Fed Is Quietly Checking Biggest Banks' Exposure To $1.3T Private Credit

WEBVTT
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Oh, Bidoo Bidookech, Bidooke, Bucke, Bucke Buckech, but
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Bitcoin dropped 82 below 83 ,000 today, breaking
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down in a major move as an spike
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and climbing yields followed a fresh tanker attacks
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in the Strait of Hormuz. Hundreds of millions
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and leverage longs gone, brutally wiped out. Another
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reminder, kids, don't play with leverage. However, that's
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not the only thing happening right now because
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quietly, the New York Fed just sent examiners
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inside JPMorgan, Wells Fargo, Barclays, and Morgan Stanley.
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Not a routine checkup. They're asking how exposed
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these banks are to the $1 .3 trillion
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private credit market that's been building for years
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and showing signs of stress. The Fed doesn't
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just walk into the four biggest banks because
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things are fine. And once again, Bessent is
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back on the Treasury. dance floor like a
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drunk who doesn't know when to quit, with
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another big buyback plan for tomorrow. 30 -year
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yields are at levels not seen in decades,
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and he's out there trying to save the
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party. We've also got chaos in France with
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government getting ready to bypass his own parliament.
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Dutch intelligence warns of someone holding the blueprints
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to the firewalls guarding half the world, and
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there's some very interesting polling data coming out
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of the boomer generation, but not the ones
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that watch this live stream. We love you
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guys. It's the rest of them that are
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the issue. The gang's all here, or mostly.
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So smash that like button, start throwing chairs
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in the chat. I am Nathan with the
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BTC sessions, and this is Bitcast. The issue
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is not red or blue. The issue is
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between the state and you. It can be
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a little bit of a warning sign. It
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gives you a tool to empower. That sounds
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like a utopia, my friend. It is. It's
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exactly a utopia. With Bitcoin, no one can
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take it from you. Walker, Joey. Wonderful to
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have you back on the stream. As always,
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let's get right. into it. So, Bitcoin has
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crashed down to 83 ,321. I am not
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worried, but again, it seems like everybody else
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is panicking a little bit. It's a nice
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little pullback here. And realistically, like, I had
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a conversation with someone that's going to come
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out tomorrow. And unless it's dropping below 80,
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this just seems range -bound to me. But
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let's take a look at why and what
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maybe is going on right now. So we've
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got Bitcoin buyers load up at 81 to
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82 ,000. Sell side above 83 -300 is
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virtually empty. Bears seem to be losing confidence
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already from Bitcoin Archive. And furthermore, looking at
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it, Bitcoin crashed 2100 in 12 hours, 150
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million leveraged longs liquidated. I've seen up to,
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I think, 400 million per possibly wiped out.
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The Bitcoin fell nearly 2 ,020 minutes, is
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400 million worth of leveraged lungs liquidated in
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under one hour. And realistically, it's the whole
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kind of global risk -off force happening right
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now. Golden Silver shed 900 billion in value,
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and the U .S. 20 -year yield jumped
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to a 24 -year high. So even just
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starting there, Joey, what's your takes on our
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little dip, a little bit of risk off
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happening today. Why are people still going leverage
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long on this thing? I have no idea.
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Have you not learned anything? Like, every time
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we do, listen, I'm not saying you shouldn't
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tune in. You should tune in, obviously, because
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we always have something fun to say and
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we like to talk to you guys. But
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every time we do these. Yeah, don't fucking
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turn it off. Every time we talk about
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the price dipping, there's always every single time,
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a panel about what? Leverage longs. Hundreds of
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millions of dollars of leverage longs. Every single
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time we hit a drip, dip like that.
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I didn't see that in your opening there,
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but you kind of danced around it. I
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think there was like a significant move last
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night at some point, like 9 or 10
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o 'clock or something like that. I think
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it was like a tooth at 2000 and
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like 15 minutes or 20 minutes or something.
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Like that, that kind of cascade is that
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is violence. And when you when you look
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at the levered longs, the other thing too
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is like, okay, so a couple things. Number
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one, you can't go levered long. It's right
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here on the left. You can see we
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got that cliff that that cascading levered long
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just huge. Just done. Huge. And so like
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you have these exchanges where you can go,
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I think 10x, 100x, whatever, long or short.
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And there's only like two or three places
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to go to do that these days, at
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least if you're in North America. Like you've
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got to basically cheat with a VPN, fake
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an ID somehow, do a couple of CAPTCs,
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and only once you send in your USDT,
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can you actually like participate in a market
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that lets you do that? So these guys
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that are doing this, this is not like
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somebody who's, sports gambling necessarily this is another
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level of degeneracy it's one thing to it's
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one thing to take like the bejean robinson
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over two and a half touchdowns you know
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on the the monday night game and hope
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for the best it's another thing entirely to
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go through an entire like suite of software
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and tools on your desktop computer to go
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lose 50 000 on levered longs get an
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email from bitfinex or bitmax or whoever binax
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saying by the way uh you can't do
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this anymore and if you keep this up
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we're going to send ripped CZ to your
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front door. He's collecting the money from you
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personally. Okay, he's breaking your thumbs. I don't
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understand this. To me, I don't care. I'm
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with you on the $80 ,000 thing. I
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kind of had to look the chart this
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morning, uh, where I do all my best
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technical analysis while I was pinching a loaf.
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And that like 77, 883 -ish range, like
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we'll take that man. I'm happy to, I'm
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happy to see that. And I don't know
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if we needed the clarification that you were
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pinching a loaf while this happened. Isn't there
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some science? Isn't there some science behind like,
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the reason you're so, like such a clear
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thinker on the can in the shower is
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because it's just so autopilot that you can
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actually think clearly, like there's no distractions. We
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can talk about that another time. It's very
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possible. It's something of those places that I
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talk to myself in my head the most.
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like I get a lot of good work
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done in the shower. A lot of good
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work comes out of the shower these days.
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I cannot recommend enough not listening to any
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music or podcast in the shower. Story for
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another time, I suppose. But anyway, Walker, what
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do you, what do you make of all
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this? You know, I also don't think you
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should listen to music or a podcast in
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the shower. you should be talking with your
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grok bot that's exactly what i'm doing i'm
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giving you should be doing live in the
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fucking future grow up i just had to
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run out to get a few new propane
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tanks and some ice cold miller lattes not
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sponsored by miller light but maybe yet i
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won't even mention all the glyphosate that's in
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there guys we'll take your money anyway but
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we sure will we'll take a pallet beer
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as well but i was just out in
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the old cyber truck we call it clanky
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uh just you got to denigrate these these
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clankers a little little bit just by calling
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them clankers but they they got the grok
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bot integration live in there now too they've
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had grok in there by itself this is
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a digression nathan i'm sorry but you know
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there's only three of us we got some
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time to fill anyway it was out in
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the clanker and uh i was just thinking
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like man this is the future i got
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my fucking car driving itself my by the
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way my retro futuristic uh spaceship tank driving
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itself uh and and and meanwhile i'm i'm
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controlling in a bot army with my voice
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telling it to do shit it's like you
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gotta be doing that in the shower too
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you got to be you got to be
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talking to your bots all the time keep
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them in line if you're not talking to
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your bots i think you i mean you're
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you're you're basically you know if i don't
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hit my weekly limit like if i don't
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get capped off and have to wait to
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monday to reset i feel like i left
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money on the table it's still like that
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fat kid instinct from going to an all
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you can eat buffet where i want to
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leave here where you don't want me to
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come back that's the end goal of this
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i'm trying to get kicked out of the
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of the of the old country buffet i
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don't know if they had that where you
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guys are it's a disgusting place we have
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like we have tuckers up here i don't
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know if you guys have that same same
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shit yeah what was the question so continue
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the price good or bad the price is
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fine we just had okay okay i do
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have a follow on the actual question sorry
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for the digression uh it's funny when we're
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at this place where it's like bitcoin crashed
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like 2100 dollars in a matter of 12
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hours it's like remember when the during the
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covid crash march 2020 it crashed to 3
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500 like now we talk about like oh
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the bitcoin price dipped the entire the entire
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value of the price a few years ago
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like it's interesting how our perspective change but
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also that that that just doesn't seem like
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that much like i see bitcoin uh i
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i i see bitcoin like sitting at you
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know whatever it is 80 83 84 right
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now and i'm like okay like cool my
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dca is still hitting uh i'm not really
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worried great my dca is getting supercharged by
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river not sponsored uh also but maybe river
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listening to this. But no. And I'm just
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like, this is not word. To Joey's point,
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man, I don't even know how to take
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out a levered long. I don't care to
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know how to take out a levered long.
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I'm way too lazy to get wrecked by
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thinking I am going to somehow beat the
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market at this. I'm way too lazy for
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that. I'm too busy talking to clankers and
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hanging out with my family and talking to
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clankers while hanging out with my family. Because
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a family that clanks together stays together, I
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always say. Anyway, Nathan, over to you. Let's
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check out the rest of the market, see
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what else is going on here. it wasn't
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just Bitcoin. We have WTI Cruz sitting at
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8893. This is not. I cannot believe this
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price. This is crazy to me with all
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the other shit going on. This thing just
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can't break 90. This something's going on here.
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It's not going to happen. I think to
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Duneberg's point, like the more and more we
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having, I saw another refinery blow up, but
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I swear to God, like my algorithm is
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just feeding me information to prove that Duneberg
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was right, because I keep seeing all these
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refineries blowing up. And I don't think that
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they're necessarily attacks. I think he's right in
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that they're running them at basically 100 %
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capacity and they're not doing proper maintenance or
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shutdowns. And you're going to have incidents, since
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you're going to have issues. So I would
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expect that oil is going to actually continue
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to come down because there's no one to
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take the toxic black sludge and actually process
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it. That's an input that only refineries are
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really buying. If there's less refineries online, they
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don't need that supply coming through. I think
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we saw Brent Crude dip below 100 today
256
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as well, too. It's back under $100. Looking
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at the bond yields right now, we've got
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the U .S. 10 years sitting at 5
259
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.286 was backed off a little bit from
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that 5 .3. But the U .S. 30
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year just looks like hot garbage. Like it's
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still, it's down a little bit on the
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day. We're up as high as 5 .73
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run. Like, this thing's going just straight 4,
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6 % as far as I can tell.
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It feels like a magnet. And I wonder,
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like, the implications on the U .S. real
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estate market, I've seen tons of stats regarding
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that, that things like housing sales in the
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U .S. are slowing down, as you would
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expect, because the cost of pulling the cost
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of the mortgage going forward is too much
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to carry. And realistically, it's all completely debt
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finance. But getting to that other store we
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had off the top of the show, the
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Federal Reserve Bank of New York has been
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visiting big banks to review their loans to
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private credit firms. with the Fed officials going
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into JP Morgan, Wells Fargo, Barclays, and Morgan
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Stanley, with questions about exposure, risk management, and
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collateral quality. Furthermore, I've got the Fed is
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now getting seriously worried about the private credit
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markets. The New York Fed has reportedly gone
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into those named banks and the, uh, which
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do, the, to do, do, do that cloud
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of the loans, and AI is becoming a
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major part of the problem. Private credit is
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increasingly financing the enormous AI infrastructure buildout, while
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AI disruptions is simultaneously hurting software companies that
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borrowed heavily from the same private credit markets.
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At the same time, AI infrastructure requires enormous
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upfront borrowing, while many projects will take years
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to become operational and generate enough cash to
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service that debt. And this is something I
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remember having a conversation with Luke Gromon about
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that he was talking that there is so
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many of these like pension funds and insurance
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companies and banks have all this private credit
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that they went out on the risk curve
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with that they had to actually like not
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market to market but actually had to like
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go ahead and sell it. It's not where
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they valued it on their books. They've definitely
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played with the numbers. to keep that higher
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or they purchased it and they don't want
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to actually realize the loss of trying to
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sell it and that's his explanation also for
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why there's been low demand on the treasuries
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why are yields going up they got a
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bunch of bad private credit on the books
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that they can't get rid of to then
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go back into the treasury markets but lot
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of stuff there joey rum with it the
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counterpoint to that is that there was a
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10 -year auction today and it was a
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fucking smash it was like it was a
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big big buy primary dealers right so they
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you have these guys looking to buy that
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10 -year note which is probably the length
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and the duration closest to the AI build
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out and so that that doesn't really jive
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for me. And the other thing, too, that
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I would point to for the banks, where
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else are these guys going to give loans
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exactly? There's no housing. We just talked about
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that. There's no business formation. Everything is in
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this sector. So whether it's commodities or build
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out or hardware or software or hyperscalers, or
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neoscalers, where else are they going to put
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the money? They got to put it somewhere.
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Their job is to collect interest. And so
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they have to find a way to do
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that. And they do that by financing, projects
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unless the U .S. starts building a nationwide
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railroad or something, there's no other place to
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park $100 billion every year, right? So they
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got to find somewhere. This is the somewhere.
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I don't think that makes a lot of
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sense at all. And now, to defend defend
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Luke for a second, he didn't know the
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10 -year auction was going to be a
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hit today. Let me go through and read
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this one. I had to say it for
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a little bit later, but we'll pull it
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up. The U .S. 10 -year treasury auction
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draws strong demand. The Treasury sold $39 billion
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of nine -year 10 -month notes at 5.
348
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high yields with a 2 .7 bid to
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cover ratio. And the most interesting part here,
350
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while primary dealers who have to pick it
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up were left with just 2 .54%. That
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was way better. That actually surprised me to
353
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see that today, which almost tells you that
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maybe this is, we're hitting that price point
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on the credit, on the Treasury notes, where
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there's actually demand for it. Hey, fun fact,
357
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did you guys know the United States has
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the most, most length, most miles of railroad
359
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in the world? I believe that. Like, by
360
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a long shot. somewhere is something about the
361
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Cornell 7 and okay sorry just continue there
362
00:13:25.840 --> 00:13:28.600
wasn't there wasn't but interestingly one of the
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lowest uh total rail uh like railroad distance
364
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numbers uh that total distance versus how much
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is used for passengers primarily freight so yeah
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you just learned something new today folks you're
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welcome it has nothing to do with this
368
00:13:43.360 --> 00:13:45.840
topic i'm gonna keep digressing so much the
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other thing you know what's fun too is
370
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highways are actually built uh to land planes
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more than they are for uh human transport,
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so pass. Well, the US interstate was all
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just a military expansion. Yeah, you want to
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know another fun fact? You want to know
375
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why railroad tracks are as wide as they
376
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are? Tell me. But Nathan knows. Just say
377
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it, I can tell you know. It's the
378
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width of a Roman chariot. Yes, it is.
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Wow, look at that. Very cool. Very cool.
380
00:14:10.080 --> 00:14:12.200
Yeah. That's why we, that's, I did you
381
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think about Rome today, gentlemen? If not, you're
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00:14:14.480 --> 00:14:16.020
welcome because you're thinking about it now. It's
383
00:14:16.020 --> 00:14:17.460
a weird digression, right? Like, we're out to
384
00:14:17.460 --> 00:14:19.040
explain, this is weird. I think explain to
385
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our kids what that little, like square icon
386
00:14:20.860 --> 00:14:22.860
for save is and what that little weird
387
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phone icon is actually they're going to look
388
00:14:25.540 --> 00:14:26.840
back and those like I have no idea
389
00:14:26.840 --> 00:14:28.180
why this is the phone symbol but apparently
390
00:14:28.180 --> 00:14:29.340
this but let me pull us back in
391
00:14:29.340 --> 00:14:30.220
here for a second and go I get
392
00:14:30.220 --> 00:14:31.460
a little bit more of your thoughts give
393
00:14:31.460 --> 00:14:32.840
it a try I don't see we go
394
00:14:32.840 --> 00:14:34.840
get right okay okay give so this is
395
00:14:34.840 --> 00:14:36.600
from back in September but we had breaking
396
00:14:36.600 --> 00:14:38.700
private credit private credit defaults have jumped 6
397
00:14:38.700 --> 00:14:40.400
.3 % over the last 12 months the
398
00:14:40.400 --> 00:14:42.660
highest level in history and a little more
399
00:14:42.660 --> 00:14:44.340
information if you guys remember we talked about
400
00:14:44.340 --> 00:14:45.500
it on the stream of leave as well
401
00:14:45.500 --> 00:14:47.740
we had US private credit defaults have reached
402
00:14:47.740 --> 00:14:49.960
multi -year highs there was Apollo uh black
403
00:14:49.960 --> 00:14:52.600
rock blue owl have imposed withdrawal limits and
404
00:14:52.600 --> 00:14:54.500
banks and banks have started cutting financing for
405
00:14:54.500 --> 00:14:57.440
service several private credit vehicles so this has
406
00:14:57.440 --> 00:14:58.460
been something we watched They gave them gate
407
00:14:58.460 --> 00:14:59.660
the funds this been a problem that's been
408
00:14:59.660 --> 00:15:01.540
brewing for a little while it seems that
409
00:15:01.540 --> 00:15:03.380
at least the the Fed has made it
410
00:15:03.380 --> 00:15:06.940
noteworthy they have to go and investigate Joey
411
00:15:06.940 --> 00:15:10.280
Well again like these guys their job is
412
00:15:10.280 --> 00:15:13.640
to issue debt. Okay, so the Federal Reserve
413
00:15:13.640 --> 00:15:17.000
it's it's pretty ironic that the Federal Reserve
414
00:15:17.000 --> 00:15:20.800
who is constantly pushing for economic expansion and
415
00:15:20.800 --> 00:15:24.200
economic growth via these tools for the private
416
00:15:24.200 --> 00:15:27.760
sector is now saying that they're going allegedly
417
00:15:27.760 --> 00:15:29.560
anyway going door to door, you know, I
418
00:15:29.560 --> 00:15:31.120
don't know who's going door to door exactly,
419
00:15:31.120 --> 00:15:32.720
but somebody with the Federal Reserve badge on
420
00:15:32.720 --> 00:15:33.960
their jacket is going door to door and
421
00:15:33.960 --> 00:15:36.300
saying, hey, just want to check on your
422
00:15:36.300 --> 00:15:38.000
book to see what kind of loans you
423
00:15:38.000 --> 00:15:39.820
have. Are they under distress? And if we
424
00:15:39.820 --> 00:15:41.460
mark them to market, what is that damage
425
00:15:41.460 --> 00:15:42.940
going to look like for the rest of
426
00:15:42.940 --> 00:15:44.520
your portfolio? Is there going to be cascading
427
00:15:44.520 --> 00:15:46.400
effects, blah, blah, blah. The short answer to
428
00:15:46.400 --> 00:15:48.700
all that is the worst possible outcome, obviously,
429
00:15:48.700 --> 00:15:51.460
because if there are private credit distress issues,
430
00:15:51.460 --> 00:15:52.860
then yeah, that's going to be a problem.
431
00:15:52.860 --> 00:15:54.000
about this in real estate. We've talked about
432
00:15:54.000 --> 00:15:55.200
it in chips. We've talked about it in
433
00:15:55.200 --> 00:15:56.980
data centers. And it's no different if you
434
00:15:56.980 --> 00:15:59.600
talk about any other stuff on these books.
435
00:15:59.600 --> 00:16:02.360
Now, the interesting thing is, like, the, the
436
00:16:02.360 --> 00:16:04.500
question that we have to answer, I think,
437
00:16:04.500 --> 00:16:06.740
as Bitcoiners and as like just retail investors,
438
00:16:06.740 --> 00:16:08.860
let's say, is how do you get a
439
00:16:08.860 --> 00:16:11.360
good look at this data and get ahead
440
00:16:11.360 --> 00:16:14.220
of where the puck is going, to quote
441
00:16:14.220 --> 00:16:17.160
our friend who's missing tonight? The short answer
442
00:16:17.160 --> 00:16:19.500
is you can't. It's very much opaque. You
443
00:16:19.500 --> 00:16:21.480
cannot get a look at these books. There's
444
00:16:21.480 --> 00:16:23.600
no way to know exactly. how the projects
445
00:16:23.600 --> 00:16:25.260
that they're financing are going. There's no way
446
00:16:25.260 --> 00:16:27.020
to know exactly how the buildouts for data
447
00:16:27.020 --> 00:16:29.620
centers or real estate or commercial or retail
448
00:16:29.620 --> 00:16:32.100
high density housing is going. There's no way
449
00:16:32.100 --> 00:16:33.800
to any of this stuff. But you can
450
00:16:33.800 --> 00:16:36.680
look at a few hints. And I'll give
451
00:16:36.680 --> 00:16:39.600
you a hint for the Canadian side. And
452
00:16:39.600 --> 00:16:40.480
I don't know Walker, if you have one
453
00:16:40.480 --> 00:16:42.760
for the American side, but if you do,
454
00:16:42.760 --> 00:16:44.200
great, if you don't. I bet you this
455
00:16:44.200 --> 00:16:45.880
is a one that will translate if you
456
00:16:45.880 --> 00:16:49.580
guys look it up. Canada, obviously, is an
457
00:16:49.580 --> 00:16:52.280
economy made up entirely of handouts and housing
458
00:16:52.280 --> 00:16:54.620
at this point. And while the handouts are
459
00:16:54.620 --> 00:16:58.340
going strong, the housing is not. There's a
460
00:16:58.340 --> 00:17:01.380
lot of stories about major metropolitan areas, specifically
461
00:17:01.380 --> 00:17:05.340
Vancouver and Toronto, going through ghost buildouts the
462
00:17:05.340 --> 00:17:07.640
same way China did years and years ago,
463
00:17:07.640 --> 00:17:08.840
where they put up all these high -density
464
00:17:08.840 --> 00:17:12.860
residences and nobody is buying them. Worse, the
465
00:17:12.860 --> 00:17:14.740
people who put down payments down are walking
466
00:17:14.740 --> 00:17:17.100
away from the down payment because they're underwater
467
00:17:17.100 --> 00:17:19.160
now, on the loan to value generally, given
468
00:17:19.160 --> 00:17:22.620
the cost of the units. Now, that's bad
469
00:17:22.620 --> 00:17:24.680
enough, but that would be one indicator of
470
00:17:24.680 --> 00:17:26.260
things are bad. I'm going to give you
471
00:17:26.260 --> 00:17:27.860
a better one, though. And it's that our
472
00:17:27.860 --> 00:17:30.860
government is talking about lifting the foreign buyer
473
00:17:30.860 --> 00:17:33.760
ban for real estate, which was only put
474
00:17:33.760 --> 00:17:35.280
in like a year and a half or
475
00:17:35.280 --> 00:17:37.220
two years ago. And by the way, barely
476
00:17:37.220 --> 00:17:40.480
functions for some of this stuff. They are
477
00:17:40.480 --> 00:17:42.580
looking for capital from all corners of the
478
00:17:42.580 --> 00:17:44.940
earth to bail out that sector. And if
479
00:17:44.940 --> 00:17:47.240
you look at who finances that sector, it
480
00:17:47.240 --> 00:17:51.740
is all private credit, it's banks, it's developers,
481
00:17:51.740 --> 00:17:54.280
and they're all using leverage from the presumed
482
00:17:54.280 --> 00:17:58.600
value of one, one erected building to build
483
00:17:58.600 --> 00:18:01.520
another building, to build another building, and if
484
00:18:01.520 --> 00:18:04.380
that first building, the first domino, if it
485
00:18:04.380 --> 00:18:06.700
falls, if it is marked to market, significantly
486
00:18:06.700 --> 00:18:09.240
lower than the original valuation, they're fucked. The
487
00:18:09.240 --> 00:18:11.220
whole thing collapses. And so now the government
488
00:18:11.220 --> 00:18:14.660
is saying, the government is buying units in
489
00:18:14.660 --> 00:18:16.800
Vancouver and Toronto, and now they are bringing
490
00:18:16.800 --> 00:18:18.980
in Chinese money. It is Chinese money, by
491
00:18:18.980 --> 00:18:21.160
the way, on the West. coast to try
492
00:18:21.160 --> 00:18:22.440
and to try and save this thing because
493
00:18:22.440 --> 00:18:24.520
let's face it dude, if this collapses, you're
494
00:18:24.520 --> 00:18:30.200
talking construction industry tanked, commodities industry tanked, significant
495
00:18:30.200 --> 00:18:32.980
demand decreases across the entire economy. And there's
496
00:18:32.980 --> 00:18:35.860
really no fix for that because short of
497
00:18:35.860 --> 00:18:39.420
continuing to pretend that this stuff is fixable
498
00:18:39.420 --> 00:18:42.420
with more immigration, you know, we've already proven
499
00:18:42.420 --> 00:18:44.400
that it's not fixable. We were unable to
500
00:18:44.400 --> 00:18:46.880
really raise our GDP in any meaningful way.
501
00:18:46.880 --> 00:18:49.040
We've obviously talked about GDP per capita in
502
00:18:49.040 --> 00:18:51.260
Canada a lot. States is probably the same
503
00:18:51.260 --> 00:18:53.080
way. I would guess that they're experiencing something
504
00:18:53.080 --> 00:18:55.440
similar. Maybe not to the same degree because
505
00:18:55.440 --> 00:18:57.560
the United States has a functioning economy at
506
00:18:57.560 --> 00:18:59.560
the end of the day. We do not.
507
00:18:59.560 --> 00:19:02.340
But this is an interesting window into private
508
00:19:02.340 --> 00:19:03.780
credit. So while it is true that the
509
00:19:03.780 --> 00:19:06.740
data, the granular data is opaque, the signals
510
00:19:06.740 --> 00:19:09.460
are fucking clear. It's like an airplane flying
511
00:19:09.460 --> 00:19:11.760
a fucking banner in the sky. You can
512
00:19:11.760 --> 00:19:14.360
see them everywhere. You just have to look.
513
00:19:14.360 --> 00:19:15.200
I just want to quickly add and then
514
00:19:15.200 --> 00:19:16.520
Walker get your take here. Pull this up
515
00:19:16.520 --> 00:19:18.200
from friend of the show Steve Suresky. Something
516
00:19:18.200 --> 00:19:20.640
about greedy developers hoarding units. A developer. agreed
517
00:19:20.640 --> 00:19:22.840
to sell 23 condos at a discount and
518
00:19:22.840 --> 00:19:25.340
the lender said no, they're not going to
519
00:19:25.340 --> 00:19:26.640
do it. And Walker, I don't know if
520
00:19:26.640 --> 00:19:28.000
it's the same case in the US, but
521
00:19:28.000 --> 00:19:30.240
in Canada, the sale of your primary residence
522
00:19:30.240 --> 00:19:32.480
isn't, there's no cap gains on that, right?
523
00:19:32.480 --> 00:19:36.420
Tax rate. And so, so Canadian consumption depends
524
00:19:36.420 --> 00:19:39.260
on Canadians rotating their primary residency every couple
525
00:19:39.260 --> 00:19:40.400
of years. Like, that's where a lot of
526
00:19:40.400 --> 00:19:42.240
their money is coming into play so they
527
00:19:42.240 --> 00:19:43.960
can actually have that lifestyle level up and
528
00:19:43.960 --> 00:19:45.580
what they're using, they're basically using it as
529
00:19:45.580 --> 00:19:49.040
an investment vehicle. Walker? Yeah, I mean, we,
530
00:19:49.040 --> 00:19:55.160
unless I'm, unless I am mistaken, we definitely
531
00:19:55.160 --> 00:19:57.340
have cap gains on sale of primary residents.
532
00:19:57.340 --> 00:19:59.480
I think there are some, there are some
533
00:19:59.480 --> 00:20:04.860
exemptions, like, if you're, I think, like, you
534
00:20:04.860 --> 00:20:06.740
can exclude up to a certain amount of
535
00:20:06.740 --> 00:20:08.340
cap gains, but there are cap gains on
536
00:20:08.340 --> 00:20:09.960
sales of primary residents. I think the exemptions
537
00:20:09.960 --> 00:20:14.740
are actually decently, decently big, but you have
538
00:20:14.740 --> 00:20:16.880
to have been owned the home for, like,
539
00:20:16.880 --> 00:20:18.800
a certain amount of years after the out
540
00:20:18.800 --> 00:20:20.380
of the past five years two or three
541
00:20:20.380 --> 00:20:22.800
or something and like you have to actually
542
00:20:22.800 --> 00:20:24.300
like prove that you lived in it for
543
00:20:24.300 --> 00:20:26.840
those years it's like a flipper tax basically
544
00:20:26.840 --> 00:20:29.440
right is that the that's yeah yeah and
545
00:20:29.440 --> 00:20:30.520
then you and then I think you can
546
00:20:30.520 --> 00:20:34.060
only use the exclusion like once ever like
547
00:20:34.060 --> 00:20:35.300
there's a certain like you can only use
548
00:20:35.300 --> 00:20:37.580
it so frequently like so you can't just
549
00:20:37.580 --> 00:20:38.800
do that one year and then do it
550
00:20:38.800 --> 00:20:39.860
the next year that like I think it's
551
00:20:39.860 --> 00:20:42.060
at least like under section 121 you can
552
00:20:42.060 --> 00:20:44.240
exclude up to 250 ,000 of gains on
553
00:20:44.240 --> 00:20:46.260
the sale of your main house 500 ,000
554
00:20:46.260 --> 00:20:48.660
if married lift jointly from federal income tax
555
00:20:48.660 --> 00:20:50.540
provided you meet the tests. That's kind of
556
00:20:50.540 --> 00:20:52.120
why I pulled up there. Yeah. So, I
557
00:20:52.120 --> 00:20:53.920
mean, I guess you do like the, you
558
00:20:53.920 --> 00:20:56.960
know, the average person can probably get that,
559
00:20:56.960 --> 00:20:58.740
that exclusion. I wanted to go back though
560
00:20:58.740 --> 00:21:01.120
to something like, as Joey was talking, I
561
00:21:01.120 --> 00:21:03.040
was just thinking like, you know, in terms
562
00:21:03.040 --> 00:21:04.820
of Canada, like propping up the housing market
563
00:21:04.820 --> 00:21:06.200
by buying this stuff. Like, this is all
564
00:21:06.200 --> 00:21:07.880
just a classic case in Canada and the
565
00:21:07.880 --> 00:21:09.640
U .S. of what we've talked about all
566
00:21:09.640 --> 00:21:11.380
the time, which is you're not allowed to
567
00:21:11.380 --> 00:21:14.820
do anything that might hurt boomers. And this
568
00:21:14.820 --> 00:21:16.300
is not directed at the boomers in the
569
00:21:16.300 --> 00:21:18.980
chat. not culpable. Directed at them. Directed at
570
00:21:18.980 --> 00:21:20.160
them. You guys, no, no, you guys are
571
00:21:20.160 --> 00:21:22.300
the good ones. Like, you're,! The Bitcoin boomers
572
00:21:22.300 --> 00:21:24.680
that I know are some of the most,
573
00:21:24.680 --> 00:21:27.320
like, it's kind of like Bitcoin veterans, where
574
00:21:27.320 --> 00:21:30.040
they're like, yeah, I went and like, madvers,
575
00:21:30.040 --> 00:21:31.160
but like, I went and I fought for
576
00:21:31.160 --> 00:21:32.240
my country, because I thought it was the
577
00:21:32.240 --> 00:21:34.260
right thing to do. Now I've seen how
578
00:21:34.260 --> 00:21:35.760
the sausages made. I've seen behind the curtain
579
00:21:35.760 --> 00:21:37.900
and, you know, I don't feel the same
580
00:21:37.900 --> 00:21:39.640
way I did about that anymore. And I
581
00:21:39.640 --> 00:21:41.420
think the Bitcoin boomers have that similar thing
582
00:21:41.420 --> 00:21:43.140
where they've seen how the sausages made. They've
583
00:21:43.140 --> 00:21:47.400
seen the effects of, you know, again, it's
584
00:21:47.400 --> 00:21:49.560
not like they were consciously making choices to
585
00:21:49.560 --> 00:21:51.120
be like, I'm gonna, I'm gonna fuck over
586
00:21:51.120 --> 00:21:54.500
this younger generation. Some boomers were not, not
587
00:21:54.500 --> 00:21:56.560
the Bitcoin boomers. Some are. We have a
588
00:21:56.560 --> 00:21:58.180
pull on that later, but not the ones
589
00:21:58.180 --> 00:22:00.460
watching this street. All right. Well, that's what
590
00:22:00.460 --> 00:22:01.680
I mean. Not the ones watching this stream.
591
00:22:01.680 --> 00:22:03.020
Most of them, yes, but not the one.
592
00:22:03.020 --> 00:22:04.400
You guys are the good ones, I swear.
593
00:22:04.400 --> 00:22:06.180
But my point being, you are not allowed
594
00:22:06.180 --> 00:22:09.340
to do anything that might hurt boomers. You're
595
00:22:09.340 --> 00:22:11.000
not allowed to do anything that might somehow
596
00:22:11.000 --> 00:22:15.420
damage their retirement prospects. And I think that
597
00:22:15.420 --> 00:22:17.340
one of the really interesting things, and this
598
00:22:17.340 --> 00:22:19.140
isn't some novel idea, people talk about this
599
00:22:19.140 --> 00:22:22.040
all the time, but the absolute glut of
600
00:22:22.040 --> 00:22:24.160
housing that is going to be on the
601
00:22:24.160 --> 00:22:26.860
market within the next probably 10 to 20
602
00:22:26.860 --> 00:22:30.660
years as the boomers all, you know, start,
603
00:22:30.660 --> 00:22:33.720
well, doing what all people eventually do and
604
00:22:33.720 --> 00:22:38.360
passing on to the Great Beyond. But, like,
605
00:22:38.360 --> 00:22:40.520
they are the highest homeownership population, right, in
606
00:22:40.520 --> 00:22:43.340
terms of both like, homeownership percentage, also like
607
00:22:43.340 --> 00:22:43.640
number of home ownership percentage, also like number
608
00:22:43.640 --> 00:22:46.600
of homes. homes. So you've got all these,
609
00:22:46.600 --> 00:22:48.760
all these homes. And if, to Joey's point,
610
00:22:48.760 --> 00:22:51.260
if they were actually marked to market, then
611
00:22:51.260 --> 00:22:52.780
people would be able to afford them. But
612
00:22:52.780 --> 00:22:55.240
they're not. They're massively inflated. Canada is especially
613
00:22:55.240 --> 00:22:57.380
bad. But the United States isn't that much
614
00:22:57.380 --> 00:22:58.880
better. And you go, I mean, you go
615
00:22:58.880 --> 00:23:00.280
anywhere in the world. Granted, if you take
616
00:23:00.280 --> 00:23:01.980
your dollars there, you know, your dollar goes
617
00:23:01.980 --> 00:23:03.800
a bit farther, depending on where you go,
618
00:23:03.800 --> 00:23:06.500
but still, relative to the, relative to local
619
00:23:06.500 --> 00:23:08.420
currency and the people that live in that
620
00:23:08.420 --> 00:23:11.480
land trying to buy homes, it's not easy
621
00:23:11.480 --> 00:23:14.100
anywhere for the, for younger generations. Because all
622
00:23:14.100 --> 00:23:15.120
of the, of this stuff is so inflated
623
00:23:15.120 --> 00:23:18.260
because homes have been used as a store
624
00:23:18.260 --> 00:23:20.520
of value proxy because the money has been
625
00:23:20.520 --> 00:23:22.700
broken. You know, this is something that like,
626
00:23:22.700 --> 00:23:24.340
say, Fadine, a lot of people in the
627
00:23:24.340 --> 00:23:25.960
Bitcoin space have done a really good job,
628
00:23:25.960 --> 00:23:28.000
and they've talked about it much more intelligently
629
00:23:28.000 --> 00:23:30.080
than I possibly could. But the general idea
630
00:23:30.080 --> 00:23:31.180
is that when you have a money that
631
00:23:31.180 --> 00:23:33.080
is broken, when you have a money that
632
00:23:33.080 --> 00:23:34.840
doesn't retain its value, and you cannot save
633
00:23:34.840 --> 00:23:36.980
in the money itself. And you can't even
634
00:23:36.980 --> 00:23:39.020
maintain your purchasing power, let alone grow your
635
00:23:39.020 --> 00:23:41.240
purchasing power. Well, then you need to find
636
00:23:41.240 --> 00:23:43.720
proxies, store value proxies, something that you can
637
00:23:43.720 --> 00:23:45.820
put, you can put, your capital into that
638
00:23:45.820 --> 00:23:48.080
will actually retain or grow your purchasing power
639
00:23:48.080 --> 00:23:50.580
over time. you think about it, homes are
640
00:23:50.580 --> 00:23:53.420
a terrible one, homes are great for living
641
00:23:53.420 --> 00:23:55.600
in. you have a family, you should have
642
00:23:55.600 --> 00:23:56.700
a home that you live in because there
643
00:23:56.700 --> 00:23:59.120
is a certain, even though you rent it
644
00:23:59.120 --> 00:24:01.120
from the government guys, yes, even though you
645
00:24:01.120 --> 00:24:03.140
have to pay property taxes, all these things,
646
00:24:03.140 --> 00:24:05.660
yes, yes, yes, all true. That being said,
647
00:24:05.660 --> 00:24:08.520
there is a certain, a certain, let's say,
648
00:24:08.520 --> 00:24:10.740
calmness that comes with having a piece of
649
00:24:10.740 --> 00:24:12.580
land that you get to call your own,
650
00:24:12.580 --> 00:24:13.980
a piece of land that you're not renting
651
00:24:13.980 --> 00:24:15.820
you don't have to call it my my
652
00:24:15.820 --> 00:24:16.640
wife told me it's just like you know
653
00:24:16.640 --> 00:24:18.780
you don't have to call anyone lord like
654
00:24:18.780 --> 00:24:19.680
you You don't have to call another man
655
00:24:19.680 --> 00:24:21.600
Lord landlord, right? You don't have a landlord
656
00:24:21.600 --> 00:24:23.820
there no you're not calling anybody Lord. There's
657
00:24:23.820 --> 00:24:25.700
something that comes along with that I think
658
00:24:25.700 --> 00:24:27.580
For people if you're you know earlier in
659
00:24:27.580 --> 00:24:29.540
your life, if you're not married yet or
660
00:24:29.540 --> 00:24:30.760
maybe you're married, but you don't have kids
661
00:24:30.760 --> 00:24:32.460
not as big of a deal I think
662
00:24:32.460 --> 00:24:34.400
when you do have kids that calculus changes
663
00:24:34.400 --> 00:24:35.840
a lot and you're willing to kind of
664
00:24:35.840 --> 00:24:38.300
take the You know take the shot across
665
00:24:38.300 --> 00:24:40.420
the jaw and of paying taxes to their
666
00:24:40.420 --> 00:24:42.400
paying rent to the government to you know,
667
00:24:42.400 --> 00:24:43.620
so that they don't come and you know
668
00:24:43.620 --> 00:24:45.400
drag you from your home in the dead
669
00:24:45.400 --> 00:24:46.740
of night for not paying your taxes. You're
670
00:24:46.740 --> 00:24:47.960
willing to take that because it's like you
671
00:24:47.960 --> 00:24:50.520
want to give your family that stability. All
672
00:24:50.520 --> 00:24:54.800
that said, homes are not a good investment.
673
00:24:54.800 --> 00:24:56.840
They're a terrible investment. You like, it's a
674
00:24:56.840 --> 00:24:59.700
depreciating asset that you, you know, granted, if
675
00:24:59.700 --> 00:25:01.220
you own it as an investment property, yes,
676
00:25:01.220 --> 00:25:02.400
you can depreciate. And I'm sure there's a
677
00:25:02.400 --> 00:25:03.720
lot of real estate pros in the chatter.
678
00:25:03.720 --> 00:25:06.020
It's a durable consumer good, right? Yeah, it's
679
00:25:06.020 --> 00:25:08.860
a fantastic investment, actually. You know, you jump
680
00:25:08.860 --> 00:25:09.940
through all that. I don't want to. Is
681
00:25:09.940 --> 00:25:11.880
that Grant Cardone? Is that Grant Cardone talking?
682
00:25:11.880 --> 00:25:13.620
I mean, Grant Cardone knows what he's fucking.
683
00:25:13.620 --> 00:25:15.120
doing you know like i'm not going to
684
00:25:15.120 --> 00:25:17.580
deny that like dude has been massively massively
685
00:25:17.580 --> 00:25:21.220
successful um so like you know britton okay
686
00:25:21.220 --> 00:25:23.160
like certain commercial properties things like that sure
687
00:25:23.160 --> 00:25:24.780
i'm sure they make great investments but for
688
00:25:24.780 --> 00:25:27.780
the average person like do you want to
689
00:25:27.780 --> 00:25:29.120
jump through do you want to be a
690
00:25:29.120 --> 00:25:30.100
landlord do you want to jump through all
691
00:25:30.100 --> 00:25:32.740
the hoops of trying to you know maintain
692
00:25:32.740 --> 00:25:34.640
a property and deal with fucking dog shit
693
00:25:34.640 --> 00:25:36.620
tenants and all these different things just to
694
00:25:36.620 --> 00:25:38.120
try and get some of your know get
695
00:25:38.120 --> 00:25:40.320
some sweet cash flow and maybe flip the
696
00:25:40.320 --> 00:25:41.880
house a little bit later like no you
697
00:25:41.880 --> 00:25:43.260
don't you don't want to to deal with
698
00:25:43.260 --> 00:25:44.680
that. You just want to be able to
699
00:25:44.680 --> 00:25:46.600
save in a money that is good. You
700
00:25:46.600 --> 00:25:47.560
want to be able to save in a
701
00:25:47.560 --> 00:25:49.900
money that is good and grows your purchasing
702
00:25:49.900 --> 00:25:52.000
power over time. You want your money to
703
00:25:52.000 --> 00:25:54.440
buy more in the future, not buy less.
704
00:25:54.440 --> 00:25:56.720
With fiat, your money will always buy less
705
00:25:56.720 --> 00:25:59.400
into the future. With Bitcoin, over a long
706
00:25:59.400 --> 00:26:01.380
enough time horizon, because it's been shit in
707
00:26:01.380 --> 00:26:02.860
the bed lately, but, you know, over a
708
00:26:02.860 --> 00:26:04.440
long enough time, rising, your money continues to
709
00:26:04.440 --> 00:26:06.520
buy more. So the reason that homes have
710
00:26:06.520 --> 00:26:09.420
been so inflated, again, TLDR is because our
711
00:26:09.420 --> 00:26:11.160
money's been shit. So where do you park,
712
00:26:11.160 --> 00:26:12.180
where do you park your capital? You park
713
00:26:12.180 --> 00:26:13.800
it in a house, you park it in
714
00:26:13.800 --> 00:26:15.340
multiple houses, you park it in the S
715
00:26:15.340 --> 00:26:17.360
&P 500, you park it in whatever you
716
00:26:17.360 --> 00:26:21.960
can, anything, but saving in the money itself.
717
00:26:21.960 --> 00:26:23.640
And honestly, that's why Bitcoin's so incredible, because
718
00:26:23.640 --> 00:26:24.960
instead of having to be this guy that's
719
00:26:24.960 --> 00:26:27.540
juggling this portfolio and is, you know, dealing
720
00:26:27.540 --> 00:26:29.560
with fucking tenants and rental properties and all
721
00:26:29.560 --> 00:26:31.160
this shit, instead of doing that, you can
722
00:26:31.160 --> 00:26:33.480
just save. You can just save in the
723
00:26:33.480 --> 00:26:36.760
money itself. Like, what a novel fucking concept.
724
00:26:36.760 --> 00:26:38.940
You can just do that and then focus
725
00:26:38.940 --> 00:26:41.680
on creating value. And how much more value
726
00:26:41.680 --> 00:26:43.000
will you? you be able to create because
727
00:26:43.000 --> 00:26:44.480
of that focus that can now be applied
728
00:26:44.480 --> 00:26:47.640
everywhere else except for just trying to keep
729
00:26:47.640 --> 00:26:51.020
your fucking head above water and so again
730
00:26:51.020 --> 00:26:54.360
tl tl tl d r the housing market
731
00:26:54.360 --> 00:26:57.340
is massively overvalued we all know this anyone
732
00:26:57.340 --> 00:26:58.320
who owns a house right now like would
733
00:26:58.320 --> 00:27:01.100
we like would we like would like it
734
00:27:01.100 --> 00:27:02.960
shouldn't like it shouldn't be going up the
735
00:27:02.960 --> 00:27:04.620
house is getting unless you're repairing it or
736
00:27:04.620 --> 00:27:05.880
adding on to it it's getting shittier every
737
00:27:05.880 --> 00:27:08.160
year right unless you're maintaining it really well
738
00:27:08.160 --> 00:27:10.160
and putting more money into it it is
739
00:27:10.160 --> 00:27:13.280
losing value it's It should be returning to
740
00:27:13.280 --> 00:27:15.860
its marginal cost, but it's not because it's
741
00:27:15.860 --> 00:27:18.780
still a proxy for saving. It's still a
742
00:27:18.780 --> 00:27:21.360
proxy for good money. But we have good
743
00:27:21.360 --> 00:27:24.040
money now. So like the housing market, yeah,
744
00:27:24.040 --> 00:27:26.320
like the bubble will burst, but it's not
745
00:27:26.320 --> 00:27:27.620
going to burst while the boomers are still
746
00:27:27.620 --> 00:27:29.520
around. I hate to break it to you.
747
00:27:29.520 --> 00:27:30.640
Like, it might burst a little bit, but
748
00:27:30.640 --> 00:27:31.920
they won't let it completely collapse. We got
749
00:27:31.920 --> 00:27:33.340
all the way back around. I forgot where
750
00:27:33.340 --> 00:27:36.700
we started that. Nice. You can't do anything.
751
00:27:36.700 --> 00:27:39.480
See, it's the weave. I do the weave
752
00:27:39.480 --> 00:27:43.200
like Donald Trump. You can't do anything that's
753
00:27:43.200 --> 00:27:45.880
bad for boomers. It's illegal to do things
754
00:27:45.880 --> 00:27:49.920
that are bad for boomers. End of rant.
755
00:27:49.920 --> 00:27:53.000
Okay, one quick hitter here. We talked about
756
00:27:53.000 --> 00:27:57.180
the percentage of GDP that real estate is
757
00:27:57.180 --> 00:27:59.660
in Canada. I got at about 13 %
758
00:27:59.660 --> 00:28:01.440
in Canada. I don't know how old that
759
00:28:01.440 --> 00:28:02.960
number is. It looks like it's pretty recent.
760
00:28:02.960 --> 00:28:05.260
You know, in the States, it's like 15
761
00:28:05.260 --> 00:28:08.180
to 18%. It's higher. Whoa, really. Because we're
762
00:28:08.180 --> 00:28:10.800
better than you guys. Yeah. I didn't see
763
00:28:10.800 --> 00:28:13.620
that coming at all. all. But I know
764
00:28:13.620 --> 00:28:15.300
that for Canada, if you extrapolated to like
765
00:28:15.300 --> 00:28:19.020
real estate adjacent industries, it grows quite fast.
766
00:28:19.020 --> 00:28:20.400
Oh, yeah, yeah, maybe, maybe. Yeah, this is
767
00:28:20.400 --> 00:28:22.880
just, this is home sales and like brokerage,
768
00:28:22.880 --> 00:28:24.660
realty, whatever, that kind of stuff. Yeah. But
769
00:28:24.660 --> 00:28:25.800
while we're talking about where you can park
770
00:28:25.800 --> 00:28:27.340
your capital, let's see where everybody else is
771
00:28:27.340 --> 00:28:28.760
parking their capital these. A couple of things
772
00:28:28.760 --> 00:28:29.760
I wanted to hit on a couple of
773
00:28:29.760 --> 00:28:31.720
other news stories here we had just in
774
00:28:31.720 --> 00:28:34.380
public company Robin Hood added 25 million of
775
00:28:34.380 --> 00:28:36.640
Bitcoin to its balance sheet, first ever purchase
776
00:28:36.640 --> 00:28:39.360
for them. That was under the radar. Holy.
777
00:28:39.360 --> 00:28:42.440
Right. It was nice to see I'm I
778
00:28:42.440 --> 00:28:44.820
find that particularly interesting just based on even
779
00:28:44.820 --> 00:28:46.500
like the history with GameStop and everything as
780
00:28:46.500 --> 00:28:47.460
well but it's nice to see it like
781
00:28:47.460 --> 00:28:49.780
a non -bitcoin or non -crypto company adding
782
00:28:49.780 --> 00:28:51.460
it to their balance sheet even it's like
783
00:28:51.460 --> 00:28:54.160
slightly adjacent it's funny Jack Mallors talked about
784
00:28:54.160 --> 00:28:55.380
how like the betting markets are going to
785
00:28:55.380 --> 00:28:56.620
have to get into crypto and get into
786
00:28:56.620 --> 00:28:57.820
everything else that they all have to get
787
00:28:57.820 --> 00:28:59.260
into the same space because they're all competing
788
00:28:59.260 --> 00:29:01.980
for that marginal speculator but a little more
789
00:29:01.980 --> 00:29:04.120
details here Robin Hood adds Bitcoin to his
790
00:29:04.120 --> 00:29:06.600
balance sheet a strategic signal from the 100
791
00:29:06.600 --> 00:29:09.380
billion dollar fintech Robin Hood has taken a
792
00:29:09.380 --> 00:29:12.160
clear step into corporate Bitcoin ownership on October
793
00:29:12.160 --> 00:29:15.760
7th. Joan, Joan Kerbott, the company's senior vice
794
00:29:15.760 --> 00:29:18.060
president and general manager of crypto and international
795
00:29:18.060 --> 00:29:20.460
disclosed that Robin Hood added a $25 million
796
00:29:20.460 --> 00:29:22.320
worth of Bitcoin to its corporate balance sheet.
797
00:29:22.320 --> 00:29:23.480
Nice to see. Feels like a little bit
798
00:29:23.480 --> 00:29:24.500
of a start of the bull market kind
799
00:29:24.500 --> 00:29:25.740
of signal there. We'll see how this plays
800
00:29:25.740 --> 00:29:27.480
out over time. Hopefully, they're not as retarded
801
00:29:27.480 --> 00:29:28.880
as the Ryan guy from GME, where they
802
00:29:28.880 --> 00:29:30.100
bought some and they basically sold it and
803
00:29:30.100 --> 00:29:31.120
never knew what the hell they were doing
804
00:29:31.120 --> 00:29:33.180
the whole time. Additionally, just want to point
805
00:29:33.180 --> 00:29:34.880
out a few other things. U .S. bought
806
00:29:34.880 --> 00:29:37.980
Bitcoin ETF saw $118 .18 .8 million. inflows
807
00:29:37.980 --> 00:29:40.980
yesterday, erasing Monday's outflows. But again, what are
808
00:29:40.980 --> 00:29:42.580
other people doing? That kind of signal that
809
00:29:42.580 --> 00:29:43.820
we're talking about, you can't really see what's
810
00:29:43.820 --> 00:29:45.080
going on in private credit or see what's
811
00:29:45.080 --> 00:29:46.080
going on across the world, but you can
812
00:29:46.080 --> 00:29:48.900
kind of find things to look at. China,
813
00:29:48.900 --> 00:29:51.940
by 740 ,000 ounces of gold worth 3
814
00:29:51.940 --> 00:29:55.460
.1 billion. This is the 23rd consecutive month
815
00:29:55.460 --> 00:29:58.580
of gold accumulation by the Chinese government. So
816
00:29:58.580 --> 00:30:00.820
they're definitely taking the sound money play there.
817
00:30:00.820 --> 00:30:02.540
And additionally, from Luke Groman mentioned a little
818
00:30:02.540 --> 00:30:04.900
bit earlier, the Minister of Finance will increase
819
00:30:04.900 --> 00:30:08.120
the purchase of the country's gold fivefold, from
820
00:30:08.120 --> 00:30:11.140
October 7th and that's referring to Russia I
821
00:30:11.140 --> 00:30:13.520
believe from October 7th to November 6th the
822
00:30:13.520 --> 00:30:15.780
Minister of Finance of Russia intends to buy
823
00:30:15.780 --> 00:30:18.120
foreign currency in gold under the budget rule
824
00:30:18.120 --> 00:30:20.700
doesn't really matter which is five times more
825
00:30:20.700 --> 00:30:22.840
than the volume planned the month earlier so
826
00:30:22.840 --> 00:30:25.200
we see China and Russia making a break
827
00:30:25.200 --> 00:30:28.340
for gold any kind of announcing their buys
828
00:30:28.340 --> 00:30:30.300
in advance they're not at all just trying
829
00:30:30.300 --> 00:30:34.140
to pump their bags and advance by well
830
00:30:34.140 --> 00:30:36.140
you get a boy I don't know like
831
00:30:36.140 --> 00:30:37.620
we don't first of all we don't know
832
00:30:37.620 --> 00:30:40.100
how much gold any of these countries have.
833
00:30:40.100 --> 00:30:41.720
The United States included. No, I was like
834
00:30:41.720 --> 00:30:43.960
you as included. Let's be clear. They might
835
00:30:43.960 --> 00:30:46.760
have just tungsten bars wrapped in gold leaf.
836
00:30:46.760 --> 00:30:48.300
Price of tungsten, no, not doing too bad.
837
00:30:48.300 --> 00:30:49.840
That tungsten cube I bought a couple years
838
00:30:49.840 --> 00:30:53.540
ago. That baby's up. It's appreciated. Great metal.
839
00:30:53.540 --> 00:30:54.860
True. You got a tungsten cube in the
840
00:30:54.860 --> 00:30:56.740
chat. Let us know. Man, and if you,
841
00:30:56.740 --> 00:30:58.280
boy, you put that thing on the end
842
00:30:58.280 --> 00:31:00.960
of a cudgel, you know, a nice cudgel.
843
00:31:00.960 --> 00:31:02.420
Boy, you can do some damage with that
844
00:31:02.420 --> 00:31:04.560
sucker. But I would like to point out,
845
00:31:04.560 --> 00:31:06.460
Nathan, and I'm sorry. I'm getting so off
846
00:31:06.460 --> 00:31:09.020
topic so many times. It is important to
847
00:31:09.020 --> 00:31:11.100
point out that we have no fucking idea
848
00:31:11.100 --> 00:31:13.180
how much gold any of these central banks
849
00:31:13.180 --> 00:31:14.820
actually have. Do you, hang on, quick side
850
00:31:14.820 --> 00:31:16.680
note. Do you think Fort Knox has any?
851
00:31:16.680 --> 00:31:18.960
Because the fact that they talked to, I
852
00:31:18.960 --> 00:31:20.540
do too. The fact that they talked about
853
00:31:20.540 --> 00:31:21.580
it and then I forget who like went
854
00:31:21.580 --> 00:31:22.640
to go check it out. And then they
855
00:31:22.640 --> 00:31:24.100
said nothing after the facts, I kind of
856
00:31:24.100 --> 00:31:25.360
got the sense like, oh, do they maybe
857
00:31:25.360 --> 00:31:27.300
they actually do have the whole stash there.
858
00:31:27.300 --> 00:31:28.600
Now they're just keeping quiet about it. Remember
859
00:31:28.600 --> 00:31:30.140
Trump was like, we're going to go. We're
860
00:31:30.140 --> 00:31:31.160
going to go. We're going to go to
861
00:31:31.160 --> 00:31:32.960
Fort Knox. We're going to see. We're going
862
00:31:32.960 --> 00:31:34.020
to make sure they got the gold. And
863
00:31:34.020 --> 00:31:36.360
then it was like, yeah, we went there.
864
00:31:36.360 --> 00:31:39.340
It's not fine. This fine trip. Like, if
865
00:31:39.340 --> 00:31:41.320
everything was there, he would have been like,
866
00:31:41.320 --> 00:31:43.680
we've got so much gold. We've got enough
867
00:31:43.680 --> 00:31:46.360
gold to choke a donkey, a donkey the
868
00:31:46.360 --> 00:31:49.720
size of Uranus, like, you know, or Uranus,
869
00:31:49.720 --> 00:31:51.420
depending. I meant actually, the planet, not, you
870
00:31:51.420 --> 00:31:54.880
know, Joey's balloon knot, as I would say.
871
00:31:54.880 --> 00:31:57.320
But anyway, family -friendly show. It sure is.
872
00:31:57.320 --> 00:31:59.220
Don't listen this with your kids, guys. Or
873
00:31:59.220 --> 00:32:00.160
at least let us know if the kids
874
00:32:00.160 --> 00:32:01.200
will be here. We'll do a family -friendly
875
00:32:01.200 --> 00:32:04.520
show. I'll, I'll recite some Dr. Buties, we
876
00:32:04.520 --> 00:32:05.580
have no idea how much fucking gold they
877
00:32:05.580 --> 00:32:07.180
have. We have no idea. We know that
878
00:32:07.180 --> 00:32:09.440
games. have been played with gold, paper gold
879
00:32:09.440 --> 00:32:12.860
markets, for since paper gold existed, which has
880
00:32:12.860 --> 00:32:16.260
been a long, long time. I would, I
881
00:32:16.260 --> 00:32:18.400
mean, buy whatever you want. Like, it's not
882
00:32:18.400 --> 00:32:20.160
a gold's, as far as things you could
883
00:32:20.160 --> 00:32:23.700
own, gold's not bad, right? Like, gold's, gold's
884
00:32:23.700 --> 00:32:26.280
been pretty darn good money for a long
885
00:32:26.280 --> 00:32:28.240
time. Mission aligned. Yeah, the problem is that
886
00:32:28.240 --> 00:32:31.740
gold's not money for the information age, right?
887
00:32:31.740 --> 00:32:34.780
It doesn't, it doesn't make sense. Gold does
888
00:32:34.780 --> 00:32:37.260
not make sense in the information age. And
889
00:32:37.260 --> 00:32:39.560
it really doesn't make sense for you to
890
00:32:39.560 --> 00:32:41.600
like base decisions about what you're going to
891
00:32:41.600 --> 00:32:42.720
do based on the amount of gold that
892
00:32:42.720 --> 00:32:45.000
central banks claim that they have because none
893
00:32:45.000 --> 00:32:46.440
of them is you know lifted up their
894
00:32:46.440 --> 00:32:48.860
their skirts to show you know what's what's
895
00:32:48.860 --> 00:32:51.060
underneath it's like you have no fucking idea
896
00:32:51.060 --> 00:32:53.220
if they own bitcoin you can verify that
897
00:32:53.220 --> 00:32:55.640
and they can easily publish how much bitcoin
898
00:32:55.640 --> 00:32:58.720
they have and you can like literally confirm
899
00:32:58.720 --> 00:33:01.560
that on your own Blake to be node
900
00:33:01.560 --> 00:33:04.600
running in your mom's basement um i'm just
901
00:33:04.600 --> 00:33:06.420
kidding guys yeah then you wouldn't know then
902
00:33:06.420 --> 00:33:08.760
because you'd be using a shit Point. Point
903
00:33:08.760 --> 00:33:11.780
here is, I think it's important to really
904
00:33:11.780 --> 00:33:13.240
take all this shit with a grain of
905
00:33:13.240 --> 00:33:16.840
salt. And when you see any nation signaling,
906
00:33:16.840 --> 00:33:18.720
it's like, we're going to buy a bunch.
907
00:33:18.720 --> 00:33:22.040
It's like, okay, why would you like Russia,
908
00:33:22.040 --> 00:33:23.340
of all people who likes to keep things
909
00:33:23.340 --> 00:33:25.220
pretty close to the chest? Why would you
910
00:33:25.220 --> 00:33:26.980
just put that out there in advance of
911
00:33:26.980 --> 00:33:29.300
you buying? Why would you let people frontrun
912
00:33:29.300 --> 00:33:31.040
you like that? That doesn't make any sense.
913
00:33:31.040 --> 00:33:32.080
So I don't know. Take it all with
914
00:33:32.080 --> 00:33:35.540
a grain of salt. And yeah, end of
915
00:33:35.540 --> 00:33:38.720
mini rant. Sorry again, Nathan. No problem, buddy.
916
00:33:38.720 --> 00:33:42.400
Joey, any thoughts there? Yeah, maybe just quick.
917
00:33:42.400 --> 00:33:44.380
Walker's right. There hasn't been any pullback of
918
00:33:44.380 --> 00:33:45.560
the curtain. You have no idea what these
919
00:33:45.560 --> 00:33:47.280
guys own. And if anything, I think that
920
00:33:47.280 --> 00:33:51.380
my belief, especially in these like Eastern Block,
921
00:33:51.380 --> 00:33:53.360
Eastern, like, whatever that, the sort of like
922
00:33:53.360 --> 00:33:55.400
developed the world, let's say, that's not quite
923
00:33:55.400 --> 00:33:58.680
democratic. Like brick stuff? Yeah. My belief is
924
00:33:58.680 --> 00:33:59.520
that they have a lot more than they're
925
00:33:59.520 --> 00:34:01.200
letting on, a lot more than they're letting
926
00:34:01.200 --> 00:34:03.420
on. And the reason I think that, and
927
00:34:03.420 --> 00:34:04.900
the reason I do think that they've ramped
928
00:34:04.900 --> 00:34:06.420
up their buying in the last year is
929
00:34:06.420 --> 00:34:07.980
because there's a floor on the. price of
930
00:34:07.980 --> 00:34:10.000
gold at 4 ,000 when two years ago
931
00:34:10.000 --> 00:34:12.360
was the floor was 2 ,500. And so
932
00:34:12.360 --> 00:34:14.760
like, that's not, the fact of the matter
933
00:34:14.760 --> 00:34:16.540
is in a market that big, that's not
934
00:34:16.540 --> 00:34:17.860
you and me heading down to the palm
935
00:34:17.860 --> 00:34:19.060
broker and see if we can grab a
936
00:34:19.060 --> 00:34:21.240
couple like, you know, Eagle coins with Trump's
937
00:34:21.240 --> 00:34:23.400
face on the other side. That's real money,
938
00:34:23.400 --> 00:34:28.000
state level buying. And those programs oftentimes, oftentimes
939
00:34:28.000 --> 00:34:31.060
those programs are carried out in sort of
940
00:34:31.060 --> 00:34:36.180
a shadowy way. We've seen this a bunch,
941
00:34:36.180 --> 00:34:38.020
you know, MSTR, X, X, it's a similar
942
00:34:38.020 --> 00:34:39.760
strategy when they're buying Bitcoin in a much
943
00:34:39.760 --> 00:34:41.980
less liquid market than gold, where you see
944
00:34:41.980 --> 00:34:45.460
these guys buying, you know, $10 billion sometimes,
945
00:34:45.460 --> 00:34:47.140
or I shouldn't say $10 billion, but, you
946
00:34:47.140 --> 00:34:48.760
know, like $10 million, $20 million, $30 million,
947
00:34:48.760 --> 00:34:51.140
$40 million, whatever that number is. The market
948
00:34:51.140 --> 00:34:53.300
doesn't move because they're not going to Coinbase
949
00:34:53.300 --> 00:34:55.760
and buying OTC and watching, you know, one
950
00:34:55.760 --> 00:34:59.640
market spike in price. I expect that this
951
00:34:59.640 --> 00:35:01.380
is going to continue. And I'll give you
952
00:35:01.380 --> 00:35:06.420
an interesting thesis that I kind of have.
953
00:35:06.420 --> 00:35:09.060
I haven't shared this anywhere. I think that
954
00:35:09.060 --> 00:35:11.180
the reason the U .S. is so interested
955
00:35:11.180 --> 00:35:14.000
in pinning Canada to the mat is because
956
00:35:14.000 --> 00:35:17.660
we have oil and we have gold underground.
957
00:35:17.660 --> 00:35:20.460
And so oftentimes Canadians who are interested in
958
00:35:20.460 --> 00:35:23.940
dunking on Canada and its treasury strategy, plenty
959
00:35:23.940 --> 00:35:26.460
to dunk on us for. But not owning
960
00:35:26.460 --> 00:35:28.360
gold is just not one of those things.
961
00:35:28.360 --> 00:35:30.380
Because in a situation where the country needs
962
00:35:30.380 --> 00:35:32.120
gold and its treasury, it's got the gold
963
00:35:32.120 --> 00:35:33.840
underground. You know, you're going to be so
964
00:35:33.840 --> 00:35:36.980
far down the line of expectations and legal
965
00:35:36.980 --> 00:35:41.160
norms, societal norms that the government nationalizing minds
966
00:35:41.160 --> 00:35:42.300
is going to, it's not even going to
967
00:35:42.300 --> 00:35:43.420
be on your radar. You don't have to
968
00:35:43.420 --> 00:35:45.360
worry about that. And they know that here
969
00:35:45.360 --> 00:35:47.140
in Canada, and the U .S. knows that
970
00:35:47.140 --> 00:35:49.340
too. And so I don't think that any,
971
00:35:49.340 --> 00:35:50.340
either of these countries are going to waste
972
00:35:50.340 --> 00:35:53.360
their time with, you know, treasury strategies that
973
00:35:53.360 --> 00:35:55.420
involve pallets of gold bars. It's just not
974
00:35:55.420 --> 00:35:57.820
worth it. But I do think that both
975
00:35:57.820 --> 00:35:59.260
countries are thinking about that in terms of
976
00:35:59.260 --> 00:36:01.320
the Fortress North America thesis that Trump has
977
00:36:01.320 --> 00:36:03.400
outlined. And I wouldn't be surprised to see
978
00:36:03.400 --> 00:36:06.960
something on that in this whatever soft power
979
00:36:06.960 --> 00:36:08.780
thing that's coming or what is it, that
980
00:36:08.780 --> 00:36:09.840
document that we were talking about, like, two
981
00:36:09.840 --> 00:36:12.020
weeks ago, that they're going to write between
982
00:36:12.020 --> 00:36:13.800
now and, I guess, January or something like
983
00:36:13.800 --> 00:36:16.260
that. The Meridian Project? There we go. Yeah,
984
00:36:16.260 --> 00:36:17.820
yeah, yeah. So, you know, I'm curious to
985
00:36:17.820 --> 00:36:20.220
see what that looks like. But I do
986
00:36:20.220 --> 00:36:22.020
think there's a possibility that that's something that's
987
00:36:22.020 --> 00:36:24.440
on their, on their mind. Yeah. Canada kind
988
00:36:24.440 --> 00:36:25.580
of feels like the fat kid with a
989
00:36:25.580 --> 00:36:26.880
bunch of money in his pockets and a
990
00:36:26.880 --> 00:36:28.060
whole bunch of candy bar stuck on the
991
00:36:28.060 --> 00:36:30.100
island with the stronger brother right next door.
992
00:36:30.100 --> 00:36:31.660
It's like, they're just got to take it
993
00:36:31.660 --> 00:36:33.640
at some point. Yeah. If they need it,
994
00:36:33.640 --> 00:36:35.580
it's theirs, right? That's all there's. Yeah. That's
995
00:36:35.580 --> 00:36:38.120
the problem. the game theory gets really interesting
996
00:36:38.120 --> 00:36:41.360
too because in terms of let's say like
997
00:36:41.360 --> 00:36:43.360
let's say Russia or China let's say they
998
00:36:43.360 --> 00:36:45.140
do I mean I think Russia probably has
999
00:36:45.140 --> 00:36:47.320
a lot more gold than they're letting on
1000
00:36:47.320 --> 00:36:52.080
because you know like they're typically pretty close
1001
00:36:52.080 --> 00:36:55.020
to the chest with things China I'm a
1002
00:36:55.020 --> 00:36:58.340
little dubious but you know there may be
1003
00:36:58.340 --> 00:37:00.540
some K -fabe involved but the point is
1004
00:37:00.540 --> 00:37:05.300
like regardless if let's say America's share and
1005
00:37:05.300 --> 00:37:06.780
I need to this, but I thought it
1006
00:37:06.780 --> 00:37:09.480
was, like America share, you know, nationally held
1007
00:37:09.480 --> 00:37:12.060
share of, or, you know, central bank held
1008
00:37:12.060 --> 00:37:15.240
share, which is not technically national, but whatever,
1009
00:37:15.240 --> 00:37:19.100
of gold reserves is on the decline versus
1010
00:37:19.100 --> 00:37:20.680
maybe Nathan, you can, I'm not, I'm not
1011
00:37:20.680 --> 00:37:22.800
exactly sure, if you can pull that up,
1012
00:37:22.800 --> 00:37:25.480
if your share of total gold reserves, like
1013
00:37:25.480 --> 00:37:26.660
as a nation, if your share of total
1014
00:37:26.660 --> 00:37:29.960
total gold reserves. And what was it like,
1015
00:37:29.960 --> 00:37:31.200
I don't know, what's the trend, let's a
1016
00:37:31.200 --> 00:37:36.820
trend. 20 years ago. Let's find out. And
1017
00:37:36.820 --> 00:37:37.860
then I'll figure out if I'll say the
1018
00:37:37.860 --> 00:37:43.220
rest of this. We'll see. We'll see what
1019
00:37:43.220 --> 00:37:45.360
happens. I'd be surprised if it wasn't higher
1020
00:37:45.360 --> 00:37:48.300
20 years ago. This is unchanged volume. I'm
1021
00:37:48.300 --> 00:37:50.420
trying to look at the how long that's
1022
00:37:50.420 --> 00:37:53.320
been. Okay. So while you look that up,
1023
00:37:53.320 --> 00:37:55.860
I'll just say quickly then, regardless, as any
1024
00:37:55.860 --> 00:37:59.540
nation state, if your share of gold is
1025
00:37:59.540 --> 00:38:01.840
either staying static or, you know, or declining
1026
00:38:01.840 --> 00:38:04.520
in terms of the total gold ownership of
1027
00:38:04.520 --> 00:38:07.280
other nation states and central bank, things. It
1028
00:38:07.280 --> 00:38:11.060
doesn't really make, like, gold doesn't become an
1029
00:38:11.060 --> 00:38:13.020
advantage. It's down. It's really down. It's got
1030
00:38:13.020 --> 00:38:15.080
to be. Yeah. Okay. So I'm going back
1031
00:38:15.080 --> 00:38:16.580
in time. I'm working So I was right.
1032
00:38:16.580 --> 00:38:19.540
I got here in 1949. So this like
1033
00:38:19.540 --> 00:38:22.020
post Breton Woods, we had a war in
1034
00:38:22.020 --> 00:38:24.760
a bunch of of people post -cofficating, uh,
1035
00:38:24.760 --> 00:38:27.060
yeah, the axis gold. Yeah. FDR was a
1036
00:38:27.060 --> 00:38:31.300
shitty president. The US held 74 % of
1037
00:38:31.300 --> 00:38:33.600
the world's monetary gold. Is that a lot?
1038
00:38:33.600 --> 00:38:35.760
49. Yeah, from 49 to now, we went
1039
00:38:35.760 --> 00:38:39.480
from 74, you went from 74 to 24.
1040
00:38:39.480 --> 00:38:42.920
Okay, so Walker, Walker validated. Thank you, Nathan.
1041
00:38:42.920 --> 00:38:43.980
Do you know what's crazy? Before you keep
1042
00:38:43.980 --> 00:38:45.220
going, you know what's crazy about that? The
1043
00:38:45.220 --> 00:38:48.340
denominator then didn't include U .S. Treasuries. So
1044
00:38:48.340 --> 00:38:50.280
not only is the share way down, but
1045
00:38:50.280 --> 00:38:52.760
even though banks can buy other stuff in
1046
00:38:52.760 --> 00:38:55.200
terms of like their, whatever, treasury holdings, they're
1047
00:38:55.200 --> 00:38:57.660
still, they're still like going hard into the
1048
00:38:57.660 --> 00:38:59.840
shiny rock, which is fucking crazy to think
1049
00:38:59.840 --> 00:39:01.740
about how much money they've piled in. It
1050
00:39:01.740 --> 00:39:03.580
is wild. But, okay, so think about the
1051
00:39:03.580 --> 00:39:05.540
game theory for a second of, from the
1052
00:39:05.540 --> 00:39:08.900
United States. States' perspective. And I know, like,
1053
00:39:08.900 --> 00:39:11.420
the strategic Bitcoin reserve thing, there's been some,
1054
00:39:11.420 --> 00:39:13.500
some Tom foolery there, and, you know, whether
1055
00:39:13.500 --> 00:39:17.360
or not that actually gets codified into law,
1056
00:39:17.360 --> 00:39:19.220
or remains an executive order that will probably
1057
00:39:19.220 --> 00:39:21.240
get overturned by the next, you know, Lib
1058
00:39:21.240 --> 00:39:28.980
administration. AOC. Yeah. Boy, regardless, if our share
1059
00:39:28.980 --> 00:39:32.120
of the world's gold is declining, but America,
1060
00:39:32.120 --> 00:39:33.700
both as a nation state in terms of
1061
00:39:33.700 --> 00:39:35.900
the Bitcoin that we've confiscated, and then all
1062
00:39:35.900 --> 00:39:38.940
of the world, also as a corporate holding
1063
00:39:38.940 --> 00:39:41.580
mass in terms of the, both the Bitcoin
1064
00:39:41.580 --> 00:39:45.620
miners, but then also companies like Microstrategie and
1065
00:39:45.620 --> 00:39:47.660
many others that own a lot of Bitcoin.
1066
00:39:47.660 --> 00:39:50.140
And then also on an individual basis, because
1067
00:39:50.140 --> 00:39:52.580
Americans own the most Bitcoin of anyone in
1068
00:39:52.580 --> 00:39:54.540
the world. So you've got nation state owns
1069
00:39:54.540 --> 00:39:57.840
the most, corporations on the most, citizens own
1070
00:39:57.840 --> 00:40:01.340
the most. Which one makes more sense for
1071
00:40:01.340 --> 00:40:05.200
you to go in deep on as your
1072
00:40:05.200 --> 00:40:08.820
kind of like, reserve asset of choice, right?
1073
00:40:08.820 --> 00:40:10.340
I'm not saying gold's going away, guys. I'm
1074
00:40:10.340 --> 00:40:11.720
certainly not saying that. I'm also not saying
1075
00:40:11.720 --> 00:40:14.520
fiat's going away. But what I am saying
1076
00:40:14.520 --> 00:40:17.540
is that I would not be surprised if
1077
00:40:17.540 --> 00:40:23.660
it just becomes basically a strategic necessity for
1078
00:40:23.660 --> 00:40:26.180
the United States to go harder into Bitcoin.
1079
00:40:26.180 --> 00:40:27.740
Because otherwise, if they go hard into gold,
1080
00:40:27.740 --> 00:40:29.920
it just pumps the bags of your enemies.
1081
00:40:29.920 --> 00:40:33.340
You go hard into Bitcoin. You enrich your
1082
00:40:33.340 --> 00:40:36.440
citizens. You enrich your corporations, you enrich your
1083
00:40:36.440 --> 00:40:38.800
nation state, especially if you are the first
1084
00:40:38.800 --> 00:40:40.300
mover. But even if you're not the first
1085
00:40:40.300 --> 00:40:42.920
mover, your citizens are getting richer and they
1086
00:40:42.920 --> 00:40:44.100
own the most Bitcoin of anyone in the
1087
00:40:44.100 --> 00:40:46.720
world. Your corporations are getting richer, and they
1088
00:40:46.720 --> 00:40:47.820
own the most Bitcoin of anyone in the
1089
00:40:47.820 --> 00:40:50.200
world, and you are getting richer because you
1090
00:40:50.200 --> 00:40:52.920
as a nation state own, that you confiscated,
1091
00:40:52.920 --> 00:40:54.320
the most Bitcoin of anyone in the world.
1092
00:40:54.320 --> 00:40:55.700
So it's like which one makes more sense?
1093
00:40:55.700 --> 00:40:56.800
You want to pump your own bags? You
1094
00:40:56.800 --> 00:40:59.140
want to pump China and Russia's bags. I
1095
00:40:59.140 --> 00:41:00.720
don't know. I know whose bags I want
1096
00:41:00.720 --> 00:41:04.400
to pump our bags, which be absolutely delightful
1097
00:41:04.400 --> 00:41:05.740
and that's the reason we're here three times
1098
00:41:05.740 --> 00:41:07.140
a week, Monday, Wednesday, Friday, 5 p .m.
1099
00:41:07.140 --> 00:41:08.220
Eastern. But we are going to take a
1100
00:41:08.220 --> 00:41:09.760
quick break for show sponsors. On the other
1101
00:41:09.760 --> 00:41:10.600
side of the break, we're going to talk
1102
00:41:10.600 --> 00:41:12.060
a little bit more about the treasury market,
1103
00:41:12.060 --> 00:41:13.220
and we're also going to talk about why
1104
00:41:13.220 --> 00:41:15.420
France sucks. So if you're enjoying the content,
1105
00:41:15.420 --> 00:41:16.920
smash that like button, throw a chair in
1106
00:41:16.920 --> 00:41:18.220
the chat, and we'll see you in just
1107
00:41:18.220 --> 00:41:21.160
a moment. Unless you think they're going to
1108
00:41:21.160 --> 00:41:23.620
stop printing and borrowing, then you know exactly
1109
00:41:23.620 --> 00:41:25.720
where the Bitcoin price is headed, and when
1110
00:41:25.720 --> 00:41:27.900
it does, you better be ready with your
1111
00:41:27.900 --> 00:41:31.400
secure setup. That's why you need CASA premium.
1112
00:41:31.400 --> 00:41:34.000
It involves five keys, three pieces of hardware,
1113
00:41:34.000 --> 00:41:36.900
one phone, and CASA. Any three of those
1114
00:41:36.900 --> 00:41:39.120
keys can sign, and losing a key doesn't
1115
00:41:39.120 --> 00:41:42.140
mean losing access to your Bitcoin. CASA can't
1116
00:41:42.140 --> 00:41:44.060
move the funds without you, the kit and
1117
00:41:44.060 --> 00:41:46.700
devices, and everything involved is delivered right to
1118
00:41:46.700 --> 00:41:48.820
your door, and their advisory team helps you
1119
00:41:48.820 --> 00:41:52.000
through the entire setup. In terms of privacy,
1120
00:41:52.000 --> 00:41:54.420
there's no KYC, you can use any email
1121
00:41:54.420 --> 00:41:56.720
and ship to any location, and no private
1122
00:41:56.720 --> 00:42:00.060
details are required. And if CASA disappears, their
1123
00:42:00.060 --> 00:42:02.920
sovereign recovery solution allows you to rebuild your
1124
00:42:02.920 --> 00:42:06.700
whole wallet while using open source solutions like
1125
00:42:06.700 --> 00:42:10.300
Sparrow Wallet. CASA inheritance gives your family peace
1126
00:42:10.300 --> 00:42:12.200
of mind so that they're not left with
1127
00:42:12.200 --> 00:42:15.300
a locked box and no key. Their key
1128
00:42:15.300 --> 00:42:16.840
is dormant while you are around, and if
1129
00:42:16.840 --> 00:42:19.080
anything should happen, you don't need to worry
1130
00:42:19.080 --> 00:42:21.640
about them accessing everything because you already took
1131
00:42:21.640 --> 00:42:24.520
care of it. So head to CASA .io
1132
00:42:24.520 --> 00:42:27.440
slash sessions and use code sessions for 10
1133
00:42:27.440 --> 00:42:29.960
% off your first year. Again, that's cassa
1134
00:42:29.960 --> 00:42:34.280
.io slash sessions with code sessions. Click the
1135
00:42:34.280 --> 00:42:35.880
link in the show notes or scan the
1136
00:42:35.880 --> 00:42:38.720
QR code on the screen. You already know
1137
00:42:38.720 --> 00:42:39.800
that you can't leave your seed phrase on
1138
00:42:39.800 --> 00:42:41.180
paper. It needs to be on metal. What
1139
00:42:41.180 --> 00:42:42.520
you might not know is that more Bitcoin
1140
00:42:42.520 --> 00:42:44.320
has actually been lost than been stolen. More
1141
00:42:44.320 --> 00:42:46.000
than 10 times the amount ever hacked, gone
1142
00:42:46.000 --> 00:42:48.040
because someone lost their keys. Your biggest risk
1143
00:42:48.040 --> 00:42:49.900
isn't some shadowy supercoder, it's time in the
1144
00:42:49.900 --> 00:42:52.780
elements. That's why Stampseed uses titanium. Titanium never
1145
00:42:52.780 --> 00:42:54.660
rusts. Doesn't matter if it's a raging housefire
1146
00:42:54.660 --> 00:42:55.680
at the bottom of the ocean or sitting
1147
00:42:55.680 --> 00:42:57.160
at a desk drawer for 50 years. Titanium
1148
00:42:57.160 --> 00:42:59.080
doesn't care. One solid piece, nothing to come
1149
00:42:59.080 --> 00:43:00.820
apart that you hammer in. Buy the stamp
1150
00:43:00.820 --> 00:43:01.980
seed kit, and as your set of evolves,
1151
00:43:01.980 --> 00:43:03.580
you just grab more plates. Stamp it once
1152
00:43:03.580 --> 00:43:05.280
and never worry about your backup again. And
1153
00:43:05.280 --> 00:43:06.920
for the advanced users, there's the clear code
1154
00:43:06.920 --> 00:43:08.760
set. Every letter, number, and symbol of your
1155
00:43:08.760 --> 00:43:11.100
full keyboard, no two characters alike, your passphrase,
1156
00:43:11.100 --> 00:43:13.120
your descriptor, backed up on titanium. This is
1157
00:43:13.120 --> 00:43:14.880
what I personally use and have for years,
1158
00:43:14.880 --> 00:43:16.620
so stop leaving yourself exposed. They're giving you
1159
00:43:16.620 --> 00:43:18.860
15 % off with promo code Bitcast so
1160
00:43:18.860 --> 00:43:20.540
that you finally get this done today. Click
1161
00:43:20.540 --> 00:43:21.900
the link in the description down below or
1162
00:43:21.900 --> 00:43:25.240
scan the QR code on the screen. All
1163
00:43:25.240 --> 00:43:26.880
right, all right, let's keep things moving along.
1164
00:43:26.880 --> 00:43:29.100
So, as we mentioned earlier, percent is back
1165
00:43:29.100 --> 00:43:31.760
on the dance floor with another buyback. The
1166
00:43:31.760 --> 00:43:33.740
U .S. Treasury will buy back $6 billion
1167
00:43:33.740 --> 00:43:35.480
of its own debt tomorrow. That would bring
1168
00:43:35.480 --> 00:43:37.380
the total buybacks near $10 billion in just
1169
00:43:37.380 --> 00:43:40.280
one week. The debasement machine doesn't stop. Well,
1170
00:43:40.280 --> 00:43:41.520
I'm not really sure if that feels like
1171
00:43:41.520 --> 00:43:43.380
more propping up values and actually debasing, but
1172
00:43:43.380 --> 00:43:45.340
that's neither here nor there. A couple of
1173
00:43:45.340 --> 00:43:48.160
the points here we had from Unusual Wales.
1174
00:43:48.160 --> 00:43:49.500
It comes in as the 30 -year yield
1175
00:43:49.500 --> 00:43:52.680
sits at the highest level since 2002, and
1176
00:43:52.680 --> 00:43:55.300
Bitcoin Magazine sharing the whole Treasury news there.
1177
00:43:55.300 --> 00:43:57.840
So, percent is jumping back into the markets.
1178
00:43:57.840 --> 00:44:00.640
And our favorite heel, because that's essentially what
1179
00:44:00.640 --> 00:44:02.620
he is, this man has, I guarantee this
1180
00:44:02.620 --> 00:44:04.460
dude has Bitcoin. There's no way he doesn't
1181
00:44:04.460 --> 00:44:06.400
at this point in time. But from Peter
1182
00:44:06.400 --> 00:44:07.840
Schiff, we should maybe get him on, get
1183
00:44:07.840 --> 00:44:08.920
a couple drinks in him and get him
1184
00:44:08.920 --> 00:44:11.140
on the live stream. Ten -year treasury yields
1185
00:44:11.140 --> 00:44:13.260
will suit. I love the top of Pete,
1186
00:44:13.260 --> 00:44:15.160
yeah. Okay, I'll invite him. I want to
1187
00:44:15.160 --> 00:44:18.260
go home in Puerto Rico. Yeah, exactly. Or
1188
00:44:18.260 --> 00:44:20.080
whatever drink down there. And, man, if he'll
1189
00:44:20.080 --> 00:44:21.620
take, if he'll let pomp go down, he'll
1190
00:44:21.620 --> 00:44:24.500
let us go down. That's, that's, all right,
1191
00:44:24.500 --> 00:44:25.940
let's make it happen. Looks like taking a
1192
00:44:25.940 --> 00:44:27.740
nice little boy strip. Ten -year treasury yields
1193
00:44:27.740 --> 00:44:30.020
will soon surpass 5 .5, pushing mortgage rates
1194
00:44:30.020 --> 00:44:35.860
above 8%. The GSEs insure $7 .8 trillion
1195
00:44:35.860 --> 00:44:38.980
in mortgages with just $194 billion in capital.
1196
00:44:38.980 --> 00:44:40.840
All it takes is a 2 .7 %
1197
00:44:40.840 --> 00:44:42.820
loss to wipe it out. Instead of launching
1198
00:44:42.820 --> 00:44:46.520
an IPO, Trump will arrange another federal bailout.
1199
00:44:46.520 --> 00:44:48.060
He's telling that rates are going to a.
1200
00:44:48.060 --> 00:44:50.960
In all fairness, he was pretty accurate on
1201
00:44:50.960 --> 00:44:53.140
the 2008 crisis. It's not to be completely
1202
00:44:53.140 --> 00:44:55.300
dismissed, despite the fact that he keeps pretending.
1203
00:44:55.300 --> 00:44:59.040
he's wrong about Bitcoin. Walker, your thoughts? Boy,
1204
00:44:59.040 --> 00:45:03.000
Peter Schiff, old Petey boy, I had a
1205
00:45:03.000 --> 00:45:05.660
clanker run some analysis on if you bought
1206
00:45:05.660 --> 00:45:07.620
Bitcoin every time. I think you might have
1207
00:45:07.620 --> 00:45:09.940
also run this, Nathan. If you bought Bitcoin,
1208
00:45:09.940 --> 00:45:11.960
like a dollar of Bitcoin every time Peter
1209
00:45:11.960 --> 00:45:13.980
Schiff tweeted about Bitcoin, or if you bought
1210
00:45:13.980 --> 00:45:15.380
a dollar of gold every time he tweeted
1211
00:45:15.380 --> 00:45:16.600
about Bitcoin, and it's like, if you did
1212
00:45:16.600 --> 00:45:19.060
the Bitcoin, like, you're up so unbelievably much,
1213
00:45:19.060 --> 00:45:21.820
it's just insane. And if you bought gold,
1214
00:45:21.820 --> 00:45:23.460
you're like up like, you know, like 50
1215
00:45:23.460 --> 00:45:26.120
% or something, which is pretty cute. too,
1216
00:45:26.120 --> 00:45:29.940
so, you know, that's nice. Anyway, so this,
1217
00:45:29.940 --> 00:45:32.380
there's an interesting thing here too, where, and
1218
00:45:32.380 --> 00:45:34.620
I'm the first one to enjoy a little
1219
00:45:34.620 --> 00:45:39.940
Dumerism, right? Oh, yeah. But, but, but boy,
1220
00:45:39.940 --> 00:45:42.660
uh, you know, the, the, the Dumers who
1221
00:45:42.660 --> 00:45:45.220
are constantly, like, you know, everything's, everything's going
1222
00:45:45.220 --> 00:45:47.080
to break, everything's going to go down, like,
1223
00:45:47.080 --> 00:45:49.780
and I think gold bugs are actually more
1224
00:45:49.780 --> 00:45:52.220
hardcore about this than Bitcoiners, because the gold
1225
00:45:52.220 --> 00:45:53.800
bugs have been saying it since. They're the
1226
00:45:53.800 --> 00:45:55.620
pessimistic version. I've been saying this. for a
1227
00:45:55.620 --> 00:45:58.160
long time. Bitcoiners are the optimistic sound money
1228
00:45:58.160 --> 00:45:59.960
clamp that we're going to fix the shit.
1229
00:45:59.960 --> 00:46:02.100
Gold bugs are the pessimistic camp that were
1230
00:46:02.100 --> 00:46:04.440
just screwed. The gold bugs have been saying
1231
00:46:04.440 --> 00:46:06.500
that the economy is going to crash tomorrow
1232
00:46:06.500 --> 00:46:09.860
since, you know, before we were all born,
1233
00:46:09.860 --> 00:46:12.140
right? And it hasn't. Have there been some
1234
00:46:12.140 --> 00:46:14.020
probably, yeah, of course, it's like a lot
1235
00:46:14.020 --> 00:46:16.700
of this just a house of cards. Sure,
1236
00:46:16.700 --> 00:46:18.720
but it's a house of cards that again,
1237
00:46:18.720 --> 00:46:20.380
like with most of the, especially the boomer
1238
00:46:20.380 --> 00:46:22.840
gold bugs. And again, boomer gold bugs, not
1239
00:46:22.840 --> 00:46:25.600
boomer Bitcoiners guys. We love you guys. But
1240
00:46:25.600 --> 00:46:28.160
the boomer gold bugs don't seem to get.
1241
00:46:28.160 --> 00:46:31.080
There's like actually no self -awareness that they
1242
00:46:31.080 --> 00:46:33.160
are the reason that none of this is
1243
00:46:33.160 --> 00:46:34.940
allowed to break. Like, it's going to come
1244
00:46:34.940 --> 00:46:38.340
crashing down. But it's like, no, no, it
1245
00:46:38.340 --> 00:46:40.900
won't because you guys won't let in the
1246
00:46:40.900 --> 00:46:42.960
politicians in charge who are also your peers
1247
00:46:42.960 --> 00:46:45.320
won't let it because nothing can be done
1248
00:46:45.320 --> 00:46:47.660
to hurt the boomers. That's the number one
1249
00:46:47.660 --> 00:46:49.440
rule in politics. It's the number one rule
1250
00:46:49.440 --> 00:46:52.080
in finance. Never do anything that could hurt
1251
00:46:52.080 --> 00:46:56.320
the boomers. Like, it's just. If you operate
1252
00:46:56.320 --> 00:46:58.160
under that heuristic, they're like, hmm, is this
1253
00:46:58.160 --> 00:47:00.860
going to happen? Well, okay, flowchart. Is this
1254
00:47:00.860 --> 00:47:02.680
thing going to happen? Will it hurt the
1255
00:47:02.680 --> 00:47:04.940
boomers? Yes. No, it won't happen. Will it
1256
00:47:04.940 --> 00:47:06.920
hurt the boomers? No. Yeah, it probably will
1257
00:47:06.920 --> 00:47:10.020
happen. Like, there's, it just, I don't know,
1258
00:47:10.020 --> 00:47:12.840
I know that's overly simplistic guys. But I
1259
00:47:12.840 --> 00:47:14.480
see Peter Schiff, who's just been, you know,
1260
00:47:14.480 --> 00:47:16.720
again, beating the same drum. And granted, I'm
1261
00:47:16.720 --> 00:47:17.960
glad he's had a pretty good run on
1262
00:47:17.960 --> 00:47:19.900
gold recently. Like, the gold bugs deserve to
1263
00:47:19.900 --> 00:47:21.860
win. I don't think he had any. I
1264
00:47:21.860 --> 00:47:23.800
think he was minors and stuff. Yeah. I
1265
00:47:23.800 --> 00:47:25.760
mean, well, well, Peter Schiff sells. gold and
1266
00:47:25.760 --> 00:47:29.980
accepts Bitcoin for the gold. So, like, you
1267
00:47:29.980 --> 00:47:32.500
know, it tells you enough. He's also, remember
1268
00:47:32.500 --> 00:47:35.740
when he launched NFTs on Bitcoin? Do you
1269
00:47:35.740 --> 00:47:39.140
guys remember that? Oh, yeah. Boy, boy, what
1270
00:47:39.140 --> 00:47:40.620
a time, what a time. I wish we
1271
00:47:40.620 --> 00:47:42.820
go back to those silly times, Peter Schiff
1272
00:47:42.820 --> 00:47:45.540
launching stupid NFTs on Bitcoin. They were simpler
1273
00:47:45.540 --> 00:47:47.660
times, guys. Simpleer times. There were a lot
1274
00:47:47.660 --> 00:47:49.900
of fun. It's like pre -AI, too. You
1275
00:47:49.900 --> 00:47:52.860
know, it was like 2022 or something. Boy,
1276
00:47:52.860 --> 00:47:54.960
what a time. What a time. Anyway, Nathan,
1277
00:47:54.960 --> 00:47:58.060
back to you. Joey, go for it. Listen,
1278
00:47:58.060 --> 00:48:01.640
I got my own issues with Schiff. You
1279
00:48:01.640 --> 00:48:03.100
know, we talk about him a lot in
1280
00:48:03.100 --> 00:48:05.140
Bitcoin, but, you know, he's 90 % of
1281
00:48:05.140 --> 00:48:06.960
the way there. He understands the problems. He
1282
00:48:06.960 --> 00:48:09.440
needs, I think better. Yeah, I think it
1283
00:48:09.440 --> 00:48:11.740
might be. He's better, he's better at articulating
1284
00:48:11.740 --> 00:48:13.580
them than basically anyone in Bitcoin is, which
1285
00:48:13.580 --> 00:48:15.920
is kind of funny. But it sort of
1286
00:48:15.920 --> 00:48:19.940
gets lost in his analysis of the solution,
1287
00:48:19.940 --> 00:48:22.680
right? And I don't see people talking about
1288
00:48:22.680 --> 00:48:24.140
this a lot, but it seems to me
1289
00:48:24.140 --> 00:48:26.360
that he basically, like, lost his son along
1290
00:48:26.360 --> 00:48:27.800
the way. I don't know if that's funny
1291
00:48:27.800 --> 00:48:29.340
or not funny, but he never talks about
1292
00:48:29.340 --> 00:48:30.980
Spence anymore. And Spence is, I think, a
1293
00:48:30.980 --> 00:48:33.740
Bitcoin slash AI guy now. No, he pivoted
1294
00:48:33.740 --> 00:48:35.760
from Bitcoin. He was. He pivoted from Bitcoin,
1295
00:48:35.760 --> 00:48:38.340
yeah. So, like, these guys, these guys have,
1296
00:48:38.340 --> 00:48:39.800
like, their own sort of family feud brewing
1297
00:48:39.800 --> 00:48:43.160
on this. He's, anytime he's on TV, he's
1298
00:48:43.160 --> 00:48:45.260
on TV to talk about his thoughts on
1299
00:48:45.260 --> 00:48:48.960
Bitcoin, not on gold. And as a cultural
1300
00:48:48.960 --> 00:48:52.960
commentator, by the way, Peter Schiff, like, you
1301
00:48:52.960 --> 00:48:54.680
think that you say some stuff that might
1302
00:48:54.680 --> 00:48:56.520
get you canceled online, you should see what
1303
00:48:56.520 --> 00:48:58.040
Peter Schiff says about certain things. Like, if
1304
00:48:58.040 --> 00:48:59.200
you go back and listen to him, talk
1305
00:48:59.200 --> 00:49:04.200
about Trayvon Martin and other, like, super intense
1306
00:49:04.200 --> 00:49:08.440
cultural flashpoints. He's, like, extremely, what is the
1307
00:49:08.440 --> 00:49:10.740
best way to put it? He is extremely
1308
00:49:10.740 --> 00:49:13.660
carefree about the things that he thinks, and
1309
00:49:13.660 --> 00:49:15.500
he's not afraid to express those views. That's
1310
00:49:15.500 --> 00:49:16.960
what, you know, fuck you money. Well, when
1311
00:49:16.960 --> 00:49:18.940
you're sitting on, you're sitting on giant Bitcoin
1312
00:49:18.940 --> 00:49:20.400
bag in Puerto Rico, you probably don't give
1313
00:49:20.400 --> 00:49:23.320
a shit. That's his point, you know, about
1314
00:49:23.320 --> 00:49:25.800
the, um, the economy sort of teetering. I
1315
00:49:25.800 --> 00:49:30.180
mean, we agree with this. The idea that,
1316
00:49:30.180 --> 00:49:32.100
and someone in the chat said it earlier,
1317
00:49:32.100 --> 00:49:34.300
Pete doesn't mention it in his, in his
1318
00:49:34.300 --> 00:49:35.900
tweet there, but the idea that with all
1319
00:49:35.900 --> 00:49:38.140
this stuff going on, the Republicans are basically
1320
00:49:38.140 --> 00:49:40.100
doubling down on two things. One of them
1321
00:49:40.100 --> 00:49:41.860
I really like, one of them I don't.
1322
00:49:41.860 --> 00:49:43.800
They're doubling down on this, like, sort of
1323
00:49:43.800 --> 00:49:48.260
Christian values. We are the pantheon of modern
1324
00:49:48.260 --> 00:49:50.120
democracy, and we are the only hope for
1325
00:49:50.120 --> 00:49:52.380
democracy around the world to continue. On one
1326
00:49:52.380 --> 00:49:53.360
side, I don't know if you guys saw
1327
00:49:53.360 --> 00:49:58.420
that Rubio speech. today, but holy, fucky, was
1328
00:49:58.420 --> 00:50:00.300
that ever fucking, not only was it good,
1329
00:50:00.300 --> 00:50:02.420
but the fucking backdrop. It looks like something
1330
00:50:02.420 --> 00:50:03.340
I never fucking. It looks like a green
1331
00:50:03.340 --> 00:50:05.300
screen, yeah. I can't believe it. We pull
1332
00:50:05.300 --> 00:50:06.660
that up. We got that up. We got
1333
00:50:06.660 --> 00:50:08.080
that up. Fucking psycho. See, so they're doubling
1334
00:50:08.080 --> 00:50:09.520
down on that on one side, but then
1335
00:50:09.520 --> 00:50:11.700
on the other side, you hear Trump talking
1336
00:50:11.700 --> 00:50:13.860
about, you know, like, so we're going to
1337
00:50:13.860 --> 00:50:17.160
propel the entire world into the next century
1338
00:50:17.160 --> 00:50:20.100
on the back of American exceptionalism and democratic
1339
00:50:20.100 --> 00:50:22.480
norms and this sort of like Christian values
1340
00:50:22.480 --> 00:50:24.800
greatness. Love all that stuff. But then, And
1341
00:50:24.800 --> 00:50:25.880
then, you know, he's also saying if we
1342
00:50:25.880 --> 00:50:27.320
win the midterms, we're going to give out
1343
00:50:27.320 --> 00:50:28.880
a trillion and a half dollars to everybody
1344
00:50:28.880 --> 00:50:30.640
in a $5 ,000 check. Like, these two
1345
00:50:30.640 --> 00:50:34.000
things don't match. And I think the dichotomy
1346
00:50:34.000 --> 00:50:35.760
was, it was easy to avoid it during
1347
00:50:35.760 --> 00:50:38.220
a boom period. You know, the U .S.
1348
00:50:38.220 --> 00:50:39.260
has done a lot of deficit spending over
1349
00:50:39.260 --> 00:50:41.420
the years, as has every country that prints
1350
00:50:41.420 --> 00:50:43.780
its own currency. But, you know, when you
1351
00:50:43.780 --> 00:50:47.440
hear things like, well, you know, rates are
1352
00:50:47.440 --> 00:50:49.100
high now, but they were, they were above
1353
00:50:49.100 --> 00:50:50.940
6 % all through the 90s, and that
1354
00:50:50.940 --> 00:50:53.620
was a boom period, the difference between that
1355
00:50:53.620 --> 00:50:55.040
and even real estate prices and all these
1356
00:50:55.040 --> 00:50:57.400
other things is that the country and many
1357
00:50:57.400 --> 00:51:02.160
countries, the misbehavior wasn't as egregious during those
1358
00:51:02.160 --> 00:51:04.340
periods as it has been over the last
1359
00:51:04.340 --> 00:51:06.720
15 or 20 years. And so you really
1360
00:51:06.720 --> 00:51:08.400
have to pay the price at 5 %
1361
00:51:08.400 --> 00:51:09.520
and 6 % in a way you didn't
1362
00:51:09.520 --> 00:51:10.800
have to back then in terms of debt
1363
00:51:10.800 --> 00:51:13.040
to GDP, in terms of household debt, all
1364
00:51:13.040 --> 00:51:15.360
these things. So there's the Rubio speech with
1365
00:51:15.360 --> 00:51:17.180
the backdrop. I mean, we don't have to
1366
00:51:17.180 --> 00:51:18.220
listen to the speech right now. Is it
1367
00:51:18.220 --> 00:51:20.420
a much longer? Was he actually there? Yeah.
1368
00:51:20.420 --> 00:51:21.820
Yeah. He's actually. I'll go ask a little
1369
00:51:21.820 --> 00:51:23.880
bit quiet. Beautiful. Play it, yeah, play it.
1370
00:51:23.880 --> 00:51:24.720
It paved the way for the gospel of
1371
00:51:24.720 --> 00:51:27.000
Jesus Christ to find fertile soil in Europe
1372
00:51:27.000 --> 00:51:30.220
and flourish into the Empire Christendom. It was
1373
00:51:30.220 --> 00:51:32.680
the foundation of the ridges of Christian theology,
1374
00:51:32.680 --> 00:51:34.660
of Augustine, and Aquinas, and the whole tradition
1375
00:51:34.660 --> 00:51:37.440
of natural law. It gave birth to a
1376
00:51:37.440 --> 00:51:40.200
civilization marked not just by a common culture.
1377
00:51:40.200 --> 00:51:42.300
It was marked by a common anthropology, a
1378
00:51:42.300 --> 00:51:43.680
common view of man and of his place
1379
00:51:43.680 --> 00:51:46.800
in the universe. Its descendants, which shared not
1380
00:51:46.800 --> 00:51:48.760
just the idea of a natural order, but
1381
00:51:48.760 --> 00:51:51.080
a distinctive understanding of virtue, of destiny of
1382
00:51:51.080 --> 00:51:54.420
faith, of truth, goodness. and beauty of a
1383
00:51:54.420 --> 00:51:56.240
code that dictates how men ought to live
1384
00:51:56.240 --> 00:51:59.360
of objective standards and ideals to strive towards.
1385
00:51:59.360 --> 00:52:02.100
For the Greeks of antiquity, the pursuit of
1386
00:52:02.100 --> 00:52:05.460
excellence was the very principle of man's existence.
1387
00:52:05.460 --> 00:52:07.400
They organized all of civic life around contests
1388
00:52:07.400 --> 00:52:10.340
and ambition and competition in philosophy and poetry
1389
00:52:10.340 --> 00:52:12.840
and sculpture and drama, in athletics and art,
1390
00:52:12.840 --> 00:52:15.440
in war, and statescraft. The classical Greek city
1391
00:52:15.440 --> 00:52:18.300
was an arena for great men to test
1392
00:52:18.300 --> 00:52:20.360
and prove themselves, to hone their potential through
1393
00:52:20.360 --> 00:52:23.260
perpetual struggle, to be the best, the strongest,
1394
00:52:23.260 --> 00:52:24.960
the strongest, and the world. the most beautiful,
1395
00:52:24.960 --> 00:52:28.580
straining to inch ever closer to perfection. Now
1396
00:52:28.580 --> 00:52:29.620
I know that to modern ears, what I
1397
00:52:29.620 --> 00:52:31.180
just described this way of life may sound
1398
00:52:31.180 --> 00:52:33.760
odd, it may even sound cruel. The ideal
1399
00:52:33.760 --> 00:52:35.720
of many ideologies in our time is frankly
1400
00:52:35.720 --> 00:52:37.880
become a world of perfect safety, a world
1401
00:52:37.880 --> 00:52:40.060
devoid of risk or failure, or neither the
1402
00:52:40.060 --> 00:52:42.740
glory of victory nor the shame of defeat.
1403
00:52:42.740 --> 00:52:46.660
Too often, these days, we build downwards. We
1404
00:52:46.660 --> 00:52:48.200
design our standards to ensure that no one
1405
00:52:48.200 --> 00:52:50.540
will lose. We preoccupy ourselves more with the
1406
00:52:50.540 --> 00:52:52.660
comfort of the worst than the potential of
1407
00:52:52.660 --> 00:52:54.920
the best. We hold the most exceptional things
1408
00:52:54.920 --> 00:52:57.000
among the... That whole thing is fucking insane.
1409
00:52:57.000 --> 00:53:00.440
The ordinary, the mediocre. The man who made
1410
00:53:00.440 --> 00:53:03.820
the Parthenon, they built upwards. They held that
1411
00:53:03.820 --> 00:53:05.480
the highest and most noble aspiration in life
1412
00:53:05.480 --> 00:53:08.720
was to surpass all others. All right, I
1413
00:53:08.720 --> 00:53:10.520
got to just now contrast that. Let me
1414
00:53:10.520 --> 00:53:11.880
just pull this up here. Like that, like
1415
00:53:11.880 --> 00:53:15.120
that, you can't... Like Christopher Nolan, eat your
1416
00:53:15.120 --> 00:53:17.420
heart out, man. Like, where was that shit
1417
00:53:17.420 --> 00:53:19.500
in your last fucking movie? Like, where's that
1418
00:53:19.500 --> 00:53:21.560
shit in the, in the culture, you know?
1419
00:53:21.560 --> 00:53:23.160
You got Queers of War. I mean, Gears
1420
00:53:23.160 --> 00:53:25.280
of War. War releasing games, you know, where
1421
00:53:25.280 --> 00:53:28.100
everything is like a gender, a fluid, eh,
1422
00:53:28.100 --> 00:53:30.140
this, a that. You got Wolverine, it's a
1423
00:53:30.140 --> 00:53:32.840
shit game made by shitty developers. You got,
1424
00:53:32.840 --> 00:53:34.960
you know, all these people taking welfare and
1425
00:53:34.960 --> 00:53:37.240
free money and free food and free checks.
1426
00:53:37.240 --> 00:53:39.460
You got France. Let's not forget France here.
1427
00:53:39.460 --> 00:53:41.520
Like fucking insane. Oh, they just, students just
1428
00:53:41.520 --> 00:53:44.140
want new textbooks.! Fuck you. And you have
1429
00:53:44.140 --> 00:53:48.120
French mayor Bailey Bagayoko is seen protecting student
1430
00:53:48.120 --> 00:53:51.440
protesters, students, from police as the country continues
1431
00:53:51.440 --> 00:53:53.640
to face social unrest. Can we back up
1432
00:53:53.640 --> 00:53:55.440
to this guy with the pockmarks? What grade
1433
00:53:55.440 --> 00:53:57.140
is that guy in? Can someone tell me
1434
00:53:57.140 --> 00:53:59.140
what grade that young man is in? Any
1435
00:53:59.140 --> 00:54:00.600
of these young men? What grade are they
1436
00:54:00.600 --> 00:54:03.880
in? Come on. They look French. No, come
1437
00:54:03.880 --> 00:54:07.500
on. It's just fucking insane what's going on,
1438
00:54:07.500 --> 00:54:11.140
man. What are they protesting, Nathan? Oh, God.
1439
00:54:11.140 --> 00:54:14.400
Schooling conditions. I think it's schooling conditions. New
1440
00:54:14.400 --> 00:54:17.900
textbooks. The length of their, the actual apparent
1441
00:54:17.900 --> 00:54:20.340
protest rationale is that the days are too
1442
00:54:20.340 --> 00:54:22.560
long. They're like the school days too long
1443
00:54:22.560 --> 00:54:25.680
in French. Are you serious? Yeah. Jesus, start
1444
00:54:25.680 --> 00:54:26.800
doing more work with your bots in the
1445
00:54:26.800 --> 00:54:27.920
shower and get the fuck out there and
1446
00:54:27.920 --> 00:54:30.520
hustle. No shit. No kidding. You need to
1447
00:54:30.520 --> 00:54:33.040
be using drop bot in the shower. Yes,
1448
00:54:33.040 --> 00:54:34.380
you do. I mean, France has a rich
1449
00:54:34.380 --> 00:54:37.860
history of like rational... Yeah, like the yellow
1450
00:54:37.860 --> 00:54:40.060
vests and all that. Like, they've done a
1451
00:54:40.060 --> 00:54:42.140
lot of things over there. I mean, shit,
1452
00:54:42.140 --> 00:54:43.540
if you can't get a bag yet, the
1453
00:54:43.540 --> 00:54:44.980
cars are going to burn, right? Like, forget
1454
00:54:44.980 --> 00:54:47.140
about this other stuff that's going on now.
1455
00:54:47.140 --> 00:54:48.360
But this is not the same... This is
1456
00:54:48.360 --> 00:54:50.980
not a French riot. Yeah, go ahead. Because
1457
00:54:50.980 --> 00:54:52.640
if things weren't bad enough, I think this
1458
00:54:52.640 --> 00:54:55.020
will further push them in that direction. France
1459
00:54:55.020 --> 00:54:57.600
ready to bypass Parliament for $43 billion in
1460
00:54:57.600 --> 00:55:01.720
cuts. French finance minister Roland Lysquire says the
1461
00:55:01.720 --> 00:55:04.760
government is prepared to use constitutional powers to
1462
00:55:04.760 --> 00:55:07.600
pass the 2027 budget without parliamentary vote if
1463
00:55:07.600 --> 00:55:10.780
negotiations fail. The plan includes roughly $43 billion
1464
00:55:10.780 --> 00:55:13.980
in spending cuts, with Lysquire insisting the deficit
1465
00:55:13.980 --> 00:55:16.640
must not exceed 5 % of GDP. So
1466
00:55:16.640 --> 00:55:18.640
they're now looking to roll back the benefits
1467
00:55:18.640 --> 00:55:20.820
at this same time as well. What is
1468
00:55:20.820 --> 00:55:22.020
the answer? Keep on the precipice of a
1469
00:55:22.020 --> 00:55:24.960
dangerous financial. financial smile, France now pays more
1470
00:55:24.960 --> 00:55:27.680
to borrow than former crisis hotspots like Greece
1471
00:55:27.680 --> 00:55:30.040
that we were just in, and Italy. Its
1472
00:55:30.040 --> 00:55:32.400
government is running a budget deficit surpassed only
1473
00:55:32.400 --> 00:55:35.000
by the United States amongst its peers, which
1474
00:55:35.000 --> 00:55:37.940
that's not a fair comparison being that it's
1475
00:55:37.940 --> 00:55:39.620
the World Reserve currency. But Joey, jump in.
1476
00:55:39.620 --> 00:55:41.160
Why is the other reason it's not a
1477
00:55:41.160 --> 00:55:43.240
fair comparison and why the European Union is
1478
00:55:43.240 --> 00:55:44.660
ultimately going to fail is because none of
1479
00:55:44.660 --> 00:55:47.120
these countries can print their own currency. It's
1480
00:55:47.120 --> 00:55:49.320
as simple as that. You cannot, you cannot
1481
00:55:49.320 --> 00:55:52.560
push the pressure or release the pressure into
1482
00:55:52.560 --> 00:55:55.700
enforcement. into debasement, the way that we have,
1483
00:55:55.700 --> 00:55:56.780
the way that the United States has, the
1484
00:55:56.780 --> 00:55:58.340
way that a lot of countries who maintain
1485
00:55:58.340 --> 00:56:01.160
their currency sovereignty have, which is why it
1486
00:56:01.160 --> 00:56:03.000
was so important for the UK, who understood
1487
00:56:03.000 --> 00:56:04.560
this was going to be a problem, to
1488
00:56:04.560 --> 00:56:07.060
stay out of the Eurozone. They never adopted
1489
00:56:07.060 --> 00:56:08.400
the Euro, even though they were in the
1490
00:56:08.400 --> 00:56:10.360
trade union. And so many of these countries
1491
00:56:10.360 --> 00:56:12.200
who are in the European Union who did
1492
00:56:12.200 --> 00:56:14.760
not adopt the currency contract don't have these
1493
00:56:14.760 --> 00:56:18.180
problems. They have other problems, sure. But they're
1494
00:56:18.180 --> 00:56:21.420
not having issues with with budget deficits and
1495
00:56:21.420 --> 00:56:22.920
debt because they can just print their own
1496
00:56:22.920 --> 00:56:25.420
money. These guys can't do that. It's not
1497
00:56:25.420 --> 00:56:28.080
the same, the mechanism is not there to
1498
00:56:28.080 --> 00:56:30.540
have a release out. That's problem number one.
1499
00:56:30.540 --> 00:56:32.900
Problem number two is that France now finds
1500
00:56:32.900 --> 00:56:35.140
itself in a position where even if they
1501
00:56:35.140 --> 00:56:38.680
could print their own money, the native French
1502
00:56:38.680 --> 00:56:41.820
population will not tolerate it being given to
1503
00:56:41.820 --> 00:56:45.940
these people in any context, whether it's quote
1504
00:56:45.940 --> 00:56:49.380
unquote improving educational conditions. That one fucking guy
1505
00:56:49.380 --> 00:56:51.560
who was like 45 years old. Everyone's seen
1506
00:56:51.560 --> 00:56:55.420
the videos, okay? Just because La Press in
1507
00:56:55.420 --> 00:56:56.820
France, whatever the French paper is, I think
1508
00:56:56.820 --> 00:56:58.580
that's a Quebec paper actually, but whatever, like
1509
00:56:58.580 --> 00:57:01.900
just because these guys print pictures where the
1510
00:57:01.900 --> 00:57:05.460
people in the protest are young, they're white,
1511
00:57:05.460 --> 00:57:07.660
their whatever, doesn't mean that other people are
1512
00:57:07.660 --> 00:57:09.940
not actually looking at the protest, seeing them,
1513
00:57:09.940 --> 00:57:11.500
going on Twitter, going on YouTube and seeing
1514
00:57:11.500 --> 00:57:13.480
what the nature of the protest is. France
1515
00:57:13.480 --> 00:57:15.040
is having these problems for one reason and
1516
00:57:15.040 --> 00:57:16.920
one reason only. What is it? It's because
1517
00:57:16.920 --> 00:57:18.620
they have a demographic issue. They have a
1518
00:57:18.620 --> 00:57:20.420
demographic issue in terms of their birth rate.
1519
00:57:20.420 --> 00:57:21.600
They have a demographic issue in terms of
1520
00:57:21.600 --> 00:57:23.440
their immigration. They have a demographic issue in
1521
00:57:23.440 --> 00:57:25.620
terms of Islam. They have a demographic issue
1522
00:57:25.620 --> 00:57:28.820
in terms of their split between boomers and
1523
00:57:28.820 --> 00:57:34.120
young people. It's spreading. It's become this plague,
1524
00:57:34.120 --> 00:57:37.080
and it's happening everywhere. And I think they
1525
00:57:37.080 --> 00:57:39.300
are the tip of the spear here. But
1526
00:57:39.300 --> 00:57:42.000
we just talked on Monday about how the
1527
00:57:42.000 --> 00:57:44.420
UK is doing this now. Other European countries
1528
00:57:44.420 --> 00:57:46.400
are doing this now. And the weirdest thing
1529
00:57:46.400 --> 00:57:48.180
is that in the face of most of
1530
00:57:48.180 --> 00:57:51.600
the public, disagreeing with everything related to these
1531
00:57:51.600 --> 00:57:58.300
policies, they're accelerating everywhere. They're accelerating here. They're
1532
00:57:58.300 --> 00:58:01.280
accelerating in the UK. They're accelerating in France.
1533
00:58:01.280 --> 00:58:04.540
Where the fuck is Macron? What is that
1534
00:58:04.540 --> 00:58:06.680
guy up to? I haven't seen a public
1535
00:58:06.680 --> 00:58:08.960
address from him at all. I see Marine
1536
00:58:08.960 --> 00:58:11.820
Le Pen talking. And if Marine Le Pen
1537
00:58:11.820 --> 00:58:14.520
wins, okay, what do you think the solution
1538
00:58:14.520 --> 00:58:15.540
is? Well, look at that. Look at that
1539
00:58:15.540 --> 00:58:17.440
fine high school scholar there. That guy looks
1540
00:58:17.440 --> 00:58:19.160
like he might be a doctor and engineer.
1541
00:58:19.160 --> 00:58:21.460
So, like, what is the Le Pen fixed
1542
00:58:21.460 --> 00:58:24.900
for this? The only fix left is lethal
1543
00:58:24.900 --> 00:58:27.760
force. Like, what is the other option here?
1544
00:58:27.760 --> 00:58:29.560
You can't put these people in jail. You
1545
00:58:29.560 --> 00:58:31.280
can't deport them. You can't tell them to
1546
00:58:31.280 --> 00:58:35.500
go home. What is your plan? I mean,
1547
00:58:35.500 --> 00:58:36.740
do you have to kill them? What do
1548
00:58:36.740 --> 00:58:37.360
you have to do? What do you have
1549
00:58:37.360 --> 00:58:39.440
to do? I don't know. But that seems
1550
00:58:39.440 --> 00:58:41.100
to me to be the thing that's going
1551
00:58:41.100 --> 00:58:43.380
to become an option. And we've talked a
1552
00:58:43.380 --> 00:58:45.280
lot on this show and on all our
1553
00:58:45.280 --> 00:58:46.980
shows, and we talk about it with our
1554
00:58:46.980 --> 00:58:48.280
friends and our family and the people we
1555
00:58:48.280 --> 00:58:50.180
trust because these things are not for mixed
1556
00:58:50.180 --> 00:58:53.800
company. But. This is how all - Good
1557
00:58:53.800 --> 00:58:55.240
thing we're saying them on the internet, huh?
1558
00:58:55.240 --> 00:58:56.440
Well, we have to say them now because
1559
00:58:56.440 --> 00:58:58.280
guess what? We do. These things have become
1560
00:58:58.280 --> 00:59:01.220
the moderate position. The moderate position now is
1561
00:59:01.220 --> 00:59:06.540
like mass -forced remigration under penalty of death
1562
00:59:06.540 --> 00:59:08.820
in some of these countries. Do you think
1563
00:59:08.820 --> 00:59:10.920
if France had a referendum today on what
1564
00:59:10.920 --> 00:59:12.360
to do with these people, there would be
1565
00:59:12.360 --> 00:59:14.260
less than 15 % of people voting to
1566
00:59:14.260 --> 00:59:15.880
send them all home? It would probably be
1567
00:59:15.880 --> 00:59:18.820
50%, maybe more. And so the question you
1568
00:59:18.820 --> 00:59:20.980
have to ask is, what is a government
1569
00:59:20.980 --> 00:59:23.460
going to do? when 50 % of its
1570
00:59:23.460 --> 00:59:26.940
people want 10 % of its people gone.
1571
00:59:26.940 --> 00:59:28.480
Well, we can look to an example, right?
1572
00:59:28.480 --> 00:59:30.080
It's one that, like, again, tests my, we
1573
00:59:30.080 --> 00:59:32.800
say, test my libertarian sensibilities in terms of,
1574
00:59:32.800 --> 00:59:34.420
like, dealing with the practical now versus the
1575
00:59:34.420 --> 00:59:35.740
ideal sort of state. But you can look
1576
00:59:35.740 --> 00:59:37.120
at what Pakely did, right? We can look
1577
00:59:37.120 --> 00:59:38.820
at what happened in El Salvador. You can
1578
00:59:38.820 --> 00:59:40.460
take that model and just apply it to
1579
00:59:40.460 --> 00:59:42.760
a lot of criminality and problems. I can't
1580
00:59:42.760 --> 00:59:45.280
argue that it worked. I have my criticisms,
1581
00:59:45.280 --> 00:59:47.640
but I can't argue that it worked. Walker,
1582
00:59:47.640 --> 00:59:52.800
your thoughts there? Polybius, speaking of the Greeks.
1583
00:59:52.800 --> 00:59:54.360
Hold on, he's leaning, he's leaning. I'm going
1584
00:59:54.360 --> 00:59:57.680
to just meet my mic. He had a
1585
00:59:57.680 --> 01:00:02.440
theory called antipsychosis, which is that societal and
1586
01:00:02.440 --> 01:00:04.780
political order moves in these cycles, where it
1587
01:00:04.780 --> 01:00:07.680
starts out with monarchy. The monarch becomes a
1588
01:00:07.680 --> 01:00:10.540
tyrant. The tyrant is overthrown by the best
1589
01:00:10.540 --> 01:00:13.780
of the upper class, the aristocracy. You have
1590
01:00:13.780 --> 01:00:16.120
a benevolent aristocracy that rules for a while
1591
01:00:16.120 --> 01:00:18.960
until they become an oligarch. They become a
1592
01:00:18.960 --> 01:00:21.320
bit corrupted. The oligarchy is then overthrown by
1593
01:00:21.320 --> 01:00:23.500
democracy, the rule of the people. But the
1594
01:00:23.500 --> 01:00:27.160
rule of the people always descends into aglocracy,
1595
01:00:27.160 --> 01:00:29.280
also known as mob rule. And that is
1596
01:00:29.280 --> 01:00:31.100
because when you have the ability to buy
1597
01:00:31.100 --> 01:00:34.680
votes, when you can promise people money in
1598
01:00:34.680 --> 01:00:38.940
exchange for their vote, democracy doesn't work. There's
1599
01:00:38.940 --> 01:00:41.820
a reason that Athenian democracy was based on
1600
01:00:41.820 --> 01:00:44.800
certain, you had to hit certain benchmarks, right?
1601
01:00:44.800 --> 01:00:46.360
You had to be a landowner. You had
1602
01:00:46.360 --> 01:00:48.340
to be a citizen. There, There were very
1603
01:00:48.340 --> 01:00:50.380
specific things you were do. It was not
1604
01:00:50.380 --> 01:00:51.840
a given. It was not one vote for
1605
01:00:51.840 --> 01:00:53.160
one person. No, you had to be a
1606
01:00:53.160 --> 01:00:55.640
certain type of person. Not saying that Athenian
1607
01:00:55.640 --> 01:00:57.940
democracy was perfect either. But the point being
1608
01:00:57.940 --> 01:01:02.500
that after Aglocracy, after Mob Rule takes effect,
1609
01:01:02.500 --> 01:01:04.120
and it's a very fine line between, I
1610
01:01:04.120 --> 01:01:07.360
think, democracy and mob rule. But taking El
1611
01:01:07.360 --> 01:01:08.920
Salvador as the example, because you just mentioned
1612
01:01:08.920 --> 01:01:11.120
it, what you had there was almost a
1613
01:01:11.120 --> 01:01:15.740
perfect case of the transition from democracy to
1614
01:01:15.740 --> 01:01:19.260
aglocracy, literal mob rule. that case where literal
1615
01:01:19.260 --> 01:01:22.380
mobs, literal gangs, were the ones who were
1616
01:01:22.380 --> 01:01:26.180
in charge of the country. And then what
1617
01:01:26.180 --> 01:01:27.940
comes out of that? Well, once again, the
1618
01:01:27.940 --> 01:01:30.840
cycle repeats itself. A monarch must rise. I'm
1619
01:01:30.840 --> 01:01:32.660
not calling Buceli a king. I'm not calling
1620
01:01:32.660 --> 01:01:34.660
him a monarch. But that is how he
1621
01:01:34.660 --> 01:01:38.520
functioned. But he had to function that way,
1622
01:01:38.520 --> 01:01:41.700
because nothing else would have changed the tide.
1623
01:01:41.700 --> 01:01:43.380
And I think you're going to see this,
1624
01:01:43.380 --> 01:01:45.940
the rise of the strong man who says,
1625
01:01:45.940 --> 01:01:49.840
enough. Enough is enough. We're sick of this.
1626
01:01:49.840 --> 01:01:51.280
The people are sick of this. The people
1627
01:01:51.280 --> 01:01:53.260
don't want this. They're sick of being oppressed
1628
01:01:53.260 --> 01:01:55.420
by the rule of the mob, whether literal
1629
01:01:55.420 --> 01:01:59.820
or figurative, perhaps a bit of both. And
1630
01:01:59.820 --> 01:02:04.260
then that strong man rises and gets shit
1631
01:02:04.260 --> 01:02:06.960
done. That's what you saw in El Salvador.
1632
01:02:06.960 --> 01:02:08.240
I know plenty of people have plenty of
1633
01:02:08.240 --> 01:02:10.320
problems with Buckele. You're free to have those
1634
01:02:10.320 --> 01:02:12.520
criticisms. But to those people, I would just
1635
01:02:12.520 --> 01:02:15.440
simply ask you, what do you think would
1636
01:02:15.440 --> 01:02:18.100
have been a better course of action? What
1637
01:02:18.100 --> 01:02:20.760
would have been better? Like, how would you
1638
01:02:20.760 --> 01:02:22.900
have done that differently? You, you big strong
1639
01:02:22.900 --> 01:02:25.560
man from your armchair. How would you have
1640
01:02:25.560 --> 01:02:27.580
done that differently? If you think Buceli did
1641
01:02:27.580 --> 01:02:29.860
such a bad job, which should you have
1642
01:02:29.860 --> 01:02:32.380
just kept with the status quo that had
1643
01:02:32.380 --> 01:02:35.420
been persistent for so long with women being
1644
01:02:35.420 --> 01:02:40.660
violated day and night across the country, with,
1645
01:02:40.660 --> 01:02:43.200
you know, only gang members' girlfriends allowed to
1646
01:02:43.200 --> 01:02:47.180
have blonde hair, with your kids not being
1647
01:02:47.180 --> 01:02:48.880
able to walk to school. for fear of
1648
01:02:48.880 --> 01:02:52.620
being shot with people being executed in broad
1649
01:02:52.620 --> 01:02:57.260
daylight constantly you know and or do you
1650
01:02:57.260 --> 01:02:58.580
do what he did which is take the
1651
01:02:58.580 --> 01:03:02.420
strong approach and lock up the people the
1652
01:03:02.420 --> 01:03:05.380
small percentage of people who hold the rest
1653
01:03:05.380 --> 01:03:09.060
of the law -abiding citizens hostage because again
1654
01:03:09.060 --> 01:03:12.000
i'll remind everyone that the only purpose of
1655
01:03:12.000 --> 01:03:14.160
the state is to enforce the law the
1656
01:03:14.160 --> 01:03:15.600
only purpose of the law is to organize
1657
01:03:15.600 --> 01:03:17.380
for the collective defense of private property, the
1658
01:03:17.380 --> 01:03:22.760
most intimate instantiation of which is your bodily
1659
01:03:22.760 --> 01:03:27.420
autonomy. Your right to not be fucking murdered
1660
01:03:27.420 --> 01:03:34.820
by thugs and gangsters and foreign plunderers. But
1661
01:03:34.820 --> 01:03:36.480
to quote Bastia, outlight the problem is that
1662
01:03:36.480 --> 01:03:38.560
the law has been perverted. And now those
1663
01:03:38.560 --> 01:03:40.260
in charge of enforcing the law have become
1664
01:03:40.260 --> 01:03:42.540
the plunderers themselves and also enable the foreign
1665
01:03:42.540 --> 01:03:45.200
plunderers as well. If you haven't read the
1666
01:03:45.200 --> 01:03:49.040
law by Friedrich Bastia, you absolutely, how is
1667
01:03:49.040 --> 01:03:50.720
my French accent there? It's better than your
1668
01:03:50.720 --> 01:03:53.260
German accent. Yeah, I love it. Thank you,
1669
01:03:53.260 --> 01:03:55.420
this guy's criticizing your accent. I heard him
1670
01:03:55.420 --> 01:03:57.600
call a guy named Johann Johann Johann Johann,
1671
01:03:57.600 --> 01:04:00.120
about 40 minutes ago on the stream. Yeah.
1672
01:04:00.120 --> 01:04:01.540
I don't know what's going on with that,
1673
01:04:01.540 --> 01:04:04.400
but I'm not saying how many better. Long
1674
01:04:04.400 --> 01:04:06.660
story short, and this is to Joey's point,
1675
01:04:06.660 --> 01:04:09.920
I think that across the world, you can
1676
01:04:09.920 --> 01:04:12.660
only, you know, this goes back the idea.
1677
01:04:12.660 --> 01:04:15.220
most like the most dangerous thing is a
1678
01:04:15.220 --> 01:04:16.660
peaceful man who just wants to be left
1679
01:04:16.660 --> 01:04:19.220
alone because if you push a peaceful man
1680
01:04:19.220 --> 01:04:20.500
who just wants to be left alone if
1681
01:04:20.500 --> 01:04:23.080
you push him far enough and you you
1682
01:04:23.080 --> 01:04:25.160
just keep fucking with him and you keep
1683
01:04:25.160 --> 01:04:26.720
destroying the things that he loves and you
1684
01:04:26.720 --> 01:04:28.300
keep threatening the things that he loves his
1685
01:04:28.300 --> 01:04:31.780
family his country his religion doesn't matter if
1686
01:04:31.780 --> 01:04:33.780
you're religious or or not here right this
1687
01:04:33.780 --> 01:04:35.320
isn't what it's about it's about having the
1688
01:04:35.320 --> 01:04:38.700
things you love threatened and attacked you can
1689
01:04:38.700 --> 01:04:40.460
only do that for so long before a
1690
01:04:40.460 --> 01:04:42.540
peaceful man who just wants to be left
1691
01:04:42.540 --> 01:04:47.460
alone says, fucking enough. I'm done with this.
1692
01:04:47.460 --> 01:04:49.240
I've had enough and I'm going to do
1693
01:04:49.240 --> 01:04:51.200
something about it. And I think you're going
1694
01:04:51.200 --> 01:04:53.200
to see that the world over. I think
1695
01:04:53.200 --> 01:04:55.380
you're already seeing that the world over. And
1696
01:04:55.380 --> 01:04:58.200
if voting doesn't work because the law has
1697
01:04:58.200 --> 01:05:00.960
been perverted in such a way that democracy
1698
01:05:00.960 --> 01:05:04.360
is allowed to move into mob rule because
1699
01:05:04.360 --> 01:05:06.620
you can buy the votes of the fucking
1700
01:05:06.620 --> 01:05:11.640
sheep, then what is your course of action?
1701
01:05:11.640 --> 01:05:13.960
What is your course of action? I will
1702
01:05:13.960 --> 01:05:16.520
leave that up to the viewer to decide.
1703
01:05:16.520 --> 01:05:18.120
But I think if you have more than
1704
01:05:18.120 --> 01:05:19.780
a couple of brain cells to rub together,
1705
01:05:19.780 --> 01:05:20.920
you can see the way that this is
1706
01:05:20.920 --> 01:05:24.160
going. And it's going to get worse before
1707
01:05:24.160 --> 01:05:29.120
it gets better because it has to necessarily.
1708
01:05:29.120 --> 01:05:30.840
End of rant. I was waiting for end
1709
01:05:30.840 --> 01:05:32.040
of rant. I needed the end of rant
1710
01:05:32.040 --> 01:05:35.160
moment. Okay, beautiful place to just pause for
1711
01:05:35.160 --> 01:05:36.300
a second or take a quick break for
1712
01:05:36.300 --> 01:05:37.700
show sponsors. On the other side of the
1713
01:05:37.700 --> 01:05:39.420
break, I got a neat little signpost. I
1714
01:05:39.420 --> 01:05:40.660
just want to highlight to tell you how
1715
01:05:40.660 --> 01:05:42.920
far current. seat to basement is actually gone.
1716
01:05:42.920 --> 01:05:45.760
But more importantly, again, I want to really
1717
01:05:45.760 --> 01:05:47.840
stress this caveat. I am in no way
1718
01:05:47.840 --> 01:05:50.040
addressing the boomers that are currently watching the
1719
01:05:50.040 --> 01:05:52.120
stream or will be watching the replay later.
1720
01:05:52.120 --> 01:05:53.340
We're going to go through a little polling
1721
01:05:53.340 --> 01:05:56.240
information regarding the boomer generation and kind of,
1722
01:05:56.240 --> 01:05:57.800
you know, directly ties into what Walker was
1723
01:05:57.800 --> 01:05:59.240
talking about. So if you're enjoying the content,
1724
01:05:59.240 --> 01:06:00.380
do hit that like button, hit subscribe if
1725
01:06:00.380 --> 01:06:01.940
not already, throw a chair in the chat,
1726
01:06:01.940 --> 01:06:02.940
and we'll be right back in just a
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01:07:19.760 --> 01:07:21.580
you every step of the way. And for
1758
01:07:21.580 --> 01:07:23.680
the Americans, they're launching their own Bitcoin IRA
1759
01:07:23.680 --> 01:07:26.000
and the wait list is open. Verifiable and
1760
01:07:26.000 --> 01:07:28.340
on chain. So sign up today, visit Bitcoinwell
1761
01:07:28.340 --> 01:07:30.500
.com slash BTC Sessions or scan the QR
1762
01:07:30.500 --> 01:07:33.440
code on the screen. All right, let's keep
1763
01:07:33.440 --> 01:07:35.260
moving along. Joey will be right back with
1764
01:07:35.260 --> 01:07:36.840
us in just a moment. Quickly, Walker, this
1765
01:07:36.840 --> 01:07:38.080
one's actually for you. I wanted to highlight
1766
01:07:38.080 --> 01:07:39.740
before I get into the next topic. Oh,
1767
01:07:39.740 --> 01:07:42.340
boy. After the penny, Congress is coming for
1768
01:07:42.340 --> 01:07:44.420
the nickel. A new bill would let the
1769
01:07:44.420 --> 01:07:46.600
Treasury test a cheaper metal mix for the
1770
01:07:46.600 --> 01:07:48.700
five cent coin. The reason, it costs nearly
1771
01:07:48.700 --> 01:07:51.240
13 cents to make one. That's 2 .5
1772
01:07:51.240 --> 01:07:53.400
what it's actually worth. The U .S. Mint
1773
01:07:53.400 --> 01:07:55.680
stopped making pennies next to November and for
1774
01:07:55.680 --> 01:07:57.540
the same reason. So I thought it was
1775
01:07:57.540 --> 01:07:59.360
a wonderful little signpost of the way the
1776
01:07:59.360 --> 01:08:03.680
currency is going. I mean, it's reminding me
1777
01:08:03.680 --> 01:08:06.460
of like the grim Reaper meme, you know,
1778
01:08:06.460 --> 01:08:08.420
where it's like knocking on penny store, knocking
1779
01:08:08.420 --> 01:08:10.160
on nickel. It's going to be knocking on
1780
01:08:10.160 --> 01:08:13.040
the quarter's door, then knock it on the
1781
01:08:13.040 --> 01:08:15.180
dollar's door because, boy, no matter how cheap
1782
01:08:15.180 --> 01:08:16.860
it is to print paper, eventually it will
1783
01:08:16.860 --> 01:08:19.280
become more expensive than the thing is worth.
1784
01:08:19.280 --> 01:08:21.760
And I mean, isn't this just a sign
1785
01:08:21.760 --> 01:08:24.880
of the times? Like, the face value of
1786
01:08:24.880 --> 01:08:27.700
the money is less than what it costs
1787
01:08:27.700 --> 01:08:31.420
to make the thing, right? I mean, it's,
1788
01:08:31.420 --> 01:08:34.520
it's kind of interesting. I think that just
1789
01:08:34.520 --> 01:08:38.300
like zooming out a little bit, I guess,
1790
01:08:38.300 --> 01:08:39.980
they're going to, like, this is a slight
1791
01:08:39.980 --> 01:08:41.900
digression, which I'm sure you didn't see coming,
1792
01:08:41.900 --> 01:08:43.700
but they are going to try to get
1793
01:08:43.700 --> 01:08:45.780
rid of cash all over the world. Oh,
1794
01:08:45.780 --> 01:08:47.880
yeah, just like step one to that. Yeah,
1795
01:08:47.880 --> 01:08:49.600
they're like, let's get rid of the coins.
1796
01:08:49.600 --> 01:08:52.700
Like, okay, you know, let's get rid of
1797
01:08:52.700 --> 01:08:54.760
the paper nose. They're just inconvenient. They cost
1798
01:08:54.760 --> 01:08:57.080
too much. How antiquated of us. I think
1799
01:08:57.080 --> 01:08:58.200
America is actually going to be one of
1800
01:08:58.200 --> 01:09:02.560
the last to do that. Maybe besides some
1801
01:09:02.560 --> 01:09:05.700
Eastern European countries where they very much still
1802
01:09:05.700 --> 01:09:07.800
don't even deal in credit that much and
1803
01:09:07.800 --> 01:09:10.260
primarily deal in, you know, you have like
1804
01:09:10.260 --> 01:09:12.660
if you're paying for something, you're paying in
1805
01:09:12.660 --> 01:09:14.800
cash or you're not using a credit card
1806
01:09:14.800 --> 01:09:16.840
using a debit card. Like they have a
1807
01:09:16.840 --> 01:09:19.780
distrust of credit because they've had a distrust
1808
01:09:19.780 --> 01:09:22.080
of the monetary system for a long time
1809
01:09:22.080 --> 01:09:25.000
stemming from how broken it was during communism.
1810
01:09:25.000 --> 01:09:26.580
In a lot of Western Europe, I don't
1811
01:09:26.580 --> 01:09:28.780
think they have quite that same immune response
1812
01:09:28.780 --> 01:09:33.300
to, the, let's say the slow creep of
1813
01:09:33.300 --> 01:09:37.160
totalitarianism that they do in the Eastern block.
1814
01:09:37.160 --> 01:09:39.640
But this is going to happen the world
1815
01:09:39.640 --> 01:09:41.440
over. This is what they will push. They
1816
01:09:41.440 --> 01:09:44.480
have to push this because they need total
1817
01:09:44.480 --> 01:09:46.820
control over the money. Like right now, for,
1818
01:09:46.820 --> 01:09:48.260
you know, cash is trash, whatever you want
1819
01:09:48.260 --> 01:09:49.980
to say. But like, man, it's still great
1820
01:09:49.980 --> 01:09:52.640
to have cash. Cash is excellent. It is
1821
01:09:52.640 --> 01:09:56.320
great. Cash is a bearer instrument, right? You
1822
01:09:56.320 --> 01:09:59.540
can just give somebody cash and nobody else
1823
01:09:59.540 --> 01:10:03.060
needs to not. about it. That's super, like,
1824
01:10:03.060 --> 01:10:06.000
it is giving somebody, cash is way more
1825
01:10:06.000 --> 01:10:08.260
anonymous than giving somebody Bitcoin, right? There's a
1826
01:10:08.260 --> 01:10:10.700
literal fucking public ledger of it that can
1827
01:10:10.700 --> 01:10:12.860
be audited for all time in Bitcoin and
1828
01:10:12.860 --> 01:10:15.020
perpetuity. Cash, it's like, you can just hand
1829
01:10:15.020 --> 01:10:16.820
somebody some fucking cash and nobody is any
1830
01:10:16.820 --> 01:10:20.240
the wiser. Cash is great, but capital controls
1831
01:10:20.240 --> 01:10:25.180
will intensify. They need to intensify. Because again,
1832
01:10:25.180 --> 01:10:26.800
as governments continue to do things that are
1833
01:10:26.800 --> 01:10:31.380
wildly unpopular with their citizenry, They will need
1834
01:10:31.380 --> 01:10:33.660
to impose stricter controls because more capital is
1835
01:10:33.660 --> 01:10:35.560
going to try to flee. More capital is
1836
01:10:35.560 --> 01:10:37.300
going to try to evade those capital controls,
1837
01:10:37.300 --> 01:10:39.760
going to try to evade those rising taxes.
1838
01:10:39.760 --> 01:10:41.100
Going to try to evade getting just rat
1839
01:10:41.100 --> 01:10:42.980
fucked by the government at every turning. Cash
1840
01:10:42.980 --> 01:10:45.340
is still a great way to, you know,
1841
01:10:45.340 --> 01:10:48.940
unrat -fuck yourself. So I would say, you
1842
01:10:48.940 --> 01:10:49.940
know, if you're not going to pay in
1843
01:10:49.940 --> 01:10:52.800
Bitcoin, paying cash, I'm guilty as much as
1844
01:10:52.800 --> 01:10:57.400
anyone else of enjoying some credit card perks.
1845
01:10:57.400 --> 01:10:58.700
I try to get credit card perks that
1846
01:10:58.700 --> 01:11:00.400
are denominated in Bitcoin because I just I
1847
01:11:00.400 --> 01:11:02.880
think it makes a lot more sense than
1848
01:11:02.880 --> 01:11:07.020
airline miles, which are like fiat on steroids.
1849
01:11:07.020 --> 01:11:09.220
But yeah, I don't know. They'll come for
1850
01:11:09.220 --> 01:11:12.620
the quarter next. It's only, only makes sense.
1851
01:11:12.620 --> 01:11:16.620
I'm curious what the, how close like the,
1852
01:11:16.620 --> 01:11:19.120
you know, the various euro coinage. I was
1853
01:11:19.120 --> 01:11:20.260
going to say, well, the quarter to be,
1854
01:11:20.260 --> 01:11:22.840
but the euro coinage. At least, you know,
1855
01:11:22.840 --> 01:11:24.560
in Europe, they use like the one euro
1856
01:11:24.560 --> 01:11:26.380
and two euro coins. Those are like pretty
1857
01:11:26.380 --> 01:11:28.300
common. They're actually kind of useful. You know,
1858
01:11:28.300 --> 01:11:31.180
you can still get an espresso. For, you
1859
01:11:31.180 --> 01:11:34.400
know, a couple of coins. Like, that's neat.
1860
01:11:34.400 --> 01:11:36.440
Can't really do that as much in America.
1861
01:11:36.440 --> 01:11:38.060
I guess you could use the old half
1862
01:11:38.060 --> 01:11:39.540
dollar or dollar pieces, but they're just not
1863
01:11:39.540 --> 01:11:43.400
really common anymore. So, I don't know, long
1864
01:11:43.400 --> 01:11:45.160
way of saying, like, they're going to get
1865
01:11:45.160 --> 01:11:46.980
rid of all the coins, and they'll get
1866
01:11:46.980 --> 01:11:49.800
rid of all the bills. You should hope
1867
01:11:49.800 --> 01:11:51.940
that your country is opposed to that. At
1868
01:11:51.940 --> 01:11:54.280
least in the United States, there's some, at
1869
01:11:54.280 --> 01:11:56.680
least executive orders in the books against CBDCs.
1870
01:11:56.680 --> 01:11:58.620
I don't think any of them been codified
1871
01:11:58.620 --> 01:12:01.220
into law yet. I could be mistaken. But
1872
01:12:01.220 --> 01:12:03.120
you should resist that every fucking turn because
1873
01:12:03.120 --> 01:12:06.040
it is a totalitarian's wet fucking dream and
1874
01:12:06.040 --> 01:12:08.160
will enable a penopticon beyond any of your
1875
01:12:08.160 --> 01:12:13.380
wildestly horrible imaginations. Love it. All right, Joey.
1876
01:12:13.380 --> 01:12:14.460
Welcome back. Good to have you back on
1877
01:12:14.460 --> 01:12:15.740
stream here. Thanks, boys. I'm going to take
1878
01:12:15.740 --> 01:12:18.360
us into the next part of the conversation.
1879
01:12:18.360 --> 01:12:19.080
Get ready for this one. We're going to
1880
01:12:19.080 --> 01:12:20.160
talk a little bit about the boomers, which
1881
01:12:20.160 --> 01:12:23.120
never results in the comment section blowing up
1882
01:12:23.120 --> 01:12:28.460
whatsoever. Again, we're not talking about you. So,
1883
01:12:28.460 --> 01:12:32.440
just in. U .S. boomers overwhelmingly support higher
1884
01:12:32.440 --> 01:12:35.640
taxes on younger workers to maintain current Social
1885
01:12:35.640 --> 01:12:39.600
Security benefits polls show a little bit more.
1886
01:12:39.600 --> 01:12:42.740
Nearly nine in ten Americans over 65 support
1887
01:12:42.740 --> 01:12:46.200
keeping social security benefits at current levels. Even
1888
01:12:46.200 --> 01:12:48.740
if the younger workers have to pay higher
1889
01:12:48.740 --> 01:12:51.680
taxes by the Kato Institute. Nice little comment
1890
01:12:51.680 --> 01:12:53.980
here from Matt Walsh. Stealing from young families
1891
01:12:53.980 --> 01:12:56.580
to pay much higher net worth boomers is
1892
01:12:56.580 --> 01:12:59.340
immoral and ridiculous. Young families already have to
1893
01:12:59.340 --> 01:13:01.540
deal with an economy where everything is exponentially
1894
01:13:01.540 --> 01:13:03.620
more expensive than it was for boomers at
1895
01:13:03.620 --> 01:13:05.640
the same age.! Older people clamoring to raise
1896
01:13:05.640 --> 01:13:07.280
taxes on the young, on top of all
1897
01:13:07.280 --> 01:13:11.560
of it, is just perverse. So, polling data,
1898
01:13:11.560 --> 01:13:17.280
Joey, boomers voting for more. Your thoughts? Well,
1899
01:13:17.280 --> 01:13:19.120
a couple things, I guess. Number one, who's
1900
01:13:19.120 --> 01:13:20.540
surprised by this? If you pick up a
1901
01:13:20.540 --> 01:13:22.500
landline and take a survey from Cato, chances
1902
01:13:22.500 --> 01:13:25.260
are you're fucking, you know, very interested in
1903
01:13:25.260 --> 01:13:27.740
taxing the shit out of your kids. this
1904
01:13:27.740 --> 01:13:29.800
is obviously at the same time definitely a
1905
01:13:29.800 --> 01:13:31.700
boomer yeah this is this is this is
1906
01:13:31.700 --> 01:13:33.300
obviously the same time that there was a
1907
01:13:33.300 --> 01:13:36.700
thread going viral of a woman talking about
1908
01:13:36.700 --> 01:13:39.220
how she couldn't get her grandmother to babysit
1909
01:13:39.220 --> 01:13:41.760
because oh yeah her mother to babysit because
1910
01:13:41.760 --> 01:13:43.660
her her mother doesn't view herself as a
1911
01:13:43.660 --> 01:13:45.940
quote unquote babysitter and you know make sure
1912
01:13:45.940 --> 01:13:47.100
you have someone on deck so I might
1913
01:13:47.100 --> 01:13:49.080
cancel last minute if something comes up like
1914
01:13:49.080 --> 01:13:50.240
this is the kind of thing I said
1915
01:13:50.240 --> 01:13:52.440
to girls who I decided weren't hot enough
1916
01:13:52.440 --> 01:13:53.900
after going on one date you know when
1917
01:13:53.900 --> 01:13:55.820
I was fucking 20 I don't say this
1918
01:13:55.820 --> 01:13:57.680
I wouldn't expect my fucking and parents to
1919
01:13:57.680 --> 01:13:59.140
say that to me if they get asked
1920
01:13:59.140 --> 01:14:01.160
to watch my daughter and they wouldn't say
1921
01:14:01.160 --> 01:14:02.720
that to me and I doubt your parents
1922
01:14:02.720 --> 01:14:03.880
will say that to you guys either because
1923
01:14:03.880 --> 01:14:06.340
that's just not how they were raised and
1924
01:14:06.340 --> 01:14:08.380
the relationship that we have. This is another
1925
01:14:08.380 --> 01:14:11.840
conversation to have there probably around the connection
1926
01:14:11.840 --> 01:14:14.540
that families have or don't have as a
1927
01:14:14.540 --> 01:14:16.060
result of some of these policies and no
1928
01:14:16.060 --> 01:14:18.020
doubt they played a role in that interaction.
1929
01:14:18.020 --> 01:14:19.840
Anyway, this is not only happening in the
1930
01:14:19.840 --> 01:14:22.260
US and it's not only happening on phone
1931
01:14:22.260 --> 01:14:24.800
surveys. Nathan, you might remember and Walker, I
1932
01:14:24.800 --> 01:14:26.020
think we were I think we were doing
1933
01:14:26.020 --> 01:14:27.580
the show at this time. but it was
1934
01:14:27.580 --> 01:14:31.380
early in the show, in the show's life,
1935
01:14:31.380 --> 01:14:35.520
when we talked about this guy, Patrick Pichette.
1936
01:14:35.520 --> 01:14:38.220
And Patrick Pichette was on the Twitter board
1937
01:14:38.220 --> 01:14:40.860
of directors. I think he worked for some
1938
01:14:40.860 --> 01:14:43.380
universities in Canada. And he's a sort of
1939
01:14:43.380 --> 01:14:46.700
a liberal big wig stalwart, Laurentian elite type
1940
01:14:46.700 --> 01:14:48.980
guy here in the country. And he got
1941
01:14:48.980 --> 01:14:52.740
on stage at the liberal convention. Yes. And
1942
01:14:52.740 --> 01:14:58.620
talked about how we shouldn't allow Canadians, specifically
1943
01:14:58.620 --> 01:15:02.680
Canadian millennials and zoomers who take any subsidy,
1944
01:15:02.680 --> 01:15:04.100
and that's all Canadians, because the government pays
1945
01:15:04.100 --> 01:15:08.620
some of your university tuition here in Canada,
1946
01:15:08.620 --> 01:15:10.100
anyone who takes that subsidy should have to
1947
01:15:10.100 --> 01:15:14.000
pay $500 ,000 if they leave to take
1948
01:15:14.000 --> 01:15:15.980
a job in the U .S.! They should
1949
01:15:15.980 --> 01:15:17.440
be forced to pay it. They should be
1950
01:15:17.440 --> 01:15:20.480
forced to renounce their citizenship. And that's just
1951
01:15:20.480 --> 01:15:23.180
to give back, quote, unquote, the money they're
1952
01:15:23.180 --> 01:15:24.840
taking from the tax base and the money
1953
01:15:24.840 --> 01:15:27.860
they took from that, you know, university grant.
1954
01:15:27.860 --> 01:15:30.940
Now, this was sort of funny when it
1955
01:15:30.940 --> 01:15:33.760
was a meme going around this, like, you
1956
01:15:33.760 --> 01:15:36.780
know, pencil neck fucking loser, weirdo guy with
1957
01:15:36.780 --> 01:15:38.340
a jacket two sizes too big just because
1958
01:15:38.340 --> 01:15:39.700
he wanted to wear something that was liberal
1959
01:15:39.700 --> 01:15:42.300
red on stage, talking about taking money from
1960
01:15:42.300 --> 01:15:44.780
kids when they decide that the country is
1961
01:15:44.780 --> 01:15:46.180
not really the place where they can raise
1962
01:15:46.180 --> 01:15:49.080
a family or, you know, become successful. They
1963
01:15:49.080 --> 01:15:50.640
want to go do it somewhere else and,
1964
01:15:50.640 --> 01:15:52.100
you know, why not do it in our,
1965
01:15:52.100 --> 01:15:55.000
our next door neighbor's backyard? But the problem
1966
01:15:55.000 --> 01:15:57.700
is the prime minister's office, hired that guy
1967
01:15:57.700 --> 01:16:00.740
about a month ago. And he is the,
1968
01:16:00.740 --> 01:16:02.960
I think, lead on digital transformation in the
1969
01:16:02.960 --> 01:16:04.380
country now or something of that nature. I
1970
01:16:04.380 --> 01:16:06.500
don't know exactly what his role is, but
1971
01:16:06.500 --> 01:16:08.660
he worked for the PMO now. And so
1972
01:16:08.660 --> 01:16:10.640
this guy who was a meme six months
1973
01:16:10.640 --> 01:16:14.540
ago is now impacting and affecting affecting policy
1974
01:16:14.540 --> 01:16:17.020
in Canada. And I would not be surprised
1975
01:16:17.020 --> 01:16:20.060
if someone over in the United States on
1976
01:16:20.060 --> 01:16:22.700
the left in the Mamdani sphere, right, or
1977
01:16:22.700 --> 01:16:26.760
adjacent to the Mamdani Piker AOC sphere, is
1978
01:16:26.760 --> 01:16:28.340
thinking the same thing. If you want to
1979
01:16:28.340 --> 01:16:29.940
work in the, if you want to work
1980
01:16:29.940 --> 01:16:31.520
somewhere that's not the United States and you
1981
01:16:31.520 --> 01:16:34.020
took a loan of any kind or, you
1982
01:16:34.020 --> 01:16:35.300
know, I guess what do they call them,
1983
01:16:35.300 --> 01:16:37.360
Pell Grants or something, I forget what the,
1984
01:16:37.360 --> 01:16:39.340
what the educational loan program is in the
1985
01:16:39.340 --> 01:16:41.960
States. If you take any of that money
1986
01:16:41.960 --> 01:16:44.380
and it's granted to you, not loan to
1987
01:16:44.380 --> 01:16:45.840
you, but granted to you, maybe you're a
1988
01:16:45.840 --> 01:16:49.080
good student, you're a minority, something like this,
1989
01:16:49.080 --> 01:16:50.480
you got to pay a tax on the
1990
01:16:50.480 --> 01:16:51.580
way out if you take a job somewhere
1991
01:16:51.580 --> 01:16:52.740
else. You go to Europe, you go to
1992
01:16:52.740 --> 01:16:55.320
Canada, whatever. Everyone is going to try and
1993
01:16:55.320 --> 01:16:57.580
do this because, None of these countries want
1994
01:16:57.580 --> 01:17:00.000
to actually compete for your talent. They just
1995
01:17:00.000 --> 01:17:02.580
want to lock you in the borders, man.
1996
01:17:02.580 --> 01:17:06.780
And like, you know, I was watching, I
1997
01:17:06.780 --> 01:17:09.940
was watching Nick Fuentes clips today. Hold Your
1998
01:17:09.940 --> 01:17:13.060
Tomatoes, okay? And he, out of nowhere, this
1999
01:17:13.060 --> 01:17:18.200
came on my feed, this, this 991 rule.
2000
01:17:18.200 --> 01:17:20.220
And I've been trying to articulate this to,
2001
01:17:20.220 --> 01:17:21.800
you know, Mark, Jeff DeVic, who's a friend
2002
01:17:21.800 --> 01:17:24.560
of mine, sponsors my show, this idea that,
2003
01:17:24.560 --> 01:17:25.840
like, there's only so many people that are
2004
01:17:25.840 --> 01:17:29.380
producers. And Nick basically said this in terms
2005
01:17:29.380 --> 01:17:30.960
that are, you know, much more articulate than
2006
01:17:30.960 --> 01:17:33.540
I ever put together. But 90 % of
2007
01:17:33.540 --> 01:17:37.600
people will just be passive observers and, like,
2008
01:17:37.600 --> 01:17:41.300
parasitic in any economy, in any business, in
2009
01:17:41.300 --> 01:17:44.820
any company. And if you're the, you know,
2010
01:17:44.820 --> 01:17:47.660
9 % who want to do something but
2011
01:17:47.660 --> 01:17:50.460
are afraid to, you're really no better than
2012
01:17:50.460 --> 01:17:52.380
90%. And the 1 % of people who
2013
01:17:52.380 --> 01:17:56.420
are creators and makers and taxpayers, you know,
2014
01:17:56.420 --> 01:17:58.440
net percentage. producers, they don't want to participate
2015
01:17:58.440 --> 01:18:00.220
in that economy. And so what the, what
2016
01:18:00.220 --> 01:18:01.420
the internet and stuff like that has allowed
2017
01:18:01.420 --> 01:18:04.220
people to do is align themselves with that
2018
01:18:04.220 --> 01:18:07.220
one other person in 100 everywhere in the
2019
01:18:07.220 --> 01:18:08.860
world. And so, you know, I look at
2020
01:18:08.860 --> 01:18:10.080
the three of us. I don't want to
2021
01:18:10.080 --> 01:18:11.240
do our own horn, but, you know, we
2022
01:18:11.240 --> 01:18:12.780
found each other through the magic of the
2023
01:18:12.780 --> 01:18:14.820
internet, right? We're all doing stuff. We're aligned
2024
01:18:14.820 --> 01:18:16.780
in a lot of ways and like, okay,
2025
01:18:16.780 --> 01:18:18.420
let's do something together. Let's try and do
2026
01:18:18.420 --> 01:18:21.040
something together that makes a difference. Meanwhile, I
2027
01:18:21.040 --> 01:18:22.780
see in the chat, there's a lot of
2028
01:18:22.780 --> 01:18:25.140
fucking 90 %ers when we say stuff that's
2029
01:18:25.140 --> 01:18:27.340
unpopular, whether it's about about BIP -110 or
2030
01:18:27.340 --> 01:18:30.760
about immigration or about boomers or whatever. And
2031
01:18:30.760 --> 01:18:32.940
you see this more and more. And countries
2032
01:18:32.940 --> 01:18:35.400
are no different in this regard. They are
2033
01:18:35.400 --> 01:18:38.520
noticing that the 1 % are aligning in
2034
01:18:38.520 --> 01:18:42.160
ways that they can't stop. They're operating in
2035
01:18:42.160 --> 01:18:43.920
ways that are very difficult to control. And
2036
01:18:43.920 --> 01:18:46.920
because of Bitcoin, they're using currency that is
2037
01:18:46.920 --> 01:18:50.220
very difficult to corral tax and confiscate. And
2038
01:18:50.220 --> 01:18:51.620
when you have that problem, you have to
2039
01:18:51.620 --> 01:18:52.800
do something else about it. I don't know
2040
01:18:52.800 --> 01:18:54.280
what that's something else is going to be.
2041
01:18:54.280 --> 01:18:55.700
But, you know, you had the Pichet clip
2042
01:18:55.700 --> 01:18:57.540
up. Maybe pull. it up again, I don't
2043
01:18:57.540 --> 01:18:58.780
want to leave it because it is, it's
2044
01:18:58.780 --> 01:19:01.360
a valuable thing to watch. It's not just
2045
01:19:01.360 --> 01:19:03.660
a policy idea from a think tank. This
2046
01:19:03.660 --> 01:19:07.080
guy works for the Canadian government now. Okay,
2047
01:19:07.080 --> 01:19:08.120
let me play this one for us. Let
2048
01:19:08.120 --> 01:19:09.320
me just get the sound on here and
2049
01:19:09.320 --> 01:19:10.780
I'll roll it back. I believe I have
2050
01:19:10.780 --> 01:19:12.720
the correct one here. So let me give
2051
01:19:12.720 --> 01:19:15.860
you a few facts. In Canada, the minute
2052
01:19:15.860 --> 01:19:17.820
you have your degree, if it's a professional
2053
01:19:17.820 --> 01:19:20.980
degree, right, there's something in the Canada kind
2054
01:19:20.980 --> 01:19:22.800
of free trade agreement. I got the wrong
2055
01:19:22.800 --> 01:19:24.960
acronym, but you get it. It's called the
2056
01:19:24.960 --> 01:19:28.900
TN program. So Microsoft, I finished from University
2057
01:19:28.900 --> 01:19:32.460
of Waterloo with my computer degree. Microsoft phones
2058
01:19:32.460 --> 01:19:35.920
me, offers me a job, 300 grand a
2059
01:19:35.920 --> 01:19:37.960
year, right? All I have to do is
2060
01:19:37.960 --> 01:19:40.020
show up at the border, apply for a
2061
01:19:40.020 --> 01:19:42.720
TN visa, right? And I get this three
2062
01:19:42.720 --> 01:19:45.160
-year, like, no questions out, it costs 30
2063
01:19:45.160 --> 01:19:49.400
bucks. And now I move to Microsoft. We
2064
01:19:49.400 --> 01:19:54.040
as Canadians have subsidized my education to the
2065
01:19:54.040 --> 01:19:55.980
tune of, you picked the number, half a
2066
01:19:55.980 --> 01:19:58.540
million. right five hundred thousand and if it's
2067
01:19:58.540 --> 01:20:02.500
a graduate student go up right 30 ,000
2068
01:20:02.500 --> 01:20:06.960
TN go to the US every year you
2069
01:20:06.960 --> 01:20:09.640
want to save yourself five to ten billion
2070
01:20:09.640 --> 01:20:13.300
dollars shut the TN program and then keep
2071
01:20:13.300 --> 01:20:15.260
them in or make them pay their half
2072
01:20:15.260 --> 01:20:17.100
a million so that if they leave I'm
2073
01:20:17.100 --> 01:20:18.700
okay with that you want to go to
2074
01:20:18.700 --> 01:20:20.560
the US give me back my money like
2075
01:20:20.560 --> 01:20:23.500
my dad my mom you all work every
2076
01:20:23.500 --> 01:20:26.840
day to offer them their education So we
2077
01:20:26.840 --> 01:20:28.520
need both sides. We need to fight on
2078
01:20:28.520 --> 01:20:30.020
one side to make sure that we bring
2079
01:20:30.020 --> 01:20:31.960
the very best talent of the world because
2080
01:20:31.960 --> 01:20:33.640
they all want to come here now. Cut
2081
01:20:33.640 --> 01:20:36.600
the video. Cut the video. The actual most
2082
01:20:36.600 --> 01:20:38.860
damaging thing about the whole statement is that
2083
01:20:38.860 --> 01:20:41.520
this fucking retard did it and now he
2084
01:20:41.520 --> 01:20:43.020
doesn't want you to do it. That's the
2085
01:20:43.020 --> 01:20:45.120
worst fucking part. That is the whole problem
2086
01:20:45.120 --> 01:20:48.120
with the boomers in one fucking shot. He
2087
01:20:48.120 --> 01:20:50.940
did it. Shut the door now. Fuck you.
2088
01:20:50.940 --> 01:20:53.320
Fuck all these people. Fuck them all. I
2089
01:20:53.320 --> 01:20:56.700
cannot stand that generation. Most. most of that
2090
01:20:56.700 --> 01:20:59.920
generation. It's so funny too because it's like
2091
01:20:59.920 --> 01:21:02.300
there's there's the zero self -awareness factor or
2092
01:21:02.300 --> 01:21:03.840
there's the classic boomer thing where it's like
2093
01:21:03.840 --> 01:21:07.240
well sure I benefited from it but and
2094
01:21:07.240 --> 01:21:09.200
that's because and so I'm perfectly suited to
2095
01:21:09.200 --> 01:21:12.220
talk about the problem because I I was
2096
01:21:12.220 --> 01:21:14.140
myself a beneficiary and how bro but I
2097
01:21:14.140 --> 01:21:15.700
was just using the system as it was
2098
01:21:15.700 --> 01:21:18.260
but we need to change the system and
2099
01:21:18.260 --> 01:21:21.680
it's like fuck you but also okay a
2100
01:21:21.680 --> 01:21:24.600
devil's advocate I can see the argument I
2101
01:21:24.600 --> 01:21:26.260
can see I let me I'll be. bring
2102
01:21:26.260 --> 01:21:28.440
this full circular, I can see the argument,
2103
01:21:28.440 --> 01:21:32.680
okay, citizens are subsidizing education for people to
2104
01:21:32.680 --> 01:21:36.700
go to another country. Yeah, that's not ideal,
2105
01:21:36.700 --> 01:21:38.800
right? That's not an ideal thing. But the
2106
01:21:38.800 --> 01:21:40.360
problem is that they're not dealing with it
2107
01:21:40.360 --> 01:21:42.840
from a first principle's perspective or getting at
2108
01:21:42.840 --> 01:21:46.360
the root cause of why those citizens would
2109
01:21:46.360 --> 01:21:49.560
seek employment elsewhere. They're not actually fixing the
2110
01:21:49.560 --> 01:21:51.840
problem, keeping, forcing people to stay within your
2111
01:21:51.840 --> 01:21:54.760
borders or pay a massive exit tax, which,
2112
01:21:54.760 --> 01:21:57.820
you know, basically every country does, does is
2113
01:21:57.820 --> 01:21:59.520
not the solution. The solution is to make
2114
01:21:59.520 --> 01:22:02.340
things better in your country. The solution is
2115
01:22:02.340 --> 01:22:05.080
to remove those barriers. Also, just get rid
2116
01:22:05.080 --> 01:22:07.160
of all the subsidies. Why is it half
2117
01:22:07.160 --> 01:22:09.840
a million dollars for an undergraduate fucking education?
2118
01:22:09.840 --> 01:22:11.620
Yeah, I know. That's insane. Why is the
2119
01:22:11.620 --> 01:22:14.080
cost so high? Why is the cost so
2120
01:22:14.080 --> 01:22:16.920
high? Because the government fucking subsidizes it. Because
2121
01:22:16.920 --> 01:22:19.820
there's no competition. This is not fucking complicated,
2122
01:22:19.820 --> 01:22:22.060
people. Everything that the government dips their hands
2123
01:22:22.060 --> 01:22:23.960
into gets more expensive. This is not hard.
2124
01:22:23.960 --> 01:22:25.300
And they give every idiot a degree to
2125
01:22:25.300 --> 01:22:26.880
as well, too. There's so. So many of
2126
01:22:26.880 --> 01:22:30.080
them. It's just so, most of them. His
2127
01:22:30.080 --> 01:22:32.860
argument, his argument will have a lot of
2128
01:22:32.860 --> 01:22:36.720
appeal because it sounds good. And because in
2129
01:22:36.720 --> 01:22:40.040
absence of all these other factors, he would
2130
01:22:40.040 --> 01:22:43.680
be right. The citizens shouldn't be subsidizing people's
2131
01:22:43.680 --> 01:22:45.300
education so that they can go work in
2132
01:22:45.300 --> 01:22:48.640
another country. Right? Unless then they, you know,
2133
01:22:48.640 --> 01:22:49.660
of course, a lot of them probably do
2134
01:22:49.660 --> 01:22:51.740
move back to Canada maybe eventually and bring
2135
01:22:51.740 --> 01:22:54.440
a lot of that wealth with them. Maybe.
2136
01:22:54.440 --> 01:22:56.760
I don't know. No, not the successful. ones.
2137
01:22:56.760 --> 01:22:59.160
Even Carney didn't live here. Okay. But, okay,
2138
01:22:59.160 --> 01:23:01.360
so the point being, his argument would be
2139
01:23:01.360 --> 01:23:04.400
fairly valid, and I would agree with it.
2140
01:23:04.400 --> 01:23:06.120
if it wasn't for the fact that the,
2141
01:23:06.120 --> 01:23:09.180
like, the whole problem is caused, like, it's
2142
01:23:09.180 --> 01:23:10.660
one of those things where it's like, government
2143
01:23:10.660 --> 01:23:13.980
causes, government policy causes problem. Okay, well, what
2144
01:23:13.980 --> 01:23:15.560
do we need to do? Another government policy
2145
01:23:15.560 --> 01:23:16.860
on top of that to fix the problem
2146
01:23:16.860 --> 01:23:19.720
and punish the people that have utilized that.
2147
01:23:19.720 --> 01:23:21.640
And like, of course, again, it's never the
2148
01:23:21.640 --> 01:23:23.720
boomers that are punished. Okay, okay, if that's
2149
01:23:23.720 --> 01:23:27.540
the case, maybe every boomer should pay the
2150
01:23:27.540 --> 01:23:31.000
you know that $500 ,000, but with interest
2151
01:23:31.000 --> 01:23:33.420
of course from the time that they graduated,
2152
01:23:33.420 --> 01:23:35.680
inflation adjusted. So you rack that up a
2153
01:23:35.680 --> 01:23:37.780
little bit more and then see how popular
2154
01:23:37.780 --> 01:23:39.980
that gets. I bet that proposal gets shut
2155
01:23:39.980 --> 01:23:42.260
down fucking that thing gets strangled in the
2156
01:23:42.260 --> 01:23:46.320
crib, right? That like, it hurts boomers, it's
2157
01:23:46.320 --> 01:23:50.060
illegal. If it hurts boomers, it's illegal. Guys,
2158
01:23:50.060 --> 01:23:51.740
this is a heuristic. You can live your
2159
01:23:51.740 --> 01:23:53.360
life by I'll put my stamp on it,
2160
01:23:53.360 --> 01:23:55.780
my official Walker, America seal. If it hurts
2161
01:23:55.780 --> 01:23:58.400
boomers, it's illegal. It won't happen. So you
2162
01:23:58.400 --> 01:24:00.760
want to make any policy unpopular, make it
2163
01:24:00.760 --> 01:24:03.620
hurt boomers, and it won't go through. Watch,
2164
01:24:03.620 --> 01:24:06.440
it's like magic. But again, fix the underlying
2165
01:24:06.440 --> 01:24:09.080
fucking conditions. Get rid of the government subsidies.
2166
01:24:09.080 --> 01:24:11.820
Stop subsidizing everybody's fucking education, and education won't
2167
01:24:11.820 --> 01:24:15.020
be so expensive. Stop subsidizing houses. Stop the
2168
01:24:15.020 --> 01:24:17.080
government buying houses, and houses won't be so
2169
01:24:17.080 --> 01:24:20.480
expensive. Stop the government subsidizing every fucking industry
2170
01:24:20.480 --> 01:24:24.220
ever, and you will actually have real competition.
2171
01:24:24.220 --> 01:24:25.660
And entrepreneurs will do what entrepreneurs will do
2172
01:24:25.660 --> 01:24:27.740
what entrepreneurs. do which is make things better
2173
01:24:27.740 --> 01:24:30.480
for everybody because they compete for your business
2174
01:24:30.480 --> 01:24:32.920
when the government enters the equation when the
2175
01:24:32.920 --> 01:24:36.780
government perverts that free market it creates a
2176
01:24:36.780 --> 01:24:40.280
market distortion that leads to bad outcomes every
2177
01:24:40.280 --> 01:24:43.980
fucking time in the chat i would be
2178
01:24:43.980 --> 01:24:46.660
very very eager to know if anybody's in
2179
01:24:46.660 --> 01:24:48.640
there like man this dins man guy you
2180
01:24:48.640 --> 01:24:51.680
know raja raja like please give me a
2181
01:24:51.680 --> 01:24:54.220
case that proves me wrong give me a
2182
01:24:54.220 --> 01:24:55.580
case that proves me wrong i there is
2183
01:24:55.580 --> 01:24:57.100
one to hear it There's not one. But
2184
01:24:57.100 --> 01:24:58.320
please, like, if you got one in the
2185
01:24:58.320 --> 01:25:00.000
chat and you disagree with what I'm saying,
2186
01:25:00.000 --> 01:25:01.760
you're like, Walker, you're a fucking, you're a
2187
01:25:01.760 --> 01:25:03.840
fucking idiot and your forehead's too big, you
2188
01:25:03.840 --> 01:25:06.460
dick. Like, you know what, you know what?
2189
01:25:06.460 --> 01:25:08.520
Yeah, and your voice, your voice is fake,
2190
01:25:08.520 --> 01:25:11.660
you fucking... The compressor. Batman loser. Yeah, prove
2191
01:25:11.660 --> 01:25:13.300
me wrong. Just prove me wrong. Give me
2192
01:25:13.300 --> 01:25:16.180
a case where government intervention and subsidies across
2193
01:25:16.180 --> 01:25:18.580
an industry have helped people in the long
2194
01:25:18.580 --> 01:25:21.540
run and made things cheaper, in the long
2195
01:25:21.540 --> 01:25:24.780
run. I don't think you can. You can.
2196
01:25:24.780 --> 01:25:26.360
You can't. You're from like a fundamental... from
2197
01:25:26.360 --> 01:25:28.060
a fundamental standpoint, you can't because it's always
2198
01:25:28.060 --> 01:25:29.200
going to be a distortion. The best you
2199
01:25:29.200 --> 01:25:30.720
could possibly do is achieve the same as
2200
01:25:30.720 --> 01:25:32.400
what the private voluntary would have had. That's
2201
01:25:32.400 --> 01:25:33.840
the best you could possibly do. But one
2202
01:25:33.840 --> 01:25:35.060
thing I want to highlight on this, too,
2203
01:25:35.060 --> 01:25:36.320
we talk about the fourth turning and things
2204
01:25:36.320 --> 01:25:37.460
all the time. And I showed this chart
2205
01:25:37.460 --> 01:25:39.660
beforehand, I think it's really important to highlight
2206
01:25:39.660 --> 01:25:43.920
here. Like, that's Canada's population distribution by age,
2207
01:25:43.920 --> 01:25:46.700
right? The 30, 34 -year -old is much
2208
01:25:46.700 --> 01:25:49.580
larger, and that kind of a surrounding Gen
2209
01:25:49.580 --> 01:25:52.300
X cohort and younger millennial cohort is bigger
2210
01:25:52.300 --> 01:25:53.760
than the boomers and will continue to be
2211
01:25:53.760 --> 01:25:58.320
bigger than the boomers. I think this, like,
2212
01:25:58.320 --> 01:26:00.160
you talk about institutions being pulled down radical
2213
01:26:00.160 --> 01:26:02.360
shifts. They might try and do something in
2214
01:26:02.360 --> 01:26:04.020
them. They might want to raise taxes in
2215
01:26:04.020 --> 01:26:06.500
order to fund social security and the welfare
2216
01:26:06.500 --> 01:26:07.800
and all the programs going forward. They might
2217
01:26:07.800 --> 01:26:09.600
want to do that $500 ,000 if you're
2218
01:26:09.600 --> 01:26:10.940
going to leave tax. I think it's going
2219
01:26:10.940 --> 01:26:12.680
to blow up in their face. You see
2220
01:26:12.680 --> 01:26:15.440
the rise of socialism along like Zoomers and
2221
01:26:15.440 --> 01:26:17.120
Gen Alpha, the mom dommies, all that kind
2222
01:26:17.120 --> 01:26:18.900
of crap, wide appeals to them. I think
2223
01:26:18.900 --> 01:26:20.140
you're going to, I think kind of millennials
2224
01:26:20.140 --> 01:26:20.980
are a little bit going to sit in
2225
01:26:20.980 --> 01:26:23.100
the middle here. But the younger generation, I
2226
01:26:23.100 --> 01:26:24.560
think they're not going to stand for this.
2227
01:26:24.560 --> 01:26:25.680
I think it's going to come back and
2228
01:26:25.680 --> 01:26:27.800
really buy. that you might actually see assets
2229
01:26:27.800 --> 01:26:30.940
being stripped or confiscated for unrealized capital gains
2230
01:26:30.940 --> 01:26:33.460
or a bail -in from that older demographic,
2231
01:26:33.460 --> 01:26:35.260
especially they push the younger one too far
2232
01:26:35.260 --> 01:26:37.100
to try and maintain and not make the
2233
01:26:37.100 --> 01:26:38.960
cuts that they just basically have to because
2234
01:26:38.960 --> 01:26:40.420
the numbers don't pencil. But, Joe, I'd be
2235
01:26:40.420 --> 01:26:44.580
curious. Your thoughts? Everything is on the table.
2236
01:26:44.580 --> 01:26:47.660
In a democracy, you get rule, you know,
2237
01:26:47.660 --> 01:26:49.240
tyranny of the majority, as we like to
2238
01:26:49.240 --> 01:26:52.400
say. And I got to be honest, like,
2239
01:26:52.400 --> 01:26:54.500
I realize that we're a bigger cohort, but
2240
01:26:54.500 --> 01:26:56.700
we don't, we don't vote. vote as a
2241
01:26:56.700 --> 01:26:58.460
block. Like, none of us vote as a
2242
01:26:58.460 --> 01:27:00.320
block. And the reason is because things are
2243
01:27:00.320 --> 01:27:02.600
not bad enough, exactly. And the problem is
2244
01:27:02.600 --> 01:27:04.000
that when things get bad enough, it's not
2245
01:27:04.000 --> 01:27:06.440
going to matter. That is the issue, right?
2246
01:27:06.440 --> 01:27:10.540
Like, you're going to have, there's, there's an
2247
01:27:10.540 --> 01:27:12.820
attempt right now to sort of rewrite history
2248
01:27:12.820 --> 01:27:14.420
in a lot of ways. And, you know,
2249
01:27:14.420 --> 01:27:16.880
in Canada, which is the place I live
2250
01:27:16.880 --> 01:27:19.380
and I can speak about the most clearly,
2251
01:27:19.380 --> 01:27:21.320
the problem is that our government is trying
2252
01:27:21.320 --> 01:27:23.700
to erase a lot of history, not only
2253
01:27:23.700 --> 01:27:25.880
like the sort of proud history of Canada
2254
01:27:25.880 --> 01:27:27.580
and, you know, and the traditions and stuff
2255
01:27:27.580 --> 01:27:30.080
like that, but also things like, you know,
2256
01:27:30.080 --> 01:27:32.840
do you want to own a home? Is
2257
01:27:32.840 --> 01:27:35.100
owning a home an important thing? How many
2258
01:27:35.100 --> 01:27:36.900
kids should you have? Is having a child
2259
01:27:36.900 --> 01:27:40.600
an important thing? Are we a country of
2260
01:27:40.600 --> 01:27:43.540
immigrants and things like this, right? Like, what
2261
01:27:43.540 --> 01:27:46.340
they've done is create an environment where truth
2262
01:27:46.340 --> 01:27:49.320
is sort of secondary to your day -to
2263
01:27:49.320 --> 01:27:52.300
-day existence. And these greater truths, like Walker
2264
01:27:52.300 --> 01:27:53.200
said, you know, when he was talking about
2265
01:27:53.200 --> 01:27:57.240
the classics, these greater truths, they always come
2266
01:27:57.240 --> 01:28:01.180
back around because they're correct. These are the
2267
01:28:01.180 --> 01:28:04.600
stars that govern the universe, man. And the
2268
01:28:04.600 --> 01:28:06.660
way that we've been led astray in a
2269
01:28:06.660 --> 01:28:08.500
lot of these things has led to problems
2270
01:28:08.500 --> 01:28:13.340
in the relationships between like the elders and
2271
01:28:13.340 --> 01:28:15.760
the youths in society. Like, this idea of
2272
01:28:15.760 --> 01:28:17.420
respect your elders. You don't respect your elders
2273
01:28:17.420 --> 01:28:19.800
just because they have a birthday that's before
2274
01:28:19.800 --> 01:28:23.160
yours. You respect them because they're builders, their
2275
01:28:23.160 --> 01:28:25.480
creators, they're creators. They're, you know, they're cutting
2276
01:28:25.480 --> 01:28:27.580
the bush so that you can do a
2277
01:28:27.580 --> 01:28:29.380
better world. Yeah, so that you can walk
2278
01:28:29.380 --> 01:28:31.380
freely through the forest, right? And you're expected
2279
01:28:31.380 --> 01:28:33.020
to do or you were expected to do
2280
01:28:33.020 --> 01:28:36.760
the same thing. And so, like, you know,
2281
01:28:36.760 --> 01:28:40.160
there's a, there's a problem. Brewing is probably
2282
01:28:40.160 --> 01:28:42.100
not even the accurate term anymore. The problem
2283
01:28:42.100 --> 01:28:43.940
is here. The problem is here in terms
2284
01:28:43.940 --> 01:28:46.460
of funding Social Security. It's here in terms
2285
01:28:46.460 --> 01:28:50.160
of this enormous and sometimes, as it is
2286
01:28:50.160 --> 01:28:53.800
in France, violent split between ideologies. The problem
2287
01:28:53.800 --> 01:28:57.180
is here in terms of, you know, the
2288
01:28:57.180 --> 01:29:00.840
mating and sexual market leading to lower fertility,
2289
01:29:00.840 --> 01:29:05.360
lower replacement rates around the world. And these
2290
01:29:05.360 --> 01:29:08.780
are difficult things to get out of. My
2291
01:29:08.780 --> 01:29:14.200
biggest fear, honestly, though, is that the generation
2292
01:29:14.200 --> 01:29:17.680
below us is going to have it so
2293
01:29:17.680 --> 01:29:21.640
hard that they will vote against us, even
2294
01:29:21.640 --> 01:29:24.040
though, it's clear. what the right answer is.
2295
01:29:24.040 --> 01:29:25.140
Like, we have to go through some pain
2296
01:29:25.140 --> 01:29:27.660
here pretty soon. And if you don't have
2297
01:29:27.660 --> 01:29:29.520
something like Bitcoin or you're not a, you
2298
01:29:29.520 --> 01:29:31.620
know, digital nomad or one of these things,
2299
01:29:31.620 --> 01:29:33.620
like, you're going to have to take a
2300
01:29:33.620 --> 01:29:36.120
little bit of pain too. We all are.
2301
01:29:36.120 --> 01:29:38.380
The question is, like, what, what is the
2302
01:29:38.380 --> 01:29:40.700
government, and it's a question I hate even
2303
01:29:40.700 --> 01:29:41.900
asking because no one wants to think like
2304
01:29:41.900 --> 01:29:43.420
this, but how much is the government going
2305
01:29:43.420 --> 01:29:46.180
to allow the population to get away with
2306
01:29:46.180 --> 01:29:48.220
in terms of, like, you know, rebellion against
2307
01:29:48.220 --> 01:29:50.920
that pain? If it looks like France everywhere,
2308
01:29:50.920 --> 01:29:53.380
man, look out. I cannot, I can't stop
2309
01:29:53.380 --> 01:29:56.680
thinking about those videos because there isn't, at
2310
01:29:56.680 --> 01:29:58.680
least not that I can think of. There
2311
01:29:58.680 --> 01:30:01.720
isn't videos like that anywhere in the modern
2312
01:30:01.720 --> 01:30:05.560
world from the last 20 years. They're burning
2313
01:30:05.560 --> 01:30:08.540
down schools, burning down buildings, burning down, like
2314
01:30:08.540 --> 01:30:10.760
maybe George Floyd comes close, but it just
2315
01:30:10.760 --> 01:30:14.080
wasn't. Maybe, maybe it comes close, but those
2316
01:30:14.080 --> 01:30:16.500
were, I think those were more, like I
2317
01:30:16.500 --> 01:30:18.640
think those were more, I shouldn't say more.
2318
01:30:18.640 --> 01:30:21.500
They were less grassroots, let's say, than that
2319
01:30:21.500 --> 01:30:24.700
is. like that looks to me like just
2320
01:30:24.700 --> 01:30:26.840
a bunch of people, regardless of what they're
2321
01:30:26.840 --> 01:30:29.360
protesting and whether they're all doctors, engineers, 20
2322
01:30:29.360 --> 01:30:32.140
or 50. Like, those are people who want
2323
01:30:32.140 --> 01:30:35.240
something that is not in the interest of
2324
01:30:35.240 --> 01:30:37.400
the government at all. And I don't know
2325
01:30:37.400 --> 01:30:38.780
how you slow that down. If it starts
2326
01:30:38.780 --> 01:30:40.340
to happen other places, I really don't. There's
2327
01:30:40.340 --> 01:30:42.040
no videos like that in the first world.
2328
01:30:42.040 --> 01:30:44.440
That's something you see in like an African
2329
01:30:44.440 --> 01:30:47.440
country or some other third world place where
2330
01:30:47.440 --> 01:30:49.660
just like there's no rules, no laws, no
2331
01:30:49.660 --> 01:30:51.340
nothing. where the military is on the take
2332
01:30:51.340 --> 01:30:52.500
and all these things. I don't know how
2333
01:30:52.500 --> 01:30:54.900
you fix that. I don't, geez, I don't
2334
01:30:54.900 --> 01:30:55.980
have an answer to that. But the problem
2335
01:30:55.980 --> 01:30:57.780
isn't necessarily that they want something. Where you
2336
01:30:57.780 --> 01:30:59.220
run into an issue is where they don't,
2337
01:30:59.220 --> 01:31:00.360
it's not that they want something, is they
2338
01:31:00.360 --> 01:31:02.980
want to break something. It's not moving towards
2339
01:31:02.980 --> 01:31:04.700
a goal. It's moving to destroying something that
2340
01:31:04.700 --> 01:31:06.680
they feel is oppressing them, misleading them, leaving
2341
01:31:06.680 --> 01:31:08.360
them behind that they're angry at and they're
2342
01:31:08.360 --> 01:31:09.860
acting it out. Now, I do want to
2343
01:31:09.860 --> 01:31:11.160
hit a couple of things here quick, so
2344
01:31:11.160 --> 01:31:13.500
just making sure we cover them. I had,
2345
01:31:13.500 --> 01:31:15.920
breaking Dutch intelligence as Chinese hackers sold secret
2346
01:31:15.920 --> 01:31:18.680
source code of proprietary Western hardware and software
2347
01:31:18.680 --> 01:31:21.280
they target, letting them dig deep into it
2348
01:31:21.280 --> 01:31:25.420
for weaknesses. AIVD and MIVD expect attacks on
2349
01:31:25.420 --> 01:31:27.360
firewalls, VPN gateways to rise sharply in the
2350
01:31:27.360 --> 01:31:30.600
coming years, with AI spreading uply exploration. On
2351
01:31:30.600 --> 01:31:32.080
that same sort of note, FBI and Secret
2352
01:31:32.080 --> 01:31:34.860
Service warrant of 40 bleed remains active against
2353
01:31:34.860 --> 01:31:40.040
internet facing Fortnite firewalls and SSL VPN Gates.
2354
01:31:40.040 --> 01:31:41.620
And the other thing that I just wanted
2355
01:31:41.620 --> 01:31:43.560
to tap on quickly, because we talked about
2356
01:31:43.560 --> 01:31:47.060
it last week a bitch, bitch, well, last
2357
01:31:47.060 --> 01:31:49.640
week a bit, is the kind of ongoing
2358
01:31:49.640 --> 01:31:51.840
Russian propaganda. It's talking about things going wrong
2359
01:31:51.840 --> 01:31:53.500
in the world. And I saw this one
2360
01:31:53.500 --> 01:31:55.200
highlighted here. And I saw a lot of
2361
01:31:55.200 --> 01:31:56.900
these on Twitter with the same. Dude, even
2362
01:31:56.900 --> 01:31:59.400
my guy, Howling Mutant had the same thing.
2363
01:31:59.400 --> 01:32:01.460
Like, that's a Russian body count. That's crazy.
2364
01:32:01.460 --> 01:32:03.960
Raw egg nationalist. Yeah, yeah, yeah, yeah, right?
2365
01:32:03.960 --> 01:32:05.520
I can't believe that. That's a Russian bot
2366
01:32:05.520 --> 01:32:09.000
account. Like, am I supposed to, man?! It's
2367
01:32:09.000 --> 01:32:10.280
a friend of mine who works. Who's a
2368
01:32:10.280 --> 01:32:13.700
Russian bot account? Raw egg nationalist. Yeah, that's
2369
01:32:13.700 --> 01:32:14.880
a good account. I've seen that guy on
2370
01:32:14.880 --> 01:32:16.600
the feed for a while, yeah. A friend
2371
01:32:16.600 --> 01:32:18.220
of mine who works in Russia has just
2372
01:32:18.220 --> 01:32:20.460
sent me a voicemail saying, Peterberg is going
2373
01:32:20.460 --> 01:32:23.580
to go into lockdown tomorrow because of the
2374
01:32:23.580 --> 01:32:25.940
plague outbreak, not joking. And just it's that
2375
01:32:25.940 --> 01:32:27.580
same sort of thing, like the news media
2376
01:32:27.580 --> 01:32:30.480
repeating the same line we saw during COVID,
2377
01:32:30.480 --> 01:32:32.620
the same post over and over and over
2378
01:32:32.620 --> 01:32:36.320
again. So just be aware that the propaganda
2379
01:32:36.320 --> 01:32:41.960
regarding this pneumonic plague making its rounds is,
2380
01:32:41.960 --> 01:32:43.260
seems to be at least ramping up. They're
2381
01:32:43.260 --> 01:32:45.380
going back to some old tactics. Wait, did
2382
01:32:45.380 --> 01:32:46.940
you still say Holly Mutton is a Russian
2383
01:32:46.940 --> 01:32:48.320
body cow? Because I've heard that kind of
2384
01:32:48.320 --> 01:32:49.640
podcast. I got it wrong. I got it
2385
01:32:49.640 --> 01:32:53.000
wrong. It was raw nationalist. Same aesthetic. You
2386
01:32:53.000 --> 01:32:54.100
know, what I got it. This is a
2387
01:32:54.100 --> 01:32:56.800
mistake. Both rich ones. Don't you, don't you
2388
01:32:56.800 --> 01:32:59.220
do that to Howling Moon. I'm glad we
2389
01:32:59.220 --> 01:33:00.780
both follow it. If you don't follow Howling
2390
01:33:00.780 --> 01:33:02.980
Mutton, you're really sure. Go follow Hallin. One
2391
01:33:02.980 --> 01:33:05.280
of the best follows, Howling Mutant, you should
2392
01:33:05.280 --> 01:33:07.040
come on this show, man. You should. You
2393
01:33:07.040 --> 01:33:09.280
should. I like the cut of your gym,
2394
01:33:09.280 --> 01:33:11.240
brother. Keep it up. I would also like
2395
01:33:11.240 --> 01:33:14.280
to pitch! Lomaz as a potential guest for
2396
01:33:14.280 --> 01:33:17.480
this show. Uh, can, can tell you his
2397
01:33:17.480 --> 01:33:19.740
information is, count anyway. I've never made contact
2398
01:33:19.740 --> 01:33:24.600
with them, but. Right. We'll have to get
2399
01:33:24.600 --> 01:33:26.480
some other guest recommendations thrown in the chat
2400
01:33:26.480 --> 01:33:27.640
there, but it seems like the perfect place
2401
01:33:27.640 --> 01:33:29.060
to wrap it up then, so we'll close
2402
01:33:29.060 --> 01:33:31.700
it out there. This has been fantastic, as
2403
01:33:31.700 --> 01:33:33.800
always. I am Nathan. This is Joey, and
2404
01:33:33.800 --> 01:33:36.360
this is Walker, and this was Bitcast. Later,
2405
01:33:36.360 --> 01:33:40.400
guys. Don't leave your life savings to chance.
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