The Dollar Is Already Dead — They Just Haven’t Told You

This is the defining moment of what it This is the defining moment of what it means to be human. Are we going to blow means to be human. Are we going to blow means to be human. Are we going to blow ourselves up because we couldn't decide ourselves up because we couldn't decide ourselves up because we couldn't decide how to share? Banks either adapt or they how to share? Banks either adapt or they how to share? Banks either adapt or they die. We all believe that the government die. We all believe that the government die. We all believe that the government is supposed to save us. Therefore, the is supposed to save us. Therefore, the is supposed to save us. Therefore, the government says, "Okay, great. We don't government says, "Okay, great. We don't government says, "Okay, great. We don't want to raise taxes cuz that's very want to raise taxes cuz that's very want to raise taxes cuz that's very unpopular." Regardless of whether unpopular." Regardless of whether unpopular." Regardless of whether Democratic or not, if you [music] own a Democratic or not, if you [music] own a Democratic or not, if you [music] own a house, you want what Trump wants to have house, you want what Trump wants to have house, you want what Trump wants to have have happen, right? He's going to pump have happen, right? He's going to pump have happen, right? He's going to pump your house price, too. your house price, too. your house price, too. >> I worry very much about society tearing >> I worry very much about society tearing >> I worry very much about society tearing itself apart. itself apart. itself apart. >> To say that he is against socialism just >> To say that he is against socialism just >> To say that he is against socialism just doesn't you [music] doesn't you [music] doesn't you [music] don't remember what happened in 2020. don't remember what happened in 2020. don't remember what happened in 2020. The United States is not going anywhere The United States is not going anywhere The United States is not going anywhere just because debt to GDP at the 135 or just because debt to GDP at the 135 or just because debt to GDP at the 135 or 140%. There's an immense capacity to add 140%. There's an immense capacity to add 140%. There's an immense capacity to add more debt in the US situation. If you more debt in the US situation. If you more debt in the US situation. If you don't like the way the situation is in don't like the way the situation is in don't like the way the situation is in the United States, there's a whole big the United States, there's a whole big the United States, there's a whole big old world out there. Leave. The economy right now feels pretty The economy right now feels pretty brittle to me. Crypto has dipped hard. brittle to me. Crypto has dipped hard. brittle to me. Crypto has dipped hard. Stocks are whipsawing. Stocks are whipsawing. Stocks are whipsawing. Uh AI looks like the biggest bubble Uh AI looks like the biggest bubble Uh AI looks like the biggest bubble ever. what what is the real force ever. what what is the real force ever. what what is the real force underneath all of this and is the underneath all of this and is the underneath all of this and is the economy about to break? economy about to break? economy about to break? >> I know most of the listeners here are >> I know most of the listeners here are >> I know most of the listeners here are from the United States and I think that from the United States and I think that from the United States and I think that there's been a lot of discussion of the there's been a lot of discussion of the there's been a lot of discussion of the the the K-shaped economy. There's a very the the K-shaped economy. There's a very the the K-shaped economy. There's a very small percent of people who are doing small percent of people who are doing small percent of people who are doing very very well and then the majority of very very well and then the majority of very very well and then the majority of Americans if you take a look at some of Americans if you take a look at some of Americans if you take a look at some of the consumer sentiment surveys think the consumer sentiment surveys think the consumer sentiment surveys think this is the worst economy since the 70s. this is the worst economy since the 70s. this is the worst economy since the 70s. even worse than the the global financial even worse than the the global financial even worse than the the global financial crisis, you know, when it looked like crisis, you know, when it looked like crisis, you know, when it looked like the world was going to uh implode on the world was going to uh implode on the world was going to uh implode on itself because of overleveraged American itself because of overleveraged American itself because of overleveraged American subprime mortgages. subprime mortgages. subprime mortgages. >> And the question is like why is that if >> And the question is like why is that if >> And the question is like why is that if you know GDP supposedly real GDP is you know GDP supposedly real GDP is you know GDP supposedly real GDP is growing at 3% a year um supposedly growing at 3% a year um supposedly growing at 3% a year um supposedly people are making more money and all people are making more money and all people are making more money and all these sorts of things and I think the these sorts of things and I think the these sorts of things and I think the name of the game is inflation. people name of the game is inflation. people name of the game is inflation. people really feel inflation and I know that really feel inflation and I know that really feel inflation and I know that the the authorities in the United States the the authorities in the United States the the authorities in the United States and around the world like to say, "Oh, and around the world like to say, "Oh, and around the world like to say, "Oh, the the year-on-year change is either the the year-on-year change is either the the year-on-year change is either the decelerating or it's in deflation." the decelerating or it's in deflation." the decelerating or it's in deflation." But, you know, every day people don't But, you know, every day people don't But, you know, every day people don't give a [ __ ] about the rate of change. give a [ __ ] about the rate of change. give a [ __ ] about the rate of change. They care about the at the actual price They care about the at the actual price They care about the at the actual price level. So, like, how much does stuff level. So, like, how much does stuff level. So, like, how much does stuff cost right now? How much did it used to cost right now? How much did it used to cost right now? How much did it used to cost? Did my salary keep up with that? cost? Did my salary keep up with that? cost? Did my salary keep up with that? How do I feel about this situation? And How do I feel about this situation? And How do I feel about this situation? And obviously the answer is that majority of obviously the answer is that majority of obviously the answer is that majority of people in the United States and around people in the United States and around people in the United States and around the world are like, I'm getting inflated the world are like, I'm getting inflated the world are like, I'm getting inflated away. I afford less than I used to. I away. I afford less than I used to. I away. I afford less than I used to. I need to buy all these things just to need to buy all these things just to need to buy all these things just to have a job, whether it's a cell phone or have a job, whether it's a cell phone or have a job, whether it's a cell phone or it's a car or it's a type of dwelling it's a car or it's a type of dwelling it's a car or it's a type of dwelling that I live in or it's child care or all that I live in or it's child care or all that I live in or it's child care or all these sorts of things. And you know, I these sorts of things. And you know, I these sorts of things. And you know, I look on social media and I see all the look on social media and I see all the look on social media and I see all the influencers are partying like it's 1999, influencers are partying like it's 1999, influencers are partying like it's 1999, but I'm broke as [ __ ] and I'm working, but I'm broke as [ __ ] and I'm working, but I'm broke as [ __ ] and I'm working, you know, one two jobs and I'm barely you know, one two jobs and I'm barely you know, one two jobs and I'm barely treading water. And so I think that's treading water. And so I think that's treading water. And so I think that's why a lot of Americans and a lot of why a lot of Americans and a lot of why a lot of Americans and a lot of people around the world feel this sort people around the world feel this sort people around the world feel this sort of apathy and disillusionment with this of apathy and disillusionment with this of apathy and disillusionment with this supposedly amazing world economy that we supposedly amazing world economy that we supposedly amazing world economy that we have right now. have right now. have right now. >> Okay. So, walk me through how did we get >> Okay. So, walk me through how did we get >> Okay. So, walk me through how did we get here? What is the driving factor? here? What is the driving factor? here? What is the driving factor? There's a lot of different um thesis There's a lot of different um thesis There's a lot of different um thesis about what exactly put us in this about what exactly put us in this about what exactly put us in this position. I certainly have one. My position. I certainly have one. My position. I certainly have one. My audience will be very familiar with my audience will be very familiar with my audience will be very familiar with my take. Uh but walk me through what's take. Uh but walk me through what's take. Uh but walk me through what's driving all this. driving all this. driving all this. >> I mean, at the end of the day, it's all >> I mean, at the end of the day, it's all >> I mean, at the end of the day, it's all about money printing. Every single about money printing. Every single about money printing. Every single economy in the world is essentially a economy in the world is essentially a economy in the world is essentially a fractional reserve banking system with fractional reserve banking system with fractional reserve banking system with this sort of Keynesian economic bent, this sort of Keynesian economic bent, this sort of Keynesian economic bent, meaning the government's supposed to meaning the government's supposed to meaning the government's supposed to spend money to incite demand. And if spend money to incite demand. And if spend money to incite demand. And if there's ever a situation where there's there's ever a situation where there's there's ever a situation where there's too much credit or too much um too much credit or too much um too much credit or too much um overlever, then the government comes in overlever, then the government comes in overlever, then the government comes in and saves those who are the bad actors and saves those who are the bad actors and saves those who are the bad actors in the economy, prints a bunch of money, in the economy, prints a bunch of money, in the economy, prints a bunch of money, and then we the party continues. And if and then we the party continues. And if and then we the party continues. And if we keep doing that over and over and we keep doing that over and over and we keep doing that over and over and over again, over time, inflation builds over again, over time, inflation builds over again, over time, inflation builds up and you know what an average person up and you know what an average person up and you know what an average person used to be able to afford on an average used to be able to afford on an average used to be able to afford on an average salary, they no longer can. And you salary, they no longer can. And you salary, they no longer can. And you know, pick your country. The average know, pick your country. The average know, pick your country. The average firsttime home buyer is much older than firsttime home buyer is much older than firsttime home buyer is much older than they used to be. Household formation is they used to be. Household formation is they used to be. Household formation is down. People having less kids. It's all down. People having less kids. It's all down. People having less kids. It's all the same of the same thing. We all the same of the same thing. We all the same of the same thing. We all believe that the government is supposed believe that the government is supposed believe that the government is supposed to save us. Therefore, the government to save us. Therefore, the government to save us. Therefore, the government says, "Okay, great. We don't want to says, "Okay, great. We don't want to says, "Okay, great. We don't want to raise taxes cuz that's very unpopular. raise taxes cuz that's very unpopular. raise taxes cuz that's very unpopular. Regardless of whether democratic or not Regardless of whether democratic or not Regardless of whether democratic or not in terms of how people express their in terms of how people express their in terms of how people express their opinion politically, we're just going to opinion politically, we're just going to opinion politically, we're just going to print a bunch of money. And if you don't print a bunch of money. And if you don't print a bunch of money. And if you don't own financial assets, then you're own financial assets, then you're own financial assets, then you're screwed essentially. And and that screwed essentially. And and that screwed essentially. And and that compounds if you've been doing this compounds if you've been doing this compounds if you've been doing this since, you know, the end of World War since, you know, the end of World War since, you know, the end of World War II, you know, uh 80 years ago. We get to II, you know, uh 80 years ago. We get to II, you know, uh 80 years ago. We get to this situation today where, you know, this situation today where, you know, this situation today where, you know, the average home buyer in the US is what the average home buyer in the US is what the average home buyer in the US is what 40 years old is a four year is a the 40 years old is a four year is a the 40 years old is a four year is a the first home buyer something first home buyer something first home buyer something >> something in that where it used to be, >> something in that where it used to be, >> something in that where it used to be, you know, the mid20s in, you know, the you know, the mid20s in, you know, the you know, the mid20s in, you know, the 60s and 70s, at least in the United 60s and 70s, at least in the United 60s and 70s, at least in the United States context, is literally just a States context, is literally just a States context, is literally just a symptom of of printed money. symptom of of printed money. symptom of of printed money. This is something that I don't think uh This is something that I don't think uh This is something that I don't think uh people really take on board in terms of people really take on board in terms of people really take on board in terms of going back to what you were talking going back to what you were talking going back to what you were talking about with the K-shaped economy. Um about with the K-shaped economy. Um about with the K-shaped economy. Um that's what really got me thinking about that's what really got me thinking about that's what really got me thinking about all of this. I I wouldn't have been able all of this. I I wouldn't have been able all of this. I I wouldn't have been able to put words to it, but it just felt to put words to it, but it just felt to put words to it, but it just felt like there were two separate economies like there were two separate economies like there were two separate economies now that I do know how to articulate now that I do know how to articulate now that I do know how to articulate this. And you've got one the people that this. And you've got one the people that this. And you've got one the people that understand that if you have an inflating understand that if you have an inflating understand that if you have an inflating [snorts] [snorts] [snorts] currency that where I'm able to buy less currency that where I'm able to buy less currency that where I'm able to buy less every day and there is a way for me to every day and there is a way for me to every day and there is a way for me to escape it, then savvy people are going escape it, then savvy people are going escape it, then savvy people are going to go wherever that escape hatch is. And to go wherever that escape hatch is. And to go wherever that escape hatch is. And that means getting into something that that means getting into something that that means getting into something that has um is protected against inflation. has um is protected against inflation. has um is protected against inflation. So assets to oversimplify So assets to oversimplify So assets to oversimplify and and and right now the stat that really drives me right now the stat that really drives me right now the stat that really drives me crazy is that 10% of Americans own 93% crazy is that 10% of Americans own 93% crazy is that 10% of Americans own 93% of the assets. And so when you get a of the assets. And so when you get a of the assets. And so when you get a moment like this where the so much moment like this where the so much moment like this where the so much liquidity is slloshing around because liquidity is slloshing around because liquidity is slloshing around because um the government or the Fed I should um the government or the Fed I should um the government or the Fed I should say to be more specific is just not say to be more specific is just not say to be more specific is just not raising rates. raising rates. raising rates. How do you think we have to factor How do you think we have to factor How do you think we have to factor fiscal dominance in this to really fiscal dominance in this to really fiscal dominance in this to really understand what's going on? Well, I understand what's going on? Well, I understand what's going on? Well, I think the underlying problem is, and think the underlying problem is, and think the underlying problem is, and it's not all the government's fault, is it's not all the government's fault, is it's not all the government's fault, is that nobody wants to take the hard that nobody wants to take the hard that nobody wants to take the hard medicine in the 1930s. And whether or medicine in the 1930s. And whether or medicine in the 1930s. And whether or not you think this is was the correct not you think this is was the correct not you think this is was the correct thing for a little bit of time after the thing for a little bit of time after the thing for a little bit of time after the the Great Depression, which was a the Great Depression, which was a the Great Depression, which was a creditfueled boom, the thinking was creditfueled boom, the thinking was creditfueled boom, the thinking was okay, let's let the amount of credit okay, let's let the amount of credit okay, let's let the amount of credit contract. People lost their jobs, contract. People lost their jobs, contract. People lost their jobs, businesses went under, they the keys businesses went under, they the keys businesses went under, they the keys were handed to the creditors at banks were handed to the creditors at banks were handed to the creditors at banks and you know different industrial and you know different industrial and you know different industrial companies and the the medicine was there companies and the the medicine was there companies and the the medicine was there and the US econ US and global economy and the US econ US and global economy and the US econ US and global economy contracted a lot and it was a great contracted a lot and it was a great contracted a lot and it was a great depression but again there was the depression but again there was the depression but again there was the hangover from the the 20s and the early hangover from the the 20s and the early hangover from the the 20s and the early 20th century when there was all this 20th century when there was all this 20th century when there was all this sort of money printing and activity that sort of money printing and activity that sort of money printing and activity that sort of situation obviously you know sort of situation obviously you know sort of situation obviously you know Herbert Hoover was a a one-term Herbert Hoover was a a one-term Herbert Hoover was a a one-term president because of that president because of that president because of that >> meaning because he was being fiscally >> meaning because he was being fiscally >> meaning because he was being fiscally responsible and not just continuing the responsible and not just continuing the responsible and not just continuing the party, they booted him out of office. party, they booted him out of office. party, they booted him out of office. >> I mean, it's one of the one of the >> I mean, it's one of the one of the >> I mean, it's one of the one of the reasons. But again, at the end of the reasons. But again, at the end of the reasons. But again, at the end of the day, it's very unpopular. And so, I day, it's very unpopular. And so, I day, it's very unpopular. And so, I don't care whether it's the United don't care whether it's the United don't care whether it's the United States or you're talking about China, States or you're talking about China, States or you're talking about China, which is, you know, a different type of which is, you know, a different type of which is, you know, a different type of political system. political system. political system. Nobody wants to be the politician that Nobody wants to be the politician that Nobody wants to be the politician that stands up and says, "Okay, whether or stands up and says, "Okay, whether or stands up and says, "Okay, whether or not this was your fault. Maybe you're not this was your fault. Maybe you're not this was your fault. Maybe you're only 18 years old and this is a result only 18 years old and this is a result only 18 years old and this is a result of decades of fiscal irresponsibility. of decades of fiscal irresponsibility. of decades of fiscal irresponsibility. We're going to stop it right now. No We're going to stop it right now. No We're going to stop it right now. No more credit. If your business doesn't more credit. If your business doesn't more credit. If your business doesn't have enough cash flow to generate to pay have enough cash flow to generate to pay have enough cash flow to generate to pay its debts, too bad. You go out of its debts, too bad. You go out of its debts, too bad. You go out of business. You fire your workers. We're business. You fire your workers. We're business. You fire your workers. We're going to create contract the economy, going to create contract the economy, going to create contract the economy, get back to a healthier level, and they get back to a healthier level, and they get back to a healthier level, and they rebuild." and you know unemployment is rebuild." and you know unemployment is rebuild." and you know unemployment is 20 30% whatever some ridiculously high 20 30% whatever some ridiculously high 20 30% whatever some ridiculously high number that is not winning your election number that is not winning your election number that is not winning your election the or that is not going to keep the the or that is not going to keep the the or that is not going to keep the average person supporting you as an average person supporting you as an average person supporting you as an autocratic leader so you see okay what's autocratic leader so you see okay what's autocratic leader so you see okay what's the path of least resistance resistance the path of least resistance resistance the path of least resistance resistance it's hey I hear you things are expensive it's hey I hear you things are expensive it's hey I hear you things are expensive here's a check don't worry about how here's a check don't worry about how here's a check don't worry about how it's funded you don't have to pay any it's funded you don't have to pay any it's funded you don't have to pay any more taxes we're just going to hand out more taxes we're just going to hand out more taxes we're just going to hand out money and you know for your bills here money and you know for your bills here money and you know for your bills here your healthcare there your healthcare there your healthcare there >> and then it gets makes the situation >> and then it gets makes the situation >> and then it gets makes the situation even worse because nobody's willing to even worse because nobody's willing to even worse because nobody's willing to stand up and say, "Okay, stand up and say, "Okay, stand up and say, "Okay, >> today is the day. It's over. And >> today is the day. It's over. And >> today is the day. It's over. And unfortunately, unfortunately, unfortunately, >> you are you are where you are and some >> you are you are where you are and some >> you are you are where you are and some of you are going to be losers. Some of of you are going to be losers. Some of of you are going to be losers. Some of you are going to be winners, but over you are going to be winners, but over you are going to be winners, but over time, this is going to be the best way time, this is going to be the best way time, this is going to be the best way forward for um the you know, our forward for um the you know, our forward for um the you know, our particular country. That just is not a particular country. That just is not a particular country. That just is not a winning political strategy. I don't care winning political strategy. I don't care winning political strategy. I don't care what type democratic or autocratic what type democratic or autocratic what type democratic or autocratic government you have. And therefore, we government you have. And therefore, we government you have. And therefore, we get what we have today. get what we have today. get what we have today. >> [snorts] >> [snorts] >> [snorts] >> The way that I think about this is a >> The way that I think about this is a >> The way that I think about this is a parent who's uh 14-year-old wakes up parent who's uh 14-year-old wakes up parent who's uh 14-year-old wakes up with a severe hangover and the parent is with a severe hangover and the parent is with a severe hangover and the parent is reaching up into the cupboard to get the reaching up into the cupboard to get the reaching up into the cupboard to get the medicine and is like, "Listen, you medicine and is like, "Listen, you medicine and is like, "Listen, you brought this on yourself." Cracks open a brought this on yourself." Cracks open a brought this on yourself." Cracks open a bottle of vodka, uh, starts pouring it bottle of vodka, uh, starts pouring it bottle of vodka, uh, starts pouring it into some orange juice and is like, you into some orange juice and is like, you into some orange juice and is like, you know, but I feel you. I get it. Uh, so know, but I feel you. I get it. Uh, so know, but I feel you. I get it. Uh, so here, drink this and you're going to here, drink this and you're going to here, drink this and you're going to feel so much better. feel so much better. feel so much better. And because people do not understand how And because people do not understand how And because people do not understand how the economy works, they drink it down. the economy works, they drink it down. the economy works, they drink it down. And it does sort of push off having to And it does sort of push off having to And it does sort of push off having to deal with the hangover. But it is going deal with the hangover. But it is going deal with the hangover. But it is going to come for you. Like eventually you to come for you. Like eventually you to come for you. Like eventually you either become an alcoholic and you die either become an alcoholic and you die either become an alcoholic and you die of cerosis of the liver or you of cerosis of the liver or you of cerosis of the liver or you eventually get sober and you have to eventually get sober and you have to eventually get sober and you have to deal with it. When I look at the economy deal with it. When I look at the economy deal with it. When I look at the economy right now, um I really try not to be an right now, um I really try not to be an right now, um I really try not to be an alarmist. I understand it well enough. alarmist. I understand it well enough. alarmist. I understand it well enough. I'm gonna be okay. Um, but I really I'm gonna be okay. Um, but I really I'm gonna be okay. Um, but I really don't like the sense that a lot of don't like the sense that a lot of don't like the sense that a lot of crypto people have where it's like, crypto people have where it's like, crypto people have where it's like, well, I know how to escape this in an well, I know how to escape this in an well, I know how to escape this in an uninflatable currency. Uh, I've got a uninflatable currency. Uh, I've got a uninflatable currency. Uh, I've got a life raft. It's available to all you life raft. It's available to all you life raft. It's available to all you guys if you want it, but they will never guys if you want it, but they will never guys if you want it, but they will never because they don't understand it. And because they don't understand it. And because they don't understand it. And so, I have this pull to really want so, I have this pull to really want so, I have this pull to really want people to understand the mechanism by people to understand the mechanism by people to understand the mechanism by which this works. And I want them to which this works. And I want them to which this works. And I want them to understand how fragile the economy is. understand how fragile the economy is. understand how fragile the economy is. All because of that very simple All because of that very simple All because of that very simple statement that you made about debt and statement that you made about debt and statement that you made about debt and money printing and the fact that nobody money printing and the fact that nobody money printing and the fact that nobody regardless of Democrat, Republican, um, regardless of Democrat, Republican, um, regardless of Democrat, Republican, um, dictator, Democratically elected, no one dictator, Democratically elected, no one dictator, Democratically elected, no one says austerity, everyone says print says austerity, everyone says print says austerity, everyone says print money. Do you think that I am uh I've money. Do you think that I am uh I've money. Do you think that I am uh I've taken one too many black pills or do you taken one too many black pills or do you taken one too many black pills or do you think that I am seeing it correctly but think that I am seeing it correctly but think that I am seeing it correctly but I should just stop worrying about it and I should just stop worrying about it and I should just stop worrying about it and learn to love the bomb or what do you learn to love the bomb or what do you learn to love the bomb or what do you take away from all that? So I mean I take away from all that? So I mean I take away from all that? So I mean I think you've contextualized it um well think you've contextualized it um well think you've contextualized it um well but there are ways out of it and I think but there are ways out of it and I think but there are ways out of it and I think the the the AI AI AI dream for a politician is the only one dream for a politician is the only one dream for a politician is the only one of the only ways out which is we're of the only ways out which is we're of the only ways out which is we're going to create so much productivity and going to create so much productivity and going to create so much productivity and abundance that this debt doesn't really abundance that this debt doesn't really abundance that this debt doesn't really matter. we've taken all the all this matter. we've taken all the all this matter. we've taken all the all this debt, a lot of it was wasted, but we debt, a lot of it was wasted, but we debt, a lot of it was wasted, but we created these AI companies and then they created these AI companies and then they created these AI companies and then they created this magical thing called AI and created this magical thing called AI and created this magical thing called AI and you know, humanoid robotics and all of a you know, humanoid robotics and all of a you know, humanoid robotics and all of a sudden the cost of labor is essentially sudden the cost of labor is essentially sudden the cost of labor is essentially zero. Uh, and the cost of intelligence zero. Uh, and the cost of intelligence zero. Uh, and the cost of intelligence is essentially zero. So you know but I is essentially zero. So you know but I is essentially zero. So you know but I don't think they've realized the problem don't think they've realized the problem don't think they've realized the problem that that brings for a fraction reserve that that brings for a fraction reserve that that brings for a fraction reserve debt based society that we have which is debt based society that we have which is debt based society that we have which is when the average investment banker and when the average investment banker and when the average investment banker and lawyer and accountant the most you know lawyer and accountant the most you know lawyer and accountant the most you know vulnerable people to AI are those who vulnerable people to AI are those who vulnerable people to AI are those who make the most money today who have the make the most money today who have the make the most money today who have the most sort of like most sort of like most sort of like um debt right they have a house they um debt right they have a house they um debt right they have a house they have a car you know have a you know have a car you know have a you know have a car you know have a you know rolling credit card bill the for the rolling credit card bill the for the rolling credit card bill the for the nice stuff that they're supposed to have nice stuff that they're supposed to have nice stuff that they're supposed to have that Tik Tok tells them that they need that Tik Tok tells them that they need that Tik Tok tells them that they need um when you fire those people first um when you fire those people first um when you fire those people first because you know that's the easiest because you know that's the easiest because you know that's the easiest thing to replace in in the first thing to replace in in the first thing to replace in in the first iteration of AI and they can't pay their iteration of AI and they can't pay their iteration of AI and they can't pay their bills and what happens to the entire bills and what happens to the entire bills and what happens to the entire when the when the 9% of the 10% who when the when the 9% of the 10% who when the when the 9% of the 10% who won't know everything can't pay their won't know everything can't pay their won't know everything can't pay their their bills because they lost their job their bills because they lost their job their bills because they lost their job because you don't need investment because you don't need investment because you don't need investment bankers and lawyers and accountants when bankers and lawyers and accountants when bankers and lawyers and accountants when an AI can do it for free essentially. an AI can do it for free essentially. an AI can do it for free essentially. Well, then what happens to the system Well, then what happens to the system Well, then what happens to the system then? What happens when you have, you then? What happens when you have, you then? What happens when you have, you know, five companies, you spent all this know, five companies, you spent all this know, five companies, you spent all this money who created the god AI, they have money who created the god AI, they have money who created the god AI, they have all this power, they've created all this all this power, they've created all this all this power, they've created all this abundance. Are they going to share it abundance. Are they going to share it abundance. Are they going to share it with everybody else? They don't need any with everybody else? They don't need any with everybody else? They don't need any other workers anymore. What happens to other workers anymore. What happens to other workers anymore. What happens to everyone else? Is it just going to be, everyone else? Is it just going to be, everyone else? Is it just going to be, you know, Mark Zuckerberg and Elon and you know, Mark Zuckerberg and Elon and you know, Mark Zuckerberg and Elon and Bezos and Altman sitting in the club and Bezos and Altman sitting in the club and Bezos and Altman sitting in the club and everybody else is starving because they everybody else is starving because they everybody else is starving because they said, "Well, cap capitalism and property said, "Well, cap capitalism and property said, "Well, cap capitalism and property rights says that I created this. I rights says that I created this. I rights says that I created this. I invested. [ __ ] you. I took your data and invested. [ __ ] you. I took your data and invested. [ __ ] you. I took your data and I made it, but you know, you didn't I made it, but you know, you didn't I made it, but you know, you didn't invest in my company. So, you don't get invest in my company. So, you don't get invest in my company. So, you don't get to you don't get to experience this to you don't get to experience this to you don't get to experience this abundance post scarcity world where abundance post scarcity world where abundance post scarcity world where we've, you know, eliminated the national we've, you know, eliminated the national we've, you know, eliminated the national debt because it doesn't matter anymore debt because it doesn't matter anymore debt because it doesn't matter anymore because we have robots and AI." I think because we have robots and AI." I think because we have robots and AI." I think that's what the conversation people that's what the conversation people that's what the conversation people should be thinking about in their head. should be thinking about in their head. should be thinking about in their head. The whole debt based financialized The whole debt based financialized The whole debt based financialized economy. I think that's a postw World economy. I think that's a postw World economy. I think that's a postw World War II, the last 80 years. That's the War II, the last 80 years. That's the War II, the last 80 years. That's the last war. People are fighting that. What last war. People are fighting that. What last war. People are fighting that. What they should be thinking about is how do they should be thinking about is how do they should be thinking about is how do we reform society to share what is going we reform society to share what is going we reform society to share what is going to be created by these either super to be created by these either super to be created by these either super national, national, national, you know, tech giants, this AI and you know, tech giants, this AI and you know, tech giants, this AI and robotics, this abundance that was based robotics, this abundance that was based robotics, this abundance that was based on our human data to create this. we're on our human data to create this. we're on our human data to create this. we're not getting compensated for that as not getting compensated for that as not getting compensated for that as society. How do we share that? That's a society. How do we share that? That's a society. How do we share that? That's a conversation that people need to have conversation that people need to have conversation that people need to have right now rather than well what are we right now rather than well what are we right now rather than well what are we going to do about the national debt? And going to do about the national debt? And going to do about the national debt? And I think if people start having that I think if people start having that I think if people start having that conversation and thinking about how conversation and thinking about how conversation and thinking about how they're going to reform political they're going to reform political they're going to reform political systems deal with that that is the next systems deal with that that is the next systems deal with that that is the next big risk. It's not whether or not you big risk. It's not whether or not you big risk. It's not whether or not you know the US or Japan or China or Europe know the US or Japan or China or Europe know the US or Japan or China or Europe can afford the debt. They can print the can afford the debt. They can print the can afford the debt. They can print the money. There's various ways to reduce money. There's various ways to reduce money. There's various ways to reduce your debt to GDP. It requires lots of your debt to GDP. It requires lots of your debt to GDP. It requires lots of high inflation. But I think that the high inflation. But I think that the high inflation. But I think that the real risk that people are not talking real risk that people are not talking real risk that people are not talking about is what happens when we don't need about is what happens when we don't need about is what happens when we don't need everybody or 20 or 30% of people everybody or 20 or 30% of people everybody or 20 or 30% of people anymore. Especially the 20 or 30% of the anymore. Especially the 20 or 30% of the anymore. Especially the 20 or 30% of the people who made the most money in the people who made the most money in the people who made the most money in the previous system. What happens when previous system. What happens when previous system. What happens when they're irrelevant? We'll get back to they're irrelevant? We'll get back to they're irrelevant? We'll get back to the show in just a moment, but first the show in just a moment, but first the show in just a moment, but first let's talk about the most expensive let's talk about the most expensive let's talk about the most expensive mistake crypto traders are making right mistake crypto traders are making right mistake crypto traders are making right now. 70% of US crypto traders think tax now. 70% of US crypto traders think tax now. 70% of US crypto traders think tax obligations only apply to centralized obligations only apply to centralized obligations only apply to centralized exchanges. 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Even if AI does everything that we think it will do, which on a that we think it will do, which on a that we think it will do, which on a long enough timeline, I think it will. I long enough timeline, I think it will. I long enough timeline, I think it will. I think it will blow past all of our think it will blow past all of our think it will blow past all of our expectations. The problem is that when expectations. The problem is that when expectations. The problem is that when you drive energy and labor to zero, um you drive energy and labor to zero, um you drive energy and labor to zero, um you, as you pointed out, you start you, as you pointed out, you start you, as you pointed out, you start obliterating a lot of jobs, and that obliterating a lot of jobs, and that obliterating a lot of jobs, and that isn't going to be instantaneous. That's isn't going to be instantaneous. That's isn't going to be instantaneous. That's going to happen over time. You're going going to happen over time. You're going going to happen over time. You're going to have a meaning and purpose crisis, to have a meaning and purpose crisis, to have a meaning and purpose crisis, and you're going to have a bunch of and you're going to have a bunch of and you're going to have a bunch of people that um will expect a government people that um will expect a government people that um will expect a government handout. Like in the short term, I don't handout. Like in the short term, I don't handout. Like in the short term, I don't know. there'll be something where uh know. there'll be something where uh know. there'll be something where uh first the wealth is going to accumulate first the wealth is going to accumulate first the wealth is going to accumulate to the owners to the owners to the owners then we'll deploy all the things because then we'll deploy all the things because then we'll deploy all the things because I don't think there's any reason for the I don't think there's any reason for the I don't think there's any reason for the um bots and all of the energy to um bots and all of the energy to um bots and all of the energy to accumulate to the top. It's not accumulate to the top. It's not accumulate to the top. It's not sustainable. They will literally be sustainable. They will literally be sustainable. They will literally be murdered. So uh the people that try to murdered. So uh the people that try to murdered. So uh the people that try to hoard that there just be way too many hoard that there just be way too many hoard that there just be way too many people struggling. So, their first act people struggling. So, their first act people struggling. So, their first act of self-preservation will either be to of self-preservation will either be to of self-preservation will either be to create a military, which I just really create a military, which I just really create a military, which I just really doubt, or to start deploying some of the doubt, or to start deploying some of the doubt, or to start deploying some of the abundance out to other people. But it's abundance out to other people. But it's abundance out to other people. But it's the transitionary phase where it will the transitionary phase where it will the transitionary phase where it will exacerbate both financial hardship and exacerbate both financial hardship and exacerbate both financial hardship and psychological hardship, which will lead psychological hardship, which will lead psychological hardship, which will lead to deeper fractures in society. America to deeper fractures in society. America to deeper fractures in society. America is just extremely prone to this. Europe is just extremely prone to this. Europe is just extremely prone to this. Europe is is like a powder cake right now. So is is like a powder cake right now. So is is like a powder cake right now. So any sort of downward pressure and you're any sort of downward pressure and you're any sort of downward pressure and you're going to get this I think very explosive going to get this I think very explosive going to get this I think very explosive response. So it's like even if you response. So it's like even if you response. So it's like even if you believe that AI is going to do all the believe that AI is going to do all the believe that AI is going to do all the things, AI doing the things is a problem things, AI doing the things is a problem things, AI doing the things is a problem unto itself. So, that's where I'm like, unto itself. So, that's where I'm like, unto itself. So, that's where I'm like, okay, you're going to take a a system okay, you're going to take a a system okay, you're going to take a a system that is economically fragile and you're that is economically fragile and you're that is economically fragile and you're going to make it psychologically going to make it psychologically going to make it psychologically fragile. Uh, and if you think that it's fragile. Uh, and if you think that it's fragile. Uh, and if you think that it's going to be hard to going to be hard to going to be hard to get people to migrate into an asset get people to migrate into an asset get people to migrate into an asset class that would save them from this, I class that would save them from this, I class that would save them from this, I think it's 10 times harder to get them think it's 10 times harder to get them think it's 10 times harder to get them to uh or austerity. It's going to be 10 to uh or austerity. It's going to be 10 to uh or austerity. It's going to be 10 times harder to get them to understand times harder to get them to understand times harder to get them to understand that we have to completely reimagine that we have to completely reimagine that we have to completely reimagine nation states and uh what an economy nation states and uh what an economy nation states and uh what an economy looks like in a post scarcity world like looks like in a post scarcity world like looks like in a post scarcity world like that is 10x more daunting to me. that is 10x more daunting to me. that is 10x more daunting to me. >> I think that's going to come faster than >> I think that's going to come faster than >> I think that's going to come faster than we think. It's going to come faster than we think. It's going to come faster than we think. It's going to come faster than the debt doom loop that I'm sure that a the debt doom loop that I'm sure that a the debt doom loop that I'm sure that a lot of people will talk about. Oh, we're lot of people will talk about. Oh, we're lot of people will talk about. Oh, we're adding a trillion dollars of this and adding a trillion dollars of this and adding a trillion dollars of this and that. Okay, cool. But what happens if we that. Okay, cool. But what happens if we that. Okay, cool. But what happens if we fire 10% of all of the most highly paid fire 10% of all of the most highly paid fire 10% of all of the most highly paid workers in the next 2 to 3 years? workers in the next 2 to 3 years? workers in the next 2 to 3 years? Because, you know, Anthropic can now do Because, you know, Anthropic can now do Because, you know, Anthropic can now do the job of a junior investment bank the job of a junior investment bank the job of a junior investment bank maker who was making $150,000 a year for maker who was making $150,000 a year for maker who was making $150,000 a year for $10 a month. I don't need an entire $10 a month. I don't need an entire $10 a month. I don't need an entire class of JP Morgan and Goldman Sachs and class of JP Morgan and Goldman Sachs and class of JP Morgan and Goldman Sachs and Bank of America analysts anymore. I Bank of America analysts anymore. I Bank of America analysts anymore. I don't need junior lawyers. I have an don't need junior lawyers. I have an don't need junior lawyers. I have an entire corpus of president all in entire corpus of president all in entire corpus of president all in machine readable format. Do I need an an machine readable format. Do I need an an machine readable format. Do I need an an an associate at a law firm anymore? Do I an associate at a law firm anymore? Do I an associate at a law firm anymore? Do I need a CPA? It's just codified rules. need a CPA? It's just codified rules. need a CPA? It's just codified rules. They can follow the per perfectly. So They can follow the per perfectly. So They can follow the per perfectly. So all the jobs that people were telling all the jobs that people were telling all the jobs that people were telling their kids, oh, go to university, spend, their kids, oh, go to university, spend, their kids, oh, go to university, spend, you know, get yourself in quarter of a you know, get yourself in quarter of a you know, get yourself in quarter of a million dollars of debt to get this million dollars of debt to get this million dollars of debt to get this degree to do this professional career, degree to do this professional career, degree to do this professional career, that's over. You don't we don't need that's over. You don't we don't need that's over. You don't we don't need those people anymore. Why am I paying those people anymore. Why am I paying those people anymore. Why am I paying you $2,000 an hour? And I think that's you $2,000 an hour? And I think that's you $2,000 an hour? And I think that's going to happen faster than people going to happen faster than people going to happen faster than people think. And this conversation about what think. And this conversation about what think. And this conversation about what do we what is society? What does it mean do we what is society? What does it mean do we what is society? What does it mean to be a productive human? This is to be a productive human? This is to be a productive human? This is something that people have to think something that people have to think something that people have to think about because there's going to be about because there's going to be about because there's going to be political leaders who are going to political leaders who are going to political leaders who are going to emerge to preach their own version of emerge to preach their own version of emerge to preach their own version of this. Whatever that may be. Some of it this. Whatever that may be. Some of it this. Whatever that may be. Some of it will be very militant like [ __ ] the will be very militant like [ __ ] the will be very militant like [ __ ] the computers. I'm about humanity first. computers. I'm about humanity first. computers. I'm about humanity first. We're going to go back to with the way We're going to go back to with the way We're going to go back to with the way things were when everybody had a job and things were when everybody had a job and things were when everybody had a job and everybody had purpose and all sort of everybody had purpose and all sort of everybody had purpose and all sort of things. You know, get rid of all this things. You know, get rid of all this things. You know, get rid of all this AI. There are going to be those that, oh AI. There are going to be those that, oh AI. There are going to be those that, oh no, AI can solve everything. Just hold no, AI can solve everything. Just hold no, AI can solve everything. Just hold on a minute. We got this. And so I think on a minute. We got this. And so I think on a minute. We got this. And so I think that's going to be the contentious that's going to be the contentious that's going to be the contentious debate and it's going to happen way debate and it's going to happen way debate and it's going to happen way sooner than we talk about whether or not sooner than we talk about whether or not sooner than we talk about whether or not the United States or China or Japan can the United States or China or Japan can the United States or China or Japan can afford to pay the interest on their afford to pay the interest on their afford to pay the interest on their debt. debt. debt. >> Okay. So your bet is that that happens >> Okay. So your bet is that that happens >> Okay. So your bet is that that happens so much faster. So let's say that my so much faster. So let's say that my so much faster. So let's say that my timeline is roughly correct that it's 10 timeline is roughly correct that it's 10 timeline is roughly correct that it's 10 years before we buckle under the weight years before we buckle under the weight years before we buckle under the weight of the debt. You're saying two to three of the debt. You're saying two to three of the debt. You're saying two to three years, maybe a little bit more, and we years, maybe a little bit more, and we years, maybe a little bit more, and we have to contend with massive economic have to contend with massive economic have to contend with massive economic disruption from AI. disruption from AI. disruption from AI. >> Yeah. And it's I mean, it only takes >> Yeah. And it's I mean, it only takes >> Yeah. And it's I mean, it only takes about 10%, right? If you could eliminate about 10%, right? If you could eliminate about 10%, right? If you could eliminate 10% of the highest paying white collar 10% of the highest paying white collar 10% of the highest paying white collar jobs, which are very formulaic and jobs, which are very formulaic and jobs, which are very formulaic and easily replaced for the very intelligent easily replaced for the very intelligent easily replaced for the very intelligent LLM. Well, these are the most LLM. Well, these are the most LLM. Well, these are the most politically active people. What are they politically active people. What are they politically active people. What are they going to decide to do with society? is going to decide to do with society? is going to decide to do with society? is the rest of the society that you know the rest of the society that you know the rest of the society that you know still has a job because they flip still has a job because they flip still has a job because they flip burgers to be a bit tright and the robot burgers to be a bit tright and the robot burgers to be a bit tright and the robot can't do that yet. So they actually have can't do that yet. So they actually have can't do that yet. So they actually have a purpose versus the investment banker a purpose versus the investment banker a purpose versus the investment banker who went to you know XYZ Ivy League who went to you know XYZ Ivy League who went to you know XYZ Ivy League school making 150,000 out of school. We school making 150,000 out of school. We school making 150,000 out of school. We don't need them. We don't need him and don't need them. We don't need him and don't need them. We don't need him and her anymore. We do need the construction her anymore. We do need the construction her anymore. We do need the construction worker, the nurse, you know, the worker, the nurse, you know, the worker, the nurse, you know, the policeman. We need those people still, policeman. We need those people still, policeman. We need those people still, but they weren't that politically but they weren't that politically but they weren't that politically important in the old system. And now important in the old system. And now important in the old system. And now these people have been disenfranchised. these people have been disenfranchised. these people have been disenfranchised. What are they going to decide to do with What are they going to decide to do with What are they going to decide to do with society? And is the rest of society society? And is the rest of society society? And is the rest of society going to support them? And what they going to support them? And what they going to support them? And what they believe that this post scarcity or 10% believe that this post scarcity or 10% believe that this post scarcity or 10% more efficient society looks like more efficient society looks like more efficient society looks like without the wealthiest folks. without the wealthiest folks. without the wealthiest folks. All right, let's extrapolate an answer All right, let's extrapolate an answer All right, let's extrapolate an answer to that from where we are today. So to that from where we are today. So to that from where we are today. So there are certain things that we know in there are certain things that we know in there are certain things that we know in terms of how people respond uh the way terms of how people respond uh the way terms of how people respond uh the way that people are responding to I can't that people are responding to I can't that people are responding to I can't make ends meet is is hyper gambling. So make ends meet is is hyper gambling. So make ends meet is is hyper gambling. So they are not being fiscally responsible. they are not being fiscally responsible. they are not being fiscally responsible. They're not buckling down and saving. They're not buckling down and saving. They're not buckling down and saving. They're going on every gambling They're going on every gambling They're going on every gambling mechanism that they can find from uh mechanism that they can find from uh mechanism that they can find from uh poly markets, sports betting, uh Pokemon poly markets, sports betting, uh Pokemon poly markets, sports betting, uh Pokemon cards. I mean just literally crypto, cards. I mean just literally crypto, cards. I mean just literally crypto, shitcoins, bitcoin, ethereum, like all shitcoins, bitcoin, ethereum, like all shitcoins, bitcoin, ethereum, like all of it is in my opinion and again I am of it is in my opinion and again I am of it is in my opinion and again I am happy to fight about this stuff but I happy to fight about this stuff but I happy to fight about this stuff but I think the only way to intelligently think the only way to intelligently think the only way to intelligently understand the markets is to think of understand the markets is to think of understand the markets is to think of them as gambling once you understand them as gambling once you understand them as gambling once you understand that humans step to them as gambling that humans step to them as gambling that humans step to them as gambling mechanisms by and large. I'm not saying mechanisms by and large. I'm not saying mechanisms by and large. I'm not saying that sophisticated um value investors that sophisticated um value investors that sophisticated um value investors are doing that. Although yes, actually I are doing that. Although yes, actually I are doing that. Although yes, actually I am saying that some I I will concede uh am saying that some I I will concede uh am saying that some I I will concede uh that point isn't going to be the part that point isn't going to be the part that point isn't going to be the part that I I'll like fight people on because that I I'll like fight people on because that I I'll like fight people on because that gets a bit uh semantical. But uh that gets a bit uh semantical. But uh that gets a bit uh semantical. But uh just in general, I think it is just in general, I think it is just in general, I think it is undeniable that that's what people are undeniable that that's what people are undeniable that that's what people are doing. Um so we know that people are doing. Um so we know that people are doing. Um so we know that people are going to go into a gambling scenario. We going to go into a gambling scenario. We going to go into a gambling scenario. We know that right now overeducated people know that right now overeducated people know that right now overeducated people that are um that are um that are um undermployed are leaning towards let's undermployed are leaning towards let's undermployed are leaning towards let's call it socialism. The leftleaning call it socialism. The leftleaning call it socialism. The leftleaning variant tends to be more popular among variant tends to be more popular among variant tends to be more popular among hypereducated undermployed people. And hypereducated undermployed people. And hypereducated undermployed people. And so you put those two things together and so you put those two things together and so you put those two things together and it's like, okay, you're going to get it's like, okay, you're going to get it's like, okay, you're going to get some ungodly number of people that are some ungodly number of people that are some ungodly number of people that are like, all right, well, my only shot then like, all right, well, my only shot then like, all right, well, my only shot then is to gamble. And then you're going to is to gamble. And then you're going to is to gamble. And then you're going to get some ungodly number of people that get some ungodly number of people that get some ungodly number of people that are like, um, not only am I going to are like, um, not only am I going to are like, um, not only am I going to gamble, but I want the government to gamble, but I want the government to gamble, but I want the government to give me the money with which I'm going give me the money with which I'm going give me the money with which I'm going to gamble. [snorts] Um, what say you to to gamble. [snorts] Um, what say you to to gamble. [snorts] Um, what say you to that? Do you think that is what we see that? Do you think that is what we see that? Do you think that is what we see in the tea leaves, or do you see in the tea leaves, or do you see in the tea leaves, or do you see something different? Yeah, I think something different? Yeah, I think something different? Yeah, I think there's some variant of that and it's there's some variant of that and it's there's some variant of that and it's hey the mum donnies of the world all hey the mum donnies of the world all hey the mum donnies of the world all these things that we know socialism is these things that we know socialism is these things that we know socialism is not a new concept it's a very old not a new concept it's a very old not a new concept it's a very old concept there's this dislocation we have concept there's this dislocation we have concept there's this dislocation we have this thing called the money printer this thing called the money printer this thing called the money printer instead of dealing with the hard instead of dealing with the hard instead of dealing with the hard conversation with society of what it is conversation with society of what it is conversation with society of what it is to be a productive human how do we share to be a productive human how do we share to be a productive human how do we share this abundance that we've created with this abundance that we've created with this abundance that we've created with this new intelligence we're going to this new intelligence we're going to this new intelligence we're going to just print a bunch of money to paper just print a bunch of money to paper just print a bunch of money to paper over the problem because we don't want over the problem because we don't want over the problem because we don't want to deal with it because it's too hard to to deal with it because it's too hard to to deal with it because it's too hard to have this conversation And yes, you get have this conversation And yes, you get have this conversation And yes, you get the hyper gambling mentality, which is the hyper gambling mentality, which is the hyper gambling mentality, which is I've got a little bit of money. However, I've got a little bit of money. However, I've got a little bit of money. However, I got maybe my parents gave me a little I got maybe my parents gave me a little I got maybe my parents gave me a little excitement. I'm getting a government excitement. I'm getting a government excitement. I'm getting a government check, you know, universal basic income. check, you know, universal basic income. check, you know, universal basic income. Whatever it is, I'm going to the stock Whatever it is, I'm going to the stock Whatever it is, I'm going to the stock market. I'm going to meme coins. I'm market. I'm going to meme coins. I'm market. I'm going to meme coins. I'm going to crypto and and what have you. going to crypto and and what have you. going to crypto and and what have you. And yes, S&P might be at 20,000 and And yes, S&P might be at 20,000 and And yes, S&P might be at 20,000 and Bitcoins in a million. And it's all the Bitcoins in a million. And it's all the Bitcoins in a million. And it's all the same sort of theme. It's we don't want same sort of theme. It's we don't want same sort of theme. It's we don't want to deal with a problem. So, we're going to deal with a problem. So, we're going to deal with a problem. So, we're going to print a bunch of money to mllify to print a bunch of money to mllify to print a bunch of money to mllify people until [ __ ] gets so bad, whether people until [ __ ] gets so bad, whether people until [ __ ] gets so bad, whether it's, you know, a bunch of young people it's, you know, a bunch of young people it's, you know, a bunch of young people in the streets protesting violence, in the streets protesting violence, in the streets protesting violence, whatever it is, until we're going to whatever it is, until we're going to whatever it is, until we're going to have this cataclysmic conversation about have this cataclysmic conversation about have this cataclysmic conversation about what it means to be a productive human. what it means to be a productive human. what it means to be a productive human. >> Why was Margaret Thatcher able to pull >> Why was Margaret Thatcher able to pull >> Why was Margaret Thatcher able to pull this off? Like, what are we missing this off? Like, what are we missing this off? Like, what are we missing right now? Or structurally, what is right now? Or structurally, what is right now? Or structurally, what is different? Um because in the 80s different? Um because in the 80s different? Um because in the 80s Margaret Thatcher was able to say to Margaret Thatcher was able to say to Margaret Thatcher was able to say to England, "All right, like we got to England, "All right, like we got to England, "All right, like we got to tighten the belt. We got to do less tighten the belt. We got to do less tighten the belt. We got to do less otherwise we're not going to make it." otherwise we're not going to make it." otherwise we're not going to make it." Or I don't know. She had some sort of Or I don't know. She had some sort of Or I don't know. She had some sort of convincing message. convincing message. convincing message. China China was the deflationary impact China China was the deflationary impact China China was the deflationary impact that allowed the West to sort of delever that allowed the West to sort of delever that allowed the West to sort of delever themselves and do these neoliberal themselves and do these neoliberal themselves and do these neoliberal policies, whatever you want to call it, policies, whatever you want to call it, policies, whatever you want to call it, and not suffer uh inflation. China and not suffer uh inflation. China and not suffer uh inflation. China shipped you the everyday low prices at shipped you the everyday low prices at shipped you the everyday low prices at Walmart [clears throat] Walmart [clears throat] Walmart [clears throat] and gave you all these great things and gave you all these great things and gave you all these great things super cheap because you essentially super cheap because you essentially super cheap because you essentially added let's call it half a billion added let's call it half a billion added let's call it half a billion people very productive youngsters to the people very productive youngsters to the people very productive youngsters to the global economy to make stuff super global economy to make stuff super global economy to make stuff super cheap. China was willing to degrade cheap. China was willing to degrade cheap. China was willing to degrade their economy beyond anywhere beyond you their economy beyond anywhere beyond you their economy beyond anywhere beyond you know produce the solar panels produce know produce the solar panels produce know produce the solar panels produce the rare earths the rare earths the rare earths um they don't produce energy but um all um they don't produce energy but um all um they don't produce energy but um all these things that they degraded their these things that they degraded their these things that they degraded their uh their local environment so that the uh their local environment so that the uh their local environment so that the west could enjoy the 80s to the early west could enjoy the 80s to the early west could enjoy the 80s to the early 2010s that was all predicated on the 2010s that was all predicated on the 2010s that was all predicated on the Chinese entering the workforce Chinese entering the workforce Chinese entering the workforce unfortunately you know policy makers unfortunately you know policy makers unfortunately you know policy makers don't like to acknowledge that that's don't like to acknowledge that that's don't like to acknowledge that that's really the reason why they're able to really the reason why they're able to really the reason why they're able to pursue these policies and not blow up pursue these policies and not blow up pursue these policies and not blow up their economies. their economies. their economies. >> H All right. So there's no new >> H All right. So there's no new >> H All right. So there's no new >> again, right? We don't we don't have >> again, right? We don't we don't have >> again, right? We don't we don't have another 500 million young people or another 500 million young people or another 500 million young people or another country willing to degrade its another country willing to degrade its another country willing to degrade its environment to the to the extent that environment to the to the extent that environment to the to the extent that China did for the first part of its, you China did for the first part of its, you China did for the first part of its, you know, grow up phase in the 80s and 90s. know, grow up phase in the 80s and 90s. know, grow up phase in the 80s and 90s. Uh right now we have a different sort of Uh right now we have a different sort of Uh right now we have a different sort of problem and a different sort of problem and a different sort of problem and a different sort of situation. situation. situation. >> It's interesting. Um what do you think >> It's interesting. Um what do you think >> It's interesting. Um what do you think India entering the market is going to India entering the market is going to India entering the market is going to look like? Are they um already so look like? Are they um already so look like? Are they um already so plugged in we're never going to feel plugged in we're never going to feel plugged in we're never going to feel anything from them or um or are they anything from them or um or are they anything from them or um or are they going to be felt in a unique way? going to be felt in a unique way? going to be felt in a unique way? >> Well, I think it's a this right now it's >> Well, I think it's a this right now it's >> Well, I think it's a this right now it's a story of robots, right? Even if India a story of robots, right? Even if India a story of robots, right? Even if India plugs in, if you want if you think about plugs in, if you want if you think about plugs in, if you want if you think about I'm a manufacturer of some I know I own I'm a manufacturer of some I know I own I'm a manufacturer of some I know I own a I'm a big shareholder in a sexile a I'm a big shareholder in a sexile a I'm a big shareholder in a sexile company and you cannot beat how company and you cannot beat how company and you cannot beat how efficient China is at producing things. efficient China is at producing things. efficient China is at producing things. Just cannot. There is no other country Just cannot. There is no other country Just cannot. There is no other country that has the infrastructure available, that has the infrastructure available, that has the infrastructure available, the amount of labor and not and the the amount of labor and not and the the amount of labor and not and the installed robotics installed robotics installed robotics um base that China has. And so I don't um base that China has. And so I don't um base that China has. And so I don't care if you have India, you have care if you have India, you have care if you have India, you have Vietnam, Malaysia, Mexico, all these Vietnam, Malaysia, Mexico, all these Vietnam, Malaysia, Mexico, all these other places which are essentially other places which are essentially other places which are essentially lowcost manufacturing centers do not lowcost manufacturing centers do not lowcost manufacturing centers do not have the ability to have the have the ability to have the have the ability to have the infrastructure of China. And so this infrastructure of China. And so this infrastructure of China. And so this isn't a story about adding a bunch of isn't a story about adding a bunch of isn't a story about adding a bunch of lowcost workers. It's how many robots lowcost workers. It's how many robots lowcost workers. It's how many robots per 100,000 people do you have or per 100,000 people do you have or per 100,000 people do you have or installed? Uh what percentage of your installed? Uh what percentage of your installed? Uh what percentage of your factory is mechanized? Because okay, factory is mechanized? Because okay, factory is mechanized? Because okay, sure, India can add a few hundred sure, India can add a few hundred sure, India can add a few hundred million young people to the labor force, million young people to the labor force, million young people to the labor force, but China has built the million robots. but China has built the million robots. but China has built the million robots. Same with Japan. These robots are Same with Japan. These robots are Same with Japan. These robots are infinitely cheaper than than a human infinitely cheaper than than a human infinitely cheaper than than a human regardless of where they're at. And so I regardless of where they're at. And so I regardless of where they're at. And so I think that that story of okay, we're think that that story of okay, we're think that that story of okay, we're just going to repeat what China did in just going to repeat what China did in just going to repeat what China did in the 80s and 90s with India, with the 80s and 90s with India, with the 80s and 90s with India, with Nigeria, with Indonesia, all these Nigeria, with Indonesia, all these Nigeria, with Indonesia, all these growing young populations is just not growing young populations is just not growing young populations is just not happening because we have robots and we happening because we have robots and we happening because we have robots and we have AI, we have these advancements, have AI, we have these advancements, have AI, we have these advancements, human labor is going to be obsolete and human labor is going to be obsolete and human labor is going to be obsolete and a lot of these things that we did in the a lot of these things that we did in the a lot of these things that we did in the past. past. past. >> Okay. Well, then let us face AI head-on. >> Okay. Well, then let us face AI head-on. >> Okay. Well, then let us face AI head-on. So, we've obviously already talked about So, we've obviously already talked about So, we've obviously already talked about a huge part of the puzzle, but we a huge part of the puzzle, but we a huge part of the puzzle, but we haven't talked about the economic part haven't talked about the economic part haven't talked about the economic part of the puzzle. What happens when AI is a of the puzzle. What happens when AI is a of the puzzle. What happens when AI is a better investor than anybody else? And better investor than anybody else? And better investor than anybody else? And so, you and I are like, we understand so, you and I are like, we understand so, you and I are like, we understand this stuff, bro. We're we're going to this stuff, bro. We're we're going to this stuff, bro. We're we're going to keep being rich all day. And then we get keep being rich all day. And then we get keep being rich all day. And then we get an AI that comes in that is loaded up an AI that comes in that is loaded up an AI that comes in that is loaded up with crypto and it just goes and does with crypto and it just goes and does with crypto and it just goes and does its thing. Does what does AI's impact its thing. Does what does AI's impact its thing. Does what does AI's impact into the competitive nature of the into the competitive nature of the into the competitive nature of the financial markets look like? financial markets look like? financial markets look like? >> I don't believe that AI is any better or >> I don't believe that AI is any better or >> I don't believe that AI is any better or worse than a than a human investor. I worse than a than a human investor. I worse than a than a human investor. I mean, think about it today, right? mean, think about it today, right? mean, think about it today, right? >> Like today, sure. But in 5 years, >> Like today, sure. But in 5 years, >> Like today, sure. But in 5 years, >> well, what is the market? The market is >> well, what is the market? The market is >> well, what is the market? The market is essentially a discounting tool for human essentially a discounting tool for human essentially a discounting tool for human preferences and scarcity, right? And so preferences and scarcity, right? And so preferences and scarcity, right? And so if we remove an AA is just gonna is an A if we remove an AA is just gonna is an A if we remove an AA is just gonna is an A gonna be better at predicting human gonna be better at predicting human gonna be better at predicting human preferences than a human? preferences than a human? preferences than a human? >> Yes, >> Yes, >> Yes, >> I don't know. But if you are this is >> I don't know. But if you are this is >> I don't know. But if you are this is already the case. If you're an investor already the case. If you're an investor already the case. If you're an investor and you're like I'm going to be a day and you're like I'm going to be a day and you're like I'm going to be a day trader, right? And I'm going to go up trader, right? And I'm going to go up trader, right? And I'm going to go up against you know Citadel and Jump and DW against you know Citadel and Jump and DW against you know Citadel and Jump and DW and all these massive Goldman Sachs and and all these massive Goldman Sachs and and all these massive Goldman Sachs and all these trading firms that essentially all these trading firms that essentially all these trading firms that essentially use very intelligent computers to do all use very intelligent computers to do all use very intelligent computers to do all their trading, you're already losing their trading, you're already losing their trading, you're already losing money. So it's not like this is a new money. So it's not like this is a new money. So it's not like this is a new situation. If you think that you're situation. If you think that you're situation. If you think that you're going to day trade yourself into, you going to day trade yourself into, you going to day trade yourself into, you know, being the best, being Warren know, being the best, being Warren know, being the best, being Warren Buffett, I'm sorry, but there is a Buffett, I'm sorry, but there is a Buffett, I'm sorry, but there is a computer out there that is better than computer out there that is better than computer out there that is better than you, faster than you, smarter than you. you, faster than you, smarter than you. you, faster than you, smarter than you. >> What you have to do as an investor is >> What you have to do as an investor is >> What you have to do as an investor is say, say, say, >> okay, there I believe in a future where >> okay, there I believe in a future where >> okay, there I believe in a future where this particular product or service gains this particular product or service gains this particular product or service gains traction, and therefore I'm going to buy traction, and therefore I'm going to buy traction, and therefore I'm going to buy and hold this stock, this crypto, this and hold this stock, this crypto, this and hold this stock, this crypto, this whatever, and over time I'm going to whatever, and over time I'm going to whatever, and over time I'm going to make money. But to be a systematic make money. But to be a systematic make money. But to be a systematic short-term trader hasn't been profitable short-term trader hasn't been profitable short-term trader hasn't been profitable for a retail investor in a very long for a retail investor in a very long for a retail investor in a very long time and it won't be profitable when AI time and it won't be profitable when AI time and it won't be profitable when AI is there either. So I'm not exactly is there either. So I'm not exactly is there either. So I'm not exactly worried about that particular outcome. I worried about that particular outcome. I worried about that particular outcome. I just think that's just not a style of just think that's just not a style of just think that's just not a style of investing that is suited for a lot of investing that is suited for a lot of investing that is suited for a lot of individual humans. individual humans. individual humans. >> Like let me see if I can make you >> Like let me see if I can make you >> Like let me see if I can make you scared. So, we we just talked about that scared. So, we we just talked about that scared. So, we we just talked about that one of the things that we see right now one of the things that we see right now one of the things that we see right now today is when people are not able to um today is when people are not able to um today is when people are not able to um have their income keep up with the cost have their income keep up with the cost have their income keep up with the cost of living, they go to hyper gambling. Uh of living, they go to hyper gambling. Uh of living, they go to hyper gambling. Uh you give them sty checks, they hyper you give them sty checks, they hyper you give them sty checks, they hyper gamble the sty checks. So now you are gamble the sty checks. So now you are gamble the sty checks. So now you are correct. They would be unwise to go into correct. They would be unwise to go into correct. They would be unwise to go into the markets and hyper gamble, especially the markets and hyper gamble, especially the markets and hyper gamble, especially given that AI is already better than given that AI is already better than given that AI is already better than them at that. 5 years from now, AI is them at that. 5 years from now, AI is them at that. 5 years from now, AI is going to be really better. And by the going to be really better. And by the going to be really better. And by the way, the AI is going to understand how way, the AI is going to understand how way, the AI is going to understand how people respond to algorithms, how to people respond to algorithms, how to people respond to algorithms, how to sway algorithms. And so the AI is going sway algorithms. And so the AI is going sway algorithms. And so the AI is going to put out messaging that will humans to put out messaging that will humans to put out messaging that will humans will respond to. The AI is going to will respond to. The AI is going to will respond to. The AI is going to understand what I certainly understand, understand what I certainly understand, understand what I certainly understand, which is that markets are effectively, which is that markets are effectively, which is that markets are effectively, entirely sentiment driven. And so now AI entirely sentiment driven. And so now AI entirely sentiment driven. And so now AI manipulates sentiment. Humans hyper manipulates sentiment. Humans hyper manipulates sentiment. Humans hyper gamble against that sentiment. AI laughs gamble against that sentiment. AI laughs gamble against that sentiment. AI laughs all the way to winning at all the PVP all the way to winning at all the PVP all the way to winning at all the PVP stuff. Now, anybody who understands stuff. Now, anybody who understands stuff. Now, anybody who understands better will back off and go, "Listen, I better will back off and go, "Listen, I better will back off and go, "Listen, I play a long-term game. I'm not going to play a long-term game. I'm not going to play a long-term game. I'm not going to be able to beat the AI, so I don't even be able to beat the AI, so I don't even be able to beat the AI, so I don't even try." But my whole thing is there there try." But my whole thing is there there try." But my whole thing is there there is a generation, and I don't know if is a generation, and I don't know if is a generation, and I don't know if that generation is 2 years, 5 years, 10 that generation is 2 years, 5 years, 10 that generation is 2 years, 5 years, 10 years, probably not much more than 10 years, probably not much more than 10 years, probably not much more than 10 years, but there's going to be a 10ear years, but there's going to be a 10ear years, but there's going to be a 10ear span where we go from uh energy cost is span where we go from uh energy cost is span where we go from uh energy cost is racing towards zero, labor cost is racing towards zero, labor cost is racing towards zero, labor cost is racing towards zero, and everybody racing towards zero, and everybody racing towards zero, and everybody settles into the age of abundance. And settles into the age of abundance. And settles into the age of abundance. And in that period, oh dear god, AI is just in that period, oh dear god, AI is just in that period, oh dear god, AI is just going to hand people its ass in the same going to hand people its ass in the same going to hand people its ass in the same way it beats us at chess and the same way it beats us at chess and the same way it beats us at chess and the same way it beats us at go, it will beat us way it beats us at go, it will beat us way it beats us at go, it will beat us at the game of short-term investing. It at the game of short-term investing. It at the game of short-term investing. It it will just crush the average investor. it will just crush the average investor. it will just crush the average investor. Humans can already crush the average Humans can already crush the average Humans can already crush the average investor. And so you have this tiny investor. And so you have this tiny investor. And so you have this tiny number. number. number. >> It doesn't change anything. It's okay. >> It doesn't change anything. It's okay. >> It doesn't change anything. It's okay. Instead of Ken Griffin making $16 Instead of Ken Griffin making $16 Instead of Ken Griffin making $16 billion a year, it's some AI model. Do billion a year, it's some AI model. Do billion a year, it's some AI model. Do we care? Not really. we care? Not really. we care? Not really. >> Yeah. Ken Griffin becomes Ken Griffin >> Yeah. Ken Griffin becomes Ken Griffin >> Yeah. Ken Griffin becomes Ken Griffin becomes the [ __ ] that's getting his ass becomes the [ __ ] that's getting his ass becomes the [ __ ] that's getting his ass handed to him. So, handed to him. So, handed to him. So, >> well, not really. I mean, it's just like >> well, not really. I mean, it's just like >> well, not really. I mean, it's just like who who's going to take who's going to who who's going to take who's going to who who's going to take who's going to extract this vig from the desperate extract this vig from the desperate extract this vig from the desperate retail? The desperate retail is there. retail? The desperate retail is there. retail? The desperate retail is there. No, that's what we should change rather No, that's what we should change rather No, that's what we should change rather than saying, well, the AI is going to than saying, well, the AI is going to than saying, well, the AI is going to beat you at stock. Well, Cidel is beat you at stock. Well, Cidel is beat you at stock. Well, Cidel is already beating you at stock investing already beating you at stock investing already beating you at stock investing and Robin Hood and payment for orderflow and Robin Hood and payment for orderflow and Robin Hood and payment for orderflow and all these microer things were and all these microer things were and all these microer things were already [ __ ] you. It wasn't like the already [ __ ] you. It wasn't like the already [ __ ] you. It wasn't like the AIA is going to change the situation. AIA is going to change the situation. AIA is going to change the situation. You still were going to lose all your You still were going to lose all your You still were going to lose all your money in 5 seconds if you won 100x money in 5 seconds if you won 100x money in 5 seconds if you won 100x longs, right? It just it doesn't matter longs, right? It just it doesn't matter longs, right? It just it doesn't matter whether there was an AI on the other whether there was an AI on the other whether there was an AI on the other side or you know pick your large side or you know pick your large side or you know pick your large institutional investor that was already institutional investor that was already institutional investor that was already happening. So we're just changing who happening. So we're just changing who happening. So we're just changing who makes the money potentially. It doesn't makes the money potentially. It doesn't makes the money potentially. It doesn't matter. What matters is just don't play matter. What matters is just don't play matter. What matters is just don't play that game. You already were losing it that game. You already were losing it that game. You already were losing it today when there was a little bit of AI. today when there was a little bit of AI. today when there was a little bit of AI. You were losing it yesterday and there You were losing it yesterday and there You were losing it yesterday and there was no AI. Understand that and just was no AI. Understand that and just was no AI. Understand that and just don't do that. I think that's got to be don't do that. I think that's got to be don't do that. I think that's got to be the message rather than oh let's freak the message rather than oh let's freak the message rather than oh let's freak out about the AI. It's going to be out about the AI. It's going to be out about the AI. It's going to be better at stock stock picking. It's better at stock stock picking. It's better at stock stock picking. It's gonna be better at being Citadel, but gonna be better at being Citadel, but gonna be better at being Citadel, but the money is still going to just go to the money is still going to just go to the money is still going to just go to that particular bucket. that particular bucket. that particular bucket. >> We'll get back to the [music] show in >> We'll get back to the [music] show in >> We'll get back to the [music] show in just a second, but first, let's address just a second, but first, let's address just a second, but first, let's address the uncomfortable truth about business the uncomfortable truth about business the uncomfortable truth about business ideas. Ideas [music] are worthless ideas. Ideas [music] are worthless ideas. Ideas [music] are worthless unless you actually know how to execute. unless you actually know how to execute. unless you actually know how to execute. 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I don't know if there will is available? I don't know if there will be any impact there, but I've heard you be any impact there, but I've heard you be any impact there, but I've heard you talk about AI's interaction with talk about AI's interaction with talk about AI's interaction with leverage before. Um, so I'd love to know leverage before. Um, so I'd love to know leverage before. Um, so I'd love to know that. And then I would love to dovetail that. And then I would love to dovetail that. And then I would love to dovetail into the fact that Maelstrom, your into the fact that Maelstrom, your into the fact that Maelstrom, your company, does not use leverage, which I company, does not use leverage, which I company, does not use leverage, which I think is super brilliant. And so I'd think is super brilliant. And so I'd think is super brilliant. And so I'd love to get your take on those two love to get your take on those two love to get your take on those two aspects of leverage. aspects of leverage. aspects of leverage. Well, leverage will become more and more Well, leverage will become more and more Well, leverage will become more and more available as sort of the types of available as sort of the types of available as sort of the types of financial products proliferate that you financial products proliferate that you financial products proliferate that you know especially that the thing that I know especially that the thing that I know especially that the thing that I invented with BitMX called the perpetual invented with BitMX called the perpetual invented with BitMX called the perpetual swap. Uh it's a highly leveraged swap. Uh it's a highly leveraged swap. Uh it's a highly leveraged derivative that we invented in the derivative that we invented in the derivative that we invented in the crypto space that's coming to equities crypto space that's coming to equities crypto space that's coming to equities that's already started on some that's already started on some that's already started on some decentralized platforms and it's going decentralized platforms and it's going decentralized platforms and it's going to become ubiquitous instead of trading to become ubiquitous instead of trading to become ubiquitous instead of trading a futures contract or an options a futures contract or an options a futures contract or an options contract that you know we're familiar contract that you know we're familiar contract that you know we're familiar with. It's going to be a perpetual swap with. It's going to be a perpetual swap with. It's going to be a perpetual swap on equities, on bonds, on crypto, and on equities, on bonds, on crypto, and on equities, on bonds, on crypto, and that is going to be very highly that is going to be very highly that is going to be very highly leveraged and and gamified. leveraged and and gamified. leveraged and and gamified. What people need to understand is, and I What people need to understand is, and I What people need to understand is, and I tell the people, there's nothing wrong tell the people, there's nothing wrong tell the people, there's nothing wrong with leverage. The problem is that with leverage. The problem is that with leverage. The problem is that people are not dedicated professional people are not dedicated professional people are not dedicated professional traders. And when I say professional, I traders. And when I say professional, I traders. And when I say professional, I don't mean that you went to a fancy don't mean that you went to a fancy don't mean that you went to a fancy school and you got a degree that made school and you got a degree that made school and you got a degree that made you a professional trader. I mean that you a professional trader. I mean that you a professional trader. I mean that this is your job. You live and breathe this is your job. You live and breathe this is your job. You live and breathe the market that you trade. You're on the market that you trade. You're on the market that you trade. You're on your phone all the time. You've got your phone all the time. You've got your phone all the time. You've got alerts. You go to bed, something happens alerts. You go to bed, something happens alerts. You go to bed, something happens in your market, you wake up and you deal in your market, you wake up and you deal in your market, you wake up and you deal with it. That is a very small sliver of with it. That is a very small sliver of with it. That is a very small sliver of traders. And if you dedicate yourself to traders. And if you dedicate yourself to traders. And if you dedicate yourself to this craft, you can become successful. this craft, you can become successful. this craft, you can become successful. What people don't want to do is they What people don't want to do is they What people don't want to do is they want to become successful without want to become successful without want to become successful without dedicating themselves to the craft. And dedicating themselves to the craft. And dedicating themselves to the craft. And so they want to work their job, do their so they want to work their job, do their so they want to work their job, do their passion, whatever it is, passion, whatever it is, passion, whatever it is, go on their phone for a few hours a day, go on their phone for a few hours a day, go on their phone for a few hours a day, trade fair trade, use a leverage, make trade fair trade, use a leverage, make trade fair trade, use a leverage, make enough money to survive, and then that's enough money to survive, and then that's enough money to survive, and then that's it. And that's just not how it works, it. And that's just not how it works, it. And that's just not how it works, right? It's not the market doesn't right? It's not the market doesn't right? It's not the market doesn't provide you profit just because you got provide you profit just because you got provide you profit just because you got off of work at six o'clock, you've got off of work at six o'clock, you've got off of work at six o'clock, you've got dinner at 8, you got two hours to make dinner at 8, you got two hours to make dinner at 8, you got two hours to make your money. That's just not how markets your money. That's just not how markets your money. That's just not how markets work. Uh markets work however they want work. Uh markets work however they want work. Uh markets work however they want to work and they'll provide the profit to work and they'll provide the profit to work and they'll provide the profit whenever they want to provide the whenever they want to provide the whenever they want to provide the profit. And you need to be there profit. And you need to be there profit. And you need to be there studiously looking at things to be ready studiously looking at things to be ready studiously looking at things to be ready to accept it. And so I think people to accept it. And so I think people to accept it. And so I think people don't understand that they don't want to don't understand that they don't want to don't understand that they don't want to put in the 247 365 mentality of trading. put in the 247 365 mentality of trading. put in the 247 365 mentality of trading. They want to trade two hours a day and They want to trade two hours a day and They want to trade two hours a day and make money. Therefore, they jack up the make money. Therefore, they jack up the make money. Therefore, they jack up the leverage. They approach it like they leverage. They approach it like they leverage. They approach it like they went to the casino. And what do you went to the casino. And what do you went to the casino. And what do you know? They get liquidated all the time know? They get liquidated all the time know? They get liquidated all the time when you should never ever get when you should never ever get when you should never ever get liquidated as a trader. If you use liquidated as a trader. If you use liquidated as a trader. If you use leverage correctly and so my advice is leverage correctly and so my advice is leverage correctly and so my advice is unless you are willing to dedicate unless you are willing to dedicate unless you are willing to dedicate yourself to being a professional trader yourself to being a professional trader yourself to being a professional trader that this is your job, then don't use that this is your job, then don't use that this is your job, then don't use leverage long only. Pick things you leverage long only. Pick things you leverage long only. Pick things you understand, whether that's crypto or understand, whether that's crypto or understand, whether that's crypto or stocks or real estate or FX, whatever it stocks or real estate or FX, whatever it stocks or real estate or FX, whatever it is. Pick something you understand. go is. Pick something you understand. go is. Pick something you understand. go long and you don't have to worry about long and you don't have to worry about long and you don't have to worry about these sort of things. And over time, if these sort of things. And over time, if these sort of things. And over time, if you are studious and you buy things that you are studious and you buy things that you are studious and you buy things that you understand, you should do okay. you understand, you should do okay. you understand, you should do okay. >> All right. That's not a sexy way to >> All right. That's not a sexy way to >> All right. That's not a sexy way to think about things. [snorts] think about things. [snorts] think about things. [snorts] >> It's it's well, it it is sexy for >> It's it's well, it it is sexy for >> It's it's well, it it is sexy for anybody that wants a long-term anybody that wants a long-term anybody that wants a long-term relationship. So for me from a, you relationship. So for me from a, you relationship. So for me from a, you know, this is sort of the the squares know, this is sort of the the squares know, this is sort of the the squares equivalent of dating advice instead of equivalent of dating advice instead of equivalent of dating advice instead of trying to bag chicks, it's I want to trying to bag chicks, it's I want to trying to bag chicks, it's I want to fall in love and I want to get married fall in love and I want to get married fall in love and I want to get married and I want to, you know, have something and I want to, you know, have something and I want to, you know, have something that is prolonged and has meaning and that is prolonged and has meaning and that is prolonged and has meaning and purpose and all that good stuff. So I purpose and all that good stuff. So I purpose and all that good stuff. So I I'm right with you. That is the eternal I'm right with you. That is the eternal I'm right with you. That is the eternal advice that I will give people. Now, for advice that I will give people. Now, for advice that I will give people. Now, for somebody that wants to do the fast and somebody that wants to do the fast and somebody that wants to do the fast and furious uh dry humping of the leveraged furious uh dry humping of the leveraged furious uh dry humping of the leveraged uh trade, how do you do that? Well, so uh trade, how do you do that? Well, so uh trade, how do you do that? Well, so you gave us the you've got to be 24/7. you gave us the you've got to be 24/7. you gave us the you've got to be 24/7. Totally understood. Um is there because Totally understood. Um is there because Totally understood. Um is there because there was a recent event where somebody there was a recent event where somebody there was a recent event where somebody got liquidated like just some ungod like got liquidated like just some ungod like got liquidated like just some ungod like 6,000 Bitcoin or some terrifying number. 6,000 Bitcoin or some terrifying number. 6,000 Bitcoin or some terrifying number. Um what did they do wrong that we can Um what did they do wrong that we can Um what did they do wrong that we can all learn from? all learn from? all learn from? So, you know, position sizing is the So, you know, position sizing is the So, you know, position sizing is the number one thing, like how big is a number one thing, like how big is a number one thing, like how big is a position relative to the underlying position relative to the underlying position relative to the underlying liquidity. There's a big riskoff event liquidity. There's a big riskoff event liquidity. There's a big riskoff event in crypto on October 10th. Um, started in crypto on October 10th. Um, started in crypto on October 10th. Um, started at Binance and spread to a bunch of at Binance and spread to a bunch of at Binance and spread to a bunch of other exchanges and essentially was a other exchanges and essentially was a other exchanges and essentially was a lot of traders didn't understand the lot of traders didn't understand the lot of traders didn't understand the product that they were trading. They product that they were trading. They product that they were trading. They didn't read the information that was didn't read the information that was didn't read the information that was given by the exchanges about how these given by the exchanges about how these given by the exchanges about how these things worked. Something happened to the things worked. Something happened to the things worked. Something happened to the micro structure of the market, adversely micro structure of the market, adversely micro structure of the market, adversely affected their positions. They didn't affected their positions. They didn't affected their positions. They didn't know what to do because they had never know what to do because they had never know what to do because they had never thought about it before. But it was all thought about it before. But it was all thought about it before. But it was all written down. Been there for years. And written down. Been there for years. And written down. Been there for years. And so again, study your craft. Are you a so again, study your craft. Are you a so again, study your craft. Are you a professional trader? Yes. Okay. Well, professional trader? Yes. Okay. Well, professional trader? Yes. Okay. Well, then you better know every single way then you better know every single way then you better know every single way that your exchange operates, right? that your exchange operates, right? that your exchange operates, right? People in the stock market found out People in the stock market found out People in the stock market found out during the the GameStop crisis what during the the GameStop crisis what during the the GameStop crisis what settlement meant. What did DTC mean? How settlement meant. What did DTC mean? How settlement meant. What did DTC mean? How do these things interact with the do these things interact with the do these things interact with the exchange and the broker and, you know, exchange and the broker and, you know, exchange and the broker and, you know, your your trading app? Why were you your your trading app? Why were you your your trading app? Why were you locked out of the stock? Why wasn't why locked out of the stock? Why wasn't why locked out of the stock? Why wasn't why weren't you allowed to trade? You didn't weren't you allowed to trade? You didn't weren't you allowed to trade? You didn't know the rules. So, if you want to play know the rules. So, if you want to play know the rules. So, if you want to play the game, know the rules. Study the the game, know the rules. Study the the game, know the rules. Study the rules. Understand the rules. If you rules. Understand the rules. If you rules. Understand the rules. If you don't understand the rules, ask customer don't understand the rules, ask customer don't understand the rules, ask customer support. They want your money. They want support. They want your money. They want support. They want your money. They want you to spend time and effort on this you to spend time and effort on this you to spend time and effort on this app. If you don't understand something, app. If you don't understand something, app. If you don't understand something, ask them. And they're going to explain ask them. And they're going to explain ask them. And they're going to explain it to you because they want you to trade it to you because they want you to trade it to you because they want you to trade and pay them fees. But if you don't ask and pay them fees. But if you don't ask and pay them fees. But if you don't ask questions and it gets ignorant and you questions and it gets ignorant and you questions and it gets ignorant and you think, "Oh, everything's going to be think, "Oh, everything's going to be think, "Oh, everything's going to be okay." Then, you know, overlever things okay." Then, you know, overlever things okay." Then, you know, overlever things happen. Certain policies that the happen. Certain policies that the happen. Certain policies that the exchange has you didn't read about kick exchange has you didn't read about kick exchange has you didn't read about kick into effect and all of a sudden you find into effect and all of a sudden you find into effect and all of a sudden you find yourself liquidated. you don't know why yourself liquidated. you don't know why yourself liquidated. you don't know why cuz you didn't read because you didn't cuz you didn't read because you didn't cuz you didn't read because you didn't dedicate yourself to what you're dedicate yourself to what you're dedicate yourself to what you're supposed to do as a trader. You should supposed to do as a trader. You should supposed to do as a trader. You should never ever be liquidated as a trader. never ever be liquidated as a trader. never ever be liquidated as a trader. That just means you didn't understand That just means you didn't understand That just means you didn't understand what it is you're trading and you didn't what it is you're trading and you didn't what it is you're trading and you didn't size your position correctly. size your position correctly. size your position correctly. >> What are the things that people don't >> What are the things that people don't >> What are the things that people don't understand? How fast the market moves or understand? How fast the market moves or understand? How fast the market moves or how much collateral they need? What how much collateral they need? What how much collateral they need? What what's like the common mistake? what's like the common mistake? what's like the common mistake? Uh I mean so specifically this last Uh I mean so specifically this last Uh I mean so specifically this last incident in the crypto space or this incident in the crypto space or this incident in the crypto space or this thing called automatic deleveraging thing called automatic deleveraging thing called automatic deleveraging where because there was um more losses where because there was um more losses where because there was um more losses than profits some of the traders who had than profits some of the traders who had than profits some of the traders who had profit had to get their positions closed profit had to get their positions closed profit had to get their positions closed early and some traders run these long early and some traders run these long early and some traders run these long short strategies where they're losing short strategies where they're losing short strategies where they're losing money on one side making money on the money on one side making money on the money on one side making money on the other. Well what happens when the side other. Well what happens when the side other. Well what happens when the side that you're supposed to make back up you that you're supposed to make back up you that you're supposed to make back up you know more than you lost gets closed out know more than you lost gets closed out know more than you lost gets closed out early and you don't make all that early and you don't make all that early and you don't make all that profit. All of a sudden now you have a profit. All of a sudden now you have a profit. All of a sudden now you have a loss and people thought well what is loss and people thought well what is loss and people thought well what is this thing? Well, it's been written this thing? Well, it's been written this thing? Well, it's been written about for I mean I almost invented it 10 about for I mean I almost invented it 10 about for I mean I almost invented it 10 years ago and people didn't read the years ago and people didn't read the years ago and people didn't read the stuff when I wrote it then. They don't stuff when I wrote it then. They don't stuff when I wrote it then. They don't read it now and CZ and the other crypto read it now and CZ and the other crypto read it now and CZ and the other crypto guys write about it on their own guys write about it on their own guys write about it on their own platform. So again, it's you're trading platform. So again, it's you're trading platform. So again, it's you're trading a leveraged product. There are ways in a leveraged product. There are ways in a leveraged product. There are ways in which that leverage is created. which that leverage is created. which that leverage is created. Understand how that leverage is created. Understand how that leverage is created. Understand how that leverage is created. Understand the math. Understand how the Understand the math. Understand how the Understand the math. Understand how the exchange polices that leverage and how exchange polices that leverage and how exchange polices that leverage and how it protects itself with its margining it protects itself with its margining it protects itself with its margining system, how the clearing house works. system, how the clearing house works. system, how the clearing house works. And I mean, I'm sure a lot of you like, And I mean, I'm sure a lot of you like, And I mean, I'm sure a lot of you like, well, this is a lot of information that well, this is a lot of information that well, this is a lot of information that I don't know, and I'm using these I don't know, and I'm using these I don't know, and I'm using these leverage products. I don't know if I leverage products. I don't know if I leverage products. I don't know if I want to expend this sort of time and want to expend this sort of time and want to expend this sort of time and effort to really go deep on this. Well, effort to really go deep on this. Well, effort to really go deep on this. Well, then don't use leverage. Just buy and then don't use leverage. Just buy and then don't use leverage. Just buy and hold. It's just that simple. hold. It's just that simple. hold. It's just that simple. [snorts] [snorts] [snorts] >> Okay. So, um, punchline being that >> Okay. So, um, punchline being that >> Okay. So, um, punchline being that leverage is basically for the leverage is basically for the leverage is basically for the professional trader. Um, you've already professional trader. Um, you've already professional trader. Um, you've already >> on effort, not on knowledge. Effort, >> on effort, not on knowledge. Effort, >> on effort, not on knowledge. Effort, it's all about effort. it's all about effort. it's all about effort. >> Very fair point. Um, so given the moment >> Very fair point. Um, so given the moment >> Very fair point. Um, so given the moment that we're in, given that you've got 10% that we're in, given that you've got 10% that we're in, given that you've got 10% of people that own 93% of all the of people that own 93% of all the of people that own 93% of all the assets, how can somebody today that assets, how can somebody today that assets, how can somebody today that doesn't want to trade on leverage, how doesn't want to trade on leverage, how doesn't want to trade on leverage, how do they get into the market and not feel do they get into the market and not feel do they get into the market and not feel predated by the fact that they don't predated by the fact that they don't predated by the fact that they don't have a lot of money to spend and now if have a lot of money to spend and now if have a lot of money to spend and now if you're telling them leverage isn't for you're telling them leverage isn't for you're telling them leverage isn't for you, um, what's the play? you, um, what's the play? you, um, what's the play? >> Time and compounding interest rates. Uh, >> Time and compounding interest rates. Uh, >> Time and compounding interest rates. Uh, so I was having I was having a so I was having I was having a so I was having I was having a conversation with a friend and he conversation with a friend and he conversation with a friend and he happens to be a lucky soul that has happens to be a lucky soul that has happens to be a lucky soul that has access to a rent controlled apartment in access to a rent controlled apartment in access to a rent controlled apartment in New York City and he was saying that New York City and he was saying that New York City and he was saying that rents gone up I think since the 70s rents gone up I think since the 70s rents gone up I think since the 70s three or four times whatever it is. So three or four times whatever it is. So three or four times whatever it is. So if you break that down, look at the if you break that down, look at the if you break that down, look at the component annual growth rate, it's about component annual growth rate, it's about component annual growth rate, it's about 2 to 3%. Right? So a 2 to 3% compounding 2 to 3%. Right? So a 2 to 3% compounding 2 to 3%. Right? So a 2 to 3% compounding on a dollar gets you three to four times on a dollar gets you three to four times on a dollar gets you three to four times more money over time in an exponentially more money over time in an exponentially more money over time in an exponentially increasing fashion. So I think people increasing fashion. So I think people increasing fashion. So I think people just need to understand very basic the just need to understand very basic the just need to understand very basic the compound interest rate and time works in compound interest rate and time works in compound interest rate and time works in your favor if you're patient. If you're your favor if you're patient. If you're your favor if you're patient. If you're not patient then those things work not patient then those things work not patient then those things work against you. And so yes, in the against you. And so yes, in the against you. And so yes, in the beginning it might look like you know beginning it might look like you know beginning it might look like you know the hockey stick isn't going anywhere. the hockey stick isn't going anywhere. the hockey stick isn't going anywhere. But then you hit an inflection point and But then you hit an inflection point and But then you hit an inflection point and then you go like that. And that's the then you go like that. And that's the then you go like that. And that's the whole point is to be able to survive whole point is to be able to survive whole point is to be able to survive long enough till you get to the long enough till you get to the long enough till you get to the inflection point. Invest responsibly. inflection point. Invest responsibly. inflection point. Invest responsibly. Invest in things that compound over Invest in things that compound over Invest in things that compound over time. even at a small rate. Even 2% time. even at a small rate. Even 2% time. even at a small rate. Even 2% compounding inflation has taken the compounding inflation has taken the compounding inflation has taken the value of the dollar down 99% since 1913 value of the dollar down 99% since 1913 value of the dollar down 99% since 1913 when the Fed was created. Right? So when the Fed was created. Right? So when the Fed was created. Right? So compound interest rate and time are your compound interest rate and time are your compound interest rate and time are your friends if you use it that way. And they friends if you use it that way. And they friends if you use it that way. And they work against you if you use, you know, work against you if you use, you know, work against you if you use, you know, aggressive amounts of leverage and aggressive amounts of leverage and aggressive amounts of leverage and you're impatient. And so I know it's not you're impatient. And so I know it's not you're impatient. And so I know it's not the most sexiest message, but patience, the most sexiest message, but patience, the most sexiest message, but patience, time, and interest will get you to where time, and interest will get you to where time, and interest will get you to where you want to be. you want to be. you want to be. >> Yeah. I'm not worried about the sexy. >> Yeah. I'm not worried about the sexy. >> Yeah. I'm not worried about the sexy. I'm worried about the effective. I I I'm worried about the effective. I I I'm worried about the effective. I I really do consider myself a really do consider myself a really do consider myself a uh evangelist for trying to help the uh evangelist for trying to help the uh evangelist for trying to help the average person. Like the people that average person. Like the people that average person. Like the people that already understand the market there. already understand the market there. already understand the market there. There's plenty of people for them to There's plenty of people for them to There's plenty of people for them to listen to. I'm trying to speak up for listen to. I'm trying to speak up for listen to. I'm trying to speak up for the person that never uh wanted to the person that never uh wanted to the person that never uh wanted to understand this, never thought they understand this, never thought they understand this, never thought they would need to understand this and would need to understand this and would need to understand this and they're just not able to get ahead. They they're just not able to get ahead. They they're just not able to get ahead. They can't afford a house, like all of that can't afford a house, like all of that can't afford a house, like all of that stuff. Uh so yeah, I want whatever. Also stuff. Uh so yeah, I want whatever. Also stuff. Uh so yeah, I want whatever. Also the other thing that people instead of the other thing that people instead of the other thing that people instead of instead of having the market do this for instead of having the market do this for instead of having the market do this for you, get politically active. Why are you you, get politically active. Why are you you, get politically active. Why are you supporting the same politicians supporting the same politicians supporting the same politicians Democrat, Republican, pick your Democrat, Republican, pick your Democrat, Republican, pick your political flavor, depending on which political flavor, depending on which political flavor, depending on which doile you're in, who continue to [ __ ] doile you're in, who continue to [ __ ] doile you're in, who continue to [ __ ] you with inflation. Stop supporting them you with inflation. Stop supporting them you with inflation. Stop supporting them just because this guy or girl has the just because this guy or girl has the just because this guy or girl has the right last name, which are the right to right last name, which are the right to right last name, which are the right to the right school, wears the right the right school, wears the right the right school, wears the right clothes. Oh, I need to support that clothes. Oh, I need to support that clothes. Oh, I need to support that person. They're [ __ ] you. Change it person. They're [ __ ] you. Change it person. They're [ __ ] you. Change it up. So yes, you can say the market needs up. So yes, you can say the market needs up. So yes, you can say the market needs to save me because I'm unwilling to to save me because I'm unwilling to to save me because I'm unwilling to ditch all these politicians regardless ditch all these politicians regardless ditch all these politicians regardless of the party who over many decades have of the party who over many decades have of the party who over many decades have continued to [ __ ] me, but I need to go continued to [ __ ] me, but I need to go continued to [ __ ] me, but I need to go leverage the market instead of, you leverage the market instead of, you leverage the market instead of, you know, using this thing, my voice, my know, using this thing, my voice, my know, using this thing, my voice, my political activism. I know we have this political activism. I know we have this political activism. I know we have this thing called the internet and social thing called the internet and social thing called the internet and social media. You know, people can line up for media. You know, people can line up for media. You know, people can line up for hours outside a Louis Vuitton store. Why hours outside a Louis Vuitton store. Why hours outside a Louis Vuitton store. Why can't you get politically active and can't you get politically active and can't you get politically active and boot out all these guys and girls who boot out all these guys and girls who boot out all these guys and girls who are continuously [ __ ] you? are continuously [ __ ] you? are continuously [ __ ] you? >> Yeah, you're not wrong. And I have said >> Yeah, you're not wrong. And I have said >> Yeah, you're not wrong. And I have said something along those lines myself, but something along those lines myself, but something along those lines myself, but I do feel a little bit hopeless when I I do feel a little bit hopeless when I I do feel a little bit hopeless when I talk about that because the very nature talk about that because the very nature talk about that because the very nature of a politician is to gain and retain of a politician is to gain and retain of a politician is to gain and retain power. And you have been very eloquent power. And you have been very eloquent power. And you have been very eloquent on the hard truth, which is that you on the hard truth, which is that you on the hard truth, which is that you don't get elected by promising don't get elected by promising don't get elected by promising austerity. You get elected by promising austerity. You get elected by promising austerity. You get elected by promising free [ __ ] and free [ __ ] is exactly how free [ __ ] and free [ __ ] is exactly how free [ __ ] and free [ __ ] is exactly how you end up in the position that we're in you end up in the position that we're in you end up in the position that we're in now. So, that one maybe of all the now. So, that one maybe of all the now. So, that one maybe of all the options feels the most hopeless to me options feels the most hopeless to me options feels the most hopeless to me because I don't think that anyone will because I don't think that anyone will because I don't think that anyone will ever get elected that ever get elected that ever get elected that is sincere about austerity. So, Trump is sincere about austerity. So, Trump is sincere about austerity. So, Trump broke my heart when I realized, oh, he broke my heart when I realized, oh, he broke my heart when I realized, oh, he was was was never going to balance the budget. And never going to balance the budget. And never going to balance the budget. And when he put forward the big beautiful when he put forward the big beautiful when he put forward the big beautiful bill, I realized, oh, it's game over. bill, I realized, oh, it's game over. bill, I realized, oh, it's game over. Like, this is just a question of degree. Like, this is just a question of degree. Like, this is just a question of degree. So, maybe the Republicans spend a little So, maybe the Republicans spend a little So, maybe the Republicans spend a little bit less than the Democrats. Uh, but bit less than the Democrats. Uh, but bit less than the Democrats. Uh, but fiscally, they're both wildly fiscally, they're both wildly fiscally, they're both wildly irresponsible. So, when you look at the irresponsible. So, when you look at the irresponsible. So, when you look at the next three years with Trump in power, next three years with Trump in power, next three years with Trump in power, what do you see? Is it just money what do you see? Is it just money what do you see? Is it just money printing as far as the I can see? Are is printing as far as the I can see? Are is printing as far as the I can see? Are is he going to be more like is he going to he going to be more like is he going to he going to be more like is he going to be more effective at generating growth be more effective at generating growth be more effective at generating growth than the next person? Um, what do you than the next person? Um, what do you than the next person? Um, what do you see? So I mean technically speaking you see? So I mean technically speaking you see? So I mean technically speaking you can generate growth to reduce the debt can generate growth to reduce the debt can generate growth to reduce the debt to GDP and balance the government's to GDP and balance the government's to GDP and balance the government's balance sheet by going to you know a balance sheet by going to you know a balance sheet by going to you know a hyper growth scenario but it's hyper growth scenario but it's hyper growth scenario but it's inflationary right and so again you need inflationary right and so again you need inflationary right and so again you need to have the right kind of job maybe it's to have the right kind of job maybe it's to have the right kind of job maybe it's a union job or whatever where you're a union job or whatever where you're a union job or whatever where you're able to negotiate high pay rises or you able to negotiate high pay rises or you able to negotiate high pay rises or you need to be in financial assets in that need to be in financial assets in that need to be in financial assets in that situation like in the co area era right situation like in the co area era right situation like in the co area era right you had a lot of these unions that have you had a lot of these unions that have you had a lot of these unions that have been dormant for many years being able been dormant for many years being able been dormant for many years being able to negotiate 30 40 50% % pay rises for to negotiate 30 40 50% % pay rises for to negotiate 30 40 50% % pay rises for their workers during co because their workers during co because their workers during co because everybody needed them at that period of everybody needed them at that period of everybody needed them at that period of time and they had had the power and if time and they had had the power and if time and they had had the power and if you take a look at the years from you you take a look at the years from you you take a look at the years from you know 2020 to 2022 the US debt to GP know 2020 to 2022 the US debt to GP know 2020 to 2022 the US debt to GP actually declined because they ran this actually declined because they ran this actually declined because they ran this hot economy model again it produced a hot economy model again it produced a hot economy model again it produced a lot of inflation which pissed a lot of lot of inflation which pissed a lot of lot of inflation which pissed a lot of people off but that is the way in which people off but that is the way in which people off but that is the way in which the textbook way and Trump and invest the textbook way and Trump and invest the textbook way and Trump and invest have sort of tried to say this that this have sort of tried to say this that this have sort of tried to say this that this is what they want to do that you can is what they want to do that you can is what they want to do that you can delever the the government's balance delever the the government's balance delever the the government's balance sheet which as politicians who work for sheet which as politicians who work for sheet which as politicians who work for the the the That's their number one job is That's their number one job is That's their number one job is deleveraging their own balance sheet and deleveraging their own balance sheet and deleveraging their own balance sheet and you know sorry for the inflation that we you know sorry for the inflation that we you know sorry for the inflation that we we generate. I hope you have a good job we generate. I hope you have a good job we generate. I hope you have a good job and you bought some financial assets. and you bought some financial assets. and you bought some financial assets. That's what they're going to try to do. That's what they're going to try to do. That's what they're going to try to do. And obviously you have the mom donnies And obviously you have the mom donnies And obviously you have the mom donnies of the world on the left who are like of the world on the left who are like of the world on the left who are like hey I can I can produce better free [ __ ] hey I can I can produce better free [ __ ] hey I can I can produce better free [ __ ] rhetoric than you Trump and therefore I rhetoric than you Trump and therefore I rhetoric than you Trump and therefore I am going to you know win the mayoral am going to you know win the mayoral am going to you know win the mayoral election in New York and state elections election in New York and state elections election in New York and state elections and you know Virginia and New Jersey and and you know Virginia and New Jersey and and you know Virginia and New Jersey and all those sorts of things. So Trump is a all those sorts of things. So Trump is a all those sorts of things. So Trump is a non ideological politician. He wants to non ideological politician. He wants to non ideological politician. He wants to win. Uh he is the most prolific win. Uh he is the most prolific win. Uh he is the most prolific president since probably you know ever. president since probably you know ever. president since probably you know ever. He lost his stimulus checks. He can't he He lost his stimulus checks. He can't he He lost his stimulus checks. He can't he was the first president to hand out was the first president to hand out was the first president to hand out money directly to every you know money directly to every you know money directly to every you know household at 200 million household. No household at 200 million household. No household at 200 million household. No other president has done that before other president has done that before other president has done that before like Trump has done it. So to say that like Trump has done it. So to say that like Trump has done it. So to say that he is against socialism just doesn't you he is against socialism just doesn't you he is against socialism just doesn't you don't remember what happened in 2020. So don't remember what happened in 2020. So don't remember what happened in 2020. So he's going to do something similar again he's going to do something similar again he's going to do something similar again because it's very popular. And then the because it's very popular. And then the because it's very popular. And then the question is, okay, well, if you get a question is, okay, well, if you get a question is, okay, well, if you get a stimulus check for or whatever it is, stimulus check for or whatever it is, stimulus check for or whatever it is, whether it's your house price goes up or whether it's your house price goes up or whether it's your house price goes up or there's a check by the government, how there's a check by the government, how there's a check by the government, how are you going to make sure that you are you going to make sure that you are you going to make sure that you leverage that money in the most leverage that money in the most leverage that money in the most effective way if you're not going to effective way if you're not going to effective way if you're not going to advocate for change, fundamental change advocate for change, fundamental change advocate for change, fundamental change in the political system? And then that in the political system? And then that in the political system? And then that is, okay, well, it's it's Bitcoin, it's is, okay, well, it's it's Bitcoin, it's is, okay, well, it's it's Bitcoin, it's a house, it's S&P 500, it's whatever it a house, it's S&P 500, it's whatever it a house, it's S&P 500, it's whatever it is you feel it's gold, right? It's these is you feel it's gold, right? It's these is you feel it's gold, right? It's these sorts of things that you feel sorts of things that you feel sorts of things that you feel comfortable with. But Trump on one side, comfortable with. But Trump on one side, comfortable with. But Trump on one side, M Dania on the other, they're kind of M Dania on the other, they're kind of M Dania on the other, they're kind of saying the same thing. They have saying the same thing. They have saying the same thing. They have different styles in which they say it. different styles in which they say it. different styles in which they say it. Um whether or not you support them or Um whether or not you support them or Um whether or not you support them or not is not the point. They're both kind not is not the point. They're both kind not is not the point. They're both kind of saying the same thing. And I think of saying the same thing. And I think of saying the same thing. And I think once people realize that, then it's once people realize that, then it's once people realize that, then it's like, okay, well, I'm going to get this like, okay, well, I'm going to get this like, okay, well, I'm going to get this money from the government instead of money from the government instead of money from the government instead of going out and buying a new washing going out and buying a new washing going out and buying a new washing machine or, you know, going to Vegas or machine or, you know, going to Vegas or machine or, you know, going to Vegas or going on vacation. How do I make sure going on vacation. How do I make sure going on vacation. How do I make sure that I parlay that into, you know, above that I parlay that into, you know, above that I parlay that into, you know, above trend growth in my financial assets? trend growth in my financial assets? trend growth in my financial assets? >> All right. If we know that the >> All right. If we know that the >> All right. If we know that the government is going to print, if we know government is going to print, if we know government is going to print, if we know that Trump is doing everything he can to that Trump is doing everything he can to that Trump is doing everything he can to drive interest rates lower, and we know drive interest rates lower, and we know drive interest rates lower, and we know that both of those things are that both of those things are that both of those things are inflationary, they will drive up asset inflationary, they will drive up asset inflationary, they will drive up asset prices, they will make houses more prices, they will make houses more prices, they will make houses more expensive, they'll make rent more expensive, they'll make rent more expensive, they'll make rent more expensive, on and on and on. What does expensive, on and on and on. What does expensive, on and on and on. What does the world look like over the next three the world look like over the next three the world look like over the next three years as that easy money continues to years as that easy money continues to years as that easy money continues to flood the system? flood the system? flood the system? I mean S&P 10,000, NASDAQ 100,000, I mean S&P 10,000, NASDAQ 100,000, I mean S&P 10,000, NASDAQ 100,000, Bitcoin 1 million, gold 15,000, right? Bitcoin 1 million, gold 15,000, right? Bitcoin 1 million, gold 15,000, right? Pick your asset. They're all going up. Pick your asset. They're all going up. Pick your asset. They're all going up. Maybe some go up more than the others. Maybe some go up more than the others. Maybe some go up more than the others. Um, but that is the the state of play. Um, but that is the the state of play. Um, but that is the the state of play. And so then the question is, how do you And so then the question is, how do you And so then the question is, how do you take whatever savings that you have and take whatever savings that you have and take whatever savings that you have and buy one of those things? Whatever is you buy one of those things? Whatever is you buy one of those things? Whatever is you feel comfortable buying, because those feel comfortable buying, because those feel comfortable buying, because those are the things that that have to go up are the things that that have to go up are the things that that have to go up as a release valve for let's run the as a release valve for let's run the as a release valve for let's run the economy hot. Let's allow wage inflation. economy hot. Let's allow wage inflation. economy hot. Let's allow wage inflation. uh let's reduce the debt to GDP on the uh let's reduce the debt to GDP on the uh let's reduce the debt to GDP on the government's balance sheet. government's balance sheet. government's balance sheet. >> Okay. So, you've talked about how Trump >> Okay. So, you've talked about how Trump >> Okay. So, you've talked about how Trump would effectively take over the Fed. Um would effectively take over the Fed. Um would effectively take over the Fed. Um how does he do that? Because right now, how does he do that? Because right now, how does he do that? Because right now, obviously, he's not able to get the obviously, he's not able to get the obviously, he's not able to get the things done that he wants to get done. things done that he wants to get done. things done that he wants to get done. So, how would he pull that coup off? And So, how would he pull that coup off? And So, how would he pull that coup off? And in a magical world where you have a wand in a magical world where you have a wand in a magical world where you have a wand and you can either help him or stop him. and you can either help him or stop him. and you can either help him or stop him. Would you help him get control of the Would you help him get control of the Would you help him get control of the Fed is what he wants what you want to Fed is what he wants what you want to Fed is what he wants what you want to see happen or would you stop him? see happen or would you stop him? see happen or would you stop him? >> So I answer the last question first. I'm >> So I answer the last question first. I'm >> So I answer the last question first. I'm a financial asset holder. So I want what a financial asset holder. So I want what a financial asset holder. So I want what he wants. I want cheap money. [snorts] I he wants. I want cheap money. [snorts] I he wants. I want cheap money. [snorts] I don't want it to be plentiful. Right? I don't want it to be plentiful. Right? I don't want it to be plentiful. Right? I own the things that are going to go up own the things that are going to go up own the things that are going to go up because because because >> because this works, right? So, and you >> because this works, right? So, and you >> because this works, right? So, and you know that's that's just the the truth of know that's that's just the the truth of know that's that's just the the truth of it. If you own a house, you want what it. If you own a house, you want what it. If you own a house, you want what Trump wants to have have happen, right? Trump wants to have have happen, right? Trump wants to have have happen, right? He's going to pump your house price, He's going to pump your house price, He's going to pump your house price, too. Now, the the situation is, too. Now, the the situation is, too. Now, the the situation is, you know, how does he gain control of you know, how does he gain control of you know, how does he gain control of the Fed? So, first of all, every single the Fed? So, first of all, every single the Fed? So, first of all, every single US president since the Fed has been US president since the Fed has been US president since the Fed has been created always gets the monetary policy created always gets the monetary policy created always gets the monetary policy that they want. This is not a news that they want. This is not a news that they want. This is not a news phenomenon where the, you know, the phenomenon where the, you know, the phenomenon where the, you know, the president and the chairman of the Fed president and the chairman of the Fed president and the chairman of the Fed are are butdding heads. is not new and are are butdding heads. is not new and are are butdding heads. is not new and always the Fed chairman whoever that is always the Fed chairman whoever that is always the Fed chairman whoever that is caves or the Fed as a political body. caves or the Fed as a political body. caves or the Fed as a political body. There's a great essay written by Arthur There's a great essay written by Arthur There's a great essay written by Arthur Burns in 1979, the anguish of central Burns in 1979, the anguish of central Burns in 1979, the anguish of central banking, where he essentially says that banking, where he essentially says that banking, where he essentially says that because the politicians want to provide because the politicians want to provide because the politicians want to provide this free money to do stuff for the this free money to do stuff for the this free money to do stuff for the people because the people have elected people because the people have elected people because the people have elected them to do this, we as a Fed whether we them to do this, we as a Fed whether we them to do this, we as a Fed whether we like it or not are there to facilitate like it or not are there to facilitate like it or not are there to facilitate that. And the um the thing that we'll that. And the um the thing that we'll that. And the um the thing that we'll let go is the value of the currency and let go is the value of the currency and let go is the value of the currency and sort of responsibility of you know what sort of responsibility of you know what sort of responsibility of you know what is the value of the dollar and we will is the value of the dollar and we will is the value of the dollar and we will always do that is essentially the always do that is essentially the always do that is essentially the message that he said. This is the 1979. message that he said. This is the 1979. message that he said. This is the 1979. So people need to do a read a little bit So people need to do a read a little bit So people need to do a read a little bit of history in terms of understanding of history in terms of understanding of history in terms of understanding that Trump, Biden, Clinton, Obama, Bush, that Trump, Biden, Clinton, Obama, Bush, that Trump, Biden, Clinton, Obama, Bush, Reagan, they all got the binary policy Reagan, they all got the binary policy Reagan, they all got the binary policy that they wanted in the end. And so that they wanted in the end. And so that they wanted in the end. And so Trump will get it. I wrote an essay Trump will get it. I wrote an essay Trump will get it. I wrote an essay called 47. We and I talked about the called 47. We and I talked about the called 47. We and I talked about the bureaucratic mechanations on how Fed bureaucratic mechanations on how Fed bureaucratic mechanations on how Fed votes and how you get control of this votes and how you get control of this votes and how you get control of this board versus that board. Maybe he does board versus that board. Maybe he does board versus that board. Maybe he does something like that. Maybe, you know, something like that. Maybe, you know, something like that. Maybe, you know, everyone in the Fed is convicted of everyone in the Fed is convicted of everyone in the Fed is convicted of mortgage fraud and he replaces all. I mortgage fraud and he replaces all. I mortgage fraud and he replaces all. I don't know. It doesn't really matter. don't know. It doesn't really matter. don't know. It doesn't really matter. All I know is that there's there's never All I know is that there's there's never All I know is that there's there's never been a president who's never gotten the been a president who's never gotten the been a president who's never gotten the monetary policy that they desire. Trump monetary policy that they desire. Trump monetary policy that they desire. Trump will get his monetary policy. How long will get his monetary policy. How long will get his monetary policy. How long it takes, it takes, it takes, >> I think sometime in the, you know, >> I think sometime in the, you know, >> I think sometime in the, you know, second half of 2026, he'll get, you second half of 2026, he'll get, you second half of 2026, he'll get, you know, the monetary policy that he wants, know, the monetary policy that he wants, know, the monetary policy that he wants, however he does it. however he does it. however he does it. >> All right. you painted a picture or >> All right. you painted a picture or >> All right. you painted a picture or maybe I painted it and you agreed uh of maybe I painted it and you agreed uh of maybe I painted it and you agreed uh of what's going to happen when Trump gets what's going to happen when Trump gets what's going to happen when Trump gets the um economy that he wants or the the the um economy that he wants or the the the um economy that he wants or the the Fed to do what he wants and that's asset Fed to do what he wants and that's asset Fed to do what he wants and that's asset prices go up but right now asset prices prices go up but right now asset prices prices go up but right now asset prices are down. So what's going on with are down. So what's going on with are down. So what's going on with Bitcoin, Ethereum, Bitcoin, Ethereum, Bitcoin, Ethereum, um um um yeah, and other assets that we see yeah, and other assets that we see yeah, and other assets that we see struggling right now? What what's the struggling right now? What what's the struggling right now? What what's the underlying cause? You know why it causes underlying cause? You know why it causes underlying cause? You know why it causes the Fed is not printing as much money as the Fed is not printing as much money as the Fed is not printing as much money as we thought they would print as fast. And we thought they would print as fast. And we thought they would print as fast. And the technical thing is the government the technical thing is the government the technical thing is the government shutdown. Sorry, the debt sealing fight shutdown. Sorry, the debt sealing fight shutdown. Sorry, the debt sealing fight ended in July 4th and the US Treasury ended in July 4th and the US Treasury ended in July 4th and the US Treasury essentially had to pull a trillion essentially had to pull a trillion essentially had to pull a trillion dollars out of the economy to rebuild dollars out of the economy to rebuild dollars out of the economy to rebuild its checking account. And that's its checking account. And that's its checking account. And that's essentially in a very simplistic manner essentially in a very simplistic manner essentially in a very simplistic manner why Bitcoin all of a sudden caught up why Bitcoin all of a sudden caught up why Bitcoin all of a sudden caught up with that that destruction of credit uh with that that destruction of credit uh with that that destruction of credit uh and is previewing what could happen to and is previewing what could happen to and is previewing what could happen to equities if the Fed doesn't change equities if the Fed doesn't change equities if the Fed doesn't change course. Now starting in December 1st course. Now starting in December 1st course. Now starting in December 1st quantitative tightening i.e. the balance quantitative tightening i.e. the balance quantitative tightening i.e. the balance sheet reduction of the Fed ends. sheet reduction of the Fed ends. sheet reduction of the Fed ends. uh the US banking system is starting to uh the US banking system is starting to uh the US banking system is starting to issue more loans and these are loans issue more loans and these are loans issue more loans and these are loans that are going to the industrials that that are going to the industrials that that are going to the industrials that you know the Trump administration wants you know the Trump administration wants you know the Trump administration wants to build things whether that's weapons to build things whether that's weapons to build things whether that's weapons or nuclear or semiconductors or rare or nuclear or semiconductors or rare or nuclear or semiconductors or rare earth what have you the banks are earth what have you the banks are earth what have you the banks are starting to lend to those companies who starting to lend to those companies who starting to lend to those companies who are now getting government guarantees are now getting government guarantees are now getting government guarantees for contracts that'll only accelerate so for contracts that'll only accelerate so for contracts that'll only accelerate so I think this this little bit of period I think this this little bit of period I think this this little bit of period of weakness in crypto is is you know of weakness in crypto is is you know of weakness in crypto is is you know very minimal will keep going back up as very minimal will keep going back up as very minimal will keep going back up as credit expands, the quantitative credit expands, the quantitative credit expands, the quantitative tightening ends at the Fed, Trump gains tightening ends at the Fed, Trump gains tightening ends at the Fed, Trump gains control of the Fed sometime in 2026, and control of the Fed sometime in 2026, and control of the Fed sometime in 2026, and money is printed in some way, shape, or money is printed in some way, shape, or money is printed in some way, shape, or form. There's also the housing market. form. There's also the housing market. form. There's also the housing market. You know, a key policy of the Trump You know, a key policy of the Trump You know, a key policy of the Trump administration is to pump housing. It's administration is to pump housing. It's administration is to pump housing. It's a key policy of every single a key policy of every single a key policy of every single administration. I don't care if it's administration. I don't care if it's administration. I don't care if it's Republican or Democrat. Um, and so Republican or Democrat. Um, and so Republican or Democrat. Um, and so again, if people I think people need to again, if people I think people need to again, if people I think people need to take out this partisan nature of like, take out this partisan nature of like, take out this partisan nature of like, oh, Trump's a Republican. He's bad oh, Trump's a Republican. He's bad oh, Trump's a Republican. He's bad because I'm a Democrat and I oppose because I'm a Democrat and I oppose because I'm a Democrat and I oppose these things that he's going to do. these things that he's going to do. these things that he's going to do. Well, put in Camala Harris as a Well, put in Camala Harris as a Well, put in Camala Harris as a Democrat, she'd be doing the same stuff. Democrat, she'd be doing the same stuff. Democrat, she'd be doing the same stuff. And so I think once you remove all that, And so I think once you remove all that, And so I think once you remove all that, then you're saying, okay, well, why am I then you're saying, okay, well, why am I then you're saying, okay, well, why am I trying to fight this? But I'm not going trying to fight this? But I'm not going trying to fight this? But I'm not going to fundamentally get politically active to fundamentally get politically active to fundamentally get politically active and change the system that, you know, and change the system that, you know, and change the system that, you know, puts puts this structure on how I am as puts puts this structure on how I am as puts puts this structure on how I am as a financial person in this world, then I a financial person in this world, then I a financial person in this world, then I better just get with the program. And better just get with the program. And better just get with the program. And it's buy stocks, buy crypto, buy gold, it's buy stocks, buy crypto, buy gold, it's buy stocks, buy crypto, buy gold, don't use leverage, and just wait and don't use leverage, and just wait and don't use leverage, and just wait and it'll go up. What does it tell us about it'll go up. What does it tell us about it'll go up. What does it tell us about human nature or the markets in general human nature or the markets in general human nature or the markets in general that people just cannot bear to wait? that people just cannot bear to wait? that people just cannot bear to wait? They always panic like uh they didn't They always panic like uh they didn't They always panic like uh they didn't expect that it was going to go down. expect that it was going to go down. expect that it was going to go down. This whole notion of this time is This whole notion of this time is This whole notion of this time is different is so wild to me. So yeah, different is so wild to me. So yeah, different is so wild to me. So yeah, what do you take away every time people what do you take away every time people what do you take away every time people start freaking out when the price dips? start freaking out when the price dips? start freaking out when the price dips? >> We're all human at the end of the day >> We're all human at the end of the day >> We're all human at the end of the day and this is this is human nature. The and this is this is human nature. The and this is this is human nature. The you know the market is not there to make you know the market is not there to make you know the market is not there to make you money if you're over if you you money if you're over if you you money if you're over if you overtrade and this has always been the overtrade and this has always been the overtrade and this has always been the case as nothing changed. We're still case as nothing changed. We're still case as nothing changed. We're still humans. We're still these you know humans. We're still these you know humans. We're still these you know lizardrained mammals that live in this lizardrained mammals that live in this lizardrained mammals that live in this you know new computer age world. like you know new computer age world. like you know new computer age world. like it's only been 150 years since we really it's only been 150 years since we really it's only been 150 years since we really have sort of emerged from pretty much have sort of emerged from pretty much have sort of emerged from pretty much like subsistence like subsistence like subsistence ba basic subsistence. So I I think that ba basic subsistence. So I I think that ba basic subsistence. So I I think that you know human nature is human nature you know human nature is human nature you know human nature is human nature and so the average human is impatient uh and so the average human is impatient uh and so the average human is impatient uh wants the future today is willing to wants the future today is willing to wants the future today is willing to gamble to get it and unfortunately the gamble to get it and unfortunately the gamble to get it and unfortunately the politicians play on that. politicians play on that. politicians play on that. >> Yeah that that is for sure. So um as you >> Yeah that that is for sure. So um as you >> Yeah that that is for sure. So um as you look out into the future, you know that look out into the future, you know that look out into the future, you know that humans are going to react that way. Um humans are going to react that way. Um humans are going to react that way. Um do you see anything that can change the do you see anything that can change the do you see anything that can change the divergent economies? Because this is the divergent economies? Because this is the divergent economies? Because this is the thing that probably I worry the most thing that probably I worry the most thing that probably I worry the most about is given that human nature, given about is given that human nature, given about is given that human nature, given how busy people are, given that some how busy people are, given that some how busy people are, given that some people don't have the intellectual people don't have the intellectual people don't have the intellectual capability to understand it, given that capability to understand it, given that capability to understand it, given that many have the capability but just aren't many have the capability but just aren't many have the capability but just aren't going to put the time into understanding going to put the time into understanding going to put the time into understanding it. Um they are going to be moved by it. Um they are going to be moved by it. Um they are going to be moved by policy decisions. Full stop. They are policy decisions. Full stop. They are policy decisions. Full stop. They are not going to go, oh well given that not going to go, oh well given that not going to go, oh well given that there's money printing, I know assets there's money printing, I know assets there's money printing, I know assets are going to go up, so let me go get an are going to go up, so let me go get an are going to go up, so let me go get an assets. Um, do you worry about that? Do assets. Um, do you worry about that? Do assets. Um, do you worry about that? Do you not think about that at all? Like, you not think about that at all? Like, you not think about that at all? Like, how do you factor that into your how do you factor that into your how do you factor that into your calculus? calculus? calculus? >> Well, obviously you worry about societal >> Well, obviously you worry about societal >> Well, obviously you worry about societal breakdown. And I think we we talked a breakdown. And I think we we talked a breakdown. And I think we we talked a lot about this sort of this AI battle lot about this sort of this AI battle lot about this sort of this AI battle that we're going to have versus should that we're going to have versus should that we're going to have versus should we have it, if we do have it, who should we have it, if we do have it, who should we have it, if we do have it, who should benefit from it, or maybe we shouldn't benefit from it, or maybe we shouldn't benefit from it, or maybe we shouldn't have it at all. These are that's going have it at all. These are that's going have it at all. These are that's going to be the colossal defining sort of to be the colossal defining sort of to be the colossal defining sort of battle of of this century. In the same battle of of this century. In the same battle of of this century. In the same way that [snorts] communism versus way that [snorts] communism versus way that [snorts] communism versus capitalism, if you want to reduce sort capitalism, if you want to reduce sort capitalism, if you want to reduce sort of the and imperialism, if you want to of the and imperialism, if you want to of the and imperialism, if you want to reduce the two world wars to those very, reduce the two world wars to those very, reduce the two world wars to those very, you know, simplistic terms, was the you know, simplistic terms, was the you know, simplistic terms, was the defining moment of sort of late 19th to defining moment of sort of late 19th to defining moment of sort of late 19th to early 20th century humanity, right? And early 20th century humanity, right? And early 20th century humanity, right? And we're sort of living in that reaction to we're sort of living in that reaction to we're sort of living in that reaction to that and that post um World War II, that and that post um World War II, that and that post um World War II, World War I situation right now. This is World War I situation right now. This is World War I situation right now. This is defining moment of what it means to be defining moment of what it means to be defining moment of what it means to be human. Are we going to blow ourselves up human. Are we going to blow ourselves up human. Are we going to blow ourselves up because we couldn't decide how to share because we couldn't decide how to share because we couldn't decide how to share AI? I don't know. I think that's the the AI? I don't know. I think that's the the AI? I don't know. I think that's the the number one question. number one question. number one question. >> I worry very much about society tearing >> I worry very much about society tearing >> I worry very much about society tearing itself apart. Oh, this is another reason itself apart. Oh, this is another reason itself apart. Oh, this is another reason you don't live in America. So, in you don't live in America. So, in you don't live in America. So, in America, man, it's really palpable and America, man, it's really palpable and America, man, it's really palpable and you can feel it. Like, I even have to you can feel it. Like, I even have to you can feel it. Like, I even have to think about like what advertisers are think about like what advertisers are think about like what advertisers are going to consider me uh speaking to going to consider me uh speaking to going to consider me uh speaking to their demographic. their demographic. their demographic. Certainly, politically, everybody's on a Certainly, politically, everybody's on a Certainly, politically, everybody's on a team. When you listen to the way that team. When you listen to the way that team. When you listen to the way that people talk, everybody speaks in team people talk, everybody speaks in team people talk, everybody speaks in team talk. Uh, if I wanted my channel to talk. Uh, if I wanted my channel to talk. Uh, if I wanted my channel to triple in views overnight, I would just triple in views overnight, I would just triple in views overnight, I would just pick a team and just do the team talking pick a team and just do the team talking pick a team and just do the team talking points. It is crazy. I know how points. It is crazy. I know how points. It is crazy. I know how effective that would be because people effective that would be because people effective that would be because people want that team perspective. Everybody want that team perspective. Everybody want that team perspective. Everybody wants to be in their own echo chamber. wants to be in their own echo chamber. wants to be in their own echo chamber. They want the heruristics of just tell They want the heruristics of just tell They want the heruristics of just tell me how to think. They don't want like me how to think. They don't want like me how to think. They don't want like I'm all about cause and effect. So I'm I'm all about cause and effect. So I'm I'm all about cause and effect. So I'm always trying to lay out what's the always trying to lay out what's the always trying to lay out what's the cause and effect and where does this go? cause and effect and where does this go? cause and effect and where does this go? And so when I look at this particular And so when I look at this particular And so when I look at this particular problem which is that most people either problem which is that most people either problem which is that most people either because they can't or they won't they're because they can't or they won't they're because they can't or they won't they're never going to get into assets. And so never going to get into assets. And so never going to get into assets. And so that problem is not going away. And so that problem is not going away. And so that problem is not going away. And so and then I have the belief the base and then I have the belief the base and then I have the belief the base assumption that the only problem that's assumption that the only problem that's assumption that the only problem that's impossible to solve is the political impossible to solve is the political impossible to solve is the political problem. The other problems maybe, but problem. The other problems maybe, but problem. The other problems maybe, but the political problem I don't think is the political problem I don't think is the political problem I don't think is is ever going to be solved. They will is ever going to be solved. They will is ever going to be solved. They will give things away for free because it is give things away for free because it is give things away for free because it is how you gain and retain power and only how you gain and retain power and only how you gain and retain power and only on the other side of tremendous pain on the other side of tremendous pain on the other side of tremendous pain will a culture change. This is why every will a culture change. This is why every will a culture change. This is why every empire has fallen. Uh so that's my big empire has fallen. Uh so that's my big empire has fallen. Uh so that's my big concern. So from a um why do I make the concern. So from a um why do I make the concern. So from a um why do I make the content that I make? making the content content that I make? making the content content that I make? making the content in the hopes that I can make a simple in the hopes that I can make a simple in the hopes that I can make a simple set of choices accessible to more people set of choices accessible to more people set of choices accessible to more people so that at least more people will get on so that at least more people will get on so that at least more people will get on the life raft. Uh but for that people the life raft. Uh but for that people the life raft. Uh but for that people have to face what's actually going to have to face what's actually going to have to face what's actually going to happen and happen and happen and yeah man I don't I don't know how many yeah man I don't I don't know how many yeah man I don't I don't know how many people are people are people are >> I mean I think the the United States is >> I mean I think the the United States is >> I mean I think the the United States is specific because that's you know specific because that's you know specific because that's you know majority of your audience is not in the majority of your audience is not in the majority of your audience is not in the worst off shape of all countries that worst off shape of all countries that worst off shape of all countries that are highly indebted. There's no enemies, are highly indebted. There's no enemies, are highly indebted. There's no enemies, right? There's two big oceans. Canada right? There's two big oceans. Canada right? There's two big oceans. Canada and Mexico are essentially vassal states and Mexico are essentially vassal states and Mexico are essentially vassal states uh of the United States. The United uh of the United States. The United uh of the United States. The United States is energy self-sufficient at the States is energy self-sufficient at the States is energy self-sufficient at the right price, right? Oil's too cheap right price, right? Oil's too cheap right price, right? Oil's too cheap right now. That's why shale is right now. That's why shale is right now. That's why shale is struggling and some of these oil struggling and some of these oil struggling and some of these oil producers. There's plenty of offshore producers. There's plenty of offshore producers. There's plenty of offshore drilling to give oil and natural gas to drilling to give oil and natural gas to drilling to give oil and natural gas to the US to have enough energy to be the US to have enough energy to be the US to have enough energy to be self-sufficient. There's plenty of food self-sufficient. There's plenty of food self-sufficient. There's plenty of food in the United States. Yes, maybe it's in the United States. Yes, maybe it's in the United States. Yes, maybe it's not the best quality and there's too not the best quality and there's too not the best quality and there's too much high fructose corn syrup or much high fructose corn syrup or much high fructose corn syrup or whatever nonsense that is in the food whatever nonsense that is in the food whatever nonsense that is in the food supply in US. But again, there is enough supply in US. But again, there is enough supply in US. But again, there is enough food in the US. So the debt is a problem food in the US. So the debt is a problem food in the US. So the debt is a problem kind of, but from a holistic standpoint, kind of, but from a holistic standpoint, kind of, but from a holistic standpoint, I don't see this like zombie apocalypse, I don't see this like zombie apocalypse, I don't see this like zombie apocalypse, hyperinflationary problem for the United hyperinflationary problem for the United hyperinflationary problem for the United States anytime soon. You think about States anytime soon. You think about States anytime soon. You think about Rome, right? It took hundreds of years Rome, right? It took hundreds of years Rome, right? It took hundreds of years for Rome to fall after the underlying for Rome to fall after the underlying for Rome to fall after the underlying economic model didn't work. They economic model didn't work. They economic model didn't work. They couldn't import enough slaves to do couldn't import enough slaves to do couldn't import enough slaves to do enough labor and there's not weren't enough labor and there's not weren't enough labor and there's not weren't enough free you know Italian Roman enough free you know Italian Roman enough free you know Italian Roman citizens to do stuff. Took hundreds of citizens to do stuff. Took hundreds of citizens to do stuff. Took hundreds of years before you know Rome fell like the years before you know Rome fell like the years before you know Rome fell like the United States is not going anywhere just United States is not going anywhere just United States is not going anywhere just because the debt to GDP is 135 or 140%. because the debt to GDP is 135 or 140%. because the debt to GDP is 135 or 140%. Like there's you know an immense Like there's you know an immense Like there's you know an immense capacity to add more debt in the US capacity to add more debt in the US capacity to add more debt in the US situation. life might not be the most situation. life might not be the most situation. life might not be the most fun and you know pleasurable for a lot fun and you know pleasurable for a lot fun and you know pleasurable for a lot of people but I don't see this as this of people but I don't see this as this of people but I don't see this as this sort of like oh my god the US is going sort of like oh my god the US is going sort of like oh my god the US is going to blow up sort of situation because to blow up sort of situation because to blow up sort of situation because again there's enough food there's enough again there's enough food there's enough again there's enough food there's enough energy at the right price and there's no energy at the right price and there's no energy at the right price and there's no uh intern sorry outside invaders going uh intern sorry outside invaders going uh intern sorry outside invaders going to come into the US and sort of like to come into the US and sort of like to come into the US and sort of like take over the country like why would you take over the country like why would you take over the country like why would you want to do that who wants to rule the want to do that who wants to rule the want to do that who wants to rule the United States like that'd be the dumbest United States like that'd be the dumbest United States like that'd be the dumbest thing I could ever think of thing I could ever think of thing I could ever think of >> okay well then let me um walk you >> okay well then let me um walk you >> okay well then let me um walk you through my thesis on what's going to through my thesis on what's going to through my thesis on what's going to happen next. So, this is how I see this happen next. So, this is how I see this happen next. So, this is how I see this playing out. We're stuck in Thusidity's playing out. We're stuck in Thusidity's playing out. We're stuck in Thusidity's trap. China's on the rise. We're on the trap. China's on the rise. We're on the trap. China's on the rise. We're on the decline. Uh, no declining power ever has decline. Uh, no declining power ever has decline. Uh, no declining power ever has just gracefully accepted that they were just gracefully accepted that they were just gracefully accepted that they were being surpassed. Uh, England being the being surpassed. Uh, England being the being surpassed. Uh, England being the most recent example, only accepted most recent example, only accepted most recent example, only accepted defeat because they um just got battered defeat because they um just got battered defeat because they um just got battered so hard during World War II and just so hard during World War II and just so hard during World War II and just found themselves so indebted to us, they found themselves so indebted to us, they found themselves so indebted to us, they just didn't have an option. They were so just didn't have an option. They were so just didn't have an option. They were so fatigued. they had suffered so much for fatigued. they had suffered so much for fatigued. they had suffered so much for so long and they were so in debt they so long and they were so in debt they so long and they were so in debt they didn't have a choice. So um they didn't have a choice. So um they didn't have a choice. So um they obviously they go through war. So now 12 obviously they go through war. So now 12 obviously they go through war. So now 12 of the 16 times that a declining of the 16 times that a declining of the 16 times that a declining superpower has collided with a rising superpower has collided with a rising superpower has collided with a rising superpower uh they've ended up in open superpower uh they've ended up in open superpower uh they've ended up in open um kinetic warfare. So it's like um kinetic warfare. So it's like um kinetic warfare. So it's like statistically the odds are not in our statistically the odds are not in our statistically the odds are not in our favor. were already doing weird things favor. were already doing weird things favor. were already doing weird things in Venezuela. Um, doing currency swaps in Venezuela. Um, doing currency swaps in Venezuela. Um, doing currency swaps with Argentina from where I'm sitting as with Argentina from where I'm sitting as with Argentina from where I'm sitting as a way to let China know, hey a way to let China know, hey a way to let China know, hey [ __ ] uh, South America is our [ __ ] uh, South America is our [ __ ] uh, South America is our hemisphere. It is not yours. You will hemisphere. It is not yours. You will hemisphere. It is not yours. You will stay out of it. Uh, be a real shame if stay out of it. Uh, be a real shame if stay out of it. Uh, be a real shame if something happened to one of your ships something happened to one of your ships something happened to one of your ships in the Caribbean. So, obviously, China in the Caribbean. So, obviously, China in the Caribbean. So, obviously, China is now doing all kinds of [ __ ] off the is now doing all kinds of [ __ ] off the is now doing all kinds of [ __ ] off the coast of uh, Japan to let people know coast of uh, Japan to let people know coast of uh, Japan to let people know where they're at with Taiwan. Japan where they're at with Taiwan. Japan where they're at with Taiwan. Japan clapped back. China clapped back, you clapped back. China clapped back, you clapped back. China clapped back, you know, uh, to Japan saying, "All right, know, uh, to Japan saying, "All right, know, uh, to Japan saying, "All right, well, if you guys want to [ __ ] test well, if you guys want to [ __ ] test well, if you guys want to [ __ ] test us, if you want to start talking that us, if you want to start talking that us, if you want to start talking that it's existential and that you're going it's existential and that you're going it's existential and that you're going to have to do something, if you're to have to do something, if you're to have to do something, if you're feeling froggy, leap." So, it's like, I feeling froggy, leap." So, it's like, I feeling froggy, leap." So, it's like, I feel all that instability. Then factor feel all that instability. Then factor feel all that instability. Then factor on top of that, you've got the US right on top of that, you've got the US right on top of that, you've got the US right now choosing between essentially brands now choosing between essentially brands now choosing between essentially brands of socialism. Uh, so we both agree that of socialism. Uh, so we both agree that of socialism. Uh, so we both agree that there's going to be what I will there's going to be what I will there's going to be what I will characterize as additional stress put on characterize as additional stress put on characterize as additional stress put on the system. So if I'm China and I'm the system. So if I'm China and I'm the system. So if I'm China and I'm looking at America, I'm like, "Oh, good. looking at America, I'm like, "Oh, good. looking at America, I'm like, "Oh, good. You [ __ ] are going to like tear You [ __ ] are going to like tear You [ __ ] are going to like tear yourselves apart. Fantastic. I'm going yourselves apart. Fantastic. I'm going yourselves apart. Fantastic. I'm going to keep going. I'm going to build a gold to keep going. I'm going to build a gold to keep going. I'm going to build a gold corridor in South America. I'm going to corridor in South America. I'm going to corridor in South America. I'm going to peg the yuan to gold. I'm going to make peg the yuan to gold. I'm going to make peg the yuan to gold. I'm going to make sure that the US loses the reserve sure that the US loses the reserve sure that the US loses the reserve currency status. Uh, I'm going to weaken currency status. Uh, I'm going to weaken currency status. Uh, I'm going to weaken you guys. Yeah, I don't plan to invade you guys. Yeah, I don't plan to invade you guys. Yeah, I don't plan to invade you, but um I am going to, by the way, you, but um I am going to, by the way, you, but um I am going to, by the way, take over Taiwan by 2027. You're going take over Taiwan by 2027. You're going take over Taiwan by 2027. You're going to do [ __ ] nothing about it. Uh, and to do [ __ ] nothing about it. Uh, and to do [ __ ] nothing about it. Uh, and so now you get in a situation where your so now you get in a situation where your so now you get in a situation where your biggest rival is uh picking off allies. biggest rival is uh picking off allies. biggest rival is uh picking off allies. Your biggest rival controls essentially Your biggest rival controls essentially Your biggest rival controls essentially your entire warfare pipeline. So your entire warfare pipeline. So your entire warfare pipeline. So they're going to be able to do they're going to be able to do they're going to be able to do effectively what they want because they effectively what they want because they effectively what they want because they can choke you off from rare earth can choke you off from rare earth can choke you off from rare earth minerals and drone parts and all kinds minerals and drone parts and all kinds minerals and drone parts and all kinds of stuff. And so the US is going to be of stuff. And so the US is going to be of stuff. And so the US is going to be um just put in a weaker position like um just put in a weaker position like um just put in a weaker position like you. I don't imagine this isn't you wake you. I don't imagine this isn't you wake you. I don't imagine this isn't you wake up one day and it's catastrophic. It's up one day and it's catastrophic. It's up one day and it's catastrophic. It's the US is just put in a weaker and the US is just put in a weaker and the US is just put in a weaker and weaker state is in a worse off position weaker state is in a worse off position weaker state is in a worse off position in terms of who they can influence in terms of who they can influence in terms of who they can influence globally which means things will get globally which means things will get globally which means things will get worse economically uh you'll be in an worse economically uh you'll be in an worse economically uh you'll be in an economic battle with China for who gets economic battle with China for who gets economic battle with China for who gets to trade where with who with what uh and to trade where with who with what uh and to trade where with who with what uh and given that we're already printing money given that we're already printing money given that we're already printing money at infinitum that yeah it just at infinitum that yeah it just at infinitum that yeah it just everything gets weaker and worse and so everything gets weaker and worse and so everything gets weaker and worse and so that we are already doing political that we are already doing political that we are already doing political assassinations we're already at each assassinations we're already at each assassinations we're already at each other's throat. Um, other's throat. Um, other's throat. Um, you get the Venezuelification or the you get the Venezuelification or the you get the Venezuelification or the Argentinaification Argentinaification Argentinaification of the US over the next 10 to 15 years. of the US over the next 10 to 15 years. of the US over the next 10 to 15 years. That's what I That's what I That's what I worry about. worry about. worry about. >> I mean, there's a lot lot there to >> I mean, there's a lot lot there to >> I mean, there's a lot lot there to unpack, but I think the US will unpack, but I think the US will unpack, but I think the US will transition from a hedge, you know, transition from a hedge, you know, transition from a hedge, you know, unipolar hegeimon to a very powerful unipolar hegeimon to a very powerful unipolar hegeimon to a very powerful country. And I guess the question is how country. And I guess the question is how country. And I guess the question is how does the American psyche handle that? does the American psyche handle that? does the American psyche handle that? Could be bad, could be could be okay. Could be bad, could be could be okay. Could be bad, could be could be okay. People just like, "Hey, [ __ ] it. People just like, "Hey, [ __ ] it. People just like, "Hey, [ __ ] it. Whatever. China is the number two or Whatever. China is the number two or Whatever. China is the number two or number one. We're number one or number number one. We're number one or number number one. We're number one or number two." And you know, we deal with it, two." And you know, we deal with it, two." And you know, we deal with it, right? And as you mentioned, right, right? And as you mentioned, right, right? And as you mentioned, right, China has rar US doesn't have any. You China has rar US doesn't have any. You China has rar US doesn't have any. You know, that'll persist for how long, know, that'll persist for how long, know, that'll persist for how long, however long it persists. But it however long it persists. But it however long it persists. But it basically means that if China's not basically means that if China's not basically means that if China's not going to sell you the stuff to, you going to sell you the stuff to, you going to sell you the stuff to, you know, shoot the weapons, then you can't know, shoot the weapons, then you can't know, shoot the weapons, then you can't shoot the weapons, which essentially is shoot the weapons, which essentially is shoot the weapons, which essentially is a really good thing cuz if the US has a really good thing cuz if the US has a really good thing cuz if the US has enough weapons to shoot, then this whole enough weapons to shoot, then this whole enough weapons to shoot, then this whole situation would be probably a lot more situation would be probably a lot more situation would be probably a lot more scary in terms of the global sort of scary in terms of the global sort of scary in terms of the global sort of situation globally. But because they situation globally. But because they situation globally. But because they can't shoot enough weapons, then you can't shoot enough weapons, then you can't shoot enough weapons, then you know Trump has to stop the war in know Trump has to stop the war in know Trump has to stop the war in Ukraine. You know, as sad as the Israel Ukraine. You know, as sad as the Israel Ukraine. You know, as sad as the Israel Iran situation was, it lasted 12 days Iran situation was, it lasted 12 days Iran situation was, it lasted 12 days because Israel started to feel what because Israel started to feel what because Israel started to feel what happens when you get bombed by another happens when you get bombed by another happens when you get bombed by another country. You don't have enough missiles country. You don't have enough missiles country. You don't have enough missiles to to defend yourself, right? And so to to defend yourself, right? And so to to defend yourself, right? And so again, this is all predicated on China again, this is all predicated on China again, this is all predicated on China is there to make money and trade. is there to make money and trade. is there to make money and trade. They're not there to supply the United They're not there to supply the United They're not there to supply the United States with carol launching missiles at States with carol launching missiles at States with carol launching missiles at people, which the US would love to do, people, which the US would love to do, people, which the US would love to do, you know, because that's just in the you know, because that's just in the you know, because that's just in the nature of the country. has been at war nature of the country. has been at war nature of the country. has been at war for pretty much 95% of its existence. So for pretty much 95% of its existence. So for pretty much 95% of its existence. So again, I I take a little bit more of a again, I I take a little bit more of a again, I I take a little bit more of a glass glass glass half full sort of attitude towards, you half full sort of attitude towards, you half full sort of attitude towards, you know, the declining, you know, empire of know, the declining, you know, empire of know, the declining, you know, empire of the United States where there are the United States where there are the United States where there are limits. There are other countries that limits. There are other countries that limits. There are other countries that can enforce these limits on the United can enforce these limits on the United can enforce these limits on the United States. And there are internal problems States. And there are internal problems States. And there are internal problems that will be dealt with however they're that will be dealt with however they're that will be dealt with however they're they're dealt with, but hopefully we they're dealt with, but hopefully we they're dealt with, but hopefully we don't have a thermonuclear war where don't have a thermonuclear war where don't have a thermonuclear war where everyone's shooting hypersonic missiles everyone's shooting hypersonic missiles everyone's shooting hypersonic missiles at each other. And you know, if we take at each other. And you know, if we take at each other. And you know, if we take that off the table, then you know, if that off the table, then you know, if that off the table, then you know, if you don't like the way the situation is you don't like the way the situation is you don't like the way the situation is in the United States, there's a whole in the United States, there's a whole in the United States, there's a whole big old world out there. Um, leave. big old world out there. Um, leave. big old world out there. Um, leave. >> Yeah, that's easy for somebody like me. >> Yeah, that's easy for somebody like me. >> Yeah, that's easy for somebody like me. Uh, that isn't easy for the vast Uh, that isn't easy for the vast Uh, that isn't easy for the vast majority of people. That's the thing majority of people. That's the thing majority of people. That's the thing that I worry about. Okay. Uh, that's that I worry about. Okay. Uh, that's that I worry about. Okay. Uh, that's enough doomerism, black pill. Uh, yeah. enough doomerism, black pill. Uh, yeah. enough doomerism, black pill. Uh, yeah. So, now talk to me about um 2030. What So, now talk to me about um 2030. What So, now talk to me about um 2030. What does 2030 look like? This is only, you does 2030 look like? This is only, you does 2030 look like? This is only, you know, four years really away from the know, four years really away from the know, four years really away from the time that we're recording this. Um, what time that we're recording this. Um, what time that we're recording this. Um, what does that look like? What do we have to does that look like? What do we have to does that look like? What do we have to look forward to? look forward to? look forward to? >> Uh, I think that we have some sort of >> Uh, I think that we have some sort of >> Uh, I think that we have some sort of like massive market crash between now like massive market crash between now like massive market crash between now and then. And and then. And and then. And >> hey, the end of doom and gloom. Tell me >> hey, the end of doom and gloom. Tell me >> hey, the end of doom and gloom. Tell me about the market crash. [laughter] about the market crash. [laughter] about the market crash. [laughter] But it's but no it's more predicated on But it's but no it's more predicated on But it's but no it's more predicated on again AI adoption is going to happen again AI adoption is going to happen again AI adoption is going to happen faster than we think and impact the faster than we think and impact the faster than we think and impact the structure of the economy in a way that structure of the economy in a way that structure of the economy in a way that people aren't really appreciating right people aren't really appreciating right people aren't really appreciating right now but now but now but >> in the ways that we already talked about >> in the ways that we already talked about >> in the ways that we already talked about or something that we haven't touched on or something that we haven't touched on or something that we haven't touched on yet? yet? yet? >> No, in the ways that we already talked >> No, in the ways that we already talked >> No, in the ways that we already talked about I don't but I don't think that's about I don't but I don't think that's about I don't but I don't think that's the common knowledge. common knowledge the common knowledge. common knowledge the common knowledge. common knowledge is, you know, Facebook is going to be a is, you know, Facebook is going to be a is, you know, Facebook is going to be a $15 trillion company because they've $15 trillion company because they've $15 trillion company because they've created the best AI possible or, you created the best AI possible or, you created the best AI possible or, you know, Tencent or whatever company, know, Tencent or whatever company, know, Tencent or whatever company, right? It's not, oh [ __ ] what happens right? It's not, oh [ __ ] what happens right? It's not, oh [ __ ] what happens when all the bankers don't have jobs when all the bankers don't have jobs when all the bankers don't have jobs anymore? How does that change the anymore? How does that change the anymore? How does that change the society? society? society? >> But I think we get to 2030, you know, we >> But I think we get to 2030, you know, we >> But I think we get to 2030, you know, we have a larger installed robot base. Cost have a larger installed robot base. Cost have a larger installed robot base. Cost of labor goes down. We we have of labor goes down. We we have of labor goes down. We we have essentially a very intelligent essentially a very intelligent essentially a very intelligent um prediction engine called an LLM. um prediction engine called an LLM. um prediction engine called an LLM. Maybe we have AGI or whatever that means Maybe we have AGI or whatever that means Maybe we have AGI or whatever that means or not. I don't think it really matters. or not. I don't think it really matters. or not. I don't think it really matters. But we do knowledge work cheaper and But we do knowledge work cheaper and But we do knowledge work cheaper and more efficiently and we take human more efficiently and we take human more efficiently and we take human intelligence and instead of sending the intelligence and instead of sending the intelligence and instead of sending the smartest and brightest people, you know, smartest and brightest people, you know, smartest and brightest people, you know, like myself to study [ __ ] finance like myself to study [ __ ] finance like myself to study [ __ ] finance versus being an engineer or being a versus being an engineer or being a versus being an engineer or being a dancer or being a poet or whatever, we dancer or being a poet or whatever, we dancer or being a poet or whatever, we have more people doing creative things, have more people doing creative things, have more people doing creative things, whatever that means, creating sort of whatever that means, creating sort of whatever that means, creating sort of joy for other people because there is no joy for other people because there is no joy for other people because there is no other option. You can't be a banker other option. You can't be a banker other option. You can't be a banker anymore because that's not a profitable anymore because that's not a profitable anymore because that's not a profitable um sort of profession. But you can be a um sort of profession. But you can be a um sort of profession. But you can be a writer, you can be a philosopher, um you writer, you can be a philosopher, um you writer, you can be a philosopher, um you can be a sports uh somebody who does can be a sports uh somebody who does can be a sports uh somebody who does sports, whatever it is, right? And I sports, whatever it is, right? And I sports, whatever it is, right? And I think there is a better scenario where think there is a better scenario where think there is a better scenario where labor is cheap. We have a global labor is cheap. We have a global labor is cheap. We have a global conversation about what it means to be a conversation about what it means to be a conversation about what it means to be a productive human. We haven't killed each productive human. We haven't killed each productive human. We haven't killed each other as we've moved to this sort of other as we've moved to this sort of other as we've moved to this sort of much less scarce society. It's much less scarce society. It's much less scarce society. It's definitely not post scarcity by any definitely not post scarcity by any definitely not post scarcity by any ways, but we have much less scarcity and ways, but we have much less scarcity and ways, but we have much less scarcity and so we have much more creativity, so we have much more creativity, so we have much more creativity, intelligence, doing things to just make intelligence, doing things to just make intelligence, doing things to just make the human condition better. So I I want the human condition better. So I I want the human condition better. So I I want to believe in that and I'll be, you to believe in that and I'll be, you to believe in that and I'll be, you know, positioned in my portfolio for know, positioned in my portfolio for know, positioned in my portfolio for yes, aggressive money printing. Maybe yes, aggressive money printing. Maybe yes, aggressive money printing. Maybe there's a backlash to that because the there's a backlash to that because the there's a backlash to that because the inflation gets too unbearable in a lot inflation gets too unbearable in a lot inflation gets too unbearable in a lot of countries and so you have to have of countries and so you have to have of countries and so you have to have political rhetoric that sort of at least political rhetoric that sort of at least political rhetoric that sort of at least tries to pretend that there's austerity. tries to pretend that there's austerity. tries to pretend that there's austerity. And then we have sort of this AI Not And then we have sort of this AI Not And then we have sort of this AI Not miracle, but labor is cheaper, knowledge miracle, but labor is cheaper, knowledge miracle, but labor is cheaper, knowledge work is cheaper, and we have a better work is cheaper, and we have a better work is cheaper, and we have a better human existence in terms of more things human existence in terms of more things human existence in terms of more things to enjoy of just being ourselves and, to enjoy of just being ourselves and, to enjoy of just being ourselves and, you know, communing with each other. you know, communing with each other. you know, communing with each other. >> All right, so let's talk about the road >> All right, so let's talk about the road >> All right, so let's talk about the road to get there. So 2026 is here. Um, to get there. So 2026 is here. Um, to get there. So 2026 is here. Um, stable coins, I think, is going to play stable coins, I think, is going to play stable coins, I think, is going to play a big role. I know the Trump a big role. I know the Trump a big role. I know the Trump administration is trying to do some administration is trying to do some administration is trying to do some interesting things with stable coins. um interesting things with stable coins. um interesting things with stable coins. um does stable coins become the new bank? does stable coins become the new bank? does stable coins become the new bank? Does that start happening in 26? Like Does that start happening in 26? Like Does that start happening in 26? Like walk me through what you see in that walk me through what you see in that walk me through what you see in that near-term window. So I think for stable near-term window. So I think for stable near-term window. So I think for stable coins is a way the reason why the Trump coins is a way the reason why the Trump coins is a way the reason why the Trump administration supports stable coins is administration supports stable coins is administration supports stable coins is they see it as a way to shove treasury they see it as a way to shove treasury they see it as a way to shove treasury debt down the throats of the global debt down the throats of the global debt down the throats of the global population at very attractive rates. And population at very attractive rates. And population at very attractive rates. And so I think that in 2026 you're going to so I think that in 2026 you're going to so I think that in 2026 you're going to start seeing start seeing start seeing big tech platforms and the large banks big tech platforms and the large banks big tech platforms and the large banks have their own stable coin or be have their own stable coin or be have their own stable coin or be distribution platforms for things like distribution platforms for things like distribution platforms for things like Tether and Athena and you know Circle Tether and Athena and you know Circle Tether and Athena and you know Circle USDC to get these stable coins out USDC to get these stable coins out USDC to get these stable coins out there. So you will be more familiar with there. So you will be more familiar with there. So you will be more familiar with sending each other as stable coin than sending each other as stable coin than sending each other as stable coin than you are with going on to your online you are with going on to your online you are with going on to your online banking system and sending somebody a banking system and sending somebody a banking system and sending somebody a bank wire. I think that's going to bank wire. I think that's going to bank wire. I think that's going to accelerate very very quickly especially accelerate very very quickly especially accelerate very very quickly especially for Gen Z and millennials who already for Gen Z and millennials who already for Gen Z and millennials who already are comfortable with online online are comfortable with online online are comfortable with online online banking and that's going to lead to a banking and that's going to lead to a banking and that's going to lead to a proliferation of stable coins and people proliferation of stable coins and people proliferation of stable coins and people are going to be using DeFi. They're are going to be using DeFi. They're are going to be using DeFi. They're going to be comfortable with these going to be comfortable with these going to be comfortable with these solutions and then there will be a lot solutions and then there will be a lot solutions and then there will be a lot of banks that no longer are relevant. of banks that no longer are relevant. of banks that no longer are relevant. There'll be some like JP Morgan and There'll be some like JP Morgan and There'll be some like JP Morgan and Goldman Sachs who are agile enough to Goldman Sachs who are agile enough to Goldman Sachs who are agile enough to survive, but your average bank, I mean, survive, but your average bank, I mean, survive, but your average bank, I mean, go on. I mean, I go on. I use a lot of go on. I mean, I go on. I use a lot of go on. I mean, I go on. I use a lot of banks. Most of their technology is banks. Most of their technology is banks. Most of their technology is trash, right? And now you're going to trash, right? And now you're going to trash, right? And now you're going to say, "Oh, I can literally like move my say, "Oh, I can literally like move my say, "Oh, I can literally like move my money from my bank to this app where it money from my bank to this app where it money from my bank to this app where it does everything. I got an AI assistant does everything. I got an AI assistant does everything. I got an AI assistant to help me. I don't have to deal with to help me. I don't have to deal with to help me. I don't have to deal with humans at work 9 to5, only five days a humans at work 9 to5, only five days a humans at work 9 to5, only five days a week, and who are very, you know, week, and who are very, you know, week, and who are very, you know, annoying to deal with. I've got this annoying to deal with. I've got this annoying to deal with. I've got this awesome thing called a smartphone and an awesome thing called a smartphone and an awesome thing called a smartphone and an AI assistant. I'm going to use that. And AI assistant. I'm going to use that. And AI assistant. I'm going to use that. And this stable coin that can send money this stable coin that can send money this stable coin that can send money 24/7, you know, 365, great. I'm using 24/7, you know, 365, great. I'm using 24/7, you know, 365, great. I'm using that. I'm not going to use my pick your, that. I'm not going to use my pick your, that. I'm not going to use my pick your, you know, small little bank that is you know, small little bank that is you know, small little bank that is pretty [ __ ] So, they're going to face pretty [ __ ] So, they're going to face pretty [ __ ] So, they're going to face existential, you know, demise. The large existential, you know, demise. The large existential, you know, demise. The large space will still exist. They'll offer space will still exist. They'll offer space will still exist. They'll offer their own uh solution to that. But I their own uh solution to that. But I their own uh solution to that. But I think we're going to be very comfortable think we're going to be very comfortable think we're going to be very comfortable with using stable coins and then very with using stable coins and then very with using stable coins and then very comfortable with using DeFi. um whether comfortable with using DeFi. um whether comfortable with using DeFi. um whether that's a lending platform that's trading that's a lending platform that's trading that's a lending platform that's trading and you know some of these protocols you and you know some of these protocols you and you know some of these protocols you know like Athena like Pendle like Etheri know like Athena like Pendle like Etheri know like Athena like Pendle like Etheri obviously I'm all invested in these obviously I'm all invested in these obviously I'm all invested in these things and this is why um we'll do well things and this is why um we'll do well things and this is why um we'll do well in this scenario but again we're just in this scenario but again we're just in this scenario but again we're just going to move to this postbaking world going to move to this postbaking world going to move to this postbaking world and the banks either adapt or they die and the banks either adapt or they die and the banks either adapt or they die either you adapt to this digital first either you adapt to this digital first either you adapt to this digital first native way or you die yes there'll be native way or you die yes there'll be native way or you die yes there'll be some banks for the boomers who still some banks for the boomers who still some banks for the boomers who still want to walk down this new ranch like my want to walk down this new ranch like my want to walk down this new ranch like my mother there'll be that cool whatever mother there'll be that cool whatever mother there'll be that cool whatever but you know the fun stuff's happening but you know the fun stuff's happening but you know the fun stuff's happening over here and the money keeps getting over here and the money keeps getting over here and the money keeps getting printed and crypto keeps going up but printed and crypto keeps going up but printed and crypto keeps going up but and we sort of crescendo in sort of the and we sort of crescendo in sort of the and we sort of crescendo in sort of the 27 2027 2008 2028 time frame where 27 2027 2008 2028 time frame where 27 2027 2008 2028 time frame where you're going to have at least a push you're going to have at least a push you're going to have at least a push back on hey there's an affordability back on hey there's an affordability back on hey there's an affordability crisis and maybe there will be some crisis and maybe there will be some crisis and maybe there will be some negative rhetoric to money printing negative rhetoric to money printing negative rhetoric to money printing towards austerity and they might gain towards austerity and they might gain towards austerity and they might gain some support which will spook investors some support which will spook investors some support which will spook investors and like oh [ __ ] is XYZ countries United and like oh [ __ ] is XYZ countries United and like oh [ __ ] is XYZ countries United states, is China, is Europe, is Japan. states, is China, is Europe, is Japan. states, is China, is Europe, is Japan. Are they really serious about stopping Are they really serious about stopping Are they really serious about stopping the money printing and allowing the the money printing and allowing the the money printing and allowing the credit to contract and putting out of credit to contract and putting out of credit to contract and putting out of business all these overlevered, you business all these overlevered, you business all these overlevered, you know, businesses and financial know, businesses and financial know, businesses and financial intermediaries? Maybe I should take some intermediaries? Maybe I should take some intermediaries? Maybe I should take some chips off the table, right? Maybe, you chips off the table, right? Maybe, you chips off the table, right? Maybe, you know, Nvidia 20 trillion market cap, um, know, Nvidia 20 trillion market cap, um, know, Nvidia 20 trillion market cap, um, with all this accounting nonsense that with all this accounting nonsense that with all this accounting nonsense that they're doing with these deals, maybe they're doing with these deals, maybe they're doing with these deals, maybe I'm done with that. Uh, I'm going to I'm done with that. Uh, I'm going to I'm done with that. Uh, I'm going to exit stage left. And that's when I think exit stage left. And that's when I think exit stage left. And that's when I think we get like a massive collapse in all we get like a massive collapse in all we get like a massive collapse in all these overlevered markets. And by that these overlevered markets. And by that these overlevered markets. And by that time, maybe the AI sort of effectiveness time, maybe the AI sort of effectiveness time, maybe the AI sort of effectiveness and usefulness will start to catch up and usefulness will start to catch up and usefulness will start to catch up with the hype. If you think about 2001 with the hype. If you think about 2001 with the hype. If you think about 2001 when all these massive fiber optics when all these massive fiber optics when all these massive fiber optics companies like Cisco and all them companies like Cisco and all them companies like Cisco and all them crashed that they built out this amazing crashed that they built out this amazing crashed that they built out this amazing substrate that created social media in substrate that created social media in substrate that created social media in the next decade, it'll be much faster the next decade, it'll be much faster the next decade, it'll be much faster with AI. So there'll be a massive crash with AI. So there'll be a massive crash with AI. So there'll be a massive crash in all these hyperscalers and you know in all these hyperscalers and you know in all these hyperscalers and you know model builders like OpenAI and Anthropic model builders like OpenAI and Anthropic model builders like OpenAI and Anthropic and then in the wake of it we'll get and then in the wake of it we'll get and then in the wake of it we'll get whatever useful application that whatever useful application that whatever useful application that entrepreneurs create to essentially make entrepreneurs create to essentially make entrepreneurs create to essentially make labor super cheap and make knowledge labor super cheap and make knowledge labor super cheap and make knowledge super cheap and what are we going to be super cheap and what are we going to be super cheap and what are we going to be able to do with that as a human society? able to do with that as a human society? able to do with that as a human society? The pressure that you see that's going The pressure that you see that's going The pressure that you see that's going to make that happen in 2728 is inflation to make that happen in 2728 is inflation to make that happen in 2728 is inflation due to money printing giving us that due to money printing giving us that due to money printing giving us that K-shaped uh to tale of two economies. K-shaped uh to tale of two economies. K-shaped uh to tale of two economies. People get pissed off enough that they People get pissed off enough that they People get pissed off enough that they begin speaking up. The speak up then begin speaking up. The speak up then begin speaking up. The speak up then makes the politicians go, "Huh, maybe we makes the politicians go, "Huh, maybe we makes the politicians go, "Huh, maybe we need to start signaling that we're going need to start signaling that we're going need to start signaling that we're going to tighten." And just the hint of that to tighten." And just the hint of that to tighten." And just the hint of that signal is potentially going to spook the signal is potentially going to spook the signal is potentially going to spook the market and that causes the drop. Yeah, I market and that causes the drop. Yeah, I market and that causes the drop. Yeah, I mean think about 2021, right? We had at mean think about 2021, right? We had at mean think about 2021, right? We had at least in the United States, you had what least in the United States, you had what least in the United States, you had what 10% inflation or whatever it was. Again, 10% inflation or whatever it was. Again, 10% inflation or whatever it was. Again, that's not Zimbabwe or Argentina or that's not Zimbabwe or Argentina or that's not Zimbabwe or Argentina or Vimar Republic teleph. Vimar Republic teleph. Vimar Republic teleph. And just the act of the Federal Reserve And just the act of the Federal Reserve And just the act of the Federal Reserve in December saying, "Hey, we're going to in December saying, "Hey, we're going to in December saying, "Hey, we're going to start a tightening program in three start a tightening program in three start a tightening program in three months time was the thing that that months time was the thing that that months time was the thing that that popped all the bubbles, crypto, stocks, popped all the bubbles, crypto, stocks, popped all the bubbles, crypto, stocks, housing, whatever, right?" And so that's housing, whatever, right?" And so that's housing, whatever, right?" And so that's when we got the the bond market worst when we got the the bond market worst when we got the the bond market worst performing bond market since 1812 in the performing bond market since 1812 in the performing bond market since 1812 in the United States from 2022 to 2025 uh three United States from 2022 to 2025 uh three United States from 2022 to 2025 uh three or five three year rolling average right or five three year rolling average right or five three year rolling average right so it doesn't take much when you're a so it doesn't take much when you're a so it doesn't take much when you're a highly levered economy and the leverage highly levered economy and the leverage highly levered economy and the leverage are going to get even more insane are going to get even more insane are going to get even more insane because people are going to print that because people are going to print that because people are going to print that much more money because they believe much more money because they believe much more money because they believe that that's the way to win elections. that that's the way to win elections. that that's the way to win elections. Uh, and so when somebody stands up and Uh, and so when somebody stands up and Uh, and so when somebody stands up and says, "Hey, maybe we should try says, "Hey, maybe we should try says, "Hey, maybe we should try something different." Just the threat of something different." Just the threat of something different." Just the threat of it actually happening, just factoring in it actually happening, just factoring in it actually happening, just factoring in that probability, even if it might never that probability, even if it might never that probability, even if it might never happen, is what takes investors to say, happen, is what takes investors to say, happen, is what takes investors to say, "Guess what? I'm going to exit stage "Guess what? I'm going to exit stage "Guess what? I'm going to exit stage left and maybe I'm just going to sit in left and maybe I'm just going to sit in left and maybe I'm just going to sit in cash for now." cash for now." cash for now." >> Give me the scale of what you see >> Give me the scale of what you see >> Give me the scale of what you see happening. Is this um 2008? Is this uh a happening. Is this um 2008? Is this uh a happening. Is this um 2008? Is this uh a you know 80s minor downturn? Is this you know 80s minor downturn? Is this you know 80s minor downturn? Is this 1929? 1929? 1929? Like what scale are we talking about? I Like what scale are we talking about? I Like what scale are we talking about? I think we're talking 1929 2000 because think we're talking 1929 2000 because think we're talking 1929 2000 because the AI capex buildout is as big as or the AI capex buildout is as big as or the AI capex buildout is as big as or maybe I should say 1907 um the railroads maybe I should say 1907 um the railroads maybe I should say 1907 um the railroads uh when the railro 1907 1903 whenever uh when the railro 1907 1903 whenever uh when the railro 1907 1903 whenever the the crash due to the the rubber the the crash due to the the rubber the the crash due to the the rubber barons and the railroad trusts in the barons and the railroad trusts in the barons and the railroad trusts in the United States. The buildout of AI capex United States. The buildout of AI capex United States. The buildout of AI capex is as big or bigger than the buildout of is as big or bigger than the buildout of is as big or bigger than the buildout of the railroad infrastructure in the 19th the railroad infrastructure in the 19th the railroad infrastructure in the 19th century which was one of the largest if century which was one of the largest if century which was one of the largest if you look at per percent of GDP capex you look at per percent of GDP capex you look at per percent of GDP capex buildouts in modern human history. That buildouts in modern human history. That buildouts in modern human history. That is what we're doing right now with AI is what we're doing right now with AI is what we're doing right now with AI hyperscalers whether that's in the hyperscalers whether that's in the hyperscalers whether that's in the United States or in China. And guess United States or in China. And guess United States or in China. And guess what? Real world business is a shitty what? Real world business is a shitty what? Real world business is a shitty [ __ ] business to be in as a long-term [ __ ] business to be in as a long-term [ __ ] business to be in as a long-term investor. And sooner or later investors investor. And sooner or later investors investor. And sooner or later investors will realize, oh [ __ ] I'm investing in will realize, oh [ __ ] I'm investing in will realize, oh [ __ ] I'm investing in the new age railroad. I don't want to be the new age railroad. I don't want to be the new age railroad. I don't want to be the new age railroad. Google's not the the new age railroad. Google's not the the new age railroad. Google's not the new age railroad. there now, but Google new age railroad. there now, but Google new age railroad. there now, but Google wasn't the new age road in 2001. They wasn't the new age road in 2001. They wasn't the new age road in 2001. They were the thing that used the cheap the were the thing that used the cheap the were the thing that used the cheap the cheap hyper the cheap fiber optic cheap hyper the cheap fiber optic cheap hyper the cheap fiber optic connectivity to build their service. connectivity to build their service. connectivity to build their service. Same with Facebook, same with Amazon, Same with Facebook, same with Amazon, Same with Facebook, same with Amazon, right? They did well after the capex right? They did well after the capex right? They did well after the capex spoon. So investors will re re-realize spoon. So investors will re re-realize spoon. So investors will re re-realize that situ situation be like, "Oh [ __ ] that situ situation be like, "Oh [ __ ] that situ situation be like, "Oh [ __ ] I'm investing in new wage railroads. I I'm investing in new wage railroads. I I'm investing in new wage railroads. I don't want to be in that. Let me get out don't want to be in that. Let me get out don't want to be in that. Let me get out of that." of that." of that." >> So uh this is interesting. I've not >> So uh this is interesting. I've not >> So uh this is interesting. I've not heard this before. So basically uh there heard this before. So basically uh there heard this before. So basically uh there are business types that are so capital are business types that are so capital are business types that are so capital expensive but people get hyped about expensive but people get hyped about expensive but people get hyped about them. So they invest in them but they're them. So they invest in them but they're them. So they invest in them but they're not going to make their money back ever not going to make their money back ever not going to make their money back ever maybe or certainly not for a long time. maybe or certainly not for a long time. maybe or certainly not for a long time. And so bad riskadjusted return. They And so bad riskadjusted return. They And so bad riskadjusted return. They finally realize that they get out and uh finally realize that they get out and uh finally realize that they get out and uh then we realize uhoh like we had a whole then we realize uhoh like we had a whole then we realize uhoh like we had a whole lot of capital tied up in something. lot of capital tied up in something. lot of capital tied up in something. They got spooked. They pulled out They got spooked. They pulled out They got spooked. They pulled out presumably at a loss and now we're presumably at a loss and now we're presumably at a loss and now we're basically sucking liquidity out of the basically sucking liquidity out of the basically sucking liquidity out of the system. Is that how that would play out? system. Is that how that would play out? system. Is that how that would play out? >> No. I mean, it's Yeah. If if AI is a >> No. I mean, it's Yeah. If if AI is a >> No. I mean, it's Yeah. If if AI is a thing that powers the American and thing that powers the American and thing that powers the American and Chinese forward economy and literally Chinese forward economy and literally Chinese forward economy and literally all we're doing is building out all we're doing is building out all we're doing is building out essentially a railroad for other awesome essentially a railroad for other awesome essentially a railroad for other awesome entrepreneurs to build something on top entrepreneurs to build something on top entrepreneurs to build something on top of. Well, again, the railroads are not of. Well, again, the railroads are not of. Well, again, the railroads are not great businesses long term. They're a great businesses long term. They're a great businesses long term. They're a natural monopoly, if you want to call it natural monopoly, if you want to call it natural monopoly, if you want to call it that. What I'm what I'm trying to figure that. What I'm what I'm trying to figure that. What I'm what I'm trying to figure out is okay, fair enough. But uh England out is okay, fair enough. But uh England out is okay, fair enough. But uh England would go into a country, the first thing would go into a country, the first thing would go into a country, the first thing they would do is build the railroad so they would do is build the railroad so they would do is build the railroad so they could extract all of the resources they could extract all of the resources they could extract all of the resources and England becomes a gigantic empire on and England becomes a gigantic empire on and England becomes a gigantic empire on the back of railroads. So I get why it the back of railroads. So I get why it the back of railroads. So I get why it might not be a good investment for a might not be a good investment for a might not be a good investment for a small number of people that put a ton of small number of people that put a ton of small number of people that put a ton of money in. But overall, it's so money in. But overall, it's so money in. But overall, it's so transformative. I'm trying to figure out transformative. I'm trying to figure out transformative. I'm trying to figure out why you think this brings like a why you think this brings like a why you think this brings like a full-blown crash like 1903, 1907, full-blown crash like 1903, 1907, full-blown crash like 1903, 1907, whatever the year was. Yeah, like you whatever the year was. Yeah, like you whatever the year was. Yeah, like you mentioned it because the return on mentioned it because the return on mentioned it because the return on capital is not there. When you invest capital is not there. When you invest capital is not there. When you invest alongside the government, at first it alongside the government, at first it alongside the government, at first it feels great. Oh, great. I got the feels great. Oh, great. I got the feels great. Oh, great. I got the government behind me. They're just going government behind me. They're just going government behind me. They're just going to like pump my bags, right? People feel to like pump my bags, right? People feel to like pump my bags, right? People feel great that the United States government great that the United States government great that the United States government is now getting into industrial policy. is now getting into industrial policy. is now getting into industrial policy. That they're pumping nuclear, they're That they're pumping nuclear, they're That they're pumping nuclear, they're pumping AI, they're pumping pumping AI, they're pumping pumping AI, they're pumping semiconductors. semiconductors. semiconductors. Well, guess what? Go back and become a Well, guess what? Go back and become a Well, guess what? Go back and become a Chinese investor and look at the average Chinese investor and look at the average Chinese investor and look at the average return over the last 20 years who did return over the last 20 years who did return over the last 20 years who did really, really well. Yes, China built really, really well. Yes, China built really, really well. Yes, China built all all this amazing infrastructure that all all this amazing infrastructure that all all this amazing infrastructure that helped the average person upgrade their helped the average person upgrade their helped the average person upgrade their standard of living. But as a an investor standard of living. But as a an investor standard of living. But as a an investor on a long-term basis, you made no money on a long-term basis, you made no money on a long-term basis, you made no money in China, right? You invested inside the in China, right? You invested inside the in China, right? You invested inside the government. You provided your capital. government. You provided your capital. government. You provided your capital. Chinese government say, "Great. Thank Chinese government say, "Great. Thank Chinese government say, "Great. Thank you for that capital. I'm going to build you for that capital. I'm going to build you for that capital. I'm going to build airports, roads, apartments, whatever." airports, roads, apartments, whatever." airports, roads, apartments, whatever." On a on a macro basis, you made no money On a on a macro basis, you made no money On a on a macro basis, you made no money as an equity investor in China. Now, as an equity investor in China. Now, as an equity investor in China. Now, they're great for society, bad for they're great for society, bad for they're great for society, bad for investors. We're going to repeat the investors. We're going to repeat the investors. We're going to repeat the same thing with AI in the United States, same thing with AI in the United States, same thing with AI in the United States, especially AI is great for society, especially AI is great for society, especially AI is great for society, hopefully bad for individual investors hopefully bad for individual investors hopefully bad for individual investors who hold these these investments too who hold these these investments too who hold these these investments too long because yes, it feels great long because yes, it feels great long because yes, it feels great investing with the government right now, investing with the government right now, investing with the government right now, but you know, maybe by 2028, not so but you know, maybe by 2028, not so but you know, maybe by 2028, not so great when, you know, Nvidia was up 10x, great when, you know, Nvidia was up 10x, great when, you know, Nvidia was up 10x, but now you're down 90%. Because you but now you're down 90%. Because you but now you're down 90%. Because you didn't get out in time. So, I think didn't get out in time. So, I think didn't get out in time. So, I think that's the the lesson. And as you said, that's the the lesson. And as you said, that's the the lesson. And as you said, right, these are great investments for right, these are great investments for right, these are great investments for the collective. But it's bad for the the collective. But it's bad for the the collective. But it's bad for the shareholder right now. You know, Trump shareholder right now. You know, Trump shareholder right now. You know, Trump and whoever else comes after him are and whoever else comes after him are and whoever else comes after him are going to be like, "Yes, we're going to going to be like, "Yes, we're going to going to be like, "Yes, we're going to support the shareholder. We're here to support the shareholder. We're here to support the shareholder. We're here to make sure that the private investor make sure that the private investor make sure that the private investor makes money, but guess what? Trump's a makes money, but guess what? Trump's a makes money, but guess what? Trump's a politician. What if you invest with politician. What if you invest with politician. What if you invest with Trump on some semiconductor fat um fab Trump on some semiconductor fat um fab Trump on some semiconductor fat um fab and you want to reduce headcount by 50% and you want to reduce headcount by 50% and you want to reduce headcount by 50% because that's more efficient." But because that's more efficient." But because that's more efficient." But Trump says, "Huh, that's a district Trump says, "Huh, that's a district Trump says, "Huh, that's a district that's at risk for my this so and so that's at risk for my this so and so that's at risk for my this so and so Republican." No, no, no. You're not Republican." No, no, no. You're not Republican." No, no, no. You're not firing those workers. I don't care if firing those workers. I don't care if firing those workers. I don't care if your return on equity the clients I have your return on equity the clients I have your return on equity the clients I have an election to win. These people uh have an election to win. These people uh have an election to win. These people uh have you know put me in power to make sure you know put me in power to make sure you know put me in power to make sure that they have a job. I'm going to make that they have a job. I'm going to make that they have a job. I'm going to make sure they have a job. And so that's the sure they have a job. And so that's the sure they have a job. And so that's the risk when you invest alongside the risk when you invest alongside the risk when you invest alongside the government. The government has different government. The government has different government. The government has different goals than you do as a as an investor. goals than you do as a as an investor. goals than you do as a as an investor. And that's what we're essentially the AI And that's what we're essentially the AI And that's what we're essentially the AI is transforming into with all these is transforming into with all these is transforming into with all these massive deals uh that the US government massive deals uh that the US government massive deals uh that the US government is now supporting whether it's is now supporting whether it's is now supporting whether it's semiconductors, it's nuclear, it's data semiconductors, it's nuclear, it's data semiconductors, it's nuclear, it's data centers, it's permitting for the centers, it's permitting for the centers, it's permitting for the building out of electric capacity with building out of electric capacity with building out of electric capacity with you know natural gas and utilities you know natural gas and utilities you know natural gas and utilities whatever right you're investing whatever right you're investing whatever right you're investing alongside the government. It feels alongside the government. It feels alongside the government. It feels really good right now. It's good for the really good right now. It's good for the really good right now. It's good for the stocks right now but if you hold it too stocks right now but if you hold it too stocks right now but if you hold it too long you're going to be you know best long you're going to be you know best long you're going to be you know best case at flat more likely you're going to case at flat more likely you're going to case at flat more likely you're going to crash out. And you can look at China and crash out. And you can look at China and crash out. And you can look at China and you can look at this and see it happen you can look at this and see it happen you can look at this and see it happen over the last 20 years where you know over the last 20 years where you know over the last 20 years where you know the needs of the state came over the the needs of the state came over the the needs of the state came over the needs of private investors. needs of private investors. needs of private investors. >> It always happens this way. >> It always happens this way. >> It always happens this way. >> That's interesting. That one was not on >> That's interesting. That one was not on >> That's interesting. That one was not on my radar. Uh I will definitely have to my radar. Uh I will definitely have to my radar. Uh I will definitely have to spend some more time with that. Um talk spend some more time with that. Um talk spend some more time with that. Um talk to me about how you approach AI to me about how you approach AI to me about how you approach AI investing. Obviously right now the stock investing. Obviously right now the stock investing. Obviously right now the stock market is effectively AI period. Full market is effectively AI period. Full market is effectively AI period. Full stop. End of story. There's nothing stop. End of story. There's nothing stop. End of story. There's nothing else. Um, and now you're saying that a else. Um, and now you're saying that a else. Um, and now you're saying that a huge part of what people are hyped about huge part of what people are hyped about huge part of what people are hyped about is going to get them in trouble. How do is going to get them in trouble. How do is going to get them in trouble. How do you approach AI? you approach AI? you approach AI? >> I don't invest in it. I'll I'll wait for >> I don't invest in it. I'll I'll wait for >> I don't invest in it. I'll I'll wait for what comes after this buildout of the what comes after this buildout of the what comes after this buildout of the hyperscalers after they spent the hyperscalers after they spent the hyperscalers after they spent the hundreds of billions or trillions of hundreds of billions or trillions of hundreds of billions or trillions of dollars building these data centers, dollars building these data centers, dollars building these data centers, creating this amazing intelligence. creating this amazing intelligence. creating this amazing intelligence. Okay, what can we do with this Okay, what can we do with this Okay, what can we do with this intelligence after the fact? Again, I intelligence after the fact? Again, I intelligence after the fact? Again, I don't want to be in the railroad don't want to be in the railroad don't want to be in the railroad business. business. business. >> I'm not smart enough to know when to get >> I'm not smart enough to know when to get >> I'm not smart enough to know when to get off the train. So, let me just not play off the train. So, let me just not play off the train. So, let me just not play the game. I don't own Nvidia. I don't the game. I don't own Nvidia. I don't the game. I don't own Nvidia. I don't own Google. I don't own the NASDAQ. I own Google. I don't own the NASDAQ. I own Google. I don't own the NASDAQ. I know crypto. I know they're going to know crypto. I know they're going to know crypto. I know they're going to have to print money to sort of, you have to print money to sort of, you have to print money to sort of, you know, amilarate the social pressures and know, amilarate the social pressures and know, amilarate the social pressures and the social dislocations created by, you the social dislocations created by, you the social dislocations created by, you know, knowledge work going to know, knowledge work going to know, knowledge work going to essentially zero in terms of price for essentially zero in terms of price for essentially zero in terms of price for price for intelligence. I know we don't price for intelligence. I know we don't price for intelligence. I know we don't have to print more money. So, I'll just have to print more money. So, I'll just have to print more money. So, I'll just stay in crypto. stay in crypto. stay in crypto. Am I gonna have the best return if I Am I gonna have the best return if I Am I gonna have the best return if I picked Palunteer or Nvidia or whatever picked Palunteer or Nvidia or whatever picked Palunteer or Nvidia or whatever stock over the last two or two years? stock over the last two or two years? stock over the last two or two years? No. But I don't know when to get off the No. But I don't know when to get off the No. But I don't know when to get off the train. I'm not that good. So, I'm just train. I'm not that good. So, I'm just train. I'm not that good. So, I'm just not going to play the game. I'll wait not going to play the game. I'll wait not going to play the game. I'll wait till, you know, I want to buy Amazon in till, you know, I want to buy Amazon in till, you know, I want to buy Amazon in 2003 and 2004, not in 1999. 2003 and 2004, not in 1999. 2003 and 2004, not in 1999. Yep. Uh, that makes a lot of sense. Now, Yep. Uh, that makes a lot of sense. Now, Yep. Uh, that makes a lot of sense. Now, the conventional wisdom would be that the conventional wisdom would be that the conventional wisdom would be that it's not timing the market, it's time in it's not timing the market, it's time in it's not timing the market, it's time in the market. Um, so while I get you don't the market. Um, so while I get you don't the market. Um, so while I get you don't want to buy March of 1999 at the want to buy March of 1999 at the want to buy March of 1999 at the absolute peak, um, absolute peak, um, absolute peak, um, you actually are in some ways trying to you actually are in some ways trying to you actually are in some ways trying to time the market in terms of waiting. Is time the market in terms of waiting. Is time the market in terms of waiting. Is it because you think the signs will be it because you think the signs will be it because you think the signs will be so clear on the other side and or you so clear on the other side and or you so clear on the other side and or you don't mind missing an opportunity in an don't mind missing an opportunity in an don't mind missing an opportunity in an industry that you don't really industry that you don't really industry that you don't really understand? understand? understand? Well, let's say that Nvidia goes let's Well, let's say that Nvidia goes let's Well, let's say that Nvidia goes let's say that this the the AI I think it's say that this the the AI I think it's say that this the the AI I think it's news and Nvidia goes from a 5 trillion news and Nvidia goes from a 5 trillion news and Nvidia goes from a 5 trillion market cap to a a 20 trillion market market cap to a a 20 trillion market market cap to a a 20 trillion market cap, right? Cuz they're just rock stars. cap, right? Cuz they're just rock stars. cap, right? Cuz they're just rock stars. Jensen's the man signing titties all Jensen's the man signing titties all Jensen's the man signing titties all over the place with his leather jacket, over the place with his leather jacket, over the place with his leather jacket, right? Um $20 trillion Nvidia. So, you right? Um $20 trillion Nvidia. So, you right? Um $20 trillion Nvidia. So, you forex your money if you put if you put forex your money if you put if you put forex your money if you put if you put your money in now. But then Nvidia goes your money in now. But then Nvidia goes your money in now. But then Nvidia goes from a 20 trillion company to let's call from a 20 trillion company to let's call from a 20 trillion company to let's call it uh let's go just go back down to like it uh let's go just go back down to like it uh let's go just go back down to like five, right? So it goes down what is five, right? So it goes down what is five, right? So it goes down what is that 80%. that 80%. that 80%. >> Or whatever the math is. Bit shaky on >> Or whatever the math is. Bit shaky on >> Or whatever the math is. Bit shaky on that right now. that right now. that right now. >> Sure. >> Sure. >> Sure. >> And then let's say that you know there's >> And then let's say that you know there's >> And then let's say that you know there's a period of lull and then Nvidia goes a period of lull and then Nvidia goes a period of lull and then Nvidia goes back from 5 to 10, right? So I invested back from 5 to 10, right? So I invested back from 5 to 10, right? So I invested at five, it went to 20, it went back at five, it went to 20, it went back at five, it went to 20, it went back down to five or even even lower and I've down to five or even even lower and I've down to five or even even lower and I've basically done nothing over the last two basically done nothing over the last two basically done nothing over the last two years. and Invida is still a great years. and Invida is still a great years. and Invida is still a great company. Or I waited I waited for the company. Or I waited I waited for the company. Or I waited I waited for the first real shakeout and then I went back first real shakeout and then I went back first real shakeout and then I went back into the the the really good companies into the the the really good companies into the the the really good companies that are still around and I bought their that are still around and I bought their that are still around and I bought their stock after the crash. Even if they stock after the crash. Even if they stock after the crash. Even if they don't get back to the market cap that don't get back to the market cap that don't get back to the market cap that they were when I first invested, I still they were when I first invested, I still they were when I first invested, I still make more money make more money make more money than I would have in the first scenario than I would have in the first scenario than I would have in the first scenario on a riskadjusted basis or you see on a riskadjusted basis or you see on a riskadjusted basis or you see probabilistically, probabilistically, probabilistically, right? So you always want to invest right? So you always want to invest right? So you always want to invest from, you know, from 2 to 10 gets you a from, you know, from 2 to 10 gets you a from, you know, from 2 to 10 gets you a 5x return, but from like 10 to 20 is 5x return, but from like 10 to 20 is 5x return, but from like 10 to 20 is only 2x return. But I'm taking more risk only 2x return. But I'm taking more risk only 2x return. But I'm taking more risk because I already intrinsically believe because I already intrinsically believe because I already intrinsically believe that it's overvalued, but I feel like I that it's overvalued, but I feel like I that it's overvalued, but I feel like I have no other choice. I have to invest have no other choice. I have to invest have no other choice. I have to invest in AI. Well, just wait. You can make in AI. Well, just wait. You can make in AI. Well, just wait. You can make more money in a shorter period of time more money in a shorter period of time more money in a shorter period of time once things have actually crashed out on once things have actually crashed out on once things have actually crashed out on the rebound than you can investing in the rebound than you can investing in the rebound than you can investing in something when you intrinsically believe something when you intrinsically believe something when you intrinsically believe you're buying at the top. And so that's you're buying at the top. And so that's you're buying at the top. And so that's how I feel about AI. And you can look at how I feel about AI. And you can look at how I feel about AI. And you can look at sort of the internet stocks that sort of the internet stocks that sort of the internet stocks that survived the the crash like Amazon, survived the the crash like Amazon, survived the the crash like Amazon, right? Amazon went down something like right? Amazon went down something like right? Amazon went down something like 95% from 2000 to whatever the low it was 95% from 2000 to whatever the low it was 95% from 2000 to whatever the low it was in like 2001 or 2002 and then it's up I in like 2001 or 2002 and then it's up I in like 2001 or 2002 and then it's up I don't know whatever like 30 40 50x don't know whatever like 30 40 50x don't know whatever like 30 40 50x whatever it is from from then until whatever it is from from then until whatever it is from from then until today. Yes. If you kept your money in today. Yes. If you kept your money in today. Yes. If you kept your money in from 1999 until the present, you've made from 1999 until the present, you've made from 1999 until the present, you've made money. But it took you 30 [ __ ] years. money. But it took you 30 [ __ ] years. money. But it took you 30 [ __ ] years. >> So that's just how I I I look at things. >> So that's just how I I I look at things. >> So that's just how I I I look at things. [snorts] [snorts] [snorts] >> Okay. So the investing that you do do, >> Okay. So the investing that you do do, >> Okay. So the investing that you do do, is it entirely just I'm in crypto is it entirely just I'm in crypto is it entirely just I'm in crypto because I understand it, I pay super because I understand it, I pay super because I understand it, I pay super close attention, or do you have a close attention, or do you have a close attention, or do you have a diversified strategy that you use? Um diversified strategy that you use? Um diversified strategy that you use? Um how do you approach this moment if you how do you approach this moment if you how do you approach this moment if you think that the most popular asset on think that the most popular asset on think that the most popular asset on planet earth is overvalued? planet earth is overvalued? planet earth is overvalued? >> So my view is I believe in money >> So my view is I believe in money >> So my view is I believe in money printing. I think everyone does. Whether printing. I think everyone does. Whether printing. I think everyone does. Whether you are Warren Buffett or your crypto you are Warren Buffett or your crypto you are Warren Buffett or your crypto division in the basement, you believe division in the basement, you believe division in the basement, you believe that whenever there's a problem, there's that whenever there's a problem, there's that whenever there's a problem, there's going to be money printing. Okay. So, if going to be money printing. Okay. So, if going to be money printing. Okay. So, if I believe in money printing, what is and I believe in money printing, what is and I believe in money printing, what is and I and I don't want to pick stocks. I I and I don't want to pick stocks. I I and I don't want to pick stocks. I want to invest in a broad-based either want to invest in a broad-based either want to invest in a broad-based either equity index or something that um has a equity index or something that um has a equity index or something that um has a broad appeal like gold or crypto or a broad appeal like gold or crypto or a broad appeal like gold or crypto or a house or whatever, right? I'm not a house or whatever, right? I'm not a house or whatever, right? I'm not a stock picker. Yes, stock pickers can stock picker. Yes, stock pickers can stock picker. Yes, stock pickers can outperform the strategy that I'm talking outperform the strategy that I'm talking outperform the strategy that I'm talking about, but I'm not a stock picker. I about, but I'm not a stock picker. I about, but I'm not a stock picker. I just want to invest in the fastest just want to invest in the fastest just want to invest in the fastest horse. What has been the fastest horse horse. What has been the fastest horse horse. What has been the fastest horse from 2008 till the present which has from 2008 till the present which has from 2008 till the present which has probably been one of the largest periods probably been one of the largest periods probably been one of the largest periods of money printing whether it's US, of money printing whether it's US, of money printing whether it's US, China, Japan, Europe in human history, China, Japan, Europe in human history, China, Japan, Europe in human history, it's been Bitcoin historically hands it's been Bitcoin historically hands it's been Bitcoin historically hands down. So if I want to bet on the fastest down. So if I want to bet on the fastest down. So if I want to bet on the fastest horse, an asset that's in fixed supply horse, an asset that's in fixed supply horse, an asset that's in fixed supply that cannot be debased by the government that cannot be debased by the government that cannot be debased by the government that is digitally native. So you could that is digitally native. So you could that is digitally native. So you could imagine an AI using Bitcoin or people imagine an AI using Bitcoin or people imagine an AI using Bitcoin or people because now they're more comfortable because now they're more comfortable because now they're more comfortable using their phone or the internet to using their phone or the internet to using their phone or the internet to transact value, they'll prefer Bitcoin transact value, they'll prefer Bitcoin transact value, they'll prefer Bitcoin over say gold for example, then I guess over say gold for example, then I guess over say gold for example, then I guess want to own the fastest horse in this want to own the fastest horse in this want to own the fastest horse in this race in this debasement race. It's race in this debasement race. It's race in this debasement race. It's Bitcoin. So just buy Bitcoin. That's it. Bitcoin. So just buy Bitcoin. That's it. Bitcoin. So just buy Bitcoin. That's it. That's all I got to do. The old the my That's all I got to do. The old the my That's all I got to do. The old the my whole job at Ma and I tell my employees whole job at Ma and I tell my employees whole job at Ma and I tell my employees this is we do investments to make a this is we do investments to make a this is we do investments to make a return. I pay you a bonus. I take my return. I pay you a bonus. I take my return. I pay you a bonus. I take my return and I buy more Bitcoin. That's return and I buy more Bitcoin. That's return and I buy more Bitcoin. That's all I do. All I care about is stacking all I do. All I care about is stacking all I do. All I care about is stacking more Bitcoin because I believe that in more Bitcoin because I believe that in more Bitcoin because I believe that in this debasement scenario, as long as I this debasement scenario, as long as I this debasement scenario, as long as I can have my pulse on the money printing, can have my pulse on the money printing, can have my pulse on the money printing, the banking system, and this is why I the banking system, and this is why I the banking system, and this is why I study, I read very boring reports about, study, I read very boring reports about, study, I read very boring reports about, you know, bank call reports and bank you know, bank call reports and bank you know, bank call reports and bank balance sheets and I understand, you balance sheets and I understand, you balance sheets and I understand, you know, how the central banks print money know, how the central banks print money know, how the central banks print money and all the different major and all the different major and all the different major jurisdictions are all that's what I jurisdictions are all that's what I jurisdictions are all that's what I study because I believe if I get that study because I believe if I get that study because I believe if I get that right, then all I need to choose is the right, then all I need to choose is the right, then all I need to choose is the right horse. And the right horse right horse. And the right horse right horse. And the right horse historically speaking is Bitcoin. historically speaking is Bitcoin. historically speaking is Bitcoin. Obviously, his history doesn't pretend Obviously, his history doesn't pretend Obviously, his history doesn't pretend to the future. It does advise the to the future. It does advise the to the future. It does advise the future. I believe that Bitcoin is going future. I believe that Bitcoin is going future. I believe that Bitcoin is going to continue to be the best performing to continue to be the best performing to continue to be the best performing broad asset. Again, it's not like you broad asset. Again, it's not like you broad asset. Again, it's not like you picked Palunteer and it went up 20x over picked Palunteer and it went up 20x over picked Palunteer and it went up 20x over the last few years. Great. If you can do the last few years. Great. If you can do the last few years. Great. If you can do that, you're amazing. I'm not. I'm going that, you're amazing. I'm not. I'm going that, you're amazing. I'm not. I'm going to choose Bitcoin and it's going to go to choose Bitcoin and it's going to go to choose Bitcoin and it's going to go up the most. Whether it's gold or stocks up the most. Whether it's gold or stocks up the most. Whether it's gold or stocks or houses or bonds, they're all going to or houses or bonds, they're all going to or houses or bonds, they're all going to go up. But I Bitcoin is going to go up go up. But I Bitcoin is going to go up go up. But I Bitcoin is going to go up the most. And that's how I approach the most. And that's how I approach the most. And that's how I approach investing. And so that's why I mostly investing. And so that's why I mostly investing. And so that's why I mostly focus on liquidity. What is the focus on liquidity. What is the focus on liquidity. What is the expectation of liquidity? How does expectation of liquidity? How does expectation of liquidity? How does reality conform to that expectation? And reality conform to that expectation? And reality conform to that expectation? And that's what informs me when you see me that's what informs me when you see me that's what informs me when you see me on, you know, when I write an essay or on, you know, when I write an essay or on, you know, when I write an essay or I'm on X and I post, oh, I think Bitcoin I'm on X and I post, oh, I think Bitcoin I'm on X and I post, oh, I think Bitcoin is going down to this level or I think is going down to this level or I think is going down to this level or I think Bitcoin is going up to this level. It Bitcoin is going up to this level. It Bitcoin is going up to this level. It has nothing to do with me reading the has nothing to do with me reading the has nothing to do with me reading the chart of Bitcoin and everything for me chart of Bitcoin and everything for me chart of Bitcoin and everything for me to read, oh, I think the market's to read, oh, I think the market's to read, oh, I think the market's misinterpreting what's happening with misinterpreting what's happening with misinterpreting what's happening with the US banking system or with how China the US banking system or with how China the US banking system or with how China is printing money or the fiscal is printing money or the fiscal is printing money or the fiscal situation in Japan or how is Europe situation in Japan or how is Europe situation in Japan or how is Europe going to fund this war they want to going to fund this war they want to going to fund this war they want to fight with Russia with defense spending. fight with Russia with defense spending. fight with Russia with defense spending. Again, these are all the things I care Again, these are all the things I care Again, these are all the things I care about because if I get that right, then about because if I get that right, then about because if I get that right, then I just have to pick the right asset and I just have to pick the right asset and I just have to pick the right asset and I believe the asset is Bitcoin. I believe the asset is Bitcoin. I believe the asset is Bitcoin. >> So, given all that, do you think Michael >> So, given all that, do you think Michael >> So, given all that, do you think Michael Sailor's strategy is perfect or is there Sailor's strategy is perfect or is there Sailor's strategy is perfect or is there something that you would do differently? something that you would do differently? something that you would do differently? he because he has access to the he because he has access to the he because he has access to the corporate debt markets. I think the corporate debt markets. I think the corporate debt markets. I think the initial strategy is perfect. He's able initial strategy is perfect. He's able initial strategy is perfect. He's able to um issue an asset, you know, borrow to um issue an asset, you know, borrow to um issue an asset, you know, borrow dollars that are going to be in infinite dollars that are going to be in infinite dollars that are going to be in infinite infinite supply and buy something that's infinite supply and buy something that's infinite supply and buy something that's going to be in finance supply. So, I going to be in finance supply. So, I going to be in finance supply. So, I think as a fundamental level, it is a a think as a fundamental level, it is a a think as a fundamental level, it is a a great strategy. Now, the nuance is how great strategy. Now, the nuance is how great strategy. Now, the nuance is how is he able to do that in a price per is he able to do that in a price per is he able to do that in a price per share creative way for the micro share creative way for the micro share creative way for the micro strategy stock? Obviously, was easier to strategy stock? Obviously, was easier to strategy stock? Obviously, was easier to do back when rates were lower, a little do back when rates were lower, a little do back when rates were lower, a little harder to do now. I'm not really sure harder to do now. I'm not really sure harder to do now. I'm not really sure how if you are have have a dollar of how if you are have have a dollar of how if you are have have a dollar of capital today if the micro strategy is capital today if the micro strategy is capital today if the micro strategy is the best way to play that or to buy the best way to play that or to buy the best way to play that or to buy Bitcoin. I don't really play in the Bitcoin. I don't really play in the Bitcoin. I don't really play in the stock market very much. I'll just stick stock market very much. I'll just stick stock market very much. I'll just stick with, you know, straight Bitcoin. with, you know, straight Bitcoin. with, you know, straight Bitcoin. >> The thing that I've always found >> The thing that I've always found >> The thing that I've always found fascinating about what he's done besides fascinating about what he's done besides fascinating about what he's done besides the just absolute gigantic brass the just absolute gigantic brass the just absolute gigantic brass testicles is uh because I just could not testicles is uh because I just could not testicles is uh because I just could not do a single strategy like that. um is do a single strategy like that. um is do a single strategy like that. um is that he basically pulled all of the like that he basically pulled all of the like that he basically pulled all of the like fancy gambling options that the stock fancy gambling options that the stock fancy gambling options that the stock market has on top of Bitcoin so that market has on top of Bitcoin so that market has on top of Bitcoin so that people can do all the fancy derivative people can do all the fancy derivative people can do all the fancy derivative tradings and all that but with Bitcoin tradings and all that but with Bitcoin tradings and all that but with Bitcoin as the underlying asset. Um, as the underlying asset. Um, as the underlying asset. Um, is there is there is there any potential risk there given that on a any potential risk there given that on a any potential risk there given that on a long enough timeline, Bitcoin should I long enough timeline, Bitcoin should I long enough timeline, Bitcoin should I mean, Bitcoin's already going down in mean, Bitcoin's already going down in mean, Bitcoin's already going down in volatility? His strategy requires volatility? His strategy requires volatility? His strategy requires volatility. Does he hit some sort of volatility. Does he hit some sort of volatility. Does he hit some sort of problem or is it just that people will problem or is it just that people will problem or is it just that people will slowly stop investing if what they want slowly stop investing if what they want slowly stop investing if what they want is volatility? What does that look like? is volatility? What does that look like? is volatility? What does that look like? So, he'll have a choice at some point. So, he'll have a choice at some point. So, he'll have a choice at some point. At some point he'll have to he'll have At some point he'll have to he'll have At some point he'll have to he'll have to take a lot more risk in the type of to take a lot more risk in the type of to take a lot more risk in the type of debt and structures that he issues debt and structures that he issues debt and structures that he issues whether that's coupons or it's the date whether that's coupons or it's the date whether that's coupons or it's the date at which he needs to repay things and he at which he needs to repay things and he at which he needs to repay things and he either makes it either it's a I'm going either makes it either it's a I'm going either makes it either it's a I'm going to take this add more leverage to my to take this add more leverage to my to take this add more leverage to my capital structure and then I have to capital structure and then I have to capital structure and then I have to really hope Bitcoin keeps going up or really hope Bitcoin keeps going up or really hope Bitcoin keeps going up or it's okay I'm going to stop playing this it's okay I'm going to stop playing this it's okay I'm going to stop playing this game and micro strategy just becomes you game and micro strategy just becomes you game and micro strategy just becomes you know my 1x Bitcoin doesn't go it doesn't know my 1x Bitcoin doesn't go it doesn't know my 1x Bitcoin doesn't go it doesn't go up or down faster than Bitcoin it go up or down faster than Bitcoin it go up or down faster than Bitcoin it just is Bitcoin And if all you can buy just is Bitcoin And if all you can buy just is Bitcoin And if all you can buy is a listed stock, that's what you get. is a listed stock, that's what you get. is a listed stock, that's what you get. I don't think we're there yet. Um, but I don't think we're there yet. Um, but I don't think we're there yet. Um, but at some point, if he gets big enough, at some point, if he gets big enough, at some point, if he gets big enough, he'll get to that decision. And then he'll get to that decision. And then he'll get to that decision. And then that's a corporate, you know, that's a that's a corporate, you know, that's a that's a corporate, you know, that's a corporate decision what they want to do. corporate decision what they want to do. corporate decision what they want to do. >> It's interesting. What did you think >> It's interesting. What did you think >> It's interesting. What did you think when Michael Bur folded his hedge fund when Michael Bur folded his hedge fund when Michael Bur folded his hedge fund and said, "Ah, I don't understand how and said, "Ah, I don't understand how and said, "Ah, I don't understand how people are pricing this market. I'm out people are pricing this market. I'm out people are pricing this market. I'm out returning the money back to shareholders returning the money back to shareholders returning the money back to shareholders or investors." or investors." or investors." >> I mean, shorting is hard. It's I don't >> I mean, shorting is hard. It's I don't >> I mean, shorting is hard. It's I don't do it. It's a It's a mindset. It's a do it. It's a It's a mindset. It's a do it. It's a It's a mindset. It's a skill. And if you know, maybe he skill. And if you know, maybe he skill. And if you know, maybe he mentally just wasn't there to to suffer mentally just wasn't there to to suffer mentally just wasn't there to to suffer the the knocks, right? He he the the knocks, right? He he the the knocks, right? He he fundamentally believes AI is a bubble. I fundamentally believes AI is a bubble. I fundamentally believes AI is a bubble. I 100% agree. Would I ever shorten Nvidia? 100% agree. Would I ever shorten Nvidia? 100% agree. Would I ever shorten Nvidia? Never. But Michael Bur will do it. He's Never. But Michael Bur will do it. He's Never. But Michael Bur will do it. He's got that the the mentality for that. I got that the the mentality for that. I got that the the mentality for that. I don't have the mentality for that. And don't have the mentality for that. And don't have the mentality for that. And so maybe he was like, you know, [ __ ] it. so maybe he was like, you know, [ __ ] it. so maybe he was like, you know, [ __ ] it. I've already made so much money. I've I've already made so much money. I've I've already made so much money. I've got my own family office to manage. I'll got my own family office to manage. I'll got my own family office to manage. I'll pursue these strategies and I won't have pursue these strategies and I won't have pursue these strategies and I won't have to care what my LPs think about why to care what my LPs think about why to care what my LPs think about why these returns are lackluster until I get these returns are lackluster until I get these returns are lackluster until I get to that situation when Nvidia goes down to that situation when Nvidia goes down to that situation when Nvidia goes down 95%. Right. 95%. Right. 95%. Right. >> Interesting. Okay. The thing that keeps >> Interesting. Okay. The thing that keeps >> Interesting. Okay. The thing that keeps me up awake at night is China. Um I know me up awake at night is China. Um I know me up awake at night is China. Um I know you spent a fair amount of time looking you spent a fair amount of time looking you spent a fair amount of time looking at China. What is their economy actually at China. What is their economy actually at China. What is their economy actually like right now? I hear rumors that I like right now? I hear rumors that I like right now? I hear rumors that I want to believe and so I absolutely hit want to believe and so I absolutely hit want to believe and so I absolutely hit the pause button uh because I know it's the pause button uh because I know it's the pause button uh because I know it's what I want to hear. I hear that Xia is what I want to hear. I hear that Xia is what I want to hear. I hear that Xia is losing power. I hear that uh their losing power. I hear that uh their losing power. I hear that uh their economy because of the housing bubble is economy because of the housing bubble is economy because of the housing bubble is just in terrible shape. Um what's really just in terrible shape. Um what's really just in terrible shape. Um what's really going on at least as far as you can see going on at least as far as you can see going on at least as far as you can see from the outside? from the outside? from the outside? >> So I I I haven't been to China since the >> So I I I haven't been to China since the >> So I I I haven't been to China since the mainland since 2019. I've been to Hong mainland since 2019. I've been to Hong mainland since 2019. I've been to Hong Kong a few times. You know, obviously I Kong a few times. You know, obviously I Kong a few times. You know, obviously I live in Singapore with a large Chinese live in Singapore with a large Chinese live in Singapore with a large Chinese diaspora. So you can hear what goes on diaspora. So you can hear what goes on diaspora. So you can hear what goes on in shore. And I think that there's at in shore. And I think that there's at in shore. And I think that there's at some point I'll write an essay about some point I'll write an essay about some point I'll write an essay about this. I think that China is a potential this. I think that China is a potential this. I think that China is a potential future for a post AI world. Let me future for a post AI world. Let me future for a post AI world. Let me explain that. So, China has been one of explain that. So, China has been one of explain that. So, China has been one of the most aggressive in installing the most aggressive in installing the most aggressive in installing robots, right? They have the most robots, right? They have the most robots, right? They have the most installed robot capacity uh in an installed robot capacity uh in an installed robot capacity uh in an industrial sense of any country per industrial sense of any country per industrial sense of any country per capita in the world. They've been the capita in the world. They've been the capita in the world. They've been the most aggressive in terms of AI, right? most aggressive in terms of AI, right? most aggressive in terms of AI, right? There is no sort of like individual There is no sort of like individual There is no sort of like individual data. The data all belongs to the state. data. The data all belongs to the state. data. The data all belongs to the state. the state says I want to use this data the state says I want to use this data the state says I want to use this data and to create these these AI services and to create these these AI services and to create these these AI services whether that's ride hailing it's whether that's ride hailing it's whether that's ride hailing it's ordering your food it's using your palm ordering your food it's using your palm ordering your food it's using your palm to pay for things on WeChat or whatnot to pay for things on WeChat or whatnot to pay for things on WeChat or whatnot right you go to China right now it it it right you go to China right now it it it right you go to China right now it it it might feel like and the tier one cities might feel like and the tier one cities might feel like and the tier one cities I'm not talking about the countryside I'm not talking about the countryside I'm not talking about the countryside I'm talking Beijing Shanghai Shenzhen I'm talking Beijing Shanghai Shenzhen I'm talking Beijing Shanghai Shenzhen Guanjo the four tier one cities in China Guanjo the four tier one cities in China Guanjo the four tier one cities in China they are the future right everything is they are the future right everything is they are the future right everything is seamless everything is clean stuff is seamless everything is clean stuff is seamless everything is clean stuff is [ __ ] cheap the quality is good And [ __ ] cheap the quality is good And [ __ ] cheap the quality is good And this is the future. But youth this is the future. But youth this is the future. But youth unemployment might be 40%. You have >> you graduate from university, you go to >> you graduate from university, you go to top, you know, very it's very difficult top, you know, very it's very difficult top, you know, very it's very difficult to get into university in China. Um you to get into university in China. Um you to get into university in China. Um you have to be very uh and if you do get have to be very uh and if you do get have to be very uh and if you do get into university, you graduate probably into university, you graduate probably into university, you graduate probably 30% 30 to 40% of you will not have a 30% 30 to 40% of you will not have a 30% 30 to 40% of you will not have a job. And so you're literally living at job. And so you're literally living at job. And so you're literally living at home, you're doing odd jobs. They call home, you're doing odd jobs. They call home, you're doing odd jobs. They call it the lying flat movement. You have it the lying flat movement. You have it the lying flat movement. You have some like micro apartment in Beijing or some like micro apartment in Beijing or some like micro apartment in Beijing or Shenzhen or wherever it is. Shenzhen or wherever it is. Shenzhen or wherever it is. But you you live you there's great But you you live you there's great But you you live you there's great entertainment you've got you know we entertainment you've got you know we entertainment you've got you know we chat everything's on UBI chat everything's on UBI chat everything's on UBI >> kind of it's your parents it's the >> kind of it's your parents it's the >> kind of it's your parents it's the savings of you know one child policy you savings of you know one child policy you savings of you know one child policy you have four you have essentially uh you have four you have essentially uh you have four you have essentially uh you two parents you have grandparents and so two parents you have grandparents and so two parents you have grandparents and so you have all these people contributing you have all these people contributing you have all these people contributing to you as this little emperor right so to you as this little emperor right so to you as this little emperor right so you're [snorts] just living off of your you're [snorts] just living off of your you're [snorts] just living off of your extended family extended family extended family >> and it works for now she has a problem >> and it works for now she has a problem >> and it works for now she has a problem Maybe he'll have a problem, maybe he Maybe he'll have a problem, maybe he Maybe he'll have a problem, maybe he won't. I don't know. Of dissatisfaction won't. I don't know. Of dissatisfaction won't. I don't know. Of dissatisfaction because he doesn't care about because he doesn't care about because he doesn't care about employment. He believes that AI is the employment. He believes that AI is the employment. He believes that AI is the future. Now, when they get to that future. Now, when they get to that future. Now, when they get to that future, what will this this Chinese future, what will this this Chinese future, what will this this Chinese state's policy be about taking care of state's policy be about taking care of state's policy be about taking care of the population? Will they increase the the population? Will they increase the the population? Will they increase the amount of social services that they amount of social services that they amount of social services that they provide? You'd be very surprised to know provide? You'd be very surprised to know provide? You'd be very surprised to know that, you know, the amount of social that, you know, the amount of social that, you know, the amount of social safety net in China is less than Europe safety net in China is less than Europe safety net in China is less than Europe and the United States, which is why the and the United States, which is why the and the United States, which is why the savings rate is so high in China. But savings rate is so high in China. But savings rate is so high in China. But she believes that the future is this AI she believes that the future is this AI she believes that the future is this AI manufacturing techno country um with manufacturing techno country um with manufacturing techno country um with lots basically a homogeneous Hanchinese lots basically a homogeneous Hanchinese lots basically a homogeneous Hanchinese population and that's what he is population and that's what he is population and that's what he is creating and right now it's no it looks creating and right now it's no it looks creating and right now it's no it looks like it's it's succeeding this might be like it's it's succeeding this might be like it's it's succeeding this might be the future where again most people don't the future where again most people don't the future where again most people don't have a you know most people go to have a you know most people go to have a you know most people go to university don't have the job that they university don't have the job that they university don't have the job that they went to university for but everything went to university for but everything went to university for but everything else is so cheap their services are so else is so cheap their services are so else is so cheap their services are so good doesn't really matter. They get by. good doesn't really matter. They get by. good doesn't really matter. They get by. Can you have a socially cohesive society Can you have a socially cohesive society Can you have a socially cohesive society when that happens? Obviously in China when that happens? Obviously in China when that happens? Obviously in China because you have a much more ethnically because you have a much more ethnically because you have a much more ethnically homogeneous situation, a culturally homogeneous situation, a culturally homogeneous situation, a culturally homogeneous situation and scar tissue homogeneous situation and scar tissue homogeneous situation and scar tissue from you know the the 60s7s during the from you know the the 60s7s during the from you know the the 60s7s during the Mao era and then previous with the Mao era and then previous with the Mao era and then previous with the waring states and you know the such of waring states and you know the such of waring states and you know the such of humiliation right Chinese people love humiliation right Chinese people love humiliation right Chinese people love the stability that Xiinping provides the stability that Xiinping provides the stability that Xiinping provides society so all this talk about he's society so all this talk about he's society so all this talk about he's super unpopular is kind of off the mark super unpopular is kind of off the mark super unpopular is kind of off the mark if you because you haven't read Chinese if you because you haven't read Chinese if you because you haven't read Chinese history to understand that people like history to understand that people like history to understand that people like the stability and the control that is the stability and the control that is the stability and the control that is you know right now in China. And so you know right now in China. And so you know right now in China. And so again, but I also think the miscon again, but I also think the miscon again, but I also think the miscon people think, oh, they want to go to people think, oh, they want to go to people think, oh, they want to go to war. Well, what parent wants your only war. Well, what parent wants your only war. Well, what parent wants your only child to be going to the military? This child to be going to the military? This child to be going to the military? This is what, you know, Chinese woman was a is what, you know, Chinese woman was a is what, you know, Chinese woman was a very good analyst said like she does not very good analyst said like she does not very good analyst said like she does not have the the juice with the average sort have the the juice with the average sort have the the juice with the average sort of parent who's going to want their son, of parent who's going to want their son, of parent who's going to want their son, their only son, only child. I'm going to their only son, only child. I'm going to their only son, only child. I'm going to ship them off to the PLA to go to war ship them off to the PLA to go to war ship them off to the PLA to go to war against who? For what reason? when you against who? For what reason? when you against who? For what reason? when you know from all you know ways to look at know from all you know ways to look at know from all you know ways to look at things there's abundance of food there's things there's abundance of food there's things there's abundance of food there's abundance of energy and there's abundance of energy and there's abundance of energy and there's abundance of services provided to the abundance of services provided to the abundance of services provided to the people why do you what do you need to go people why do you what do you need to go people why do you what do you need to go to war for so I think this whole sort of to war for so I think this whole sort of to war for so I think this whole sort of western western western um fear over this like Chinese army um fear over this like Chinese army um fear over this like Chinese army going to like going into Taiwan or like going to like going into Taiwan or like going to like going into Taiwan or like going in all these other countries is going in all these other countries is going in all these other countries is sort of misplaced because they don't sort of misplaced because they don't sort of misplaced because they don't understand Chinese history and the understand Chinese history and the understand Chinese history and the demographic situation that they're in demographic situation that they're in demographic situation that they're in they haven't been there to see these they haven't been there to see these they haven't been there to see these gleaming cities of sort of what AI and gleaming cities of sort of what AI and gleaming cities of sort of what AI and robotics can do uh and sort of mobile robotics can do uh and sort of mobile robotics can do uh and sort of mobile apps and ubiquitous data sharing between apps and ubiquitous data sharing between apps and ubiquitous data sharing between the government and big tech right that the government and big tech right that the government and big tech right that is what China is I think that the west is what China is I think that the west is what China is I think that the west is going to move more towards that is going to move more towards that is going to move more towards that situation than they might want to admit situation than they might want to admit situation than they might want to admit to themselves at this point but that's to themselves at this point but that's to themselves at this point but that's sort of how I see the Chinese situation sort of how I see the Chinese situation sort of how I see the Chinese situation right now right now right now okay uh very clear picture now on the okay uh very clear picture now on the okay uh very clear picture now on the economy the economy easy enough to economy the economy easy enough to economy the economy easy enough to bounce back from they have a lot more bounce back from they have a lot more bounce back from they have a lot more room to print money than we do. What's room to print money than we do. What's room to print money than we do. What's that feel like? that feel like? that feel like? >> Well, I mean they Chiin Ping said houses >> Well, I mean they Chiin Ping said houses >> Well, I mean they Chiin Ping said houses are for a living and not for are for a living and not for are for a living and not for speculation. I forgot was 2018 or speculation. I forgot was 2018 or speculation. I forgot was 2018 or whatever it is. And the other message is whatever it is. And the other message is whatever it is. And the other message is common prosperity. common prosperity. common prosperity. He doesn't care that people lost money He doesn't care that people lost money He doesn't care that people lost money in housing speculation. And as long as in housing speculation. And as long as in housing speculation. And as long as people are not rising up in the streets, people are not rising up in the streets, people are not rising up in the streets, I think he'll continue to pursue this I think he'll continue to pursue this I think he'll continue to pursue this this policy. the Chinese government has this policy. the Chinese government has this policy. the Chinese government has not stimulated uh as much as the West not stimulated uh as much as the West not stimulated uh as much as the West has to uh abate this property crisis. He has to uh abate this property crisis. He has to uh abate this property crisis. He is stimulating to build more AI to is stimulating to build more AI to is stimulating to build more AI to overcome the semiconductor embargo that overcome the semiconductor embargo that overcome the semiconductor embargo that the United States placed on them um to the United States placed on them um to the United States placed on them um to make sure that their BYD car electric make sure that their BYD car electric make sure that their BYD car electric cars, you know, $2,000 US or whatever it cars, you know, $2,000 US or whatever it cars, you know, $2,000 US or whatever it is that they sell those to [snorts] the is that they sell those to [snorts] the is that they sell those to [snorts] the emerging world, emerging world, emerging world, >> right? You go to China, everything that >> right? You go to China, everything that >> right? You go to China, everything that you get in America is better and cheaper you get in America is better and cheaper you get in America is better and cheaper in China. Uh and so it just is a fact. in China. Uh and so it just is a fact. in China. Uh and so it just is a fact. Uh, so that's what they've been focused. Uh, so that's what they've been focused. Uh, so that's what they've been focused. That's where their credit has gone. That's where their credit has gone. That's where their credit has gone. Whereas the US credit went to go blow up Whereas the US credit went to go blow up Whereas the US credit went to go blow up Muslims in the Middle East. China took Muslims in the Middle East. China took Muslims in the Middle East. China took their credit and we're going to build their credit and we're going to build their credit and we're going to build AI. AI. AI. I hate everything about that last uh few I hate everything about that last uh few I hate everything about that last uh few sentences there, Arthur. That that was sentences there, Arthur. That that was sentences there, Arthur. That that was fantastic. Horrible, but absolutely fantastic. Horrible, but absolutely fantastic. Horrible, but absolutely fantastic. Uh, okay. That's China in a fantastic. Uh, okay. That's China in a fantastic. Uh, okay. That's China in a nutshell. Give me Japan. nutshell. Give me Japan. nutshell. Give me Japan. uh watching what they're doing, knowing uh watching what they're doing, knowing uh watching what they're doing, knowing that they have a birth rate crisis, that they have a birth rate crisis, that they have a birth rate crisis, knowing that they're assuing knowing that they're assuing knowing that they're assuing immigration, knowing that the yen carry immigration, knowing that the yen carry immigration, knowing that the yen carry trade is unwinding. Um what do you see trade is unwinding. Um what do you see trade is unwinding. Um what do you see there? Are they in trouble? Are they there? Are they in trouble? Are they there? Are they in trouble? Are they going to have some sort of contagion going to have some sort of contagion going to have some sort of contagion effect on the rest of the global effect on the rest of the global effect on the rest of the global markets? I mean, Japan again is a very markets? I mean, Japan again is a very markets? I mean, Japan again is a very wealthy country. They have what three wealthy country. They have what three wealthy country. They have what three trillion three or four trillion dollars trillion three or four trillion dollars trillion three or four trillion dollars of net portfolio assets. And so of net portfolio assets. And so of net portfolio assets. And so eventually what will happen is the yen eventually what will happen is the yen eventually what will happen is the yen will strengthen. the Japanese government will strengthen. the Japanese government will strengthen. the Japanese government will tell tell the Japanese um people will tell tell the Japanese um people will tell tell the Japanese um people and companies, bring your yen home, and companies, bring your yen home, and companies, bring your yen home, invest it here in Japan, you know, stop invest it here in Japan, you know, stop invest it here in Japan, you know, stop funding the United States and and Europe funding the United States and and Europe funding the United States and and Europe um and their build out of AI. Bring this um and their build out of AI. Bring this um and their build out of AI. Bring this money home. Let's build back Japan. I money home. Let's build back Japan. I money home. Let's build back Japan. I think the end goes below 100. think the end goes below 100. think the end goes below 100. And you have robots, right? Yes, Japan And you have robots, right? Yes, Japan And you have robots, right? Yes, Japan does not like immigration, but they've does not like immigration, but they've does not like immigration, but they've got robots. And so the robots will be got robots. And so the robots will be got robots. And so the robots will be there. The population will fall, but there. The population will fall, but there. The population will fall, but they've made a cultural choice where they've made a cultural choice where they've made a cultural choice where they don't care. They're not going to they don't care. They're not going to they don't care. They're not going to open up this spot of immigration to open up this spot of immigration to open up this spot of immigration to essentially fix that problem with essentially fix that problem with essentially fix that problem with humans. They'll fix it with robots and humans. They'll fix it with robots and humans. They'll fix it with robots and again another culturally and ethically again another culturally and ethically again another culturally and ethically homogeneous country. And so they'll band homogeneous country. And so they'll band homogeneous country. And so they'll band together and uh they'll survive. I spent together and uh they'll survive. I spent together and uh they'll survive. I spent a lot of time in Japan. I love Japan. I a lot of time in Japan. I love Japan. I a lot of time in Japan. I love Japan. I don't see there's going to be, you know, don't see there's going to be, you know, don't see there's going to be, you know, any real issue. There'll be a lot of any real issue. There'll be a lot of any real issue. There'll be a lot of inflation to get there. But again, inflation to get there. But again, inflation to get there. But again, culturally and ethically homogeneous culturally and ethically homogeneous culturally and ethically homogeneous society uh that is banding together to society uh that is banding together to society uh that is banding together to do what the government tells them to do do what the government tells them to do do what the government tells them to do for right or for wrong. And so again, I for right or for wrong. And so again, I for right or for wrong. And so again, I don't see a problem because as a don't see a problem because as a don't see a problem because as a country, they're very wealthy. And so as country, they're very wealthy. And so as country, they're very wealthy. And so as they sell their US and European assets they sell their US and European assets they sell their US and European assets to bring that home, they will rebuild uh to bring that home, they will rebuild uh to bring that home, they will rebuild uh Japan to be, you know, again, a robot Japan to be, you know, again, a robot Japan to be, you know, again, a robot first society. That'll spell trouble for first society. That'll spell trouble for first society. That'll spell trouble for the United States and Europe to now need the United States and Europe to now need the United States and Europe to now need to fund those ex all that capital to fund those ex all that capital to fund those ex all that capital leaving. That just promotes more and leaving. That just promotes more and leaving. That just promotes more and more money printing. the same thing that more money printing. the same thing that more money printing. the same thing that we've been talking about um over the we've been talking about um over the we've been talking about um over the last few hours. last few hours. last few hours. >> Interesting. The um yen carry trade gets >> Interesting. The um yen carry trade gets >> Interesting. The um yen carry trade gets a lot of breathless coverage on X for a lot of breathless coverage on X for a lot of breathless coverage on X for sure that it's going to have some sort sure that it's going to have some sort sure that it's going to have some sort of big knock-on effect. Uh it doesn't of big knock-on effect. Uh it doesn't of big knock-on effect. Uh it doesn't sound like you share that concern. sound like you share that concern. sound like you share that concern. >> Well, it will. I guess think as we had >> Well, it will. I guess think as we had >> Well, it will. I guess think as we had in it August of 2024 or whatever it was. in it August of 2024 or whatever it was. in it August of 2024 or whatever it was. Um yeah, when that sort of kind of blew Um yeah, when that sort of kind of blew Um yeah, when that sort of kind of blew up, what happens? The Fed, the ECB, they up, what happens? The Fed, the ECB, they up, what happens? The Fed, the ECB, they all have to print money to make sure all have to print money to make sure all have to print money to make sure that the capital that's leaving because that the capital that's leaving because that the capital that's leaving because that carrier trade unwinds doesn't, you that carrier trade unwinds doesn't, you that carrier trade unwinds doesn't, you know, destroy their bond and equity know, destroy their bond and equity know, destroy their bond and equity markets. And so we know what happens markets. And so we know what happens markets. And so we know what happens when there is financial disturbance, the when there is financial disturbance, the when there is financial disturbance, the Western authorities print money. When Western authorities print money. When Western authorities print money. When the Japanese Inc. removes their money to the Japanese Inc. removes their money to the Japanese Inc. removes their money to repatriate it to Japan to build back repatriate it to Japan to build back repatriate it to Japan to build back better in Japan, the West will print better in Japan, the West will print better in Japan, the West will print money to plug the hole. So there might money to plug the hole. So there might money to plug the hole. So there might be a bit of sort of market dysfunction be a bit of sort of market dysfunction be a bit of sort of market dysfunction for a while, but it won't take much. The for a while, but it won't take much. The for a while, but it won't take much. The authorities will say, "Okay, cool. We're authorities will say, "Okay, cool. We're authorities will say, "Okay, cool. We're just going to print the money." Yeah, just going to print the money." Yeah, just going to print the money." Yeah, Japanese investors, we get it. You got Japanese investors, we get it. You got Japanese investors, we get it. You got to leave. Yen, it's got to appreciate. to leave. Yen, it's got to appreciate. to leave. Yen, it's got to appreciate. All that's cool, and the Fed's just All that's cool, and the Fed's just All that's cool, and the Fed's just going to print the money. going to print the money. going to print the money. Printing Printing Printing is uh the eternal answer. It is uh man, is uh the eternal answer. It is uh man, is uh the eternal answer. It is uh man, that is so true and so depressing that that is so true and so depressing that that is so true and so depressing that that is just the solve for everything. that is just the solve for everything. that is just the solve for everything. Ah, okay. Um, very interesting. Now, Ah, okay. Um, very interesting. Now, Ah, okay. Um, very interesting. Now, you've talked about France, just to hit you've talked about France, just to hit you've talked about France, just to hit my uh another country that I'm very my uh another country that I'm very my uh another country that I'm very curious to see how this is all going to curious to see how this is all going to curious to see how this is all going to play out. You've talked about France play out. You've talked about France play out. You've talked about France backing out of the euro that you think backing out of the euro that you think backing out of the euro that you think that would be a good idea. Um, what's that would be a good idea. Um, what's that would be a good idea. Um, what's why? why? why? >> And the euro is a terrible thing. It >> And the euro is a terrible thing. It >> And the euro is a terrible thing. It should never have been created, but it should never have been created, but it should never have been created, but it was. Uh, it's a was. Uh, it's a was. Uh, it's a >> because it centralizes power and stops >> because it centralizes power and stops >> because it centralizes power and stops competition between the different competition between the different competition between the different currencies or something else. currencies or something else. currencies or something else. >> Well, there's 20 27 members of the euro. >> Well, there's 20 27 members of the euro. >> Well, there's 20 27 members of the euro. Are you [snorts] saying that there is Are you [snorts] saying that there is Are you [snorts] saying that there is one monetary policy that's right for 27 one monetary policy that's right for 27 one monetary policy that's right for 27 different nations, 27 different different nations, 27 different different nations, 27 different cultures, 27 different desires? cultures, 27 different desires? cultures, 27 different desires? >> We have one monetary policy for 50 >> We have one monetary policy for 50 >> We have one monetary policy for 50 states states states >> and well, it used to be 12, right? There >> and well, it used to be 12, right? There >> and well, it used to be 12, right? There used to be 12 federal reserve banks at a used to be 12 federal reserve banks at a used to be 12 federal reserve banks at a different discount rates in every different discount rates in every different discount rates in every district. Right? Again, I think that district. Right? Again, I think that district. Right? Again, I think that decentralization is better than decentralization is better than decentralization is better than centralization. uh the euro is a centralization. uh the euro is a centralization. uh the euro is a centralized you know monster but again centralized you know monster but again centralized you know monster but again it's fatally flawed and France is it's fatally flawed and France is it's fatally flawed and France is horribly in debt and very unproductive horribly in debt and very unproductive horribly in debt and very unproductive with that debt they just spend it at the with that debt they just spend it at the with that debt they just spend it at the government level that's coming home to government level that's coming home to government level that's coming home to roost because the United States and roost because the United States and roost because the United States and Japan will no longer fund them and Japan will no longer fund them and Japan will no longer fund them and Germany for that amount so Germany and Germany for that amount so Germany and Germany for that amount so Germany and Japan are the largest funders of Japan are the largest funders of Japan are the largest funders of governments and assets globally they governments and assets globally they governments and assets globally they have combined something like eight or have combined something like eight or have combined something like eight or nine trillion of net portfolio assets a nine trillion of net portfolio assets a nine trillion of net portfolio assets a lot of that lot of that lot of that >> to Japan And essentially they made that >> to Japan And essentially they made that >> to Japan And essentially they made that money off the back of the United States. money off the back of the United States. money off the back of the United States. The United States said, "Hey, you host The United States said, "Hey, you host The United States said, "Hey, you host our military to contain communism, aka our military to contain communism, aka our military to contain communism, aka Russia and China. We will let you export Russia and China. We will let you export Russia and China. We will let you export to our market and we'll let you restrict to our market and we'll let you restrict to our market and we'll let you restrict our companies from going into your our companies from going into your our companies from going into your markets." And that essentially gave them markets." And that essentially gave them markets." And that essentially gave them an $8 trillion wealth bucket which they an $8 trillion wealth bucket which they an $8 trillion wealth bucket which they then bought US stocks, US bonds. And in then bought US stocks, US bonds. And in then bought US stocks, US bonds. And in the European example, Germany funded the European example, Germany funded the European example, Germany funded France. And and so as that unwinds, as France. And and so as that unwinds, as France. And and so as that unwinds, as everybody tries to go their own way everybody tries to go their own way everybody tries to go their own way because the population is like, "Hold on because the population is like, "Hold on because the population is like, "Hold on a minute. We created all this wealth and a minute. We created all this wealth and a minute. We created all this wealth and I'm still [ __ ] broke. [ __ ] this. I'm still [ __ ] broke. [ __ ] this. I'm still [ __ ] broke. [ __ ] this. Print the money. Give me healthcare. Print the money. Give me healthcare. Print the money. Give me healthcare. Give me whatever it is that I want. Stop Give me whatever it is that I want. Stop Give me whatever it is that I want. Stop investing abroad. That money leaves investing abroad. That money leaves investing abroad. That money leaves France. Like, oh [ __ ] we have to fund France. Like, oh [ __ ] we have to fund France. Like, oh [ __ ] we have to fund this government. We don't have any real this government. We don't have any real this government. We don't have any real wealth to fund it with. Nobody's funding wealth to fund it with. Nobody's funding wealth to fund it with. Nobody's funding governments anymore. Everybody's funding governments anymore. Everybody's funding governments anymore. Everybody's funding themselves. Well, this Euro thing, you themselves. Well, this Euro thing, you themselves. Well, this Euro thing, you know, Christine Lagard and the ECB says know, Christine Lagard and the ECB says know, Christine Lagard and the ECB says we can't print enough money to do things we can't print enough money to do things we can't print enough money to do things domestically. [ __ ] you, Christine domestically. [ __ ] you, Christine domestically. [ __ ] you, Christine Lagard. I'm going to print money and Lagard. I'm going to print money and Lagard. I'm going to print money and focus on France first. And that breaks focus on France first. And that breaks focus on France first. And that breaks the euro. As soon as France says I'm the euro. As soon as France says I'm the euro. As soon as France says I'm going to change banking laws, restrict going to change banking laws, restrict going to change banking laws, restrict capital from movement across Europe or capital from movement across Europe or capital from movement across Europe or um not do what the ECB tells me to do, um not do what the ECB tells me to do, um not do what the ECB tells me to do, whether that's for like you know greater whether that's for like you know greater whether that's for like you know greater than 3% of GDP budget deficits, then the than 3% of GDP budget deficits, then the than 3% of GDP budget deficits, then the euro and all effect is over and capital euro and all effect is over and capital euro and all effect is over and capital is not flowing freely around the Euro is not flowing freely around the Euro is not flowing freely around the Euro zone and that's what ends the euro. And zone and that's what ends the euro. And zone and that's what ends the euro. And so, you know, France is slowly walking so, you know, France is slowly walking so, you know, France is slowly walking towards that situation. And you can take towards that situation. And you can take towards that situation. And you can take a look at the the liabilities of the a look at the the liabilities of the a look at the the liabilities of the French banking system within the EU French banking system within the EU French banking system within the EU system called the target two imbalance. system called the target two imbalance. system called the target two imbalance. It's deteriorated rapidly since 2021. It's deteriorated rapidly since 2021. It's deteriorated rapidly since 2021. And eventually, whatever that is, this And eventually, whatever that is, this And eventually, whatever that is, this will come to a head and the ECB will be will come to a head and the ECB will be will come to a head and the ECB will be faced with a choice to print money to faced with a choice to print money to faced with a choice to print money to save the euro. Uh, and they'll print the save the euro. Uh, and they'll print the save the euro. Uh, and they'll print the money and and again, it doesn't really money and and again, it doesn't really money and and again, it doesn't really matter. Assets go up, [snorts] money matter. Assets go up, [snorts] money matter. Assets go up, [snorts] money gets printed. Euro is either there or gets printed. Euro is either there or gets printed. Euro is either there or it's not there, but capital controls are it's not there, but capital controls are it's not there, but capital controls are introduced. So if you're in France or if introduced. So if you're in France or if introduced. So if you're in France or if you're in Europe, get out while the you're in Europe, get out while the you're in Europe, get out while the getting out is good. Get your money out getting out is good. Get your money out getting out is good. Get your money out of Europe, put it somewhere else. of Europe, put it somewhere else. of Europe, put it somewhere else. All right, man. There's uh there is a All right, man. There's uh there is a All right, man. There's uh there is a lot of money printing going on, a lot of lot of money printing going on, a lot of lot of money printing going on, a lot of uncertainty in the world. Uh through it uncertainty in the world. Uh through it uncertainty in the world. Uh through it all, you have stayed very sanguin. Tell all, you have stayed very sanguin. Tell all, you have stayed very sanguin. Tell people what is the one thing that you people what is the one thing that you people what is the one thing that you have as a core belief that most people have as a core belief that most people have as a core belief that most people do not that allows you to be very even do not that allows you to be very even do not that allows you to be very even keel through what is uh certainly in our keel through what is uh certainly in our keel through what is uh certainly in our lifetimes completely unprecedented um lifetimes completely unprecedented um lifetimes completely unprecedented um instability. instability. instability. I read books and when you read [snorts] I read books and when you read [snorts] I read books and when you read [snorts] books you find out that everything that books you find out that everything that books you find out that everything that we're experiencing today yes of course we're experiencing today yes of course we're experiencing today yes of course there's an AI money printing debt there's an AI money printing debt there's an AI money printing debt jubilee social discontent jubilee social discontent jubilee social discontent empires on the rise empires on the fall empires on the rise empires on the fall empires on the rise empires on the fall we've done this all before we've done it we've done this all before we've done it we've done this all before we've done it in Rome we've done it in my republic in Rome we've done it in my republic in Rome we've done it in my republic we've done it in World War II we've done we've done it in World War II we've done we've done it in World War II we've done it in you know pick your ancient it in you know pick your ancient it in you know pick your ancient civilization they've all had the same civilization they've all had the same civilization they've all had the same problems they've all had the same you problems they've all had the same you problems they've all had the same you know menu of solutions and every time know menu of solutions and every time know menu of solutions and every time the politicians shows up to print the the politicians shows up to print the the politicians shows up to print the money and every time math and the money and every time math and the money and every time math and the compound rate of interest and time compound rate of interest and time compound rate of interest and time worked against them and every time if worked against them and every time if worked against them and every time if you own gold or certain other assets you you own gold or certain other assets you you own gold or certain other assets you did well is something that you could did well is something that you could did well is something that you could keep them from being confiscated from keep them from being confiscated from keep them from being confiscated from the state. So as long as you do that and the state. So as long as you do that and the state. So as long as you do that and you don't use leverage you'll be okay you don't use leverage you'll be okay you don't use leverage you'll be okay because again time mass and human nature because again time mass and human nature because again time mass and human nature are on your side. are on your side. are on your side. [snorts] [snorts] [snorts] >> Awesome brother I am grateful for every >> Awesome brother I am grateful for every >> Awesome brother I am grateful for every chance that we get to spend time chance that we get to spend time chance that we get to spend time together. Uh thank you so much for together. Uh thank you so much for together. Uh thank you so much for taking the time. Where can people taking the time. Where can people taking the time. Where can people connect with you online? connect with you online? connect with you online? >> So on x cryptohaze on substack >> So on x cryptohaze on substack >> So on x cryptohaze on substack cryptohaze as well. I write my monthly cryptohaze as well. I write my monthly cryptohaze as well. I write my monthly bionthonly uh newsletter and yeah you'll bionthonly uh newsletter and yeah you'll bionthonly uh newsletter and yeah you'll hear me on programs like yourselves and hear me on programs like yourselves and hear me on programs like yourselves and others across the uh the interweb. others across the uh the interweb. others across the uh the interweb. Awesome. I love it. All right everybody, Awesome. I love it. All right everybody, Awesome. I love it. All right everybody, if you have not already be sure to if you have not already be sure to if you have not already be sure to subscribe and until next time, my subscribe and until next time, my subscribe and until next time, my friends, be legendary. Take care. Peace. friends, be legendary. Take care. Peace. friends, be legendary. Take care. Peace. If you like this conversation, check out If you like this conversation, check out If you like this conversation, check out this episode to learn more. In the this episode to learn more. In the this episode to learn more. In the 1980s, under Reagan's leadership, the US 1980s, under Reagan's leadership, the US 1980s, under Reagan's leadership, the US economy exploded with 12% real GDP economy exploded with 12% real GDP economy exploded with 12% real GDP growth in just 18 months. And the man growth in just 18 months. And the man growth in just 18 months. And the man behind that boom, today's guest, behind that boom, today's guest, behind that boom, today's guest, economist Arthur Lafer. Now with America economist Arthur Lafer. Now with America economist Arthur Lafer. Now with America sitting on 38 trillion,