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The U.S. dollar and the monetary system is, in my view, the Titanic.

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It's going down.

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It's broken.

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They can't stop it.

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It's going down.

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And so there are these lifeboats floating next to the Titanic, and one of them is called

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Bitcoin, the other one is called gold.

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We now have a form of money that is fixed in supply.

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It solves mankind's largest running issue, which is monetary debasement.

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It killed the Romans, and it's killed hundreds of societies since then.

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But we fixed it, right?

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Now, the entire world doesn't know that we fixed it.

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And actually, that's the opportunity because, you know, it's one of these first mover advantage kinds of things.

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I mean, you can wait until everybody knows about it and then it'll be pretty fairly priced and it won't have nearly kind of the growth potential versus other currencies that it now has.

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But right now, as we all know, there's $900 trillion of assets and $2 trillion of Bitcoin.

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And this is a superior asset.

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And guess what?

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Some of that $900 is coming for the two.

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And just for comparison, gold is $20 trillion of value, so Bitcoin's $2.

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So just if Bitcoin were to equal gold in market value size, we'd be at $1 million a coin,

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which I actually fully, and I'm sure you agree with me, I fully expect in the early 2030s, we'll see that.

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And then sometime in the 2040s or 50s, we're going to see 10 a coin.

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This is how Saylor gets to his going, it's going up forever, Laura, and I agree with him.

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It comes back to that basic understanding that a monetary unit of fixed supply did not exist before Bitcoin.

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That's the key. That's the insight.

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I think people need to get their heads around.

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You know, in 10 or 15 or 20 years, just like you know who went to work in tech and was an early employee at Microsoft or Google or whatever it might be,

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you're going to know in 10 or 15 years who understood sound money and saved in things that couldn't be debased.

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And you're going to know who didn't because they're not financially going to be in much worse shape.

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And to me, the transfer, you know, the wealth transfer is going to be really significant.

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And so people need to think that through.

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There's going to be some serious economic turmoil.

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And I think on the other side of that, one group of people is going to be in a much better position than another group of people.

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And I think the people who can see the future and bet on the future and move towards a better system are going to be advantaged versus those who are kind of stuck in the past.

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This is the tool and this is hope and this is the way out of it.

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That's why we do what we do.

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You know, that's why you do what you do.

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That's why I wrote the book.

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That's why we do all these podcasts.

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I mean, we're trying to make a difference.

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We're trying to fix the money so we can fix the world.

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Greetings and salutations, my fellow plebs.

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My name is Walker and this is The Bitcoin Podcast.

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Bitcoin continues to create new blocks every 10 minutes.

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The value of one Bitcoin is still one Bitcoin.

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And if you're listening to this right now, remember, you are still early.

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If you're not already, go ahead and subscribe to this show wherever you're watching or listening

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and share it with your friends, family, and strangers on the internet.

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If you want to follow me in the show on Noster and X, just head to the show notes to grab the links.

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If you're enjoying the Bitcoin podcast and want to support it by becoming a paid subscriber,

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you can download the Fountain app, search for The Bitcoin Podcast, and subscribe by paying with

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Bitcoin via lightning or fiat via card. You'll get access to ad-free episodes and early releases

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of select content, plus you'll help support this show. Head to the show notes for product discount

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links, go to walkeramerica.substack.com to get episodes emailed to you, and head to

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bitcoinpodcast.net for everything else. Without further ado, let's get into this Bitcoin talk.

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What I love about this, Larry, is that all of these Noster clients, because they're interoperable,

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so I stream from zap.stream, but multiple different Noster clients just integrated the

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ability to watch live streams directly in their app. So I think Primal, Fountain, the podcasting

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app, which is also integrated with Noster, Amethyst, one of the apps for Android, I'm sure

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others will follow i'm probably missing some too but it's fantastic you can you can you can choose

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your adventure you can watch this however you want on whatever uh whatever client you want

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whatever app you want and it's just available for everyone all the same it's one of those things

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i really hope it continues to succeed and take the take over the world because twitter is a mess

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i mean yeah we were just talking about this this off camera and first of all just say well welcome

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back larry it's been uh it's it's it's good to be here uh with you as well but you know we were we

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were just talking about this before and just the the vibes on twitter it's just feels like everybody

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wants an excuse to be at somebody else's throat like that you just you you're looking to be angry

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you want to be pissed off you just you're not i don't know yeah it's weird i mean it's tough you

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know fourth turning social fabric ripping you know um and i you know to be fair i'm always at the

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throw of the federal reserve but i feel like they deserve it they you know they they they deserve it

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I'd say probably more than anyone out there.

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Well, that's right.

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So yeah, I think it's quite well justified.

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But no, we were talking just before here, just before we hopped on the stream.

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And I was saying that last time we spoke on the show was a little over a year ago.

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It was August of 2024.

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We're now beginning of September 2025.

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But at that time, the national debt had just hit $35 trillion.

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dollars now uh the national debt just broke 37 trillion dollars as of august uh 2025 so in a year

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it broke up two trillion dollars more and now i think as of as of september now it's at like

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37.3 trillion we added a lot really quickly because they kind of flatlined it with a debt

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limit and then suddenly i think we squirted up another six or seven hundred billion real fast

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right yeah but you know what's a few hundred billion between friends yeah well they're all

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becoming, you know, kind of fantasy fake numbers. And this is what happens when you have a crack up

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boom and the money fails, you know, I mean, I, you know, we all talk about, you know, million

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dollar Bitcoin and I'm pretty sure we'll get there. I know you are too, but what I, you know, the,

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the tougher question is, well, you know, what will hamburger cost or what will a gallon of gasoline

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cost when we're at that level? You know, because, you know, as fiat fails, all the other shit gets

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more expensive too. So. Yeah. I mean, the wild thing to me is, and I have trouble even, I think

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it's hard for us to even conceptualize what Bitcoin's price may do when

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denominated in fiat.

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Because first of all,

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the question is which fiat in the U S dollar,

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you know,

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the,

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the pretty or the,

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the skinniest kid at fat camp.

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Okay.

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Bitcoin's price is going to do it.

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Mind blowing things.

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But what about all the other fiats?

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Oh yeah.

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Like,

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I mean,

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it's,

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it's,

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it's,

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you know,

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we're privileged where we have the global reserve currency.

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I mean,

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that's screwed us in plenty of ways,

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but it's screwed a lot of the rest of the world,

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a heck of a lot more.

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Uh,

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and,

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and it's like,

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boy,

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Even if you just think about in today's dollars, we both have extremely high conviction.

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I mean, we've literally staked the vast, vast majority of our wealth on it that Bitcoin is going to go up and to the right forever.

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I firmly think it will.

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But when you're using a fiat measuring stick, boy, that up part and to the right part really can accelerate.

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It's wild.

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Yeah, I mean, Turkey is going through a kind of a mild, very high inflation, arguably close to hyperinflation. And Nairobi, which I wrote about in the book, has actually had enormous inflation. And so, yes, there are many other currencies that are as bad as the dollar is. There are other currencies that are worse. And that's what's one of the things that's interesting. I commented on some of the podcasts. You know, you meet people from other parts of the world and they tend to get Bitcoin. They tend to get our thesis a little bit more easily than the average American. And that's because they've lived it.

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You know, I had a podcast with a guy who was a teenager in Argentina when Argentina went through hyperinflation and he described it.

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And so when Bitcoin came along, he was like, you know, gosh, I get it.

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You know, I know what the problem is.

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And, you know, I mean, with all with all of America's faults and it has plenty, you know, the currency has been healthier than many most other currencies in the world for a long time.

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And so the average American kind of has a hard time thinking outside the box and saying, you know what, this this thing could actually fail, which is a it's a very scary thought.

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I mean, and I'm not hoping for that. I'm not wishing for that. I'm not, you know, somebody on Twitter jumped on me last night for saying I'm a doomster, you know, talking about hyperinflation. I'm not, I'm really not. I'm very optimistic about how good the world will be in the future, about where we're ultimately going. But I think to analytically look at what's happening and not come to the conclusion that we've got a serious problem, you know, that's being an ostrich and sticking your head in the sand.

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because the problem is very real and obvious.

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And I mean, it's just, it's screaming at us

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in so many dimensions.

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We could talk about those,

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but it's a record gold price,

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the record Bitcoin price,

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the failure of the bonds,

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the bond markets falling off.

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You name it, we can see it.

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And I want to get into a bunch of those different things.

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Before we do that, I do want to say

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for anyone that has not read your book,

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they should check out the big print.

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I am biased.

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I did the narration for the audio book,

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full disclosure.

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You should check out the audio book too.

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Maybe do both.

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You know, you can read and listen at the same time.

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If you buy the audio book, there's a PDF that comes with it.

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Yeah.

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The book has a lot of charts in it.

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And I think Walker does a nice job of describing the charts.

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But of course, there's nothing like looking at a picture.

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And so I think some people bought the audio book not realizing that there's a way to actually

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see the charts.

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And that's just to print out the PDF of the charts.

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Yeah.

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Describing a chart is kind of like describing a meme.

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It's like, well, the line, at least with fiat charts, you can, it's basically like, well, the line goes up into the right or it goes, you know, violent.

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So at least there's that.

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Maybe something lost in the translation, right?

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Yeah.

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Yeah, absolutely.

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But people should check it out.

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It is a great book.

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And I think that the reason it's, it is going to continue being viewed as great and has going to be viewed as very prescient in the years to come is because look at where we're at right now.

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Yeah.

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Look at the current conditions under which we are living.

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We had actually, I think what's, what's interesting is during, you know, the last couple of years

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of Biden, we had a monetary contraction actually, you know, they pulled liquidity out of the

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system.

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Interest rates were raised at historic rates.

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M2 declined, took a big old swoop.

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We're now back up above that.

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We're at fresh M2 all time highs.

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But I feel like we've been in this little lull period and it's kind of the calm before

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the storm.

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Is that your feeling as well?

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more people. If you are listening on a podcasting app like Apple Podcast, you can also give this a

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five-star rating so more people find the show. You can subscribe on YouTube, Rumble, or wherever

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else you're watching. But again, I always recommend that Bitcoiners check out Fountain. You can also

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go check out the big print audiobook, which I narrated. You also, of course, do not have to do

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any of those things. Bitcoin does not care, but I sure do appreciate all of your support. So thank you.

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It's fine as well.

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I mean, I think you've described it very well.

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You know, as we know, COVID created a lot of inflation.

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The peak monthly inflation rate was 9%.

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And then when Powell saw that, he, you know, and of course, he said it was going to be

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transitory and he was dead ass wrong.

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And that's what happens when you have a lawyer as Fed chairman.

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He doesn't have economics.

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And, you know, he immediately swerved and slammed on the brakes and jacked rates faster and

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harder than almost any other Fed president had ever done.

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I think Volcker might have done something similar, maybe a little more aggressive.

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And, of course, that very quickly slowed down the growth of credit and the growth of M2.

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And so we actually did see an M2 decline into the tail end of the Biden administration.

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But what we also saw was that in 23, the bond market started to have a fit and the 10-year went above 5%.

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And suddenly you had September particularly, you had all the Fed governors, 12 of them come out and say, well, no, no, no, this rate hike cycle is over.

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And they realized they'd gone too far.

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and they were able to bring the headline inflation rate from 9 to 3,

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three round numbers.

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I'm now somewhere 270.

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It depends on which measure you use.

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But call it a round three.

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And now I think we're setting up for what I call the next wave of inflation.

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And you can see that in a lot of different ways.

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I mean, you can see it.

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I mean, first of all, let's just discuss the fact the inflation numbers aren't real.

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We all know that.

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They're cooked.

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It's worse than they say.

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Anyone who goes to the grocery store, buys auto insurance,

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to buy its homeowner insurance or, I mean, damn near anything.

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I mean, there aren't many things in the world going up at 3%.

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I tweeted out last week that electricity in the United States, on average,

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is going up about 11% a year as a result of all the increased demand from AI.

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So, you know, the inflation numbers aren't even right.

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And yet, in my view, they will probably get worse

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because Trump's desire is to cut the rates by 300 basis points,

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and that will lead to a wave of home equity refis.

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Everyone who took out a 7% mortgage will go back and take out a 3% mortgage.

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and credit will start to grow.

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And as you pointed out, right now, M2 is growing at about 4.8% a year,

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just hit a new all-time high.

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And this is the problem with the system, as described in the book,

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as we all know, when you've got a system based on growing debt,

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it's like being a shark.

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You've got to keep swimming forward or else you don't, you know, you can't,

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you die.

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And so they have to continue to increase the money supply

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or else the debt pyramid collapses.

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And, of course, they're in the process of doing that.

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And it's clear that they're having some troubles.

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I mean, earlier this year, they reduced the amount of quantitative tightening they were doing from $30 billion a month or I think $25 billion a month down to $5 billion.

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They're still doing the mortgage-backed bonds.

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And so they've been shrinking their balance sheet less quickly.

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And then we're seeing other little things that they're doing.

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I mean, the most recent one that Treasury Secretary of Assent has been doing, which I find interesting, is what I call shadow yield curve control.

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What does that mean?

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well, the Treasury needs to sell debt to finance the deficit. And what they've been doing is they've

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been leaning towards selling the short-term debt, and then that builds up the Treasury General

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account. And they use the proceeds of that to buy the 10-year debt. So the thing that the fiat

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money lords and the Federal Reserve are focused on is not having interest rates go too high,

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because higher interest rates will be death to the economy and to their income statement. I mean,

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And already, you know, the federal interest expense is about $1.3 trillion a year, which is bigger than defense, right?

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And, yeah, and growing.

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And that's, you know, that's, you get into this debt doom loop, right?

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Interest rates get bigger.

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The deficit gets larger.

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More bonds have to be sold to cover the deficit.

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Sell those into a fixed-size bond market.

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Interest rates have to go up.

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Guess what?

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Interest rates go up and the deficit gets bigger.

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I mean, we're kind of like this, you know, the U.S. government is kind of like that family that decides to live off of credit cards and pay the minimums and then just keep taking out a new credit card and, you know, use that one to make the minimum payments on all the old ones and then go buy some new shit.

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And when that one gets full, go get another one.

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And eventually, you know, the credit agencies are going to say, you know, the credit agency in this case is really the bond market.

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The bond market is going to say that, you know, the government, guess what?

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We don't want this stuff anymore.

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These 10 years, 20 years, 30 years, we don't want them.

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And we're seeing that. I mean, the 30-year yield is now over 5%, and that's not a good sign. And so, you know, the problem is becoming more manifest. And, you know, they were able to hide it for a while, and they were able to convince everybody they were going to get inflation controlled for a while.

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but the point of the book and i think those of us who are austrians and have looked at it carefully

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know and understand is yes in short for short periods of time they can create a setback

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you know in in money growth and maybe in inflation but if they don't those periods can't last that

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long because eventually you know the whole thing will collapse if they don't inflate and so the

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most reach i'll wrap this up is a long-winded answer but the most recent thing that it happened

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I thought it was very interesting. We had Doge, right? So they actually talked about, I mean,

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the problem here, the fundamental problem here is we've got all this overspending. And so they

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came in and, you know, Doge, great. We're going to cut all this government inefficient. We're

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going to, Elon says we're going to cut two trillion. Well, that's not very realistic.

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Maybe we're going to cut one trillion. Well, that's going to be hard too. Maybe we'll cut

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300 billion. Well, now it's kind of down to maybe they cut 100 billion. And if they did, great. I

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mean, I'm sure they got rid of some stupid programs, but the point is a lot of it's locked

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in. And then, you know, this Freedom Caucus that was elected to reduce the deficit and control

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government spending, you know, except for Thomas Massey and Rand Paul, they all rolled over.

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And the Big Beautiful Bill got passed. And it depends on who you listen to, whether you use the,

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you know, the responsible government guys or the Congressional Budget Office people, whatever. But

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the bottom line is, the Big Beautiful Bill is going to increase, you know, expenditures by

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between $300 and $500 billion a year.

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And so, but to be fair, they put in tariffs,

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and those help from a collecting revenue point of view.

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And we've increased our revenue about $20 billion a month,

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so it's $240 a year.

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But the big, beautiful bill spends more than we collect from the tariffs.

285
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So we're still kind of going backwards.

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And then, by the way, those tariffs, if you listen to Lacey Hunt

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and some of the people who really understand the economy very well,

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you know those tariffs are kind of like smooth holly and they're going to slow the economy down

289
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and as the economy slows down maybe the stock market slows down stock market slows down employment

290
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slows down and you know then tax receipts start to fall and you know we're really the government's

291
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in a really tough fiscal position is the bottom line you know walker and the reason why i think

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you and i and others like us are so confident in our thesis is that there's no easy way out of this

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that doesn't involve a lot of inflation or an outright monetary reset.

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And I discuss that in the book.

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Chapter 26 talks about, everyone says, well, Larry, you're criticizing them,

296
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complaining this, that, and the other.

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Offer a solution.

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So I offered a solution.

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It's not politically that likely.

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In fact, it's probably highly unlikely.

301
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But they say, what would you do if you were president?

302
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Well, I wrote the speech that I would give if I was president.

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So here we go.

304
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Yeah, exactly.

305
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Well, most Austrian guys do. And so here we are in kind of a really messy situation. And, you know, as we talked about pre-show, I think one of the great memes of the decade will be Lynn Alden's, you know, nothing stops this train. I mean, the, you know, sadly, the way the government in this country is constructed, you know, they use money to buy votes and to maintain their power and to maintain their positions.

306
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and there are certain things that are untouchable in terms of spending.

307
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And, you know, they kind of keep kicking the fiscal can down the road.

308
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And, you know, one can do that.

309
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But another chapter in the book is entitled Stein's Law,

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which says that if something cannot go on forever, it will end.

311
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And you cannot continue to grow debt at a rate in excess of the rate of growth of GDP forever.

312
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At some point, the two lines have to start to come together again.

313
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and that either can happen by a big downturn or by massive inflation or both.

314
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And so, you know, my bet, the book's bet, your bet as a Bitcoin holder,

315
00:19:44,600 --> 00:19:48,500
mine as a Bitcoin holder and a gold holder, is that they'll choose the inflationary route.

316
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And Bassett just told us that.

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He came out and he said, look, you know, yeah, we're cutting back expenditures.

318
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We're getting all this revenue from tariffs.

319
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But really, the solution to this problem is growth.

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You know, we're going to focus on growth.

321
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And that's OK.

322
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He's right.

323
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You know, productivity enhancements, AI growth, that's all good.

324
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And they're going to get some of that.

325
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But they're so deep in the hole that the amount of growth they need can only come with inflation.

326
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And so my belief, and I remember it because I was a teenager in those years, my belief is we're looking at a decade that's very similar to the 70s where we have these recurring bouts of inflation.

327
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And maybe there'll be several times the Fed will try to tighten to tamp down inflation, but each round will be worse than the prior round.

328
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And so that's kind of what I think is coming. And that's why I think the message of the book to people was, as individual adults trying to take care of our families, we need to take some of our savings and put them in things that are protected from inflation.

329
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and those are things which the government by definition cannot print and there are really

330
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only three of those in the world that are monetarily based and they are bitcoin gold and

331
00:21:00,080 --> 00:21:05,300
silver and silver probably less so because it's been pretty much demonetized but but and then

332
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there's another one real estate but that's not really a monetary as it's a hard physical asset

333
00:21:09,300 --> 00:21:15,460
and as other uses so and then stocks to a degree but stocks are kind of a they're a mixed bag

334
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because you know they can issue more shares and the economy turns down and by the way right now

335
00:21:20,260 --> 00:21:26,240
the stock market's not very cheap. So that's kind of the big picture of my view of where we are

336
00:21:26,240 --> 00:21:31,260
right now. And I think what we're waiting for is just the next leg to start. And it's interesting

337
00:21:31,260 --> 00:21:36,060
that we're having this conversation now here on September 5th, because it wasn't but a few days

338
00:21:36,060 --> 00:21:44,180
ago, gold was doing a very long bull flag below $3,500. And silver was doing kind of a consolidation

339
00:21:44,180 --> 00:21:46,020
of a little breakout at $35.

340
00:21:46,460 --> 00:21:48,220
It was in the $36, $37 area.

341
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And in the last two weeks,

342
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I think it's about two weeks is the time frame,

343
00:21:52,640 --> 00:21:53,480
and you go back and look,

344
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and gold just went through $3,500 with authority.

345
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We're now at $36.

346
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And more importantly, silver went from $36, $7 to $41.

347
00:22:02,420 --> 00:22:06,080
And so to me, these are a warning sign

348
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that the next wave of inflation is about to begin.

349
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What I'm going to do now is share my screen, Joe,

350
00:22:11,740 --> 00:22:15,840
the window that we were talking about before, which I think is very interesting.

351
00:22:16,660 --> 00:22:20,240
This was a chart prepared by my partner, David Foley. He's a very bright guy.

352
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He sure is.

353
00:22:21,980 --> 00:22:30,160
Yeah. And so what we're looking at here, Walker, is a chart that shows from early 2018 to the

354
00:22:30,160 --> 00:22:35,080
present, maybe a week old, the price of Bitcoin in orange appropriately.

355
00:22:36,200 --> 00:22:36,620
Naturally.

356
00:22:36,620 --> 00:22:42,320
The price of gold in gold. And the scales are different because in this time frame,

357
00:22:42,420 --> 00:22:54,805
gold went up 200 and Bitcoin went up 2 So you can really compare the amount of the move Bitcoin as we know is superior to gold in price performance and has been for a long time and I think will continue to be

358
00:22:54,925 --> 00:22:57,825
And for aggressive investors, it is clearly the best choice.

359
00:22:58,445 --> 00:23:00,485
The only tradeoff is it's a little more volatile than gold.

360
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Not a little more.

361
00:23:01,445 --> 00:23:02,465
It's a lot more volatile than gold.

362
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But here's what I find interesting about this chart is that there are several instances in history where gold has smelled the oncoming inflation and moved first.

363
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And probably the most notable one is early 2019 when Powell pivoted and that kind of – it just became clear that financial conditions were getting tight and they were going to have to loosen.

364
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And gold smelled it.

365
00:23:27,585 --> 00:23:32,565
you know, gold on the right hand scale was, you know, about a thousand, scored it up to 1365,

366
00:23:33,045 --> 00:23:39,565
you know, or higher, you know, before it went up to 2000, roughly in, you know, in COVID.

367
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But notice that nice move in gold and Bitcoin. Meanwhile, Bitcoin just kind of going sideways,

368
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not really going anywhere. And then at some point, the Bitcoin, you know, market woke up and was like,

369
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hang on a second. There's been a lot of debasement here. We had COVID, we printed all this money,

370
00:23:53,625 --> 00:23:59,325
blah blah blah and it took off like a rocket slit and you know notably you know i mean as i say gold

371
00:23:59,325 --> 00:24:03,745
went up 30 40 percent well bitcoin is you as you and i both recall because we were there you know

372
00:24:03,745 --> 00:24:10,065
bitcoin's flowing from 10 000 to 50 000 like quickly you know it vastly outperformed gold

373
00:24:10,065 --> 00:24:15,965
you know and then of course um the gold smelled the tightening started to come down bitcoin followed

374
00:24:15,965 --> 00:24:21,445
and came down even more you know and that was sam bachman freed and then of course another another

375
00:24:21,445 --> 00:24:27,105
run, you know, okay, maybe we do have more inflation, but no, we don't, came back in.

376
00:24:27,565 --> 00:24:32,585
Then they both went down when Powell started tightening in 2022, and Bitcoin went down more

377
00:24:32,585 --> 00:24:36,885
than gold. Again, it's more volatile. But then gold, you know, and in this particular case,

378
00:24:37,485 --> 00:24:41,045
you know, gold again started to smell it. The Bitcoin's going down right here,

379
00:24:41,365 --> 00:24:46,505
and gold is going up. What's that all about, right? Eventually, Bitcoin got the memo,

380
00:24:46,625 --> 00:24:50,845
started to go up, you know, and then gold came down, Bitcoin didn't come down as much. And then,

381
00:24:50,845 --> 00:24:57,685
And of course, then gold really started to go up in 2023, took out 2000, you know, 2024, 2500.

382
00:24:58,365 --> 00:25:03,165
And of course, Bitcoin, you know, came off of the bottom and just rocketed up to 100, right?

383
00:25:03,705 --> 00:25:05,145
You know, and actually even higher.

384
00:25:05,285 --> 00:25:09,645
And in each case, though, again, gold moving higher here, Bitcoin still going down, but then comes back.

385
00:25:10,185 --> 00:25:12,945
You know, gold moving higher, Bitcoin coming down, but then comes back.

386
00:25:12,945 --> 00:25:17,425
And so here we are, and this isn't fully up to date because gold's now over the 3500 number.

387
00:25:17,565 --> 00:25:18,905
It's into the 36 area, right?

388
00:25:19,005 --> 00:25:20,365
It'll be off the chart.

389
00:25:20,365 --> 00:25:26,225
not by a lot but but bitcoin is still languishing around you know what is it one one on nine today

390
00:25:26,225 --> 00:25:31,705
or something so a boring 109 000 us dollars you know just a boring number yeah you're feeling

391
00:25:31,705 --> 00:25:36,945
fine about it but if you bought it right at the peak at 123 maybe you'll think oh you know heck

392
00:25:36,945 --> 00:25:41,185
this sucks but you know i find it interesting because i watch on twitter and everybody's down

393
00:25:41,185 --> 00:25:44,605
on microstrategy and down on bitcoin how come it's not moving yet and i'm just kind of like

394
00:25:44,605 --> 00:25:50,225
guys we've seen this pattern this is old this is old stuff you know just give it 30 to 60 to 90

395
00:25:50,225 --> 00:25:54,485
days. And I, you know, people always ask me, what are your predictions? I think by the end of

396
00:25:54,485 --> 00:26:00,185
calendar, you know, 2025, gold will probably be at 4,000 and Bitcoin will probably be at 140,

397
00:26:00,925 --> 00:26:06,465
you know, maybe 150. So, you know, and we'll be kind of onto the next run. And I say that just

398
00:26:06,465 --> 00:26:11,705
because I don't think they can keep this thing going without, you know, more programs that

399
00:26:11,705 --> 00:26:17,225
obviously indicate printing. And the programs are subtle, you know, they, you know, this, this,

400
00:26:17,225 --> 00:26:23,405
shadow QE through twist of buying bonds. And I'm pretty sure they're into the banks and telling the

401
00:26:23,405 --> 00:26:27,625
banks to buy the bonds and maybe giving them swap lines at low rates that they're not telling us

402
00:26:27,625 --> 00:26:31,885
about. I mean, you know, they're doing all kinds of things. They're pretty good at camouflaging

403
00:26:31,885 --> 00:26:36,445
what's really going on. But what is really going on? I mean, as you pointed out, you had a chart

404
00:26:36,445 --> 00:26:42,125
up earlier. It's a nice chart of M2 is that M2 is growing again. And we know, you know, and

405
00:26:42,125 --> 00:26:46,485
particularly global M2, China has really aggressively been growing their money supply

406
00:26:46,485 --> 00:26:48,285
because they had a big real estate downturn.

407
00:26:48,665 --> 00:26:54,185
So, you know, we can, we can, I mean, it's all roads lead to inflation is kind of my,

408
00:26:54,425 --> 00:26:55,805
you know, they used to all lead to Rome.

409
00:26:55,905 --> 00:26:57,045
Now they all lead to inflation.

410
00:26:57,045 --> 00:27:01,765
And so, you know, I see much higher prices in both of these assets, you know,

411
00:27:01,805 --> 00:27:04,065
for quite some time until we address this issue.

412
00:27:04,725 --> 00:27:08,265
I'm going to shut that off now, just, you know, looking at that chart.

413
00:27:08,385 --> 00:27:12,625
But anyway, that's, that's my, that's my shtick and I'm sticking with it.

414
00:27:12,625 --> 00:27:13,865
Larry, I've got it.

415
00:27:13,925 --> 00:27:16,945
Man, I missed having these long-form chats with you.

416
00:27:17,025 --> 00:27:19,805
It's been way too long because you break things down so well.

417
00:27:19,845 --> 00:27:22,345
And this is one of the things I loved about your book.

418
00:27:22,565 --> 00:27:28,305
And I read your book multiple times over, obviously, through the process of narrating it.

419
00:27:28,865 --> 00:27:30,725
It's necessarily you kind of need to.

420
00:27:31,185 --> 00:27:32,685
And each time I'm like, God damn.

421
00:27:32,825 --> 00:27:36,465
It's just I love the way you break it down because it's just it's simple.

422
00:27:36,805 --> 00:27:40,225
And I know that people have tried to call you a doomer and things.

423
00:27:40,225 --> 00:27:42,765
I know you and I don't think you're a doomer at all.

424
00:27:43,285 --> 00:27:45,305
You may be a boomer, but you're one of the good ones.

425
00:27:45,725 --> 00:27:51,785
You know, you've taken the shit, you know, you've taken the shit in this life.

426
00:27:52,145 --> 00:27:54,385
Well, I'm not happy that we're in this condition.

427
00:27:54,385 --> 00:27:57,325
And I think it's a great country with a lot of positive attributes.

428
00:27:57,545 --> 00:28:05,245
But I also think that we can't ignore symptoms and problems that have been building for years and that need to be addressed.

429
00:28:05,245 --> 00:28:10,085
if we want to get back to our core values and the promise that the founding documents of the country

430
00:28:10,085 --> 00:28:14,885
created. I mean, it was meant to be, you know, a fair system where everyone had a fair shake,

431
00:28:14,945 --> 00:28:19,405
a fair chance. Not socialism, not the same outcomes. Everyone knew that those who worked

432
00:28:19,405 --> 00:28:24,385
harder would do better. That was all fine. That's part of the system. But the notion of the founding

433
00:28:24,385 --> 00:28:28,365
of the country was, you know, let's create a fair deal for everybody so everyone has an equal

434
00:28:28,365 --> 00:28:33,405
opportunity to succeed. And that's always been the American story, the American dream. And sadly,

435
00:28:33,405 --> 00:28:37,025
what happened, the book describes it as the monetary system got more and more corrupted.

436
00:28:37,745 --> 00:28:40,805
You know, that's really been taken away from a lot of people. You know, the young people

437
00:28:40,805 --> 00:28:46,265
can't buy houses, you know, Wall Street can borrow with the Fed funds rate, everyone else has to pay

438
00:28:46,265 --> 00:28:53,185
the credit card companies 25%. I mean, it's just, there's just unfairness everywhere. And, you know,

439
00:28:53,205 --> 00:28:57,185
it's going to take some reform to fix that. And I'm counting on your generation to fix it and get

440
00:28:57,185 --> 00:29:01,725
it right, because I don't want my kids and grandkids to grow up in a dystopia. I mean,

441
00:29:01,725 --> 00:29:06,545
and the 70s wasn't perfect i mean the vietnam war was a really divisive issue

442
00:29:06,545 --> 00:29:11,625
and there were some nasty things happening in the 70s but i can say from having lived in the 70s

443
00:29:11,625 --> 00:29:16,945
living today it was an it was a kinder gentler country in the 70s there was much more of a

444
00:29:16,945 --> 00:29:21,805
middle class it wasn't haves and have nots everyone kind of just got along and got by

445
00:29:21,805 --> 00:29:26,385
there wasn't all the social strife that we see today i mean the vitriol that's out there today

446
00:29:26,385 --> 00:29:27,225
It's just unbelievable.

447
00:29:28,025 --> 00:29:29,225
It's really, and it's sad.

448
00:29:29,385 --> 00:29:30,525
And I get it.

449
00:29:30,625 --> 00:29:40,565
I mean, when you take people's lives and their jobs and their well-being and they can't afford to feed their family and they're working three jobs, you know, they get mad.

450
00:29:40,665 --> 00:29:41,285
They get angry.

451
00:29:41,365 --> 00:29:42,165
They get frustrated.

452
00:29:42,165 --> 00:29:50,005
And I also get it that this is kind of a, it's a sophisticated fraud that the people at the top and the government have pulled on all of us.

453
00:29:50,665 --> 00:29:53,265
And that's a large part of why I wrote the book.

454
00:29:53,345 --> 00:29:55,145
I wanted to point out that it really is a fraud.

455
00:29:55,145 --> 00:29:59,865
and they've gaslit us about it.

456
00:30:00,185 --> 00:30:02,185
And I wanted to just call them on the carpet and say,

457
00:30:02,265 --> 00:30:04,045
no, no, no, you guys are, this is bullshit.

458
00:30:04,565 --> 00:30:05,845
This is absolute bullshit.

459
00:30:06,225 --> 00:30:08,625
And because I think that if we got enough Americans,

460
00:30:08,785 --> 00:30:10,645
I mean, my dream would be we'd get enough Americans

461
00:30:10,645 --> 00:30:12,705
to read this book, understand this stuff,

462
00:30:12,705 --> 00:30:15,525
and we'd get a real movement going in this country

463
00:30:15,525 --> 00:30:16,685
to return to sound money.

464
00:30:16,685 --> 00:30:19,585
I mean, the kind of thing that Robert Kennedy spoke about

465
00:30:19,585 --> 00:30:20,965
in Nashville in 2024.

466
00:30:21,245 --> 00:30:22,785
I mean, that speech was very uplifting.

467
00:30:22,965 --> 00:30:24,325
I mean, we can do it.

468
00:30:24,325 --> 00:30:29,285
we can fix this place. You know, I mean, Apollo can grow up in a great country and he will,

469
00:30:29,885 --> 00:30:34,885
but, but between here and there, you know, we gotta, we gotta fix it. And, and that may not

470
00:30:34,885 --> 00:30:40,265
be easy. Let's not kid ourselves. Let's not kind of sugar coat it. You know, you can't go through

471
00:30:40,265 --> 00:30:47,225
a fourth turning without some eggs getting broken. Amen. And, and, you know, as you know,

472
00:30:47,245 --> 00:30:51,165
very well, uh, you know, you're a, uh, you're, you're a family man, right? You've, uh, you've

473
00:30:51,165 --> 00:30:53,225
I've been in the family game a lot longer than I have.

474
00:30:53,385 --> 00:30:54,685
I'm still a third adult.

475
00:30:54,945 --> 00:30:55,125
Yeah.

476
00:30:55,565 --> 00:30:55,805
Yeah.

477
00:30:55,805 --> 00:30:57,405
I'm a novice, you know, very much.

478
00:30:58,225 --> 00:31:01,025
Well, you know, yeah, you're forced to learn fast, right?

479
00:31:01,025 --> 00:31:02,145
Once that light switch flips.

480
00:31:02,305 --> 00:31:05,105
But, you know, one of the things is, and I've talked about this before,

481
00:31:05,165 --> 00:31:10,325
it's just that, man, your time preference really changes when you become a father.

482
00:31:10,665 --> 00:31:11,125
Oh, yeah.

483
00:31:11,225 --> 00:31:11,465
Really.

484
00:31:11,685 --> 00:31:14,925
I mean, you know, everything is academic until then.

485
00:31:14,925 --> 00:31:21,025
But you become a father and you see your child there and you're like, oh, no, now I get it.

486
00:31:21,165 --> 00:31:23,845
Now I understand what long-term thinking means.

487
00:31:24,025 --> 00:31:26,325
But you can't before, not really.

488
00:31:26,685 --> 00:31:27,265
Maybe, yeah.

489
00:31:27,365 --> 00:31:28,785
It was a long time ago when I was single.

490
00:31:28,925 --> 00:31:29,705
But yeah, I agree with you.

491
00:31:30,625 --> 00:31:36,105
I mean, you recognize the responsibility that you have and then you look into legacy.

492
00:31:36,285 --> 00:31:38,745
And as you get older, your views change.

493
00:31:38,865 --> 00:31:40,165
I mean, you're young.

494
00:31:40,265 --> 00:31:41,345
It's about running up the score.

495
00:31:41,525 --> 00:31:44,665
I mean, now it's more about your legacy and how you're going to be remembered.

496
00:31:44,865 --> 00:31:46,805
And again, that's part of why I wrote the book.

497
00:31:46,805 --> 00:31:50,585
I just wanted to try and contribute to a change that I think has to happen.

498
00:31:50,585 --> 00:31:58,825
you know yeah well i think people i think that people are primed for it now to your point but

499
00:31:58,825 --> 00:32:04,665
you know because you can only you know what's that uh forget what's that i i don't remember

500
00:32:04,665 --> 00:32:10,065
who uh originated the quote but it's something like you know like revolution is only you know

501
00:32:10,065 --> 00:32:15,505
like six missed meals away or something to that effect like yeah you know right basically like

502
00:32:15,505 --> 00:32:22,725
Society is always right on the edge of tearing this thing down if you stop being able to eat.

503
00:32:23,245 --> 00:32:26,525
You get people hungry and they get pissed off.

504
00:32:26,705 --> 00:32:32,825
And luckily, our mass-produced shit fiat food is so cheap now that that takes a lot longer to get to.

505
00:32:33,165 --> 00:32:34,985
But I think people are fed up.

506
00:32:35,405 --> 00:32:40,065
They're fed up because they know there's a problem, but they can't put their finger on what it is.

507
00:32:40,545 --> 00:32:40,905
That's right.

508
00:32:40,905 --> 00:32:45,745
And every politician, you know this, they feed people the symptoms of the problem.

509
00:32:45,745 --> 00:32:47,525
And they say this is the problem itself.

510
00:32:47,605 --> 00:32:49,105
This symptom, this is the problem.

511
00:32:49,185 --> 00:32:51,525
The Elizabeth Warrens, not just Elizabeth Warren, that's not even fair.

512
00:32:51,605 --> 00:32:54,385
I mean she's garbage, but it's on both sides of the aisle.

513
00:32:54,405 --> 00:32:55,025
It's all of them.

514
00:32:55,445 --> 00:32:57,585
They feed you the symptoms and they tell you it's the disease.

515
00:32:57,685 --> 00:32:58,165
But it's not.

516
00:32:58,245 --> 00:32:59,105
The disease is deeper.

517
00:32:59,205 --> 00:33:05,905
The disease is that the money is broken and that we have a cabal of banker bureaucrats who decide the price of money.

518
00:33:06,005 --> 00:33:07,265
So we don't live in a free market.

519
00:33:07,665 --> 00:33:07,925
Correct.

520
00:33:07,925 --> 00:33:10,465
And it's so damn frustrating.

521
00:33:10,905 --> 00:33:19,065
To see this, and I know you've seen it a lot longer than I have, obviously, but you see it and you hope, like, why don't other people see it?

522
00:33:19,445 --> 00:33:25,485
And that's where, honestly, like, I think that, like, books like yours are really important because sometimes it just takes something explained a little bit differently.

523
00:33:26,025 --> 00:33:28,085
It just takes that one interaction, you know what I mean?

524
00:33:28,525 --> 00:33:31,385
Just to push you over the edge and say, you know what, this is bullshit.

525
00:33:31,625 --> 00:33:34,025
I'm not sure young people like my book, but I think it's good for boomers.

526
00:33:34,025 --> 00:33:38,945
I've heard it's really landed with a lot of boomers because, you know, I'm a boomer and I'm writing from, you know, that voice.

527
00:33:39,045 --> 00:33:40,045
And so they kind of get it.

528
00:33:40,045 --> 00:33:43,865
But yeah, I mean, you have to have it kind of, you know, peeled away and shown to you.

529
00:33:44,145 --> 00:33:48,205
You also have to, you know, have to have a need and an understanding of it all.

530
00:33:48,325 --> 00:33:56,185
I mean, you know, I mean, I would say sadly among some of my friends or acquaintances, you know, they've actually been huge beneficiaries of the system.

531
00:33:56,465 --> 00:33:57,065
Do you know what I mean?

532
00:33:57,165 --> 00:33:59,645
And to them, there's nothing wrong with it.

533
00:33:59,645 --> 00:34:03,005
And they know their kids can't afford houses, but they figure out, fuck, I'm rich, I'll buy my kid a house.

534
00:34:03,005 --> 00:34:12,865
I mean, it's like the – I love the meme that shows the guy holding the kid with the basketball up to the basketball net.

535
00:34:13,465 --> 00:34:19,165
And the caption is the kid saying, me thinking I'm good at basketball and the person holding him up –

536
00:34:19,165 --> 00:34:23,385
or me thinking I'm good at real estate investing and the person holding him up is inflation.

537
00:34:24,065 --> 00:34:24,645
Do you know what I mean?

538
00:34:24,645 --> 00:34:32,785
And any boomer who bought real assets during their lifetime, houses and stuff, has gotten just an incredible ride.

539
00:34:33,005 --> 00:34:37,125
on the inflation. I mean, my parents, my parents paid 40, 35, maybe 30,

540
00:34:37,245 --> 00:34:40,205
high thirties, low forties for a house in Ann Arbor, Michigan in 1966.

541
00:34:40,725 --> 00:34:44,525
One of the nicest houses in town. I mean, it was a very, not that that's a big deal.

542
00:34:44,585 --> 00:34:48,145
I'm not bragging. It was just a damn nice house. And today that house is worth,

543
00:34:48,205 --> 00:34:51,565
you know, a couple million bucks. I mean, it's nuts, right? I mean,

544
00:34:51,705 --> 00:34:56,005
so, I mean, they don't own it anymore. They sold it. But the point is that,

545
00:34:56,005 --> 00:34:59,225
you know, that's, that's kind of what the debasement of money does to you.

546
00:34:59,225 --> 00:35:05,445
And the sad thing is that the working class, I mean, those people who have assets have been somewhat benefited by it.

547
00:35:05,945 --> 00:35:08,625
You know, the working class, they don't have the capital to buy that house.

548
00:35:09,065 --> 00:35:10,965
They don't necessarily have the credit to buy that house.

549
00:35:11,085 --> 00:35:15,225
And so, you know, they suffer at the cost of that.

550
00:35:15,225 --> 00:35:29,606
And I think that that's one of the reasons you can only kind of, pun intended, paper over inflation for so long before people say like, no, what are you doing?

551
00:35:29,905 --> 00:35:35,685
You can only put people in so much pain before they start asking, what is money?

552
00:35:35,785 --> 00:35:36,705
What even is this?

553
00:35:36,805 --> 00:35:37,985
What is happening here?

554
00:35:38,065 --> 00:35:40,085
Why do things have to keep getting more expensive?

555
00:35:40,305 --> 00:35:41,745
That doesn't make any sense.

556
00:35:42,245 --> 00:35:44,345
Robots are replacing all of us and AI is doing this.

557
00:35:44,345 --> 00:35:50,265
and things are still getting more expensive. Why? Why? Except on a flat screen TV. That keeps

558
00:35:50,265 --> 00:35:54,845
getting cheaper because it's literally outpacing inflation. Shout out to flat screen TVs.

559
00:35:55,425 --> 00:36:01,425
Yeah, right. Well, in all technology, and that's the really amazing thing is that the technology

560
00:36:01,425 --> 00:36:07,045
world has actually shown us how great deflation is and how wonderful deflation could be. I mean,

561
00:36:07,045 --> 00:36:12,685
I think about, you know, I mean, I remember, I remember this example, you know, buying my first,

562
00:36:12,745 --> 00:36:19,525
you know, stereo or buying my first Sony Walkman and how much it costs and how shitty it was,

563
00:36:19,625 --> 00:36:23,745
you know what I mean? And now, you know, you can get the same thing for 20 bucks. I mean,

564
00:36:23,745 --> 00:36:29,285
it's just, and computers, I mean, all of it. And so given all these technical developments,

565
00:36:29,285 --> 00:36:33,145
we all should be living like kings. I mean, we really should. I mean, we've, you know,

566
00:36:33,165 --> 00:36:36,925
the world is so much better as a place. I mean, that's the one thing today that is better.

567
00:36:37,045 --> 00:36:41,045
than the 70s. I'm talking to you. We're in different parts of the country. It's real time.

568
00:36:41,465 --> 00:36:45,365
It's virtually free. I mean, we both pay for an internet subscription, but it's modest.

569
00:36:45,985 --> 00:36:50,685
You know, I can call you anywhere in the world real time. I mean, hell, I was in college and I

570
00:36:50,685 --> 00:36:55,405
had 10 minutes on every weekend when I could afford to make a long distance call to my parents

571
00:36:55,405 --> 00:36:58,985
to tell them I was alive and doing okay and tell them what my grades were, you know? I mean,

572
00:36:58,985 --> 00:37:03,665
that's really the way it was. And so, you know, there's so many things that have gone right in the

573
00:37:03,665 --> 00:37:07,145
world and the technology. And by the way, it's that technology that's going to save us because

574
00:37:07,145 --> 00:37:11,645
the microprocessor led to the distribution of information, led to the internet, led to the

575
00:37:11,645 --> 00:37:16,645
breaking down of the sclerotic big organizations, and has now led to Bitcoin, really, because,

576
00:37:16,885 --> 00:37:21,525
you know, without technology and the microprocessor and, you know, distributed networks and everything

577
00:37:21,525 --> 00:37:28,205
else, you know, Bitcoin sound money in a digital form would not exist. And so, you know, thankfully,

578
00:37:28,205 --> 00:37:35,785
Thankfully, technology is going to save us. But, you know, and it's a good it's a beacon of where we need to be going, you know, as a society.

579
00:37:36,545 --> 00:37:44,145
And just the notion that we have to have this, you know, asset based debt to grow is just it's so flawed.

580
00:37:44,285 --> 00:37:50,585
And and it's, you know, how did it get that way? Right. How did we ever get to a place where we had 12 people setting the cost of money?

581
00:37:50,585 --> 00:37:57,205
You know, it's barbaric. Right. It should be the free market. It should be the balance of interest, balance of savings against the need for capital.

582
00:37:57,205 --> 00:38:04,225
set the interest rate, right? Free market pricing. But we got there because we had two parties in the

583
00:38:04,225 --> 00:38:09,005
country that were very, very interested in not having that system. One of them was the financiers

584
00:38:09,005 --> 00:38:14,725
and the banks and wealthy people, and the other was the government. And so what happened is they

585
00:38:14,725 --> 00:38:19,606
kind of figured out a way to make a deal between themselves where they would both benefit and the

586
00:38:19,606 --> 00:38:25,365
average person would suffer inflation. And so it started with the Fed in 1913. They immediately

587
00:38:25,365 --> 00:38:30,505
broke their charter and helped finance World War I. So the government got its war paid for,

588
00:38:31,205 --> 00:38:37,125
and the Fed and the banks made a ton of money on war profiteering. And the effect of World War I

589
00:38:37,125 --> 00:38:41,765
was the price of everything doubled. So we paid for World War I. We just didn't pay for it through

590
00:38:41,765 --> 00:38:50,245
taxation. They paid for it by the price level went up 100%. And that, wash, rinse, repeat,

591
00:38:50,245 --> 00:38:58,765
that story since 1916 to present with a lot of interim bumps and developments, probably the

592
00:38:58,765 --> 00:39:04,625
biggest of which, which I heavily talk about in the book, was abandoning gold in 1971. I mean,

593
00:39:05,225 --> 00:39:09,606
pre-Bitcoin, gold was sound money. It was your only choice. It was your soundest choice. And

594
00:39:09,606 --> 00:39:14,505
obviously, Bitcoin is sound money too. It's digital sound money. It's in so many ways superior to gold.

595
00:39:14,505 --> 00:39:19,785
But, you know, I always remind Bitcoin people, you got to remember what got us here.

596
00:39:20,245 --> 00:39:22,445
And you've got to remember how good things were on the gold standard.

597
00:39:22,505 --> 00:39:24,985
They weren't perfect, but they were better than they were on a fiat standard.

598
00:39:25,465 --> 00:39:29,065
And when we got off the gold standard, that started the slide.

599
00:39:29,165 --> 00:39:37,125
And, of course, it's that slide that then led Satoshi to develop Bitcoin because, as we know, in Block 1, he said, you know, Chancellor on the brink.

600
00:39:37,125 --> 00:39:48,925
And, you know, in a lot of his writings, he talked about how the abuse of the money-printing privilege was a big reason for the invention of Bitcoin because central banks will always and have always abused that privilege.

601
00:39:48,925 --> 00:39:56,505
And the thing I think is so unique and interesting about Bitcoin, I think it makes it very hard for most people to understand, is this is the first form of money.

602
00:39:56,545 --> 00:40:05,565
And this is why Jesse Meyer, who I love, says this is once in a millennium or once in a species kind of event is every form of money used by mankind.

603
00:40:05,705 --> 00:40:06,965
And we've used tons of things.

604
00:40:07,106 --> 00:40:11,245
We use beads and salt and grain and livestock.

605
00:40:11,485 --> 00:40:13,665
There are lots of forms of money, yapstones, whatever.

606
00:40:14,205 --> 00:40:18,205
But every one of them had some, you know, you could create more of it.

607
00:40:18,205 --> 00:40:21,245
There was an additional supply somehow available.

608
00:40:21,465 --> 00:40:25,205
And we all know that any commodity like gold or oil or anything else,

609
00:40:25,325 --> 00:40:27,185
the price goes high enough, we'll find more of it

610
00:40:27,185 --> 00:40:29,065
because somebody will be rewarded to do so.

611
00:40:29,785 --> 00:40:31,025
Here you are with Bitcoin.

612
00:40:31,285 --> 00:40:32,705
Okay, so turn that on its head.

613
00:40:32,745 --> 00:40:34,285
And this is why it's going up forever, Laura.

614
00:40:34,905 --> 00:40:36,085
Turn that on its head.

615
00:40:36,645 --> 00:40:37,485
Turn that on its head.

616
00:40:37,485 --> 00:40:40,945
We actually have a form of money with a fixed supply.

617
00:40:41,505 --> 00:40:43,165
And it's like, boom.

618
00:40:43,685 --> 00:40:45,106
I mean, just mind blown.

619
00:40:45,225 --> 00:40:47,025
That just did not exist.

620
00:40:48,025 --> 00:40:51,405
So forget all your, you know, this is why sales is your models are broken.

621
00:40:51,545 --> 00:40:52,465
Forget all your models.

622
00:40:52,626 --> 00:40:53,565
Forget the past.

623
00:40:54,185 --> 00:40:59,025
Try to think outside the box and ask yourself, you know, if something really like that changed

624
00:40:59,025 --> 00:41:01,845
and it's that significant, what are all the implications?

625
00:41:02,005 --> 00:41:05,405
I mean, it would be similar to, you know, the Wright brothers fly.

626
00:41:05,565 --> 00:41:08,606
I mean, did anyone see that we'd go to the moon or that we'd have a Concord that could

627
00:41:08,606 --> 00:41:12,385
go across the, you know, the ocean in three hours or all the kinds of stuff that would

628
00:41:12,385 --> 00:41:13,905
happen as a result?

629
00:41:13,965 --> 00:41:15,425
And that's the same kind of a thing.

630
00:41:15,425 --> 00:41:19,645
Or, you know, Berners-Lee and, you know, TCPIP and the Internet, right?

631
00:41:19,685 --> 00:41:30,445
Did anyone foresee in those early days of linking computers together that you and I would be speaking real time halfway around the country and able to broadcast it out to millions, you know, for free?

632
00:41:30,885 --> 00:41:32,285
I mean, essentially for free.

633
00:41:32,345 --> 00:41:33,565
I mean, it's like, wow.

634
00:41:33,785 --> 00:41:38,665
So we now have a form of money that is fixed in supply.

635
00:41:38,845 --> 00:41:42,425
It solves mankind's largest running issue, which is monetary debasement.

636
00:41:42,425 --> 00:41:49,225
debasement. It killed the Romans and it's killed hundreds of societies since then. And so, but we

637
00:41:49,225 --> 00:41:54,825
fixed it, right? Now, the entire world doesn't know that we fixed it. And actually, that's the

638
00:41:54,825 --> 00:41:59,126
opportunity because, you know, it's one of these first mover advantage kinds of things. I mean,

639
00:41:59,325 --> 00:42:03,285
you can wait until everybody knows about it and then it'll be pretty fairly priced and it won't

640
00:42:03,285 --> 00:42:07,825
have nearly the kind of the growth potential versus other currencies that it now has. But

641
00:42:07,825 --> 00:42:14,745
But right now, as we all know, there's $900 trillion of assets and $2 trillion of Bitcoin.

642
00:42:15,045 --> 00:42:16,985
And this is a superior asset.

643
00:42:17,365 --> 00:42:17,985
And guess what?

644
00:42:18,045 --> 00:42:19,945
Some of that $900 is coming for the two.

645
00:42:20,665 --> 00:42:25,465
And just for comparison, gold is $20 trillion of value.

646
00:42:25,565 --> 00:42:26,305
So Bitcoin's two.

647
00:42:26,305 --> 00:42:31,965
So just if Bitcoin were to equal gold in market value size, we'd be at $1 million a coin,

648
00:42:32,525 --> 00:42:36,365
which I actually fully, and I'm sure you agree with me, I fully expect in the early 2030s,

649
00:42:36,385 --> 00:42:36,965
we'll see that.

650
00:42:36,965 --> 00:42:43,126
and then sometime in the 2040s or 50s we're going to see tenant coin and so you know this is how

651
00:42:43,126 --> 00:42:48,425
sailor gets to his going it's going up forever lower and i agree with him and and it's just it

652
00:42:48,425 --> 00:42:56,205
comes back to that basic understanding that a monetary unit of fixed supply did not exist before

653
00:42:56,205 --> 00:43:01,665
bitcoin that's the key that's the insight i think people need to get their heads around

654
00:43:01,665 --> 00:43:06,865
and once you accept that and say to yourself, okay, given that, what does that mean in terms

655
00:43:06,865 --> 00:43:11,425
of the difference? Then, you know, you can kind of start to say, all right, well, I got to think

656
00:43:11,425 --> 00:43:16,225
differently about this stuff. I mean, in the book, I talked about how I really effed up. I,

657
00:43:16,285 --> 00:43:21,765
I missed investing in Amazon. I missed investing in Google. I missed investing in a lot of the

658
00:43:21,765 --> 00:43:25,885
things I invested in the internet early on, made a lot of money, but some of the big internet apps,

659
00:43:25,985 --> 00:43:29,345
I missed them because when I look at them, they were just too damn expensive. And I thought,

660
00:43:29,345 --> 00:43:31,865
I can't, you know, because I had the old investment model.

661
00:43:31,965 --> 00:43:35,805
I was like, well, you got to price earnings and price to revenue and price to book value

662
00:43:35,805 --> 00:43:39,185
and, you know, all this, you know, all this stuff I've been taught, right?

663
00:43:39,765 --> 00:43:43,606
And I didn't think that, no, this is really actually a Metcalfe's law deal where these

664
00:43:43,606 --> 00:43:46,145
things grow at the square of the value of the number of users.

665
00:43:47,126 --> 00:43:49,945
And so, you know, although they seem pricey, guess what?

666
00:43:49,985 --> 00:43:53,485
They're about to get more pricey and they just kept growing.

667
00:43:53,626 --> 00:43:55,865
And so, you know, the internet took over the world.

668
00:43:55,985 --> 00:43:56,985
Amazon took over the world.

669
00:43:57,126 --> 00:43:58,205
Facebook took over the world.

670
00:43:58,345 --> 00:43:59,265
Google took over the world.

671
00:43:59,345 --> 00:44:09,005
And these networking businesses became a new model because there had never been a World Wide Web kind of network before they existed.

672
00:44:09,665 --> 00:44:11,145
And Saylor was brilliant enough to see that.

673
00:44:11,185 --> 00:44:14,365
That's how he made a lot of his money before he actually got into microstrategy.

674
00:44:14,365 --> 00:44:21,265
I mean, he owned enormous pieces of Apple and all these other companies that he could see were going to benefit from that trend, Google, et cetera.

675
00:44:21,925 --> 00:44:22,645
And I missed it.

676
00:44:22,765 --> 00:44:23,865
I mean, I thought they were too expensive.

677
00:44:23,965 --> 00:44:24,505
I didn't buy them.

678
00:44:25,126 --> 00:44:26,245
But guess what?

679
00:44:26,245 --> 00:44:29,965
I'm not going to make that mistake again because it's deja vu to me.

680
00:44:30,065 --> 00:44:33,905
That exact same model is going into this monetary network called Bitcoin.

681
00:44:34,606 --> 00:44:36,285
And the exact same thing is going to happen.

682
00:44:36,505 --> 00:44:45,805
You know, we're at under 10% of the world uses it or really much, much more than 10% of the total world, but under 10% of the Western world or developed world uses it today.

683
00:44:46,045 --> 00:44:48,965
But that's going to go to 90% in my view.

684
00:44:48,965 --> 00:44:54,106
and you know Apollo and my kids and your and their kids are going to be like things are going to be

685
00:44:54,106 --> 00:44:58,185
priced at Satoshi's and the dollar is going to be something you look at in a museum you know that's

686
00:44:58,185 --> 00:45:01,945
that's going to that's going to be the old currency that they used back when we were

687
00:45:01,945 --> 00:45:08,145
you know back when before we before we realized that Keynes was a fraud so you know it's it's a

688
00:45:08,145 --> 00:45:13,345
it's a bright future coming and I'm so excited about all that and that's why I'm so crazed about

689
00:45:13,345 --> 00:45:18,065
all this fitness shit because I want to be around to see as much of it as I can yeah yeah no I mean

690
00:45:18,065 --> 00:45:28,685
It is really something I've been beating the drum on just as much as possible lately from my podcaster bully pulpit is just that we are still so early.

691
00:45:29,005 --> 00:45:31,885
Because it's really – I mean unit bias is very real.

692
00:45:32,065 --> 00:45:32,365
Yeah.

693
00:45:32,765 --> 00:45:44,651
Undeniably so And it so easy to look at something that over per unit Yes Of course that sounds expensive Of course it does You know I don blame people whatsoever

694
00:45:45,011 --> 00:45:48,651
Absolutely. First of all, and a lot of them don't understand you don't have to buy a whole unit.

695
00:45:48,651 --> 00:45:53,251
You know, you can buy a tenth of a unit, you can buy a hundredth of a unit, and it's going to make a difference.

696
00:45:53,511 --> 00:45:59,831
And yeah, I mean, in talking to my friends and getting them convinced to get into it, that's probably,

697
00:45:59,831 --> 00:46:02,471
the unit buy is probably the biggest obstacle I'm now facing.

698
00:46:02,531 --> 00:46:04,231
Well, yeah, sure, Larry, but you bought it at 400.

699
00:46:04,651 --> 00:46:05,791
Why didn't buy a lot, by the way?

700
00:46:05,831 --> 00:46:07,331
I was scared of it, and so I bought a little.

701
00:46:08,291 --> 00:46:09,391
I bought some more at 10.

702
00:46:09,550 --> 00:46:11,931
I mean, you know, I continue to buy all the way along.

703
00:46:12,631 --> 00:46:15,071
And I just, I was like, yeah, but you can't look backwards.

704
00:46:15,231 --> 00:46:16,311
I mean, Max bought it at $2.

705
00:46:16,691 --> 00:46:17,691
I mean, I'm jealous as hell.

706
00:46:17,871 --> 00:46:19,550
You know, and he told me about it back in the early days,

707
00:46:19,571 --> 00:46:21,411
and I didn't believe it because there were five others that had failed.

708
00:46:21,491 --> 00:46:22,511
I thought this one would fail too.

709
00:46:22,971 --> 00:46:24,191
So I effed up there.

710
00:46:24,191 --> 00:46:27,711
But set that aside, you know, what they have to ask themselves,

711
00:46:27,711 --> 00:46:31,211
if it's a million dollars in five or six years and they knew about it a hundred,

712
00:46:31,311 --> 00:46:33,691
aren't they going to experience regret? You know,

713
00:46:33,731 --> 00:46:35,931
and if it's 10 million in 20 years,

714
00:46:35,991 --> 00:46:38,731
aren't they going to experience more regret? And so to me,

715
00:46:38,731 --> 00:46:40,411
it's not a matter of whether you buy it or not.

716
00:46:40,411 --> 00:46:42,851
It's a matter of what's your sizing on it. And you know,

717
00:46:43,191 --> 00:46:46,031
it's volatile and there's some big drawdowns and the way you and I both know,

718
00:46:46,091 --> 00:46:47,291
there are people who get hurt in it.

719
00:46:47,351 --> 00:46:51,091
If you bought right at the top and you panicked in a drawdown, you'd get hurt.

720
00:46:51,151 --> 00:46:54,011
That would be wrong. But if you hold for four years, it's always come back.

721
00:46:54,371 --> 00:46:55,951
It's higher highs and higher lows.

722
00:46:55,951 --> 00:47:09,591
And the other model I use a lot, I try and use an analogy, and some say it's a little bit extreme or doomerish, but I like to use it, which is, you know, the U.S. dollar and the monetary system is, in my view, the Titanic.

723
00:47:09,771 --> 00:47:10,491
It's going down.

724
00:47:10,771 --> 00:47:11,531
It's broken.

725
00:47:11,691 --> 00:47:12,591
They can't stop it.

726
00:47:12,631 --> 00:47:13,311
It's going down.

727
00:47:13,991 --> 00:47:19,371
And so there are these lifeboats floating next to the Titanic, and one of them is called Bitcoin, and the other one is called gold.

728
00:47:20,171 --> 00:47:22,391
And, you know, you were fortunate.

729
00:47:22,471 --> 00:47:23,050
I was fortunate.

730
00:47:23,050 --> 00:47:28,271
I bought seats in these lifeboat a while ago, and I'm glad I did because they're more valuable today.

731
00:47:28,591 --> 00:47:38,411
And so you, Mr. New Investor, who's now becoming aware of the monetary problems that we face, the seat for me might have been $400 or in Gold's case it was $300.

732
00:47:39,071 --> 00:47:41,211
Or it might have been – I bought coins at $60,000.

733
00:47:41,311 --> 00:47:41,891
Don't get me wrong.

734
00:47:42,831 --> 00:47:45,111
And to you today, it's $108.

735
00:47:45,711 --> 00:47:47,691
But remember, you're on the Titanic.

736
00:47:47,831 --> 00:47:48,651
Do you want the seat?

737
00:47:49,391 --> 00:47:50,011
Do you know what I mean?

738
00:47:50,550 --> 00:47:51,050
Do you want –

739
00:47:51,050 --> 00:48:04,091
You know, so you got to, if you really, if you see, if you understand the risk, and you don't have to buy a full seat, you know, I mean, so take a 5% allocation, you know, I mean, but just don't ignore it.

740
00:48:04,151 --> 00:48:07,271
I have a lot of clients, many of whom are older, many of whom hold a lot of gold.

741
00:48:07,851 --> 00:48:11,711
And I've tried to convince them, I say, you know, that's fine, and gold will protect you, it's good.

742
00:48:11,711 --> 00:48:17,831
but you know for for the optionality and the asymmetry of it you really need to think hard

743
00:48:17,831 --> 00:48:22,891
about having a piece you know of this and whether that's one percent or five percent or ten percent

744
00:48:22,891 --> 00:48:27,111
i mean obviously in in your case my case we're higher than that and that's because we fully

745
00:48:27,111 --> 00:48:32,371
believe and understand it but but the point is to have zero is really a mistake and i i try to

746
00:48:32,371 --> 00:48:37,511
emphasize that to everybody i talk to yeah and for people's uh for people that want to know i i

747
00:48:37,511 --> 00:48:41,871
I will, I have bought all the way up to whatever the all time high was recently.

748
00:48:41,871 --> 00:48:45,691
I bought up to 123K cause that dollar cost average. And so, you know, it's,

749
00:48:45,691 --> 00:48:48,791
it's like, you know, it's like, I, I, yep. I have, I buy, I may,

750
00:48:48,911 --> 00:48:52,991
I am a buyer at every price, no matter what the price of Bitcoin is.

751
00:48:53,871 --> 00:48:55,671
Same here. And I, and I typically,

752
00:48:55,771 --> 00:48:57,851
the only thing I typically do is I typically I go to strike.

753
00:48:57,911 --> 00:48:59,771
I love strike by the way, big shout out.

754
00:48:59,771 --> 00:49:02,731
And I just have a ladder buy underneath, you know, I,

755
00:49:02,771 --> 00:49:06,571
I know there's more I want. And so, I mean, I got hit on, you know, one,

756
00:49:06,571 --> 00:49:12,151
112, 111, 110, 109. I don't think my 108 got hit. I can't remember. I'm pretty sure it didn't,

757
00:49:12,351 --> 00:49:18,851
but I, but I had a 107 and a 106 and a 105 and, you know, um, and yeah, it's just, it's the way

758
00:49:18,851 --> 00:49:24,811
I go about doing it. Everybody does it differently, but yeah, it's, um, it is, you know, and, and

759
00:49:24,811 --> 00:49:28,391
the thing that's the other thing I want to, I think I want to emphasize to you that, and to

760
00:49:28,391 --> 00:49:32,451
the audience, I think it's very important is that, as you know, and as I know, I mean, we're smiling,

761
00:49:32,451 --> 00:49:36,351
we're happy. Once, once you cross over into this, once you really understand it, once you see where

762
00:49:36,351 --> 00:49:42,191
we're going, it's a very peaceful and nice existence. I mean, and you kind of, there's a

763
00:49:42,191 --> 00:49:48,431
certain sense of calm and, and just positivity that emerges. I mean, it, Bitcoin changes you.

764
00:49:48,511 --> 00:49:54,151
And in my case, it really changed me because I remember my dad retiring with some money that

765
00:49:54,151 --> 00:49:57,111
most people would say that's a lot, but it really wasn't, it was modest. But,

766
00:49:57,291 --> 00:50:01,851
and I remember by the time he passed, you know, it wasn't really, he'd run through it all or it

767
00:50:01,851 --> 00:50:06,011
wasn't very much. He didn't live high or anything. It was just inflation had eaten it up. Right. And

768
00:50:06,011 --> 00:50:13,151
And I know many of these stories where somebody will have worked their whole life, will be 65 years old, maybe their house is paid for, maybe they have a decent savings.

769
00:50:13,911 --> 00:50:17,951
But they think, you know, I can't really stop working because I don't know if I have enough.

770
00:50:18,611 --> 00:50:22,431
You know, if there's a lot of inflation, I live to 90, I'm going to run out of money.

771
00:50:23,031 --> 00:50:25,531
And that really makes their latter years stressful.

772
00:50:26,031 --> 00:50:26,631
Do you know what I mean?

773
00:50:26,631 --> 00:50:29,811
And, you know, I'm 68 right now.

774
00:50:29,971 --> 00:50:33,411
And, you know, I can kind of sit there and think, gosh, you know what?

775
00:50:33,411 --> 00:50:38,051
if what I've saved doesn't really debase, and in fact, maybe if it even goes up a lot in value,

776
00:50:38,631 --> 00:50:46,951
I'm fine. I mean, because I'm protected from inflation, so I'm fine. And maybe I can relax

777
00:50:46,951 --> 00:50:51,571
a little bit. I don't have to have that existential fear of running out of money. And I think a lot of

778
00:50:51,571 --> 00:50:56,591
human beings have an existential fear of running out of money, and understandably so. It's no fun

779
00:50:56,591 --> 00:51:02,091
to think about being poor. And so that's why they just keep working themselves. In fact, I saw

780
00:51:02,091 --> 00:51:05,731
something on one of the networks this morning. I talked about, you know, a lot of people saying,

781
00:51:05,831 --> 00:51:09,171
you know, they're basically going to work until they drop because they really don't have much

782
00:51:09,171 --> 00:51:13,731
choice. And I, you know, and I find that sad. I mean, I think it's, you know, one would think

783
00:51:13,731 --> 00:51:18,031
that after a lifetime of hard work, if you live somewhat responsibly, you might be able to take

784
00:51:18,031 --> 00:51:22,511
some time to enjoy it with your grandkids or traveling or, you know, not, not, not, you know,

785
00:51:22,511 --> 00:51:26,371
you don't want to be a greeter at Walmart when you're 80 years old, but, you know, sadly that

786
00:51:26,371 --> 00:51:31,011
doesn't happen for some people. Well, I think, I think, yeah, one of the really insidious and sick

787
00:51:31,011 --> 00:51:35,571
things that it has done is it has taken so much of the dignity out of life.

788
00:51:35,731 --> 00:51:39,951
It has taken the dignity away from people where you used to be able,

789
00:51:40,011 --> 00:51:45,071
and you should be able to put in an honest day's work and, you know, work,

790
00:51:45,171 --> 00:51:46,831
work hard, you know, do, do right.

791
00:51:47,751 --> 00:51:51,831
And come back and take care of your family and live a, you know,

792
00:51:51,871 --> 00:51:53,991
a comfortable life. You know, you don't have to live lavishly,

793
00:51:53,991 --> 00:51:57,031
but to live a comfortable life and to be able to retire, you know, at,

794
00:51:57,031 --> 00:52:00,611
at 65, that's, you know, after whatever, 40 plus years of work,

795
00:52:00,611 --> 00:52:04,471
almost 50 years of work that's not so unreasonable, right?

796
00:52:04,651 --> 00:52:05,831
You should be able to do that.

797
00:52:05,871 --> 00:52:06,771
That's not so unreasonable.

798
00:52:07,191 --> 00:52:07,771
No, it's not.

799
00:52:08,231 --> 00:52:09,171
You can't do that.

800
00:52:09,331 --> 00:52:13,191
You can't do it because you also, in addition to working all day,

801
00:52:13,531 --> 00:52:15,091
you need to be an expert investor.

802
00:52:15,711 --> 00:52:19,211
You need to figure, and a gambler, and a speculator, and everything else.

803
00:52:19,331 --> 00:52:20,271
And it's just, it's insane.

804
00:52:20,671 --> 00:52:21,491
Yeah, it is insane.

805
00:52:21,671 --> 00:52:24,211
Yeah, and there are so many scams out there,

806
00:52:24,231 --> 00:52:25,811
and there are lots of ways to lose money.

807
00:52:25,951 --> 00:52:28,471
And it's actually very, very hard.

808
00:52:28,771 --> 00:52:29,951
It's very, very hard.

809
00:52:29,951 --> 00:52:36,491
I mean, and so for that, you know, for that as well as a multitude of other reasons, I mean, I think Bitcoin will defund war.

810
00:52:36,651 --> 00:52:40,211
And, you know, I think Bitcoin will defund the government, you know, in a lot of ways.

811
00:52:40,291 --> 00:52:41,971
And, you know, we need a government.

812
00:52:42,151 --> 00:52:44,111
We need, you know, I don't want to live in an anarchy.

813
00:52:44,251 --> 00:52:53,111
I want, you know, I think the original premise of the founding fathers of the country and women, too, is that, you know, we'd have a fair set of rules.

814
00:52:53,111 --> 00:53:00,951
And, you know, I want the government to enforce the laws and have courts and have police officers and defend us insofar as we have legitimate overseas threats.

815
00:53:01,051 --> 00:53:05,071
I don't think there are many of those out there, but we've invented a lot that we pretend are.

816
00:53:05,911 --> 00:53:06,751
You know, fine.

817
00:53:06,871 --> 00:53:14,671
But I think my guess would be that a 10 or 15 percent consumption tax levied equally across the whole populace got all that covered easily.

818
00:53:15,071 --> 00:53:17,091
And then all the other stuff, just shut it down.

819
00:53:17,251 --> 00:53:17,991
You just don't need it.

820
00:53:17,991 --> 00:53:24,131
so yeah but that's you know that's that's for the bitcoiners to decide because i think what

821
00:53:24,131 --> 00:53:28,211
will happen is that the other thing i would you know two two points i'd like to make that i think

822
00:53:28,211 --> 00:53:31,891
the average person doesn't fully understand and if i get some we were talking earlier i'm trying

823
00:53:31,891 --> 00:53:38,971
to get on some major media um and i'm going to emphasize two things one i think that inflation

824
00:53:38,971 --> 00:53:44,251
is going to really be the story of this decade and i think people are underestimating the size

825
00:53:44,251 --> 00:53:49,091
of that risk and they need to be much more aware of the size of that risk. It's about to get worse,

826
00:53:49,091 --> 00:53:58,371
in my opinion. Two, if that's the case, the transfer of assets from those who understand that

827
00:53:58,371 --> 00:54:06,011
and can adjust their behavior according to that versus those that don't is going to be really kind

828
00:54:06,011 --> 00:54:12,191
of mind-boggling. I mean, you're going to really, you know, in 10 or 15 or 20 years, just like you

829
00:54:12,191 --> 00:54:16,871
know who went to work in tech and was an early employee at Microsoft or Google or whatever it

830
00:54:16,871 --> 00:54:23,051
might be, you're going to know in 10 or 15 years who understood sound money and saved in things

831
00:54:23,051 --> 00:54:27,031
that couldn't be debased. And you're going to know who didn't because they're, you know,

832
00:54:27,091 --> 00:54:31,471
they're not going to, they're financially going to be in much worse shape. And to me, the transfer,

833
00:54:31,931 --> 00:54:38,031
you know, the wealth transfer is going to be really significant. And so people need to think

834
00:54:38,031 --> 00:54:43,811
that through because it appears to be going slowly right now but to you and me who are in it we're

835
00:54:43,811 --> 00:54:49,871
watching it it's actually going really quickly it's happening fast i mean we're gonna be you

836
00:54:49,871 --> 00:54:54,831
know we're gonna be at 200 000 bitcoin you know probably sometime tail end of next year i mean

837
00:54:54,831 --> 00:55:01,271
this you know it's pretty amazing what's happening and and and in turn if you think these prices are

838
00:55:01,271 --> 00:55:07,631
bad at the grocery store hang on your hat i mean sadly it's i think it's going to get worse you

839
00:55:07,631 --> 00:55:09,071
I mean, I don't know.

840
00:55:09,171 --> 00:55:11,371
The whole pricing thing, I'm turning into my grandfather.

841
00:55:11,371 --> 00:55:12,611
I had a grandfather who's from Maine.

842
00:55:12,711 --> 00:55:13,631
He was very conservative.

843
00:55:13,811 --> 00:55:14,611
He was very cheap.

844
00:55:15,311 --> 00:55:17,191
And everywhere he went, he complained about prices.

845
00:55:17,351 --> 00:55:18,091
I mean everywhere.

846
00:55:18,191 --> 00:55:18,951
We'd go to a restaurant.

847
00:55:19,431 --> 00:55:20,311
He'd get a bowl of soup.

848
00:55:20,351 --> 00:55:21,171
It was 50 cents.

849
00:55:21,231 --> 00:55:21,771
He was bitching.

850
00:55:21,851 --> 00:55:22,851
This used to be a corner.

851
00:55:25,091 --> 00:55:26,591
But he was right.

852
00:55:26,811 --> 00:55:27,331
He was right.

853
00:55:28,231 --> 00:55:29,591
I'm turning into that guy.

854
00:55:29,751 --> 00:55:31,971
I'm turning into the cranky old guy who bitches about prices.

855
00:55:31,971 --> 00:55:35,351
But frankly, we're all going to be cranky old – not old.

856
00:55:35,351 --> 00:55:38,511
We're all going to be cranky and bitching about prices if they keep printing the way they're printing.

857
00:55:39,611 --> 00:55:41,431
I mean, that's the thing.

858
00:55:42,211 --> 00:55:57,371
You can't – you can only lie to people, like lie straight to their face and just bullshitting them straight to their face for so long before they say, well, but what you're telling me is the exact opposite of what I'm experiencing in my life every single day.

859
00:55:57,371 --> 00:56:01,131
So you can tell me things are all fine and it's all going according to plan.

860
00:56:01,211 --> 00:56:01,871
It's all under control.

861
00:56:01,871 --> 00:56:06,851
but I can't afford to eat the same things that I ate before.

862
00:56:06,931 --> 00:56:08,611
I can't afford to have a steak.

863
00:56:09,071 --> 00:56:12,811
Like I can't afford to do that because it's four X the price.

864
00:56:12,991 --> 00:56:13,431
Right.

865
00:56:13,851 --> 00:56:16,891
People will only believe the bullshit for so long.

866
00:56:16,991 --> 00:56:17,431
Exactly.

867
00:56:17,511 --> 00:56:19,171
And it's crossed so many spectrums,

868
00:56:19,191 --> 00:56:19,371
you know,

869
00:56:19,371 --> 00:56:21,151
take this jab and you're going to be safe.

870
00:56:21,231 --> 00:56:23,071
You won't get the after effects.

871
00:56:23,091 --> 00:56:25,131
And then people are having myocarditis and dropping debt.

872
00:56:25,131 --> 00:56:25,491
I mean,

873
00:56:25,951 --> 00:56:26,811
it's just there,

874
00:56:27,071 --> 00:56:27,671
you know,

875
00:56:27,711 --> 00:56:28,051
what we're,

876
00:56:28,131 --> 00:56:28,991
what we're coming to see.

877
00:56:29,031 --> 00:56:29,151
And,

878
00:56:29,191 --> 00:56:29,711
and you know,

879
00:56:29,731 --> 00:56:30,171
this is all,

880
00:56:30,251 --> 00:56:30,411
I mean,

881
00:56:30,411 --> 00:56:31,051
I loved yesterday,

882
00:56:31,051 --> 00:56:35,131
Robert Kennedy went after all these senators. And, you know, the, you know, this is because

883
00:56:35,131 --> 00:56:41,331
the pharma complex has just basically made the entire country sick and they live off of us being

884
00:56:41,331 --> 00:56:46,551
sick. And, you know, food companies live off of us eating too much sugar and processed crap. And so,

885
00:56:47,091 --> 00:56:52,031
you know, in the 70s, 13% of the country was overweight. Now, 65% of the country is overweight.

886
00:56:52,171 --> 00:57:00,111
I mean, it just goes into every single facet of where we are. And, you know, as you and I like to

887
00:57:00,111 --> 00:57:05,071
say, Bitcoin fixes this. I mean, if we, you know, if it just takes the grift away from a lot of

888
00:57:05,071 --> 00:57:10,611
these industries, there was a question, I know you put out a request for questions about things.

889
00:57:10,691 --> 00:57:13,811
And one of the ones that got asked, I thought it was a really good question. I'll try and answer

890
00:57:13,811 --> 00:57:22,091
for your audiences. What am I looking at to see, you know, where we are in the whole process? And

891
00:57:22,091 --> 00:57:26,291
it's, there's no magic to this folks. I mean, it's pretty simple. I mean, I'm watching the bond

892
00:57:26,291 --> 00:57:31,691
yields, the 10-year bond yield. I'm watching the price of gold. I'm watching the price of silver.

893
00:57:31,811 --> 00:57:37,391
I'm watching the price of Bitcoin. I'm watching the 20 and 30-year bond yields. I'm watching M2

894
00:57:37,391 --> 00:57:42,771
growth. And you can find that on the Fed's website. I'm sorry, on the Fred website.

895
00:57:44,031 --> 00:57:50,191
And then I very carefully watch what the Fed says, what the Treasury Secretary says,

896
00:57:50,671 --> 00:57:54,631
what Stephen Miran, who's the Council of Economic Advisors, has just been nominated to the Fed says.

897
00:57:54,631 --> 00:57:59,131
I mean, I watched what, you know, what Trump says, all these guys, I mean, and there've

898
00:57:59,131 --> 00:58:00,231
been a lot of interesting clues.

899
00:58:00,351 --> 00:58:03,191
I mean, Trump said something like he who has the gold makes the rules.

900
00:58:03,911 --> 00:58:08,591
Another interesting thing that occurred was, you know, Trump said, they came in, remember,

901
00:58:08,651 --> 00:58:10,711
and they said, well, you know, we're going to audit Fort Knox, right?

902
00:58:11,451 --> 00:58:11,771
Yeah.

903
00:58:12,051 --> 00:58:13,031
I was pretty excited.

904
00:58:13,151 --> 00:58:13,891
I think that's great.

905
00:58:14,451 --> 00:58:16,351
And then Trump's a gold guy.

906
00:58:16,451 --> 00:58:17,371
I mean, he gets it.

907
00:58:17,451 --> 00:58:20,171
I mean, he nominated Judy Shelton to the Fed board.

908
00:58:20,251 --> 00:58:21,071
Of course, she was savage.

909
00:58:21,191 --> 00:58:22,271
I talk about that in my book.

910
00:58:22,271 --> 00:58:24,611
inappropriately savage.

911
00:58:25,271 --> 00:58:26,751
What's really interesting, they got in there.

912
00:58:26,811 --> 00:58:28,591
Suddenly that got all, kind of like Epstein,

913
00:58:28,711 --> 00:58:30,751
they got in there and suddenly got really

914
00:58:30,751 --> 00:58:32,611
quiet about auditing Fort Knox.

915
00:58:32,791 --> 00:58:34,751
What I'm thinking happened is that they got read

916
00:58:34,751 --> 00:58:36,311
in that it's just not all there.

917
00:58:37,171 --> 00:58:38,791
There's a really old

918
00:58:38,791 --> 00:58:40,851
hand gold guy in London who I know quite well.

919
00:58:41,931 --> 00:58:43,071
He's old enough to know.

920
00:58:43,271 --> 00:58:44,731
He knew people who were in the Treasury

921
00:58:44,731 --> 00:58:46,491
Administration for Johnson. This is

922
00:58:46,491 --> 00:58:48,691
the 60s, but he knew the people who were there.

923
00:58:49,471 --> 00:58:50,891
The word from them is

924
00:58:50,891 --> 00:58:54,591
that when the London gold pool was spun up in the 60s, the mid-60s,

925
00:58:54,611 --> 00:58:57,251
and this was the first effort to suppress the price of gold

926
00:58:57,251 --> 00:58:59,331
before we broke the gold standard in 71,

927
00:59:00,531 --> 00:59:05,311
Johnson shipped gold from Fort Knox to London to help support that effort.

928
00:59:05,991 --> 00:59:07,411
And then, of course, we didn't get it back,

929
00:59:07,451 --> 00:59:10,551
and they were just ripshit pissed that we didn't get it back.

930
00:59:10,831 --> 00:59:14,331
Yeah, and so I don't think all the gold is in Fort Knox.

931
00:59:14,451 --> 00:59:16,171
Neither does Ron Paul, and he told me that once.

932
00:59:16,491 --> 00:59:18,351
So that's interesting.

933
00:59:19,271 --> 00:59:24,331
It is amazing how quickly that just kind of – let's forget I talked about that.

934
00:59:24,451 --> 00:59:25,211
Let's just –

935
00:59:25,211 --> 00:59:32,431
Well, if you listen to Andy Sheckman, who's very smart on his gold guy and knows the flows because he's in the business, we've had a lot of gold imports.

936
00:59:32,431 --> 00:59:34,031
It's hard to tell exactly how many.

937
00:59:34,291 --> 00:59:35,891
We had different conflicting reports.

938
00:59:36,331 --> 00:59:48,151
And somebody – he's argued and others have as well that those imports were actually treasury on the buy trying to refill Fort Knox, realizing that potentially that would be what we would use to do the reset.

939
00:59:48,151 --> 00:59:57,351
Now, I think there's another interesting possibility that we should talk about, though, and it goes to the Jason Lowry thesis and the thesis of what is the soundest money.

940
00:59:57,451 --> 00:59:59,831
So the soundest money is the one with the lowest stock to flow.

941
01:00:00,371 --> 01:00:04,611
Right now, that's Bitcoin, and it's only going to get sounder because every four years, the flow gets cut in half.

942
01:00:05,571 --> 01:00:09,711
And so it's pretty clear to me that the government understands this.

943
01:00:09,711 --> 01:00:12,291
I mean, Steve Moran is a Bitcoin guy.

944
01:00:12,291 --> 01:00:18,471
you know, you know, Treasury Secretary Scott percent is a self-proclaimed gold bug. Right.

945
01:00:18,511 --> 01:00:23,611
I mean, he said, you know, I am a gold bug. It's my largest holding. So he gets it. And I think he's

946
01:00:23,611 --> 01:00:29,611
Bitcoin positive. You know, Trump has said gold makes the rules. Trump's son is actually out there

947
01:00:29,611 --> 01:00:35,031
shilling for a gold company saying, you know, my dad believes in the gold standard. Judy Shelton

948
01:00:35,031 --> 01:00:42,731
says that Trump told her that he would try her gold-backed treasury bond on the anniversary

949
01:00:42,731 --> 01:00:43,591
next summer.

950
01:00:43,851 --> 01:00:47,731
Is it the 250th anniversary of whatever the country on July 4th next summer?

951
01:00:47,911 --> 01:00:49,831
So that's an interesting data point.

952
01:00:50,051 --> 01:00:55,291
So there are sound money thoughts bubbling around in the administration.

953
01:00:55,571 --> 01:00:59,991
There are also in the defense and intelligence community some things going on that I thought

954
01:00:59,991 --> 01:01:00,331
were interesting.

955
01:01:00,851 --> 01:01:02,351
So I'm in Washington, D.C.

956
01:01:02,391 --> 01:01:03,731
Or I'm in Las Vegas.

957
01:01:03,731 --> 01:01:12,731
This guy comes up to me, can't dox him, but a senior looking guy, very conservatively dressed and said, hi, and told me his name.

958
01:01:12,791 --> 01:01:14,651
And I wanted to send him something on his phone.

959
01:01:14,691 --> 01:01:16,431
He said, I don't, I don't communicate that way.

960
01:01:16,631 --> 01:01:17,771
You can't do that.

961
01:01:18,231 --> 01:01:22,771
And I, and, and he said, I, you know, I work, I'm in the, I'm in the defense.

962
01:01:23,551 --> 01:01:25,771
I'm in defense work in Washington, DC.

963
01:01:26,311 --> 01:01:28,611
And I just want to tell you your book is burning up the halls.

964
01:01:28,731 --> 01:01:29,591
And I said, I was like, what?

965
01:01:30,291 --> 01:01:31,451
And he said, yeah, really?

966
01:01:31,631 --> 01:01:31,871
Yeah.

967
01:01:31,871 --> 01:01:32,491
He said, yeah.

968
01:01:33,011 --> 01:01:34,131
He said, because, I said, why?

969
01:01:34,251 --> 01:01:41,371
He said, well, you know, our job is to look at all threats to the country and to understand, you know, things that could go wrong and what could happen.

970
01:01:42,011 --> 01:01:44,691
And obviously, hyperinflation is one of the risks.

971
01:01:44,691 --> 01:01:49,231
And your book kind of pretty well lays out how that all happens and what the risk is.

972
01:01:49,231 --> 01:01:52,371
And then I Googled him and I found him.

973
01:01:52,411 --> 01:01:53,471
It was hard, but I found him.

974
01:01:53,631 --> 01:01:58,711
And he had been and is at three-letter agencies, big ones, like NSA kind of stuff.

975
01:01:58,791 --> 01:01:59,791
Actually, that's one of them.

976
01:02:00,351 --> 01:02:02,151
And so, you know, it's legit.

977
01:02:02,151 --> 01:02:07,891
And so, you know, there's a possibility, in my view, that ultimately the federal government will come to understand.

978
01:02:07,991 --> 01:02:14,211
This is why they're pushing the, you know, the stable coins and, you know, the Genius Act and the Clarity Bill and all that.

979
01:02:14,331 --> 01:02:24,911
Because I think they understand that if this is going to be the winning form of money and we're trying to move towards a monetary reset, it might be better to just skip the whole gold piece and go right to Bitcoin.

980
01:02:24,911 --> 01:02:32,031
I mean, you know, in the past, you know, as many people say, when you have Gresham's Law, only one can win.

981
01:02:32,151 --> 01:02:39,431
And in the past, gold and silver competed for that role, but silver had worse stock to flow and India and China bet on it.

982
01:02:39,491 --> 01:02:41,751
And unfortunately, they suffered for doing so.

983
01:02:42,511 --> 01:02:47,891
And by the way, India and China also own a lot more gold than we do, although not reported.

984
01:02:48,031 --> 01:02:48,731
It's off the record.

985
01:02:50,091 --> 01:02:53,191
Well, China's warrants have started going way up, right?

986
01:02:53,251 --> 01:02:56,031
They're making these attestations to say, look, we own all this gold.

987
01:02:56,131 --> 01:02:59,631
I mean, whether or not it's just tungsten wrapped in gold leaf is a different story.

988
01:02:59,631 --> 01:03:05,851
But I do want to ask you about that because I think there's a really interesting bit of game theory there.

989
01:03:06,151 --> 01:03:13,951
Because the U.S., by and large, both with the government-owned Bitcoin, which is minuscule even compared to strategies holdings,

990
01:03:14,411 --> 01:03:21,591
but government-owned confiscated Bitcoin, corporate Bitcoin holdings, strategy being obviously the most massive of all those, orders of magnitude,

991
01:03:21,591 --> 01:03:29,611
and then individual holdings, the United States is far and away the largest nation when it comes to holding Bitcoin.

992
01:03:29,971 --> 01:03:30,371
Absolutely.

993
01:03:30,591 --> 01:03:33,451
Now, that is advantageous for us.

994
01:03:33,651 --> 01:03:36,531
Have you thought about how do you see this playing out in terms of the game theory?

995
01:03:36,531 --> 01:03:47,351
It seems maybe it's more likely, just because old habits die hard, that if we were going to resort to a sound money standard or revert to a sound money standard, we'd go back to gold because it's what you know.

996
01:03:48,031 --> 01:03:52,771
But to me, the game theory makes more sense for it to be Bitcoin.

997
01:03:52,931 --> 01:03:58,331
If you want to advantage Americans and disadvantage our adversaries, it makes sense for it to be Bitcoin, right?

998
01:03:58,571 --> 01:03:58,851
Totally.

999
01:03:58,851 --> 01:04:02,931
totally. And I think, you know, what I don't know, and what's so hard to tell Walker is,

1000
01:04:03,091 --> 01:04:06,971
you know, he's only got four years. I just don't know how bold and daring he's going to be. But

1001
01:04:06,971 --> 01:04:12,371
I'm pretty sure that the Jason Lowery is the CIA, you know, the defense intelligence community

1002
01:04:12,371 --> 01:04:16,831
that's watched our nation get hollowed out. And I mean, you know, in a funny way, it's kind of good.

1003
01:04:16,871 --> 01:04:20,311
I mean, we couldn't fight a war right now with China if we wanted to, because all the rare

1004
01:04:20,311 --> 01:04:25,751
are necessary for us to fight that war. And so I don't think China is going to attack us. And that's

1005
01:04:25,751 --> 01:04:29,871
a good thing. And I don't think we're going to get into a war with them because frankly, we couldn't.

1006
01:04:30,311 --> 01:04:35,871
So, and by the way, I think wars are kind of going to kind of ultimately just kind of fade away as

1007
01:04:35,871 --> 01:04:39,891
part of humanity's existence, because I think we're getting more enlightened and we realize

1008
01:04:39,891 --> 01:04:44,311
that they don't do much and they're just, they're destructive. So, but yes, you're right. I mean,

1009
01:04:44,311 --> 01:04:50,031
that would be the absolute, you know, boss move to make to just jump over and go to a full Bitcoin

1010
01:04:50,031 --> 01:04:54,291
standard. And, you know, I don't know, stranger things have happened. It could happen. I mean,

1011
01:04:54,291 --> 01:05:01,331
And, you know, if you told me three years ago, we'd have ETFs and we'd have a president who supports it and we'd have a strategic Bitcoin reserve being talked about.

1012
01:05:01,451 --> 01:05:03,331
And I mean, I would have said, you're out of your mind.

1013
01:05:03,391 --> 01:05:04,171
That'll never happen.

1014
01:05:04,211 --> 01:05:05,371
And yet look at where we are.

1015
01:05:05,411 --> 01:05:05,911
It's happened.

1016
01:05:06,011 --> 01:05:06,231
Right.

1017
01:05:06,911 --> 01:05:10,811
So, you know, yeah, it it could it could definitely happen.

1018
01:05:10,811 --> 01:05:14,691
And I know I know which one I want to own in the longer run.

1019
01:05:14,791 --> 01:05:17,391
And by the way, they could coexist for a while.

1020
01:05:17,491 --> 01:05:21,991
I mean, you could you know, you could have a standard of sound money based on gold and Bitcoin.

1021
01:05:21,991 --> 01:05:27,791
I mean, I think Bitcoin is going to continue to go up and to the right in gold terms.

1022
01:05:27,931 --> 01:05:28,831
I mean, just no doubt.

1023
01:05:29,731 --> 01:05:33,091
But gold is going to continue to go up and to the right in fiat terms.

1024
01:05:33,411 --> 01:05:41,811
And so, you know, they both will play a role in demonetizing, you know, fiat and making fiat worthless, which is where I think it's headed.

1025
01:05:42,271 --> 01:05:48,671
So, yeah, the politics of it are, it's hard to know and it's complex.

1026
01:05:48,671 --> 01:05:53,651
but I'm pleased at knowing that I think we have an administration

1027
01:05:53,651 --> 01:05:56,011
that actually somewhat understands the issue.

1028
01:05:56,831 --> 01:06:02,011
And the solution to this all really is a monetary reset.

1029
01:06:02,451 --> 01:06:06,411
And the hope is that things don't have to get too bad

1030
01:06:06,411 --> 01:06:07,771
before we have that reset.

1031
01:06:08,451 --> 01:06:11,431
And what I would hope is that we get to very high rates of inflation,

1032
01:06:11,671 --> 01:06:13,111
everyone's screaming in pain,

1033
01:06:13,391 --> 01:06:17,511
and we get some very enlightened and intelligent monetary people involved.

1034
01:06:17,511 --> 01:06:19,691
and they say, okay, look, this is really bad.

1035
01:06:19,831 --> 01:06:20,511
Here's what happened.

1036
01:06:20,591 --> 01:06:21,451
We had all this debt.

1037
01:06:21,971 --> 01:06:23,411
We're going to devalue it massively.

1038
01:06:23,631 --> 01:06:24,891
It's kind of a soft default.

1039
01:06:25,671 --> 01:06:27,551
And they might even do things like say, hey, China,

1040
01:06:28,451 --> 01:06:30,291
those bonds, we're just not going to pay them back.

1041
01:06:31,291 --> 01:06:33,191
I know we gave it to you, but we're not going to pay them back.

1042
01:06:35,851 --> 01:06:41,851
And we've sinned in the past, but we are going to balance the budget

1043
01:06:41,851 --> 01:06:44,811
and commit to be on a sound money standard going forward.

1044
01:06:44,811 --> 01:06:49,131
and if a budget's not balanced, it can't be passed

1045
01:06:49,131 --> 01:06:52,711
and maybe we'll shut the Fed down too.

1046
01:06:52,711 --> 01:06:57,391
I mean, again, all kind of laid out as possibilities in the book

1047
01:06:57,391 --> 01:06:58,991
and pretty tricky to implement

1048
01:06:58,991 --> 01:07:03,211
and maybe only implementable after there's just enormous pain.

1049
01:07:03,351 --> 01:07:03,871
I hope not.

1050
01:07:04,511 --> 01:07:06,271
I hope what will happen is we'll get to more.

1051
01:07:06,411 --> 01:07:08,571
I mean, right now most people don't even realize we're in the problem,

1052
01:07:09,191 --> 01:07:10,211
but I think that'll change.

1053
01:07:10,291 --> 01:07:11,611
I think in the next five years,

1054
01:07:11,611 --> 01:07:15,051
inflation is going to be at the top of everybody's mind.

1055
01:07:15,411 --> 01:07:18,851
Everybody's going to be saying to themselves, oh, my God, this is horrible.

1056
01:07:19,471 --> 01:07:21,291
I can't stand it anymore.

1057
01:07:22,051 --> 01:07:28,151
And some somebody, some politician will emerge, Thomas Massey or whoever, and will say, look,

1058
01:07:28,211 --> 01:07:29,211
I know what it is.

1059
01:07:29,271 --> 01:07:30,451
I know why it is.

1060
01:07:30,871 --> 01:07:32,331
And I know how we fix it.

1061
01:07:32,731 --> 01:07:37,951
And, you know, and by the way, it'll be one time very inflationary because all the old

1062
01:07:37,951 --> 01:07:41,411
fiat will get marked down against whatever this new sound money is.

1063
01:07:41,611 --> 01:07:54,571
So there'll be a one-time large burst of inflation, but that old debt will be cleansed, and we will now go forward on a new sounder money standard, and the world will get a lot better really quickly.

1064
01:07:54,731 --> 01:07:56,431
I mean, you know, that's the other thing.

1065
01:07:56,491 --> 01:08:03,311
In writing the book, I researched, you know, many, many hyperinflations, read all these various histories, and it's kind of amazing to me.

1066
01:08:03,311 --> 01:08:08,871
when Ecuador went through one, I think in 2000, when these countries have a hyperinflation,

1067
01:08:08,971 --> 01:08:15,731
if you don't get into a war and you don't elect a madman like Hitler, if you have a hyperinflation

1068
01:08:15,731 --> 01:08:19,230
and your currency becomes worthless, everyone who has currency obviously loses all their money.

1069
01:08:19,891 --> 01:08:36,016
But then some new form of money has to emerge naturally organically whatever And generally speaking it either a foreign currency that sound like you go to a dollar standard when you you know Ecuador or it gold And when you go back to that sound standard things get repaired pretty quickly

1070
01:08:36,276 --> 01:08:40,616
I mean, most people, they just kind of want to go to work and they want to be paid fairly and they

1071
01:08:40,616 --> 01:08:45,556
want to know the money they pay will buy them food and, you know, the economy will kind of recover

1072
01:08:45,556 --> 01:08:48,596
and it'll actually be a lot better and things will be okay.

1073
01:08:48,956 --> 01:08:53,456
So it's not, you know, if we have this big inflationary event, this reset,

1074
01:08:53,556 --> 01:08:55,716
even something as terrible as hyperinflation,

1075
01:08:56,336 --> 01:09:01,996
unless that drives us into either complete political dysfunction

1076
01:09:01,996 --> 01:09:05,516
and terrible behavior, a la the mandibles,

1077
01:09:06,156 --> 01:09:09,996
or, you know, a war where, you know, we get into shooting each other,

1078
01:09:10,096 --> 01:09:12,456
killing each other and lobbing nukes around and destroy the world.

1079
01:09:12,456 --> 01:09:20,156
If we can avoid those two outcomes, you know, going back to a monetary reset, all it really does is there are winners and there are losers.

1080
01:09:20,776 --> 01:09:22,956
And the winners are the people who own sound money.

1081
01:09:23,316 --> 01:09:30,596
And the losers are the people who own bonds and obligations that just don't buy as much as they used to because those obligations just could not be kept.

1082
01:09:31,256 --> 01:09:32,416
That's really how it works.

1083
01:09:32,416 --> 01:09:38,016
yeah i mean it's one of the things that i love that you talk about in the book is just the

1084
01:09:38,016 --> 01:09:42,096
the fact that in the united states at least because obviously that's the you know kind of

1085
01:09:42,096 --> 01:09:48,536
main focus of you know your book but that the system has never been allowed to do to go through

1086
01:09:48,536 --> 01:09:54,916
that natural reset process it's never been allowed to actually have a reckoning to come to terms with

1087
01:09:54,916 --> 01:10:00,895
the reality and instead the can is kicked down the road kicked down the road the future the future

1088
01:10:00,895 --> 01:10:07,216
generations are, their lives are mortgaged to basically prop up the present time and time and

1089
01:10:07,216 --> 01:10:13,656
time again. And I think that's why you see so much nihilism and apathy and just depression amongst

1090
01:10:13,656 --> 01:10:18,816
the youngest generations right now. Because of course, how would you not be? You're looking

1091
01:10:18,816 --> 01:10:23,596
on the barrel of never being able to afford anything meaningful that your parents and

1092
01:10:23,596 --> 01:10:30,796
grandparents had. Yeah. Fentanyl deaths, all of it. Yeah. No, it's suicides. I asked Chet GPT,

1093
01:10:30,895 --> 01:10:34,036
how many deaths inflation has caused.

1094
01:10:34,895 --> 01:10:35,756
Like in the last couple of years,

1095
01:10:36,356 --> 01:10:37,716
I don't know how the heck it computed.

1096
01:10:37,935 --> 01:10:39,336
I mean, it's just an AI engine,

1097
01:10:39,395 --> 01:10:40,696
but it came up with like $5 million.

1098
01:10:41,656 --> 01:10:43,356
I mean, it's just, you know, inflate.

1099
01:10:43,496 --> 01:10:45,935
I mean, look, running the world this way

1100
01:10:45,935 --> 01:10:46,676
is not a good thing.

1101
01:10:46,716 --> 01:10:47,895
And the book, right in the beginning of the book,

1102
01:10:47,895 --> 01:10:50,576
it shows as the inflationary era began,

1103
01:10:51,256 --> 01:10:53,516
you know, how, what I call deaths of despair,

1104
01:10:53,935 --> 01:10:56,096
you know, suicide, you know, drinking,

1105
01:10:56,256 --> 01:10:59,516
alcoholism, drug overdoses just rose incredibly.

1106
01:10:59,516 --> 01:11:06,435
I mean, when you take the economic foundations of an economy and make it unfair, you take away people's livelihoods.

1107
01:11:06,496 --> 01:11:08,316
I mean, you know, watch the documentary.

1108
01:11:08,435 --> 01:11:09,776
There's a great documentary called Dope Sick.

1109
01:11:09,856 --> 01:11:10,676
I don't know if you watched it.

1110
01:11:10,716 --> 01:11:11,776
It's about the Sackler family.

1111
01:11:11,856 --> 01:11:12,736
It's really worth watching.

1112
01:11:12,876 --> 01:11:17,935
It's depressing, but excellent in terms of explaining what criminals the Sacklers were.

1113
01:11:18,596 --> 01:11:25,256
And it just shows how, you know, as we joined the WTO, China started taking away all the manufacturing jobs.

1114
01:11:25,256 --> 01:11:29,036
and so much of the Midwest was able to borrow cheap

1115
01:11:29,036 --> 01:11:34,696
and then these drug agents got in there with the opioids and so forth

1116
01:11:34,696 --> 01:11:37,395
and we had a nation of drug addicts

1117
01:11:37,395 --> 01:11:41,296
and all these people's kids were dying from opioid overdoses

1118
01:11:41,296 --> 01:11:44,236
and then the parents were dying from opioid overdoses

1119
01:11:44,236 --> 01:11:46,596
because they felt like they'd lost their job and their life was hopeless.

1120
01:11:46,776 --> 01:11:48,696
I mean, it's just terrible.

1121
01:11:48,916 --> 01:11:50,016
It's just absolutely terrible.

1122
01:11:50,156 --> 01:11:51,016
I mean, this is not America.

1123
01:11:51,176 --> 01:11:53,435
This is not what we were meant to be.

1124
01:11:53,536 --> 01:11:54,356
It's not who we are.

1125
01:11:54,356 --> 01:11:57,156
It's not, you know, this is not the ideal of the founding fathers.

1126
01:11:57,435 --> 01:12:03,336
And, yeah, so it's, yeah, it's some pretty grim shit, to be frank.

1127
01:12:04,056 --> 01:12:14,676
But, you know, like I say, your generation, I mean, you know, you got yourself, you got Jack Maulers, you got, you know, you got these young people in their 20s and 30s who, you know, Marty Benton.

1128
01:12:15,096 --> 01:12:22,156
All you guys realize and understand that you're fighting for a better system and your numbers are growing, you know.

1129
01:12:22,156 --> 01:12:24,435
I mean, and you get it.

1130
01:12:24,476 --> 01:12:26,036
You get how broken this all is.

1131
01:12:26,096 --> 01:12:27,256
I mean, I've got a son who's 24.

1132
01:12:27,776 --> 01:12:34,036
And, you know, I asked him the other day, I said, you know, you realize that, you know, the CIA killed Kennedy.

1133
01:12:34,236 --> 01:12:36,435
And this was, you know, and Johnson, the CIA killed Kennedy.

1134
01:12:36,536 --> 01:12:38,395
And our government's incredibly, oh, fuck yeah, dad.

1135
01:12:39,156 --> 01:12:40,476
All my friends know that.

1136
01:12:42,236 --> 01:12:44,976
Well, I'll tell you, my father was an army vet.

1137
01:12:45,076 --> 01:12:50,676
And before he passed, I remember saying to him once, you know, dad, you are aware that the CIA murdered Kennedy.

1138
01:12:50,676 --> 01:12:52,895
And he was so fucking pissed off.

1139
01:12:53,196 --> 01:12:58,096
You know, he was just, yeah, well, it's a great, the notion that some, that our country

1140
01:12:58,096 --> 01:13:02,696
could be that corrupted, that that would have happened, just shook him to his core.

1141
01:13:03,216 --> 01:13:06,355
And he was, he was angry at me for even suggesting it.

1142
01:13:06,776 --> 01:13:09,916
And yet the evidence is just so totally overwhelming.

1143
01:13:11,456 --> 01:13:13,716
He can't take a crime like that and hide it forever.

1144
01:13:13,716 --> 01:13:14,196
Right.

1145
01:13:14,296 --> 01:13:17,435
And, and so, and that's, that's what's happening.

1146
01:13:17,435 --> 01:13:20,596
I mean, the Overton window shifting, the gaslighting is falling apart.

1147
01:13:20,676 --> 01:13:25,096
all of it. You know, the New York Times used to tell us what to think. Now you can listen to Tucker

1148
01:13:25,096 --> 01:13:29,636
or Rogan or anybody, you know, and, and you realize that half of what you're being told is

1149
01:13:29,636 --> 01:13:34,116
just blatant out and out lies, you know, by people with a self-interest and protecting their

1150
01:13:34,116 --> 01:13:39,776
privilege. So, you know, it's, it's all, I'm very encouraged. It's all going in the right direction.

1151
01:13:40,476 --> 01:13:45,916
And I think, you know, every, every generation's got kind of their burden to bear. And, um, you

1152
01:13:45,916 --> 01:13:49,895
know, um, I don't know, maybe as a boomer generation, I haven't had much of a burden.

1153
01:13:49,895 --> 01:13:52,895
And we had a pretty good ride and it wasn't all that tough to be frank.

1154
01:13:52,895 --> 01:14:01,355
But I feel like in the later years of my boomerhood, I at least ought to try and contribute to helping you guys get it right because I care about my kids and grandkids.

1155
01:14:01,576 --> 01:14:06,256
And, you know, you guys are going to be the greatest generation because you're going to figure this shit out and fix it.

1156
01:14:06,716 --> 01:14:08,116
You know, you got to.

1157
01:14:08,836 --> 01:14:11,435
I mean, perfect example, my kids are all doing really well.

1158
01:14:11,456 --> 01:14:12,616
They all have really good jobs.

1159
01:14:13,316 --> 01:14:16,376
And the notion, and one of them is 30, one is 27, one is 24.

1160
01:14:16,376 --> 01:14:20,256
the notion of them buying a piece of real estate, it's like zero.

1161
01:14:20,516 --> 01:14:22,536
I mean, it's just, it's not even a possibility.

1162
01:14:22,676 --> 01:14:24,296
They can't even begin to think about that.

1163
01:14:24,996 --> 01:14:27,336
You know, they, in fact, just, I mean,

1164
01:14:27,336 --> 01:14:30,756
I've told them they need to save 10% of their wages and compound it.

1165
01:14:31,056 --> 01:14:33,136
And even that's tough, you know, at the,

1166
01:14:33,136 --> 01:14:35,395
at the levels they're at just if they want to live a normal life.

1167
01:14:35,416 --> 01:14:36,416
So it's hard.

1168
01:14:36,895 --> 01:14:38,696
It's really hard for young people today.

1169
01:14:38,696 --> 01:14:40,435
And I get it, you know?

1170
01:14:41,636 --> 01:14:45,395
Yeah, it's, I mean, the nice thing is that we have,

1171
01:14:45,395 --> 01:14:51,556
and you touched on this, we have so much access to information now where things that would have

1172
01:14:51,556 --> 01:14:57,556
been unthinkable to believe in prior generations are just, yep, like, yeah, of course the CIA

1173
01:14:57,556 --> 01:15:04,776
killed Kennedy. Who else would it be? Who else could it possibly be? So that is powerful. And

1174
01:15:04,776 --> 01:15:09,836
with that, of course, not everybody's going to use that information and actually go down those

1175
01:15:09,836 --> 01:15:14,556
rabbit holes and learn these things. And maybe, or maybe they do, and that just makes them even

1176
01:15:14,556 --> 01:15:20,536
more depressed about it because it's like well if the cia can just kill kennedy then what chance

1177
01:15:20,536 --> 01:15:25,496
do i like well i don't know what i'm this is all just fucked like i guess i'll just like i guess

1178
01:15:25,496 --> 01:15:29,395
i'll just give up you know but if you if you can escape that nihilism and i think one of the big

1179
01:15:29,395 --> 01:15:34,416
parts of escaping that nihilism which is an understandable tendency a huge part of escaping

1180
01:15:34,416 --> 01:15:41,536
that is finding bitcoin because then you realize there is a path out of this for you and for

1181
01:15:41,536 --> 01:15:47,296
everyone. You just have to find that. Absolutely. And I, you know, I was fighting this battle

1182
01:15:47,296 --> 01:15:51,656
forever as a sound money gold guy. And, you know, a friend of mine said to me, Hey, Larry, I'm going

1183
01:15:51,656 --> 01:15:54,716
to, you know, we've got these Bitcoiners over here and these are the angry villagers and they

1184
01:15:54,716 --> 01:15:59,096
got pitchforks and, you know, and, and, and torches and they're storming the village and

1185
01:15:59,096 --> 01:16:03,776
the central bank village and they're going to win. And I'm going to jump on their team. And he did,

1186
01:16:03,776 --> 01:16:08,036
he went off, he went from all gold to all Bitcoin, like instantly. It was, he was very impressive.

1187
01:16:08,036 --> 01:16:09,696
He's a really neat guy.

1188
01:16:10,216 --> 01:16:13,796
He retired in 2001, and he put all his money in gold at $300.

1189
01:16:15,036 --> 01:16:16,196
He went to $1,900.

1190
01:16:16,716 --> 01:16:17,316
He did pretty well.

1191
01:16:18,136 --> 01:16:20,435
He stayed with it, and Bitcoin was around.

1192
01:16:20,556 --> 01:16:21,996
He wasn't paying attention in 2011.

1193
01:16:22,216 --> 01:16:23,256
Bitcoin was still quite early.

1194
01:16:23,516 --> 01:16:27,336
Gold went from $1,900 back to $1,000 in 2015.

1195
01:16:27,956 --> 01:16:30,176
But in 2015 or 2016, he figured out Bitcoin,

1196
01:16:30,376 --> 01:16:32,256
and he took all that money, and he went from gold to Bitcoin.

1197
01:16:33,376 --> 01:16:33,855
He's done fine.

1198
01:16:34,156 --> 01:16:35,336
He's a neat guy.

1199
01:16:35,336 --> 01:16:36,935
He's done very, very well.

1200
01:16:38,036 --> 01:16:38,656
That's conviction.

1201
01:16:39,056 --> 01:16:39,855
That is conviction.

1202
01:16:40,196 --> 01:16:42,435
And so, and it's, and it's monetary knowledge.

1203
01:16:42,435 --> 01:16:49,336
And so, you know, yeah, we, this, this is the tool and this is hope and this is the

1204
01:16:49,336 --> 01:16:50,076
way out of it.

1205
01:16:50,456 --> 01:16:55,056
And so, um, and that's why, that's why we do what we do.

1206
01:16:55,136 --> 01:16:56,456
You know, that's why you do what you do.

1207
01:16:56,516 --> 01:16:57,516
That's why I wrote the book.

1208
01:16:57,576 --> 01:16:59,196
That's why I do all these podcasts.

1209
01:16:59,316 --> 01:17:01,476
I mean, we're trying to make a difference.

1210
01:17:01,476 --> 01:17:04,156
We're trying to fix the money so we can fix the world.

1211
01:17:04,156 --> 01:17:06,376
And we, we, we have a belief.

1212
01:17:06,376 --> 01:17:09,556
And so you can argue and say we're wrong, but, you know, I don't think we are.

1213
01:17:10,236 --> 01:17:11,196
And time will show us.

1214
01:17:11,376 --> 01:17:11,895
Time will tell.

1215
01:17:12,216 --> 01:17:14,976
But, you know, it is hope.

1216
01:17:15,216 --> 01:17:17,776
And it is going to fix it.

1217
01:17:17,956 --> 01:17:21,176
I mean, I'm extremely – I'm an optimist at heart.

1218
01:17:21,355 --> 01:17:23,456
I mean, really am very optimistic about it.

1219
01:17:23,696 --> 01:17:28,616
But I think to, you know, I mean, you know, consider prior fourths earnings.

1220
01:17:28,916 --> 01:17:31,056
Consider, you know, the Depression and World War II.

1221
01:17:31,216 --> 01:17:32,136
Consider the Civil War.

1222
01:17:32,476 --> 01:17:33,736
Consider the American Revolution.

1223
01:17:33,736 --> 01:17:38,956
If you really study them hard and you look deep into it, I mean, there was a lot of turmoil, a lot of trial.

1224
01:17:39,076 --> 01:17:41,876
A lot of people had to suffer to make it through those transitions.

1225
01:17:42,956 --> 01:17:45,536
And sadly, there's going to be some of that.

1226
01:17:45,756 --> 01:17:49,216
I mean, World War II was 40 million people dead worldwide.

1227
01:17:49,516 --> 01:17:50,895
I don't think it's going to be like that.

1228
01:17:52,476 --> 01:17:55,696
But, you know, there's going to be some turmoil.

1229
01:17:56,216 --> 01:17:57,956
There's no avoiding that.

1230
01:17:58,156 --> 01:18:00,776
There's going to be some serious economic turmoil.

1231
01:18:00,776 --> 01:18:03,316
and I think on the other side of that

1232
01:18:03,316 --> 01:18:06,276
one group of people is going to be in a much better position

1233
01:18:06,276 --> 01:18:07,416
than another group of people

1234
01:18:07,416 --> 01:18:10,456
and I think the people who can see the future

1235
01:18:10,456 --> 01:18:11,395
and bet on the future

1236
01:18:11,395 --> 01:18:13,716
and move towards a better system

1237
01:18:13,716 --> 01:18:15,836
are going to be advantaged

1238
01:18:15,836 --> 01:18:18,676
versus those who are kind of stuck in the past

1239
01:18:18,676 --> 01:18:25,355
I couldn't agree more

1240
01:18:25,355 --> 01:18:28,736
and I think regular listeners of this show

1241
01:18:28,736 --> 01:18:33,716
maybe a board of me hearing this or me talking about this right now,

1242
01:18:33,716 --> 01:18:36,435
but just talking about the fourth turning,

1243
01:18:36,476 --> 01:18:37,496
every time somebody brings it up,

1244
01:18:37,496 --> 01:18:37,855
because it's,

1245
01:18:37,895 --> 01:18:40,895
it's obviously if you've read the fourth turning and you're aware of what

1246
01:18:40,895 --> 01:18:41,216
this is,

1247
01:18:41,236 --> 01:18:42,256
you can't help but say,

1248
01:18:42,296 --> 01:18:42,395
well,

1249
01:18:42,395 --> 01:18:42,576
yeah,

1250
01:18:42,576 --> 01:18:44,056
obviously this is what we're going through.

1251
01:18:44,395 --> 01:18:44,756
Yeah.

1252
01:18:44,776 --> 01:18:45,696
And every time someone brings it up,

1253
01:18:45,716 --> 01:18:46,036
it makes me,

1254
01:18:46,076 --> 01:18:46,336
I'm,

1255
01:18:46,336 --> 01:18:47,376
I'm again,

1256
01:18:47,376 --> 01:18:48,076
still working.

1257
01:18:48,076 --> 01:18:49,756
And I'm basically fleshing it out with,

1258
01:18:49,876 --> 01:18:51,576
with each guest as I come on the show,

1259
01:18:51,616 --> 01:18:53,516
trying to think through this a little bit more,

1260
01:18:53,516 --> 01:18:55,895
but this idea that we're at actually a moment,

1261
01:18:55,895 --> 01:18:57,435
it's more than just the fourth turning.

1262
01:18:57,435 --> 01:19:03,456
it's a cyclical convergence. It's a super cycle, let's say, in the Bitcoin sense, but more so in

1263
01:19:03,456 --> 01:19:08,236
the convergence of these different cycles, a confluence of cycles, if you will. And it involves

1264
01:19:08,236 --> 01:19:13,836
multiple different ones. So it involves the fourth turning. We are in the middle of fourth turning,

1265
01:19:14,016 --> 01:19:20,176
undeniably so, right? It'd be weird to deny that. But we're also in the middle of what

1266
01:19:20,176 --> 01:19:26,136
Polybius defined as anticyclosis. And he was a Greek historian and philosopher a couple thousand

1267
01:19:26,136 --> 01:19:30,556
years ago. And that's a cycle of political evolution. So your fourth turning, that's your

1268
01:19:30,556 --> 01:19:36,916
cycle of generational cycles, right? This anticyclosis is about political evolution.

1269
01:19:37,096 --> 01:19:41,456
And so it starts with monarchy, you know, rule by one and it's virtuous, but monarchy declines

1270
01:19:41,456 --> 01:19:45,476
into tyranny. Eventually tyranny, it's then that's still rule by one and it's corrupt. Then

1271
01:19:45,476 --> 01:19:50,816
tyranny is replaced by aristocracy, the rule by a few and, but they're virtuous. You know,

1272
01:19:50,816 --> 01:19:55,816
those virtuous few stand up against the tyrant, but then that corrupts itself into oligarchies.

1273
01:19:56,136 --> 01:19:58,616
Okay, now we've got rule by a few, but they're corrupt.

1274
01:19:58,836 --> 01:20:01,156
That is eventually replaced by democracy.

1275
01:20:01,276 --> 01:20:02,236
The people rise up.

1276
01:20:02,336 --> 01:20:04,076
We have rule by the many, and it's virtuous.

1277
01:20:04,355 --> 01:20:04,916
It's great.

1278
01:20:05,036 --> 01:20:05,736
Everything's good.

1279
01:20:06,096 --> 01:20:11,956
But democracy ultimately degenerates into occlocracy, which means mob rule.

1280
01:20:12,156 --> 01:20:15,196
And that is corrupt democracy.

1281
01:20:15,836 --> 01:20:15,935
Right.

1282
01:20:16,435 --> 01:20:24,276
That then eventually kicks itself off into a strong man, rises up, and becomes the new monarch and is virtuous again.

1283
01:20:24,276 --> 01:20:26,116
And we're back at the start.

1284
01:20:26,136 --> 01:20:28,855
We've also got the, like, if you're familiar with the, uh,

1285
01:20:28,855 --> 01:20:33,196
contrative waves, which is basically, you know, techno economic, uh,

1286
01:20:33,196 --> 01:20:37,416
capitalism, super cycles, uh, proposed by a Russian who they killed for doing

1287
01:20:37,416 --> 01:20:39,956
it. Um, we were also in the middle of like,

1288
01:20:40,256 --> 01:20:43,156
or at the end of one of Ray Dalio's long-term debt cycles,

1289
01:20:43,156 --> 01:20:47,476
we're in at the end of a fiat currency cycle where, you know, we,

1290
01:20:47,636 --> 01:20:50,855
and at the same time, as all of this is happening,

1291
01:20:50,855 --> 01:20:53,996
we have Bitcoin and AI. We're,

1292
01:20:53,996 --> 01:21:00,836
reaching this massive convergence. Everything's building to a head. What does that mean going

1293
01:21:00,836 --> 01:21:05,216
forward? Like that means that we're going to have a reset of everything. All these cycles are

1294
01:21:05,216 --> 01:21:09,256
resetting at once. And you know, it's funny, I actually, I brought this up to Jeff Booth,

1295
01:21:09,336 --> 01:21:13,656
not on camera, just off camera, we were chatting. And, you know, I said, you know, so like,

1296
01:21:13,656 --> 01:21:17,336
what do you think about this? And he's like, well, Walker, that would make a lot of sense,

1297
01:21:17,336 --> 01:21:23,895
except for the Bitcoin part, because we have never seen Bitcoin before. So we have no idea

1298
01:21:23,895 --> 01:21:27,616
what's going to happen after, but it's not going to be what happened before. And of course, you know,

1299
01:21:27,676 --> 01:21:32,976
Jeff always puts you, puts you in your place a little bit, but, but, but it's, it's crazy to

1300
01:21:32,976 --> 01:21:37,836
think about like, undeniably, there's going to be a massively chaotic period in the short term.

1301
01:21:37,935 --> 01:21:41,836
I think we're in agreement on that, but in the longterm, I'm very, very hopeful, optimistic,

1302
01:21:41,836 --> 01:21:47,176
and bullish on humanity. It just may take a little while. Absolutely. Absolutely. Yeah. There's,

1303
01:21:47,176 --> 01:21:54,216
there's just no doubt about it yeah the the outcome you know human beings um most human

1304
01:21:54,216 --> 01:21:58,596
beings are good most human beings want to advance society and if you look at the long

1305
01:21:58,596 --> 01:22:04,855
long arc of human history we've made a ton of progress but that you know you have to

1306
01:22:04,855 --> 01:22:08,935
you know it still gets forged with heat you have to go through these tough periods

1307
01:22:08,935 --> 01:22:13,456
before you can you know get to the next next level it's like we're playing a video game you

1308
01:22:13,456 --> 01:22:17,336
got to get to a certain period. Now you're at the next level. And we, you know, we got to get to the

1309
01:22:17,336 --> 01:22:21,316
more enlightened level where, you know, we don't want to kill each other with nuclear bombs and

1310
01:22:21,316 --> 01:22:26,416
wars kind of become a thing of the past. And, you know, we take care of more people. I mean,

1311
01:22:27,016 --> 01:22:29,876
one of the other things I love about your generation is I don't think you're as selfish

1312
01:22:29,876 --> 01:22:35,216
and greedy as my generation. I mean, I know my kids are much more about everybody doing okay,

1313
01:22:35,336 --> 01:22:40,916
not them doing okay and winning, you know, and boomers were very much about winning, you know.

1314
01:22:40,916 --> 01:22:43,076
So, yeah, you're right.

1315
01:22:43,136 --> 01:22:48,316
These cycles are – there are a lot of them coming together, and we don't know how it's going to unfold.

1316
01:22:48,696 --> 01:22:52,876
But I do think – I think actually – I think we're going to be pleasantly surprised.

1317
01:22:53,156 --> 01:22:53,836
I mean, I really do.

1318
01:22:53,976 --> 01:22:59,556
There's going to be a lot of really great stuff that's going to come out of all of this technology.

1319
01:23:01,355 --> 01:23:04,876
And, you know, it's – I mean, people are going to be able to live longer.

1320
01:23:04,976 --> 01:23:06,216
People already are living longer.

1321
01:23:06,216 --> 01:23:10,756
I mean, in spite of all this bad food and all the lack of fitness that we have in the United States,

1322
01:23:10,756 --> 01:23:14,536
I mean, when Social Security was set up, everyone was dying in their 60s.

1323
01:23:14,756 --> 01:23:18,156
And part of the problem with the math on Social Security is people live longer.

1324
01:23:18,816 --> 01:23:19,016
Yeah.

1325
01:23:20,136 --> 01:23:22,156
I mean, talk about Ponzi schemes, huh?

1326
01:23:22,376 --> 01:23:22,676
Right.

1327
01:23:22,776 --> 01:23:23,136
Exactly.

1328
01:23:23,276 --> 01:23:24,236
Yeah, it's a huge Ponzi scheme.

1329
01:23:24,656 --> 01:23:30,116
I mean, I know from your point of view, paying any money into Social Security just has to feel like throwing it in a rat hole, right?

1330
01:23:30,196 --> 01:23:31,576
Because, I mean, right?

1331
01:23:31,836 --> 01:23:32,395
I mean, you know.

1332
01:23:32,456 --> 01:23:33,836
I mean, I'm not going to see a dime of that.

1333
01:23:34,156 --> 01:23:34,296
Yeah.

1334
01:23:34,336 --> 01:23:35,256
Are you going to see it?

1335
01:23:35,395 --> 01:23:39,935
Or more importantly, I mean, maybe you see a dime of it, but is it going to be in real terms, is it going to be worth a dime?

1336
01:23:39,935 --> 01:23:40,736
No, not close.

1337
01:23:40,756 --> 01:23:47,395
it's going to be a joke. So yeah, so that's, that's true. But I, yeah, that's, I think that's

1338
01:23:47,395 --> 01:23:55,376
right. Um, it's, it's interesting to think it all through. Um, yeah, it's, it's, it's all, I mean,

1339
01:23:55,376 --> 01:24:02,656
in my, in my take, it's all good. Um, and I think the, the important takeaway for all of us who are

1340
01:24:02,656 --> 01:24:08,996
in it and have at least an understanding of it is to try to help other people and to try to tell

1341
01:24:08,996 --> 01:24:15,196
other people what's going on because the sooner, I mean, you know, my view is having a limit,

1342
01:24:15,456 --> 01:24:21,476
a less, less runway than you on my life. You know, my, my view is I'd like to see as much of it as

1343
01:24:21,476 --> 01:24:26,296
possible. And I think there are a lot of people suffering under the existing system. So I think

1344
01:24:26,296 --> 01:24:29,996
the faster we, you know, to the degree that we can quote unquote accelerate, I guess it's a

1345
01:24:29,996 --> 01:24:35,276
phrase everyone uses today. We can accelerate this change. That'd be great. You know, let's,

1346
01:24:35,276 --> 01:24:37,976
Let's just, you know, it's going to be, okay, there's some pain, fine.

1347
01:24:38,056 --> 01:24:39,816
Let's just, you know, it's like ripping a Band-Aid off.

1348
01:24:39,855 --> 01:24:41,576
Let's just do it and get on the other side.

1349
01:24:41,576 --> 01:24:45,176
And my kids will grow up in a fair world and things will be much better.

1350
01:24:45,376 --> 01:24:47,196
I mean, I think that's, I think it's all possible.

1351
01:24:48,296 --> 01:24:57,716
But we do have to go to work on the monetary system, the politicians, the way things currently operate have to change.

1352
01:24:58,855 --> 01:25:01,876
But, you know, I've said this in other podcasts too.

1353
01:25:02,176 --> 01:25:04,536
I really think there's kind of a higher power working here.

1354
01:25:04,536 --> 01:25:07,476
I think Bitcoin was kind of like divinely granted to us.

1355
01:25:07,636 --> 01:25:08,096
I really do.

1356
01:25:08,776 --> 01:25:11,536
I mean, you know, mankind, we're just, we're screwing it all up so bad.

1357
01:25:12,376 --> 01:25:22,756
And, you know, along comes Satoshi or the Satoshis and they, you know, and God gives us this solution to the problem and we're going to embrace it and we're going to solve it.

1358
01:25:22,796 --> 01:25:24,116
And then some other problem will arise.

1359
01:25:24,236 --> 01:25:29,276
I mean, you know, AI agents will become, we'll have their own agency and, you know, we'll be fighting them for our survival.

1360
01:25:29,376 --> 01:25:29,736
Who knows?

1361
01:25:29,736 --> 01:25:33,696
But that's, you know, that's two or three generations down the road.

1362
01:25:33,696 --> 01:25:35,716
So we'll have to figure out that when we get there.

1363
01:25:36,416 --> 01:25:38,456
At least the AI agents will probably want Bitcoin.

1364
01:25:38,696 --> 01:25:42,236
So you may as well get some just in case it catches on with the AI agents.

1365
01:25:42,716 --> 01:25:44,656
I say that to everybody.

1366
01:25:44,736 --> 01:25:46,076
I think it's one of his greatest lines.

1367
01:25:46,336 --> 01:25:46,355
Yeah.

1368
01:25:46,935 --> 01:25:47,176
Yeah.

1369
01:25:49,676 --> 01:25:50,036
Absolutely.

1370
01:25:51,136 --> 01:25:54,516
You know, man, Larry, I could go on with that.

1371
01:25:55,476 --> 01:25:57,456
We should wrap.

1372
01:25:57,836 --> 01:26:00,156
I want to say, first of all, thank you for writing the book.

1373
01:26:00,236 --> 01:26:02,056
Thank you for allowing me to narrate it.

1374
01:26:02,056 --> 01:26:07,716
For those, I highly recommend wherever you are, if you're listening right now, search for The Big Print.

1375
01:26:08,136 --> 01:26:10,935
You shouldn't need to even put Lawrence Lepard, but you can if you want to.

1376
01:26:11,355 --> 01:26:12,355
You can get it on Amazon.

1377
01:26:13,176 --> 01:26:13,996
It's on Amazon.

1378
01:26:14,256 --> 01:26:14,895
It's on Audible.

1379
01:26:15,536 --> 01:26:20,416
It's also on, I think, Apple Books because that's pulled from Audible.

1380
01:26:21,116 --> 01:26:22,976
But I do want to share with you.

1381
01:26:23,176 --> 01:26:31,476
Somebody commented in the Noster livestream, and they said that this year all of their friends got copies of The Big Print for their birthdays.

1382
01:26:32,056 --> 01:26:52,336
So nice. Thank you so much for doing that. And I think that's to me. I mean, you read it and then pass it on. I mean, I want it to be like common sense. Just pass it on. Thank you for supporting it. And thank you for everybody who's bought it. Everyone supported it. Everyone said positive things about it. I think it is an important message. It's written to try and help people help, you know, help improve the world.

1383
01:26:52,336 --> 01:26:55,876
and I'm kind of floored and honored and shocked.

1384
01:26:55,996 --> 01:26:57,916
I mean, we've sold 40,000 copies,

1385
01:26:58,056 --> 01:27:00,016
which I'm told is very good for a book.

1386
01:27:00,916 --> 01:27:03,376
But in turn, I look around and I see

1387
01:27:03,376 --> 01:27:04,435
there are 300 million people.

1388
01:27:04,536 --> 01:27:05,815
I'm like, God, we're just getting started.

1389
01:27:07,036 --> 01:27:08,056
300 million Americans.

1390
01:27:08,376 --> 01:27:10,536
And I've gotten close to Robert Kiyosaki,

1391
01:27:10,596 --> 01:27:11,956
who's a great guy, wrote Rich Dad,

1392
01:27:11,976 --> 01:27:13,656
and he likes the book and he's supported it.

1393
01:27:13,656 --> 01:27:15,496
But he sold 50 million books.

1394
01:27:15,756 --> 01:27:17,956
So now that's in 30 years.

1395
01:27:18,236 --> 01:27:19,276
So yeah, yeah.

1396
01:27:19,576 --> 01:27:22,136
And Safe has sold over a million copies of his book.

1397
01:27:22,136 --> 01:27:45,096
So I just hope it continues to sell. And I hope, I hope more importantly, I hope the message, whether through this book or you can get the message through Safe's book or Lynn's book or Jeff's book. I mean, the message in lots of different places. I think what happened is we, you know, we all just, I figured I'll come at it from my point of view and, you know, that'll resonate with some people and then other people won't like it. I'd rather be something else.

1398
01:27:45,096 --> 01:27:49,636
But I think for boomers in particular, I've heard it's doing well.

1399
01:27:49,716 --> 01:27:55,536
I've had a lot of people say, you know, I gave this to my 80-year-old dad, and I think he finally kind of gets it.

1400
01:27:55,796 --> 01:27:57,636
You know, he wants to buy some Bitcoin.

1401
01:27:57,855 --> 01:27:59,236
And that's very satisfying.

1402
01:27:59,376 --> 01:28:00,036
I'm like, great.

1403
01:28:00,315 --> 01:28:03,935
You know, they kind of understand it.

1404
01:28:04,876 --> 01:28:05,956
I love it.

1405
01:28:06,036 --> 01:28:08,576
Is there anything else you want to leave folks with there before we close?

1406
01:28:08,616 --> 01:28:09,536
We covered a lot today.

1407
01:28:09,716 --> 01:28:10,476
Yeah, we covered a lot.

1408
01:28:10,536 --> 01:28:11,196
No, not really.

1409
01:28:11,196 --> 01:28:15,676
Just, you know, again, thank you to everybody who's bought the book.

1410
01:28:16,176 --> 01:28:18,716
I'm humbled and honored and very much in your debt.

1411
01:28:19,376 --> 01:28:21,876
If you think it's good, don't keep it yourself.

1412
01:28:22,076 --> 01:28:22,676
Spread the word.

1413
01:28:22,916 --> 01:28:32,196
You know, let's – and if you have any ideas for how I can promote it, you know anybody in the media, I'm always kind of – I mean, I do podcasts.

1414
01:28:32,315 --> 01:28:33,136
I do everything for free.

1415
01:28:33,216 --> 01:28:34,256
I mean, I travel places.

1416
01:28:34,855 --> 01:28:36,196
I'm doing everything I can.

1417
01:28:36,395 --> 01:28:38,315
You know, it's kind of my last thing before I retire.

1418
01:28:38,315 --> 01:28:41,836
So I'm doing everything I can to try and spread this word and have an impact.

1419
01:28:42,276 --> 01:28:45,876
And if you've got any suggestions, I'm all ears.

1420
01:28:46,256 --> 01:28:51,315
So as most people probably know, I'm very active on Twitter, and I do answer DMs.

1421
01:28:51,536 --> 01:28:54,895
So that's probably your best mechanism to get in touch with me.

1422
01:28:55,656 --> 01:28:57,456
You're pretty active on Noster as well.

1423
01:28:57,815 --> 01:28:59,616
I am. I check Noster every day.

1424
01:28:59,855 --> 01:29:02,836
I try and make it a policy, check Noster, check Twitter.

1425
01:29:03,236 --> 01:29:06,096
I like Noster a lot. I really do.

1426
01:29:06,096 --> 01:29:07,315
It's such a beautiful thing.

1427
01:29:07,355 --> 01:29:13,296
And I'm not a super big Twitter fan, but as you know, we all kind of have to use it because it's just such a big platform.

1428
01:29:13,696 --> 01:29:16,076
So, yeah, it is.

1429
01:29:16,355 --> 01:29:23,256
And on the Noster subject, thank you to everybody who joined in on the live stream, which is Noster only and will continue to be Noster only.

1430
01:29:23,716 --> 01:29:27,996
So if you are listening to this after the fact and you're wondering, why didn't I watch this live?

1431
01:29:28,016 --> 01:29:29,376
It's because you're not on Noster.

1432
01:29:29,696 --> 01:29:32,315
So the great thing is you can be and nobody can stop you.

1433
01:29:32,315 --> 01:29:35,596
But Larry, seriously, thank you for everything you do.

1434
01:29:35,596 --> 01:29:39,855
uh, always great catching up and yeah, looking forward to seeing you in person again soon.

1435
01:29:39,996 --> 01:29:45,136
Yeah. Thank you for doing a great job reading the book. And, um, I love to, uh, Carla and Apollo,

1436
01:29:45,136 --> 01:29:50,435
uh, you're, you're building a great family. You thinking about number two, that's too personal.

1437
01:29:50,556 --> 01:29:54,895
Yeah. Yeah. But yeah, no, that's okay. Oh, I mean, how could I not be, you know, uh, with,

1438
01:29:54,895 --> 01:29:59,836
with a wife like that, uh, you know, doing what I can, but yeah, now I better, now I better take

1439
01:29:59,836 --> 01:30:02,296
this off in case she actually listens to the podcast for once.

1440
01:30:02,296 --> 01:30:04,036
and here's what I'm talking about.

1441
01:30:04,256 --> 01:30:05,315
Okay, good to see you.

1442
01:30:05,376 --> 01:30:05,636
Take care.

1443
01:30:05,696 --> 01:30:05,956
All right, Larry.

1444
01:30:06,336 --> 01:30:06,636
Cheers.

1445
01:30:14,376 --> 01:30:17,496
And that's a wrap on this Bitcoin Talk episode

1446
01:30:17,496 --> 01:30:19,116
of The Bitcoin Podcast.

1447
01:30:19,776 --> 01:30:22,156
Remember to subscribe to this podcast

1448
01:30:22,156 --> 01:30:23,736
wherever you're watching or listening

1449
01:30:23,736 --> 01:30:26,296
and share it with your friends, family,

1450
01:30:26,416 --> 01:30:28,036
and strangers on the internet.

1451
01:30:28,036 --> 01:30:31,456
Find me on Noster at primal.net slash walker

1452
01:30:31,456 --> 01:30:34,736
in this podcast at primal.net slash titcoin.

1453
01:30:35,156 --> 01:30:38,596
On X, YouTube, and Rumble, just search at Walker America

1454
01:30:38,596 --> 01:30:43,435
and find this podcast on X and Instagram at titcoinpodcast.

1455
01:30:43,596 --> 01:30:46,136
Head to the show notes to grab sponsor links,

1456
01:30:46,216 --> 01:30:49,076
head to substack.com slash at Walker America

1457
01:30:49,076 --> 01:30:50,935
to get episodes emailed to you,

1458
01:30:50,935 --> 01:30:54,736
and head to bitcoinpodcast.net for everything else.

1459
01:30:55,276 --> 01:30:58,836
Bitcoin is scarce, but podcasts are abundant.

1460
01:30:58,836 --> 01:31:04,196
So thank you for spending your scarce time listening to The Bitcoin Podcast.

1461
01:31:05,076 --> 01:31:07,496
Until next time, stay free.