,208
And one more thing.

2754
01:07:57,208 --> 01:07:58,750
And that is,

2755
01:07:58,750 --> 01:07:59,333
you said that

2756
01:07:59,333 --> 01:08:01,166
you like almost all Bitcoiners,

2757
01:08:01,166 --> 01:08:02,500
but maybe there's a handful

2758
01:08:02,500 --> 01:08:03,958
that you don't really like.

2759
01:08:03,958 --> 01:08:06,625
So in Larry Laporte's mind,

2760
01:08:06,625 --> 01:08:08,083
what is a bit coiner?

2761
01:08:08,083 --> 01:08:09,208
How do you define the term?

2762
01:08:09,208 --> 01:08:09,916
Yeah.

2763
01:08:09,916 --> 01:08:11,583
Well, I think I think,

2764
01:08:11,583 --> 01:08:11,875
you know,

2765
01:08:11,875 --> 01:08:13,833
and I kind of wish I hadn't said that,

2766
01:08:14,875 --> 01:08:15,625
I was just a

2767
01:08:15,625 --> 01:08:16,416
few people

2768
01:08:16,416 --> 01:08:17,541
who've kind of come after me,

2769
01:08:17,541 --> 01:08:18,791
and so I'm not very pleased with them.

2770
01:08:18,791 --> 01:08:19,791
But like,

2771
01:08:19,791 --> 01:08:21,125
I think anybody

2772
01:08:21,125 --> 01:08:22,416
I think generally speaking,

2773
01:08:22,416 --> 01:08:23,958
if you understand Bitcoin,

2774
01:08:23,958 --> 01:08:25,791
it means you've got a clear

2775
01:08:25,791 --> 01:08:26,500
in my opinion,

2776
01:08:26,500 --> 01:08:27,375
it means you've got a clear

2777
01:08:27,375 --> 01:08:28,666
thought process and a clear

2778
01:08:28,666 --> 01:08:30,583
understanding of,

2779
01:08:30,583 --> 01:08:31,375
you know, what a fair

2780
01:08:31,375 --> 01:08:32,666
monetary protocol

2781
01:08:32,666 --> 01:08:34,583
looks like and ought to be.

2782
01:08:34,583 --> 01:08:36,625
And you don't get to be a Bitcoin, or

2783
01:08:36,625 --> 01:08:38,083
until you've really kind of thought

2784
01:08:38,083 --> 01:08:39,833
through a lot of the fundamental issues

2785
01:08:39,833 --> 01:08:41,166
about how,

2786
01:08:41,166 --> 01:08:43,000
you know, our monetary system operates

2787
01:08:43,000 --> 01:08:44,291
and how our government operates

2788
01:08:44,291 --> 01:08:45,833
and how the Federal Reserve operates

2789
01:08:45,833 --> 01:08:46,833
and so on. And so forth.

2790
01:08:46,833 --> 01:08:47,916
And so

2791
01:08:47,916 --> 01:08:48,416
so if you've

2792
01:08:48,416 --> 01:08:50,458
if you've studied all of those things

2793
01:08:50,458 --> 01:08:51,958
and then you've studied Bitcoin,

2794
01:08:51,958 --> 01:08:54,416
and then you conclude that Bitcoin is

2795
01:08:54,416 --> 01:08:55,791
the solution to the problem

2796
01:08:55,791 --> 01:08:58,291
that makes you a Bitcoin or in my view,

2797
01:08:58,291 --> 01:08:59,458
and you know,

2798
01:08:59,458 --> 01:09:00,500
I guess what I found was

2799
01:09:00,500 --> 01:09:01,708
anybody who's done that

2800
01:09:01,708 --> 01:09:02,958
and comes to that opinion,

2801
01:09:04,500 --> 01:09:05,500
generally speaking

2802
01:09:05,500 --> 01:09:05,958
shares a

2803
01:09:05,958 --> 01:09:07,375
lot of the political and,

2804
01:09:07,375 --> 01:09:09,791
and other philosophies that I have.

2805
01:09:09,791 --> 01:09:10,583
I mean, I suppose

2806
01:09:10,583 --> 01:09:12,083
there are probably some Bitcoiners

2807
01:09:12,083 --> 01:09:13,458
who are just like,

2808
01:09:13,458 --> 01:09:14,541
they're on it for the ride

2809
01:09:14,541 --> 01:09:16,875
and just for a number go up, but

2810
01:09:16,875 --> 01:09:17,375
I, I don't

2811
01:09:17,375 --> 01:09:18,416
I haven't met many of those,

2812
01:09:18,416 --> 01:09:19,416
the ones, most of the people

2813
01:09:19,416 --> 01:09:20,875
I've met in the Bitcoin space

2814
01:09:20,875 --> 01:09:23,875
or are pretty deep and pretty thoughtful.

2815
01:09:24,583 --> 01:09:25,375
You know, they,

2816
01:09:25,375 --> 01:09:26,208
they've gone down,

2817
01:09:26,208 --> 01:09:27,625
they've done the time to get to

2818
01:09:27,625 --> 01:09:29,000
where you get to where

2819
01:09:29,000 --> 01:09:29,791
you really believe

2820
01:09:29,791 --> 01:09:31,250
that this magic internet money

2821
01:09:31,250 --> 01:09:31,708
is going to be

2822
01:09:31,708 --> 01:09:32,666
the numeraire of the world,

2823
01:09:32,666 --> 01:09:34,458
which we all believe.

2824
01:09:34,458 --> 01:09:36,083
You have to have done the homework and,

2825
01:09:36,083 --> 01:09:36,625
and that's

2826
01:09:36,625 --> 01:09:38,291
you have to read a lot of stuff.

2827
01:09:38,291 --> 01:09:39,500
You have to have thought it through.

2828
01:09:39,500 --> 01:09:40,375
You have to understand that

2829
01:09:40,375 --> 01:09:41,500
the difficulty adjustment

2830
01:09:41,500 --> 01:09:43,791
is understand what hashes and

2831
01:09:43,791 --> 01:09:44,458
and you know, you

2832
01:09:44,458 --> 01:09:45,583
just there's no shortcut.

2833
01:09:46,708 --> 01:09:47,833
And anybody who thinks the

2834
01:09:47,833 --> 01:09:49,333
rules is, is killing themselves.

2835
01:09:49,333 --> 01:09:50,750
But once you once you do that

2836
01:09:50,750 --> 01:09:53,000
as you every layer you peel away,

2837
01:09:53,000 --> 01:09:53,875
you know, I mean,

2838
01:09:53,875 --> 01:09:55,250
and I sort of skeptical.

2839
01:09:55,250 --> 01:09:56,333
I mean, I,

2840
01:09:56,333 --> 01:09:57,166
I was very afraid

2841
01:09:57,166 --> 01:09:58,916
I was going to blow up technically.

2842
01:09:58,916 --> 01:10:02,000
I mean, I saw digit cash, I saw Eagle,

2843
01:10:02,000 --> 01:10:05,000
I saw ash cash, you know, even,

2844
01:10:05,333 --> 01:10:06,083
Charlie and money.

2845
01:10:06,083 --> 01:10:07,458
I mean, I,

2846
01:10:07,458 --> 01:10:09,291
I saw a lot and none of them worked.

2847
01:10:09,291 --> 01:10:10,791
And then, in fact, that's scary.

2848
01:10:10,791 --> 01:10:12,875
And I was aware this in oh nine.

2849
01:10:12,875 --> 01:10:13,583
And I immediately thought,

2850
01:10:13,583 --> 01:10:14,416
oh, shit, here's another one.

2851
01:10:14,416 --> 01:10:16,166
This is going to work,

2852
01:10:16,166 --> 01:10:17,458
you know, and I was wrong.

2853
01:10:17,458 --> 01:10:18,125
I mean, I wish I'd

2854
01:10:18,125 --> 01:10:19,583
taken the time to study it

2855
01:10:19,583 --> 01:10:20,208
and realized why

2856
01:10:20,208 --> 01:10:22,083
it was going to work, but,

2857
01:10:22,083 --> 01:10:23,541
once it got going away as it started,

2858
01:10:23,541 --> 01:10:23,916
you know,

2859
01:10:23,916 --> 01:10:24,500
it went from,

2860
01:10:24,500 --> 01:10:25,916
you know, pennies to a dollar

2861
01:10:25,916 --> 01:10:26,916
and then a dollar to 100.

2862
01:10:26,916 --> 01:10:28,375
I was like, whoa, no, hang on a second.

2863
01:10:28,375 --> 01:10:29,375
Maybe some working here.

2864
01:10:30,375 --> 01:10:30,875
And of course.

2865
01:10:30,875 --> 01:10:32,458
But even then, you know what?

2866
01:10:32,458 --> 01:10:34,250
I put a huge piece of my net worth on it.

2867
01:10:34,250 --> 01:10:35,333
Now, I, you know,

2868
01:10:35,333 --> 01:10:36,750
I was still too early, too risky.

2869
01:10:36,750 --> 01:10:37,583
I mean, I,

2870
01:10:37,583 --> 01:10:38,666
I met with a,

2871
01:10:38,666 --> 01:10:41,125
I was at the MIT formal, I think 2014

2872
01:10:41,125 --> 01:10:41,625
next record

2873
01:10:41,625 --> 01:10:42,958
developer said you trust this thing.

2874
01:10:42,958 --> 01:10:45,750
You know, it's like every night I every.

2875
01:10:45,750 --> 01:10:46,708
So every night I go home,

2876
01:10:46,708 --> 01:10:47,625
we made some changes to it.

2877
01:10:47,625 --> 01:10:48,208
I'm thinking,

2878
01:10:48,208 --> 01:10:50,375
oh, geez, I hope I didn't croak it

2879
01:10:50,375 --> 01:10:51,333
well, and I was

2880
01:10:51,333 --> 01:10:53,083
it was a core developer, right.

2881
01:10:53,083 --> 01:10:53,750
And I was kind of

2882
01:10:53,750 --> 01:10:55,708
like I was kind of like, oh shit.

2883
01:10:55,708 --> 01:10:56,166
I mean, yeah,

2884
01:10:56,166 --> 01:10:57,291
I mean, I had some coins,

2885
01:10:57,291 --> 01:11:00,041
you know, handfuls. But,

2886
01:11:00,041 --> 01:11:01,625
I, you know, I can't put big money

2887
01:11:01,625 --> 01:11:02,333
in this thing

2888
01:11:02,333 --> 01:11:04,791
because it's still technically risky.

2889
01:11:04,791 --> 01:11:05,833
Right.

2890
01:11:05,833 --> 01:11:08,333
But but, you know, I mean, you know,

2891
01:11:08,333 --> 01:11:08,791
tick tock.

2892
01:11:08,791 --> 01:11:10,875
Next block, 16 years,

2893
01:11:10,875 --> 01:11:13,000
the a lot of that risk was gone away.

2894
01:11:13,000 --> 01:11:14,208
Yeah. And no risk.

2895
01:11:14,208 --> 01:11:15,291
No reward in the beginning.

2896
01:11:15,291 --> 01:11:16,000
That's true too.

2897
01:11:16,000 --> 01:11:16,250
No.

2898
01:11:16,250 --> 01:11:17,708
Yeah, that's true too I mean, I

2899
01:11:17,708 --> 01:11:17,916
you know,

2900
01:11:17,916 --> 01:11:19,708
I have enormous respect for Max.

2901
01:11:19,708 --> 01:11:20,333
I mean almost,

2902
01:11:20,333 --> 01:11:22,291
you know, almost like a crazy man.

2903
01:11:22,291 --> 01:11:24,291
He just he totally he's 18 to what,

2904
01:11:24,291 --> 01:11:24,625
you know.

2905
01:11:24,625 --> 01:11:25,916
And I ask an answer today

2906
01:11:25,916 --> 01:11:27,625
or to worry about the technical risk.

2907
01:11:27,625 --> 01:11:27,916
Yeah.

2908
01:11:27,916 --> 01:11:28,291
Kind of,

2909
01:11:28,291 --> 01:11:29,291
but I

2910
01:11:29,291 --> 01:11:31,833
he knew, Antonopoulos pretty well and so,

2911
01:11:31,833 --> 01:11:32,666
you know,

2912
01:11:32,666 --> 01:11:34,333
you kind of convinced me

2913
01:11:34,333 --> 01:11:35,750
that it was technically sound.

2914
01:11:35,750 --> 01:11:38,541
And so I just went with that. Yeah. No.

2915
01:11:38,541 --> 01:11:40,500
No. It's anything. Yeah. Right.

2916
01:11:40,500 --> 01:11:41,875
You know.

2917
01:11:41,875 --> 01:11:44,208
So, so if I, if I peel off

2918
01:11:44,208 --> 01:11:46,041
another layer of onion on that question.

2919
01:11:46,041 --> 01:11:47,541
So a person,

2920
01:11:47,541 --> 01:11:48,833
a person say

2921
01:11:48,833 --> 01:11:49,625
you have a person

2922
01:11:49,625 --> 01:11:51,625
that is very technical and understands

2923
01:11:51,625 --> 01:11:53,541
Bitcoin on a technical level,

2924
01:11:53,541 --> 01:11:55,000
but doesn't have the ethics

2925
01:11:55,000 --> 01:11:56,125
or nor understands

2926
01:11:56,125 --> 01:11:58,458
the practical logical foundations

2927
01:11:58,458 --> 01:12:00,833
or the Austrian economics angle.

2928
01:12:00,833 --> 01:12:01,583
Yeah.

2929
01:12:01,583 --> 01:12:03,958
And maybe this is why he's unethical

2930
01:12:03,958 --> 01:12:07,166
and he uses the protocol to, to,

2931
01:12:08,125 --> 01:12:10,416
spam it with Jpeg information.

2932
01:12:10,416 --> 01:12:12,083
Oh, ugly monkey pictures

2933
01:12:12,083 --> 01:12:15,208
and sells that as a scarce asset to, to,

2934
01:12:15,500 --> 01:12:17,750
you know, gullible morons.

2935
01:12:17,750 --> 01:12:18,791
Is that a Bitcoin?

2936
01:12:18,791 --> 01:12:19,791
No, no,

2937
01:12:19,791 --> 01:12:20,291
I don't like

2938
01:12:20,291 --> 01:12:21,250
I don't like those people at all.

2939
01:12:21,250 --> 01:12:23,125
And that's definitely not a bit coiner,

2940
01:12:23,125 --> 01:12:26,125
although I will say this, I don't

2941
01:12:27,708 --> 01:12:28,875
I, you know,

2942
01:12:28,875 --> 01:12:30,250
my view is

2943
01:12:30,250 --> 01:12:32,166
the system should be open and free.

2944
01:12:32,166 --> 01:12:34,250
And if people want to put,

2945
01:12:34,250 --> 01:12:35,208
you know, ordinals

2946
01:12:35,208 --> 01:12:36,625
or different things on the chain

2947
01:12:36,625 --> 01:12:38,666
and pay the cost to do it,

2948
01:12:38,666 --> 01:12:41,333
I mean, I, I, I don't, you know, I,

2949
01:12:41,333 --> 01:12:42,125
I'm not

2950
01:12:42,125 --> 01:12:42,708
I'm very much

2951
01:12:42,708 --> 01:12:44,083
a freedom maximalist

2952
01:12:44,083 --> 01:12:45,750
and open market maximalist.

2953
01:12:45,750 --> 01:12:46,708
So I mean, I,

2954
01:12:46,708 --> 01:12:47,208
you know, look,

2955
01:12:47,208 --> 01:12:48,708
I think we should have more miners

2956
01:12:48,708 --> 01:12:49,708
like ocean who say, hey,

2957
01:12:49,708 --> 01:12:50,875
we're not going to support this stuff.

2958
01:12:50,875 --> 01:12:51,875
We're going to go form blocks

2959
01:12:51,875 --> 01:12:53,000
that have that in it,

2960
01:12:53,000 --> 01:12:55,250
and that's the solution to that problem.

2961
01:12:55,250 --> 01:12:55,708
But I

2962
01:12:55,708 --> 01:12:55,958
you know,

2963
01:12:55,958 --> 01:12:57,666
I don't think we should restrict

2964
01:12:57,666 --> 01:12:58,625
people from want,

2965
01:12:58,625 --> 01:13:00,666
you know, people want to pay the money

2966
01:13:00,666 --> 01:13:02,416
to put something on the blockchain

2967
01:13:02,416 --> 01:13:05,083
that doesn't really add any value.

2968
01:13:05,083 --> 01:13:05,666
It's their money.

2969
01:13:05,666 --> 01:13:06,958
I think they have the right to do that.

2970
01:13:08,125 --> 01:13:08,333
Yeah.

2971
01:13:08,333 --> 01:13:10,458
It's just a matter of freedom.

2972
01:13:10,458 --> 01:13:12,416
No, I think we're on exactly

2973
01:13:12,416 --> 01:13:13,458
the same page here,

2974
01:13:13,458 --> 01:13:16,458
which is probably page 21, by the way.

2975
01:13:18,125 --> 01:13:19,375
So.

2976
01:13:19,375 --> 01:13:21,625
But anyway,

2977
01:13:21,625 --> 01:13:23,500
Luke, do you have a final question

2978
01:13:23,500 --> 01:13:24,458
for Larry before

2979
01:13:24,458 --> 01:13:26,833
before we start wrapping this up?

2980
01:13:26,833 --> 01:13:27,083
Yeah.

2981
01:13:27,083 --> 01:13:30,416
Well, I mean, I think the, the overall

2982
01:13:31,500 --> 01:13:34,041
with any, with any book,

2983
01:13:34,041 --> 01:13:36,166
what is the the impression

2984
01:13:36,166 --> 01:13:36,666
you want

2985
01:13:36,666 --> 01:13:37,708
to leave

2986
01:13:37,708 --> 01:13:40,458
readers with after reading this book?

2987
01:13:40,458 --> 01:13:41,291
Yeah.

2988
01:13:41,291 --> 01:13:43,333
Well, I'd like readers to think that,

2989
01:13:43,333 --> 01:13:43,875
you know,

2990
01:13:43,875 --> 01:13:44,666
here's a thoughtful,

2991
01:13:44,666 --> 01:13:45,458
honest guy

2992
01:13:45,458 --> 01:13:47,041
who laid out his best

2993
01:13:47,041 --> 01:13:48,875
thoughts on the subject.

2994
01:13:48,875 --> 01:13:50,208
And,

2995
01:13:50,208 --> 01:13:51,500
and then I'd also like them

2996
01:13:51,500 --> 01:13:54,500
to conclude that, you know, I'm right

2997
01:13:54,500 --> 01:13:56,958
for obvious reasons that that, you know,

2998
01:13:56,958 --> 01:13:58,958
and there can be counterarguments

2999
01:13:58,958 --> 01:14:00,041
and I'll listen to those

3000
01:14:00,041 --> 01:14:00,875
and try and counter them.

3001
01:14:00,875 --> 01:14:02,583
But that that I am right,

3002
01:14:02,583 --> 01:14:05,125
that this monetary system is broken

3003
01:14:05,125 --> 01:14:06,875
and the Bitcoin solution

3004
01:14:06,875 --> 01:14:08,083
is the correct solution.

3005
01:14:08,083 --> 01:14:09,458
I mean, I think us

3006
01:14:09,458 --> 01:14:10,500
you know, I mean, this is

3007
01:14:10,500 --> 01:14:12,416
this is clearly a sales

3008
01:14:12,416 --> 01:14:14,333
pitch and an argument.

3009
01:14:14,333 --> 01:14:15,208
You know, and it's it's

3010
01:14:15,208 --> 01:14:16,708
not a pump and dump sales pitch

3011
01:14:16,708 --> 01:14:17,208
that I intend

3012
01:14:17,208 --> 01:14:18,458
to sell my clients for years.

3013
01:14:18,458 --> 01:14:19,250
I mean, I,

3014
01:14:19,250 --> 01:14:19,833
I imagine

3015
01:14:19,833 --> 01:14:20,583
some day

3016
01:14:20,583 --> 01:14:21,500
when I get old enough

3017
01:14:21,500 --> 01:14:23,583
that I, I'm not working,

3018
01:14:23,583 --> 01:14:23,833
you know,

3019
01:14:23,833 --> 01:14:25,583
I'll sell a couple percent of my coins

3020
01:14:25,583 --> 01:14:27,041
over a year to pay my bills or whatever

3021
01:14:27,041 --> 01:14:27,708
I need to do,

3022
01:14:27,708 --> 01:14:28,750
but hopefully

3023
01:14:28,750 --> 01:14:29,958
it'll be a very small percent

3024
01:14:29,958 --> 01:14:31,250
because the value have gone up a lot.

3025
01:14:31,250 --> 01:14:31,583
But,

3026
01:14:33,041 --> 01:14:35,708
but I, I'd like people to take away

3027
01:14:35,708 --> 01:14:37,000
the, the belief that,

3028
01:14:37,000 --> 01:14:38,875
you know, they learned something

3029
01:14:38,875 --> 01:14:40,208
that the author was

3030
01:14:40,208 --> 01:14:42,375
honest and open about,

3031
01:14:42,375 --> 01:14:42,833
you know,

3032
01:14:42,833 --> 01:14:44,333
strengths and weaknesses of,

3033
01:14:44,333 --> 01:14:47,000
you know, itself and the argument,

3034
01:14:47,000 --> 01:14:48,208
and therefore trustworthy.

3035
01:14:48,208 --> 01:14:49,791
And then and then

3036
01:14:49,791 --> 01:14:52,458
from there, jump into the conclusion

3037
01:14:52,458 --> 01:14:53,208
that,

3038
01:14:53,208 --> 01:14:54,000
you know, gosh,

3039
01:14:54,000 --> 01:14:54,375
I mean, I'm

3040
01:14:54,375 --> 01:14:55,458
not 100% sure,

3041
01:14:55,458 --> 01:14:56,041
but I think,

3042
01:14:56,041 --> 01:14:57,583
I think it sounds like his arguments

3043
01:14:57,583 --> 01:14:58,791
correct.

3044
01:14:58,791 --> 01:15:00,000
And, you know,

3045
01:15:00,000 --> 01:15:02,166
I should start buying some coins.

3046
01:15:02,166 --> 01:15:03,083
That's

3047
01:15:03,083 --> 01:15:03,833
that's really

3048
01:15:03,833 --> 01:15:05,208
what I'd like to have happen.

3049
01:15:05,208 --> 01:15:06,958
And and by the way,

3050
01:15:06,958 --> 01:15:07,541
you know, maybe,

3051
01:15:07,541 --> 01:15:08,583
maybe they get it right away.

3052
01:15:08,583 --> 01:15:09,333
And, you know what?

3053
01:15:09,333 --> 01:15:10,833
If we really do want to make this world

3054
01:15:10,833 --> 01:15:12,083
a better place and wars,

3055
01:15:12,083 --> 01:15:13,666
you know, do all the bullets.

3056
01:15:13,666 --> 01:15:14,916
You know, Bitcoin fixes this, right?

3057
01:15:14,916 --> 01:15:16,041
If we really want to do.

3058
01:15:16,041 --> 01:15:17,625
And that's one of the chapter names.

3059
01:15:17,625 --> 01:15:19,375
If we really want to do have a situation

3060
01:15:19,375 --> 01:15:20,875
where Bitcoin fixes those.

3061
01:15:20,875 --> 01:15:22,375
Gosh I got to give this to my friends

3062
01:15:22,375 --> 01:15:24,041
I got to recommend this book.

3063
01:15:24,041 --> 01:15:24,833
You know, I gotta

3064
01:15:24,833 --> 01:15:26,458
I gotta give this to my family members.

3065
01:15:26,458 --> 01:15:27,541
I gotta, you know,

3066
01:15:27,541 --> 01:15:29,541
let's say I mean to the real hard case

3067
01:15:29,541 --> 01:15:30,833
who says, oh, it's just a joke.

3068
01:15:30,833 --> 01:15:31,583
It's a Ponzi.

3069
01:15:31,583 --> 01:15:32,333
It's this, that and the other

3070
01:15:32,333 --> 01:15:34,041
have really read this book.

3071
01:15:34,041 --> 01:15:34,666
And then tell me

3072
01:15:34,666 --> 01:15:36,541
if you still think that way,

3073
01:15:36,541 --> 01:15:38,125
you know, take the time to do the work.

3074
01:15:38,125 --> 01:15:39,583
I mean, and they got to do the work.

3075
01:15:39,583 --> 01:15:41,875
I mean, one great, one other great. Sure.

3076
01:15:41,875 --> 01:15:43,250
I have with respect to the book,

3077
01:15:43,250 --> 01:15:45,000
is it just doesn't get read,

3078
01:15:45,000 --> 01:15:45,375
you know,

3079
01:15:45,375 --> 01:15:45,833
because people

3080
01:15:45,833 --> 01:15:47,791
just don't reach it anymore. Right?

3081
01:15:47,791 --> 01:15:49,583
You got to do the work, you know.

3082
01:15:49,583 --> 01:15:50,958
But but it's

3083
01:15:50,958 --> 01:15:51,291
I don't know,

3084
01:15:51,291 --> 01:15:52,416
I'm not sure how many hours

3085
01:15:52,416 --> 01:15:53,416
it's going to take to read it,

3086
01:15:53,416 --> 01:15:55,166
but I, you know, we'll know when

3087
01:15:55,166 --> 01:15:56,083
we'll have a read. But,

3088
01:15:57,125 --> 01:15:57,708
you know, you got to

3089
01:15:57,708 --> 01:15:58,500
take the time to read it.

3090
01:15:58,500 --> 01:15:59,625
But I give people

3091
01:15:59,625 --> 01:16:01,166
I let me say this,

3092
01:16:01,166 --> 01:16:02,125
I really hope

3093
01:16:02,125 --> 01:16:03,291
that it would be very hard

3094
01:16:03,291 --> 01:16:05,458
for somebody to read the book

3095
01:16:05,458 --> 01:16:07,416
and come away thinking,

3096
01:16:07,416 --> 01:16:08,458
that's all bullshit.

3097
01:16:08,458 --> 01:16:10,250
You know, and Bitcoin's bullshit.

3098
01:16:10,250 --> 01:16:10,500
I mean,

3099
01:16:10,500 --> 01:16:13,333
I think I think there's enough evidence.

3100
01:16:13,333 --> 01:16:15,875
And the argument is, you know, it's

3101
01:16:15,875 --> 01:16:16,791
the book is an argument.

3102
01:16:16,791 --> 01:16:18,750
I've tried to make an argument

3103
01:16:18,750 --> 01:16:20,708
and I'd like that argument to prevail.

3104
01:16:20,708 --> 01:16:22,791
I mean, it's it's very straightforward,

3105
01:16:22,791 --> 01:16:24,958
but I, it's not a, it's not an emotional.

3106
01:16:24,958 --> 01:16:25,708
Well, it's parts of it

3107
01:16:25,708 --> 01:16:27,583
are and the story's emotional.

3108
01:16:27,583 --> 01:16:28,375
But but

3109
01:16:28,375 --> 01:16:29,166
it's actually a,

3110
01:16:29,166 --> 01:16:31,750
the argument based on logic in fact,

3111
01:16:31,750 --> 01:16:32,041
you know,

3112
01:16:32,041 --> 01:16:34,250
and then the story piece has some emotion

3113
01:16:34,250 --> 01:16:36,083
that make it readable and interesting,

3114
01:16:36,083 --> 01:16:38,458
tells my story and all the ups and downs

3115
01:16:38,458 --> 01:16:39,625
and all that kind of crap. So,

3116
01:16:40,708 --> 01:16:42,750
yeah, I mean, I think the goal.

3117
01:16:42,750 --> 01:16:43,125
Yeah.

3118
01:16:43,125 --> 01:16:44,000
And I mean, I think, I think

3119
01:16:44,000 --> 01:16:44,791
one thing that I can,

3120
01:16:44,791 --> 01:16:47,791
I can say from, from reading,

3121
01:16:48,166 --> 01:16:49,625
reading the book so far as that

3122
01:16:49,625 --> 01:16:51,500
is that it's, it's a different,

3123
01:16:51,500 --> 01:16:52,791
it's a different angle.

3124
01:16:52,791 --> 01:16:56,458
And, I think, I think especially people

3125
01:16:56,458 --> 01:16:59,583
who are in the current system

3126
01:17:00,125 --> 01:17:02,541
invest their money,

3127
01:17:02,541 --> 01:17:04,333
do, are doing everything the,

3128
01:17:04,333 --> 01:17:07,333
the right way for the current system.

3129
01:17:07,750 --> 01:17:08,583
I think they'll get

3130
01:17:08,583 --> 01:17:09,750
a lot out of this book

3131
01:17:09,750 --> 01:17:11,416
because it really undermines.

3132
01:17:11,416 --> 01:17:12,833
The whole kind of rattled the world.

3133
01:17:12,833 --> 01:17:13,583
They'll say, Jesus,

3134
01:17:13,583 --> 01:17:15,375
I never even thought about it this way,

3135
01:17:15,375 --> 01:17:17,666
you know? Yeah, that's the idea.

3136
01:17:17,666 --> 01:17:19,333
But I think to our audience. Right.

3137
01:17:19,333 --> 01:17:20,333
Tradfri. Right.

3138
01:17:20,333 --> 01:17:21,208
Yeah, exactly.

3139
01:17:21,208 --> 01:17:22,875
But I and I think for our audience,

3140
01:17:22,875 --> 01:17:23,625
you're exactly right.

3141
01:17:23,625 --> 01:17:26,125
When you say check, check the book out,

3142
01:17:27,083 --> 01:17:28,166
I think it'll

3143
01:17:28,166 --> 01:17:31,166
give, a lot of good new,

3144
01:17:31,916 --> 01:17:34,041
points during these arguments

3145
01:17:34,041 --> 01:17:35,500
with friends and family

3146
01:17:35,500 --> 01:17:37,666
and whoever you know. Well.

3147
01:17:37,666 --> 01:17:38,250
That's the idea.

3148
01:17:38,250 --> 01:17:39,625
I mean, I didn't hold anything back.

3149
01:17:39,625 --> 01:17:40,000
That's suppose

3150
01:17:40,000 --> 01:17:40,750
as long as it is,

3151
01:17:40,750 --> 01:17:41,583
I try to marshal

3152
01:17:41,583 --> 01:17:43,875
every single possible argument.

3153
01:17:43,875 --> 01:17:45,375
And in the face of this,

3154
01:17:45,375 --> 01:17:48,708
because I really, I really do deeply feel

3155
01:17:48,708 --> 01:17:49,916
very strongly

3156
01:17:49,916 --> 01:17:50,750
that this thing is

3157
01:17:50,750 --> 01:17:52,708
what's necessary to fix the world.

3158
01:17:52,708 --> 01:17:54,625
And it's,

3159
01:17:54,625 --> 01:17:55,500
I mean, I believe that

3160
01:17:55,500 --> 01:17:57,416
with every bone in my body, as

3161
01:17:57,416 --> 01:17:59,583
I know you guys do to any, any hard parts

3162
01:17:59,583 --> 01:18:00,708
or our beliefs.

3163
01:18:00,708 --> 01:18:02,416
And, because once you see it,

3164
01:18:02,416 --> 01:18:04,958
you just can't go back, you know?

3165
01:18:04,958 --> 01:18:05,875
No.

3166
01:18:05,875 --> 01:18:07,916
That's a good definition of a bitcoin.

3167
01:18:07,916 --> 01:18:09,083
Yes.

3168
01:18:09,083 --> 01:18:09,333
Yeah,

3169
01:18:09,333 --> 01:18:10,916
that is a good definition of a bitcoin.

3170
01:18:10,916 --> 01:18:11,458
Yeah.

3171
01:18:11,458 --> 01:18:13,041
Yes I guess this

3172
01:18:13,041 --> 01:18:15,208
this episode is recorded about,

3173
01:18:15,208 --> 01:18:17,500
about a month before the book premieres.

3174
01:18:17,500 --> 01:18:18,041
And I think

3175
01:18:18,041 --> 01:18:19,625
the episode will be released

3176
01:18:19,625 --> 01:18:21,708
around the release of the book.

3177
01:18:21,708 --> 01:18:23,208
So go look up

3178
01:18:23,208 --> 01:18:26,041
Lawrence Leopard and the Big Print,

3179
01:18:26,041 --> 01:18:28,666
out now on Amazon and more importantly,

3180
01:18:28,666 --> 01:18:30,708
on the Bitcoin Infinity store,

3181
01:18:30,708 --> 01:18:32,333
where you can buy it for Bitcoin.

3182
01:18:32,333 --> 01:18:34,250
Yes, that's the long fun.

3183
01:18:34,250 --> 01:18:35,416
Yeah,

3184
01:18:35,416 --> 01:18:36,958
let's get those sets moving around

3185
01:18:36,958 --> 01:18:38,958
so that we we create more of an emoji.

3186
01:18:39,916 --> 01:18:40,791
Absolutely.

3187
01:18:40,791 --> 01:18:41,750
And you can where

3188
01:18:41,750 --> 01:18:42,500
you can also find

3189
01:18:42,500 --> 01:18:45,500
of course the aforementioned

3190
01:18:46,000 --> 01:18:46,916
and for some fun where.

3191
01:18:46,916 --> 01:18:48,375
I'm put up the first one.

3192
01:18:48,375 --> 01:18:49,333
It is already there.

3193
01:18:49,333 --> 01:18:51,291
All my old books are re-edited

3194
01:18:51,291 --> 01:18:53,333
and there are new, new versions of them.

3195
01:18:53,333 --> 01:18:54,500
I mean, they're only about right.

3196
01:18:54,500 --> 01:18:56,541
21 million is a fabulous book.

3197
01:18:56,541 --> 01:18:58,500
Fabulous. Oh, thank you for that.

3198
01:18:58,500 --> 01:19:01,500
And a great and a great, you know, local.

3199
01:19:02,000 --> 01:19:03,125
I.

3200
01:19:03,125 --> 01:19:03,833
Love to hear

3201
01:19:03,833 --> 01:19:06,041
it means a lot coming from you, Larry.

3202
01:19:06,041 --> 01:19:07,083
And anywhere else

3203
01:19:07,083 --> 01:19:08,791
you want to send our listeners,

3204
01:19:08,791 --> 01:19:11,791
then I on them Bitcoin infinity store.

3205
01:19:12,125 --> 01:19:12,875
Well.

3206
01:19:12,875 --> 01:19:13,208
There's,

3207
01:19:13,208 --> 01:19:14,125
you know, in the back of the book.

3208
01:19:14,125 --> 01:19:15,458
I mean, I have a lot of recommended

3209
01:19:15,458 --> 01:19:16,250
reading, right?

3210
01:19:16,250 --> 01:19:16,791
I mean, I think yeah,

3211
01:19:16,791 --> 01:19:17,500
I think if you read

3212
01:19:17,500 --> 01:19:18,208
if you read this

3213
01:19:18,208 --> 01:19:18,958
and you get interested,

3214
01:19:18,958 --> 01:19:20,333
probably your next book is safe

3215
01:19:20,333 --> 01:19:22,708
and then lands and then so,

3216
01:19:22,708 --> 01:19:22,958
you know,

3217
01:19:22,958 --> 01:19:24,750
I have seven other books back there.

3218
01:19:24,750 --> 01:19:27,625
I've tried to get the highlights.

3219
01:19:27,625 --> 01:19:28,083
You know,

3220
01:19:28,083 --> 01:19:28,791
because this isn't the

3221
01:19:28,791 --> 01:19:29,958
only book on the topic.

3222
01:19:31,291 --> 01:19:32,125
And but I

3223
01:19:32,125 --> 01:19:33,000
think what this will do,

3224
01:19:33,000 --> 01:19:34,041
hopefully, is a little whet

3225
01:19:34,041 --> 01:19:35,625
the interest of,

3226
01:19:35,625 --> 01:19:37,791
of a newbie or a non aware,

3227
01:19:37,791 --> 01:19:39,291
you know, person

3228
01:19:39,291 --> 01:19:40,500
and, and then they'll like,

3229
01:19:40,500 --> 01:19:41,458
gosh, there's, you know,

3230
01:19:41,458 --> 01:19:42,666
there's more here than I realize.

3231
01:19:42,666 --> 01:19:43,416
And they'll start reading

3232
01:19:43,416 --> 01:19:45,708
some of the other books too.

3233
01:19:45,708 --> 01:19:46,000
Yeah.

3234
01:19:46,000 --> 01:19:49,000
And I can

3235
01:19:49,291 --> 01:19:50,750
I can directly say

3236
01:19:50,750 --> 01:19:52,333
that we second all of those

3237
01:19:52,333 --> 01:19:53,458
recommendations too.

3238
01:19:53,458 --> 01:19:54,416
Of course.

3239
01:19:54,416 --> 01:19:56,333
So, so go check out everything.

3240
01:19:56,333 --> 01:19:58,583
Go follow Larry on X,

3241
01:19:58,583 --> 01:20:00,916
and everywhere else you can follow him

3242
01:20:00,916 --> 01:20:02,541
and, Yeah.

3243
01:20:02,541 --> 01:20:03,708
Thanks for listening.

3244
01:20:03,708 --> 01:20:05,250
Thanks. You guys really enjoy talking.

3245
01:20:05,250 --> 01:20:06,916
It's always a lot of fun.

3246
01:20:06,916 --> 01:20:08,500
Likewise, Larry. Thanks again.

3247
01:20:08,500 --> 01:20:10,208
This has been a Bitcoin Infinity Show.

3248
01:20:10,208 --> 01:20:11,250
Thank you for listening.