Timcast IRL - Tim Pool - Timcast IRL - State of Emergency After MASSIVE Oil Pipeline Hack, Gas Shortage Feared w-Max & Stacy

00:00:00.000 The largest oil pipeline has been temporarily shut down.

00:00:33.000 A state of emergency was declared in 17 different states in Washington, D.C., and there are fears that this could end up causing gas shortages and maybe even a spike in gas prices, which are already up, as it is.

00:00:46.000 Now there's talk of inflation.

00:00:47.000 There is fear that the bill is coming due.

00:00:50.000 All that money that was being printed, all of these people who are getting $16 an hour in unemployment, all of these signs popping up across all of these different fast food restaurants where they say, we quit, we won't work here anymore.

00:01:01.000 I'm feeling really good.

00:01:01.000 I'm feeling good.

00:01:02.000 I'm on the Tim Pool cast.

00:01:03.000 isn't going to be recovering like many people think.

00:01:05.000 This past jobs report was actually surprisingly bad.

00:01:09.000 I guess they said it was the biggest miss since 1993.

00:01:11.000 But don't take my advice for it, because I brought in the experts to actually help us

00:01:14.000 break down what's going on.

00:01:16.000 And we have the legendary Max and Stacey, Max Keiser and Stacey Herbert.

00:01:21.000 Let me just say before, I want to ask you guys to...

00:01:23.000 I'm feeling good.

00:01:24.000 I'm feeling really good.

00:01:25.000 Excellent.

00:01:26.000 I'm on the Tim pool cast.

00:01:27.000 That's the kind of feeling I like to get.

00:01:30.000 Let me just say one thing real quick.

00:01:31.000 Hot!

00:01:31.000 But...

00:01:33.000 If you guys listened to Max and Stacy when they were first shouting out Bitcoin, and you invested when they told you to, no joke, you would be a billionaire.

00:01:44.000 That's right.

00:01:44.000 We've made many billionaires all over the world.

00:01:46.000 100 millionaires!

00:01:48.000 You know, our show goes out globally, 50 countries, millions of folks.

00:01:51.000 We estimate we've created half a million millionaires around the world.

00:01:56.000 And, you know, started buying it at a dollar.

00:01:59.000 And we were the only ones covering it in the world for several years.

00:02:04.000 And, you know, we just, wherever we go, we're treated like saints, basically.

00:02:09.000 A lot of people are rich now.

00:02:10.000 People have photos of Max and Stacey on their wall with little candles burning and incense.

00:02:15.000 And there's Stacey and Andreas Antonopoulos.

00:02:19.000 Those are the two holy saints of the Bitcoin universe, wherever you go around the world.

00:02:23.000 I will say that there are probably more millionaires than billionaires, Tim, because you can't forget that between 2011 and now it was very easy to spend or lose or have your coins hacked.

00:02:37.000 So very few will have kept all those coins that they got back.

00:02:41.000 And you know, when it was a dollar, as you were, we were pointing out before the show is like when it hits a hundred dollars, you're like, whoa, like I have so much money.

00:02:51.000 But not just, uh, I think we'll talk a lot about Bitcoin because of, you know, what's happening with the economy.

00:02:56.000 But, I mean, you both have talked about the economy in general more than, you know.

00:02:59.000 You were just explaining to us how the Fed works, the interest rates.

00:03:02.000 So this is gonna be really interesting.

00:03:03.000 People are worried about inflation.

00:03:04.000 Now, I guess the Fed has done a 180, like, no, no, no, no, there's no inflation.

00:03:07.000 We were kidding.

00:03:08.000 It's not happening.

00:03:09.000 Right, right, right.

00:03:10.000 People are worried.

00:03:11.000 So we're gonna get into all that.

00:03:12.000 We also got Ian Schillen.

00:03:13.000 Ian Crossland, iancrossland.net.

00:03:13.000 What's up, everybody?

00:03:15.000 Did you guys see, like, when Obama basically bailed out Fannie Mae and Freddie Mac?

00:03:18.000 Is that when the writing went on the wall and you were like, Oh, it goes back to the 87 crash of 1987.

00:03:26.000 And I was working on Wall Street at the time.

00:03:29.000 And that was the beginning, really, of when the federal government kind of took over markets because you had the crash of 87.

00:03:36.000 And the next day, the markets were set to open another 500 points down or 22, 23 percent down.

00:03:41.000 It was the biggest percent move down in the history of the stock market.

00:03:45.000 And you had Alan Greenspan, Ronald Reagan, and the other fellow over there, Rubin.

00:03:54.000 They created the Working Group on Finance, which became known as the Plunge Protection Team, and they started buying stocks in the open market and the federal government.

00:04:02.000 And so this is when you had the beginning of the end of free market capitalism in America was really then in 1987.

00:04:09.000 So subsequently, throughout the decades since then, the government's become more intrusive into the workings of the markets.

00:04:18.000 So you ended up having, under Greenspan, what became known as the Greenspan put, which became the Bernanke put, which became the Janet Yellen put, which is now the Jay Powell put.

00:04:28.000 And what that refers to is every time the markets go down, the feds come in and they buy markets.

00:04:33.000 So you don't have any risk.

00:04:35.000 They eliminate the risk.

00:04:37.000 Particularly in the large fund and hedge fund universe, they know that they are playing a rig game where the risk is minimal to zero.

00:04:45.000 They're borrowing money at zero.

00:04:47.000 They're speculating without any restrictions or laws being enforced against them whatsoever.

00:04:53.000 And whenever they make a mistake, they get bailed out.

00:04:56.000 So it's heads they win, tails we lose.

00:04:58.000 So buy Bitcoin.

00:04:59.000 No, no, no.

00:05:00.000 Not financial advice, but we'll get into all this stuff.

00:05:02.000 We also got Lydia pushing all the buttons. 1.00

00:05:03.000 I am in the corner.

00:05:04.000 I have to admit, this is my first exposure to Max and Stacey, and I am so excited for tonight.

00:05:08.000 I've known you guys for a really long time, like right back to Occupy Wall Street.

00:05:12.000 We were hanging out in Paris.

00:05:13.000 That was so much fun.

00:05:14.000 And you're still the same age.

00:05:16.000 I don't age.

00:05:16.000 I know.

00:05:17.000 What is going on?

00:05:19.000 Magic.

00:05:20.000 Jim Poole is the fountain of youth.

00:05:23.000 Part Asian. 0.93

00:05:24.000 No, that's the secret.

00:05:24.000 It's incredible.

00:05:25.000 All right, before we get started, ladies and gentlemen, go over to TimCast.com.

00:05:29.000 There's a big, beautiful blue button that says Members Only, and you can sign up for our Members Only... For Members Only at TimCast.com, help support our work in the event we get banned or purged or whatever.

00:05:38.000 But also, we do have exclusive Members Only segments.

00:05:41.000 You can actually sign up now with Stripe, because a lot of people are requesting something other than PayPal, which is available.

00:05:45.000 Then you click the Members area, and you can see our awesome segments that are only available to members.

00:05:50.000 Last week, I talked about how Venezuela hacked my friend's Facebook trying to spy on me and get me to reveal my location while I was reporting from Venezuela, and I showed the phone messages from the Venezuelan agents or whoever they were.

00:06:03.000 If you want to see that, you gotta be a member.

00:06:05.000 But don't forget to like, share, subscribe.

00:06:08.000 Subscribe to this channel, share this video, and if you're listening on iTunes, Spotify, or wherever else, leave us a good review, give us five stars.

00:06:13.000 Let's talk about this first story because this is major breaking news.

00:06:17.000 We have this from Axios.

00:06:18.000 Emergency declaration issued in 17 states and DC over fuel pipeline cyber attack.

00:06:24.000 So the Department of Transportation's Federal Motor Carrier Safety Administration issued a regional emergency declaration for 17 states and Washington DC to keep fuel supply lines open.

00:06:35.000 Colonial Pipeline carries 45% of fuel supplies in the eastern US.

00:06:39.000 Some 5,500 miles of pipeline has been shut down in response to the attack.

00:06:44.000 So, if you're not familiar with the story, this is a ransomware attack.

00:06:47.000 Basically hit one of the systems at Colonial.

00:06:49.000 I don't know if it actually hit the industrial control systems, but they're computers.

00:06:53.000 Which basically means they're administrative computers.

00:06:57.000 These hackers...

00:06:59.000 They apologized.

00:06:59.000 Yeah, yeah.

00:07:00.000 give us money we're going to encrypt your machines you'll never be able to

00:07:02.000 use them they shut down in response this it's typical of what happens to

00:07:06.000 companies when they do get hit by this but this is a major attack on our

00:07:09.000 critical infrastructure now the funny thing about this I think is that the

00:07:13.000 hackers have apologized have you guys you guys they apologized they said is my

00:07:18.000 bet we won't take the money It was an error of judgment on our part.

00:07:24.000 Start shipping that oil again.

00:07:26.000 Reopen the East Coast.

00:07:27.000 Sorry!

00:07:28.000 Well, so the people who made the ransomware, I guess, said that we'll have to vet our clients and implement moderation policies.

00:07:37.000 Definitely.

00:07:38.000 That's a good recommendation.

00:07:39.000 There's some standards in these hacking communities.

00:07:41.000 Yeah, these hacking communities have got to get some standards.

00:07:43.000 How do they have more standards than, like, the Fed?

00:07:47.000 Well, you know, it's like when I was living in Harlem, they used to say, uptown, there are no cops because, you know, you are the law.

00:07:56.000 You have to be honest because there's no cops.

00:07:58.000 Right?

00:07:59.000 So in the hacker community, there's no cops.

00:08:01.000 There has to be standards.

00:08:01.000 So you have to be honest.

00:08:03.000 So I guess basically this hacker group, what are they called?

00:08:06.000 They're called DarkSide.

00:08:07.000 FBI names DarkSide as the Colonial Pipeline cyberattacker.

00:08:10.000 I guess they sold the ransomware to someone who then used it and ended up getting a pipeline shutdown.

00:08:18.000 If you're one of these hackers, you don't want the pipeline shutdown.

00:08:23.000 You want to use your money for stuff.

00:08:25.000 So what's the point of getting the money if, like, there's no oil?

00:08:27.000 What are you gonna do, go buy a farm, I guess?

00:08:29.000 Well, it brings up, you know, a couple of points.

00:08:31.000 The infrastructure in the United States is weak and getting weaker, and that's a huge problem, and there's very little funds to take care of it.

00:08:38.000 And also you have the ransomware, and the inability to deal with that is kind of a secondary problem.

00:08:46.000 Primarily the roads, bridges, tunnels, infrastructure, pipelines, oil pipelines.

00:08:50.000 These things have gone neglected for decades.

00:08:52.000 And now they're starting to fall apart.

00:08:54.000 And the federal budget doesn't have any budget to repair these things.

00:08:58.000 The country is already broke.

00:09:00.000 And their solution, Tim, is always the same.

00:09:02.000 Print money.

00:09:04.000 Is that real money?

00:09:05.000 This is not real money.

00:09:06.000 None of it.

00:09:08.000 You want to spray real money, you can spray real money.

00:09:10.000 Well, you told me I shouldn't rip up real money.

00:09:13.000 Don't rip up money.

00:09:13.000 I was ready to shred another $20,000 right here on the Timcast.

00:09:18.000 You're like, no, no, don't do it!

00:09:19.000 I'm like, listen, I'm Max Keiser!

00:09:21.000 I rip up money!

00:09:23.000 That's what I do!

00:09:25.000 do it so I gotta use the fake money I gotta use the fake money but this is all

00:09:29.000 they can do they say oh the bridge broke let's print money oh the pipelines broke

00:09:33.000 let's print money oh we need more roads and bridges let's print money oh there's

00:09:37.000 not enough minimum wage jobs let's print more money that's all they know how to 0.97

00:09:40.000 do they don't know how to do anything else that's the entire policy of every

00:09:44.000 freaking politician in America that's it how much did they print last year like

00:09:49.000 58 trillion $58 trillion? 0.71

00:09:52.000 No, no, no, no, no.

00:09:53.000 They increased the money supply by 25%.

00:09:55.000 So, um... It was like $3 trillion or something.

00:09:59.000 It goes from yelling to Stacey's calm reaction.

00:10:02.000 Yeah, yeah, yeah, yeah.

00:10:03.000 They're just adding more zeros.

00:10:04.000 There's no cost to it.

00:10:05.000 It's like, remember when Zimbabwe... Was it Zimbabwe where they had, like, the billion-dollar bill or whatever?

00:10:09.000 The trillion.

00:10:09.000 The trillion-dollar bill.

00:10:10.000 Yeah.

00:10:11.000 I like also that...

00:10:12.000 You know, over the past, since 2008, they keep on pretending that they're all meeting together, all these academics and economists, and they're going to come up with a new plan.

00:10:23.000 And it's all the same.

00:10:24.000 It's the same exact money printing.

00:10:26.000 And they call it a new thing.

00:10:28.000 And they're like, now we're going to try this.

00:10:30.000 So let's go back to the gas pipeline real quick.

00:10:33.000 Let's go to the Wayback Machine.

00:10:35.000 The Wayback Machine.

00:10:36.000 Infrastructure is crumbling.

00:10:38.000 Think about computers 20 years ago or whatever, when they built the industrial control systems for these pipelines.

00:10:44.000 Yeah.

00:10:45.000 And that's the level of technology many hackers need to overcome.

00:10:48.000 And it's like 80s computer technology.

00:10:51.000 Yeah, they use, what's that operating system from the 80s and the 70s?

00:10:55.000 Oh no, COBOL.

00:10:55.000 Unix?

00:10:56.000 COBOL, yeah.

00:10:57.000 They use COBOL.

00:10:57.000 What?

00:10:59.000 Our entire banking infrastructure is on COBOL.

00:11:01.000 That's so weird.

00:11:02.000 And there's only like three guys who know how to program it.

00:11:04.000 Wow.

00:11:05.000 Those guys are, you know, paid a lot of money.

00:11:08.000 Hold on.

00:11:09.000 Security through obscurity.

00:11:11.000 Yes, yes, yes.

00:11:12.000 They actually say that.

00:11:13.000 Yeah.

00:11:14.000 I know.

00:11:14.000 Yeah.

00:11:14.000 It's a common phrase.

00:11:15.000 So what happens is it's so archaic.

00:11:17.000 It may actually be easy to hack, but you're going to get some like 18 year old hacker in Russia being like, I have no idea what this is.

00:11:25.000 What is this language?

00:11:26.000 But there are only like a handful of guys who still know how to use it.

00:11:30.000 Speaking of like people being like, please work for us, please, please.

00:11:30.000 Wow.

00:11:35.000 Like they're in retirement.

00:11:36.000 They're in their 70s and they're like, we just want to be retired.

00:11:39.000 Yeah, but our whole banking infrastructure is about to collapse.

00:11:42.000 Come fix it.

00:11:43.000 It's crazy to me that you had people, they built up this system and then basically shrugged and walked away from it.

00:11:48.000 And it's falling apart.

00:11:50.000 Yeah, yeah.

00:11:50.000 Well, they're cheap.

00:11:52.000 It's like, you know, the... But as Max will also point out, you know, the whole derivatives, the complexity in the financial system now is just so huge.

00:12:05.000 That by the time like more advanced stuff came around they they just didn't know how to unwind any of it like it's all Trapped in this old system Yeah, I talk a bit about this watching all the different stuff that's been happening over the past few years you know police departments cops are quitting like crazy riots are getting more emboldened and Yeah, because the markets are rotten and the money that we use is rotten.

00:12:30.000 dollar is rotten.

00:12:30.000 The U.S.

00:12:30.000 They're falling apart. There's a rot inside the core, but you guys have been talking about that for way longer than I've

00:12:36.000 been around So so you've been watching this spread. I mean, especially

00:12:40.000 from financial markets particularly Yeah, cuz the markets are rotten and the money that we use

00:12:45.000 is rotten the US dollar is rotten fiat money is rotten goes back to

00:12:48.000 the 1971 when Nixon took us off out of the gold standard

00:12:52.000 essentially and And the world started on a very bold experiment.

00:12:56.000 Every country in the world had fiat money.

00:12:57.000 That is, it's not backed by gold or anything.

00:13:01.000 And so it became referential to other fiat money.

00:13:03.000 So the dollars valued against the euro, which is backed by nothing, backed by the yen, backed by the Chinese yuan. 0.97

00:13:09.000 It's a circle jerk that goes around and around and around. 0.93

00:13:12.000 I think it's backed by a bunch of people with guns telling you it's worth something or else. 0.89

00:13:15.000 That's what Paul Krugman says at the New York Times.

00:13:17.000 He says that the reason the dollar has value is it's backed by men with guns.

00:13:22.000 And that's true.

00:13:23.000 That's why you say fiat money is violence.

00:13:23.000 It is.

00:13:25.000 It promotes violence.

00:13:26.000 It is violence.

00:13:27.000 And it is promotes war.

00:13:29.000 The petrodollar certainly is part of the U.S.

00:13:32.000 dollar matrix.

00:13:33.000 And that is all about war and the cartel and everything that goes on in the Middle East.

00:13:38.000 And it's all dollar related.

00:13:39.000 But if they can just print out money as easily as I can pull this trigger and fire off some, why can't they just fix our infrastructure with it?

00:13:47.000 Because they give it to banks, and the banks buy chateaus and property on Park Avenue, and Jamie Dimon is a billionaire.

00:13:53.000 So Occupy Wall Street?

00:13:55.000 Yeah, yeah.

00:13:55.000 They have a problem and that is that the U.S.

00:13:58.000 dollar is a reserve currency.

00:13:59.000 They have to send it overseas.

00:14:02.000 You can't control the world.

00:14:04.000 You can't have dollar hegemony.

00:14:05.000 You can't have American hegemony without sending those dollars overseas.

00:14:09.000 So they don't spend it here because that would cause inflation and they don't want inflation.

00:14:12.000 So they send it to China.

00:14:13.000 They send it to Europe. 0.50

00:14:14.000 They send it to the Middle East. 0.99

00:14:16.000 And that is supposed to sustain this hegemonic system.

00:14:20.000 If they stop sending it overseas.

00:14:22.000 If they were to start building factories and employing people across Michigan and Iowa and Idaho and places like that, then the dollar would no longer be the reason.

00:14:33.000 The trade deficit.

00:14:33.000 Right.

00:14:34.000 So dig into it.

00:14:35.000 I mean, go into it.

00:14:36.000 Dig it.

00:14:38.000 Dig into it some more.

00:14:38.000 I mean, this is really fascinating stuff.

00:14:40.000 This is the nettle of it.

00:14:42.000 This is the Triffin Dilemma, as they call it.

00:14:43.000 The Triffin Dilemma.

00:14:45.000 What's going on?

00:14:45.000 Continue.

00:14:46.000 Well, the Triffin Dilemma is something that was warned about when we did Bretton Woods back in 1944.

00:14:52.000 And Triffin had warned that the problem with having a reserve currency is that the geopolitics versus your domestic economics, they get into conflict.

00:15:04.000 And that's the point we're at now.

00:15:06.000 We hit it first in 1971.

00:15:09.000 Because as the reserve currency country, we had to send all our dollars overseas, right?

00:15:17.000 And that was backed by gold.

00:15:19.000 So what you're doing is you're sending your gold overseas.

00:15:21.000 And when France sent their warship into the harbor of New York to come collect their gold, they got their gold.

00:15:28.000 England asked for their gold.

00:15:30.000 They didn't get their gold.

00:15:31.000 We shut the gold window.

00:15:33.000 But since 1971, What's the next step of the Triffin Dilemma? 0.79

00:15:36.000 You send your manufacturing, you hollow out your manufacturing base.

00:15:39.000 And that's what we've done.

00:15:40.000 We're at that end point.

00:15:41.000 That's why you're seeing this disintegration.

00:15:44.000 You know, it's just the entropy of the system.

00:15:46.000 It's the entropy of the American empire, of the dollar system.

00:15:50.000 Things, things disintegrate.

00:15:51.000 Happening faster and faster.

00:15:53.000 Do you guys know about the fourth turning?

00:15:53.000 Yeah.

00:15:55.000 Yeah.

00:15:56.000 We had, um, um, who was it?

00:15:57.000 Was it Ben Norton?

00:15:58.000 Ben Stewart.

00:15:59.000 Ben Stewart.

00:16:00.000 Who's Ben Norton?

00:16:00.000 I don't know.

00:16:01.000 Cool name, though.

00:16:02.000 Ben Norton is that left-wing guy who works with Max Klobuchar.

00:16:04.000 Oh, that's right, that's right, that's right.

00:16:05.000 Well, shout out, Ben.

00:16:06.000 But no, we had Ben Stewart.

00:16:07.000 He was talking about the book and a lot of the stuff that he was studying.

00:16:11.000 And yeah, I guess the theory, whether it's true, and a lot of people say it's bunk, it's just nonsense, but... No, it's good.

00:16:16.000 We've covered that.

00:16:18.000 Yeah, well they wrote about it in the 1980s and they said 2025 would be the year to look for it.

00:16:24.000 They said back then.

00:16:25.000 So earlier I showed you guys, we're just going to release the secret live on the air, that there is a secret room in this building that no one knows about.

00:16:34.000 And in it was food and beans and bullets.

00:16:38.000 So good idea, huh?

00:16:39.000 Yeah, yeah, yeah.

00:16:41.000 I want one.

00:16:41.000 It's good.

00:16:42.000 I want to live there.

00:16:43.000 That could be like an Airbnb.

00:16:46.000 Well, so we had a tornado warning recently.

00:16:48.000 Like legit.

00:16:49.000 And like, the mail lady came up and she's like, get inside now.

00:16:51.000 They just called it in.

00:16:52.000 It's like, there's a funnel cloud.

00:16:53.000 It's coming right this way.

00:16:54.000 And so we go it's underground.

00:16:54.000 Yeah.

00:16:56.000 It's like this underground thing.

00:16:57.000 You know, no windows.

00:16:58.000 It's literally edible gummy bears.

00:17:01.000 That's all it's in there.

00:17:02.000 Because the idea is if you're going to die, you want to just feel good on the way out.

00:17:06.000 No, no, it's literally a storage room.

00:17:09.000 We have like, you know, I don't know, Ian bought like 20 gallons of vinegar for some reason.

00:17:13.000 I'm not done yet.

00:17:14.000 But I don't want to get into too much of that, but you guys are saying, you know, in the context of war and the fourth turning, are you guys familiar with Thucydides trap?

00:17:26.000 Yes, we are.

00:17:27.000 We have an episode of our show called, uh, when, uh, fourth turning meets Thucydides Trap.

00:17:33.000 Perfect.

00:17:33.000 Oh, wow.

00:17:34.000 That's what's happening.

00:17:35.000 It's not happened before, has it?

00:17:37.000 No.

00:17:37.000 Oh, maybe the two of them happening together?

00:17:40.000 Probably.

00:17:41.000 It's happened 18 times, Thucydides Trap.

00:17:43.000 16 have ended violently.

00:17:46.000 For those that aren't familiar, it's basically, and correct me if I'm wrong, that when a rising economic power meets, is about to overtake the dominant power, war breaks out.

00:17:54.000 And that happened in the past few years.

00:17:54.000 Yes.

00:17:57.000 And you notice all the propaganda against China.

00:17:59.000 Sure, China is a different system than our own.

00:18:02.000 And there are many problems with it, obviously.

00:18:05.000 But we really started becoming very hostile to them once they overtook us in 5G, artificial intelligence, all the high tech stuff.

00:18:13.000 which remember Joe Biden had mentioned back in 2000 when he was encouraging Congress to vote to

00:18:21.000 elevate them to the WTO unfavored nation status. He was like, China's going to eat our lunch.

00:18:27.000 Come on, man. Not going to happen. No way. But it seems like Biden and many billionaires and

00:18:35.000 big corporations are totally deferential to China, if not absolutely supporting China.

00:18:40.000 Yeah, they don't care.

00:18:41.000 They'll go where the money is, right?

00:18:42.000 Exactly.

00:18:42.000 Hollywood edits in favor of the Chinese government and things like that.

00:18:46.000 The Top Gun in China, Tom Cruise is actually Chinese in the release.

00:18:52.000 Really?

00:18:53.000 No.

00:18:54.000 I wouldn't be surprised if they said he was.

00:18:56.000 They did change a lot of iconography.

00:18:58.000 They would change the storyline.

00:19:02.000 But they got rid of the Tibet campaign or whatever from Taiwan.

00:19:05.000 That's what it was.

00:19:06.000 Yeah, Taiwan.

00:19:07.000 Yeah.

00:19:07.000 Right.

00:19:08.000 Now, I wouldn't be surprised if they did something like that.

00:19:09.000 In that one movie, I can't remember what it was, they added the lines over the South China Sea.

00:19:12.000 Yeah, animated movie.

00:19:13.000 Yeah.

00:19:14.000 So it's like a little girl walks past a world map and it's China and the lines for the South China Sea are lined.

00:19:18.000 Well, that's the Thucydides trap.

00:19:20.000 So China drives the global economy and they're going to drive the cultural agenda as well.

00:19:24.000 The thing that changed, the thing that put us on the path towards a violent conflict was 2014, the Belt and Road Initiative.

00:19:32.000 So what always happens is, as I was mentioning, when you have the world's reserve currency, you have to send your dollars overseas.

00:19:38.000 Otherwise, because they can't print dollars, so you have to get it to circulate.

00:19:42.000 So we were sending, first we were sending Saudi Arabia, Europe, and they kept recycling it back into treasuries.

00:19:49.000 Well, that's what China did until 2014.

00:19:51.000 Then they started taking their dollars and lending it to Africa, lending it across Asia to other nations and building infrastructure and ports and stuff like that.

00:20:02.000 Off U.S.

00:20:04.000 Yeah.

00:20:04.000 citizens.

00:20:05.000 And America was like, wait, this is cheating.

00:20:10.000 It's not cheating, really, but we're going to say it's cheating.

00:20:13.000 When we loan money to China, are we borrowing it from the Federal Reserve and then we owe the interest to the Federal Reserve and then loan it out?

00:20:20.000 Or does the money get loaned to the Chinese and they owe the interest to the Federal Reserve?

00:20:26.000 Basically, we have a trade deficit with them.

00:20:29.000 So you have to run massive trade deficits when you have the reserve currency.

00:20:34.000 So that's the lie that nobody will tell the American people.

00:20:37.000 You know, Trump came close to it when he was like, make America great again.

00:20:41.000 But the point is, you have to tell people like we either have the reserve currency or we have a domestic economy.

00:20:49.000 Which do you want?

00:20:50.000 And when you say we run a deficit, what is that exactly?

00:20:52.000 What does that mean?

00:20:53.000 So China sends us Say for ease, say a trillion dollars worth of goods and we only send them 200 billion worth of goods.

00:21:03.000 So they send us 800 billion more.

00:21:04.000 We send them 800 billion more than we sell to them.

00:21:10.000 They're getting more from us than we're getting back.

00:21:13.000 Is that what it is?

00:21:13.000 Yeah.

00:21:14.000 They're selling us their goods.

00:21:15.000 Yeah.

00:21:16.000 You know, and we sell them less and less.

00:21:19.000 Let's talk about the ramifications of, you know, mass money printing and all this stuff.

00:21:22.000 I have the story from Axios.

00:21:24.000 The wild ride of pandemic consumer prices.

00:21:27.000 I find it interesting that they just say it's the pandemic, right?

00:21:30.000 As opposed to what's been going on in this country for some time.

00:21:34.000 So we've looked at the M1 money stock quite a bit.

00:21:36.000 And sometimes M2.

00:21:36.000 You guys know better than I do.

00:21:39.000 but uh you can see around 2008 there's a major uptick in you know the money stock and then at the pandemic a massive spike so i think this this kind of stuff's been happening for a long time but they show us laundry detergent i'm sorry laundry equipment is up 29 percent car and truck rentals 24 major appliances 19 propane kerosene firewood 15 pork chops 11 used cars and trucks are up 10 then there's weird stuff like uh women's dresses are down 14 public transportation is down 15 Men's suits are down.

00:22:06.000 Telephone hardware is actually down 20, which is interesting.

00:22:09.000 And airline fares have dropped dramatically.

00:22:10.000 I think that's for obvious reasons.

00:22:12.000 But just to point out, lumber prices have skyrocketed.

00:22:16.000 Steel has skyrocketed.

00:22:17.000 There's a shortage of a lot of computer equipment.

00:22:19.000 So we've been waiting now for over a month to get a new computer for the studio.

00:22:24.000 And we keep getting told from everybody, hard to come by, can't get it, sorry.

00:22:28.000 It's been particularly difficult.

00:22:30.000 Prices are going way up.

00:22:31.000 Yeah, they are, yeah.

00:22:32.000 Well, and you mentioned computer components and the price they're saying is going down.

00:22:35.000 But that's actually, if you dig into it, a lot of times it's a lie.

00:22:37.000 For example, if the phone, they'll say it's twice as fast as the phone that you bought two years ago, they'll say that means that the price has dropped by 50%.

00:22:44.000 Even though you still paid the amount, the same amount.

00:22:47.000 You paid $1,000.

00:22:48.000 They say, actually, it's 50% cheaper because it's twice as fast.

00:22:51.000 And that's what they cook into their books.

00:22:52.000 When the Bureau of Labor Statistics reports the CPI numbers, the numbers are cooked, they're rigged, to show an outcome that they have pre-configured.

00:23:01.000 They want to show 1.6% or whatever the number is, and they do whatever they can to hedonically adjust these numbers to get to that number because they have an incentive to keep the reported inflation as low as possible.

00:23:12.000 All right, so I'm sure that you're both Bitcoin trillionaires.

00:23:15.000 Yeah, definitely.

00:23:16.000 But we're in it for the technology.

00:23:18.000 But for the regular people, right?

00:23:21.000 Regular people right now who have been working 40 hours a week.

00:23:24.000 They've been getting paid and they're watching people get paid $16 an hour on unemployment.

00:23:27.000 Yeah.

00:23:28.000 The people that are seeing all this stuff, the price is increasing.

00:23:30.000 What do they need to know and what do you think people should look out for?

00:23:33.000 Well, inflation's here.

00:23:35.000 It's a secular move in inflation.

00:23:37.000 It's not going to be temporary.

00:23:39.000 It's going to be now structurally baked into the economy and prices are going to start to go up on a regular basis.

00:23:46.000 And the reason why it wasn't as visible as it has been with all the money printing that has gone on is that essentially jobs were shipped over to China and that kept the numbers low for a long time because there was no wage pressure.

00:24:00.000 But now, since the middle class in China has equaled the more or less middle class in America, you don't really have that sink of cheap labor anymore.

00:24:09.000 So now prices are going to start moving up in reflection of their actual money supply numbers for real.

00:24:09.000 Right.

00:24:15.000 And that's what people are seeing.

00:24:17.000 So, one key statistic, and this is true, is that once the budget of the average family, once they allocate 40% to food, that's when you usually see an insurrection.

00:24:30.000 So we saw it in Egypt, when the price got to 40%, there was a revolution.

00:24:34.000 We saw it in France, the French Revolution, the food costs got to around 40%.

00:24:39.000 In the U.S., for a vast majority of folks, we're now bumping into that, you're getting now, approaching that 40% number.

00:24:45.000 So that would indicate historically that you're getting close to a flashpoint where an insurrection would become historically the norm.

00:24:53.000 Wow.

00:24:55.000 That's scary.

00:24:56.000 All those things you're talking about.

00:24:58.000 Did you guys buy like a mountain bunker in New Zealand or something?

00:24:58.000 Not really.

00:25:01.000 It's normal.

00:25:01.000 I mean, you know, things happen and they're cycles.

00:25:05.000 Cycles happen.

00:25:06.000 And the Thucydides trap, as you mentioned, that's going to lead to deglobalization.

00:25:09.000 You're already seeing the deglobalization that causes prices to rise.

00:25:13.000 You have the fourth turning, this young generation, the Generation Z, aren't going to... Do you think they're really gonna give 80% of their wages over to the retired boomers? 0.77

00:25:24.000 No, they're not going to, right?

00:25:26.000 No, I wouldn't.

00:25:27.000 They have the numbers as well, so they're going to, you know, tell them to stick it.

00:25:33.000 Then, in terms of the inflation numbers, Yeah, like we're at the end of that cycle as well.

00:25:40.000 We're at the end of the dollar.

00:25:41.000 The Triffin dilemma has reached the endgame.

00:25:44.000 And you see that with the extraordinary amount of money.

00:25:47.000 I mean, Max and I have been reporting on the global financial crisis since 2008, 2009.

00:25:53.000 And the stuff they're doing now is just beyond any of that, right?

00:25:57.000 It's like if you look at the charts of the money printing and the interventions in the economy

00:26:02.000 now versus 2008, it's beyond anything. It's so ridiculous. 0.90

00:26:08.000 And yet, we're still in the crack of boom side of it. 0.82

00:26:12.000 Like things are like Stock markets are at all-time highs.

00:26:16.000 House prices are at all-time highs.

00:26:19.000 Incomes are up 20%, over 20% in the last year for the ordinary American.

00:26:24.000 Incomes are up 20%.

00:26:25.000 Most of it from the government transfers.

00:26:28.000 So, you know, these are crack up boom times and they're printing more and more like you're supposed to do the money printing that the theory is under Keynes is you're not supposed to do that during the crack up boom times.

00:26:39.000 You're supposed to wait for the crash.

00:26:41.000 Right.

00:26:41.000 But they're not even waiting for the crash anymore.

00:26:43.000 Again, getting back to this Greenspan put or the machinations of the Plunge Protection Team or the government in terms of markets is that they would not allow for a normal business cycle to take place.

00:26:53.000 Yes.

00:26:53.000 Where you have a downturn and then you get rid of, for example, the banks in 2008 were caught committing massive fraud.

00:27:00.000 And so in a normal capitalist economy, a business cycle, those banks would have had to go bankrupt and we would have had new banks and new jobs.

00:27:08.000 But instead, they bailed out the creditors.

00:27:09.000 They bailed out the banks.

00:27:10.000 Again, historically, you never see that.

00:27:12.000 Usually, in a crisis like that, the debtors get bailed out.

00:27:15.000 The people who were at the mortgages and the debit credit cards would get bailed out.

00:27:18.000 Not the banks who made the fraudulent loans.

00:27:21.000 They got bailed out.

00:27:22.000 And what they did with that, what was called $16 trillion of bailout money, when it's all said and done, Is they simply were allowed to expand their credit card, expand their credit facilities, and do the exact same things that caused the crisis in 2008, but to do it 10 times to 20 times bigger, or 20 times worse.

00:27:39.000 And we've been saying now for 10 years that, you know, what's going to happen in 10 to 12 years is going to be the 2008 crisis part two.

00:27:46.000 And that's exactly what we're in now.

00:27:47.000 It's just the same crisis from 2008.

00:27:48.000 The global economy died in 2008, but now it's getting buried.

00:27:54.000 Now it's like a lich.

00:27:56.000 Is that how you say it?

00:27:57.000 Yeah, that's one way to say it.

00:27:58.000 It's like an undead, reanimated corpse.

00:28:01.000 Well, how many zombie companies are there in the United States?

00:28:04.000 Something like 30% of the S&P 500 are companies that can't really afford to pay interest on the debt that they carry on their books from their earnings.

00:28:12.000 They're technically zombies.

00:28:13.000 They're dead companies. 0.89

00:28:14.000 They're the walking dead.

00:28:15.000 And that's like a third of all the S&P 500.

00:28:17.000 They're just kept alive by free money printing.

00:28:19.000 It's just like money, money, money, money.

00:28:21.000 Amazon just announced today that they're going to float billions of dollars of the bonds.

00:28:26.000 Guess what?

00:28:26.000 To do what?

00:28:27.000 To buy back their own stock is what's going to happen.

00:28:29.000 So here again, it's 0% money for some, which is incredibly dangerous.

00:28:36.000 For example, when Amazon bought Whole Foods, it was accretive from day one.

00:28:40.000 They cost them nothing.

00:28:41.000 They bought it for nothing.

00:28:42.000 When Tiffany was bought by LVMH in Europe, They bought Tiffany. How much did they pay to buy Tiffany,

00:28:49.000 a multi-billion dollar company?

00:28:50.000 They paid exactly nothing because the European Central Bank lent them all the money

00:28:55.000 they needed. The Central Bank to buy Tiffany's with no interest.

00:28:58.000 They gave them Tiffany's as a gift. Already the biggest luxury company in the world.

00:29:02.000 This just kind of sounds like fascism.

00:29:04.000 It's a corporatism.

00:29:06.000 But also, like, it's important to point out that in the past year, we've done fiscal stimulus.

00:29:12.000 So since 2008, it's been just Federal Reserve stimulus, and that's credit to the banking system.

00:29:18.000 So it's not cash.

00:29:19.000 This is cash.

00:29:20.000 This is what they've been printing that the trillions of dollars that the US government is printing.

00:29:25.000 That is high velocity, real money.

00:29:27.000 That is what causes The big inflation.

00:29:30.000 Yeah, yeah.

00:29:31.000 Right.

00:29:32.000 So is this why you guys were saying buy Bitcoin?

00:29:34.000 Like back in the day?

00:29:35.000 We were gold bugs in 2011, and then we were introduced to Bitcoin, and we immediately realized that this was digital hard money.

00:29:44.000 I have a background in virtual currencies going back to the mid-90s.

00:29:47.000 I created the Hollywood Stock Exchange, which I invented a digital currency in 1996.

00:29:53.000 I have a patent on that digital currency.

00:29:55.000 So I immediately recognized that this could do what we were trying to get that to do back in the mid 90s.

00:30:02.000 And so we went from gold over to Bitcoin.

00:30:05.000 And it's kind of like when Dylan went electric.

00:30:09.000 So we I'm going to I'm we're going to come back to this conversation.

00:30:12.000 So we got we got breaking news.

00:30:14.000 Let me just pull this up.

00:30:15.000 This is from Bloomberg.

00:30:17.000 Bloomberg Law.

00:30:18.000 Is this this is from Bloomberg Law.

00:30:20.000 Yeah.

00:30:20.000 Gas stations running dry as hacked pipeline tries to restart.

00:30:25.000 Yeah, we were worried, actually, on the drive up here, because I was like... Guys, we've got this little bunker, you know?

00:30:33.000 We put some cots in there, we've got some hammocks, and there's beans.

00:30:37.000 And we've got a lot of MREs, just because they're fun.

00:30:40.000 But do you have MRE gasoline?

00:30:45.000 I do have an electric car, and my van is solar-powered, so in the apocalypse I can actually plug my electric car into the solar power from the van, and in probably about two or three weeks you'll be able to drive the electric car.

00:31:01.000 Well look, this is a function of too much debt.

00:31:04.000 So, the infrastructure is breaking down and yet before, up until a few years ago, you had this just-in-time economy where things were logistically all connected.

00:31:13.000 You had globalization and you had this incentive to keep all these systems going at the absolute rock-bottom cheapest price and to not pay anybody anything in terms of a decent wage.

00:31:23.000 But once the Thucydides trap kicks in, once the U.S. 0.77

00:31:27.000 dollar loses its status as a world reserve currency, then it reveals all of the shortcomings in the system, and it reveals all the fragility in the system.

00:31:35.000 And there's suddenly no way to repair these infrastructure projects, because the money's being sent out directly from the Treasury to appease the rabble-rousers from staging an insurrection. 1.00

00:31:46.000 I mean, this is what they do in countries where the population's about to insurrect, is they try to throw money at them to appease them.

00:31:53.000 And that works for a short period of time, and then it doesn't work.

00:31:56.000 So how much time do we got left?

00:31:57.000 Well, every time you read a story like that, like, oh, you know, we ran out of microchips, so the cards aren't being delivered.

00:32:03.000 Oh, gas lines not being restarted, can't get gas.

00:32:06.000 Oh, the price of food is not 40% of my weekly budget, right?

00:32:09.000 You add all those data points up, and every day you get new data points.

00:32:13.000 So it's tough to say exactly when the pot boils, but it's happening.

00:32:19.000 But I say get ready for good times because, you know, this stuff has to end for the next generation to have their way, right?

00:32:27.000 The night is always darkest before the dawn.

00:32:29.000 It's good for millennials.

00:32:30.000 Millennials are going to have a great century.

00:32:33.000 Yeah, and the Generation Z who are like 25 years old now, the oldest ones. 0.80

00:32:38.000 That in terms of those microchips, you know, you have been talking about cycles and the business cycle that used to exist when Max and I were, you know, your age, we had the business cycle.

00:32:49.000 And the thing about the semiconductor chips is they, you know, they never, they never planned.

00:32:55.000 Nobody expected the money printing, like the fiscal stimulus, right?

00:33:00.000 So what happened is naturally these business executives saw a pandemic, saw global lockdown.

00:33:08.000 And they canceled their orders.

00:33:09.000 They said, we don't need that.

00:33:10.000 We're not going to need those cars because we're on lockdown.

00:33:12.000 Right.

00:33:14.000 No, they didn't expect the thousands and thousands of dollars to be thrown at everybody and everybody to go on a buying spree.

00:33:19.000 So there were backlogs like everybody.

00:33:22.000 All these auto companies had canceled their orders, expecting that things would be slowing down.

00:33:28.000 And across the board, computers, phones, all that stuff, every everything that uses a microchip.

00:33:34.000 They were not expecting so much money.

00:33:36.000 It sounds like there's two things I'm kind of hearing from what you guys are saying.

00:33:39.000 The first is that there are people who decided the ship's sinking.

00:33:42.000 Extract as much as you can before it goes down and bail yourself out.

00:33:46.000 But the other thing is, you know, I mentioned the fascism thing, because when you say like the central banks are giving this money to like Amazon to buy Whole Foods or whatever, it sounds like the government is surreptitiously empowering massive corporate monopolies to seize power.

00:33:59.000 Totally.

00:34:00.000 It's not even the government.

00:34:01.000 It's a private corporation.

00:34:02.000 These these companies have no oversight.

00:34:04.000 The Federal Reserve, the Bank of International Settlements.

00:34:07.000 Well, because this is why they say that inflation is, let's say, running at 1.6 percent, even though if you were to calculate inflation as you would do under the Clinton administration and without using all these hedonic adjustments, inflation actually right now is running 10 to 12 percent.

00:34:23.000 That's the real number.

00:34:24.000 That's what is really happening.

00:34:24.000 10 to 12 percent.

00:34:25.000 Is that per year?

00:34:26.000 Per dollar?

00:34:27.000 Per year.

00:34:27.000 So now they say it's 1.6%.

00:34:29.000 So why do they openly lie?

00:34:31.000 Because for two reasons.

00:34:33.000 The COLA adjustments, the cost of living adjustments for Social Security.

00:34:36.000 So they save about $70 billion a year by not paying out what they should be paying out because inflation is going high to Social Security benefits.

00:34:43.000 The other, but the primary reason, is that by saying that inflation is running low and in fact claiming that there's deflation.

00:34:49.000 They can justify lower interest rates that are near zero, which are what powers all the consolidation.

00:34:56.000 The Tiffany being bought, Whole Foods being bought, mergers and acquisitions.

00:34:59.000 And when I said earlier about infrastructure crumbling because of all the debt, to finish up on that point a little bit, it goes back to private equity, what private equity does.

00:35:07.000 Private equity can borrow all this money at near zero percent, buy entire companies, entire industries, and strip out all the assets and keep the profits.

00:35:16.000 You know, Bain, the Bain Capital, Mitt Romney, you know, that's where he comes from.

00:35:22.000 You know, we saw it in the movie The Wall Street in the 1980s, right?

00:35:24.000 They were doing leverage buyouts, as it was called.

00:35:27.000 What does that mean?

00:35:28.000 That means that if you have a company and you want to buy that company, what you can do is, and I was working on Wall Street when this really became huge, is that you can pledge the assets of the company that you don't own to borrow money.

00:35:28.000 What is it?

00:35:43.000 And then you borrow the money and you buy the company that you previously did not own.

00:35:47.000 And now that you own it, you start to sell the assets off.

00:35:51.000 The pension fund, the overfunded pension account, the real estate.

00:35:53.000 You fire everybody.

00:35:56.000 And what's left?

00:35:57.000 And you pay down the debt that you borrowed.

00:35:59.000 And you keep what's left.

00:36:00.000 Which could be $100 million or half a billion dollars.

00:36:02.000 That's called leverage buyout.

00:36:04.000 And it was really pioneered by Mike Milken during the 1980s because he he he wrote a paper when he was a Wharton where he figured out that the lower grade debt outperforms high grade debt, you know, so he said, you know what?

00:36:20.000 Why don't we just do original issue low grade debt?

00:36:23.000 So Ron Perlman and all these other corporate raiders, as they were known, they went to Mike Milken.

00:36:28.000 They borrowed billions.

00:36:29.000 They did leverage buyouts.

00:36:30.000 They bought these companies and they sold.

00:36:32.000 They stripped them.

00:36:33.000 They sold all the assets and they became billionaires.

00:36:35.000 Well, over the last 30 years, that's become bigger and bigger and bigger.

00:36:37.000 And so the private equity market like Warren Buffett is essentially a private equity firm.

00:36:42.000 He doesn't invent anything.

00:36:43.000 He doesn't do anything.

00:36:44.000 He never worked a day in his life.

00:36:46.000 He just borrows money cheap from the Fed, strips companies.

00:36:48.000 He's an asset stripper.

00:36:49.000 That's all he does.

00:36:51.000 And he's overrated as a performer.

00:36:53.000 If you take out the bailouts from the Warren Buffett performance over the past 30 years, he wouldn't be beating a money market fund.

00:36:58.000 He's the most overrated money manager in history.

00:37:00.000 So people like to say when we're talking about, you know, IRAs or metal or Bitcoin, this is not financial advice.

00:37:08.000 The first thing I want to ask you a question.

00:37:10.000 I haven't given any financial advice on this program.

00:37:12.000 So I just wanted to ask real quick, like, why is that?

00:37:14.000 I would never do that.

00:37:15.000 Why would people say this is not like why do people do that?

00:37:18.000 Because you have to be licensed to give financial advice.

00:37:20.000 And so people could interpret what you're saying as advice?

00:37:22.000 Is that what it is?

00:37:23.000 Yeah, because then they could claim that you were offering advice, and they lost money, let's say, and then you're saying, okay, you gave me unlicensed financial advice.

00:37:32.000 But you've mentioned, you know, that people should buy Bitcoin, haven't you?

00:37:36.000 Yeah, because it's not it's I'm saying Bitcoin is a substitute for gold and it's a substitute for the dollar.

00:37:42.000 This came up recently because a lot of journalists are saying they don't write about Bitcoin because they consider it to be a conflict in some way because they don't own a Bitcoin.

00:37:52.000 They wouldn't own Bitcoin or write about Bitcoin, etc.

00:37:54.000 But we're talking about a substitution for the base layer of money from dollars to Bitcoin.

00:37:59.000 So it's not a financial advice.

00:38:00.000 It's about advice about how to reconfigure the entire economy, the United States economy, the global economy, on a Bitcoin standard.

00:38:09.000 And so we've been saying this since it was a dollar back in 2011.

00:38:12.000 And we also talked about gold.

00:38:14.000 If you talk about gold, gold is an intricate part of the global financial picture.

00:38:18.000 So countries buy gold.

00:38:20.000 The central banks own 30,000 tons of gold.

00:38:22.000 You talk about gold, you could say you own gold.

00:38:24.000 It's an inflation hedge.

00:38:25.000 Here's a way to inflate against inflation.

00:38:28.000 Gold.

00:38:29.000 So Bitcoin is the new gold.

00:38:30.000 It's digital gold.

00:38:31.000 It started in 2011 when we talked about it.

00:38:33.000 So we're making that point, that this is what it is, and that's what we've been saying.

00:38:38.000 The reason I ask is because you mentioned inflation was actually at 10 to 12 percent.

00:38:42.000 For real, yeah.

00:38:43.000 Which, shouldn't that make people act as though their pants are on fire, kind of freak out?

00:38:47.000 That's scary.

00:38:48.000 They should.

00:38:49.000 The price of Bitcoin at $55,000 per coin is telling you that the U.S.

00:38:55.000 dollar right now is in a hyperinflationary collapse against Bitcoin.

00:38:59.000 That's what the price is telling you.

00:39:01.000 Bitcoin is really the only market in the world that's allowed to trade freely.

00:39:05.000 You don't find good price discovery in gold.

00:39:07.000 You don't find good price discovery in bonds.

00:39:09.000 You don't find good price discovery in stocks.

00:39:11.000 So those markets are not telling you anything.

00:39:13.000 The markets are rigged.

00:39:15.000 Whereas Bitcoin is a freely traded market.

00:39:17.000 It's telling you something for real.

00:39:19.000 That the U.S. 0.57

00:39:20.000 dollar in the fiat money world is in a hyperinflationary collapse right now against Bitcoin.

00:39:25.000 That's what the price is telling you right now.

00:39:27.000 That price should be alarming to people.

00:39:30.000 It's not driven by speculation.

00:39:32.000 It's not the bubble, Tim.

00:39:35.000 It's the pin.

00:39:36.000 Exactly.

00:39:36.000 I think it's both.

00:39:37.000 It's not the bubble.

00:39:38.000 It's not the bubble, Tim.

00:39:39.000 You ran out of my money.

00:39:40.000 Here, put some back in.

00:39:42.000 So it's it's not.

00:39:44.000 I wondered this.

00:39:45.000 Bitcoin isn't going up.

00:39:46.000 The dollar is going down.

00:39:47.000 Exactly. That's for you.

00:39:48.000 I think it's both.

00:39:49.000 A little bit of both. Probably.

00:39:50.000 Yeah. Well, I say people say Bitcoin is volatile,

00:39:54.000 but it's not volatile.

00:39:55.000 It's actually just reflecting the chaos in the fiat

00:39:59.000 currency markets.

00:40:00.000 It's a reflection, a true reflection, it's a true mirror of what's happening in the fiat money world.

00:40:05.000 It's not volatile.

00:40:06.000 The dollar is volatile.

00:40:07.000 The dollar is in deep trouble for multiple reasons.

00:40:12.000 And once you lose world reserve currency status, you know, you're talking about real inflation, where food and energy goes up doubles.

00:40:20.000 And triples.

00:40:20.000 You guys mentioned derivatives.

00:40:22.000 So hold on real quick.

00:40:23.000 That means if someone, we're talking about regular Americans, many people listen to this show, they've got a savings.

00:40:29.000 Maybe they've been working, they've been saving up a little bit as much as they can through the pandemic.

00:40:33.000 Maybe they got a thousand bucks.

00:40:34.000 Right.

00:40:35.000 Over the past six months, the value of that thousand dollars is now the equivalent of like a hundred or two hundred bucks before it, like the year before.

00:40:41.000 Yeah.

00:40:42.000 So you can't buy as much gas with it.

00:40:44.000 You can't buy computers anymore.

00:40:45.000 You can't buy anything with it.

00:40:46.000 That's right.

00:40:46.000 And if you can't do anything with it, it's not particularly valuable.

00:40:49.000 But if in November, early November last year, what was it, Bitcoin?

00:40:53.000 It was like $10,000 or like $13,000, I think?

00:40:55.000 Yeah.

00:40:56.000 And now it's at $60,000.

00:40:57.000 Yeah.

00:40:58.000 So what was interesting is I was reading an article about the price of lumber.

00:41:01.000 They said $10 worth of lumber last year is $60 today.

00:41:05.000 Right.

00:41:05.000 And I was like, that's really interesting how it's very similar to the increase in the cost of Bitcoin.

00:41:09.000 That's right.

00:41:10.000 Meaning the dollar is probably tanking.

00:41:12.000 Exactly.

00:41:13.000 That's exactly right.

00:41:14.000 The lumber is a proxy for how bad the dollar is doing, as are these other commodities.

00:41:18.000 Isn't this good for the ultra-wealthy?

00:41:20.000 It can be.

00:41:21.000 Well, typically it is, because they are invested in assets that do well in inflationary environments.

00:41:28.000 So that's why a Modigliani would cost $200 million.

00:41:32.000 That's why somebody paid $400 million for a Da Vinci.

00:41:34.000 That's why Bitcoin is $55,000 to $60,000.

00:41:36.000 But the thing about Bitcoin is that it's accessible to everybody around the world, access to a telephone.

00:41:40.000 You don't have to go through the gatekeepers.

00:41:43.000 It's funny that now UBS or JP Morgan are now offering Bitcoin to their high net worth individual clients, right?

00:41:50.000 And they're going to charge a big fee.

00:41:51.000 Didn't Jamie Dimon just rag on it like for a decade?

00:41:54.000 He still rags on it.

00:41:56.000 But they are offering it to their high net worth individuals.

00:42:00.000 Who aren't smart enough to just buy it on their own?

00:42:02.000 They're not smart enough to buy it on their own.

00:42:03.000 Rich people rarely are smart.

00:42:05.000 That's one thing.

00:42:05.000 They don't want to take the risk.

00:42:08.000 Individual sovereignty is quite difficult.

00:42:11.000 It's not easy to learn how to hold your own Bitcoin.

00:42:14.000 So they want to sue somebody if Jamie Dimon Yeah, and there's the infrastructure of the financial markets in terms of custodianship and things like that that are important for the workings of the day-to-day financial are being put in place to now embrace Bitcoin so that banks can have proper custodian of these coins and companies like MicroStrategy run by Michael Saylor can put a billion, two billion dollars into it and legitimately so.

00:42:38.000 Doesn't this also mean that people's debt is going down in value as well?

00:42:41.000 Say, for instance, if you owe $10,000 on a car, and now hyperinflation hits, everything's more expensive, you still only owe $10,000.

00:42:48.000 Yeah, yeah.

00:42:49.000 Well, that's why the government keeps printing, because they don't want to pay their debt.

00:42:54.000 Right?

00:42:54.000 They're trying to inflate their way out of their debt.

00:42:57.000 There's only two ways out of the problem.

00:42:59.000 One is to keep printing, as you just eloquently said, or two, allow for a default.

00:43:06.000 In the 1930s, you had a deflationary depression.

00:43:09.000 There was a default.

00:43:11.000 Whereas in Zimbabwe or Weimar Germany or America today, it's an inflationary depression.

00:43:15.000 And it's because the powers don't want to give up.

00:43:18.000 They want to inflate their way out of this because, as you point out, if you have a lot of assets, the value of those assets are going to keep skyrocketing.

00:43:27.000 Along with Bitcoin, but a lot of other assets are like, obviously, if you're trading, if you have a massive lumber or things like that.

00:43:34.000 But for the average person, though, they don't have assets.

00:43:37.000 So they simply see it reflected in the price of living and for food and energy.

00:43:42.000 And so their quality of life, it will take a severe drop.

00:43:49.000 It's been pointed out that in the Weimar Germany you saw speculative attacks essentially from the wealthy against the Deutsche Mark, the Reichsmark.

00:44:00.000 And that is that they used their leverage and their ability to borrow and racked up huge amounts of debt in Reichsmark and bought things like corporations, land and property.

00:44:12.000 So that did happen from some industrialists in Weimar Germany.

00:44:17.000 And you could say that is happening today as well, that these corporations and wealthy people, that's why Amazon is borrowing tens of billions of dollars right now, because they can, and they're going to buy assets.

00:44:29.000 Right, they're going to buy assets.

00:44:30.000 They're attacking the Fed.

00:44:31.000 They're attacking the country.

00:44:33.000 Wow.

00:44:36.000 Essentially, it undermines the dollar.

00:44:37.000 It's not like they're going out and saying, I'm going to take this dollar and I'm going to rip it up.

00:44:41.000 They're like, we see what's coming.

00:44:44.000 An industrialist is going to know because they see the input costs.

00:44:47.000 They see the costs rising.

00:44:49.000 They understand.

00:44:50.000 I think this is why we saw so many billionaires defend China.

00:44:54.000 What do you mean?

00:44:55.000 Well, when the Hong Kong thing was going on, a lot of industries and a lot of ultra wealthy individuals were like, come on, leave China alone.

00:45:03.000 You know, we we shouldn't.

00:45:04.000 Well, it's just like what we were saying earlier about everything running on COBOL.

00:45:08.000 It's like our just-in-time delivery chains, you know, our supply chains, it's like we can't unwind it.

00:45:17.000 And that would be the equivalent of them saying, okay, we have to reset and start a whole new thing.

00:45:22.000 Like the supply chains, they can't reset it like that, that fast.

00:45:26.000 So they can't say anything, right?

00:45:27.000 Because otherwise the whole thing will fall apart.

00:45:29.000 I mean, I have to wonder, you know, they're doing this unemployment thing, right?

00:45:32.000 $16 an hour equivalent to not work.

00:45:35.000 So when asked Joe Biden and Jen Psaki were like, no, that has nothing to do with why we're seeing 7.4

00:45:42.000 million job openings, but only 266,000 jobs filled.

00:45:47.000 I think it's pretty obvious, right?

00:45:49.000 People are being paid not to work?

00:45:50.000 Totally obvious.

00:45:51.000 She's lying through her teeth.

00:45:52.000 It's completely obvious.

00:45:54.000 And the thing about her is that you've got a lot of people in America that know what it's like to live like a hedge fund manager.

00:45:59.000 Do nothing and get free money from the government, buy assets, buy stuff, and do nothing.

00:46:03.000 That's the way a lot of rich people, they just get, like again, Buffett or some of these other folks, they are literally welfare bums.

00:46:11.000 They just get free money from the government and they don't do anything.

00:46:14.000 They don't add anything to the economy.

00:46:16.000 And so a lot of people are saying, you know what, now that I live like Ken Griffith, who's a hedge fund manager at Citadel, who puts Ben Bernanke on his board of directors, who gets involved in the GameStop fandango, who gets bailed out and uses the money to bail out his subsidiary Melvin Capital from the money he got from the government to bail out the year before.

00:46:32.000 and then does nothing for it.

00:46:35.000 People are saying, that's the way I want to live.

00:46:38.000 I want to get free money too and live like these hedge fund guys.

00:46:41.000 I don't want to work.

00:46:42.000 Is perhaps the GameStop rebellion as it's being called the first sign of like an actual insurrection against the

00:46:48.000 system?

00:46:48.000 GameStop is like Wall Street, Occupy Wall Street, but deeper.

00:46:52.000 So Occupy Wall Street can never get inside the system.

00:46:54.000 The GameStop Reddit guys got into the system.

00:46:57.000 They recognized that GameStop, the stock had been, there were counterfeit sales of many shares that didn't exist, but they were being sold.

00:47:04.000 Naked short selling, is that what it's called?

00:47:06.000 Naked short selling.

00:47:07.000 So they knew that they could bid up the price and put this short squeeze on.

00:47:11.000 That's amazing.

00:47:12.000 I love it.

00:47:13.000 Yeah, it is activist.

00:47:15.000 It is like, Well, we call it the Global Insurrection Against Banker Occupation, GIABO.

00:47:21.000 So it's a worldwide phenomenon because the bankers are everywhere.

00:47:24.000 They're doing the same thing everywhere.

00:47:25.000 And all the central banks are working together.

00:47:27.000 You know, when they say in the U.S.

00:47:29.000 and J-PAL will say, oh, you know, actually, you know, rates went up a little bit six months ago, and we reduced our asset purchases by 2%.

00:47:36.000 The fact is, on a net basis, when you look at all central banks, all the major central banks around the world for the last 20 years, there's never been a one single day that they haven't expanded their balance sheets and done But the GameStop thing is working within that system.

00:47:51.000 Gold works within that system.

00:47:54.000 That's a, you know, relentlessly pessimistic sort of doomed system where these, you know, the command and control people in charge of our economy They'll never let anybody fight back.

00:48:06.000 They'll never let you protect yourself.

00:48:08.000 Until it just falls apart.

00:48:09.000 And they will destroy you.

00:48:10.000 But Bitcoin fixes that.

00:48:12.000 Bitcoin allows you to just exit the system.

00:48:15.000 As Christine Lagarde warned recently, she said we must stop Bitcoin because it's an exit, an escape valve from our system.

00:48:24.000 You know, she's telling you the truth.

00:48:26.000 And that's like, you know, once you exit that system and you become relentlessly optimistic, as we are in our Telegram group over at Orange Pill Podcast, you know, we, uh, you don't, you don't need to be, um, are you looking at my, I, you know, my, oh, my, my, my plan was like, I thought I, I thought I looked like Clint Eastwood with my, with my poncho.

00:48:50.000 And then I realized Clint Eastwood doesn't really, you know, Yes, I am Christine Lagarde!

00:48:55.000 I am the head of SCP!

00:48:56.000 I come first, first, first!

00:48:58.000 All the time, all the time, all the time!

00:49:00.000 I am the head of SCP, the big, little, little boss!

00:49:02.000 I'm the head of the SDP, the group of people who are interpreting the book. Yes. Do you have any questions? For me? Yes, I do.

00:49:02.000 Yes!

00:49:13.000 She's asking, she's asking.

00:49:14.000 Should I buy Doge?

00:49:15.000 I'm busy handling the audio.

00:49:17.000 Yeah, that's like my life.

00:49:19.000 I'm sorry.

00:49:20.000 I think Doge is the next step of the rebellion.

00:49:23.000 What we saw the last two months is people, it's basically like GameStop, people just game the system.

00:49:28.000 I don't think it's a good coin, but I think it's an example of people unionizing.

00:49:32.000 Hold on, I want to talk about the rebellion.

00:49:39.000 Bitcoin is the only rebellion.

00:49:41.000 GameStop is not a rebellion.

00:49:42.000 It's just like within the system.

00:49:44.000 They control the system.

00:49:45.000 They control the SEC, the stock market, all the stuff.

00:49:50.000 Look what happened.

00:49:51.000 Can't they just short sell GameStop when it goes up again?

00:49:54.000 What happened?

00:49:56.000 Robinhood stopped your sale, right?

00:49:58.000 So they control that system. 0.95

00:50:00.000 And you play by their rules.

00:50:02.000 You know, the House wins.

00:50:04.000 Robinhood was, I guess, they were threatened, right?

00:50:06.000 Like, Robinhood, the company was targeted.

00:50:08.000 Robinhood gets their primary source of revenue from Citadel.

00:50:12.000 And JP Morgan was there.

00:50:14.000 And JP Morgan, they buy the order flow from Robinhood, so they shut them down to protect Melvin Capital, a subsidiary of Citadel.

00:50:21.000 So it's an all rigged situation.

00:50:23.000 Total rigged.

00:50:24.000 Let's talk about the next thing that we're seeing.

00:50:26.000 I gotta admit, I saw this story and I'm laughing.

00:50:29.000 Quote, we all quit.

00:50:31.000 Restaurant signs claiming staff walking out are popping up across the US.

00:50:36.000 These tweets are something else.

00:50:38.000 on Chipotle, on Burger King, on Wendy's, McDonald's, signs being like, we're closed because no

00:50:41.000 one showed up today.

00:50:42.000 There are signs people putting up saying we refuse to work for such little wages.

00:50:47.000 And there's a couple of things.

00:50:48.000 For one, we know Biden is basically paying people more money to not work than they could

00:50:52.000 get from working, but also inflation.

00:50:56.000 So if people, you mentioned earlier that people, 40% of their weekly budget is going to food.

00:51:01.000 So if you're working at a fast food restaurant, it doesn't matter if you're getting $15 an hour or $20 an hour.

00:51:06.000 What matters is how much food can you afford to buy at the end of the week.

00:51:10.000 But if your food costs $4,000, $10,000 doesn't mean anything.

00:51:10.000 They could pay you $1,000 or $10,000.

00:51:15.000 That's exactly right.

00:51:16.000 I mean, if you can keep getting your wages raised, but the price of food goes higher than they're raising the wages, you're getting a cut in pay.

00:51:24.000 That's what happens in Argentina, Venezuela.

00:51:28.000 That's what's happening right now.

00:51:29.000 They keep printing like mad, but they can't control inflation.

00:51:33.000 And the policymakers will say there's no inflation because their banking constituents want that 0% money to keep consolidating and mergers and acquisitions and leveraged buyouts.

00:51:43.000 So they say it's at 1.6% even though it is a patent false.

00:51:47.000 But the supply situation is going to be something we can't hide.

00:51:52.000 So you have the shortages of all these microchips that's affecting all sorts of the economy.

00:51:58.000 The problem with labor is a real genuine problem.

00:52:01.000 Just on the drive up here, we saw hundreds and hundreds of signs all over the place begging people to come apply for jobs.

00:52:10.000 Even in the middle of a field, like, there was a sign, Domino's is looking for drivers.

00:52:15.000 Yeah, a bunch of cows and a sign advertising for Domino's jobs.

00:52:19.000 They're going to hire cows? 0.98

00:52:20.000 All right, wait, wait, wait.

00:52:21.000 Ian, order more vinegar.

00:52:23.000 I'm into it.

00:52:24.000 We got to start buying whatever we can.

00:52:26.000 People start hoarding, which then feeds an inflationary cycle.

00:52:30.000 Then prices go up because... But I'll get the vinegar first.

00:52:32.000 I just bought 150 pounds of flour.

00:52:34.000 No, no, I already bought you 100 pounds of flour.

00:52:37.000 Hey, I got 150 more.

00:52:38.000 It's that sort of mindset.

00:52:40.000 The mindset, the psychology is what is really important to hyperinflation or whatever.

00:52:45.000 I mean, but the other point I want to make is like I was just retweeted a story a day or two ago about in Durham, North Carolina, which is a pretty big city outside of Raleigh, and they can't find 911 operators.

00:52:59.000 So they're having to divert.

00:53:01.000 They had to admit that they've been diverting calls to Raleigh overnight because there's The economy's been hollowed out, right, through private equity deals, cheap money, borrowing, and debt.

00:53:12.000 So it's been hollowed out.

00:53:14.000 It's just a shell that's cracking in real time.

00:53:17.000 All that money was stolen.

00:53:18.000 Trillions.

00:53:19.000 Stolen!

00:53:20.000 Stolen from the economy, Tim.

00:53:22.000 It's fragile, like an eggshell is cracking.

00:53:25.000 The people are now on the streets, and the revolution is in the air.

00:53:29.000 So you guys have seen The Wolf of Wall Street?

00:53:31.000 No.

00:53:32.000 You never saw it?

00:53:32.000 I never saw it.

00:53:33.000 But Max worked on Wall Street during those times.

00:53:35.000 So this was like, you know, in the film you basically have a bunch of coked out, drugged out, Wall Street guys being like, yeah!

00:53:42.000 Stop talking about Max like that.

00:53:44.000 And they're just like, they know that they're, yeah, I'm not selling.

00:53:48.000 I'm staying.

00:53:48.000 But it's like these people know that they're ripping people off, basically.

00:53:52.000 Like they're just extracting access to resources and value from a system without providing anything to it.

00:53:57.000 That's right.

00:53:58.000 At Wall Street, my job on Wall Street, it was a microcosm of the economy as a whole.

00:54:03.000 So the byword as a stockbroker is do whatever you can to get commissions.

00:54:08.000 And we've got lawyers.

00:54:09.000 There's no such thing as the rule of law on Wall Street.

00:54:13.000 You get the commission first, and if the feds come after you, you deal with it later.

00:54:18.000 You pay fines.

00:54:20.000 Wall Street keeps 90 cents of every dollar they steal.

00:54:24.000 Right, 10 cents goes to the fines.

00:54:26.000 Or the great thing about Wall Street is that they just changed the law.

00:54:29.000 For example, when Citigroup bought Traveler, it's a big multi-billion dollar deal.

00:54:34.000 They broke the Glass-Steagall law that had been in place since the 30s.

00:54:37.000 They simply retroactively changed the law and said, we're going to change the law and it retroactively applies to that deal.

00:54:43.000 There is no rule of law.

00:54:45.000 On Wall Street, full stop.

00:54:47.000 I think it's just the rot goes deeper than this.

00:54:50.000 Have you guys ever seen these things?

00:54:51.000 They're called like power bracelets or balance bracelets.

00:54:54.000 They're rubber bands that they sell for like 30 bucks.

00:54:58.000 And they tell you, they say when you wear it, it improves your balance.

00:55:01.000 And they use a trick called the center of gravity illusion.

00:55:04.000 It's really simple.

00:55:05.000 You ask someone to stand with their feet together and their arms straight at their sides.

00:55:09.000 You then put your hand on their arm and pull downward slightly away from their body.

00:55:14.000 They'll fall over.

00:55:15.000 Then you put the wristband on their hand, and then you push slightly into their body, and they won't fall over, but you can actually, like, hang, because you're pushing towards their center of gravity.

00:55:26.000 Salespeople, I would see them in these malls.

00:55:27.000 They'd be doing this trick.

00:55:28.000 And I'm thinking to myself, I know how the trick works.

00:55:31.000 You could do it with a rock.

00:55:32.000 You could do it with anything.

00:55:33.000 How are they getting away with selling rubber bands for 30 bucks and lying to people?

00:55:36.000 So I looked it up.

00:55:37.000 It's very simple.

00:55:39.000 Someone will start a company.

00:55:40.000 They'll knowingly defraud people.

00:55:42.000 The FTC would come in and say, you gotta, you gotta pay us five million dollars, and they go, oh no, we only made ten, here's your five, here's your cut.

00:55:49.000 And then they take that money, and they do the same thing with a new company, a new entity, and they sell trash products, pay their fine, start a new company, trash products, and they get, you know, destroyed, shut down, but the government's getting a cut of it.

00:56:01.000 So instead of actually policing these companies and saying, stop doing this, they're like, you know, so long as we get money, it's called the captured regulator.

00:56:08.000 So the SEC and Elon Musk proved this brilliantly when recently he broke some laws and he openly mocked the SEC.

00:56:08.000 Yeah.

00:56:15.000 How about Austin, Texas, when they banned Uber because they were losing money on the drunk driving tickets.

00:56:22.000 We want people to drunk drive because the police made so much money from it in the city.

00:56:28.000 So revolutions in the air.

00:56:29.000 The system has been hollowed out.

00:56:31.000 You guys mentioned derivatives earlier.

00:56:35.000 What was the history of the creation of derivatives?

00:56:37.000 Because that seemed like part of this hollowing.

00:56:40.000 Right.

00:56:40.000 So derivatives go back to the option pricing formula for volatility that came around during the early 80s.

00:56:50.000 And under the Reagan deregulatory environment, you had listed options.

00:56:53.000 So listed options are essentially the first derivative and product.

00:56:58.000 And so this is simply an option on the future price movement of a stock.

00:57:03.000 And it's a big market, the options market.

00:57:05.000 And then during the 80s, they introduced financial derivatives.

00:57:09.000 Up until then, it was confined to stocks and commodities.

00:57:13.000 So the futures contracts, as you could say, is a derivative.

00:57:16.000 So futures contracts have been around for hundreds of years.

00:57:19.000 It's a way for agricultural companies to hedge against the weather, right?

00:57:23.000 So they can sell their product today.

00:57:26.000 Just to a speculator, and therefore they don't have the risk of their product arriving to market and losing everything, because they need it to plant the next season.

00:57:37.000 But with the financial derivative, you had the S&P futures and bond futures and money market futures and forex futures, so it gave banks the way to speculate on money itself in a highly leveraged way.

00:57:47.000 And that was the beginning of financial derivatives.

00:57:49.000 That's the beginning of when we have a global Ponzi scheme of banks essentially trading on inside information with each other on financial shenanigans in a way that was incredibly.

00:58:02.000 But you're right in the sense that at some point, the derivatives market became bigger

00:58:09.000 than the underlying market.

00:58:11.000 So the derivatives market should only be a fraction of the underlying market.

00:58:15.000 To give you an example of this, in the oil market, for every barrel of oil, there's something

00:58:18.000 like 60,000 barrels in oil derivatives.

00:58:22.000 That's how leveraged this whole thing is.

00:58:24.000 For the global economy, which is, let's call it $100 trillion global economy, there's more

00:58:30.000 than a quadrillion in derivatives, right?

00:58:32.000 The derivatives market is a multi quadrillion dollar market.

00:58:36.000 So an example of that would be like if a company loses $6 million in assets or something, but people bet on that they can make $60 million on that $6 million loss in a derivative.

00:58:46.000 Well, one great milestone in the derivative business was the credit default swap invention by Blythe Masters.

00:58:57.000 Remember the Exxon Valdez oil spill?

00:59:01.000 Instead of Exxon suffering financial calamity from that, Blythe Masters invented the credit default swap, where she was able to strip out bonds from bond interest and sell the interest separately, essentially, and insulated Exxon from that disaster.

00:59:16.000 So they took the event, which would have been a liability, and they turned it into a non-event, effectively.

00:59:21.000 So that's just what we call financial engineering.

00:59:21.000 Wow.

00:59:26.000 And so you could say that it's a way to slice and dice securities into all different things.

00:59:31.000 If you go to 2008, the subprime crisis was a derivatives crisis because they took subprime mortgages, which have a high probability of defaulting, And they mixed it with a AAA-rated government bond, and then they sold that mixed package as a tranche to a pension fund with the idea that, well, the probability of this collapsing is so minute that we're going to give it the same rating as the bond, a AAA rating.

00:59:59.000 This is like the housing crisis?

01:00:00.000 Yeah.

01:00:01.000 So what happened was, for the first time in history, you had a housing crisis over the entire country.

01:00:07.000 And so the subprime market collapsed spectacularly. 0.56

01:00:11.000 And instead of fining or penalizing the banks that package this garbage, even in testimony, they told Congress that these were bags of expletive that they were selling to Goldman Sachs. 0.77

01:00:23.000 Not only did Goldman Sachs knowingly and openly sell bags of expletives to clients. 0.99

01:00:29.000 Yes, excrement. 0.99

01:00:29.000 Excrement. 0.99

01:00:32.000 They then made bets against their clients, knowing that the clients would blow up.

01:00:38.000 So they made money on the short side.

01:00:39.000 They sold their own client short to make money on the collapse of the client that they knew was going to happen because they had sold them the bags of excrement. 0.98

01:00:46.000 So that's how insidious and awful and corrupt this whole system is.

01:00:50.000 It's kind of like encouraging your wife to go skydiving and then taking out a massive life insurance policy on her.

01:00:58.000 And then selling short the airline company, the skydiving company, knowing that they're going to be sued out of existence.

01:01:05.000 I have to also point out that you know while we're talking about inflation this is the thing that's so topsy-turvy about everything and why we have such a chaos in our economic system is those derivatives are collapsing and that is a black hole and that is a huge amount of deflation right so if that's worth nothing but it's right now on paper worth a quadrillion That's a lot of money.

01:01:30.000 That's like many, many, many, many, many, many trillions that we'd have to print every month just to break even on that.

01:01:36.000 Right.

01:01:36.000 So the central bank has bought now trillions of dollars worth of this paper from Wall Street.

01:01:41.000 Eight trillion dollars to re-liquify Wall Street.

01:01:41.000 Eight trillion.

01:01:45.000 But that's just a small fraction of it.

01:01:47.000 But they buy it at 100 cents on the dollar.

01:01:47.000 Right.

01:01:49.000 But when you say, OK, what's the resale value?

01:01:51.000 It's zero.

01:01:52.000 So the Federal Reserve Bank is leveraged more than 100 to 1, which is they're leveraged more than Enron.

01:01:57.000 Enron was leveraged 80, 70 or 80 to 1.

01:01:59.000 It collapsed in a day.

01:02:00.000 The Federal Reserve Bank is leveraged much more than Enron was leveraged and it could collapse overnight.

01:02:05.000 But that's the problem with whether or not it's inflation or deflation.

01:02:09.000 And this is a debate that we've been having on all of our content for the last 15 years.

01:02:16.000 Like nobody, economists, bankers, nobody knows for sure which one we're actually having.

01:02:22.000 Right.

01:02:23.000 I want to say one thing, and I want to read you this next story.

01:02:26.000 I think you're both wrong.

01:02:27.000 I think Dogecoin is incredible.

01:02:29.000 I think Dogecoin is... No, you're incorrect.

01:02:31.000 It's Dogecoin.

01:02:32.000 You want to know why you're wrong?

01:02:33.000 Dogecoin.

01:02:34.000 Dogecoin has just made a bunch of people who don't pay attention, pay attention.

01:02:38.000 And if, in the end, they trade Dogecoin for Bitcoin, it's better, isn't it?

01:02:44.000 You don't get the attention it's generating?

01:02:44.000 No.

01:02:46.000 I've been in this business for 10 years.

01:02:48.000 And no one knows more about than I do.

01:02:51.000 And it's a gateway drug to getting wrecked.

01:02:55.000 So people think that they are smart enough to trade altcoins in a way that they're going to get more Bitcoin or they're just going to be in it for a minute.

01:03:04.000 But the fact is that once you step away from Bitcoin, you're entering the gambling casino.

01:03:10.000 So it's the same.

01:03:11.000 If you go to Vegas and you go across the room with all the slot machines and you ask a hundred people if they're winners in Vegas, a hundred people say, yeah, I win all the time.

01:03:21.000 They're sitting there with a smoke and a cigar, you know, with threadbare with nothing on their back.

01:03:21.000 I'm a big winner.

01:03:26.000 And they're like, I've been winning in this for years and years.

01:03:28.000 Because the gambling mentality is such.

01:03:30.000 You convince yourself that you're going to win at this gambling thing.

01:03:33.000 So that's number one.

01:03:35.000 I do. 0.99

01:03:35.000 And number two, the projects themselves suck. 0.99

01:03:38.000 They're all centralized garbage. 1.00

01:03:39.000 Bitcoin is decentralized. 0.99

01:03:41.000 It's a big difference.

01:03:43.000 And you can't compare the two.

01:03:45.000 I'm not saying Dogecoin technologically or their infrastructure, their code.

01:03:49.000 I'm saying a bunch of regular people, young people who had no interest at all in any capacity with cryptocurrency, all of a sudden now the door was opened to at least walking into the room.

01:04:02.000 And if at the end of it, 10% of the people or 1% of those people who normally would never be involved are like, I'm going to buy Bitcoin with it because that's the real asset.

01:04:10.000 So they bought some Dogecoin as a joke.

01:04:12.000 They went, whoa, they sold it.

01:04:12.000 It went up.

01:04:14.000 Then they got Bitcoin instead.

01:04:16.000 Isn't it better that people are at least understanding it? 0.98

01:04:18.000 Bitcoin is the house and everybody else are the chumps on the floor. 0.95

01:04:22.000 So I own Bitcoin.

01:04:23.000 If somebody wants to go into the speculative world of gambling on douche coins, And ultimately, all that capital, the size of the market is expanding, right?

01:04:33.000 So it's a two trillion plus.

01:04:35.000 And that means that ultimately more money will flow into Bitcoin.

01:04:39.000 Bitcoin goes through cycles and right now it's going sideways and it's building a base and then it'll make a big leap again.

01:04:45.000 And then you'll see rotation out of all these altcoins into Bitcoin.

01:04:50.000 And a lot of people will get wrecked.

01:04:51.000 And also when you're trading and those all kinds, there's all kinds of tax liabilities you have to be aware of.

01:04:56.000 It's just it's not worth it instead of just huddling.

01:04:56.000 Absolutely.

01:04:59.000 That's what my shirt says.

01:05:01.000 Huddle!

01:05:01.000 Huddle baby, huddle!

01:05:02.000 That's what it's all about!

01:05:03.000 Don't make me get undressed, Tim! 0.67

01:05:05.000 Don't make me get naked on your show! 0.95

01:05:07.000 Please don't get undressed. 0.84

01:05:08.000 I'm not saying Dogecoin is better than Bitcoin.

01:05:10.000 I'm saying Dogecoin as a marketing campaign got a bunch of people to finally know what crypto was.

01:05:15.000 They're going to get wrecked.

01:05:16.000 So people who bought it last week on the, you know, Elon Musk on Saturday Night Live at $0.72 or $0.74 a coin, they're sitting at 30 or 40 percent losses today.

01:05:27.000 And they're wondering what the heck am I going to do?

01:05:29.000 It's going to scare a lot of people out.

01:05:31.000 They're going to be there to not enter into the arithmetic of losing.

01:05:34.000 The amount of percent gain you need to break even once you lose 10 percent is more than 10 percent.

01:05:38.000 Right.

01:05:39.000 So, you know, you and then you what happens is you tend to to trade Let me ask you about Bitcoin, though.

01:05:46.000 For one, there's a finite amount of Bitcoin.

01:05:48.000 They're not going to complete the 21 million coins until when?

01:05:50.000 Do you know what year?

01:05:51.000 had a rally today. So a lot of people who lost 30 percent on Doge in the last week

01:05:54.000 are going to be I'm going to make it back on this other thing, which is even more

01:05:57.000 ridiculously.

01:05:58.000 So they end up with zero.

01:06:00.000 Let me ask you about Bitcoin, though.

01:06:01.000 If for one, there's a finite amount of Bitcoin, it's going to it's not they're

01:06:05.000 not going to complete the 21 million coins until when?

01:06:08.000 Do you know what? Another hundred years.

01:06:09.000 Another hundred years. Yeah.

01:06:10.000 So if look, we I was talking

01:06:14.000 with some some of the people here at Timcast earlier.

01:06:16.000 And one of the suggestions was like, why don't you buy like do a video where you

01:06:19.000 buy something big with Bitcoin?

01:06:20.000 And I was like, because I'd rather have the Bitcoin.

01:06:23.000 Why would I why would I give it up for anything?

01:06:25.000 You know, Tesla says you can buy a Tesla with a Bitcoin.

01:06:28.000 I'm like, I'd rather have the Bitcoin.

01:06:30.000 It's like, why would I spend a million dollars on a $50,000 car?

01:06:33.000 Bitcoin's going to hit a million bucks.

01:06:35.000 And I think it's going to be a lot faster than most people realize.

01:06:37.000 So I guess the challenge is right now, should people, you know, should hypothetical people who are working just be buying as much Bitcoin as possible, but keeping some of the fiat for regular use, rent, food?

01:06:50.000 Because you don't want to spend the Bitcoin.

01:06:51.000 You want it for later, right?

01:06:53.000 At what point are you like, OK, now I can spend Bitcoin?

01:06:56.000 When it becomes greater parity to gold.

01:07:01.000 So gold's worth about $10 trillion, let's call it.

01:07:03.000 Bitcoin's worth around $1 trillion or so.

01:07:05.000 When you see Bitcoin trading at parity to gold at around $500,000 a coin or $10 trillion worth, then I think it'll be transitioned from the pure only store of value to store of value and medium of exchange.

01:07:18.000 It's not really a medium of exchange.

01:07:20.000 As such, although on what's called the second layer with Lightning and other applications built on top, people are using it for transactions every single day.

01:07:29.000 And a lot of people who do transact in Bitcoin that might spend Bitcoin, let's say $1,000 worth of Bitcoin, they'll immediately buy $1,000 to replenish that.

01:07:37.000 A lot of people the most intelligent thing you can do is dollar cost averaging, which is just every single day or every week or every month, you simply put in 10 bucks, 100 bucks or 1000 bucks into Bitcoin on a regular basis.

01:07:48.000 You know, we work with I think, you know, Swan Bitcoin is a company that specializes in this.

01:07:53.000 And we work with them pretty closely.

01:07:56.000 I got an email from somebody.

01:07:57.000 Somebody who was a wealthy individual who had a trust, like a wealthy family.

01:08:01.000 And they were talking to their financial manager or whatever, saying, we need to start putting our assets into Bitcoin.

01:08:06.000 And they said, absolutely not.

01:08:07.000 We won't do that.

01:08:08.000 Yeah.

01:08:09.000 And so the email I got was like very upset, like, what are we supposed to do?

01:08:12.000 Well, that's that's understandable.

01:08:14.000 The entrenched, you know, the establishment in these markets don't want to the competition and they don't want people taking money out.

01:08:21.000 Because once a lot of people understand that, you know, the saying goes, not your keys, not your Bitcoin.

01:08:26.000 You take the keys off these exchanges and these products and you and so you're taking money out of the system.

01:08:31.000 So for if you're somebody whose business is accumulating assets under management, AUM, and that's a negative for you because people are taking all their assets off and they're they're putting into cold storage.

01:08:42.000 And so that's interesting.

01:08:43.000 They don't want that competitive thing going on.

01:08:46.000 And the amount of money made on selling products is enormous.

01:08:51.000 And this is a there's no fees attached.

01:08:54.000 It's it's it's free to store, essentially.

01:08:58.000 So they don't want the competition.

01:09:00.000 And but that is changing quite rapidly, as Paul Tudor Jones, very famous hedge fund manager, said he believes inflation is here and he owns a lot of gold.

01:09:09.000 But he says Bitcoin is the fastest horse in the race.

01:09:14.000 How long until you think Bitcoin reaches half a million?

01:09:17.000 Well, I've got a price target for 2021 of $220,000 per coin.

01:09:23.000 Why?

01:09:24.000 Based on the halvings that we've had every four years, we've had three halvings, and typically you see these types of price moves in the year.

01:09:33.000 You can track a pattern?

01:09:34.000 Yeah, that's cyclically what we see.

01:09:35.000 What's the halving?

01:09:36.000 So, one second, has the price tracked as you've predicted it thus far?

01:09:41.000 Pretty much, yeah.

01:09:42.000 The first quarter it did very, very well.

01:09:45.000 Now it's kind of going sideways.

01:09:46.000 And I think we're going to see in the second quarter another breakout move to $70,000, $80,000, $85,000.

01:09:53.000 So I've known you guys for a decade and I told you the story of Bitcoin back in 2011.

01:09:59.000 I was at a hackerspace in LA.

01:10:00.000 It was called Crash Space.

01:10:01.000 I was hanging out with my friend Jeff.

01:10:03.000 And I worked in my computer.

01:10:05.000 I had about five grand in savings.

01:10:05.000 I had savings.

01:10:06.000 I had worked.

01:10:07.000 I had saved it.

01:10:08.000 I'm never going to touch it.

01:10:09.000 It's my rainy day fund.

01:10:10.000 It's like, I'm very proud.

01:10:11.000 I was, you know, I was like 24 or something.

01:10:13.000 And I said, I saw Bitcoin.

01:10:15.000 So the Bitcoin faucet, for those that aren't familiar, there's a website that literally just gave you free Bitcoin.

01:10:19.000 It was 0.05, I believe.

01:10:21.000 Could be wrong.

01:10:22.000 Just randomly, like, there you go, here's some... It was almost worthless.

01:10:25.000 So I look at my friend and I'm like, should I just buy a bunch of this Bitcoin thing?

01:10:29.000 Because I'm just saving this money.

01:10:31.000 It's sitting in a bank.

01:10:32.000 You know, I gotta pay fees or whatever.

01:10:33.000 Why don't I just buy this Bitcoin?

01:10:34.000 And he goes, ah, nah, dude.

01:10:36.000 Like, it's probably a scam.

01:10:38.000 You're gonna buy it off some dude and then it's gonna become worthless.

01:10:40.000 And I was like...

01:10:42.000 Yeah, I guess not.

01:10:43.000 And so I was actually, no joke, sitting there about to buy like $7,300, you know, Bitcoin at $0.70.

01:10:48.000 And then I remember when it went up to $5, and I was like, oh man, remember when I, when Jeff, when you told me I had to buy it?

01:10:56.000 Then it hit $20, same story.

01:10:57.000 Then it hit $500, same story.

01:10:59.000 And what's funny is, so I remember when you guys were promoting Bitcoin like crazy, and I was just watching it like, yeah, but now it's at, you know, $5.

01:11:07.000 If only I had bought with a dollar.

01:11:09.000 Now it's at $60,000, and I'm like, why didn't I listen to Max?

01:11:13.000 Well, that story is the exact same story that Peter Schiff has experienced.

01:11:17.000 Yeah, but he's still not buying, right?

01:11:19.000 I told him at $1, I told him at $10, I told him at $100, I told him at $1,000, told him at $10,000, and he still won't buy it.

01:11:24.000 He's still anti-Bitcoin.

01:11:25.000 He's still saying the same silly things over and over again. 0.89

01:11:28.000 I have been. 0.92

01:11:29.000 It's still an uncommon story.

01:11:30.000 I was buying though so so you know what I like I'm like man I should have bought I'll buy some I'll buy a little bit but I never went gung-ho I never went full in I just bought a little bit here and there like yeah well I'll just have some well it's never too late you know this it's it's gonna continue to go up you know on this financial advice question it's like We're setting the table.

01:11:48.000 We're saying, look, here's inflation, here's your options, here's what people are saying, you know, and make your own choices, do your own research.

01:11:57.000 But it's a very compelling story.

01:12:00.000 And given what the track record has been and nothing we've said that would happen hasn't happened pretty much.

01:12:07.000 We've been absolutely spot on in predicting the last 10 years pretty much every major turn in the global economy.

01:12:13.000 I'm definitely going to be buying more Bitcoin.

01:12:15.000 What do you think about Ethereum, though? 0.99

01:12:17.000 It's centralized garbage. 1.00

01:12:19.000 It's shit. 1.00

01:12:19.000 You don't like Ethereum? 1.00

01:12:21.000 Nah, it's fine.

01:12:22.000 Well, so I'm not going to pretend that Ethereum is the same thing as Bitcoin, I think.

01:12:25.000 No, it's centralized.

01:12:27.000 The transactions are reversible.

01:12:29.000 They've reversed the transactions before.

01:12:31.000 60% pre-mined.

01:12:32.000 It's an exit scam where Vitalik and those guys are just dumping coins whenever they feel like it.

01:12:37.000 It's not robust at all.

01:12:39.000 It's buggy.

01:12:42.000 Nobody knows how many exist.

01:12:44.000 You can't run a node.

01:12:45.000 What is it?

01:12:46.000 Ethereum?

01:12:47.000 Exactly.

01:12:48.000 What is it?

01:12:49.000 Like, what's the point of it?

01:12:51.000 So there's applications run off of it using ERC20 tokens.

01:12:54.000 Why not use Microsoft?

01:12:56.000 Why not use AWS?

01:13:00.000 Nobody can run a node.

01:13:01.000 It costs too much.

01:13:02.000 It's all hosted on AWS.

01:13:04.000 That's true.

01:13:05.000 You can shut it down.

01:13:07.000 Do you think AWS is going to listen to Vitalik Buterin or are they going to listen to the Treasury if the Treasury contacts them?

01:13:14.000 No, I agree.

01:13:15.000 So I think I view Ethereum as very, very different from Bitcoin as more of like an investment into a company.

01:13:21.000 As opposed to Bitcoin.

01:13:23.000 And there are a lot better companies then to invest in.

01:13:26.000 But if your objective is to, everything that Bitcoin offers, and as we've discussed about it, and that's your objective, there's Bitcoin.

01:13:34.000 If you want to get involved in something called Ethereum, which is some software that is buggy and it's centralized and it has a track record of malfeasance, That's an option people want to make.

01:13:46.000 I want to be Medici.

01:13:47.000 I want to be my own bank.

01:13:48.000 I want to be the central bank.

01:13:50.000 I want to have my own country within me.

01:13:53.000 Ethereum doesn't give that.

01:13:55.000 No other coin gives that.

01:13:56.000 Just Bitcoin.

01:13:59.000 Are you saying you've invested in nothing other than Bitcoin?

01:14:01.000 That's all we did.

01:14:02.000 Nothing else.

01:14:03.000 You guys should create your own coins.

01:14:05.000 No, you can't.

01:14:07.000 As soon as there's an individual who can be identified, And that person can then take the coin down.

01:14:13.000 The treasury contacts you.

01:14:15.000 It's centralized.

01:14:16.000 I think the future of currency is like you make Max coin, Stacy coin, Ian coin, Tim coin.

01:14:20.000 No, it's not.

01:14:21.000 Well, hear me out, hear me out.

01:14:22.000 No, I had a question I asked.

01:14:24.000 You guys are not investing in anything outside of Bitcoin.

01:14:27.000 No, we have.

01:14:28.000 We have Bitcoin.

01:14:28.000 We have invested in Bitcoin startups, like, for example, Kraken, which is an exchange.

01:14:34.000 When it was $5 million, we invested in it.

01:14:36.000 It's now worth $10 billion.

01:14:38.000 SWAMBITCOIN.COM.

01:14:39.000 We finance them.

01:14:41.000 Investors in them.

01:14:44.000 But no like regular stocks of like, you know, blue chips or 4500s or anything?

01:14:51.000 No, because there's a couple of interesting companies that are Bitcoin related.

01:14:56.000 So MicroStrategy has a big Bitcoin position.

01:15:00.000 Square, which is Jack Dorsey's company, is really on the Bitcoin vanguard.

01:15:04.000 So I have positions, I have small positions in these companies that have Bitcoin-related investments.

01:15:11.000 In what year was it?

01:15:12.000 Was it 2012?

01:15:13.000 I was hanging out with you guys and I was filming for some show.

01:15:16.000 Yes.

01:15:17.000 And you guys, you were filming some guy, some rich guy, and he was like, you got to buy Square, and Square was like 13 bucks.

01:15:23.000 And so I was, you know, I was mostly broke and I was like, all right, I'll buy some.

01:15:23.000 Yeah.

01:15:26.000 And I did not regret it.

01:15:28.000 Oh, good.

01:15:29.000 So I tell these stories about how I wish I bought Bitcoin, but the reality is just standing next to you guys, hearing you guys talk about Square.

01:15:35.000 And then what actually... And Square is up a lot.

01:15:35.000 Right.

01:15:38.000 Especially from back then.

01:15:38.000 Oh, yeah.

01:15:39.000 Square is huge, yeah.

01:15:40.000 So for those that are familiar with when I went on the Joe Rogan podcast with Jack Dorsey, I said before we started the show, like, I should do a disclaimer that I own some shares in Square.

01:15:48.000 Not that much, like very, very little, because I was broke when I bought into it.

01:15:51.000 But now it's like... Yeah, well, we have some gold and silver from our gold and silver days, but we use it as collateral to buy Bitcoin.

01:15:58.000 What do you mean collateral?

01:15:58.000 Wow.

01:15:59.000 Like taking out loans to buy Bitcoin?

01:16:04.000 That's the way wealthy people do it, right?

01:16:06.000 You don't want to pay taxes because as soon as you sell anything, you have to do your capital gains.

01:16:10.000 Yeah, we start buying gold at the $400 range.

01:16:13.000 So you go to a bank.

01:16:15.000 What do you do?

01:16:16.000 You say like, hey, I want $100,000 to buy Bitcoin.

01:16:17.000 Then you buy Bitcoin a month later.

01:16:18.000 No, you go to a bank.

01:16:19.000 You put up your gold and silver as collateral and you take out a loan.

01:16:23.000 So then a month later, because Bitcoin's just skyrocketing, you just pay back the loan and then you got free Bitcoin?

01:16:28.000 You pay it back out of your earnings, so you don't have to pay the capital gains, right?

01:16:33.000 On BlockFi, you can put crypto up as collateral.

01:16:37.000 It's a huge market, but you do have to give up your keys when you do that.

01:16:42.000 It's not worth it.

01:16:43.000 Don't go to BlockFi.

01:16:44.000 If dollars are going down, and we're like, man, this is bad, and Bitcoin is going up, this is great.

01:16:49.000 And you can go to a bank and they'll say, we will give you the dollars to buy Bitcoin.

01:16:54.000 That seems like a no-brainer.

01:16:55.000 Yeah.

01:16:55.000 I'm not telling anybody to do it.

01:16:57.000 Gold and silver are going up.

01:16:58.000 And so is the Bitcoin.

01:16:59.000 Right. So my collateral is going up as well as my property, though.

01:17:04.000 Property is good. Property is a sitting duck because you have property

01:17:07.000 taxes which are going to go up.

01:17:08.000 And you can't.

01:17:09.000 It's also not very you know, I think it's not liquid.

01:17:13.000 During a bad time.

01:17:15.000 When you have what I think is going to be a very troubling time and you need to move and leave, let's say, the country, for example, you can't really take your property, but you can take your Bitcoin.

01:17:25.000 Just memorize a C phrase and you can go through the airport naked and you can have any amount of Bitcoin with you.

01:17:31.000 But it's... I mean, you don't want to just only have Bitcoin, right?

01:17:35.000 You want to have other things, I'd imagine.

01:17:37.000 Like, you want to maybe focus heavily on Bitcoin, but I'd imagine... Well, what happened over the last 10 years is that since the price went from $1 to $55,000, it has now become... It dwarfed everything else in the portfolio.

01:17:51.000 We invest, invest in yourself.

01:17:53.000 That's the best thing to do.

01:17:54.000 That's like better than any stocks or whatever, because, you know, as as you see, like somebody, somebody like Biden can come along and say, OK, capital gains is not 20 percent.

01:18:05.000 It's going to be 43 percent.

01:18:06.000 And you're like, dude, like.

01:18:07.000 Exactly.

01:18:08.000 I heard a great quote earlier today, though.

01:18:10.000 They said when when it all hits the fan and a Bitcoin is worth a million bucks.

01:18:15.000 Yeah.

01:18:15.000 Do you know how many bullets it would cost to get to get a million dollars in Bitcoin?

01:18:19.000 One.

01:18:20.000 Right, not necessarily.

01:18:21.000 Not with a multi-sig wallet.

01:18:22.000 If you have a multi-sig wallet in cold storage, then no amount of bullets can get your Bitcoin.

01:18:27.000 Yeah, yeah, yeah.

01:18:28.000 But you get the point, you know.

01:18:29.000 Well, the famous $5 wrench attack.

01:18:31.000 $5 wrench attack.

01:18:32.000 Yeah, yeah, yeah.

01:18:35.000 So but that's that's that.

01:18:37.000 But I would say in an extremist, Bitcoin is probably the most secure because gold and silver can easily be confiscated by the government or stolen.

01:18:46.000 And it's tough to insure and keep in a vault.

01:18:49.000 And you have your house can be taken away as houses have been taken away.

01:18:54.000 So yeah, money can be canceled.

01:18:55.000 Once you put money in the bank, you know, technically it's owned by the bank.

01:18:59.000 You don't own it anymore.

01:19:00.000 So that can be confiscated.

01:19:00.000 Right.

01:19:01.000 Unless they can read your mind.

01:19:03.000 Right.

01:19:03.000 So with Bitcoin, it's actually in a total breakdown.

01:19:06.000 It's the only form of wealth which is actually secure.

01:19:09.000 How about all the money that police steal across America?

01:19:14.000 Civil asset.

01:19:15.000 And people always say, what if electricity goes down?

01:19:17.000 Well, actually, now Bitcoin is being beamed via satellite from Blockstream.

01:19:20.000 So you don't even need the electrical grid to be working.

01:19:23.000 You can set up a Bitcoin password that's just like a regular old password you remember, right?

01:19:27.000 You can do, yeah.

01:19:28.000 So you can create a phrase that's really easy for you to remember but really hard for a

01:19:31.000 computer to crack.

01:19:32.000 Like a 12 to 24 word phrase.

01:19:33.000 Yeah, yeah.

01:19:34.000 So I always tell people like good passwords are just like a song lyric or something or

01:19:37.000 just a sentence.

01:19:38.000 Usually you get a random word generator which you can find online and they just generate

01:19:43.000 random words.

01:19:44.000 But that's not better than...

01:19:45.000 It can be because the...

01:19:47.000 I believe in the security...

01:19:49.000 The best place to go for information about that is called Bitcoin.page and that is run by Jameson Lopp and he's like one of the top security experts in the space.

01:19:57.000 So, you know, I wouldn't take your security advice from, you know, from us right now.

01:20:03.000 I would go to the top guy, Jameson Lopp, Bitcoin.page, and it has all the security stuff, how to create the best passphrases and all that sort of stuff.

01:20:12.000 Let's talk about the revolution.

01:20:13.000 Yeah, let's do it.

01:20:14.000 We got the story from Fox News.

01:20:16.000 LAPD station firebomb attack caught on camera as suspect tosses Molotov cocktail at building.

01:20:23.000 Suspect taken into custody at LAPD Topanga division station, but motive unknown.

01:20:28.000 That's just the story.

01:20:30.000 It could be nothing.

01:20:31.000 I mean, you guys have certainly heard of stories like this throughout your life.

01:20:34.000 Right, you're seeing more and more of this.

01:20:35.000 And with Bitcoin, it's peaceful.

01:20:39.000 It promotes love and it promotes community.

01:20:42.000 Whereas fiat money, this is a fiat money story.

01:20:44.000 This is what happens when you have an economy based on fiat money.

01:20:47.000 This is what happens when somebody works for 80 hours in a week and then says, I need to pay my rent.

01:20:52.000 And then a month goes by and he can't afford to buy food, even though he just worked 80 hours.

01:20:56.000 His money is literally just paper.

01:20:58.000 This happens when disintegrations happen, when the entropy happens within a system that you see it all the time.

01:21:06.000 Like, world wars happen, and it's not just world war.

01:21:08.000 A pandemic happens at the same time.

01:21:10.000 You see, before the Renaissance, at the end of the Dark Ages, you see bubonic plague, you see the Inquisition, you see all sorts of stuff start to happen at the same time because we're vibrating as a culture and a people and things are going crazy.

01:21:24.000 We got another story.

01:21:26.000 I just got to read this.

01:21:27.000 Officers fatally shoot man who rammed his SUV into Massachusetts police station, DA says.

01:21:32.000 So this is just from today, this afternoon.

01:21:35.000 Uh, the man managed to drive through the steel double doors.

01:21:38.000 He was, he was, the officer shot the suspect.

01:21:40.000 Appeared to be a man in his early 20s.

01:21:42.000 After he got out of his vehicle and aimed what appeared to be a rifle at responding officers, no one was hurt.

01:21:47.000 The man was taken to St.

01:21:48.000 Vincent Hospital in Worcester.

01:21:50.000 Where he was pronounced dead.

01:21:51.000 On Monday, the Worcester County District Attorney identified the man as Zachary Richardson, a Leicester resident.

01:21:56.000 So I don't know if we have anything on this guy or what his motivation was.

01:22:00.000 But regardless, look, we see these stories and I think it's fair to say maybe they're just random attacks.

01:22:05.000 If we can't read the guy's mind, we don't know.

01:22:07.000 But I think everything you've mentioned, the signs we're seeing pop up at all these restaurants where people are refusing to work, people are ready to explode.

01:22:15.000 They're livid.

01:22:16.000 And I really do think Right, right.

01:22:18.000 look at gas prices going up.

01:22:19.000 There was this video I retweeted it where there's a guy he felt

01:22:22.000 he's got 20 gallon tank, eighty nine dollars.

01:22:24.000 And he's like, yo, Joe Biden, what the.

01:22:27.000 All right. I'm ready to vote again.

01:22:29.000 And I'm like, well, look, the bill comes due.

01:22:32.000 You print all this money.

01:22:33.000 What do you think?

01:22:34.000 And what's weird is that people seem to claim that the problem

01:22:37.000 is what we could fall under the category of social justice.

01:22:41.000 For some reason, the policymakers in Washington think the problem has to do with... That's the trick.

01:22:41.000 Right.

01:22:46.000 Pronouns or something like that.

01:22:48.000 Whereas the problem is the paper money.

01:22:50.000 But they will never address this problem because they themselves are the chief beneficiary of the graft, of the grift, of the Ponzi scheme.

01:22:58.000 I think you guys know this.

01:22:59.000 Occupy Wall Street was legitimate early on.

01:23:02.000 You had conservatives, libertarians, the left, left and right, complaining with the big banks.

01:23:06.000 You had the Tea Party movement upset with the politicians.

01:23:09.000 You had people ready to storm onto Wall Street, angry.

01:23:13.000 And then all of a sudden, within a couple of weeks, the protest narrative started switching into white privilege, a progressive stack, racial hierarchies.

01:23:23.000 And I would be willing to bet I'm not saying it's true that special interests were like, how can we get them to stop pointing the finger at us?

01:23:31.000 Introduce race politics.

01:23:34.000 Make the poor people point at each other instead of at the big banks, the financial institutions, and the corrupt revolving door policies of the government.

01:23:41.000 And then all of a sudden, what happened?

01:23:42.000 Conservatives started leaving, the libertarians left right away, and it became a woke fest where people were like, the white people can't speak anymore, and then people lost interest.

01:23:49.000 Well, look who's the most demonized of all in all of this.

01:23:54.000 The economic bottom, the ones who've been harmed the most from this U.S.

01:23:58.000 dollar reserve, from the Triffin Dilemma, from the Thracidity Strap. 0.63

01:24:02.000 Like, we've demonized the And they're called fascists, and they're called white supremacist Nazis, you know, the ordinary person. 0.94

01:24:13.000 And it's like some fat truck driver from Dubuque or something. 0.88

01:24:15.000 Yeah, so they're the ones that are demonized because they want you to point to the victim as that's the person.

01:24:23.000 That, you know, rather than this economic system.

01:24:26.000 It's funny how many of these leftists who, you know, I used to, I've known many of them since I could buy Wall Street.

01:24:31.000 They post this cartoon where there's three people sitting at a table.

01:24:35.000 There's a rich guy with a big stack of cookies, a working class guy with like two cookies, and then a poor person with like one cookie. 0.89

01:24:41.000 And he's like, that guy wants to steal your cookies to make them fight each other.

01:24:44.000 And I'm like, how do they recognize this?

01:24:46.000 And then simultaneously defend massive multinational corporations, cheer on the FBI and Joe Biden.

01:24:51.000 It's like, all of a sudden, the tribe was more important than anything they ever protested.

01:24:54.000 Well, you've got a good perspective on it, because you kind of came out of that.

01:24:59.000 And so did Lee Kemp.

01:25:00.000 That's right.

01:25:01.000 And so he is voicing these concerns every single day in his show.

01:25:07.000 Luke Rutkowski, who we know.

01:25:09.000 He's a guy who was there with his camera and doing brilliant investigative journalism, on-the-scene journalism.

01:25:15.000 You know, but everyone in the new media space, or the alt media space, also marginalized, also pushed to the side, and for the same reasons.

01:25:25.000 Because the light does not want to be shined on the actual underlying root causes of these problems.

01:25:33.000 And so what we do is similar, but we focus... They come up with that word, alt-right.

01:25:37.000 Yeah, we focus on the money issue.

01:25:39.000 That's what we've been doing for 16, 17 years.

01:25:41.000 And we've been saying this and nothing we've said has ever been not been borne out by the truth.

01:25:47.000 You guys said that the Millennials are gonna have a great century and that the Gen Z, but the fourth turning may be upon us. 0.61

01:25:53.000 We're seeing people attack police stations.

01:25:55.000 We're seeing police quit en masse.

01:25:57.000 Are we not going to see a period of tumult, violence and chaos before it gets better?

01:26:02.000 Um, we have the cable news, which is different from back in the 1960s or 70s, but look at documentaries about when Max was like a little kid.

01:26:13.000 There were like a thousand fire bombings of, of government buildings from the weather underground and other groups like that.

01:26:20.000 The, the Sibonese liberation army, like it was crazy back then.

01:26:24.000 Was there, was there multifactional violence targeting each other?

01:26:27.000 No, they were targeting the government.

01:26:29.000 But now it's people against people because, of course, we don't, you know, it's essentially the same COINTELPRO sort of situation.

01:26:36.000 You turn the people against each other.

01:26:38.000 That's the best way to control them.

01:26:39.000 So I've talked about civil war.

01:26:42.000 And I always preface this with, it was a Princeton professor who said we're in a cold civil war.

01:26:47.000 It was, you know, the Atlantic and New York mag who mentioned that there are high probabilities.

01:26:50.000 You have Thucydides trap, you have the fourth turning.

01:26:53.000 And what people need to understand about the Civil War is that Americans often imagine the American Civil War as their reference for what Civil War is.

01:27:00.000 It's not.

01:27:01.000 So we recently had someone on who said, if it happens here, it'll be more like Syria.

01:27:05.000 You'll get maybe 24 or 30 factions, totally unrelated, fighting with the government and fighting with each other in areas, and it would just be chaos and bombings and shootings.

01:27:14.000 And it kind of feels like hopefully, I'll say hopefully doesn't happen, but we're already seeing the seeds planted of this.

01:27:20.000 We're seeing various cells of Antifa groups with different names.

01:27:24.000 They call themselves different things in different parts of the country, but they coordinate with each other to go after mutual enemies.

01:27:29.000 You then have right-wing militia groups.

01:27:31.000 We recently had in Portland, An armed group of, you know, fringe leftists marching around with full blackout gear, body armor, a couple of them in full blackout with body armor and rifles, and they were blocking traffic, essentially doing patrols.

01:27:45.000 A guy gets out, they start banging on his truck, he tells them, you know, get out of the way.

01:27:50.000 They have weapons.

01:27:51.000 They draw on him, according to him.

01:27:52.000 So he gets out of the truck.

01:27:55.000 He thought he hit something.

01:27:56.000 Someone goes in.

01:27:57.000 They smash his windows.

01:27:58.000 They grab one of his less lethal weapons.

01:28:00.000 So he warns them. 0.96

01:28:01.000 He pulls his gun out at low ready and says, the next person that aims at me, I'm going to shoot.

01:28:05.000 He gets put in the hospital with some serious injuries.

01:28:07.000 He's got two broken vertebrae.

01:28:09.000 So these groups are in Seattle and Portland.

01:28:12.000 It's getting nuts.

01:28:13.000 And, you know, people are on an edge.

01:28:15.000 One guy got shot twice in the chest by one of these leftist guys.

01:28:17.000 And of course, you've got right-wing groups.

01:28:19.000 You've got the people storming the Capitol.

01:28:21.000 I think we're walking through the doors of different factions of Disparate ideologies some that agree with others and some that don't ready for each other institutions They help or the glue to hold the country together the education institution education has been destroyed by debt and being overpriced So the education is now no longer available to the masses anymore.

01:28:42.000 It's become a privilege amount for a few and Then you have a health care became financialized commodified and it's unaffordable or it's totally messed around with and You have the infrastructure is breaking down.

01:28:56.000 And all these institutions, why are they so fragile?

01:28:58.000 Why did this all happen?

01:28:59.000 It's because they've been hollowed out with these private equity groups and Wall Street using all the leverage buyout and the debt and the funny money.

01:29:06.000 And now we're seeing the reaping the whirlwind of 40 years of... The scary thing is, it's kind of like Belfast, what you're describing there, if you've ever been there and understand the story there.

01:29:17.000 And it's still going on, like you still see some stuff happening there.

01:29:22.000 The militia groups.

01:29:23.000 Max and I were there right during the G8, and Obama kicked us out of our hotel, by the way.

01:29:29.000 We had to move to a different hotel.

01:29:30.000 Luke Rutkowski was there and filmed for us there.

01:29:36.000 They did up that street, one of the Protestant areas, loyalist areas, and they closed down the militia pubs.

01:29:46.000 Except for it was I think it was UDF at this one.

01:29:49.000 It was like for sale.

01:29:51.000 They were trying to clean up the militias and like after the Good Friday agreement.

01:29:56.000 And there was a huge sign on the outside of this building for sale.

01:30:00.000 And right next to it, handwritten, not for sale property of the UDF.

01:30:04.000 So nobody bought it in the in the eight years it was for sale because they're like, OK, I'm not going to get firebombed by that.

01:30:10.000 But that's but they're like Again, like it's still going on the troubles are still going on it starts nominally with like Protestant versus Catholic and you know the Queen versus like independent Ireland and

01:30:24.000 And the same thing here.

01:30:25.000 It's like it starts off like low key, like MSNBC versus Fox.

01:30:30.000 And then it's like this weird movable feast that there's no one thing you could stick your finger on.

01:30:34.000 It's like changes what their ideology is and what the word that is a trigger word that's going to get you knifed in some alley.

01:30:41.000 You know, you know, it's really scary to me is that, you know, two years ago I said things are going to get bad.

01:30:41.000 Right.

01:30:46.000 Yeah.

01:30:46.000 And then a lot of things I said we're going to have it happen in January.

01:30:49.000 We had our friend Jack Murphy who comes on the show every other Wednesday.

01:30:53.000 I think he was our first guest.

01:30:54.000 We talked about predictions for the year and we got some things eerily right.

01:30:59.000 A bunch of fans of the show were like, look at these clips from your show in January of last year, that's freaky.

01:31:03.000 And it's funny because it feels like we're frogs in a pot with the water slowly coming to a boil.

01:31:08.000 As much as I've been talking about so much of this, it's like every day it seems like more and more is happening that makes it feel like we're actually, we're in it and it's getting worse.

01:31:17.000 And the scary thing is to realize we're not wrong.

01:31:20.000 Well, it's media pressure.

01:31:22.000 I don't know if it's necessarily getting worse or just seems like it's getting worse.

01:31:24.000 It's definitely by design.

01:31:25.000 They want us to think it's getting worse, so we don't focus on the Federal Reserve.

01:31:28.000 From my Facebook page, which is a great barometer for me and has always worked well, and for 2016, I could see that Trump was going to win based on what I was seeing.

01:31:40.000 Half my family is Democrat and really Democrat, and half the family is Republican and will only vote Republican.

01:31:47.000 And of course, The Republican side are all military and police and the other side are all like academics and Wiccans and stuff like that.

01:31:54.000 Wiccans!

01:31:56.000 And the Democrat side is like vicious now.

01:32:00.000 It's impossible to go on my Facebook page because if one of my Republican family like leave a message like oh I voted for Trump and it's just like an avalanche of all my like left-wing friends, my Democrat 0.93

01:32:12.000 friends are just like, you Nazi! And I'm like, this is my Facebook page, this is my family. But what's

01:32:18.000 scary is that those people can't explain themselves. No! And I, we talk to conservatives all

01:32:24.000 the time who have, I mean, there's a wide range of political ideologies outside of

01:32:29.000 this tribalist, Trump deranged, and now without Trump it's even creepier because I don't

01:32:34.000 even know what they're mad about at this They're still so mad. 0.93

01:32:38.000 It's a terrifying anger.

01:32:41.000 It's the sort of anger where you justify all sorts of stuff with that sort of anger.

01:32:47.000 It's fascistic.

01:32:48.000 These people are cheering on the FBI and George W. Bush.

01:32:50.000 That scares me.

01:32:51.000 I know hackers from back in 2010, 2011, people I was hanging out with who were anti-establishment.

01:32:57.000 People who were out in front of jails because their buddies had been arrested by the feds for non-crimes.

01:33:03.000 People who had thrown parties, no joke, hackers, who threw parties for white nationalists because they were hackers who were anti-establishment.

01:33:12.000 These people today are cheering on the federal government.

01:33:15.000 They're they're cheering for law enforcement. They're they're pro-establishment. They're pro-democrat

01:33:20.000 They're pro-joe biden and i'm like what happened to those people to where they've thrown away any semblance of

01:33:26.000 principle or ideology and just said Whatever the establishment says goes because they fear it's

01:33:31.000 all going to be taken away So he's talking about the elites coastal elites the media

01:33:38.000 elites They never had a moment as they have now for many years where people with pitchforks and torches are outside their home and they're protesting and they are frightened.

01:33:51.000 Because it was very, very cozy for decades to just be behind a wall and to be an expert or a pundit or part of the elite.

01:34:00.000 And suddenly that's all being ripped apart and they are frightened to death.

01:34:06.000 So they're calling the FBI and saying, I know that I protested you for years and I know that I'm against the invasiveness and the lawbreaking that you're committing along with the CIA.

01:34:17.000 It's projection.

01:34:17.000 But I'm not talking about rich people.

01:34:19.000 I'm talking about people who slept on the ground at Occupy Wall Street.

01:34:22.000 I'm talking about people who are like 20 years old, had 10 bucks to their names, had the system is broken, and were living on the streets, are now pro-establishment, pro-FBI.

01:34:31.000 And so when the FBI raided Giuliani's office, I see all these posts from these activists, these hackers, and they're saying, they're cheering and they're celebrating, they're posting beer emojis and clapping.

01:34:43.000 And I said, woo, go FBI, go centralized federal government and law enforcement.

01:34:47.000 And I was like, it's so great to see how you guys have been completely de-radicalized.

01:34:50.000 I was worried about you for a minute.

01:34:52.000 Listen, it's projection.

01:34:53.000 It's also, look, on the one side you have 90,000 overdose deaths last year in America.

01:35:00.000 That's on the one side.

01:35:01.000 On the other side, that's the same sort of thing.

01:35:04.000 That's an abused person. 0.99

01:35:06.000 That's somebody who's abused and needing their violent father to come smash somebody's head in for them. 0.88

01:35:15.000 Needing a thug to beat somebody up or to remove their freedom, that's something psychologically wrong with you.

01:35:26.000 And I think we're an abused population from an abusive system.

01:35:30.000 So what you're talking about there would be a mass psychosis.

01:35:33.000 Yeah, it's a psychological problem.

01:35:38.000 What happened with Germany?

01:35:39.000 Why did Germany go like that?

01:35:41.000 They were humiliated, right?

01:35:43.000 They were a humiliated population post-World War I. 0.65

01:35:46.000 Well, we're a humiliated population as well here, and I think, you know, we have these two MSNBC versus Fox, and they're like pushing the two sides.

01:35:56.000 MSNBC's ratings are totally in the gutter now, a fraction of Fox's, but it's not just Fox, it's just I think there, even if you watch Fox, if you're getting like Tucker Carlson, you're getting a more discerning worldview, albeit far from perfect, but Tucker does have on opposition personalities.

01:36:15.000 No one else does this.

01:36:17.000 No.

01:36:17.000 We do got to jump to Super Chats, though, and take some questions from the audience.

01:36:20.000 So if you haven't already, smash the like button.

01:36:23.000 Super Chats!

01:36:23.000 Smash it!

01:36:24.000 Smash it! 0.54

01:36:25.000 Super Chats!

01:36:27.000 And go to TimCast.com, become a member.

01:36:29.000 We'll have a bonus segment coming up there for members only after the show, so make sure to check it out.

01:36:32.000 And like, share, and subscribe to this channel.

01:36:35.000 Alright, Joe Howard says, I live in GA, not far from Athens.

01:36:40.000 The gas went up like crazy already.

01:36:43.000 Wow.

01:36:43.000 Yeah, well, we have to drive back tomorrow, so hopefully it'll stay pretty calm.

01:36:51.000 The tragedy is that the government claims that there's no inflation.

01:36:56.000 Because they are protecting the racket.

01:37:01.000 My plan is I have triple A. I have the plan that gives me a hundred mile tow.

01:37:06.000 So, as long as we can make it to a hundred mile radius.

01:37:09.000 And we do, we have enough to get us.

01:37:10.000 Assuming the guy in the triple A tow truck has any gas.

01:37:15.000 Gunn Griffin says, Tim, Razorfist the rageaholic said he wouldn't mind coming on your show.

01:37:19.000 He is super knowledgeable on the communists infecting the Democrat Party going back to the 1950s.

01:37:23.000 Would be great to have him on.

01:37:25.000 Absolutely.

01:37:26.000 Big fan of Razorfist.

01:37:27.000 Would be great.

01:37:29.000 Jack O'Neill says, Tim, are you aware there are baked-in ads for Robin Hood and Facebook on your podcast releases lately?

01:37:35.000 It's not a good look.

01:37:37.000 I am.

01:37:37.000 It's the same as on YouTube.

01:37:39.000 There's automatic ads.

01:37:41.000 Take it from them.

01:37:42.000 Take it.

01:37:43.000 I mean, my attitude is always like, look, if we do a whole show where we're like, Facebook is bad, and then they pay ad money to make us fund us in saying they're bad, I'm not worried about my audience being like, I heard what Tim had to say, but that ad from Facebook really convinced me.

01:37:57.000 No, but look, on YouTube and on the podcast, we have like a general ad roll.

01:38:03.000 Right, right.

01:38:05.000 That's what it is.

01:38:06.000 Maybe we can try and figure out something for members.

01:38:10.000 The problem is people need to understand the members-only stuff is really, really expensive because we're paying the bandwidth costs for all of the TimCast.com stuff.

01:38:17.000 So we're talking tens of thousands of dollars.

01:38:19.000 Ads, they happen.

01:38:21.000 Ads happen.

01:38:23.000 Yeah, ads happen. 0.82

01:38:24.000 That's a good logo.

01:38:26.000 I'm pretty confident in the mental fortitude of the people who listen to the show.

01:38:30.000 So yeah, this is the most mentally fortitudinous audience one can find.

01:38:35.000 I actually think that's true, though.

01:38:36.000 No joke. 0.71

01:38:37.000 You know, that story we started off with about the gasoline pipeline, the gas pipeline, it's just like, Who clicks on those freaking links that these scammers send?

01:38:46.000 After so many decades, how do you do it?

01:38:51.000 Well, it's actually really simple.

01:38:53.000 The hacker will take a USB with the virus on it, and they'll throw it in front of the door of the building.

01:38:58.000 That's it.

01:38:59.000 Employees, this has always been the go-to for... What?

01:39:03.000 Absolutely.

01:39:04.000 You would pick up a USB key and it wouldn't?

01:39:06.000 I wouldn't because I understand OPSAC.

01:39:09.000 So, you know, people have tried sending us disks or memory cards.

01:39:13.000 The first thing, we have a rule here.

01:39:15.000 If we ever get a package with a memory card in it, we office space it.

01:39:17.000 You know what you see in office space?

01:39:19.000 Sledgehammer.

01:39:20.000 The broom where you stick.

01:39:23.000 You gotta be insane to put a foreign memory card in your machine.

01:39:26.000 But what they used to do back in the day is, with floppy disks, they would just throw a floppy disk in front of the bank.

01:39:32.000 And then somebody would pick it up.

01:39:33.000 Oh, I wonder what's on it.

01:39:35.000 Virus.

01:39:36.000 Another thing is, there was a guy who told me that they would have a CD with viruses on it, and they would hand it out like a music CD.

01:39:42.000 They'd be like, yo, yo, check out my tunes.

01:39:43.000 Free music, free music.

01:39:44.000 And people would be like, cool.

01:39:45.000 And they'd put it in their machine and then compromised.

01:39:48.000 So, people are trusting.

01:39:49.000 But you gotta understand, too, it's really, really easy to do.

01:39:54.000 Because if you read about social engineering, which is 99% of all hacks, it's not someone breaking the computer, it's someone tricking another person.

01:40:03.000 I mean, it's extremely easy to embed a remote access tool into any kind of program.

01:40:08.000 They even put it in PDF files.

01:40:10.000 Someone can send you a PDF saying, like, here's the invoice, thanks for doing business with us.

01:40:14.000 And what person's gonna, they're gonna be like, what's the invoice?

01:40:16.000 And they're gonna open it.

01:40:17.000 Boom, they got you.

01:40:18.000 I've received those.

01:40:19.000 I never download it.

01:40:21.000 Right.

01:40:21.000 And it'll be from a pretend friend.

01:40:23.000 We have that under our YouTube all the time.

01:40:25.000 The reply, the scammers who look like you, they're the imposter one.

01:40:31.000 But they can't because of the algorithm put here's our WhatsApp number.

01:40:34.000 They have to do like, here's our WhatsApp hashtag slash what?

01:40:38.000 And like somebody has called it, like somebody contacted us and I called the

01:40:42.000 guy and he put, he was Nigerian, but he put on a fake American accent to sound

01:40:47.000 like Max and he played a video of me, but he wouldn't get on the Jesus.

01:40:52.000 All right, we got Josh from Telegram.

01:40:52.000 That's great.

01:40:54.000 He says, Tim, look into crypto-based charity governance tokens.

01:40:57.000 The actor who played Stan in The Office is starting one for actors.

01:41:00.000 Maybe you can do one for animal surgeries or a 2A legal fund.

01:41:04.000 P.S., can I get an Ian, is this graphene-related mug next?

01:41:08.000 Wrong.

01:41:08.000 Right.

01:41:08.000 We were talking about graphene earlier.

01:41:10.000 We're talking about the planned obsolescence of society and now the fiat overwhelmed coming

01:41:16.000 up.

01:41:17.000 And so basically they made our roads to break every eight years.

01:41:20.000 And then we were just supposed to take out some money and pay up and then we'd get great

01:41:23.000 jobs.

01:41:24.000 But now the interest is so high we can't afford to build it back.

01:41:28.000 And we need something like a new material.

01:41:29.000 Build back better.

01:41:30.000 Plastic's not good enough.

01:41:32.000 Steel's not good enough.

01:41:33.000 Copper's not good enough.

01:41:34.000 Wood's not good enough.

01:41:35.000 We need graphene.

01:41:36.000 All right.

01:41:37.000 But don't create a token around it.

01:41:38.000 Build back better with graphene.

01:41:40.000 Eastside Tony says, Tim, call Joe Rogan and get Max and Stacey on his show.

01:41:46.000 And then five exclamation points.

01:41:47.000 Definitely.

01:41:48.000 Sup Max and Stacey.

01:41:49.000 Defend the network.

01:41:50.000 Bitcoin.

01:41:50.000 Get Joe on the line right now.

01:41:51.000 Joe!

01:41:52.000 How you been, buddy?

01:41:53.000 How's Austin?

01:41:54.000 I'm with Tim right now!

01:41:55.000 Say hello!

01:41:57.000 You guys have never been on Joe's show?

01:41:58.000 No.

01:41:59.000 That surprises me.

01:42:00.000 Actually, it does surprise me.

01:42:01.000 But I definitely can't just call Joe Rogan and be like, here's, you know, your recommendations for the week.

01:42:06.000 We would gladly do TimCast, but that Joe fella, I'm not so sure.

01:42:11.000 Yeah, who needs, you know, 200 million?

01:42:11.000 You know, I don't know.

01:42:14.000 Yeah, but he's has his audience declined since he went to Spotify like we we wanted to watch He interviewed somebody recently or I was like, oh, I'm gonna go to YouTube.

01:42:23.000 I googled it and it was like only clips I was like, oh, that sucks.

01:42:27.000 I'm not gonna sign up for Spotify.

01:42:28.000 I already have so many Free on Spotify though It is?

01:42:32.000 Oh, but you need an account, don't you?

01:42:33.000 Yeah.

01:42:33.000 You need an account?

01:42:34.000 I just made it.

01:42:35.000 Two days ago, three days ago, he had the guy talking about aliens on from the government.

01:42:38.000 Was that the guy you were talking about?

01:42:40.000 It was somebody like Elon or something.

01:42:40.000 No, no.

01:42:43.000 I definitely think his views have probably gone down a whole lot.

01:42:46.000 He was like Howard Stern.

01:42:47.000 You know, he went over to Sirius and he just like lost his relevancy and cachet as a public figure.

01:42:54.000 Joe's a cool guy.

01:42:55.000 He's a friend.

01:42:56.000 And I'll say this, when he was on iTunes, iTunes being the biggest podcast platform, when you're number one, a regular person who's never listened to a podcast before opens up the podcast app and your face pops right up, that is real estate you cannot pay for.

01:43:11.000 And so Spotify paid for it.

01:43:14.000 They basically gave Joe enough money to where he was happy doing his show.

01:43:18.000 But also I think, you know, I wonder too if Does Joe need to be the biggest podcast in the world?

01:43:24.000 I mean, I mean this personally, because I'm wondering, I can't read the guy's mind, and I'm sure, you know, you know, I could probably just ask him about it, but at a certain point, you don't want to be the big, the biggest, you know, player in the room, because he keeps getting attacked by the media.

01:43:36.000 I'm sure he's happy to be like, dude, I just want to hang out with my friends and talk about things I find interesting without being harassed by these people all the time.

01:43:42.000 Yeah, but those paid walled, you know, those You know, this whole motto of Washington Post and New York Times and this breakdown that's happened since 2016 of like attacks on alt media and that we need trusted sources, authoritative sources.

01:43:59.000 And then you go to like the Washington Post will be like, urgent thing about election safety and security and all this sort of stuff.

01:44:06.000 Democracy dies in darkness.

01:44:07.000 Here, you have to subscribe.

01:44:09.000 And you're like, OK, well, I guess I don't need to hear the story, right?

01:44:13.000 People don't, you know, it just stops you dead in your tracks because you just don't want to fill in the details for yet another.

01:44:19.000 All right.

01:44:21.000 I'm going to answer this before I read it.

01:44:23.000 I'm just going to say this word real quick.

01:44:25.000 Bitcoin.

01:44:25.000 OK, now I'm going to read it.

01:44:27.000 Rudy C. Winslow says, Max, Stacey, I want to dump fifteen hundred dollars into crypto.

01:44:30.000 Which one should I invest in?

01:44:32.000 All right.

01:44:32.000 Now, this is where that thing about the caveat about financial advice comes in.

01:44:37.000 Like, I wouldn't tell you where to put that money because I would be giving financial advice.

01:44:41.000 I will say that this is what I believe is the story is with Bitcoin.

01:44:45.000 And this is what I think about the douche coins.

01:44:47.000 And then you make your own decision.

01:44:48.000 I'm not going to tell you what to do because that would be giving you financial advice.

01:44:52.000 But I'll set the table and I'll tell you my thoughts on here and my thoughts on here.

01:44:56.000 But it's up to you to make your own decision.

01:44:59.000 I everything Max said I'm saying as well. So you can't you can't ask somebody else what to do whatever go to casinos

01:45:06.000 I can't stand it people be like, what should I bet? I'm like, oh, I'm not playing that game, right?

01:45:09.000 Right, right, right. No way but then sometimes like I'll be like dude bet on this one right now and then they lose the

01:45:14.000 money I'm like, oh, I'm not patting back

01:45:16.000 Like I made you do it.

01:45:17.000 I can't do it.

01:45:19.000 You just dollar cost average into Bitcoin and set it and forget it.

01:45:24.000 And don't fall into the trap of trying to be a professional trader and getting into the douche coins.

01:45:32.000 Plus Uncle Joe will be sending us more money soon.

01:45:35.000 Don't worry.

01:45:36.000 Uncle Joe, the money's coming.

01:45:38.000 From Uncle Joe.

01:45:39.000 You guys are gonna love this. M says, uh, SHIB got listed on Binance today and Binance ran out of

01:45:45.000 ETH deposit addresses because so many people wanted it. The coin is top 20 on coin market

01:45:50.000 cap right now, up 2000% past week. Don't forget ever, SHIB owner needs a leash. 1.00

01:45:57.000 Right.

01:45:57.000 That's OK.

01:45:58.000 Finance is a casino operator.

01:46:00.000 And so is Coinbase.

01:46:00.000 Yeah.

01:46:02.000 And so are these other exchanges.

01:46:05.000 They are casino operators and they list.

01:46:07.000 It's like listing the number seven on a roulette wheel as a thing that you can dump money on.

01:46:13.000 That's what this is.

01:46:14.000 That's nothing to do with anything.

01:46:15.000 And you know people do.

01:46:16.000 And I've actually started blocking people on Twitter.

01:46:19.000 I'll tweet something like, totally nonsensical, you know, I bought it, I made a cheeseburger today and I put cheddar on it and at the top, the immediate comment is, this coin is going to the moon!

01:46:28.000 And I'm like, get out of here!

01:46:28.000 Right.

01:46:30.000 So my theory is as well that, you know, especially with guys, I think a lot of guys use it as a bonding to get rekt together.

01:46:38.000 Like, you know, that TV series Jackass or something.

01:46:41.000 They like to just like, you know, you ever see those videos for Darwin Award?

01:46:45.000 It's always guys, right? 1.00

01:46:46.000 Young guys doing something really stupid. 0.98

01:46:48.000 And I think I think they genuinely if you've ever been in the the troll boxes on like BTC e which is a Old exchange that is now dead. 0.99

01:46:58.000 It was a whole bunch of guys.

01:46:59.000 It was like it was a bunch of money.

01:47:01.000 Yeah Yeah, they were there.

01:47:02.000 They were like dude.

01:47:03.000 I just lost my house I had I had Bitcoin on yeah, and then I went But um, I think they do it for the lulz just like remember back in the days when I and you know anonymous existed and they were all the the lulz truck what was it lulz

01:47:23.000 Yeah.

01:47:24.000 And then they all got thrown in jail, right?

01:47:26.000 Well, they had a traitor.

01:47:27.000 Yeah.

01:47:27.000 And then, yeah.

01:47:28.000 And then they were like, oh, this isn't fun anymore.

01:47:30.000 Right.

01:47:30.000 Exactly.

01:47:31.000 And the thing is that everyone's having a lot of fun and then they get wrecked and then they're not as fun anymore.

01:47:35.000 It's like Wall Street.

01:47:36.000 Then they lash out.

01:47:37.000 Have you ever seen Wall Street bets?

01:47:38.000 What about it? 0.95

01:47:39.000 Like how they would post like, I just put you a hundred grand into this ridiculous stock.

01:47:43.000 And it's like zero.

01:47:44.000 And they're like, well, there it goes.

01:47:45.000 Yeah.

01:47:46.000 Well, that's the thing.

01:47:46.000 Yeah.

01:47:47.000 Dave Portnoy did that too.

01:47:48.000 Dave Portnoy.

01:47:50.000 Interesting phenomenon that they should not have sold.

01:47:52.000 What do you do?

01:47:53.000 He's $700,000 loss on GameStop stock meme stocks.

01:47:57.000 Oh, because he sold.

01:47:58.000 He's a classic example of somebody who confuses brains with a bull market.

01:47:58.000 Yeah.

01:48:04.000 So he stepped into a bull market.

01:48:04.000 Right.

01:48:06.000 He's making some fast money.

01:48:08.000 And you start to think that it's because you're smart.

01:48:11.000 Then he loses.

01:48:12.000 He the Winklevoss talked him into Bitcoin plus a douche coin.

01:48:17.000 He lost quick.

01:48:18.000 He sold out, lost money.

01:48:21.000 And then he tries to make it up by going into DoggyCoin to make it up because now he's a gambler.

01:48:27.000 Now he's trying to make up and get it back quick.

01:48:28.000 You know what my favorite thing is?

01:48:30.000 When Bitcoin hit $20K for the first time, and there were these stories emerging where people were like, I mortgaged my home to buy Bitcoin.

01:48:37.000 And then when it tanked down to like $10, they panic sold.

01:48:40.000 And if they held on to it, they'd have cleared everything.

01:48:43.000 Right.

01:48:43.000 Leverage is always a bad idea.

01:48:45.000 There's no point going into leverage.

01:48:47.000 I mean, I realize I did mention I collateralized my gold and silver to buy Bitcoin, but I did so in a moderate way, and I am a former professional Wall Streeter, so I do have some experience.

01:48:56.000 I got one for you.

01:48:57.000 Group B says, Tim, is this the guy that famously said, have fun staying poor, that you so much like to say?

01:49:03.000 Much wow.

01:49:04.000 OK, that is not me.

01:49:05.000 That is Udi.

01:49:07.000 Wertheimer.

01:49:08.000 Wertheimer.

01:49:09.000 He's probably, I probably said his name wrong and now that's going to become a meme.

01:49:13.000 That's the thing.

01:49:14.000 Yeah, yeah, yeah.

01:49:16.000 I created a meme by, there's a famous Bitcoin meme artist named Greg Zage.

01:49:21.000 And I thought, I was like talking about him on our live stream.

01:49:24.000 And I was like, yeah, there's this guy Greg Zage.

01:49:28.000 And it's like, their meme is like, no, it's Greg.

01:49:32.000 And I keep on saying it over and over.

01:49:34.000 It's like, no, my name's Greg.

01:49:36.000 Yeah, yeah, yeah.

01:49:37.000 All right.

01:49:38.000 Amalashok says, Tim, here's $10 earmarked for a limiter compressor plug-in for your soundboard to keep your more dynamic guests from blowing up ears.

01:49:46.000 How about this?

01:49:47.000 What?

01:49:48.000 We need a professional sound person to come in and just get us set up.

01:49:52.000 We have a new system coming in soon, and we need an AV pro who can help us set up the new system.

01:49:59.000 And it's going to have to be over a weekend.

01:50:02.000 Probably should be pretty easy to plug everything back in.

01:50:04.000 And yeah, there you go.

01:50:06.000 So send us an email.

01:50:06.000 I have a suggestion for a guest.

01:50:08.000 Yeah?

01:50:09.000 Jack Mollers.

01:50:09.000 Who's that?

01:50:10.000 He runs InStrike and Zap, which is a second layer Bitcoin application.

01:50:15.000 Just came back from, I think it was Ecuador.

01:50:17.000 And it's now the number one finance... El Salvador.

01:50:19.000 El Salvador.

01:50:20.000 The number one finance app in that country.

01:50:23.000 And it's he's changing lives.

01:50:25.000 He's changing the world.

01:50:26.000 And he's a Bitcoiner.

01:50:27.000 He's a young guy.

01:50:28.000 I think he's a millennial.

01:50:29.000 And he could even be Z. He's very young.

01:50:33.000 He's just super dynamic.

01:50:34.000 And he built this company from scratch.

01:50:36.000 And it's it's as I said, it's second layer Bitcoin.

01:50:39.000 It's like we're having a conversation about Bitcoin, but there's already there's already something going on that's well beyond it.

01:50:46.000 And that's lightning and lightning payments.

01:50:48.000 Jack Mallers is the dude.

01:50:50.000 He's the guy.

01:50:51.000 And he would be an excellent guest, I really do believe.

01:50:54.000 I think so, too.

01:50:55.000 So Sam T says China has Bitcoin mining superiority by a large margin.

01:50:55.000 All right.

01:50:59.000 What does the future look like for Bitcoin mining?

01:51:01.000 All right.

01:51:02.000 That's not true.

01:51:04.000 First of all, mining is migrating out of China.

01:51:05.000 A lot of it's coming to America, particularly in Texas, because it's all about cost of energy and you get a lot of cheap energy in China, in Texas.

01:51:12.000 Number two, a lot of the mining in China is pools and that pools are from all over the world.

01:51:17.000 So that's a mistake.

01:51:18.000 That's kind of a misnomer.

01:51:19.000 That's a myth.

01:51:20.000 Most of their outsourcing computing power.

01:51:22.000 Yeah, but it's gone in different countries and it's leaving China.

01:51:25.000 It's moving to Texas and Texas is becoming a mining powerhouse.

01:51:28.000 And it's part of the beauty of Bitcoin is what's called game theory is baked into the protocol.

01:51:34.000 You've got these three major elements to this game theory.

01:51:36.000 You get the miners, the nodes and the developers.

01:51:38.000 And they're all working together, but also competing with each other.

01:51:41.000 And as a result, you have maximum distribution or decentralization.

01:51:46.000 And everyone is incentivized to keep it decentralized while maintaining this protocol that emits coins every 10 minutes and offers this way out of the system.

01:51:56.000 The number one thing about Bitcoin that I would emphasize is that it separates state from money.

01:52:01.000 We've never had that ever in the history of the world.

01:52:03.000 All money has been controlled in some degree by the church or the state or some central authority or a government.

01:52:08.000 This is the first time we have actual hard money that's completely separate from the state and you get individual sovereignty.

01:52:14.000 So for all the people that are distressed about the riots and the inflation and the disunity going on, with Bitcoin you have individual sovereignty.

01:52:23.000 You have mobility, you have agility, and you have community.

01:52:28.000 And that's the most important thing about it.

01:52:30.000 Not price goes up or number goes up.

01:52:32.000 That's not really the most important thing about it.

01:52:34.000 All right.

01:52:34.000 So Charlie2799 says, what's the best way to buy crypto?

01:52:39.000 Right.

01:52:39.000 I use SWAN Bitcoin.

01:52:40.000 Can I do my ad for Swan Bitcoin?

01:52:43.000 Swan Bitcoin.

01:52:44.000 Go to swanbitcoin.com forward slash orange pill.

01:52:46.000 We get $10 free in Bitcoin if you register.

01:52:51.000 And what you do is with this company, it's run by Bitcoin OGs and they are dedicated to Bitcoin maximalism.

01:52:59.000 And it's very easy to set up a dollar cost averaging.

01:53:01.000 As a matter of fact, I can create swanbitcoin.com forward slash Tim Pool in a heartbeat.

01:53:09.000 And, you know, you would get immediately, it would be something that would, an easy way for folks to get involved.

01:53:17.000 Yeah, we should do it.

01:53:18.000 Let's do it.

01:53:19.000 People would like send Bitcoin to the show or whatever.

01:53:21.000 They would sign up and it's a business arrangement so that your enterprise will get an affiliate link.

01:53:30.000 So this affiliate link would benefit this enterprise.

01:53:35.000 They're an excellent company, Bitcoin only, and it's set up.

01:53:41.000 As far as I know, it's already set up.

01:53:43.000 It's already set up, Tim, as far as I know.

01:53:45.000 It's already up and running.

01:53:47.000 The thing is happening in real time, as I understand it.

01:53:49.000 If it's not, then why not, Corey?

01:53:52.000 I told you to get it ready, Corey.

01:53:54.000 If it's not up right now, then you freaking blew it, Corey. 0.99

01:53:57.000 Darn it, Corey. 0.97

01:53:59.000 Ian Spooner says, can you talk about Ripple being sued by the SEC and the XRP ledger? 0.99

01:54:04.000 Yes, I can.

01:54:05.000 Ripple is a scam.

01:54:06.000 It's a douche coin.

01:54:09.000 But the thing about it is that they... This is the problem with a lot of these douche coins is that because they have pre-sale and they are out there with bags of cash, they can hire really great lawyers.

01:54:22.000 So they've taken on the SEC and the SEC is suing them for legitimate reasons.

01:54:26.000 But they've got such a cadre of very, very high-priced lawyers that it's going into the courts.

01:54:31.000 It's going into the battle.

01:54:32.000 They, you know, it's hard.

01:54:35.000 As we said before, the regulators are captured.

01:54:37.000 So in my view, if the SEC, I'm not convinced that they are not simply looking to get a cut from that.

01:54:49.000 The guys from the Ripple Foundation or whatever, I mean, it's so dodgy, but they were selling, they were dumping like billions of dollars a year onto bag holders.

01:55:00.000 Yeah.

01:55:00.000 Then again, it's an exit scam.

01:55:02.000 But in a way, you know, the bag holders keep pressing that link in that email, you know, here, download this PDF.

01:55:09.000 These douche coins, because they have pre-mined coins and it's centralized, they can buy, they buy Twitter trolls.

01:55:15.000 So if you mention that on Twitter, you'll get 10,000 trolls will show up.

01:55:20.000 Those are all paid trolls who are working for a dollar a day.

01:55:24.000 You see that with all the douche coins.

01:55:28.000 All right.

01:55:29.000 But Bitcoin has no central centralization.

01:55:31.000 There's no PR department.

01:55:33.000 There's nobody behind it.

01:55:34.000 There's pushing it.

01:55:35.000 It just it exists on its own merit for the obvious reasons of bestowing individual sovereignty in a time when that is desperately needed.

01:55:42.000 That's the important thing about it.

01:55:44.000 Number go up is great, but having individual sovereignty is better than anything else.

01:55:49.000 particularly in the circumstances that we're describing today, where our own

01:55:53.000 sovereign nation is crumbling before our very eyes. We need to start all over

01:55:56.000 again. The Millennials and the Gen Z, with Bitcoin as their Bitcoin standard, will 0.98

01:56:01.000 be able to remake this country, take the best of the Constitution, the best of the

01:56:05.000 Bill of Rights, the best of the Declaration of Independence, and build

01:56:07.000 and start from scratch. Start from scratch.

01:56:09.000 Build it up all over again.

01:56:10.000 America's an idea. 0.73

01:56:11.000 It's not a place.

01:56:12.000 It's an idea.

01:56:13.000 Jim, you can do it.

01:56:14.000 Your generation is the savior.

01:56:14.000 You can help.

01:56:16.000 But Gen Z and millennials are split pretty heavily.

01:56:21.000 They need leadership, Tim.

01:56:22.000 That's where you come in.

01:56:23.000 You're the leader.

01:56:24.000 You've got the beanie.

01:56:25.000 The beanie says it all.

01:56:27.000 In a thousand years, there's no crowns.

01:56:28.000 It's just beanies.

01:56:29.000 A beanie for all!

01:56:32.000 Make beanies great again!

01:56:34.000 I think I know the answer to this, but this one's for you.

01:56:37.000 Dollar used to have a gold standard.

01:56:39.000 What does Bitcoin have?

01:56:40.000 What creates its value?

01:56:41.000 How is all currency not notional like the dollar?

01:56:43.000 Right, two answers to that.

01:56:45.000 First of all, understand that what is money?

01:56:47.000 That's a fundamental question.

01:56:49.000 What is money?

01:56:50.000 It's a universal trade medium.

01:56:50.000 What is money?

01:56:53.000 How does it become money?

01:56:54.000 Money becomes money because people use it as money.

01:56:56.000 Confidence.

01:56:56.000 So thousands of years after using beads and shells and different things, eventually gold became a universal money.

01:57:02.000 It became the most trusted money.

01:57:03.000 It became money because it's portable, it's divisible, it's desirable.

01:57:07.000 No, you can't print it.

01:57:07.000 Easy to print.

01:57:08.000 Printable.

01:57:09.000 No, no, no.

01:57:10.000 You could stamp it.

01:57:11.000 Cut it. 0.63

01:57:11.000 Well, it's verifiable. 0.63

01:57:12.000 It's verifiable.

01:57:14.000 And so it becomes money.

01:57:15.000 Central banks are big owners of gold and gold is a tier one money.

01:57:20.000 It's a base layer money.

01:57:21.000 So, now, what makes fiat money not good money?

01:57:25.000 Because it's easier to counterfeit.

01:57:28.000 It's not backed by anything.

01:57:29.000 It's just paper.

01:57:30.000 It's not base layer money.

01:57:31.000 As we said, it's backed by violence.

01:57:32.000 It doesn't have any intrinsic.

01:57:33.000 It doesn't have any value.

01:57:35.000 It doesn't have any backing to it.

01:57:41.000 The key, though, is that it's not scarce.

01:57:43.000 So fiat money can be printed, right?

01:57:43.000 Right.

01:57:45.000 That's the biggest problem.

01:57:46.000 And that's the problem we're having today is that even though it's backed by violence or backed by the government, you can print it.

01:57:50.000 Okay, what about Bitcoin?

01:57:51.000 Bitcoin is absolutely scarce.

01:57:54.000 So it's better than gold in that respect, because gold is deflation is relatively scarce, just deflationary.

01:57:58.000 It's more divisible, it's more portable.

01:58:00.000 And here's the thing about Bitcoin, which you don't have with gold, as you point out, you need to stamp gold to make sure it's verifiable that that's gold.

01:58:06.000 With Bitcoin, the transaction is the verification.

01:58:09.000 It's self verifying.

01:58:11.000 You don't need a third party.

01:58:12.000 You don't need to pay somebody to verify that it's actually gold.

01:58:15.000 It's self-verifying.

01:58:16.000 Plus it transmits value across time and space.

01:58:19.000 Right.

01:58:19.000 And then you get into the energy.

01:58:21.000 It converts energy into the hardest money, that is to say, the scarcest money we've ever known as humans.

01:58:27.000 So it's backed essentially by energy.

01:58:29.000 So energy is converted into the hard money.

01:58:32.000 And then when you enter the hard money universe, you then enter what we call the cosmic consciousness.

01:58:36.000 Or you're entering the global unconscious, which is what we do on the Orange Pill Podcast.

01:58:40.000 We explore the dimensions of Bitcoin that we're just now understanding in terms of its promotion of peace, love, and understanding.

01:58:47.000 It's like the world with a soundtrack from Elvis Costello.

01:58:51.000 It's like love rules all.

01:58:53.000 It's the beginning of the Aquarius Age.

01:58:56.000 Talk to me!

01:58:57.000 Talk to me, Tim!

01:58:57.000 Let me know what's on your mind!

01:58:59.000 The problem with this question, I think the easiest way to answer it for Hunky Dory is he says, the dollar used to have the gold standard.

01:59:04.000 What does Bitcoin have?

01:59:06.000 What did the gold standard have?

01:59:07.000 What you misunderstand is that Bitcoin is gold.

01:59:10.000 If you're asking, what does the dollar have?

01:59:10.000 Exactly.

01:59:12.000 Well, then maybe we can we can, you know, what is what?

01:59:15.000 There's no what's what's what's all gold.

01:59:17.000 All value derives from human consciousness.

01:59:20.000 Confidence.

01:59:21.000 Consciousness.

01:59:22.000 No, no, no.

01:59:22.000 It's confidence.

01:59:23.000 Well, it's all it is confidence in that people we know that money becomes money if it's used people use it as money.

01:59:30.000 And I'm willing to take it.

01:59:31.000 I believe I can get the thing about it is that it can take the value into the future.

01:59:35.000 The reason why people don't use chicken feathers or sand or hand puppets or whatever is money is because it degrades over time.

01:59:43.000 It has a lot of entropy, which is the physical notion about it.

01:59:46.000 Gold has very, very little entropy.

01:59:49.000 Thousands of years later, you can pick the gold.

01:59:52.000 So, you know, you would exchange gold as money now because you know that a year from now, someone will accept it in exchange for something else.

02:00:00.000 Whereas fiat money, you know that a year from now, it'll lose purchasing power.

02:00:04.000 And no fiat money in 300 years has avoided Trading is zero.

02:00:11.000 Not even the British pound has lost ninety nine and a half percent of its purchasing power.

02:00:15.000 They all go to zero over 300 years.

02:00:17.000 Every single one has gone to zero.

02:00:19.000 Tim, is that what you're going to put your wealth and your fortune into something like that?

02:00:23.000 I will also point out gold actually can be it can be used.

02:00:26.000 Gold is used.

02:00:27.000 That's not necessarily a good idea because to the extent that gold has utility value.

02:00:31.000 And this is where I like I have a major disagreement with Peter Schiff.

02:00:35.000 is that it actually detracts from its use as money.

02:00:38.000 Because what you want from your money is pure price discovery based on people making transactions in terms of their valuation of what it's worth for them at the moment.

02:00:46.000 If you start to say that gold has use as electronics, you start to infuse that conversation with an evaluation outside of what we're doing as person-to-person.

02:00:58.000 The problem is inverted.

02:01:00.000 So we need gold for certain things and computers and, you know, back in the day with memory cards and stuff like that.

02:01:05.000 And because gold was used as a store of value, it became very difficult to get.

02:01:09.000 It made things more expensive than it needed to be because there was a function for it.

02:01:13.000 But I will tell you this.

02:01:14.000 You can't deny that the core function of fiat currency does exist.

02:01:17.000 And then when all is said and done, there's a there's a real good use for the paper money.

02:01:23.000 What kind of nonsense is that?

02:01:24.000 Toilet paper. 0.89

02:01:25.000 I knew that there was a point here.

02:01:25.000 Oh, right.

02:01:29.000 Tim showed us a secret bunker filled with toilet tissue.

02:01:33.000 Yeah, this place is amazing.

02:01:35.000 It's just a warehouse of toilet paper.

02:01:37.000 It's a labyrinth of toilet paper.

02:01:40.000 You know, I came up with a really good idea for Money Spinner is like finding headphones to go with for women. 1.00

02:01:47.000 Yes, because it messes with your hair.

02:01:50.000 Like, I wanted to look like a female Clint Eastwood.

02:01:54.000 I got the poncho, even though that's probably cultural appropriation, right?

02:02:00.000 Not with that color.

02:02:03.000 But I got it in Mexico City.

02:02:05.000 And the thing is, but my hair gets flattened, right?

02:02:09.000 Like, how do you deal with that?

02:02:13.000 I don't know.

02:02:13.000 How do you deal with the volume at the top?

02:02:16.000 You know what else I like about the value of Bitcoin?

02:02:18.000 whenever you want.

02:02:19.000 So like, you know, how do you deal with the volume at the top?

02:02:24.000 That.

02:02:25.000 You know what else I like about the value of Bitcoin?

02:02:28.000 I want to get back to your hair.

02:02:29.000 Yeah.

02:02:30.000 I want to get back to the smart contracts.

02:02:33.000 The opportunity costs gained by removing someone from the equation.

02:02:37.000 So right now you send your dollar to the electric company, they have to hire someone to go turn the knobs and turn the electricity on for you.

02:02:42.000 With Bitcoin, you send the Bitcoin to the electric company, the smart contract tells the computer program to activate.

02:02:48.000 So you can remove that actor from the cost.

02:02:52.000 You can build smart contracts on Bitcoin.

02:02:56.000 It's really annoying when you're trying to set up electricity at your house, and I've got to call the guy, and they've got to send somebody out, and I've got to pay them, and they've got to confirm the payment.

02:03:02.000 With Bitcoin, it's like, I send the Bitcoin, ding!

02:03:03.000 It just turns on instantly.

02:03:04.000 It disintermediates layers and layers of bureaucracy.

02:03:08.000 Smart contracts.

02:03:09.000 Think about the real estate business.

02:03:10.000 Smart contracts and electricity?

02:03:12.000 Do you have that?

02:03:13.000 Yes, yes, yes, so right. So how do you turn the smart turning electricity down is one example when you get a new

02:03:19.000 apartment or house?

02:03:21.000 Yeah, you got to call the electric company. Yeah Give them your information.

02:03:24.000 Then you got to send a payment.

02:03:26.000 And then they keep changing their name too.

02:03:29.000 Imagine if instead, you walk to your house, you have a new house, you walk inside and there's your meter and it says, a barcode, a scan test.

02:03:38.000 It says send to this address to turn on power and you just scan it and then the lights turn on instantly.

02:03:38.000 Oh yeah, QR code.

02:03:43.000 They call it trustless because you don't have to trust that someone's going to do the thing for you.

02:03:49.000 And so as long as money comes into this address, Power equals, yes, it's that simple.

02:03:55.000 No more calling, no more verification, just boom.

02:03:58.000 By the way, you know, Bitcoin world, Bitcoin Twitter is like watching this right now.

02:04:02.000 Oh cool, shout out. 0.69

02:04:03.000 I'm sure they're gonna have an answer for my hair.

02:04:05.000 Oh yeah, cold water.

02:04:06.000 All right, we got Colton Lindsey says, since January I've been dumping any fiat that I have into Bitcoin and leveraging it at 60 to 40 loan to volume ratio to pay my bills each month.

02:04:17.000 I know this is ill-advised, but Bitcoin is untouchable.

02:04:20.000 Love, Orange Bill.

02:04:22.000 Oh yeah, I love orange pill.

02:04:23.000 Go to youtube.com forward slash orange pill and subscribe.

02:04:27.000 Go watch us.

02:04:28.000 It's next level.

02:04:30.000 A lot of people have already taken the red pill, but what happens next?

02:04:33.000 After the red pill is the orange pill.

02:04:35.000 We'll do a couple more here.

02:04:36.000 It's cosmic love.

02:04:37.000 Pims the Great says, I have a 401k through my company.

02:04:40.000 How can I reinvest it?

02:04:42.000 OK, so again, bordering into financial advice, right, which I don't which I don't offer.

02:04:47.000 But I will say that if you have a 401k or a retirement account like this, it is possible to to get into Bitcoin with it.

02:04:57.000 And a simple search on a search engine will immediately take you to those ideas.

02:05:02.000 But it is possible.

02:05:02.000 OK.

02:05:03.000 I'll say that.

02:05:03.000 So you can you can answer that question in two minutes.

02:05:06.000 Just answer 401k plus Bitcoin and you'll get a lot of good answers.

02:05:09.000 I also have to say F you, Greg.

02:05:12.000 Oh, yeah.

02:05:13.000 Greg Grazage.

02:05:14.000 Grazage.

02:05:14.000 Yeah.

02:05:15.000 Grazage. 0.97

02:05:15.000 F you. 0.97

02:05:16.000 We'll say yellow pop.

02:05:17.000 There's some yellow cat pop guy.

02:05:20.000 Yellow pop.

02:05:21.000 All right, so we'll take one more.

02:05:23.000 McCatton says, Google just deleted my super chat saying if net goes down, Bitcoin equals zero.

02:05:27.000 Wrong. It's already carried on satellites.

02:05:30.000 You don't need the Internet. Don't need electricity.

02:05:32.000 You have nodes, wireless, wireless nodes.

02:05:34.000 People are doing wireless Bitcoin transactions outside of all financial grids.

02:05:39.000 I don't think the Internet could ever go down at this point.

02:05:41.000 No, of course.

02:05:42.000 like what happens is like remember he tried it he turned off the internet for like four or five days and then all

02:05:49.000 the industrialists of

02:05:52.000 Actually, it's the only place your wealth would still be preserved within the Bitcoin system

02:05:56.000 And as long as there's two computers somewhere in the world, they can do the mining adjustment adjust down the mine blah

02:06:02.000 blah blah It never goes away. 0.95

02:06:05.000 It never goes away.

02:06:06.000 If you've ever been on a cruise ship, the first thing people tell you to do is, well, before pandemic, is to download these apps.

02:06:13.000 Or if you go to like Burning Man, I think they do this, where it's a Bluetooth mesh network.

02:06:13.000 Yeah.

02:06:17.000 Yeah, yeah, yeah.

02:06:19.000 So it's a mesh network.

02:06:20.000 Everybody's phones are on and they're all talking to each other.

02:06:22.000 Yeah, yeah.

02:06:23.000 So that's interesting they do that on a cruise ship.

02:06:26.000 Yeah.

02:06:26.000 So I went on a cruise several years ago and they were like download.

02:06:26.000 I didn't know that.

02:06:30.000 I can't remember what the app was called.

02:06:31.000 That's weird.

02:06:31.000 Like what sort of cruise?

02:06:33.000 Was it a bunch of old people? 1.00

02:06:35.000 No, no.

02:06:35.000 It was like the richest people in the world.

02:06:37.000 Really?

02:06:38.000 Yeah, it was called a bunch of super rich people.

02:06:40.000 I think it was called Summit at Sea and it was like 10 grand to go on the cruise.

02:06:43.000 Yeah.

02:06:44.000 And like the Disney people wanted me to be there.

02:06:46.000 I remember this.

02:06:46.000 like hanging out with like Lady Gaga's manager or something.

02:06:47.000 But everybody had an app and you could send a message.

02:06:50.000 I could send a message to Ian and my phone would send the message through your

02:06:55.000 phone, Max, but you couldn't see it.

02:06:57.000 Right.

02:06:58.000 And then it would eventually find.

02:06:59.000 That's what you can do with Bitcoin.

02:07:00.000 And they do it in Venezuela right now on Meshnet.

02:07:01.000 So here's what happened in Egypt when Mubarak tried shutting down the internet.

02:07:04.000 Yeah.

02:07:05.000 A group called Telecomics, hackers, some of these people.

02:07:08.000 We covered it.

02:07:08.000 I remember this.

02:07:09.000 Yeah.

02:07:09.000 So they started doing something called Operation White Fax, where they spammed

02:07:13.000 fax machines in Egypt with instructions on how to create dial-up internet.

02:07:17.000 And so what people would do is, once the internet was down, take a phone line, plug it into their computer's, you know, old-school router, when it sneezes, and then it would call a certain phone number and give them dial-up access internet.

02:07:28.000 Because you can't shut it down.

02:07:30.000 Now, by the way, I brought Plucky.

02:07:32.000 Who's Plucky? 1.00

02:07:33.000 Plucky is the world's most famous economist.

02:07:35.000 Oh.

02:07:36.000 Hello, I'm Plucky!

02:07:38.000 Uh-oh, here comes Baxter.

02:07:42.000 Tim, I'm the most famous economist in the world.

02:07:45.000 You can ask me any question.

02:07:48.000 Can we repeal the Federal Reserve Act?

02:07:49.000 Sure, man.

02:07:50.000 So, Tim, I'm talking to you.

02:07:53.000 Any question in the world, I know I'm Plucky, the world's foremost economist.

02:07:59.000 I don't know what to ask him!

02:08:00.000 Fine, Tim!

02:08:01.000 I come all the way here, and you make me do show!

02:08:04.000 I come on, and I'm starving to death, and you don't have any questions for me!

02:08:09.000 What kind of show you got over here, Ian?

02:08:12.000 Ian!

02:08:14.000 What would be the first step to repeal the Federal Reserve Act, Plucky?

02:08:17.000 They should just fire themselves! 0.96

02:08:19.000 Fire themselves! 0.84

02:08:21.000 Bitcoin fixes it!

02:08:22.000 Alright, Plucky, I think we've heard enough.

02:08:23.000 All right, everybody.

02:08:25.000 We're going to get more rowdy in the bonus segment coming up over at TimCast.com in just about an hour.

02:08:31.000 I will figure it out.

02:08:32.000 So make sure you subscribe to this channel, smash the like button, share the show with your friends.

02:08:37.000 You can follow this show at Facebook.com slash TimCast IRL.

02:08:40.000 Share the clips from the show to help spread the word.

02:08:43.000 And we're also on Instagram at TimCast IRL.

02:08:44.000 What about your new affinity link for SwampBitcoin.com forward slash TimCast?

02:08:48.000 There you go.

02:08:49.000 Do I got to sign up for that or something?

02:08:50.000 You're done.

02:08:51.000 It's done.

02:08:51.000 All right, great.

02:08:56.000 Max, promote your podcast.

02:09:03.000 Turn to me, because Max doesn't know that sort of stuff.

02:09:06.000 It's youtube.com forward slash orange pill.

02:09:09.000 Max doesn't know we have a show.

02:09:10.000 He just thinks we're sitting in the living room and talking.

02:09:18.000 So youtube.com forward slash orange pill or join our telegram group t.me forward slash orange pill and you'll find relentless optimism there.

02:09:29.000 No pooh coins.

02:09:31.000 Ian.

02:09:31.000 Yeah, you can follow me across the internet.

02:09:34.000 Thanks for coming guys.

02:09:36.000 This is fun.

02:09:37.000 And now we're now we're doing an only only fans with you.

02:09:39.000 Yeah, yeah, that's right.

02:09:40.000 That's right. That's next. Yes, you can. Oh, gosh. Max, finally. Max has been waiting.

02:09:44.000 He's been waiting. Okay. Okay. Oh, my gosh.

02:09:47.000 Okay.

02:09:48.000 I'm really excited for this bonus segment and I have to agree with Stacey that these headphones are absolutely sexist.

02:09:52.000 They flatten your hair.

02:09:53.000 There's nothing you can do about it.

02:09:54.000 It's a pain in the neck.

02:09:55.000 You can follow me at Sarah Patchlitz on Twitter.

02:09:58.000 We will see you all over at TimCast.com.

02:10:00.000 Become a member and we'll see you all there.

Timcast IRL - Tim Pool - May 10, 2021

Timcast IRL - State of Emergency After MASSIVE Oil Pipeline Hack, Gas Shortage Feared w-Max & Stacy

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