In this episode, we talk about the vaccine mandate in New York City, the $3.5 Trillion budget, and the growing problem of food and fuel shortages. We also hear from economist and author Robert Murphy about overreach and government overreach.
00:00:00.000So we already heard that up in the Northeast, National Guard would be deployed to drive
00:00:23.000school buses due to the driver shortage.
00:00:26.000We're hearing just across the pond over in the UK, they're preparing to deploy their army because there's no more truck drivers to deliver petrol.
00:00:35.000And now there's huge lines outside of stores, panic buying.
00:00:39.000And now we heard the governor of New York say the vaccine mandate is going into effect tonight, which means many nurses will be terminated.
00:00:48.000When asked what will you do to alleviate the shortage, she said that she's going to enact an executive order giving her the authority To do a variety of things, one of which would be to deploy medically trained National Guards to fill many of these roles.
00:01:03.000Now, of course, there are a lot of people who are cheering for this and blaming the unvaccinated, but this is the government continually putting National Guardsmen into private sector roles because I can only say it seems like we're in a downward spiral.
00:02:12.000I'm Robert Murphy, senior fellow with the Mises Institute, author of the book Choice, put out by the Independent Institute, and most recently of, I call it Common Sense, the case for an independent Texas.
00:02:25.000So I think you'll have some really good insights on government authority and overreach, as well as economics, which will be perfect for what's happening in the news today.
00:02:38.000Speaking of Lydia, I'm also here in the corner.
00:02:40.000And I was telling Bob earlier that between being a libertarian and being an economist, he has something to say about everything that's happening today.
00:02:46.000So I'm very excited for this conversation.
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00:06:20.000New York Governor May Deploy National Guard To Assist With Healthcare Vaccine Mandate.
00:06:26.000Now, I gotta say, first and foremost, this is a repost, essentially, from the Associated Press.
00:06:30.000The AP writes it, and then it gets picked up by a bunch of different outlets.
00:06:33.000But I noticed that they're, you know, based on what Kathy Hochul said, governor of New York, versus what they're writing in news stories, I think they're kind of playing this soft.
00:06:43.000She may deploy the National Guard to assist with healthcare vaccine mandate.
00:06:47.000It's not her first plan, and it's only in the event she has to fire all these people over the vaccine mandate, which sounds like their intent is to do it.
00:06:55.000We heard something similar in the UK when they said, we may deploy the army to drive trucks.
00:07:00.000The UK, one of the officials said, we have no plans to do this.
00:07:08.000When she comes out and says that she's going to enact a state of emergency granting her the power to deploy medically trained National Guard because they're going to be firing nurses, I mean, that's straight up stating their intent to do so.
00:07:21.000I don't think it's fair to then be like, they might not do it anyway.
00:07:24.000Well, a lot of people might not do anything.
00:07:26.000You know, Michael Bloomberg comes out and says, I'm gonna tax soda.
00:07:30.000Well, he literally said he was gonna do it.
00:07:31.000So let's talk about what their intent is and the line they're drawing, as well as how far they're pushing us towards authoritarianism.
00:07:37.000So what I see as truly interesting about this and what's happening, and I think it's in Massachusetts, I'm not sure, maybe it was Rhode Island, where they're getting rid of the, where they're not getting rid of, they're sending in the National Guard to drive buses for school, for school children.
00:07:51.000Because of the problems caused by the politicians destroying the private sector, like this is the perfect example.
00:07:58.000We're going to mandate a medical procedure with no exceptions, no testing exemptions, just straight up do it without legislative approval.
00:08:05.000Then when the market collapses, they're going to send in government agents to replace them.
00:08:10.000Sounds a bit like... You know, I don't want to say fascism, because that implies kind of an ultra-traditionalist.
00:08:17.000This is kind of like Chinese state communism style.
00:08:24.000Yeah, what I was going to say is exactly what you anticipated, that yes, standard operating procedure, the government lays down some legislation, or at this stage you're saying it wasn't even legislation necessarily, just makes some rules.
00:08:36.000Causes problems, and then says, oh well gee, now that there's this problem, the free market can't solve it, so I guess we've got to come in as the savior.
00:08:43.000I don't like this idea that, oh, whenever something isn't getting done, just send in the military because they know how to do everything, apparently.
00:08:48.000And as we know, if you want to get something done well and efficiently and with courtesy, you send in troops.
00:08:52.000Like, who else would you want to be, you know, driving your school kids around except the National Guard?
00:08:56.000This reminds me of a Ryan Long sketch where it was Antifa window repair.
00:09:01.000So it's like they dress up like Antifa and go around in the ride, smash windows, and the next day show up and say, hey, we can fix your windows.
00:09:26.000Do you see this video that's going viral?
00:09:28.000I don't know if you saw it, Ian or Lydia, where it's like a guy sitting in a fountain smoking a cigarette and the cops come up and just throw him to the ground.
00:09:34.000And, you know, there's like seven cops.
00:09:37.000And they're like, you know, this woman's yelling, what are you doing, Lee Malone?
00:09:49.000So that's that's kind of the direction we're heading in.
00:09:51.000But it's so it's it's it's interesting that we're seeing a combination of maybe it's not interesting.
00:09:56.000The government takeover is hitting both, you know, the economy and law enforcement, I guess.
00:10:01.000So we're getting edict and we're getting our we're having our economy shut down.
00:10:06.000So, yeah, my concern beyond, you know, the specifics of this and the injustice to the people involved is just the broader point.
00:10:12.000To me, I think what they're trying to do is get the public more familiar with just seeing guys with big guns walking around, you know, taking charge of the situation, like moving it towards what would be called a police state.
00:10:23.000So something that, you know, decades ago, Americans would have thought, that'll never happen here.
00:10:27.000In other words, they're not just going to say, oh, we're doing this because its big brother here is watching you.
00:10:32.000They can't literally go from that from a Tuesday to a Wednesday, but they do this.
00:10:37.000Well, no, they're just driving school buses because, you know, those people won't get vaccinated.
00:10:40.000So, of course, they got to do that and just get us used to seeing guys in, you know, camo walking around.
00:10:46.000Yeah, isn't it amazing how kind of desensitized everyone's become to like a lot of the stuff?
00:10:50.000I remember I was in New York, and I was walking past Grand Central Station, and the cops that are there, they're like fully decked out in full armor, they look like stormtroopers, and they've got, you know, probably selective fire rifles of some sort.
00:11:02.000And I was just like, man, that's a crazy sight.
00:11:04.000And they have dogs, and they're like standing next to the entrances, and I'm like, do we really need that?
00:11:42.000A couple dozen, I guess, dozens, they say, of police in Massachusetts are resigning over the vaccine mandates.
00:11:48.000So, I mean, Can I just ask you, too, and I think you alluded to it a minute ago, the thing about this that I haven't seen more people bringing up is just on its surface.
00:11:58.000I understand that, yeah, especially in health care, you know, people with certain conditions, they, you know, they might be genuinely concerned.
00:12:04.000I don't want, you know, a nurse dealing with me who hasn't been vaccinated.
00:12:08.000But wouldn't it also be good just to show, no, I had this, like, that I have antibodies.
00:12:12.000Like, to me, that would be a more important test to say, yeah, I had COVID three months ago.
00:12:17.000And yet, I don't even see that being discussed, let alone addressed and dealt with.
00:12:22.000When they say, we don't care about negative tests, when they say they don't care about antibodies, they're saying this has nothing to do with the infection, it has everything to do with control.
00:12:32.000I mean, they can come out and say all day and night that this is about public health, and I'm like, then wouldn't you actually follow the science?
00:12:51.000So, all right, shout out to Ryan Long again, because he has a sketch where, he just put out today, I think, called, like, Trust the Experts or whatever, where he comes out and he's like, all the experts agree, and then, you know, his buddy walks up, I think Danny's his name, and he's like, I'm an expert, and I read the data and came to a slightly different conclusion, then Ryan Long starts punching him, and he's like, shut up, and kicking him, he's like, the experts agree.
00:13:12.000What I was going to say about the police resigning over vaccine mandates.
00:13:17.000You mentioned, you know, people getting used to seeing, you know, cops out in the street and things like this.
00:13:22.000It really is amazing to me how far we've gone where I can talk to my friends who aren't very political and I'll say like, if I would have told you three years ago they'd bar people from leaving their homes, that they'd be mandating you get a medical procedure, albeit a small one.
00:13:36.000I'm not saying they're going to cut out your appendix or anything.
00:13:39.000otherwise you can't work and that's you know we see widespread riots and they would
00:13:47.000that the government would deploy you know tens of thousands national guards
00:13:50.000surrounding the capital offenses they'd be like i'll get her
00:13:53.000if i said every people start no one would believe any of it it's all been so chaotic people are desensitized
00:13:59.000and now at the point where the good cops who are like you can't make us do this and
00:14:05.000this is not constitutional are all resigning
00:14:07.000But there are cops who are staying, and those cops are not going to be the good cops who are like, ah, I'm not gonna, you know, enforce that when that crosses the line.
00:14:15.000What we're gonna be left with is a military of a bunch of people saying like, I don't know, just follow orders.
00:14:19.000And a bunch of police saying, I don't know, just follow orders.
00:14:24.000Yeah, I think that's what concerns me too, you know, about like the advertising, like the, you know, the woke advertising for the CIA and all that, and that they're making it the case that after they get rid of, you know, the questionables and the people with these domestic ties and so forth, that they're going to replace them with the right kind of people who are then going to implement these, because right now, you're right, the sort of top-down commands that they want to issue, there'd be a lot of resistance or hesitancy to, you know, enforce this stuff.
00:14:52.000I think they're looking ahead and saying, no, we got plans in place so that five years from now, the personnel staffing these organizations are not going to be the ones that were here.
00:15:01.000One thing that's interesting to me, though, is that often powerful interests, special interests, politicians use economics as a means of controlling the system, right?
00:15:11.000How do you make someone behave the way you want?
00:15:14.000Michael Bloomberg was like, we're going to tax large sodas so people are stupid and fat so that way they won't buy them and things like that.
00:15:32.000Even in this instance, though, in other words, instead of Washington just saying every American, you know, except for many people with certain exceptions because of vulnerability, has to get this vaccine.
00:15:41.000We're just saying if you want to work at a large organization.
00:16:12.000It's that we've become accustomed to, acclimated and locked into in a sense, right?
00:16:20.000People are so used to living in climate controlled homes with refrigerators and microwaves, stoves, natural gas, easy access at supermarkets.
00:16:31.000And I'm like, I don't know, 300 years ago, some dude was like foraging through the weeds for food for his family and That being said, people today don't really have the ability to go and forage and farm on their own because land is owned and controlled by everybody.
00:16:44.000So we're at this point now where the planet's basically been labeled, you know, claimed by enough people or interests.
00:16:52.000That if you did leave your job, what can you do?
00:16:54.000I mean, theoretically, you can go to, like, Chiron in Mexico and then start figuring things out.
00:17:26.000He was talking about how his kid wants to play college sports, varsity sports, and then college sports, and now they're saying, well, you've got to get vaccinated.
00:17:34.000He doesn't think the vaccine's going to hurt his kid or anything like that.
00:17:36.000He just thinks the government's trying to force him to do it.
00:17:38.000And it's a difficult position where he doesn't want to tell his kid not to play baseball.
00:17:42.000And my attitude was like, I think you should tell your kid not to play baseball.
00:17:44.000I think if you truly believe in it, you should stand up and say, I'm not, no, if there's, you know, the government isn't my doctor and shouldn't tell me, you know, what I'm supposed to be doing.
00:17:52.000The issue, you know, much bigger than just baseball is, I saw a video of a... It was a medical worker saying, you know, if I have to support my family, I can quit and then we're completely broke, or I can get the vaccine.
00:18:07.000And so they were like, I guess I have no choice.
00:18:51.000You know, like, how much work being done by people is actually contributing to the lives of individuals?
00:18:55.000Like, food production and, you know, things like that fuel most people?
00:19:00.000Like, to be fair, like, we produce a relatively small amount of Goods for people.
00:19:09.000I mean, I guess people can say that thought and planning and this is the kind of stuff that goes into fixing economies and making people live better so it's good, but like, we're not fixing any toilets.
00:19:19.000So I have many friends who work in the service industry, whether it's in food or like I used to work in a hospital, and they're saying that they're being required to get the vaccine.
00:19:28.000And when I read the numbers of Americans who live from paycheck to paycheck, it is not surprising to me at all that they're able to require this of people who really don't want it.
00:19:37.000Like, I had a Facebook friend who recently got it and she's like, you win, Joe Biden, because I didn't, I have to do this to keep my career.
00:19:46.000But I also know that you have three kids, your husband can't work, and you know that if you don't take this shot, you will have to find an entirely different career.
00:19:54.000This job pays much better than working as a waitress or something.
00:19:59.000I don't like that we're being put in it, but we're gonna have to figure out how to stand up to it.
00:20:03.000Yes, you guys are right that it's not literally impossible to, you know, avoid this stuff.
00:20:08.000But also, too, just like you're saying, like, that's part of the reason I think that they monopolize the money supply is because they knew, you know, what better way to put the screws to people.
00:20:16.000And so, you know, their high income tax and wow, well, let me just, you know, go outside the standard health care system.
00:20:21.000Well, no, you can't because there's the FDA, the CDC.
00:20:23.000You can't just open up your own hospital and say, hey, here, people don't need to be vaxxed.
00:20:27.000You know, that ultimately would be the solution in a genuinely free society that because, you know, people say, oh, well, so should my kids not?
00:20:34.000You know, what if they had the measles or something?
00:20:37.000And it's not that there's just some, you know, from on high, some right thing to do.
00:20:42.000It's like each each building or each organization could set its own rules.
00:20:46.000Like you were saying, sports, they could decide, you know, do the kids, you know, need to get something or not, whether to participate and.
00:20:52.000You know, they would have certain uniform requirements or whatever.
00:20:55.000A kid couldn't show up to play naked and play football, you know, among other reasons, because that's not sanitary.
00:21:00.000And so it's or a kid's bleeding out or something and said, no, no, I want to play.
00:21:07.000And the way to ultimately handle it is not us making a case by case, but to have the organization set the rules.
00:21:12.000The problem here is the government has got its just tentacles and everything so much that they can kind of force this outcome.
00:21:18.000So we have the we have the story out of Berlin that I think is a good segue.
00:21:22.000Berliners vote to expropriate large landlords in non-binding referendum.
00:21:27.000Non-binding, okay, I don't know if that really means anything's going to be accomplished, but they do say in the Reuters article that, they say, campaigners hope the city will take control of some 240,000 apartments.
00:21:40.000That is to say they probably won't, but you have people in Berlin Who are voting that these big companies that own, I think it's 550,000 apartment units, lose control of it and the public gains control of it.
00:21:55.000And the way I see it is, it doesn't matter if it's the private sector or the public sector, when power is centralized, you will get tyranny.
00:22:05.000I don't know if you saw a lot about it.
00:22:07.000These large private investment firms buying up all the houses, offering up insane sums of money.
00:22:12.000Like, there'll be a $200,000 house and a family will be like, we'll pay $200,000.
00:22:16.000And then some firm will come in and say, we'll do $230,000 because we can and we're rich and we know the value is going to go up because we're buying it all.
00:22:21.000You get to that point and you're like, okay, these massive out-of-control private entities need to have some kind of regulation or antitrust.
00:22:29.000On the other hand, what you see instead is that in Berlin, they're like, the government should take all of them, replacing one centralized authority with another.
00:22:38.000I thought this was interesting for you, especially being a Mises Institute economist.
00:22:43.000What's your view on dealing with massive out-of-control private organizations that are seizing the commons versus the left solution, which is government?
00:22:52.000So you had a key phrase there, you said out of control.
00:22:55.000So probably if you'd asked me that 20 years ago, I would have said, oh, well, in a free market, it's good that a private corporation, if they buy it, it's not in their interest to buy it if the price is going to crash later, because then they lose money.
00:23:05.000So they only buy it if they think it's going to go up.
00:23:07.000And then that, you know, rationally allocates housing to the highest bidder.
00:23:11.000And that would all be true so long as they respected property rights and there was no, you know, bailouts of them when they get caught with their pants down.
00:23:18.000But as we see in practice, that isn't what happened.
00:23:19.000Like, you know, the housing boom years, you could say of a lot of those companies, those investors, why are they making such crazy, you know, why are banks giving loans to people that they know, you know, they call them liar loans.
00:23:29.000They knew some of those mortgages that they were going to people who lied on the application.
00:23:32.000And when you push it, ultimately, it's largely because, you know, they knew they were going to get bailed out.
00:23:37.000That, oh, Greenspan and then Bernanke, he wouldn't let the whole system go down.
00:23:41.000And so there were things like that in place.
00:23:44.000In the real world, the problem with big companies doing that is because it's not just promoting efficiency, because if they make a mistake, a lot of times taxpayers have to bail them out or the Federal Reserve.
00:23:55.000The way to solve that problem is not to then empower the government even more, because they're ultimately the ones that, you know, keep that corrupt system in place.
00:24:20.000And in this capacity, you get these, I can't speak for Germany, but in the U.S., my understanding was that a lot of these large investment firms were getting bank loans and government funding and Fed dollars, were buying up the property, and their attitude was like, we don't care, we'll get bailed out if it screws up, so we're stealing from you no matter what.
00:24:38.000So, yeah, in a genuine free market, I would have no problem in principle with them doing it because the only reason they would buy it is if they think the price is going to go higher and it's in their interest to not be consistently wrong about that.
00:24:50.000And if the price does go higher than they did a service by, you know, reserving that for the person who wanted it more down the road.
00:24:56.000But what do you what do you do if one company owns 80 percent of the property?
00:25:01.000So the more property they own, the more profit they generate, the more property they buy, until eventually one company owns all the houses in a city or something.
00:25:11.000OK, so again, so long as they're not violating contracts, they're not, you know, stealing from people or what, you know, they're just buying when then they're only respecting, you know, the title that they actually acquired legitimately.
00:25:23.000The only way they could capture such market share is if somehow they're out competing all the all the other speculators and housing developers who are trying to do that.
00:25:32.000Back in the day, the reason Rockefeller got so big was he genuinely came up with efficiencies and delivered kerosene and petroleum at lower prices.
00:25:40.000And so then later, you know, people could argue they did stuff with their money that they shouldn't have.
00:25:45.000But originally, that's how he beat his competitors.
00:25:48.000So per se, I don't have a problem with that.
00:25:50.000So if some company Just starts taking over because, you know, they're really good at saying, no, this property is going to go up and they have a better eye for real estate.
00:25:57.000You know, I wouldn't want them to stop doing that.
00:26:00.000But yeah, I mean, certainly at some point you just have a multi-billion dollar fund saying, I don't care if it goes up, I'll buy it anyway because I can, because it doesn't affect our bottom line.
00:26:10.000And the more property you have, the better.
00:26:11.000And in fact, you know, once they control a substantive portion of the market, can't they then manipulate the market?
00:26:17.000Like, would there be a, would there need to be a point at which the government can do something?
00:26:22.000Uh, so I would reject the idea that at some point they don't care.
00:26:26.000Like, I don't think Warren Buffett buys stocks and says, I don't care whether they go up or down because I'm so rich.
00:26:43.000It's not that they don't care about, like, like I'm saying, they're like, oh no, I'm going to lose money, but don't care.
00:26:46.000It's mostly that they're like, look, If I can afford to buy ten houses, yeah, one of them might go down, but whatever.
00:26:52.000You know, like, I'm gonna diversify, I'm gonna buy as much as I can and hope that overall, out of my ten houses, six gain in value, and if the four that go down, hopefully the gains outweigh the losses.
00:27:03.000So then you'll end up with someone saying, you know what?
00:27:14.000So then you end up with an organization that can come in and say, $200,000 house for this middle class working, you know, this working family?
00:27:23.000And then the seller is going to be like, $210,000 is better for me.
00:27:26.000But then what happens when the middle class doesn't own any wealth?
00:27:28.000They can't transfer anything to their kids.
00:27:29.000You end up with like Chinese style state communism.
00:27:33.000So I suppose, you know, to go back, you had asked me, you know, at some point, is it justified for the state to come in?
00:27:39.000And so I guess what I would say is, I mean, we can quibble about, you know, scenarios where, you know, even I might say, yeah, I don't that makes me uncomfortable.
00:27:46.000But to me, you don't make things better by saying let's have, you know, those people in Washington because we can trust them to do the right thing.
00:27:53.000And I know you're not saying that, but, you know, the same people that are doing all the stuff that we're talking about with the National Guard and the, you know, vaccine mandates and whatnot.
00:28:01.000They're not going to come in and all of a sudden be on their best behavior when it comes to regulating the housing sector.
00:28:05.000Like, again, they're the ones who were behind the bailouts in the first place.
00:28:09.000I'm saying, like, you know, is antitrust feasible?
00:28:12.000You know, the problem I see with the Berlin thing is, like, the government just taking the houses is the same problem as the corporations having the houses.
00:28:18.000The only difference is who you're yelling at.
00:28:20.000But what if they said, hey, you know, we're gonna put a limit on how much property you can own, or something like that.
00:28:26.000Or perhaps it's like, you're a special case.
00:28:29.000You are the one company that owns 60% of the properties.
00:28:38.000So Tom DiLorenzo has done a lot of good stuff on this.
00:28:41.000People want to look him up on antitrust.
00:28:44.000So I don't have the sticks off the top of my head, but I think it's true that in the vast majority of actual antitrust lawsuits are brought by the competitors of like the dominant firm.
00:28:53.000So it's not, you know, some disinterested.
00:28:55.000Civic rights organization, you know guys that are you know, just doing this and they're they're getting money from
00:29:00.000contributors or something around the country It's the competitors who try to bring them down and also
00:29:04.000what there were plenty of cases where companies were viewed as untouchable
00:29:08.000You know behemoths that then just collect like IBM There was a period where they just dominate and no one ever
00:29:14.000touched IBM and then Microsoft came along And then who could possibly touch Microsoft?
00:29:19.000No one can touch Google, you know what I'm saying?
00:29:20.000And so, a lot of times, like, the stuff gets hung up in the antitrust lawsuit, and the company loses market share just because of market forces.
00:29:27.000I mean, to be fair, those examples are just escalating tyranny, though.
00:29:41.000And now we're at the point where Google is just overtly evil.
00:29:44.000And censoring news, censoring conversations, stopping regular people from being able to have conversations.
00:29:51.000It's to the point where Google got so powerful that no one can even rise up to challenge them.
00:29:56.000Because if you're a politician, or the Mises Institute is a good example, Wikipedia says you guys are, you know, it smears you in ridiculous ways.
00:30:04.000We're at the point where these institutions have become so powerful and untouchable that they can outright just destroy anyone who would speak up against them to stop them from abusing power.
00:30:14.000You know, so my view is, I definitely lean more towards freedom and everything, but I would say I'm rather centrist in the economic scale simply because while I don't think the government owning land is going to improve things for the working class, I think centralization of authority and power, regardless of whether it's government or corporation, is a bad thing.
00:30:35.000And so how do you break that apart and decentralize it, especially when, you know, look, Google is untouchable.
00:30:42.000And as you said, many of these untouchables have waned.
00:30:44.000I mean, Microsoft is still there, and Bill Gates is buying up all the farmland, so he's certainly retained all that power.
00:30:50.000Then you've got Apple, which did a really great job of rebranding Unix and selling it back to people for Well, let's be real, Ian, Unix was open source, right?
00:31:02.000Makes it private, sells it for a massive profit.
00:31:05.000Convince a bunch of people that Shiny is better, and then I have to deal with people who don't know how to use basic, you know, functions on a PC or run, you know, basic programs because they're using, you know, iPhones and stuff.
00:31:15.000No offense to the iPhone and Apple users, I'm not a fan.
00:31:17.000And now you're at the point where once, like, all of that stuff keeps happening, now you get Google, and Google's got its tentacles in everything to the point where You're a conservative talk show host and they delete your video because you cited the CDC.
00:31:46.000Now you can't even do anything to stop it.
00:31:48.000I'm seeing now that Unix might actually be closed source and that Linus Torvald reverse-engineered it and created Linux, which is open source.
00:32:25.000So I do think that, you know, 30, 40 years from now, it's not just going to be politicians that we're going to think that the humans of that era are going to think are the ones like running the world.
00:33:58.000Twitter was censoring news that harmed Joe Biden's campaign.
00:34:03.000So when you have the interests of a private corporation saying, we can control what you see and hear, your politics, your vote, completely meaningless.
00:34:13.000There could be large swaths, and there probably are, of people in this country with a very particular political opinion, and they're gonna be like, oh, I can't bring that up because, you know, if I try I'll get censored, so I'll opt not to say it.
00:34:26.000There's that saying from Harriet Tubman, I believe it was Harriet Tubman, or I believe it's a real quote, could be apocryphal, I have freed many slaves, I would have freed many more if only they knew they were slaves.
00:34:34.000If people don't know what they don't know, it just never comes up.
00:34:38.000And so when you see Twitter censoring the Hunter Biden story, that overtly benefited the Biden campaign.
00:34:45.000So how can we say that we have any kind of real political system if that's what we're living under?
00:35:21.000But I am saying that let's be realistic.
00:35:23.000Partly why these corporations do pose a threat is because they're in league with states that have armies and prisons behind them and monopoly printing presses.
00:35:33.000So that's you're not going to like empowering one to keep the others in check.
00:38:02.000And I think that that explains just the hostility to Trump, you know
00:38:06.000Whether people love them or hate them that he was so out of the mainstay
00:38:11.000Like he actually was not playing the game according to the standard rules.
00:38:14.000Normally the Republicans are like, we're so sorry, we're so sexist and racist, but please, you know, give us a chance because we're better on economics than them.
00:38:20.000and Trump was not playing that game and was going around and so that's why it was just code red
00:38:25.000establishment in both parties. You know, National Review had a whole issue against Trump. I think
00:38:30.000some people forget that. Conservative Inc. was not pro-Trump in the beginning. They didn't like
00:38:35.000him either. He was too much of a wild card and whatever. He wasn't playing the game that they
00:38:38.000had wanted to play too. And I'm not singing praises to Trump.
00:38:43.000I'm just saying that you could see how the system is, what it is, and they like that.
00:38:51.000And now you're free because you got to pick a person every four years.
00:38:54.000And to me, yeah, that's why now I think states breaking away or, you know, cities or what have you is the only near term to midterm way to do anything.
00:40:14.000Just hypothetically speaking, if two thirds of Texans voted in a referendum that we want to break away, it would be difficult as the U.S.
00:40:22.000lectures the world about self-determination.
00:40:24.000You know, what if they just start reading them the Declaration of Independence to them?
00:40:27.000And so what part of this do you not agree with anymore?
00:40:29.000You know, and it would be important to To not have any, you know, no violence suggested, just to say, no, we're breaking away so that if Washington starts ordering the Air Force to bomb them, it's going to be pretty clear cut what happened.
00:40:44.000So this is the thing, you know, people often say, oh, the government, the feds would never allow secession because they would send the military in.
00:40:51.000And I'm like, that would make people more supportive of secession.
00:40:57.000They would see the aggressor being the federal government going in and rounding people up.
00:41:00.000They'd see crying babies and screaming women and be like, this is crazy.
00:41:20.000In the era of fourth and fifth generational warfare, you've got to have propaganda on your side, which means often, you know, you want to be the victim.
00:42:12.000Cause they knew we're outnumbered, you know, we have to win public opinion.
00:42:15.000And then enough people watching TV or like, you know, seeing firemen, you know, hose down marchers and you know, I don't know if I'm for that.
00:42:22.000So you're right with New Hampshire again so and that's why right now again they're making this propaganda effort to talk about all the how the right-wing threat and all these you know I mean because they want the public to believe when they're kicking in doors yep it's because there's all these right-wing kooks who pose a threat not just people who say you know what I want to break away and not not be affiliated with Washington DC anymore You know, I think saying we want to break away is like saying, I'm anti that, I hate that, I'm voting against that.
00:43:57.000I would say, I will put my chip on they don't know about this, and they're not paying attention to it, and it doesn't matter to them, even though they're supposedly libertarian.
00:44:04.000Now, I think it's fair to say many of them probably do, but I think it's not part of the conversations they're having.
00:44:09.000In which case, even to those people who are supposedly, like, more, you know, politically oriented and regular people, none of them are probably seeing the stories in the news about how—I think it's, like, what, up to five reps?
00:44:28.000But that's a conversation you think, like, if you, you would think that the state of Jefferson, that several counties in Oregon voted to secede from the state to join Idaho and then Northern California, that there's a county in Northern Colorado that wants to join Wyoming.
00:45:05.000If one of these states did make an actual formal declaration, it would be like them waking up one day with the moon being upside down or something weird.
00:45:32.000And to Ian's point, I think you're right.
00:45:34.000So with my, you know, when I talk about this, like I, so we're using the term secession just because it's very precise and we all know, you know, I'm sure your audience is very informed, but I would call it like the Texas Independence Movement.
00:46:24.000He's like, eventually someone will do something stupid, and then it shows the, uh, the finger man, they call him, and he shoots a little girl, and then all of a sudden everyone starts walking up to him, they have pipes, and he's like, ah, holding his badge, but they don't care.
00:46:34.000Because that is the point where people no longer have confidence in the system.
00:46:39.000In the beginning of the movie, when Natalie Portman's character says, Oh God, you're fingerman!
00:46:43.000That's her saying she believes in the power of the state and she fears it.
00:46:47.000The end of the movie is when people say, We don't believe in your power or care about it.
00:46:51.000So in terms of, you know, breaking away, seceding, peaceful divorce, whatever.
00:46:56.000If people just don't believe in the power of an institution, it doesn't exist.
00:47:01.000The reason I bring up smart contracts with, like, your states to say New Hampshire secedes, they have a smart contract ready to bring them back into the union when their demands are met.
00:47:08.000It's because if some power-hungry monarch came into power in New Hampshire during that process and decided, yeah, you'd repeal the Federal Reserve, but I'm not coming back now, you'd have some strongman.
00:47:17.000So you want to automate it out of trustless, basically.
00:47:19.000You can't automate the process by which the public would come to trust the government again.
00:47:26.000Listen, the point is, if you have, you know, let's say you've got 1.3 million people in New Hampshire, and they do a referendum on secession, and 60% say, OK, we're going to vote.
00:47:36.000So you're looking at, you know, I guess, what would that be, around 600?
00:47:45.000those people have stated with that vote we have no confidence in in the system
00:47:50.000You can't then just have a system that automatically turns around one day and says, oh, all of you guys who voted against this, you are now back in the system.
00:47:56.000They'd say, no, we're not, we don't believe in it.
00:47:58.000For me, it's not that I hate the United States and that system, but there are aspects of it I want changed.
00:48:02.000So as like a, as like a, I don't know what you would say, like I'm, I'm boycotting this stupid government until you fix these things.
00:48:09.000I don't want to be gone from the US forever, but I'd be happy to like, you know, put pressure them to fix the system.
00:48:15.000So when you're dealing with several hundred thousand individuals, you can't just one day snap your fingers and have all of them agree.
00:48:25.000No matter what happens, there's no point at which you can just turn around and say, okay, now you all hereby agree to like the state and believe in its power.
00:48:31.000They're gonna be like, no, we still don't believe in its power.
00:48:33.000I think, I guess part of why I'm pushing this is because I think if they, if they want it out, if you really wanted to get out of the United States, that's not going to happen.
00:48:54.000The people who are going up to New Hampshire are not mom and pop, like, soccer mom, you know, local mid-managers.
00:49:02.000These are people who want to live in the middle of nowhere and hunt for their food.
00:49:05.000These are free-staters who are staunch libertarians and ANCAPs who are going up there being like, good, take it all away, get away from me, I'm gonna grow my own food and get water from the ground.
00:49:14.000So if the feds came in and said, we're cutting off the supply of TVs, they'd be like, we don't care.
00:49:26.000So to your point, that's why in my writing about this stuff, I focused on Texas first, because they've got the two oceans and they've got the border with Mexico.
00:49:35.000It would be harder, and it's huge too, it would be harder to seal them up.
00:49:38.000Whereas Florida also, there's many respects in which you might think, yeah, they should go to, you know, President DeSantis or whatever.
00:49:46.000It would be easier to just do a naval blockade.
00:49:48.000So I agree with you, it would be tricky.
00:49:50.000But again, if they did it peacefully, and their only crime was to say, we're breaking away, we're not sending money to Washington anymore, and they send in tanks and starve them into submission, that might be a PR disaster.
00:50:02.000And there would be so much guerrilla media showing You know what I mean?
00:50:05.000Like, right now, American troops doing atrocities overseas, if they were doing it in New Hampshire, that might not play with a lot of people.
00:50:12.000I mean, you'd probably get sanctions on the US.
00:50:15.000All of a sudden, massive G7 trade partners would be like, we will not be trading with you until you stop doing what you're doing.
00:50:29.000Like if the government could plausibly claim either because of the false flag or because there really were people who decided, you know, I'm sick of this.
00:51:04.000But I'm curious as to what their tactic would be.
00:51:06.000Probably, I'd imagine, at this point, it would be to flood the zone with money and resources to drown out any conversation about a free state.
00:51:13.000But I gotta tell you, a grassroots movement is something powerful.
00:51:17.000If more and more people keep flooding up to New Hampshire for the Free State Project, no amount of money is gonna shut that down.
00:51:23.000And at the very least, that's where I think it's worthwhile.
00:51:26.000Like, you know, shows like this, people talking about it just to because I'm curious to hear, like the people who, you know, work for Vox or The New York Times, just get them on record to say hypothetically, if two thirds of Texans voted to break away, would you let them go or would you think they should send an airstrikes and tank?
00:51:42.000You know, I mean, just to have them on record, because how could they say or maybe they would say, yeah, we wouldn't let them do that.
00:52:20.000Come 2022, if Republicans end up taking large portions of the House and they end up gaining control back, then you're going to see the sentiment flip.
00:52:28.000And leftists are going to be like, get them out!
00:52:31.000We already saw that Podesta thing, from the Boston Globe, that John Podesta said the West Coast should secede from the Union if Donald Trump wins.
00:52:40.000Joe Rogan, in the news, simply for stating his opinion, I love how this always happens, Joe says he thinks Trump's gonna run, Trump's gonna win.
00:52:47.000If that happens, the left is gonna be like, how about we let you secede instead of letting Trump be president, and then what?
00:52:54.000Right, and that's some of the arguments I've been making too, is to say to what's called blue state voters, just for lack of a better term, Suppose it were Texas and they wanted to break away.
00:53:04.000Let them go because all the people in your state, you know, if you're in California or some other blue state, New York, whatever, a lot of people would move to Texas then.
00:53:11.000So you get rid of them, you know, those gun nuts or the people who don't want to get vaccinated, get them away from you and go.
00:53:17.000If Texas did leave the union, Democrats would never lose a presidential election, right?
00:53:21.000For the remaining, you know, US system.
00:53:25.000And that's not like a paradox, like, you know, Army's agree to not use poison gas against each other.
00:53:29.000You know, I mean there are things that and this would avoid a lot of conflict So I to me it's and I'm not just trying to like trick the left or something I'm saying no, it's wouldn't can't we all agree if Texas wants to leave let him go that's better for everybody But look we end up seeing Sarah Silverman I'm more into the peaceful separation, which is why I bring up the smart contract civil disobedience angle, because you can leave and then come back.
00:53:49.000say peaceful divorce? I think so. That means she must be listening to Michael Malice. I'm
00:53:52.000more into the peaceful separation which is why I bring up the smart contract
00:53:56.000civil disobedience angle because you can leave and then come back when you
00:53:59.000divorce it's gone forever. No Ian you're not understanding.
00:54:02.000Like, we're talking about if... Like, why do you believe US dollars are valuable, right?
00:54:08.000Because you can go to the store and... I can buy stuff with it, yeah.
00:54:10.000What if one day the clerk said, I don't want your money, it's not worth anything to me?
00:55:16.000And then when they finally repeal the Federal Reserve, you're using US dollars again.
00:55:22.000I mean, I think that sounds like a pipe dream.
00:55:24.000I think seceding peacefully is a pipe dream because there's no way the most powerful military that's ever existed would let a piece of their economy just walk away.
00:56:52.000But All that would mean is people would be less willing to lend money to the federal government.
00:56:57.000And since the federal government, in my opinion, is doing all sorts of lawless, criminal things with that money, that wouldn't be such a bad thing if people stopped lending it money on such easy terms in the future.
00:57:06.000I have a crystal ball for you, one second.
00:57:54.000No, I like to cite this metric where civics data shows that independent voters, Republicans, say the economy is not good.
00:58:03.000Democratic voters say the economy is fairly good.
00:58:05.000And I'm like, what universe do these people live in where they think this is a good economy when you have 10.9 million job openings, people aren't taking them?
00:58:12.000And so I look at this and I'm like, There's no, there's no unity, even now amidst this economic crisis, shortages, fuel shortages, labor shortages, that the politicians are going to are going to keep playing the same stupid games.
00:58:25.000So I'm curious if, you know, you said you don't see this as remarkable at all, but I don't know.
00:58:32.000Is there anything here to indicate that it's getting worse?
00:58:37.000So let me just briefly make my standpoint about Republicans.
00:58:41.000They always annoy me with this thing, because Republicans, you know, since you and I were kids, I think we're close in age, they always talk about, oh, we want to have a balanced budget constitutional amendment.
00:58:50.000All they would have to do is not raise the debt ceiling.
00:58:53.000And then you would have to have a balanced budget, because all that means is the Treasury is not allowed to allow or sorry, is not allowed to let the amount of outstanding public debt get higher than this number.
00:59:02.000I do feel like we're getting to a point where there's probably a lot of conservative voters, populists, who are like, default.
00:59:06.000And that doesn't take a constitutional mess.
00:59:08.000So it just proves they like posturing and being for small government or fiscal responsibility.
00:59:13.000But every time they raise the debt ceiling, they're authorizing more deficit spending.
00:59:17.000I do feel like we're getting to a point where there's probably a lot of conservative voters,
00:59:34.000What the government's doing when it doesn't default, it's appointing guns and threatening jail time to people who had nothing to do with the transaction to take money against their will to give as interest payments to people who voluntarily bought treasuries, who lent money to the government.
00:59:49.000And so to default means that you're not coercing people to pay to those who voluntarily lent money to the government.
00:59:57.000It sounds like what you're saying is the right business to be in is lending money to the government.
01:00:02.000If they're going to go point guns at other people on my behalf, hey, I'll be on the back of that gun and stand in front of it.
01:00:08.000And what's funny is even a lot of people who are very, you know, like minarchists are very small government people, usually in terms of the list of things that they would think the government should stop.
01:00:16.000You know, there's a, oh yeah, no, you know, aid to foreign countries and, you know, the government shouldn't be in higher education.
01:00:21.000They either go down the list, but usually paying interest on the outstanding debt is something that everybody agrees the government should do that.
01:00:27.000And yet that's the one area where those people volunteer, you know, you voluntarily lend money to a corporation.
01:02:36.000You could, but I'm saying it's not, it's not money per se.
01:02:39.000I guess it seems like it's all Federal Reserve debt because if you're going to issue a bond, you're the government, you're going to issue a bond to somebody that lends you money.
01:02:47.000They're just lending you money that had been printed by the Federal Reserve anyway.
01:02:50.000OK, but by the same token, like if Google issues bonds, technically they're borrowing U.S.
01:03:11.000Or if Tim just lends you a hundred dollar bill and you sign something saying I owe you a hundred dollars, he paid you with a Federal Reserve note.
01:03:17.000But that's not that that debt now is You know, the property of the Federal Reserve.
01:03:21.000So I'm just saying there is an interplay.
01:03:24.000But I'm just saying, conceptually, they're distinct things.
01:03:27.000But yes, if like you were saying, Tim, if the if the Treasury defaulted on the debt that the Fed owns, it's interesting.
01:03:35.000I mean, technically, what would happen is then they wouldn't have the ability.
01:03:38.000If inflation gets if price inflation gets out of hand, the way the Fed can try to dampen that is they sell off And the other thing, too, you've got to understand is that the U.S.
01:03:48.000has to maintain confidence in the U.S.
01:03:50.000well if some of their assets disappeared because the Treasury defaulted on them.
01:03:54.000So that's part of the issue is the Fed would be less able to control price inflation.
01:03:59.000And the other thing too is you got to understand is that the U.S. has to maintain confidence
01:04:03.000in the U.S. dollar and by military force if necessary.
01:04:06.000So they wouldn't just ever be like, OK, Fed, we're done.
01:04:11.000We're going to do Fed coin, because then China is going to be holding a bunch of toilet paper and they're going to be like, hey, we're not trading with you unless you accept what you've given us or what you owe us.
01:04:21.000So it's not just it's an interconnected system.
01:04:25.000wanted to go full-on isolationist, self-sustainability, like, just no more conversations, oh, they could do that and be like, hey, everybody, congratulations, we're issuing, you know, AmericaCoin.
01:05:38.000Because the bank, you know, like Citibank, you know, the seller of the bonds deposits the check from the Fed, and then Citibank says to the Fed, we got a check from you for a billion dollars to this client.
01:05:50.000So the Fed just adds a billion dollars to the electronic balance for Citibank, and then Citibank adds a billion to the deposit of that client.
01:05:59.000So it just magically... Money is fake!
01:06:01.000The money supply went up by a billion dollars.
01:06:02.000And so when inflation comes natural from that, I have to imagine, you know, China and other countries are like, hey, yo, what the hell?
01:06:07.000Because we have debt and you're devaluing the debt we have with you.
01:06:11.000Yeah, it's China and other big holders.
01:06:14.000They're in this weird position where I think they want to diversify out of it.
01:06:18.000But yet if they just say to the world, you know, we don't trust the dollar anymore, then it could crash it.
01:06:22.000And so it's a weird it's sort of like if Bill Gates wanted to sell Microsoft stock, you know, he'd have to You know, go through a divorce or just divest himself because of, you know, charitable concern.
01:06:31.000So there was a lot of people say that's why I did it.
01:06:33.000Correct me if I'm wrong, but there was a time when in order to expand the money supply, they had to find more gold.
01:06:39.000When they're making gold coins and silver, they were like, if you don't have the materials to make it, you can't make it.
01:06:44.000So I'm sure everybody is vaguely aware of the gold standard and how, you know, Nixon ended.
01:06:49.000But actually, to me, the really cool period was original with the constitutional founding in the late 1780s up through the right before the Civil War.
01:06:59.000federal government did not issue paper dollars.
01:07:03.000It what they did is they said, if you want dollars, you have to bring in a certain amount of raw gold or silver, and we will stamp them at U.S.
01:07:10.000mints into coins that say, you know, $20 or $1 if it's silver.
01:07:15.000And so the public, in a sense, determined the quantity of dollars in existence.
01:07:20.000Based on those legal rates, you know, they announced the ratios, of course.
01:07:22.000It's basically like the government was certifying this was the true and correct way to do it.
01:08:07.000Yes, but they wouldn't just give it to them, they would buy something for it because they're not done.
01:08:10.000They're gonna get a billion dollars or something.
01:08:12.000They could give it to me though if I was a friend of a friend or something?
01:08:14.000They could buy the crystal ball from you and say it's a million dollars or a billion dollars and buy it and acquire it and that's the way they could funnel it to you.
01:09:24.000So if the banking system is literally just one bank writing down a number and saying you have it, the other bank writing down a number saying you don't have it, and if one bank fails to write down a number, then the money is just gone.
01:09:43.000Eventually, I contacted somebody, and they told me, you know, they ignored me.
01:09:47.000And then I tweeted about it, and that's the magic word in today's, you know, fascistic social dystopia, where if you have enough followers, you can tweet your problems away.
01:09:57.000I'm fortunate enough to have been able to be like, hey, bank, what's going on?
01:10:05.000And then they eventually said, okay, okay, we figured it out, and don't worry about it.
01:10:09.000But the crazy thing is, for a regular person, If you have two banks and one bank says, we went into your bank and hit delete on that amount, it's gone.
01:10:20.000I mean, and there is in a very legitimate or not legitimate, that makes it sound like it's okay.
01:10:25.000In a very real sense that like a bank, when it grants a mortgage to somebody, there is a sense in which, you know, M1 is the term, like that's the measure of the money supply that literally went up.
01:10:35.000Like the way economists measure how many dollars are in existence.
01:10:37.000And so the commercial banking system can expand and contract the money supply through lending for mistakes, like in your case.
01:10:44.000Yeah, when they do loans, that money comes from nowhere, right?
01:10:55.000But, but yeah, strictly speaking, there's nothing in the accounting.
01:10:57.000Like when a bank makes a loan, it's qualitatively different from like if, if the bar or something just gives you a drink and puts it on your tab.
01:11:06.000Like there's a sense in which they're creating more dollars.
01:11:08.000Basically, you know, Ian says he wants to buy, you know, my bottle of water, uh, or, you know, this, this bottle of water.
01:11:15.000And so I say, okay, I'll give you a loan to purchase it.
01:11:19.000I as the bank then just type in to the owner's account, you have a dollar.
01:11:25.000And then Ian owes me a dollar, but I never actually transferred a dollar to anybody, right?
01:11:30.000Yeah, so maybe the way to think about it is, because remember we were talking about you couldn't use a treasury bond to go to the grocery store?
01:11:36.000You can go and buy, you know, you can use a $20 bill, like a Federal Reserve note, right?
01:11:40.000But you can also, if the bill's $20, you can take out your bank debit card and swipe it, And technically what's happening is, you know, Bank of America, let's say, is saying, oh, right now Tim Poole has, whatever, $1,000 in his checking account.
01:11:53.000He swiped that, so now we'll say he only has $980, and we'll credit you, you know, Kroger or whatever the grocery store is around here, an extra $20 in your checking account.
01:12:05.000Right, but I'm saying that no, they didn't need to do anything, like it's just on their computer.
01:12:09.000What I mean is if you use, so what I've been told is that when you use a credit card, there's no actual transfer of funds.
01:12:15.000The credit card swipe literally just gives $20 to the other person's account, and then nothing is subtracted from anywhere.
01:12:21.000Okay, so where I was going with that is to say, so you can see, the grocery store does consider what Bank of America says as people, like, how much money we owe you.
01:12:30.000If you showed up and wanted to empty your checking account, we would give it to you, and people treat that as as good as Federal Reserve notes.
01:12:48.000And the reason there's a distinction with what the commercial banks do is because, for various reasons, the merchants in the community treat IOUs from the banks as being interchangeable or fungible with Well, let's put it this way.
01:13:06.000Let's say a bank, so it's what they can lend out like nine times, or 90% of their existing cash reserve?
01:13:27.000They announced it on a Sunday night, and in the press release, you had to go read the follow-up.
01:13:33.000Like, it just said, we've made some other changes, and you had to go read the follow-up press release to see that they got rid of reserve requirements in 2020.
01:13:39.000So does that mean they can just literally create money at any point for any reason?
01:13:43.000Okay, so that's what I was saying before.
01:13:45.000So there's no statutory legal constraint on what they can lend, but there is a mechanism.
01:13:51.000So if they lend out too much money, you know, like people want to buy homes and they'd lend out a trillion dollars for people to go buy homes, people go and write checks in that.
01:13:59.000Let's just, I want to make sure we're getting this clear is what I'm trying to get at.
01:14:32.000But I don't want your listeners to take what I'm saying too far.
01:14:37.000There are constraints because if they're too reckless, any one bank, if it expands too much, when there's clearing house transactions with other banks, you know, so the car dealership that now you deposit that check for $20,000 that was created out of thin air electronically, That dealerships, if they have a different bank, when they go to settle up with your bank, they're not just going to say, oh, Bank of America is good for it.
01:14:58.000They're going to say, send us Federal Reserve notes, or they're going to actually say, you know, with your account with the Fed and our account with the Fed, settle up with us.
01:15:05.000So there is a constraint, ultimately, that it's called having reserves.
01:15:10.000So the commercial banks can't create Federal Reserve notes and they can't compel the Fed to credit their own checking account with the Fed.
01:15:17.000So the Fed can do whatever it wants, because there's no one above the Fed.
01:15:20.000The Fed just, if it creates money, creates money, period.
01:15:23.000The commercial banks, there is a sense in which by making a loan, they do it.
01:15:25.000But if they do it too aggressively, the chickens come home to roost.
01:15:30.000Yes, and I'm sitting here trying to decide how much detail to get into or not, because I don't want to say something that, taken out of context, sounds like I'm saying something wrong.
01:15:37.000But yes, there is a sense in which they can create money.
01:16:01.000When Ian pays them back, where does that money go?
01:16:04.000So if they don't relend the funds out, that money gets destroyed.
01:16:07.000And so that's the sense in which the commercial banks expand and contract credit.
01:16:10.000And that's why Mises, that was his theory of the business cycle, incidentally, that the commercial banking system, they push down interest rates, expand credit, causes a boom.
01:16:21.000The supply of money in a very real sense decreases and that causes a crash.
01:16:26.000That removal of the reserve requirements sounds like the U.S.
01:16:30.000dollar is worthless and on the verge of imploding.
01:16:34.000So I'm surprised more people didn't notice it and make a big deal out of it.
01:16:37.000And it's part of the reason they didn't is because since the 2008 financial crisis with all the rounds of QE, as you may know, the banks were just sitting on excess reserves like they were.
01:16:48.000They had money pumped in by the Fed and then they didn't lend out, like you said, like the 10 times multiple they normally could have.
01:16:55.000And so when the Fed got rid of those reserve requirements, it didn't change any of the legal obligations.
01:17:00.000In other words, the banks already were well above what the requirements were.
01:17:03.000So getting rid of the reserves didn't constrain them.
01:17:17.000And like I said, the way the Fed I'm buying more Bitcoin!
01:17:20.000They did it on a Sunday night, and it was under the radar, and so the announcement... They also removed the limits on savings accounts, converting them into checking accounts, basically.
01:17:35.000So they, they made a change where, um, I believe before it was, if you had, it was technically a savings account, you could only move money from that and your checking account six times per month.
01:17:46.000And they got rid of that rule so that there's really in practice now, no distinction between checking and savings accounts.
01:17:52.000So basically savings were like considered not in the money supply because you have a limit, six transactions per month from savings to checking.
01:17:59.000And it was supposed to be at savings, you know, higher interest and you put it in savings.
01:18:02.000Then they said no more, which means...
01:18:06.000All of a sudden, the money supply exploded.
01:18:09.000And everyone's like, you've seen the M1 money stock just skyrocket, and everyone's like, you gotta understand, Tim, this is funny, they were like, you're misunderstanding this.
01:18:16.000They're not, it's not an explosion in the money supply, they just changed the way they describe checking and savings, and I'm like, yo, they just said to extract your savings like it's your checking.
01:18:27.000That is an explosion in the money supply, and it's extremely bad news for this country.
01:18:34.000To flat out say, hey everybody, you know your savings?
01:18:38.000Start spending it like it's all you got.
01:18:41.000It's basically them saying like, oh yeah, we're imploding.
01:18:43.000And you can take like a million dollars in your checking account and at the end of the month move it into savings, get the interest and then move it back?
01:18:50.000Well, if you did do that, you'd only get it for the brief time you had it in.
01:19:08.000If you look at graphs, you know, it's going along.
01:19:11.000And then in 2020, all of a sudden M1 goes through the roof.
01:19:15.000And so people were alarmed, and then you're right, the apologists for the Fed, it was like, oh, it was you right-wing nutjobs, whatever, you're always freaking out.
01:19:21.000It's just a statistical, a redefinition.
01:19:24.000But even if you use the old definition, M1 still went up a lot.
01:19:29.000And it's still at a speeding angle, speeding up like crazy.
01:19:32.000Because M2, which the definition change didn't affect, also spikes.
01:19:36.000And so I think partly, Tim, Maybe the reason they did that was to have an excuse so people wouldn't be panicked by the spike.
01:19:43.000I can't prove that, obviously, but it was convenient that people were like, oh, no, no, when it was like half the spike was because the money supply by any definition really did skyrocket.
01:19:53.000We got it pulled up and you can see, like, In, uh, around March of 2020, the straight spike just goes straight up between, from April to, you know, the month of April is a straight line up.
01:20:05.000And they're like, you know, the rules were changed and how we describe things.
01:20:09.000But if you look after that, April, 2020 until now, the difference between before the spike and after, before the spike, it's like this.
01:21:17.000Well, I'm not gonna give anyone financial advice, but I keep, you know, we've been expanding the business, and my attitude is like, hire people, you know, expand our facilities, get more equipment, and people are like, you know, don't you wanna, like, there are questions about how fast we should be trying to expand and what we should be trying to build, and I'm like, look, I'm not gonna sit around on this stuff when inflation's as high as it is.
01:21:40.000We had Max Keiser on the show, and he said real inflation's probably closer to 14%.
01:21:46.000Do you have any opinions on the inflation rate in that capacity?
01:21:49.000I mean, this is anecdotal, but when I go to the grocery store now, even and I'm not talking Whole Foods, I mean, just like Walmart and whatever.
01:21:56.000I can't get out of there without spending $200.
01:21:59.000We went to the grocery store the other day and we filled up our cart and the final bill was like 30 percent higher than it was a few months ago.
01:22:35.000We're just making sure that we're not sitting on the money and we're expanding the business.
01:22:40.000It's like, I don't want just money sitting in the bank.
01:22:42.000Now we're going to make sure we have the right cameras, the right microphones.
01:22:45.000We're looking at, we just hired someone, we hired another person today to help us expand and produce more content and make things go faster.
01:22:52.000There's a period in my life where I'm like, I was always very much just save, save, save.
01:22:57.000Now it's like, get off dollars, invest it in something else.
01:22:59.000We gotta be careful about hiring because we're gonna need to pay them more eventually.
01:23:04.000The inflation isn't gonna cap the land that you get or the cameras, that's good.
01:23:08.000But people next year are gonna need to be paid 20 or 30%.
01:23:12.000And will need to be paid more to cover their costs too.
01:23:14.000So I'm saying like, instead of just holding on to, I mean, uh, I don't know if this is, did mines make a public announcement recently?
01:24:11.000The last thing I want to be sitting on is is fiat currency.
01:24:14.000We want to hold things that will be good investments and hedge against the like this is we're in a death spiral as far as far as I can tell.
01:24:21.000I just to clarify, did China actually they started a crypto, a central cryptocurrency?
01:24:25.000I read that, but I didn't I didn't I didn't go deeply into fact checking it.
01:24:42.000So I should admit this, that I was very worried after the financial crisis in 2008.
01:24:48.000And so I was, you know, going around in my role, like affiliated with the Mises Institute and just in general as an economist.
01:24:54.000And I was warning people about the stuff we were talking about, like how the banks create, you know, fraction reserve and so forth.
01:24:59.000And I thought we were going to see higher consumer price inflation earlier.
01:25:05.000And so I even, you know, I had a public wager with another comment and I lost that.
01:25:08.000And guys like Paul Krugman were running Victory Labs, making fun of me.
01:25:12.000Like you mentioned Wikipedia, my Wikipedia entry is like, I was born, I lost that price inflation bet.
01:25:17.000And then, you know, maybe now I'll be on Tim Pool's show and that'll be the three things that they mentioned in my life.
01:25:23.000I'm going to say, well, I think the rest of the world investors were just misanticipated.
01:25:29.000You know, I mean, like I do think the dollar is going to crash in our lifetime for sure.
01:25:32.000I think it's going to be a lot sooner than that, just because every time a crisis hits now, their solution is they throw trillions of new dollars at it.
01:25:40.000And so unless they stop doing that, you know, I think it's like I said, we've we've seen it now with our own eyes.
01:25:48.000And, you know, guys like me were You know, people are calling us chicken littles and whatnot.
01:25:52.000And so I sort of was mute about it for a while because, you know, it didn't come when I thought it was going to.
01:25:58.000But at this point, clearly prices are rising rapidly around the country.
01:26:02.000If last year, beginning of last year, you bought steel, chlorine, cars, computer chips, cryptocurrency, you'd be set for life.
01:26:13.000I mean, if you bought Bitcoin last year, like beginning of last year, and you said, I'm gonna put all my money in it right now, you would never have to worry again.
01:26:21.000Like, the amount that it's gone up since then is absolutely insane.
01:26:54.000So I to me, I think that's partly tied in with this whole great reset and everything.
01:26:59.000Like, I think the people running the system know that they're, you know, they're kind of pushing it to the limit.
01:27:04.000And that's why they're trying to get ahead of it.
01:27:06.000And, you know, this is going to happen.
01:27:08.000And then they're going to they have things in the wings that they're going to bring in to replace the dollar is what is what I think ultimately is going to come down.
01:27:15.000Like they'll use BlackRock and then seize all of BlackRock's assets and then they'll have all the land and then they'll start renting it out to people for cheap or just for their slave labor or something?
01:27:25.000I mean, I don't know about those particular details, but yes, I think they do want to move to a society where there's a few multi-trillion at that point dollar companies in league with powerful states and they kind of own all the Yeah, you'll get a little book.
01:27:50.000You'll get an app and the app will be like, did you get your loaf of bread this week?
01:27:55.000Then you'll like go to the store and you'll scan your phone.
01:27:58.000By the way, to me, another thing I see is like they're trying to get everyone off cash.
01:28:02.000And I mean just little things like when I go to the ATM now, The options it gives me for withdrawal, it only goes up to $200.
01:28:09.000I can still type in a different screen to get more, but 20 years ago, it offered $300.
01:28:14.000Right now, we just said that could go in one visit to the grocery store.
01:28:17.000So you would think it would let you take out $700 right now as just a default option, but it doesn't.
01:28:22.000So I think they're trying to wean people off of holding cash and get everyone swiping cards because they can control that.
01:28:26.000I think that special interests, politicians, nonprofits want the labor shortage.
01:28:33.000It's forcing kiosks and self-checkout.
01:28:36.000So there's a big conversation about, you know, how do we, if we've got the potential for kiosk ordering at fast food restaurants, how do we transition people out of these jobs?
01:28:44.000They're going to get mad when they lose their jobs.
01:28:52.000Let's now just start Switching all of these things over to self-checkout, to self-service, to kiosks, and then no one's going to complain about losing their job because we're giving them unemployment benefits.
01:29:08.000I think they're trying to get the public used to the idea that every month you just get a check from the government and then you're happy, right?
01:29:13.000And then you sit at home and you communicate through your screens and we regulate that flow of information.
01:29:18.000They'll be more miserable than they've ever been when that happens.
01:29:33.000It's like the government or whoever is in charge is afraid that if people get the power of fusion, that it would be too dangerous to give the individuals almost near-infinite electricity.
01:31:43.000I don't want to go down the conspiracy route, but I think that this stuff's being suppressed because they want to limit the power of the individual.
01:31:48.000Alright, well, let's see what the Super Chats have to say, if you haven't already.
01:31:53.000Send us a Super Chat, smash that like button, subscribe to the channel, and don't forget, go to TimCast.com, because we are going to have a members-only segment coming up after the show, just for all of you amazing members who support our work.
01:33:22.000But at the very least, YouTube provides that bridge from YouTube to the website and to other outlets so that the information still persists in the ecosystem.
01:33:31.000B. Anderson says, Tim, you said something in your earlier segment saying along the lines of, they are not going to ask for help, then filter out the ones they don't want.
01:34:29.000John Eakins says, How would you feel about dropping the business tax rate from 25% to 5% if companies evenly distribute the other 20% among its employees?
01:34:39.000Eliminate tax deductions, and if companies don't, then their tax rate would be 30% and make Social Security opt-in.
01:35:04.000There's because what happens right now with Social Security is I think if you allowed people to opt out, they would get a higher rate of return on their investment.
01:35:16.000And also to the government could borrow.
01:35:19.000I don't know if it's true right now, but a few years ago, when interest rates were really low, the government could have borrowed on better terms from just private lenders than it was implicitly paying workers.
01:35:28.000In other words, when they take your payroll taxes, your contributions, and then they promise you benefits down the road, implicitly they're forcing you to lend them money.
01:35:55.000Andrew Kramer says, Did you guys see that Colonel Stuart Scheller is being incarcerated for speaking up about the military leadership's failure regarding Afghanistan?
01:36:56.000We're about to be wiped out by an alien race.
01:36:58.000And so you're like watching the American president and these people give you their justification where they're like, we have to do it, otherwise we die.
01:37:05.000They had to divert like 80% of all electricity towards a system to like defend themselves.
01:37:09.000So everyone's working around the clock slave labor.
01:37:12.000Otherwise, the aliens destroy the planet.
01:37:14.000And FYI, if aliens attacked right now, we are doomed because we sit on a stupid centralized electric grid.
01:37:49.000It's, it's just everything all rolled into one.
01:37:51.000We are watching a slow motion fifth generational, um, coup, revolution, whatever you want to call it.
01:37:57.000In every facet, it's political, it's cultural, it's financial.
01:38:00.000It's happening right before our eyes in slow motion.
01:38:02.000I feel like we're watching the puppets dancing and that we have the opportunity to build the puppetry, the puppet master with technology and the code, software code.
01:38:11.000But a lot of it's what's, what the puppets are doing when in reality you should be focused on the puppeteer.
01:38:18.000Yeah, it surprised me how fast they I wouldn't have guessed a year ago that they would have federally put out like the vaccine mandates and whatnot.
01:38:24.000I'm surprised, given the opposition to it, that how aggressively they're pushing that.
01:38:34.000Toby Walker says, there are numerous open-source versions of Unix, but yes, Linux was originally a hacked and reverse-engineered Unix, enhanced by Richard Stallman.
01:39:15.000So when they've got to operate, you know, 500,000 terminals at all of their chain stores around the world, use the free software instead of paying ridiculous sums, you know?
01:39:36.000Or maybe, I don't know, maybe these people have never trusted the government.
01:39:41.000You know, maybe these, these, you know, uh, I mean, these people as in like Rihanna, Nicki Minaj, and, you know, Lil Wayne, this crew, these, this group of, of individuals and friends.
01:39:49.000Not to mention, I think it's fair to point out Joe Biden saying the Tuskegee Airmen when he meant Tuskegee Experiments, but the Tuskegee Experiments, a good case of, you know, the black community not trusting the government.
01:40:00.000Glacier says to Ian, a parallel internet might even be necessary by this point.
01:40:04.000Look up Project New IP by Huawei that will be voted by the ITU in 2022.
01:40:10.000It acts as anonymity and no endpoint buffers against viruses.
01:43:02.000says, Mr. Murphy, would it be possible for the states to create free trade zones?
01:43:06.000Is there a way to limit government overage but still be a pseudo-nation?
01:43:10.000OK, so I'm not sure if he's talking about the context of our discussion of secession.
01:43:14.000So clearly, like if Texas were to break away, then yeah, I would tell the Texas government at that point, maintain free trade with all the other states, you know, and maybe Washington to punish them would not do that.
01:43:26.000Like that was the big, that was one of the things that the European Union said is, well, if you guys break away, you're not going to have free trade.
01:43:32.000And then I don't know what the status of that bluff is at this point.
01:43:36.000I mean, as an economist, free trade standard.
01:43:38.000That's one of the things that made the U.S.
01:43:40.000so productive and rich was that internally it was a giant free trade zone.
01:43:43.000So if if any of these places do break away politically, still have free trade with all and, you know, relatively open, you know, coming and going.
01:43:52.000So, you know, so that's that's the thing to to maintain a free society.
01:44:12.000Drivers in Texas aren't gonna be able to deliver goods to New York where there's vaccine mandates because they don't know the same rules unless they get vaccinated.
01:44:20.000All right, Sonny James says, My sister-in-law, a ADN when the National Guard came in for the pandemic, when they had no staffing shortages, she said they were ineffective, mostly stood around to the point they used them for menial tasks like charting.
01:46:16.000There's certain tokens they made that slowly burn.
01:46:20.000Every time a transaction happens, a portion of it gets destroyed.
01:46:22.000So that over time, there's less and less, and if there's a culture building around it, and more demand for it, but a shrinking supply, the value goes up.
01:46:30.000So you could buy one, and then wait a year, and then it'll naturally be worth ten times or something.
01:46:34.000He's right that what I was saying isn't triage techniques.
01:46:38.000These things that I said, like getting off the central grid, getting your own food supply.
01:46:52.000I don't know, I kind of feel like we can sit here and freak out about China and those other countries all day and night, and I think it will be really, really bad.
01:47:00.000But it just kind of feels to me that the path we're on, there's no exit ramp.
01:47:04.000Like, Texas is already doing the ATF law thing, where they're like, we can do our own suppressors, ATF be damned.
01:47:11.000New Hampshire is overtly like, we want to secede.
01:47:36.000But if China becomes, you know, stays on top and begins exerting influence in other states, they'll instantly get influence in the West Coast, where they have tremendous pressure.
01:47:45.000And then they'll slowly start coming in.
01:47:47.000Europe will be too weak to do anything.
01:47:49.000And then China becomes the global dominant superpower with military bases everywhere.
01:47:53.000Let us not forget the cartels at Calderon.
01:48:51.000This here says from ContraRepublic.com, it's a micro-nation declared as a tongue-in-cheek secession of the city of Key West, Florida, from the United States.
01:48:59.000And it's been maintained as a tourism booster.
01:49:52.000Yes, I think, you know, you guys are right that it, in practice, probably instead of like a formal vote and referendum, you know, it'll be more just people just not complying with, you know, local people, especially if they're in rural communities.
01:50:26.000But it's because people don't have confidence in the government, the police, to actually be able to stop everyone going five miles over the limit.
01:50:35.000You want to match the speed of all the other cars, even if they're going over the speed limit.
01:50:38.000That's the safest thing you could do is match traffic speed.
01:50:41.000If today every cop said, we're going to pull over anyone going over the limit, they would not change a thing.
01:50:47.000They do not have the manpower to pull over every single car when there is a culture built around going five miles over the limit.
01:50:53.000Yeah, I think if, if say speed limit 60 and everyone's going 85 and you're going 60, you'll get pulled over because you're not, you're not being safe.
01:51:00.000So that's sometimes, but yeah, they could, they could argue.
01:51:03.000You were like, you're putting the traffic at risk because you weren't going to the flow.
01:51:06.000And then you'd be like, they were speeding.
01:51:09.000But the point is, it's just people doing it.
01:51:11.000So what happens when one day, you know, people in Texas are like, we always do X. And then the Fed one day is like, you can't do X. They're gonna be like, you can't stop us.
01:51:37.000You can see like civil disobedience through desperation.
01:51:41.000B. Walsh says, he says, your statement, he says, A. Lee, your statement, I'm not sure who he's referring to, that everything has a label reminds me of a Pirates of Caribbean quote.
01:51:51.000Barbossa said, the world used to be a bigger place.
01:51:55.000And then Jack Sparrow says, the world's the same.
01:52:16.000So we've had like just tons of stuff that we've ordered just not show up.
01:52:20.000I'm like, yo, I'm not even worried about it because I've been paying attention.
01:52:22.000Everything falling apart already, you know, so I'm just like, yep, you know, it's to be expected, I guess.
01:52:29.000Yeah, I haven't noticed that with FedEx per se, but just lots of things anecdotally.
01:52:33.000Yeah, just you go to the grocery store and there's holes.
01:52:37.000My local grocery store has redesigned itself to be carrying a lot less inventory.
01:52:41.000And I think it was because it just, it jumped out before.
01:52:44.000And so they like got rid of a lot of shelves and whatever.
01:52:46.000So yeah, it, it does look like the economy is retooling itself to get by with fewer workers, like you were saying, with, with the kiosks and whatnot as well.
01:52:53.000I wonder if everyone's going to have their own personal drone that you send out for delivery.
01:52:56.000When you order something, you'll send it and it will go to the place to pick up the thing and bring it back to you.
01:53:02.000Angela McArdle says, Bob, what do people mean when they say they believe natural rights are real?
01:53:11.000Well, I mean, there's a, in the libertarian tradition, there's the tradition of natural law.
01:53:18.000So I think she's saying, as opposed to merely just though it's a consequential or utilitarian thing, that there's a sense in which, no, people really do have these rights.
01:53:28.000And it comes from natural law, whether you believe in God or just the nature of human beings and their essence.
01:53:34.000So I think if someone says that, that what they're trying to stress is Just like 2 plus 2 really does equal 4.
01:53:50.000So I think, if I'm understanding her question, that she's delineating some people believe in rights, like that really is something intrinsic to human beings by their nature, as opposed to this is a fiction, perhaps, or a convention that leads to, you know, things we like.
01:56:07.000Now it's just, you know, the federal government is basically the country and no one cares about the states anymore.
01:56:11.000Yeah, just to give people an anecdote of how much, so that's the thing, like people when they, when you learn in school, like about checks and balances, it's always like the federal level, but federalism used to be the big thing, like the difference in what the federal government could do versus the states.
01:56:24.000And just to give a quick example, My understanding is the Eisenhower administration, when they built the interstate highway system, they actually had to defend that by saying, oh, well, if we got invaded, it'd be easier to move troops around.
01:56:36.000That's how the federal government has the authority to build highways.
01:56:40.000Like that was the level of discussion.
01:56:41.000Whereas later, when someone asked, I don't know if you guys heard this, some reporter from a conservative news site asked Nancy Pelosi, Where in the Constitution does it give you guys the authority to do Obamacare or Affordable Care Act?
01:58:32.000I believe it's substantially worse now, and it was worse sooner.
01:58:35.000Interestingly, under Trump, there was a major spike seeing some of the worst levels of illegal immigration, but Trump was freaking out about it and trying to stop it.
01:58:42.000So at the very least, you could say he had that.
01:58:45.000But with Joe Biden, the surge actually happened earlier, and Joe Biden literally said we should surge the border.
02:01:44.000But there were parts where it was clear that the actors had been speaking in Chinese and then they dubbed the U S and so presumably in China they did the reverse.
02:01:52.000So I thought that was a great harbinger of the future of like the melding of, you know, like major blockbusters.
02:01:58.000And that, in other words, like 30 years from now, I think.
02:02:02.000The way right now it's like, oh yeah, America runs the blockbuster enterprise.
02:02:05.000I don't think that's going to be the case anymore.
02:02:07.000Yeah, you're going to watch our movie with English subtitles and it's going to be in Mandarin.
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