1 00:00:00,000 --> 00:00:05,540 Well, the problem is someone has access to a big red button and can change whatever they want about the money whenever they want. 2 00:00:05,700 --> 00:00:08,340 And that's a problem for all of humanity. 3 00:00:08,760 --> 00:00:10,100 And it's the biggest problem we have. 4 00:00:10,600 --> 00:00:11,500 Isn't it crazy? 5 00:00:11,720 --> 00:00:18,080 The US dollar is the world reserve currency and the Federal Reserve is this private institution, privately owned, 6 00:00:18,320 --> 00:00:22,240 and they dictate what happens for the whole entire globe. 7 00:00:22,400 --> 00:00:23,480 How does that make any sense? 8 00:00:23,860 --> 00:00:27,200 The only source of inflation is the money printer. 9 00:00:27,700 --> 00:00:28,120 That's it. 10 00:00:28,120 --> 00:00:34,460 The natural course of human action in a free market is that prices go down and quality goes up. 11 00:00:34,860 --> 00:00:35,900 You can weaponize it. 12 00:00:36,900 --> 00:00:38,740 You can make it expire. 13 00:00:39,240 --> 00:00:42,300 You can restrict what you can or cannot spend it. 14 00:00:42,600 --> 00:00:46,180 And you destroy the fungibility of the money, which we all take for granted. 15 00:00:46,380 --> 00:00:48,160 Then they bring out social credit scores. 16 00:00:48,480 --> 00:00:49,840 And then we're absolutely f***ing. 17 00:00:50,240 --> 00:00:54,720 I think people have got three years to get Bitcoin into self-cust at the very most. 18 00:00:54,720 --> 00:00:59,440 People with Bitcoin are the only ones that are going to have any sense of freedom or control over their own lives. 19 00:00:59,780 --> 00:01:04,160 The TLDR is, it's all broken, but we have the solution. 20 00:01:09,800 --> 00:01:12,120 Welcome back to G'day Bitcoin, ladies and gentlemen. 21 00:01:12,360 --> 00:01:13,160 Third take lucky. 22 00:01:13,440 --> 00:01:19,100 Today on the show, we have Joe and Brian joining us from What Is The Problem? 23 00:01:19,200 --> 00:01:21,720 You should have already seen it, but I'll link it in the description. 24 00:01:21,960 --> 00:01:23,000 Joe, how are you today? 25 00:01:23,720 --> 00:01:24,620 I'm doing well. 26 00:01:24,720 --> 00:01:26,340 Thanks, Sean. Thanks for having me. 27 00:01:26,940 --> 00:01:28,180 Thank you very much, mate. 28 00:01:28,240 --> 00:01:29,740 We got there in the end. 29 00:01:29,840 --> 00:01:31,080 I was a little bit tongue twisted. 30 00:01:31,240 --> 00:01:35,380 We are filming this at Blockhite Night, $121,298. 31 00:01:35,380 --> 00:01:40,440 The Bitcoin price in Fiatellos is $113,369. 32 00:01:40,520 --> 00:01:42,100 We do have a nice 69 at the moment. 33 00:01:42,640 --> 00:01:46,120 Sets per USD is $882. 34 00:01:47,220 --> 00:01:49,380 Joe, what is the problem? 35 00:01:49,740 --> 00:01:52,760 Well, the problem is someone has access to a big red button 36 00:01:52,760 --> 00:01:54,940 and can change whatever they want about the money whenever they want. 37 00:01:56,340 --> 00:01:58,000 And why is that a problem? 38 00:01:58,000 --> 00:02:00,740 It's a problem for all of humanity, and it's the biggest problem we have. 39 00:02:01,320 --> 00:02:04,780 Isn't it crazy that the Federal Reserve is sort of – 40 00:02:04,780 --> 00:02:06,860 the US dollar is the world reserve currency, 41 00:02:06,860 --> 00:02:11,180 and the Federal Reserve is this private institution, privately owned, 42 00:02:11,440 --> 00:02:15,360 and they dictate what happens for the whole entire globe. 43 00:02:15,500 --> 00:02:16,600 How does that make any sense? 44 00:02:16,840 --> 00:02:20,960 Well, I mean, there's a famous saying, 45 00:02:20,960 --> 00:02:25,660 You judge the purpose of a system by the outcome. 46 00:02:25,800 --> 00:02:27,380 And what does that outcome control? 47 00:02:28,460 --> 00:02:31,040 Yeah, absolutely control and theft of everything. 48 00:02:31,040 --> 00:02:38,520 You have the system is set up so that somebody has exorbitant privilege in the system over everybody else. 49 00:02:39,960 --> 00:02:46,260 And whenever you have a system where somebody has that unilateral benefit, they use it. 50 00:02:47,440 --> 00:02:50,060 And they use it and they use it until they destroy everything. 51 00:02:50,960 --> 00:02:52,960 until they've taken everything. 52 00:02:52,960 --> 00:02:55,720 This is how the system is designed. 53 00:02:55,720 --> 00:02:58,340 I mean, it's fundamentally flawed 54 00:02:58,340 --> 00:03:00,620 at the very heart of everything. 55 00:03:00,620 --> 00:03:03,320 And if you build something on foundations 56 00:03:03,320 --> 00:03:05,180 which don't work, it collapses. 57 00:03:06,140 --> 00:03:07,720 Maybe it doesn't collapse on the first day, 58 00:03:07,720 --> 00:03:11,280 but it up or the thousandth day or the hundred thousandth day. 59 00:03:12,480 --> 00:03:14,880 But it collapses because fundamentally, 60 00:03:14,880 --> 00:03:17,440 this system is broken. 61 00:03:17,440 --> 00:03:19,240 And so it will collapse under its own weight. 62 00:03:19,240 --> 00:03:22,500 And this is where we're heading to. 63 00:03:23,280 --> 00:03:28,520 I mean, you've got a system where it is structurally built on theft. 64 00:03:28,680 --> 00:03:30,980 And I'm not talking about theft in terms of taxism. 65 00:03:30,980 --> 00:03:36,740 Different people have different views on the level of insane taxation we have now across different parts of the world. 66 00:03:36,860 --> 00:03:39,140 But that's not the theft I'm talking about. 67 00:03:39,280 --> 00:03:42,780 The theft I'm talking about is the debasement of the money we use. 68 00:03:43,080 --> 00:03:47,640 And then you combine the theft with having zero actual control over your own money. 69 00:03:47,640 --> 00:03:55,080 it's a dystopian prison that we all live in just not most people don't realize and it's about to 70 00:03:55,080 --> 00:03:59,460 get a whole lot worse and so you know it's probably a fairly depressing first two minutes 71 00:03:59,460 --> 00:04:05,840 but we can start that we can work through and pull that pull that apart um but yeah you know 72 00:04:05,840 --> 00:04:12,520 the tldr is it's all broken but we have the solution and so everyone should be super super 73 00:04:12,520 --> 00:04:17,420 positive it's just not enough people know about the solution but everyone can unilaterally adopt 74 00:04:17,420 --> 00:04:22,880 the solution so the future is very bright we're just in going through some dark times right now 75 00:04:22,880 --> 00:04:30,680 yeah and obviously the reason we're talking is tldr bitcoin is that solution we'll dive into that 76 00:04:30,680 --> 00:04:37,260 in depth but i do want to stay sorry audience with the dystopian thread for just a little bit longer 77 00:04:37,260 --> 00:04:43,980 but you said the the theft it's not from tax but it's from the debase debasement of of the currency 78 00:04:43,980 --> 00:04:48,060 So everyone around the world is feeling inflation. 79 00:04:48,700 --> 00:04:52,360 Electricity has gone up in this country about 9% just this year alone. 80 00:04:52,580 --> 00:04:57,260 Gas prices, food, housing, like everything. 81 00:04:57,720 --> 00:05:03,660 Cars, like anything you can name costs more now than it did last year and let alone five years ago. 82 00:05:03,780 --> 00:05:18,604 And I think people have really started to wake up since 2020 with COVID the pandemic or the plandemic whatever way you want to see it where they shut the world down they printed a whole lot of money People like especially in Australia they like 83 00:05:18,604 --> 00:05:24,384 the grocery stores, like the supermarkets, they're just jacking up their prices, these 84 00:05:24,384 --> 00:05:30,404 evil capitalist pigs, and they're just like ripping everyone off. And the media goes with that line. 85 00:05:30,644 --> 00:05:34,344 But then they want to talk about bringing them price controls and things like that. 86 00:05:34,344 --> 00:05:38,204 Maybe they're jacking them up a tiny little bit more than inflation, like I very much doubt it, 87 00:05:38,204 --> 00:05:46,824 the inflation is huge the cpi numbers like totally made up yeah so what is the real issue 88 00:05:46,824 --> 00:05:52,544 like what is debasement and what's actually caused inflation in people's lives because it's not the 89 00:05:52,544 --> 00:05:56,824 greedy grocers or the business people they're simply just passing on the costs that have been 90 00:05:56,824 --> 00:06:04,424 passed on to them yeah yeah that's simply the only source of inflation is is the money printer 91 00:06:04,424 --> 00:06:10,244 that's it the natural course of human action in a free market is that prices go down 92 00:06:10,244 --> 00:06:17,004 and quality goes up and this is just so blindingly obvious it's just we live in a world 93 00:06:17,004 --> 00:06:22,124 it's just 180 degrees the other way around and we've never questioned it yep well i just want to 94 00:06:22,124 --> 00:06:27,864 just on this topic it's blindly obvious to us you know we've read books like what's the price of 95 00:06:27,864 --> 00:06:35,384 tomorrow you know so we understand that over time as technology improves things that should be easier 96 00:06:35,384 --> 00:06:40,444 and cheaper to be able to export out of there or to be able to build and along with that because of 97 00:06:40,444 --> 00:06:46,904 the competition and market the quality should also go up but for anyone that hasn't read a book like 98 00:06:46,904 --> 00:06:54,464 the the price of tomorrow by jeff booth or maybe not into bitcoin or gold before bitcoin or precious 99 00:06:54,464 --> 00:07:00,284 metals that may not be so obvious um to them so i was just wondering if you could break that down 100 00:07:00,284 --> 00:07:05,664 a little bit more i can run through in 60 seconds so if you if you've watched what's the problem 101 00:07:05,664 --> 00:07:13,204 jeff's jeff's wonderful book the price of tomorrow i've bastardized it completely down to like 102 00:07:13,204 --> 00:07:19,824 one minute on a slide about how the the people on the island you start rebuilding and it's a really 103 00:07:19,824 --> 00:07:24,324 poor man's job of a wonderful book so you should go and read the book but the core the core thing 104 00:07:24,324 --> 00:07:31,704 is when you leave people alone and you have to give them good money and they're allowed to operate 105 00:07:31,704 --> 00:07:39,884 freely they specialize and they compete and when you specialize you become better at what you're 106 00:07:39,884 --> 00:07:46,524 doing you drop the things you're not good at you focus on things you are good at and because you're 107 00:07:46,524 --> 00:07:52,504 better than the average person your ability to produce goes up so your quantity you can produce 108 00:07:52,504 --> 00:07:53,844 and a certain amount of time increases. 109 00:07:54,524 --> 00:07:56,124 So prices begin to fall. 110 00:07:56,824 --> 00:07:58,884 And the quality goes up because you're better at it. 111 00:07:59,564 --> 00:08:00,524 So quality goes up. 112 00:08:00,704 --> 00:08:02,724 But there's lots of people doing the same thing as you 113 00:08:02,724 --> 00:08:03,964 and they're all competing with you. 114 00:08:05,044 --> 00:08:06,544 And because you're specialized, 115 00:08:07,264 --> 00:08:09,224 you need to trade with everybody else 116 00:08:09,224 --> 00:08:10,764 because whatever it is you're producing, 117 00:08:10,884 --> 00:08:12,144 you can't survive on that alone. 118 00:08:12,804 --> 00:08:15,204 So you have to exchange it for money 119 00:08:15,204 --> 00:08:17,764 to go and buy something else, right? 120 00:08:18,164 --> 00:08:20,584 And so you have trade in a free market 121 00:08:20,584 --> 00:08:22,324 where people are specialized, they compete, 122 00:08:22,504 --> 00:08:28,644 the prices start to fall and quality starts to go up because everybody's making a decision about 123 00:08:28,644 --> 00:08:32,564 what they buy from everyone else on the combination. I want the highest quality at the lowest price. 124 00:08:32,944 --> 00:08:36,384 If you give me lower quality at a higher price, I don't buy from you, you go bust. 125 00:08:36,764 --> 00:08:41,864 You'll get out-competed. And so in a free market with perfect money, prices go down forever and 126 00:08:41,864 --> 00:08:49,064 quality goes up forever. Super simple. That is so blindingly obvious, right? When you're like, 127 00:08:49,064 --> 00:08:49,564 Of course. 128 00:08:50,004 --> 00:08:50,884 Of course that's the case. 129 00:08:51,384 --> 00:08:53,884 Capitalism is what happens when you just leave people alone. 130 00:08:55,204 --> 00:08:55,404 Okay? 131 00:08:55,564 --> 00:08:59,404 And the benefit of that system accrues to everybody in the system. 132 00:08:59,784 --> 00:09:06,644 So imagine you're in that little world, but you can't work for whatever reason. 133 00:09:07,064 --> 00:09:07,184 Right? 134 00:09:07,284 --> 00:09:08,764 But you have a small amount of savings. 135 00:09:09,584 --> 00:09:16,444 The fact that prices fall and quality goes up means your money is becoming more valuable over time, not less valuable. 136 00:09:17,804 --> 00:09:17,904 Right? 137 00:09:17,904 --> 00:09:22,844 So you're benefiting, you're saving, you don't even need to earn any interest. 138 00:09:23,104 --> 00:09:28,424 The purchasing power of your money is going up over time because you're benefiting from the productivity of everybody else. 139 00:09:28,724 --> 00:09:30,164 It's accruing to the money. 140 00:09:31,164 --> 00:09:33,524 This is exactly how money should be working. 141 00:09:34,884 --> 00:09:39,384 So good money in a free market raises the quality of life for everybody. 142 00:09:40,124 --> 00:09:40,624 Full stop. 143 00:09:40,764 --> 00:09:43,204 So why the hell are we in the situation we're in today? 144 00:09:44,124 --> 00:09:47,604 Prices constantly go up. 145 00:09:47,904 --> 00:09:51,224 in the fiat world, and quality deteriorates. 146 00:09:52,184 --> 00:09:53,344 It's like something's broken. 147 00:09:54,024 --> 00:09:54,944 Something's broken. 148 00:09:55,324 --> 00:09:56,004 And it's the money. 149 00:09:56,704 --> 00:09:57,904 The money is broken. 150 00:09:57,904 --> 00:10:07,064 And so the money being corruptible in the first instance starts with money printing by the government, 151 00:10:07,464 --> 00:10:13,944 which leads to ultimately a swelling of the government, a destruction of the free market. 152 00:10:13,944 --> 00:10:16,104 and we can dig into these destruction of the free market, 153 00:10:16,604 --> 00:10:20,064 which causes more societal problems, which means the government needs to spend 154 00:10:20,064 --> 00:10:37,888 more money into the market trying to fix the problems it created which exacerbates the problems and centralises the economy greater and greater extent around the government So it destroys the free market by printing money and then solves it by printing more money which faster destroys the free market 155 00:10:38,528 --> 00:10:45,588 And the government has to get more and more involved in everything and even gets pushed to be involved by some sectors who benefit from the money printer. 156 00:10:45,948 --> 00:10:50,828 Those closest to the government, like the defence sector or the pharmaceutical industry or the banking sector. 157 00:10:50,828 --> 00:10:57,668 they push to be regulated you've got to protect the public but that reduces competition for them 158 00:10:57,668 --> 00:11:02,868 it puts up barriers to competition so they can now charge more to the government and reduce the 159 00:11:02,868 --> 00:11:07,688 quality and the government then mandates their services to the population or underwrites them 160 00:11:07,688 --> 00:11:14,868 if they require a bailout it's just socialism and that's why you have prices going up so you know 161 00:11:14,868 --> 00:11:19,488 the government prints money it then has to spend this money in the economy it spends the money in 162 00:11:19,488 --> 00:11:25,068 the economy with the people closest to the government. So it comes in those extra fiatellos, 163 00:11:25,528 --> 00:11:30,548 they look, or Aussie dollars, right? They look like demand. They're not demand, it's just extra 164 00:11:30,548 --> 00:11:36,448 Aussie dollars. So the people receiving them start to see prices going up, become more profitable, 165 00:11:37,408 --> 00:11:41,048 closer to the government. And then so people in the rest of the economy go, well, why am I 166 00:11:41,048 --> 00:11:46,208 competing over there? There's greater profit margin to play for by going, being closer to the 167 00:11:46,208 --> 00:11:53,188 government i'll stop what i'm doing i'll go work in the banking sector right so you get this drain 168 00:11:53,188 --> 00:11:57,928 of productive people and productive capital in the rest of the economy they all get sucked closer 169 00:11:57,928 --> 00:12:06,888 to the government right so the first recipients of the money then get to buy assets and they also 170 00:12:06,888 --> 00:12:14,448 then spend that on inputs that everybody uses so they start hiring people they spend on energy 171 00:12:14,448 --> 00:12:20,088 all these things, which then is just extra Aussie dollars going through the rest of the economy. 172 00:12:21,208 --> 00:12:27,688 So to your point, it's like the food shops, you know, they now see their input costs going up. 173 00:12:28,268 --> 00:12:34,028 They didn't receive any money from the government, but they're on the receiving end of the 174 00:12:34,028 --> 00:12:38,188 consequences of the government printing the money because it pushes all their input costs up. 175 00:12:38,608 --> 00:12:44,388 And if you're running a business, you have to balance the risk reward of running the business. 176 00:12:44,448 --> 00:12:49,888 running a business is stressful like you're on the hook for it you're on the hook for it so there 177 00:12:49,888 --> 00:12:56,608 has to be a sufficient reward for you to even spend the time trying to build the business employ 178 00:12:56,608 --> 00:13:02,748 people make a profit and if the profit expected profit reduces you just give up you say i'm going 179 00:13:02,748 --> 00:13:07,368 to close the business i've got to work for someone else they can take that risk right so you start 180 00:13:07,368 --> 00:13:12,968 to see businesses closing or they have to go okay well i need to re-establish my profit margin 181 00:13:12,968 --> 00:13:15,868 because it's been eroded because the government printed a load of money. 182 00:13:16,608 --> 00:13:17,628 So how do I do that? 183 00:13:18,428 --> 00:13:22,048 And this is where consumer inflation comes from, right? 184 00:13:22,568 --> 00:13:25,408 The vast majority of consumer inflation that isn't input-driven 185 00:13:25,408 --> 00:13:28,248 is people reacting to the fact that the inputs have got up 186 00:13:28,248 --> 00:13:29,128 because the government printed money. 187 00:13:29,948 --> 00:13:33,048 And so every business is a choice between three things, 188 00:13:34,008 --> 00:13:35,408 and you'll recognize all of them. 189 00:13:35,408 --> 00:13:37,868 If you've still got your Bitcoin on an exchange 190 00:13:37,868 --> 00:13:40,948 or you're looking to take your Bitcoin security to the next level, 191 00:13:41,068 --> 00:13:42,548 I've partnered with the Bitcoin Way. 192 00:13:42,548 --> 00:13:45,648 They offer live help for setting up cold storage, 193 00:13:45,808 --> 00:13:48,248 running your own node, keeping your Bitcoin private, 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today The first one is that you mind you a manufactured product right It like well it now costs more to make so we just pass on the price increase to the customer it now costs 10 more so it same 230 00:15:49,572 --> 00:15:55,452 size same quality just price gone and that's what that's what people would talk about or the 231 00:15:55,452 --> 00:16:02,072 government would talk about is inflation consumer inflation it's one third of the picture because 232 00:16:02,072 --> 00:16:05,512 you have the option of not putting the price up. 233 00:16:06,352 --> 00:16:08,812 You could instead redesign the packet 234 00:16:08,812 --> 00:16:11,092 and make it 10% smaller 235 00:16:11,092 --> 00:16:13,772 and charge the same price. 236 00:16:14,872 --> 00:16:16,772 So same price, same quality, 237 00:16:16,952 --> 00:16:17,772 it's now just smaller. 238 00:16:18,432 --> 00:16:19,512 And this is shrinkflation. 239 00:16:19,632 --> 00:16:20,572 And we see it everywhere. 240 00:16:21,672 --> 00:16:23,532 Often it's with a redesigned package, 241 00:16:23,632 --> 00:16:24,512 so you're not even sure. 242 00:16:24,732 --> 00:16:26,652 It doesn't look the same as it did before, 243 00:16:26,712 --> 00:16:27,872 so it's hidden from you. 244 00:16:29,192 --> 00:16:31,872 But I would term that semi-visible. 245 00:16:32,072 --> 00:16:38,252 inflation it's like sometimes we notice it and sometimes we don't um but that's not in the 246 00:16:38,252 --> 00:16:45,192 inflation statistics and then the third one is you go well i'll keep it the same size and the same 247 00:16:45,192 --> 00:16:52,992 price i'll just find a way to make it more cheaply and every business is already trying to do that 248 00:16:52,992 --> 00:16:58,552 anyway this is what business is it's like you're trying to be the most efficient business you can 249 00:16:58,552 --> 00:17:05,232 but you're doing that against a backdrop of the combination of quality and price. 250 00:17:06,052 --> 00:17:09,432 If you get to the point where you need to reduce your input costs, 251 00:17:09,792 --> 00:17:11,572 you have to compromise on quality. 252 00:17:12,812 --> 00:17:14,232 And you do that in two ways. 253 00:17:14,292 --> 00:17:15,632 Like you either just fire people. 254 00:17:16,752 --> 00:17:20,132 And so now you can't get anyone on the phone when you try and call, 255 00:17:20,272 --> 00:17:22,592 talk to somebody about a product or a service. 256 00:17:22,872 --> 00:17:25,192 It's like, you know, there's just no one there. 257 00:17:25,752 --> 00:17:26,932 That's the easiest way. 258 00:17:26,932 --> 00:17:33,272 but the worst the worst way for society is that you compromise on the quality itself 259 00:17:33,272 --> 00:17:39,012 and so you say well the product i'm not going to use worse components to build the product 260 00:17:39,012 --> 00:17:43,712 so as previously someone would have bought it and it lasts for two years before it needs to 261 00:17:43,712 --> 00:17:49,112 be replaced it now only lasts for one year there's still inflation it's inflation through time like 262 00:17:49,112 --> 00:17:54,452 i've got to buy it twice over two years rather than buy it once not in the inflation statistics 263 00:17:54,452 --> 00:18:00,412 right so it's like the decline in quality but then that's from a mechanical perspective 264 00:18:00,412 --> 00:18:05,492 like a product perspective but if you think about some things where you only get to use them once 265 00:18:05,492 --> 00:18:12,712 like food well i want to bring up the food because then what's the problem you use that as an example 266 00:18:12,712 --> 00:18:18,892 and i truly believe we are what we eat and i believe we can pay as much attention to bitcoin 267 00:18:18,892 --> 00:18:23,552 as we want and we can get as wealthy as we want but if we lose our health in the process like 268 00:18:23,552 --> 00:18:24,132 What's the point? 269 00:18:24,272 --> 00:18:25,952 What's the point of doing that? 270 00:18:26,292 --> 00:18:31,312 And I think one of the greatest drivers for our long-term health is what we just literally 271 00:18:31,312 --> 00:18:32,572 put into our mouth. 272 00:18:33,472 --> 00:18:38,712 And the decline in food since even since I was a kid or even in recent years, like I 273 00:18:38,712 --> 00:18:44,012 walk into the supermarket and there's sort of the fruit at the start, the meat and the 274 00:18:44,012 --> 00:18:45,572 milk and the eggs at the end. 275 00:18:45,712 --> 00:18:48,192 And they're the only aisles I go to and the water aisle. 276 00:18:48,492 --> 00:18:49,072 And that's it. 277 00:18:49,232 --> 00:18:51,852 And then there's like 30 aisles in between. 278 00:18:51,852 --> 00:18:54,852 that to me just looked like toxic garbage. 279 00:18:55,112 --> 00:18:56,692 But I guess like how did we get here? 280 00:18:57,272 --> 00:18:59,152 And like how has that come about? 281 00:18:59,232 --> 00:19:00,012 Because what's the problem? 282 00:19:00,092 --> 00:19:01,372 You really laid it out real well. 283 00:19:02,052 --> 00:19:03,392 Well, there's a couple of things. 284 00:19:03,512 --> 00:19:06,152 The first is that inflation pressure. 285 00:19:07,352 --> 00:19:11,632 So if your production costs go up 286 00:19:11,632 --> 00:19:14,392 because there's just more Aussie dollars in the system, 287 00:19:14,392 --> 00:19:16,872 then you end up compromising on the inputs. 288 00:19:17,732 --> 00:19:19,192 So you reduce the quality. 289 00:19:19,932 --> 00:19:21,652 And so your fresh ingredients are increasing 290 00:19:21,652 --> 00:19:28,012 replaced with industrialized sludge to keep the costs down it maybe even tastes better at the same 291 00:19:28,012 --> 00:19:35,552 time but you you don't really notice it necessarily on day one this is why we all why we have obesity 292 00:19:35,552 --> 00:19:41,832 crisis it's like we're consuming stuff we should never be consuming yeah and it's directly a result 293 00:19:41,832 --> 00:19:49,472 of the of the money printer right and the second impact is that because of the money printer 294 00:19:49,472 --> 00:19:58,792 the the businesses have to put up costs but the people who are struggling the most in society 295 00:19:58,792 --> 00:20:05,772 who are on low wages their wages are going up less than the rate at which the cost of living 296 00:20:05,772 --> 00:20:11,572 is going up and the full cost of living it's like the visible the semi-visible and the hidden 297 00:20:11,572 --> 00:20:18,512 inflation right that's eating away at them three different aspects which is way way way 298 00:20:18,512 --> 00:20:25,572 above the rate at which their earnings are going up so every year they're having to make compromises 299 00:20:25,572 --> 00:20:32,932 and so the compromises is like we need to move further and further down the quality curve of 300 00:20:32,932 --> 00:20:40,092 our decisions in the food we eat because we can't make the economics balance anymore 301 00:20:40,092 --> 00:20:45,172 so not only is the food deteriorating quality people are getting forced down the quality curve 302 00:20:45,172 --> 00:20:48,412 They're having to buy crappier and crappier food. 303 00:20:48,412 --> 00:20:51,592 And the food itself is crappier and crappier, right? 304 00:20:51,592 --> 00:20:54,352 So it's like a race to the bottom from two days to two days.