Gold, Bitcoin & Inflation with Lawrence Lepard

foreign [Music] so we're trying to make this part of the identity of the club so they gotta walk through that hallway yeah but like this is the music that plays as they coming in like all there's a whole playlist but wait a second that's awesome it's like full on death metal yeah yeah yeah awesome man but what you notice is when they turn up they're like that with their Snapchat or Instagram yeah yeah oh I love it it's very cool I love it that's really cool yeah so uh so we tried to get Greg over as well oh yeah he couldn't do it he couldn't do we wanted you we wanted Greg we wanted Jeff we thought that'd be uh yeah that would have been fun that would have been fun yeah it was too bad Natalie couldn't make it too she would be great but um James is great yeah it's all good we'll get we'll get Greg over next year yeah um me and Danny were saying that you know as we said you before you're both such nice people but you get you online you're [ __ ] Savages I know I gotta dial that back my work is all over me man yeah yeah it's Jeff not uh Jeff's not Jeff's a nice guy Jeff had a word with me about it he was like Pete you need to just like let this go man just let it go wait I'll just all the fighting and stuff because I was like [ __ ] you [ __ ] this [ __ ] yeah Jefferson and and that's great I mean I I can be Zen too but um I I think look we're we're pushing a movement here we're trying to change the world and you know it takes you got to have a carrot you gotta have a stick Foss and I are the stick Jeff's the carrot we got this great Lovely World we're going to it's all gonna be good okay fine but first we're gonna beat the [ __ ] Central Bankers to death right I want to be standing over Jay Paul with a golf club just you know pounding on him that's the quote are we taping this yeah [Laughter] do you prefer Larry yeah go with Larry you're my friend yeah Lawrence is fine too but yeah well it's a cenario's telling me because he's just been to this gold conference he's come straight from a gold conference yeah to a Bitcoin which I know is sacrilege for you guys well no actually it's not exactly I've got some questions about gold because I'm thinking of buying some at the moment whoa yeah and tell me the reason reason why we made a show this week with Luke Roman he's great isn't he I have so much respect for him he's so good yeah but he very casually just dropped in that yeah at some point soon we're probably gonna see high double digit maybe triple digit inflation in Europe and the US and I was like huh I was like no that's what happens in Lebanon and turkey and Argentina he's like no it has to happen yeah he's right yeah I agree yeah well the way he explained it he said well we can do 10 to 20 for 10 years or we can do 100 for three years and just sharp sharp shop and get through it and I was like huh yeah what and so we did an interview with a guy a while back and he said diversify your portfolio I'm way overcooked on bitcoin but I've got cash reserves sure the problem is my cash in the bank's melting so I was thinking why don't I just hold my cash in Gold yes because I don't want to hold it in Bitcoin because bitcoin's volatile and choke point so I'll hold my cash in Gold yes with a small amount of cash in pounds and then my savings in Bitcoin yes and I was gonna I was gonna ask you is that a sensible thing I think it's a very sensible thing I mean the the you know the the negatives in Gold are well known right it's it's very manipulated we all know that um and and you know holding your cash and gold it's not necessarily an easy in or easy out for the physical which you know the so so they're two forms of gold right there's physical gold and there's paper gold and then there's you know some of the paper gold is actually legitimate what do I mean by that I mean that you can buy gold in an ETF form where I know and believe the ETF is good um sprot is the one and they have something called p-h-y-s and they have something called pslv they actually have the underlying metal that they say they have and I believe that because I know Eric's brought I know he's an honest man and so you know I would I would advise you to use that because you can buy it with no spread or no premium if you say you know okay Larry I want to buy some gold or some silver coins and there's a there's a use case for those the use case for those is you know the internet's down and you're going to the border and you want to bribe the guards you've got these coins right or the world goes into you know Matt Odell you know mandibles kind of world and you know nobody's trading in Bitcoin well everyone knows what a coin is right the problem with the coins is the premiums are big you go to buy a gold coin and you're going to pay five to eight percent over melt value you could sell it at usually face at melt value but you know if you're thinking of trading in and out of something and your Vig is you know your spread is a five to eight percent spread that's going to eat you up pretty quickly right so so to me the coins you want to hold for the you know it's an apocalyptic world and and the other nice thing about the coins they're off the radar screen nobody can see them you're not going to get a a report I mean if you buy Fizz in your brokerage account and it goes up you're going to get a report and you sell it you're going to report you owe taxes you buy the coins I mean I own a lot of coins and you know I imagine what will happen one day if I have a taxable estate is I'll go to my three kids okay this is your pile this is your pile and this is your pile and the government won't know that any of that has taken place so but yes so so buying buying gold as a proxy you know it's one of things it's another interesting thing is that people say well there's going to be deflation there could be and there could be massive deflation we've got this enormous debt structure which is in the process of collapsing um what's the best thing to have in deflation go back to the 20s the best thing to have in inflation is cash or deflation is Cash because the price of everything falls relative to cash right so in in the in the 20s you know if you had in the 30s if you had cash and housing prices went down 90 you could buy a house for 10 cents on the dollar what is gold gold is cash that can't be printed right and that's the beauty of it it's it's literally a liquid form of cash that cannot be debased the way all Fiat currencies can can and will be debased so so the advantage really I mean as I compare and contrast gold to bitcoin um gold has a couple of advantages one is there's no ongoing energy cost to holding coins coins are mined energy spent you got the coins that's it no more Bitcoin you buy the Bitcoin you know if you just hold it and hoddle it in an address you're not paying anything but there will be an energy cost somebody's got to pay for that transaction when you choose to sell it right in the sense that there'll be some some kind of a a SATs fee so to speak and you know more recently when the in the blockchain got rather backed up after you know Silicon Valley Bank blew apart you know I saw some transactions going through at five 700 you know 700 a transaction so um you know that's that's worth keeping in mind um but in all other respects I think Bitcoin is so far superior that you know I recommend everybody have a shitload of Bitcoin and uh and I recommend older people in particular have some gold because generally speaking older people don't like to see enormous volatility I mean I have clients who are 70 or 80 years old if I told them hey your account's down 80 but don't worry it's going to come back you know they they shoot me right well yeah they might not have a whole cycle left in them well that's right that's exactly right you've got to have a longer time frame but to be completely fair I mean if I were 30 years old I'd probably be 90 Bitcoin 10 gold I mean I'll just for the listeners to have a sense I'm 65 years old I'm about half and half right okay so I'm about 90 Bitcoin 10 cash okay and the cash is what I'm thinking about I don't know I personally and this is an investment advice you know all the normal disclaimers wouldn't be crazy in my view for you to take ten percent I could take half that cash and put it in Gold that's some great investment advice right um uh so what I'm thinking is then if I do put that you know five ten percent into gold of that five ten percent in I might put 10 of that into physical maybe yeah right that way right have some coins ready for the apocalypse ready for the apocalypse bribe the guards yeah you can you can always trade it everyone knows what a coin is and stick to the well-known coins right I mean don't and don't mess around with don't mess around with the blocks I mean the tungsten coated Gold Blocks there's been a lot of that recently so you got oh really oh yeah yeah you don't want to buy kilo bars no no no you know you you want to buy sovereigns you want to buy American Eagles American buffaloes Canadian maple leaves they're all good choices in my view but as I say what about the bank of England one are they interested yeah that's a sovereign yeah you're gonna pay a five to eight percent over melt value you know I mean ultimately the end of the day gold is gold it's commodity right and it's worth what you could melt it down for but the fact that somebody's turned it into a coin that's easily recognizable and it's hard it's hard to fake those coins the Chinese have tried to make fake gold coins silver eagles and Gold Eagles they're terrible I mean if you if you actually have seen one held one played with one I mean you you it's it's really hard to make it um and so I don't you don't have to worry about counterfeits at the point I'm trying to make right and and there's still there is still a case for silver oh absolutely in fact there's a bigger case for silver if you can handle the volatility I mean the beautiful thing about Silver versus gold is it's got a commodity use value right I mean gold is just and all the gold that's ever been mined is still above ground and it's either in a vault or around a lady's neck you know so or in a museum silver gets used every year we don't have a big stockpile of silver silver is kind of you know um you know seed to table I mean it gets mined and it gets used and you know there are silver tea sets that get melted down it's about 18 of the supply every year but the point is that silver um has a growing use case in in two major areas um solar and electronics and so as a result of that if there ever gets to be a tightness in the silver market the silver is going to go up much more quickly than gold I personally think silver is going to 50 or 100 an ounce and right now it's at 26. so I was once told all the gold in the world would fit under the Eiffel Tower that's true I didn't know that's true it's a couple of Olympic-sized swimming pools is what I've been told it doesn't seem right does it no it's there's not much of it it's a very rare substance right um and it's indestructible and and that's why until Bitcoin came along it was the best form of money we had and 5 000 years of you know human history everybody has adopted that and recognizes that and that's not going away anytime soon I mean you know there are a lot of people who don't even know what Bitcoin is sadly but um you know but they know what a gold coin is generally speaking almost any place in the world talk to me about the conference you've just been to and tell me tell me and Danny what you just told me yeah it's interesting so I was at the European gold Forum this is run by the Denver Gold group probably the biggest gold organization in the world they have two conferences a year they have one in Denver they have one in Zurich and um this is the first conference they've had post covet they've shut it down for all the coveted stuff um and typically this conference runs between 600 and 800 people per year attendees in this particular year they told me they had 240 people sign up and probably only 180 showed up wow and 90 of those were from the industry itself so that means just gold companies who go there trying to get people interested in their company so they had 90 attendees I mean this is right now one might say okay well that's that's really bad um you know nobody's interested in Gold um as a contrarian and as an investor my view is that's incredibly good here we are gold is almost at an all-time high Gold's at 20 40 right now um the last all-time it's it's peaked at 2063 and 2070 ish right after the war broke out and when we go through those two numbers with authority it'll be an all-time high as most of us who operate in financial markets know when something goes through an all-time high it starts off a lot of algorithms like holy [ __ ] this is a breakout you know and so in my opinion when we go through 2100 with authority probably we'll go to 22 or three we'll correct back to 2000 maybe a little below and everyone say oh it was a fake breakout but then we'll start going up again very much the way you know when Bitcoin kind of came out of the 16 went up and eventually it hit 30 but it came back to 20 but now it's back up you know I'm going again it'll become Ops that you know it's kind of game on in the sound money land and that's you know that's what I'm here to kind of tell your listeners and tell you we talked about in the car I mean I'm just incredibly bullish right now what's happening I mean it's it's sad of course in a lot of ways than what's going on in the world but in terms of the sound money theme and the assets that bitcoiners and gold owners hold I couldn't be more bold up I mean I think we are going to see an outstanding next two years I really do wow what do those people at the Gold conference think of Bitcoin that's a great question so um there's it runs from complete antagonism and I got into one of the I got into it on the web with one of those guys about that you guys probably saw it did you block him I did but then you know I met him at the conference and and and we actually had a nice conversation and we kind of had misunderstood each other and I decided you know forgive and forget and I'm a Christian and all that and I kind of felt bad that I had blocked him he was so obnoxious and you really missed he disrespected somebody who have enormous respect for Bitcoin uh Ollie okay yeah and she's just such a sweetheart and I thought God damn it Peter I'm done I'm done with you and so we yeah I blocked him and we got into it anyway we we kissed and made up it's all good he doesn't like Bitcoin fine to answer your question though Danny um uh at Several of these conferences and I go to the New Orleans gold show every year I generally give a speech there and I always quiz the audience and I say okay you know you guys and I talk a lot about gold obviously but we talk about Bitcoin too and I say look guys and I I view my role in this in this whole event this revolution I'm the guy who's trying to lead the gold bugs into Bitcoin I mean I think Bitcoin is a superior choice and rather than get mad at the Gold bugs or call them the enemy or do some things to other people in the industry have done my viewers no they're your easiest convert they get that they get the thesis they just don't understand they're afraid of Bitcoin a lot of times it's because of you know the ftx's and the bang Freeds and yeah it's all fraudulent [ __ ] right um but anyway to answer your question I go to the New Orleans gold conference and um I asked I said how many you guys own own Bitcoin half the hands go up half and that and I would have said that I had the same experience in Switzerland right you know a couple of the older guys a guy really respected Youngs who I think totally understands the monetary situation he's against Bitcoin but we're friends you know it's all good um you know but I'd say in general and it it tends to correlate fairly strong fairly much with age I mean the younger people tend to get it better I wonder if there was a correlation also with uh your position within the Gold World in that if you're like a very well-known highly respected Goldberg is there risk is there reputational risk of starting to diversify to what is a it's complementary but also competitive I get it there can only be one yeah and it is it is complementary and they are competitive and it's you know a goals number one and so Bitcoin wants to throw overthrow number one I get all of that so I you know to me that's people who are looking at investing as a religion you know and to a degree it is I mean I look bitcoin's a lot more the number go up in making money to me it actually is a religion but but you know I think as you look at it as an investor as a probability weighted investor you have to entertain both you know and you have to admit that Bitcoin has crushed gold and you have to see that you know gold is you know the Bitcoin is becoming digital world it's not fully there yet it's going to take time but yes you're right I mean I you know we were talking I was talking to somebody last night does Peter Schiff really believe is [ __ ] I don't know that he does I mean I think his whole stick might be just a marketing stick you know to get clicks and everything else I mean hell his son is a bitcoiner right I mean he's got to be smarter than that but but but perhaps not I mean um I think egon's I don't think he's doing it because of his position and he he can't not he can't disrespect goal old I think he actually sincerely hasn't taken the time to deeply understand how it works and I I think I think if you haven't done the work and you haven't taken the time I mean you you know and and you look around I mean remember there's been a lot of crypto [ __ ] I mean a lot of crypto [ __ ] we all know that and you know if you don't do the work and you just look at that and you go ah [ __ ] this [ __ ] I'm not gonna you know why should I be messing around with this fraudulent crap most of us are to miss it dismiss it first time I mean I just missed it first time I did too you did we all do yeah and sometimes it's two three four it takes those multiple times and even after I hadn't dismissed it I started in 2013. I kept thinking to myself this thing's going to blow up I mean it's a computer how can a computer possibly deliver immutable sound money yeah and but then you know you mean no Dell and you hear people explain it and you get to the hashing and then you and you realize and you get 14 years you go through the Block Wars you know you have all the forks and all the other ones die off and you know eventually the signal just kind of comes through like holy [ __ ] this is this really is immutable digital security it's got you know scarcity it's going to live forever and you know there are 21 million of these suckers and there's eight billion people these things are going to 10 million dollars a coin fingers crossed not fingers crossed it's just happening it's Math Man well yeah now the problem is you know what will 10 million dollars buy you I mean you know it might be a thousand dollar gasoline at that point right so you know but no it's going to happen I I don't I just don't have any doubt about it yeah I think it takes a few touch points I also think like a lot of people don't get gold I mean well that's right I'd never bought gold before Bitcoin so I'd gone my whole life all the way up until you know 2013 before I bought digital gold right you know well most people just don't get the monetary system exactly and particularly Americans because America is generally speaking had a stable monetary system I mean one of the things I find fascinating I interact with these people a lot of some of them as investors I met with a couple yesterday I met with a guy from Lebanon yesterday who's an investor in my fund and you know 11 experiencing 70 or 80 percent you know inflation annualized inflation you know Turkey same story I mean and he'd been in Turkey you know Argentina same story I mean there are lots of places in the world that have had really high inflation they get it you know they they save and you know I mean they saving you know ironically they're saving the dollar but the Dollar's more stable than their local currency or they saving gold or are they saving Bitcoin because they they understand how badly a currency can be abused the Americans I mean you know the last time we had hyperinflation was you know 1789 right with a continental I mean to a degree we had it in the Civil War but America's never really experienced hyperinflation I find it interesting too in speaking to the Germans at the Zurich gold show you know all Americans are just terrified of the Next Great Depression because I know in my case I heard from my grandparents about how bad it was you know how they were eating biscuits and you know they had no money and things were horrific that's the Great American fear is is deflation in you're in Germany you're in Zurich and you're meeting with Germans who are golden investors the opposite the exact opposite all their grandparents experienced hyperinflation and they and they're just terrified of inflation because of what it did to their country and then drove them into being led by a madman and all the other stuff so you know it's it's very interesting the way these fears get passed down through generations and you know frankly we've enjoyed this really sweet period post-world War II where monetary conditions were relatively stable and the U.S behaved somewhat acceptably at back in those days right after World War II I mean it never has behaved totally acceptably in fact I was it was interesting I was talking with Egon and he said well you know human beings are involved everything will always go to [ __ ] eventually that's kind of cynical I said you know he said yeah there are no good human beings I said well you got you know the guys who are the founding fathers of this country they were really great human beings I mean they you know the documents they were wrote were just brilliant they moved the world and Society forward blah blah blah and he says yes Larry but remember they also committed genocide they wiped out the entire American Native population and it's like you got a point yeah you know I mean there's nobody free and they had slaves yeah and they have slaves and right I mean there's you know there's I mean the history of human you know progress is full of good guys and bad guys and some people who were mixed and you know we keep going in the right direction I hope but you know there are bad guys out there right well all smacks of needing to educate more about money what it is how it operates that's right because it bypasses everyone exactly I've said relentlessly on this podcast the amount of times I go on Facebook and try and tell people about what's wrong what's going on in the financial system what's happening with the banks and it just bypasses people I think I think people have been privileged to live through a fairly stable yes 20 30 40 years fairly fairly correct and now it's good now it might come and hit them like a train wreck I I think that's absolutely right and and that's where you know again I think you know safesburg has changed the world because you know I've been I've been carrying this flag for 20 years I've been a gold plug forever and I've been a sound money guy all in since 08 I mean 08 was you know the global financial crisis radicalized me for sound money I mean I became a jihadist right a sound money jihadist and and um you know basically um you know but I was fighting it alone right and then you know and now I've got you know so save comes out he writes his book all 20 30 year olds read it and now I got you know 20 year old people coming up to me and say hey I've seen you on Twitter and you know in the quoting Von mises right I mean and it's like I got reinforcements finally yeah got some guys with sharp Spears you know charging the hill ready to go kill these Central bankers and by the way they deserve to be killed and I'm not you know I don't hesitate in saying that I mean look I wish I could Channel my inner Jeff Booth and be you know Zen and positive all the time but on the other hand you know the revolutions also need you know some some Stone throwers and some you know some torch carriers and so you know I'm going to carry a torch and throw stones at these guys because they've got they've really screwed up our world incredibly I mean when you look at what's going on in this system I'm just blown away every day with the events and how badly they've messed it all up all right well listen tell through me but I got my son here right yeah and like but tell it through me explain what a central bank is and how they [ __ ] the world up sure well the central bank is the Bank of England you know the Federal Reserve it's a country's Authority which can controls their monetary system the U.S federal reserve was established in 1913 they snuck it through around Christmas time when nobody's there to vote on it it's really a money trust and what it allows is for cantillionaires to take advantage of everybody else by printing the money to bail themselves out and they you know they basically control when the money is issued and at what price and they basically act as a you know they determined and based on Bank runs I mean in the 1800s the U.S experienced the largest growth in productivity and living standards ever measured in the history of mankind from 1800 to 1900 the quality of living for the average person went up immeasurably as a result of a lot of things but one part of that was we were on the gold standard we did experience some Financial panics and Banks would occasionally get over leveraged and get in trouble and so with the politicians and the people who control the central Reserve are built the central Reserve determines we're going to use have to scare people into telling the people we need to have a monetary system that we can control and so that's what they did they set up a monetary system they control and they have the backstop on all of the money that was issued do you think that was ignorance or malice oh malice absolutely absolutely absolutely you don't think any part of them thought like this is the best way to operate the system okay to be fair there were I'm sure there were people who voted for it who thought that yeah and to be fair there was there was a cover story and that was the cover story you know we have these Bank runs they're horrible and therefore we need to have a centralized system to control them but there were also people at the table Warburg and Aldrich and others who really knew that if we get control of this man are we going to be able to make money I mean we're gonna this is going to be a thing of beauty it's going to give us a lot of power and and the people in government knew that as well do you know what I mean the central government recognized that if we can have control of this that will centralize power and you know politicians will you know be able to go from zero to 60 million in net worth the way Elizabeth Warren has you know by just just by holding a political office right and so so yes some of it was ignorance and when well-intended stop Bank runs Etc but I think a lot of it was malice and so anyway they set this whole thing up and they immediately violated the charter immediately they were supposed to only land in extreme circumstances against good collateral at high rates for short periods of time and pay it back that's not what happened World War one broke out we needed a lot of money they printed it you know they and and so that was just the beginning you know and and and and then you know you think that was bad then they went up and they had a depression in 1920. they printed some more and then and then they really printed in the 20s and created the largest bubble ever known in the history of mankind which burst in 29 and created enormous pain for millions of people including my grandparents who I heard about it from and you know in the form of the Great Depression as a result of you know as we know Austrian economics and Bubbles that burst so you know the notion that a central bank should be in control of the money supply I mean it goes back to you know um you know the Rothschild fell who stated you know give me control of money and I care not who makes the laws right I mean it really it really is that and and so the people who are at the money spigot and can control it and I mean if you know when things are going to be inflationary and you know when things are going to be deflationary you can become filthy rich because you basically are controlling the market and you can front run the market and that's what hap that's what's happened I mean it's it's amazing to me how much these Fiat cotillionaires have benefited I mean I've got people I want to Harvard Business School with who you know basically were at the bottom of my class not particularly bright guys but got into the right place at the right time and they're worth hundreds of millions of dollars today and and it's because they were in a system where their particular business really you know benefit mostly private Equity their particular business really benefited from free money you know they were able to borrow at extremely low rates lend it out at extremely high rates or or invest it at high rates of return so the cost of capital was low the returns were High I mean you know look you give me money at zero percent and you show me opportunities where I can make six eight ten percent and I can lever it up I'm going to get rich too it's not that hard I mean you know you can do it but especially if you know that when it goes tits up on you when the trade goes bad on you they're going to come bail you out right I mean look at Ken Griffin right he runs Citadel okay he should have been bankrupt he should have been banking he should have been bankrupt but but I've been told by a good source it could be wrong but it's a good source and as you know Ben Bernanke is on his Board of advisors Ben Bernanke is paid 20 million dollars a year by by civil that's what I've been told I don't know if it's true it's a rumor but it would make sense because when the things flipped in March of 2020 he was just GameStop uh no I mean he may have been involved there too I don't know his role there was another firm that were backed up after GameStop because they were possibly yeah I'm not as familiar with that one but but but but going back to the you know the the when the you know when when we went into a crash in March of 2020 you know I there were swap lines given to these guys you know the risperity trade was protected you know very much like what happened over here when when all your you know LTI stuff blew up right yeah yeah or is this what happened with Silicon Valley Bank well that's a whole nother story I mean yeah to a degree that is what happened with Silicon Valley Bank I mean the the story there that I find most of me I find a couple things about that story amazing one in one day 42 billion dollars went out the door I know one day unreal I mean apis yeah right I mean we're talking point and click move money I mean you know uh think of how fast that is for that amount of money I mean if and when a monetary collapse come it could happen really really quickly that blew my mind second thing about that story that blew my mind is that black letter law from Dodd-Frank which was hammered out over a couple of years with a lot of involvement by all kinds of senators was we are not going to bail out the banks anymore you know the depositors are going to have to take the hit that's a fact and that was the black letter law of Dodd-Frank okay and they just violated it you know in the space of you know Silicon Valley Bank gets upside down there are a bunch of wealthy people have their money in Silicon Valley Bank you know Bill ackman's crying like a baby on Twitter you know he's I mean he's just disgusting and um you know a lot of people are lobbying in Washington DC there's a fear of Bank runs there's a fear of bank failure you know we're going to change black letter nope we're not we're going to make the depositors whole we're just gonna step in even on the day it happened and this is in my quarterly letter which will be out next week on the day it happened Janet Yellen was on CBS Face the Nation and said no no we're not going to bail out the bank because Don Franks prevents that blah blah blah blah we're not going to do a bailout okay fine that's what she said that evening the same six hours later that evening they bailed out the bank you know they came in with a you know the btfp program which we all you know um jokingly called buy the [ __ ] paper yeah by the [ __ ] paper program and they um and they um you know they build out the bank and they said it wasn't a bailout but of course it was a bill it was a bailout yeah right because these Banks would have failed they all would have failed it would have been contagion yeah and by the way I mean to me that's just the first crack in the day but hold on yeah so do you think they bailed out the banks because they were bailing out their buddies who do you think they bailed out the banks because of the fear of contagion because it's too it's definitely different scenario yeah you're right um I think everyone had different motivations I think I think well some of both and probably greater fear of contagion yeah that they you know that they stand ready to backstop the system and they know that you know this I mean and this is this is what happens when you build an unfragile a fragile system on an unsound premise I mean the premise that Kane started off with is fundamentally unsound you know growth is good unlimited growth in a finite resources Planet I mean it just doesn't [ __ ] make sense it does not work I mean if we if we grow on in an unlimited sense with limited resource it's not going to work so an economy the right way to run an economy should be based entirely upon efficiency it's all about how can we get more for Less input that's what it's all about right this is deflation this is this is Jeff yeah brilliant this is Jeff's brilliant thesis yeah right we need to live in a deflationary world therefore we need a currency which matches that world so we're trying to push an inflationary currency story based on Keynes wrong premises against a deflationary world that needs more efficiency not more growth and that's what that's what the Collision is right because it's such a huge flip for people oh yeah nobody knows it's not like saying we need to redraw um it's not like we say we need to um reduce interest rates by one percent it's not like we're saying we you know uh like we need to make these little tweaks it is a complete fundamental rethink understanding of the entire economy that's exactly right and that's why it's a fourth turning I mean it's it's like and and it's stunning to me that that this that this Mass delusion has gone on for so long but yeah I mean I I almost I mean a perfect comparable to this is is you know is is the physics around the planets and the Earth you know and revolving around the Sun I mean everyone believed you know until Leo came along yeah you know the planets in the sun had a certain relationship to one and they were just fundamentally wrong and and that's it's the same kind of a paradigm shift I mean people are just fundamentally wrong they've been trained to think in a way that doesn't make any sense and and and they also have recency bias because I mean you know I've got this in my letter as well I'm a herbstein who was an economist in the Mexican economy in the Nixon administration had a great line he said he couldn't what he called Stein's law if something cannot go on forever it will end it's pretty simple right but but this is this delusion has gone on for quite a period of time yeah for quite a bit and and I know a lot of people on Twitter and otherwise who tell me it's going to go on for another 20 or 30 years but I would submit to you that the mathematics prevent that and that's where Foss has it right okay just simple math it can't it can't because we're the the lines are they're going parabolic straight up but right but a soft default allows them to restart the potty well possibly correct that is correct I mean there are there are lots of ways that that they could maybe extend their time and extend the system at a at a at a macro level but that would take a very severe you know default um or a reset of the monetary system because the math right now is bearing down on them you know we've all seen the chart of U.S federal I mean we all know what that Doom Loop is we all know how that's worked out James lavish has done a great job of laying that out right and as a result of that I mean they're just they're trapped I mean they they just they have to continue printing money which will drive more inflation which will drive interest trades higher which will then drive the federal deficit higher and you know for the first time in my lifetime the United States government is starting to look like a third world country I mean we're basically going to have to print the money to cover our interest costs and to cover our debt repayment and to cover other countries around the world well and that too not to mention that I mean that's the other thing that's stunning to me is just how much behind the door money goes out there I mean um you know there's a great site called Wall Street and parade Pam Martins runs it where she they've they've done a lot of forensic work into how much money we throw into the system they throw into the system to keep it going it's mind-boggling it's absolutely and Preston talks about this as well I mean you know the FED balance sheet went from 800 to a three and then it went from three to eight almost nine eight nine that's coming back down to touch you know the next time it's going to go from 8 to 15 you know and then it's going to go from 15 to 50. and and one of these could be the big one I mean I I don't know which one will be I I tend to think I mean of course and I've been wrong about this okay but I thought it was all over in 2008 I thought that was right that was the blob and they restarted it at The Sovereign and the currency level but there's no higher level than the currency level and so if you if you go to your Austrian textbooks you know you realize that I mean there's no way out either either the currency is going to fail or we're going to have you know massive inflation which will ultimately kind of be a soft currency to failure and I think that's what you might have been alluding to yeah well I think it goes on for as long as they can get away with it with a docile public how long they can they can get away with it if you look at something like Lebanon they got away with it until there was people burning down the banks down the banks smashing the bank Windows because they couldn't get to their money I think in the US yeah this inflation's crap but they're getting away with it yes I think if you suddenly have people not able to get their money from the bank or people start to experience 100 inflation and you start to see people Revolution on the streets that's when they can't get away with it for any much I think that's right and I think what that naturally leads into and probably where you were going is what's their plan and we know their plan because they've kind of they've headlighted it right they're going to go they're going to go cbdc's and the way they're going to get us to accept that is they're going to go Universal basic income and so no Bitcoin or no no you know true bitcoiner is going to want to hold any cbdc and I mean it's it's just digital Fiat right but um but if you're starving and you've got no other choice and they're willing to give you some Ubi and you got to take it in cbdc form well guess what you probably will do it because it you know you want to feed your family so um yeah I mean it's it's pretty clear that's kind of what they're aiming for next and and you know the timing and actions around that it's hard to tell um you know the other threat that I see that that concerns me greatly we haven't seen this narrative a lot I've seen a little of it is that eventually it's probably going to develop a narrative around the lines of you know you gold and Bitcoin people or messing up our legitimate currency system of course and you're and you're evil and therefore you know just as in World War II you needed to buy government bonds to support the war effort you know um boy if you're if you're you know playing in gold and playing in Bitcoin you're being anti-American in fact you're being so anti-American that we're going to tax the living [ __ ] out of you right or or we're going to do choke point and guess what you're not gonna have any way to get your money into and out of that [ __ ] um and so you know we're seeing all this right I mean we're gonna have the New York Times right completely you know fictional articles you know about the impact of the mining operations and so you know we can see where they're going with this right and it's not good um having said all of that you know we huddle on and you know they can they can say they're going to tax me but when they don't know what I have and two with 12 words I can live somewhere else yeah but I'm starting to I think a lot more there about how do you fight back against this and for me it's just about education and communication well that's right and so I'm walking a fine line between education and sounding like a conspiracy therapist I've talked about the size always on my mind you know if you try and explain this to them you say yeah look the government needs to wipe away the debt because there's going to be massive inflation but they want you to steal docile so they're gonna offer you Universal basic income but they're going to do this through a central bank digital currency which they can use for Mass surveillance and stop you from spending like you sound like a Nutter well yeah I mean you're coming from Normie land yeah okay I mean you're coming from Paul Krugman I mean Paul Krugman you know said had tweeted this morning something about how you know monetary conspiracy theories I mean yeah look we all sound like Nutters but the fact of the matter is we're right yeah so I mean these conspiracy theories have become conspiracy facts you know and let's talk about development I think it's extremely interesting I'm very excited about it I don't I haven't done all the work so I can't you know endorse him fully but I don't know if anyone's paid attention the fact that Robert Kennedy Jr have you followed what he's been saying yeah I mean one he's going to run for president I haven't followed any of this well you'll find this interesting I'll just give you the highlights he's come out and said basically the CIA killed his uncle okay okay so he's he's called [ __ ] on the Warren Commission story on on the JFK assassination he's hinted that he thinks they were involved in killing his his father as well and they were from what I've read um he's come out and he said that you know the the cotillionaires have basically printed all this money and made themselves rich and they're trying to block the exits basically Bitcoin being the best exit with operation choke point okay and then there was one other point he had made I'm trying to recall what it was but those were those were the major ones um that he is he already in Congress no no he's a private individual who lives in Los Angeles but he is um next week actually he's going to declare uh his his bid for the presidency as a Democratic candidate so he's going to be viable oh yeah I mean this guy gets it okay oh the other thing he's the other one that he's been very surprised he thinks covet was [ __ ] and he thinks the van the uh the vaccine mandates were [ __ ] um so here we have a real Brave freedom fighting you know guy who kind of gets our point of view who has a real National name and platform and some money I mean this is like whoa but he's also saying things that will bring a Republicans across he's appealing to Republicans I used to be a republican I'm a nothing now because I hate all these parties but but the point is this this is a message that would would attract all disaffected you know quote-unquote conspiracy theory types um because yeah I found him he's a Bitcoin you've seen you mentioned Bitcoin oh yeah this is like a complete other rabbit hole but I'm just too curious so what's the theory about why the CIA killed his uncle yeah okay oh so because I mean I know the story but I don't know very detailed this is this is um this is accepted fact to those of us who have a brain and can do the analysis um I I encourage you to read a book um by Douglas called JFK and the unthinkable okay um it's probably the best introduction to the uh the murder of JFK um the theory in brief the theory is that because JFK was trying to end the Vietnam War because he had said he wanted to break the CIA into a thousand pieces for setting him up with the Bay of Pigs because he was having an affair with a Russian agent because he had back channeled the Khrushchev um during the Cuban Missile Crisis in the sea I didn't like that the the CIA and John Johnson came to the conclusion that he was a threat to U.S national security and they murdered him using a combination of perhaps the mob um you know you know individual contractors and CIA agents and that that Oswald truly was a patsy he was a CIA guy and was set up in the whole thing so um and to me there's this is indisputable I mean I you know I'm an analyst I read things um this is this is indisputable fact that our government murdered our president and that that was the beginning of the downfall the United States in in post-world War II and his father as well um yeah and his father as well that one's a little more complex he's the one who died in the plane crash no sir hanser had um shot him at a hotel in Los Angeles um but that one's a little more controversial because Sirhan Sirhan was um was brainwashed into doing it and I actually don't think he delivered the the kill shot I think the girl in the polka dot dress delivered the kill shot is this the guy that can't remember doing it yeah yeah have you heard that story yeah and and get the Robert Kennedy Jr sir answer him came up for parole okay and Robert Kennedy Jr supported it said we should let this guy out wow right and and Gavin Newsom said no no we're throwing him back in jail saw it into Gavin Newsom the other day I do not trust that guy oh he's a bad guy yeah he's a very bad guy yeah but I mean what would you expect right I mean there are lots of bad guys out there do you do you think he beats Gavin Newsom oh well I'm not yeah in the in the primary I don't know I don't honestly know I mean I you know there's one of the Wags on Twitter said you know I hope he stays away from Dealey Plaza right I mean I mean this is an incredibly Brave move on the part of this guy it really is because he's he'll have a big Target [ __ ] yeah yeah this is an incredibly Brave move but a lot of tragedy that has befallen that family oh yeah absolutely yeah absolutely and and look they're not clean as the driven snow I mean you know the father was a bootlegger and stock manipulator and you know a lot of other things I mean um but have you found anything about him in Bitcoin yeah he posted this I'll put it up here and make it a bit bigger so this is on his Twitter yeah if you zoom in okay the claim now that fednow is not the first step towards the cbdc would be more easily digestible were we not aware of the Biden Administration steady barrage of hostile broadsides against cryptocurrencies between I love this next one between 2008 and 22 the FED partnered with a handful of big Banks to print 10 trillion dollars 10 centuries of wealth in 15 years a bonanza for the bankers banksters oh for the banksters yeah cryptocurrencies like Bitcoin give the public an escape route from the splatter Zone when this bubble invariably bursts so the White House is colluding with the banksters to keep us trapped in the bubble of profiteering and control in his Feb 8 post on the pirate wires Nick can't [ __ ] Technic Carter go on Nick describes how the White House has organized banksters to participate in sophisticated widespread Crackdown to destroy the crypto industry Carter describes 15 incidents where the Biden Administration weaponized the FDIC OCC and doj to force crypto friendly Banks to close their doors to crypto firms since December 3rd the recent Crackdown on crypto blocks exit Rams removes alternative rails and strengthens the government's control over both the financial and political systems we should be wary since cbdcs are the ultimate mechanism for social surveillance and control as balaji's River Nation says the distinction between the FED now and the seaweed this is important from a technical standpoint but not from a civil liberties left hand point but largely Compares fed now to a virus that evolved to evade recognition by changing its sequence without relying on changing his function [ __ ] me right that's a presidential candidate is this guy one of us or why only they're gonna [ __ ] get right they're gonna kill me well right but but here's my point I want to do a little more work on it I'm not yeah you know I've been so disappointed by so many politicians I'm not 100 ready to say it but I think there's a chance I'm gonna really and and all bitcoiners should really get behind this we should try to infy this guy we should we should definitely try my guess is he'd take it yeah my guess is he would definitely take where is he Los Angeles yeah no doubt yeah yes you should reach out to us absolutely he would know him absolutely there's got to be a way we'll find a connection yeah I I I can think of two we can figure out a way Nick cars is probably talking to me probably yeah I wonder if he follows Nick we gotta make him laugh I'll go to anything I'm telling you immediately Peter if you get an interview with this guy yeah what a [ __ ] home run seriously um he's also quoted this guy named um Chris Chris Hedges who I went to college with who was a very um he's one of us he's not a bitcoiner per se but he's he understands how broken everything is yeah and he quotes Hedges a lot I mean he the thing I love about him is he understands how broken this country is what pisses me off is you talked earlier about the forefathers you know let's forget their transgressions from now yeah they still fundamentally wanted to build a Republic that was fair and couldn't be corrupted the written documents at the founding of this country they're [ __ ] stunning yeah right yet right now within Congress how many people within that group do you say you're a credible person uh yeah I like Cynthia Lamas yeah I think she's great and there's a few others I like but how many of them do you think actually right now say hold on what we're doing is wrong here this is terrible we're elected by the people for the people you know but how many of them actually give a [ __ ] like he clearly does very few yeah very few and that's terrifying absolutely but it's it you know show me the incentives I'll show you the outcome right I mean sorry did you find anything with him talking about presidential or anyone writing about him making a presidential bid I mean he's wearing a good t-shirt go to Wikipedia Google them in Wikipedia I think I think this is probably enough what's that Kennedy for president yeah I mean that's a bit of a giveaway yeah no no he's doing it there's no doubt about that he's announcing in April in Boston wow yeah but Google him in Wikipedia and look at the description right so so we know how they're going to counter this Peter okay I mean I think the first line is you know he's a well-known conspiracy theorist yeah of course right um and um right uh Robert Francis Kennedy Jr is an American Environmental Lawyer and author known for promoting anti-vaccine propaganda and conspiracy theories right when did they change that I don't know I don't I'm not sure where you see that actually sorry I don't know yeah I think there's a history is it towards the bottom you can see a history of a page um yeah I'm not sure yeah I mean you can definitely find it they're gonna paint they're going to paint him as being a whack job yeah I mean that's you know or as you would say another yeah but they're going to struggle to get away with it because of the name and who he is what that but also or everything that's come out so regarding vaccines is it a conspiracy if you're right you know I mean it's um the the CIA coined that term conspiracy theory as a way of trying to degrade anybody who didn't believe in the in the narrative on JFK wow that's fascinating isn't it I mean we don't have anyone like that here in the UK at all yeah we have we have a very weak political class at the moment at least within the us whether I grew it or not is a strong one when I saw this I I you know again I saw Bitcoin boy there's real hope I saw this I thought you know because I had a sense that if we all kind of said this message I mean look he was quoting Nick Carter yeah yeah I mean I had a sense if we spread this message and spread it wide and kept trying to spread it that eventually the politicians somebody would hear it and I saw this and I was like holy [ __ ] you know here's a name brand guy who's listening right right this is a [ __ ] Kennedy yeah I mean it's just like it's just like trying to comprehend it's like you you need you always need a hero in these situations well that's right right yeah I mean it's and and you know he's not Batman it's going to take leadership right it's going to take leadership now you know he's got to stay out of Dealey Plaza right they're going to go after him hard oh yeah oh yeah just like they went after Ron Paul I mean Ron Paul was a lighter version of this but he had it right yeah and I mean I'll never forget Ron you know and Rudy Giuliani up on stage just totally trying to hammer Ron Paul in a debate I mean he treated him so poorly it was just it was unbelievable how disrespectful they were and yet Ron was right so how do you think this is all going to play out and and I'll add a question to that so you can have the context rep most people listening we're going to be like okay I get it what the [ __ ] do I do like what the [ __ ] do I do that's most people are thinking what the [ __ ] like how are you preparing yeah so so this is an easy one I mean I I think you know any individual you look at the world you look at how broken it is and you say yourself why do I care you know what what can I do how can I make a difference and I think we all make a difference right I really do believe that um it's kind of our god-given right and that's we're all here for some reason and so my my belief is probably the number one job is spreading the word um you know that that it's important to to tell family to tell friends to you know buy safe's book and give it away to you know to educate to educate because what's going to change the world is a quorum of people understanding that it's broken and demanding the change that's what's always done it in the past and you know the American Revolution is a good example I mean there were a lot of people who were loyalists but there was a small group who were really pissed off and ready to fight about it and that's and that's us right so I think I think education and spreading the word is job number one that's why I do this that's why I travel that's why you know I volunteer for all this stuff because I want to spread the word you know I I don't need the money of Bitcoin going up I'm I'm fine right and and by the way it's working I mean I'm sitting in Zurich you know at this show and I walk out into the lobby and some guy about my age walks up and goes are you Lawrence yeah who is I've seen you on Twitter oh my God man it's so nice to meet you I'm like well okay you know give me your background so I'm a captain for United Airlines I flew the 767 from Chicago last night right you know I'm just not I'm just on a layover but you know me and all my buddies we're all bitcoiners we're all sound money people we watch you guys on Twitter blah blah blah right and I'm like holy [ __ ] here's an airline Captain who [ __ ] gets it right and and so you know it so it's it's making a difference right and and then the the alternative that is how you prepare is you know you get your life in order right I mean and and and you work as Jeff says I love Jeff I think his his message is so beautiful you work to make the world a better place you work on what you can work on to make the world a better place in terms of spreading the word on bitcoin building Bitcoin related things whatever your role is you try to Advocate you look at this thing and you say this is better than what we've got and I'm an optimistic person and I want to see a better world I don't want to focus on that old broken World Acceptance as far as I'm going to punch him in the face which you know I do and and I want to see a better world and that's where I'm going to go and I'm going to try and spread the word on that obviously personally at a at a micro level you know I think everybody needs to own some Bitcoin I mean the only wrong allocation is zero and people you know even old people need to have one to five percent of their assets in Bitcoin you know they can afford to lose one to five percent of their assets right and um you know and and so everybody chooses their level based upon the risk tolerance that they have you know and you gotta you gotta recommend you gotta recognize it if you have five percent it goes down 50 that's not great but it will come back because it's a system that's built to endure so um obviously I advocate for gold too but you know it's and I and I advocate for kind of preparedness because I think you know we will be going through some societal tumult I mean if you read the history of general fourth turnings I mean there you know some bad [ __ ] could happen right there's a guy's just written a book that's just come out that I think he says but we're in a fourth turning I saw that yeah yeah so so Neil Howe how on Strauss wrote it Strauss passed away how is still around he's a consultant um he's writing a follow-up to the book and it's supposed to come out this summer yeah that that I think the new title is like this is the fourth turning yeah and and I'm hoping he has some predictions about kind of where it goes I mean the difficult part of fourth turnings is they're very unpredictable you just don't know you know is China going to attack Taiwan you know are we going to get into a shooting more you know there there's so many you know kind of gotchas and black swans we don't know how it's going to unfold but I I think the issue of this fourth turning is keynesianism and sound money yeah at its at its base at its core level I mean I find it it amazing to me that people in Washington fight over you know pronouns and vaccines and I mean all the other crazy [ __ ] they fight over and they're just missing they're very obvious obvious problem which is the money problem yeah but isn't it because it broke the money it's a distraction from that problem in which they're the beneficiaries that's correct that's correct I mean to to address that problem would address their you know they benefit from the problem yeah look over here right yeah exactly look at these guys let's come over here and why don't you and he fight yeah and I'm gonna steal your [ __ ] money meanwhile I'm gonna steal your [ __ ] money and I mean the one that really blows my mind recently it's really got to be in my Bonnet because she's my senator from Massachusetts is Warren I mean Elizabeth Warren has a 60 million dollar net worth how the [ __ ] did that happen really and also like historically she was great I mean the way she grilled mnuchin yeah was brilliant the way she she actually was anti-bank for a while yeah yeah and now she's one of them yeah she's flipped yeah and I don't get it I don't either I mean I don't get it it's like I liked her I used to like her yeah I mean you know there are some there's some liberal that actually have part of the piece right I mean you look at a guy like Bernie Sanders who's a socialist and arguably a communist but he does understand how broken it is you know what I mean and actually he's a guy who I think is less bought than some of the others but you know to me there's there's common in fact I was talking to a guy last night at your event there's common cause between some liberals and and bitcoiners I mean it's not as though all conservative people are bitcoiners I mean it's you know the the world is broken at many many levels and I believe that sound money is the solution well I think we we have this growing base of uh uh liberal Bitcoin is coming in right you know and uh we had a great conversation yesterday with Bradley retler he said like there was a period of time if you're a liberal in Bitcoin you thought you were the first and then when Trey Walsh came along he knew he wasn't the first right but there's a number of them and you know this they've got their own telegram groups and their Twitter groups and you know they might have their conferences soon and what it is is that they recognize something's broken but they also recognize the lie that's being told to the poorest in society yes that the Liberals tend to talk about that they care about most you know the wealth Gap is unfair we should have free education free wealth fair but they now because they understand the money they understand look I want to live in a progressive accepting tolerance Society but the money part we have [ __ ] that bit up they get that now and so that's great because what we now is a have an army of people who can actually talk to the people who they align with yes you know you don't want a guy and a cowboy hat from Texas an oil man yeah he's not going to sell the liberal from San Francisco liberal from San Francisco can sell a liberal foreign yeah I mean I you know I can actually take a gold guy because I am a gold guy an orange Pelham more easily than you know than Michael Saylor who calls gold the enemy yeah yeah well Michael Sada has his own incentives fair enough and and I think he's backed off that a little bit and I you know he's brilliant I love him so yeah he's done a lot for the cause um but and and ultimately there and there can only be one there's no doubt but you know in the interim I think the big enemy is the Fiat Masters you know and and that's that's really what's broken society and I want to see Society get fixed I mean I I want this country to be like it was when I was growing up I mean it wasn't perfect we were fighting the Vietnam War but it was a lot better country than it is today I mean the you know the chairman of the Ford lived down the street from us and you know he made six times with the guy on the line mates you know the chairman of Ford today makes 20 million bucks a year you know um I mean there was there was some sense of equality and fairness throughout the you know the income Spectrum right yeah um well listen I don't want to take up all your time because I've got some questions for you tonight oh okay yeah we want to save a little bit for tonight we also want to record a little bit separate default we're going to do uh we got a question view from Jeff but that's we're gonna do that for our patreon okay I want to say thank you firstly all the way to Beth of here for doing this oh it's an honor I told you I delighted to come I love tomorrow it was really nice that you invited me I'm really looking forward to it I think what you've done on this team is so so exciting it's great stuff will you wait you wait till tomorrow it's going to be wild uh it's gonna be such a great experience but I do want to thank you we've got a big night tonight and uh yeah hopefully we'll get you back here next year and hopefully we won another League thing is cool we'll also be down in Miami so I'll see you down there he will definitely see you there thank you thanks a lot foreign thank you

Channel: What Bitcoin Did

Views: 32,046

Keywords: Bitcoin

Id: jWGe_Bin6V4

Length: 56min 34sec (3394 seconds)

Published: Thu May 04 2023