Hot CPI Just Guaranteed A Rate Hike Americans Can't Afford의 전체 녹취록

00:04:25.720 Bank of Canada just has one mandate, right? 81 00:04:25.720 --> 00:04:29.260 and they can't control things with interest rates 82 00:04:29.260 --> 00:04:30.540 anymore than the U .S. can, but at 83 00:04:30.540 --> 00:04:32.640 least in the U .S., they have this 84 00:04:32.640 --> 00:04:36.240 shelter to go after price stability in a 85 00:04:36.240 --> 00:04:38.520 way that maybe some other banks don't. It's 86 00:04:38.520 --> 00:04:42.880 interesting to me that the Fed, especially Warsh's 87 00:04:42.880 --> 00:04:45.880 Fed, has talked a lot about PCE and 88 00:04:45.880 --> 00:04:50.000 core PCE. They're pretty close to what is 89 00:04:50.000 --> 00:04:52.340 expected. GDP is up a little bit too, 90 00:04:52.340 --> 00:04:53.700 which is a good sign for them. Like, 91 00:04:53.700 --> 00:04:56.800 the economy is growing. Not at a crazy 92 00:04:56.800 --> 00:04:59.400 rate or anything like that. I think that 93 00:04:59.400 --> 00:05:00.800 the one thing to keep an eye on, 94 00:05:00.800 --> 00:05:04.480 obviously, with inflation expectations and certainly rate expectations 95 00:05:04.480 --> 00:05:07.780 is really the S &P. Like, if you 96 00:05:07.780 --> 00:05:10.220 have a significant drop in the S &P 97 00:05:10.220 --> 00:05:12.480 on the back of the anthropic IPO, let's 98 00:05:12.480 --> 00:05:14.200 say, which is November 30th, I believe, is 99 00:05:14.200 --> 00:05:17.720 going to be the first trading day. If 100 00:05:17.720 --> 00:05:18.580 you think that there's going to be a 101 00:05:18.580 --> 00:05:20.660 drop in the S &P on that day 102 00:05:20.660 --> 00:05:25.480 or following that IPO, then maybe this idea 103 00:05:25.480 --> 00:05:25.700 that you're going to be a drop in 104 00:05:25.700 --> 00:05:25.700 the S &P on that day, then maybe 105 00:05:25.700 --> 00:05:25.700 this idea that you're going to be a 106 00:05:25.700 --> 00:05:25.820 drop in the S &P on that. you're 107 00:05:25.820 --> 00:05:27.540 going to see 50 basis points in rate 108 00:05:27.540 --> 00:05:29.340 hikes is far -fetched. I think it might 109 00:05:29.340 --> 00:05:31.740 be far -fetched anyways, but we'll see exactly 110 00:05:31.740 --> 00:05:35.100 how that looks. Don't forget that Warren and 111 00:05:35.100 --> 00:05:39.280 other prominent Democrats called for rate hikes for 112 00:05:39.280 --> 00:05:42.640 the entire first two years of Trump's administration, 113 00:05:42.640 --> 00:05:44.020 or called for rate cuts, I should say, 114 00:05:44.020 --> 00:05:45.500 for the entire first two years. They said 115 00:05:45.500 --> 00:05:46.980 rates were too high. We want to see 116 00:05:46.980 --> 00:05:49.140 them come down. And that's one place they've 117 00:05:49.140 --> 00:05:52.160 agreed in terms of their financial outlook. The 118 00:05:52.160 --> 00:05:53.780 other place, obviously, is the debt ceiling. They 119 00:05:53.780 --> 00:05:55.580 want that debt ceiling wiped out. So these 120 00:05:55.580 --> 00:05:59.460 things lend themselves to low rate environments. And 121 00:05:59.460 --> 00:06:00.600 so if you start to, if you start 122 00:06:00.600 --> 00:06:03.160 to sort of like wander through the annals 123 00:06:03.160 --> 00:06:05.160 of policy in the United States, what you 124 00:06:05.160 --> 00:06:08.460 will find is even when times are easy, 125 00:06:08.460 --> 00:06:10.720 the pressure on rates is down. When times 126 00:06:10.720 --> 00:06:12.920 are tough, the pressure is even more so 127 00:06:12.920 --> 00:06:14.980 to the downside. And I think that most 128 00:06:14.980 --> 00:06:17.340 people in the market believe that we've like 129 00:06:17.340 --> 00:06:20.340 exited this secular rate decline period. I know 130 00:06:20.340 --> 00:06:21.280 some of the guys you've had on the 131 00:06:21.280 --> 00:06:23.220 show, Ben and Nathan for sure, I've talked 132 00:06:23.220 --> 00:06:25.180 about that. But my question, my question. question 133 00:06:25.180 --> 00:06:27.420 for them and my question for people who 134 00:06:27.420 --> 00:06:28.740 think it's going to is going to continue 135 00:06:28.740 --> 00:06:30.660 that way is what do you do about 136 00:06:30.660 --> 00:06:33.940 the sovereign debt all over the place? What 137 00:06:33.940 --> 00:06:35.440 do you do about this number that just 138 00:06:35.440 --> 00:06:37.340 keeps growing all the time? What do you 139 00:06:37.340 --> 00:06:38.700 do about the long end? What do you 140 00:06:38.700 --> 00:06:40.860 do about people who don't want to buy 141 00:06:40.860 --> 00:06:42.920 your bonds anymore? How do you, how do 142 00:06:42.920 --> 00:06:45.140 you reassure people that you're going to be 143 00:06:45.140 --> 00:06:47.120 able to cover some of those bases? And 144 00:06:47.120 --> 00:06:49.540 I realize that the long end represents, you 145 00:06:49.540 --> 00:06:52.080 know, a risk that's not necessarily all about 146 00:06:52.080 --> 00:06:54.400 debt. But it just seems to me like 147 00:06:54.400 --> 00:06:57.120 there's no way this can continue. And I 148 00:06:57.120 --> 00:06:59.840 think, you know, not that we are in 149 00:06:59.840 --> 00:07:02.080 the majority when it comes to like market 150 00:07:02.080 --> 00:07:04.380 participants and obviously people in the market don't 151 00:07:04.380 --> 00:07:05.920 even think we're sane, to be honest with 152 00:07:05.920 --> 00:07:07.780 you, but there is such a thing as 153 00:07:07.780 --> 00:07:10.280 madness of crowds, is there not? Everybody in 154 00:07:10.280 --> 00:07:12.280 the Brue Terminal thinks that rates are going 155 00:07:12.280 --> 00:07:13.740 to go higher, that we're out of this 156 00:07:13.740 --> 00:07:16.000 secular decline in rates, that zero's not on 157 00:07:16.000 --> 00:07:18.500 the table. I don't know, man. I would 158 00:07:18.500 --> 00:07:21.900 challenge, I would challenge a clanker at some 159 00:07:21.900 --> 00:07:24.020 point to show me like the the most 160

00:07:24.020 --> 00:07:28.980 40 prolific Bloomberg terminal users or whatever predictors 161 00:07:28.980 --> 00:07:31.280 of rates. And let's see if the Fed 162 00:07:31.280 --> 00:07:34.260 moves against them, you know, in the sort 163 00:07:34.260 --> 00:07:37.260 of recent history, midterm history, and whether or 164 00:07:37.260 --> 00:07:38.860 not we think it's going to happen again. 165 00:07:38.860 --> 00:07:41.620 Don't forget as well, you are in a 166 00:07:41.620 --> 00:07:43.860 period of, to quote, the great Mark Carney 167 00:07:43.860 --> 00:07:47.180 division and instability, all over the world. The 168 00:07:47.180 --> 00:07:49.140 likelihood that you wind up in a situation 169 00:07:49.140 --> 00:07:52.380 where there's a war breaking out, both inflationary 170 00:07:52.380 --> 00:07:54.560 and friendly to low rates. People want that 171 00:07:54.560 --> 00:07:55.860 certainty. They want to be able to spend 172 00:07:55.860 --> 00:07:58.700 money cheaply to stimulate their economy. Governments obviously 173 00:07:58.700 --> 00:08:01.640 want that too. All this to say that, 174 00:08:01.640 --> 00:08:04.660 I don't necessarily think that this rate hike 175 00:08:04.660 --> 00:08:05.840 thing is a big deal. And by the 176 00:08:05.840 --> 00:08:07.840 way, see the market today? Does the market 177 00:08:07.840 --> 00:08:09.400 agree that rates are going to be higher? 178 00:08:09.400 --> 00:08:13.080 Everything's up, including our leather jacket hero, Jensen 179 00:08:13.080 --> 00:08:15.600 Huang, right? He's even he's rolling in cash 180 00:08:15.600 --> 00:08:18.240 again today. So, making that what you will. 181 00:08:18.240 --> 00:08:20.260 I want to add in one little tidbit 182 00:08:20.260 --> 00:08:22.700 here as well. And maybe maybe these things 183 00:08:22.700 --> 00:08:27.160 are connected, but global central banks bought 321 184 00:08:27.160 --> 00:08:30.060 tons of gold in Q3, 2026. This was 185 00:08:30.060 --> 00:08:33.320 the largest quarterly purchase since Q4, 2024, and 186 00:08:33.320 --> 00:08:36.920 the fifth largest quarterly purchase on record. Central 187 00:08:36.920 --> 00:08:40.620 Bank gold purchases up 8 % from 296 188 00:08:40.620 --> 00:08:44.660 tons acquired in Q2, and up 453 % 189 00:08:44.660 --> 00:08:47.940 from Q1. By comparison, the five -year quarterly 190 00:08:47.940 --> 00:08:52.580 average stands at up 227. tons. China and 191 00:08:52.580 --> 00:08:55.640 Poland led Q3 with 63 tons and 40 192 00:08:55.640 --> 00:08:58.460 tons respectively. Year to date, global central banks 193 00:08:58.460 --> 00:09:03.060 have purchased 675 tons of gold up 6 194 00:09:03.060 --> 00:09:06.380 % from the same period in 2025. So, 195 00:09:06.380 --> 00:09:09.720 you know, is this, how far out of 196 00:09:09.720 --> 00:09:12.720 band are we? I mean, fifth largest purchase, 197 00:09:12.720 --> 00:09:15.520 quarterly purchase on record? Is there something to 198 00:09:15.520 --> 00:09:21.620 this?

Walker. hearing all this stuff and you 199 00:09:21.620 --> 00:09:24.080 know whether it be the household debt rising 200 00:09:24.080 --> 00:09:27.260 the delinquencies on you know whether it's credit 201 00:09:27.260 --> 00:09:30.180 cards or you know cars or rent or 202 00:09:30.180 --> 00:09:32.540 whatever it might be and then you know 203 00:09:32.540 --> 00:09:33.900 to joey's point and you know it's like 204 00:09:33.900 --> 00:09:36.000 and the and the markets up and inflation's 205 00:09:36.000 --> 00:09:37.600 running hot the markets up and it's like 206 00:09:37.600 --> 00:09:41.020 this is just that that quintessential sort of 207 00:09:41.020 --> 00:09:44.360 k -shaped economy right this is just it's 208 00:09:44.360 --> 00:09:47.180 it's it's this situation where as an asset 209 00:09:47.180 --> 00:09:50.440 holder, granted, we'd like our asset of choice 210 00:09:50.440 --> 00:09:52.340 Bitcoin to probably get with the program a 211 00:09:52.340 --> 00:09:54.640 little bit more than it has been, sure, 212 00:09:54.640 --> 00:09:55.900 but you know, we know we're right in 213 00:09:55.900 --> 00:09:59.540 the long term, right guys, I swear. You 214 00:09:59.540 --> 00:10:01.780 feel, you know, it's like, oh, inflation's running 215 00:10:01.780 --> 00:10:03.920 out. It's like, sure, okay, everything's getting continually 216 00:10:03.920 --> 00:10:05.800 debased and will be forever and that's good 217 00:10:05.800 --> 00:10:08.900 for my bags, right, long term. But then 218 00:10:08.900 --> 00:10:10.940 you look at this, the very real and 219 00:10:10.940 --> 00:10:12.520 human side of this, which is that so 220 00:10:12.520 --> 00:10:14.920 many people, as much as it seems and, 221 00:10:14.920 --> 00:10:16.500 you know, people, depending on which sides in 222 00:10:16.500 --> 00:10:18.060 power, You know, they're always going to tell 223 00:10:18.060 --> 00:10:21.320 you the economy's booming thanks to them, right? 224 00:10:21.320 --> 00:10:25.300 But it's like, yeah, for some, but the 225 00:10:25.300 --> 00:10:31.600 divergence between the asset holders who are seeing 226 00:10:31.600 --> 00:10:35.100 their wealth grow in paper terms, and the 227 00:10:35.100 --> 00:10:37.560 people who are behind on their rent, behind 228 00:10:37.560 --> 00:10:39.220 their car payments, behind in their credit card 229 00:10:39.220 --> 00:10:42.400 payments at 24 % APY or whatever it 230 00:10:42.400 --> 00:10:45.660 is, just getting smoked, that divergence just keeps 231 00:10:45.660 --> 00:10:47.780 growing and growing. and this is really just 232 00:10:47.780 --> 00:10:48.980 a sign of the times, I think. I 233 00:10:48.980 --> 00:10:50.820 think it's just, this is emblematic of this 234 00:10:50.820 --> 00:10:52.240 age in which we find ourselves where we 235 00:10:52.240 --> 00:10:54.660 are getting, we are in the middle of, 236 00:10:54.660 --> 00:10:55.800 or at the, you know, sort of beginning 237 00:10:55.800 --> 00:10:58.240 of this

crisis period that we've talked about 238 00:10:58.240 --> 00:11:00.320 a lot. And it's going to get so 239 00:11:00.320 --> 00:11:02.560 much worse. Like, yeah, these numbers are kind 240 00:11:02.560 --> 00:11:04.900 of like shocking when you hear them, but 241 00:11:04.900 --> 00:11:06.080 it's going to get, it's going to get 242 00:11:06.080 --> 00:11:07.540 worse for a lot of people. They're not 243 00:11:07.540 --> 00:11:09.300 just going to magically catch up on their 244 00:11:09.300 --> 00:11:10.760 rent and their car payments and their credit 245 00:11:10.760 --> 00:11:13.720 card payments that they're behind on, right? They're 246 00:11:13.720 --> 00:11:15.140 not going to magically start making a lot 247 00:11:15.140 --> 00:11:17.040 more money, especially when a lot of them 248 00:11:17.040 --> 00:11:18.340 are going to be out of a job 249 00:11:18.340 --> 00:11:22.040 soon probably because of AI. Like, and or 250 00:11:22.040 --> 00:11:24.460 because of robotics and automation, like, whatever it 251 00:11:24.460 --> 00:11:28.380 might be, or from, you know, another, another 252 00:11:28.380 --> 00:11:30.760 massive influx of doctors and engineers that come 253 00:11:30.760 --> 00:11:32.020 in and put all of our doctors and 254 00:11:32.020 --> 00:11:34.020 engineers out of work, you know, like nobody's 255 00:11:34.020 --> 00:11:35.660 job is safe from the doctors and engineers 256 00:11:35.660 --> 00:11:38.860 that we're lucky enough to have here. Point 257 00:11:38.860 --> 00:11:42.840 being, you kind of wonder, but I think 258 00:11:42.840 --> 00:11:44.660 the original question was about rate hikes, right? 259 00:11:44.660 --> 00:11:46.380 and like what like what are they going 260 00:11:46.380 --> 00:11:49.920 to do i i mean it kind of 261 00:11:49.920 --> 00:11:52.400 looks like a december hike is likely i 262 00:11:52.400 --> 00:11:53.880 don't know what that actually does to the 263 00:11:53.880 --> 00:11:55.800 market i don't think that probably hurts the 264 00:11:55.800 --> 00:11:57.420 market that much i think people trade on 265 00:11:57.420 --> 00:12:00.160 it a little bit but i think at 266 00:12:00.160 --> 00:12:02.300 this point everybody at least the people that 267 00:12:02.300 --> 00:12:04.920 are moving large amounts of money know that 268 00:12:04.920 --> 00:12:07.120 when alden's meme of nothing stops this train 269 00:12:07.120 --> 00:12:12.020 right that they they they can't keep rates 270 00:12:12.020 --> 00:12:13.980 it can't make rates higher and higher for 271 00:12:13.980 --> 00:12:15.560 longer and longer they just they can't do 272 00:12:15.560 --> 00:12:18.060 it the whole thing breaks if they do 273 00:12:18.060 --> 00:12:20.520 so you know that that printer is coming 274 00:12:20.520 --> 00:12:22.240 and it's not a question of if it's 275 00:12:22.240 --> 00:12:24.420 a question of when when that printer comes 276 00:12:24.420 --> 00:12:26.560 asset holders rejoice yes our bags will all 277 00:12:26.560 --> 00:12:28.320 be pumped joey's ms t r bag will 278 00:12:28.320 --> 00:12:31.820 just get so heavy you know canadian's pumping 279 00:12:31.820 --> 00:12:33.260 it too apparently we'll talk more about that 280 00:12:33.260 --> 00:12:36.340 later i know but in the meantime it's 281 00:12:36.340 --> 00:12:38.740 like but you know what that just ends 282 00:12:38.740 --> 00:12:40.940 up hurting the people who are already behind 283 00:12:40.940 --> 00:12:42.420 even more and more and more because they 284 00:12:42.420 --> 00:12:44.640 don't have the assets that are appreciating. They 285 00:12:44.640 --> 00:12:46.540 have a bunch of debts and not like 286 00:12:46.540 --> 00:12:48.600 the Robert Kiyosaki kind of debt, right? They're 287 00:12:48.600 --> 00:12:50.280 not sitting on a billion dollars worth of 288 00:12:50.280 --> 00:12:52.460 real estate and other other debt drawn out 289 00:12:52.460 --> 00:12:54.280 that is also getting inflated away. They're sitting 290 00:12:54.280 --> 00:12:58.060 on debt at 24 % APY that's growing 291 00:12:58.060 --> 00:13:00.900 faster than inflation is, you know, is debasing 292 00:13:00.900 --> 00:13:03.220 it, is inflating it away. So I don't 293 00:13:03.220 --> 00:13:05.280 know. There's not really a point of this 294 00:13:05.280 --> 00:13:09.680 more that just fuck. a sorry black pill 295 00:13:09.680 --> 00:13:11.480 moment but like probably gonna get a lot 296 00:13:11.480 --> 00:13:13.320 worse and the problem with that is that 297 00:13:13.320 --> 00:13:17.240 people end up begging for communism when this 298 00:13:17.240 --> 00:13:18.720 kind of stuff happens that that's that's what 299 00:13:18.720 --> 00:13:19.920 this comes down to i guess that's the 300 00:13:19.920 --> 00:13:22.300 point yeah things get bad enough and people 301 00:13:22.300 --> 00:13:24.100 beg for daddy government to step in and 302 00:13:24.100 --> 00:13:27.240 do something because it's unfair and it kind 303 00:13:27.240 --> 00:13:31.000 of is unfair right but government just makes 304 00:13:31.000 --> 00:13:32.700 things worse and then we just get more 305 00:13:32.700 --> 00:13:33.560 of it and then i don't know we 306 00:13:33.560 --> 00:13:36.380 get again we get millennial communism zoomer fascism 307 00:13:36.380 --> 00:13:39.020 and by generation is time to shine, we'll 308 00:13:39.020 --> 00:13:42.380 have a monarchy again, you know, Lord willing. 309 00:13:42.380 --> 00:13:44.140 Lord willing. Walker, by the way, since you've 310 00:13:44.140 --> 00:13:45.420 said that I have not got it out 311 00:13:45.420 --> 00:13:46.940 of my head, I feel like that's so, 312 00:13:46.940 --> 00:13:49.320 I would say, prophetic as to where things 313 00:13:49.320 --> 00:13:50.200 are going. It's like, we're totally going to 314 00:13:50.200 --> 00:13:51.680 get millennial communism, aren't we? And it's going 315 00:13:51.680 --> 00:13:53.360 to be resulted in consumer fascism. I think 316 00:13:53.360 -->

00:13:55.040 that's absolutely what's being laid out there, but 317 00:13:55.040 --> 00:13:55.900 there's a few things I kind of wanted 318 00:13:55.900 --> 00:13:57.380 to hit on. So one, the U .S. 319 00:13:57.380 --> 00:13:59.220 inflation data, I believe the biggest contributor was 320 00:13:59.220 --> 00:14:01.700 shelter, which this also directly feeds into rates 321 00:14:01.700 --> 00:14:03.680 too. Like, we're almost rising rates becomes like 322 00:14:03.680 --> 00:14:05.760 self -inflicted pain and just puts this in 323 00:14:05.760 --> 00:14:08.160 the wrong direction. The does, WTI was trading 324 00:14:08.160 --> 00:14:11.580 at like $84 a barrel today, right? Oil's 325 00:14:11.580 --> 00:14:13.140 not up all that much gasoline is, but 326 00:14:13.140 --> 00:14:15.960 oil's not necessarily up. The 10 -year rose 327 00:14:15.960 --> 00:14:17.400 on the news, I had that pulled up 328 00:14:17.400 --> 00:14:19.680 here, but mortgage rates are already sitting at 329 00:14:19.680 --> 00:14:22.580 7 .17 % in the U .S. So 330 00:14:22.580 --> 00:14:24.000 it's like, how much more is that going 331 00:14:24.000 --> 00:14:25.860 to compound and then go into rising mortgage 332 00:14:25.860 --> 00:14:27.780 rates, which then goes into rising shelter costs, 333 00:14:27.780 --> 00:14:29.060 and it just keeps getting worse and worse 334 00:14:29.060 --> 00:14:31.560 and worse. And, Joey, to your point about, 335 00:14:31.560 --> 00:14:34.240 like, I agree, like, everyone's been talking about 336 00:14:34.240 --> 00:14:36.360 how the, like, the secular 40 -year downtrend 337 00:14:36.360 --> 00:14:38.740 and rates is over. But I'm with you, 338 00:14:38.740 --> 00:14:40.400 I think at some point in time, like, 339 00:14:40.400 --> 00:14:41.900 we're going back to zero. Like, it's going 340 00:14:41.900 --> 00:14:43.780 to happen. It's going to snap either to 341 00:14:43.780 --> 00:14:44.840 deal with the debt wall or some sort 342 00:14:44.840 --> 00:14:46.520 of a crisis. Even just taking a look 343 00:14:46.520 --> 00:14:49.880 at the Dixie today, dollars up at 102. 344 00:14:49.880 --> 00:14:51.380 I remember talking to Brent Johnson about this, 345 00:14:51.380 --> 00:14:53.260 and he really flagged 105. That starts to 346 00:14:53.260 --> 00:14:54.800 become a problem for the rest of the 347 00:14:54.800 --> 00:14:56.240 world and for the U .S. as well, 348 00:14:56.240 --> 00:14:57.480 too. You want to be able to be 349 00:14:57.480 --> 00:14:59.860 able to export some goods more than just 350 00:14:59.860 --> 00:15:01.020 beyond the dollar, that we want to get 351 00:15:01.020 --> 00:15:02.560 that rate back down. So I think they're 352 00:15:02.560 --> 00:15:04.160 going to intervene at some point. I don't 353 00:15:04.160 --> 00:15:07.000 necessarily know what catalyzes it. But there's so 354 00:15:07.000 --> 00:15:09.120 much potential out there. Like, we've got AI 355 00:15:09.120 --> 00:15:10.880 bubble risk. We've got keyman risk, as we 356 00:15:10.880 --> 00:15:13.220 saw with our friend Jensen there. You've got 357 00:15:13.220 --> 00:15:14.820 the ongoing award. And you could have some 358 00:15:14.820 --> 00:15:16.580 other black swan that just drags us, that 359 00:15:16.580 --> 00:15:18.320 has them step back into the market. You 360 00:15:18.320 --> 00:15:20.140 already seen some coordination between the Treasury and 361 00:15:20.140 --> 00:15:21.640 the Fed. I fully expected it. I was 362 00:15:21.640 --> 00:15:22.640 trying to pull the data there where you 363 00:15:22.640 --> 00:15:24.700 were going. It looks like we have a 364 00:15:24.700 --> 00:15:27.180 major black swan event every 10 to 12 365 00:15:27.180 --> 00:15:29.640 years. And like a medium -sized one every 366 00:15:29.640 --> 00:15:31.220 two and a half year. The last one 367 00:15:31.220 --> 00:15:32.980 was COVID, about six and a half years 368 00:15:32.980 --> 00:15:35.540 ago. They'll screw something up, right? All the 369 00:15:35.540 --> 00:15:37.060 incentives. incentives are wrong. Shit keeps going. There's 370 00:15:37.060 --> 00:15:40.800 malinvestment, poor direction, government problems everywhere. I fully 371 00:15:40.800 --> 00:15:43.140 expect, Joey, I completely agree that, yes, I 372 00:15:43.140 --> 00:15:45.540 think we're in a rising rates regime right 373 00:15:45.540 --> 00:15:48.360 now, but I don't think that holds forever 374 00:15:48.360 --> 00:15:50.200 and maybe not even necessarily that much longer. 375 00:15:50.200 --> 00:15:52.400 I don't know. Ben. Yeah. I mean, so 376 00:15:52.400 --> 00:15:56.000 you were talking about the rising cost, that 377 00:15:56.000 --> 00:16:00.640 the inflation costs were largely from shelter. From 378 00:16:00.640 --> 00:16:02.900 shelter. Well, don't worry, they got a fix 379 00:16:02.900 --> 00:16:06.920 for that. Oh, boy, howdy. This could not 380 00:16:06.920 --> 00:16:10.400 backfire. This is actually the funniest tweet of 381 00:16:10.400 --> 00:16:12.180 the day. Well, I guess it was yesterday, 382 00:16:12.180 --> 00:16:16.540 but still hilarious from Caleb Hammer. But context, 383 00:16:16.540 --> 00:16:20.580 former Biden Economic Advisor proposes allowing first -time 384 00:16:20.580 --> 00:16:23.240 homebuyers to purchase their homes with just a 385 00:16:23.240 --> 00:16:27.300 $1 ,000 down payment. No problems with that. 386 00:16:27.300 --> 00:16:32.880 His quote tweet, including this image. Solid. Yeah. 387 00:16:32.880 --> 00:16:35.840 There's a bubble. there's a bubble. Come on. 388 00:16:35.840 --> 00:16:39.040 We've done this before, guys. We did the 389 00:16:39.040 --> 00:16:42.980 ninja, right? Yeah. Yeah, it's like, it's like 390 00:16:42.980 --> 00:16:46.400 the, the, you know how it's, it can 391 00:16:46.400 --> 00:16:50.940 be understandable if, if people haven't studied history 392 00:16:50.940 --> 00:16:53.540 and enough time has elapsed that just a 393 00:16:53.540 --> 00:16:56.800 generational thing,

people, people don't take the time 394 00:16:56.800 --> 00:16:58.240 to learn what came before them. And so 395 00:16:58.240 --> 00:16:59.820 then they have to repeat the same mistakes. 396 00:16:59.820 --> 00:17:04.360 But like, this just happened. this is this 397 00:17:04.360 --> 00:17:07.720 is not that reason i remember it no 398 00:17:07.720 --> 00:17:10.000 but all the boomers which not the ones 399 00:17:10.000 --> 00:17:11.160 who watch the show because you're beautiful we 400 00:17:11.160 --> 00:17:12.180 love you and you're not included in this 401 00:17:12.180 --> 00:17:14.740 group but all the boomers that own houses 402 00:17:14.740 --> 00:17:17.520 want to keep those housing prices inflated and 403 00:17:17.520 --> 00:17:19.440 if they don't have the younger generation stepping 404 00:17:19.440 --> 00:17:22.000 into buy their shitty house at an overpriced 405 00:17:22.000 --> 00:17:24.900 valuation there goes the retirement their savings the 406 00:17:24.900 --> 00:17:27.060 works i would fully believe that like the 407 00:17:27.060 --> 00:17:29.780 generation that went through all of this crap 408 00:17:29.780 --> 00:17:33.000 in 2008 would run that playbook again again, 409 00:17:33.000 --> 00:17:34.600 just trying to hold on to their existing 410 00:17:34.600 --> 00:17:36.580 asset prices. Because nothing happens, I think is 411 00:17:36.580 --> 00:17:37.680 Joey would say it. Or Walker, I can't 412 00:17:37.680 --> 00:17:39.780 remember which one, maybe both. Nothing happens that 413 00:17:39.780 --> 00:17:42.060 hurts the boomers. Yeah, it was Walker. All 414 00:17:42.060 --> 00:17:44.480 smart things that are said are Walker. Like, 415 00:17:44.480 --> 00:17:45.380 you know, there is no red, there is 416 00:17:45.380 --> 00:17:47.120 no blue, there's the state and there's you. 417 00:17:47.120 --> 00:17:49.760 We need like all the good Walker, all 418 00:17:49.760 --> 00:17:51.540 the good Walker phrases on like t -shirts 419 00:17:51.540 --> 00:17:53.160 available, right? I'll put that up on BTCCC. 420 00:17:53.160 --> 00:17:55.960 But it's worth by somebody else, which is 421 00:17:55.960 --> 00:17:57.640 like a little like fine prints, said by 422 00:17:57.640 --> 00:17:59.960 Walker originally. By Walker. It's worth mentioning, Canadians 423 00:17:59.960 --> 00:18:02.200 really sped run this whole thing. like the 424 00:18:02.200 --> 00:18:04.060 boomer protection at all costs. We've done this 425 00:18:04.060 --> 00:18:07.440 for a long time. The best data point 426 00:18:07.440 --> 00:18:09.920 to think about when it comes to this. 427 00:18:09.920 --> 00:18:11.500 Okay, so we'll back up a little bit. 428 00:18:11.500 --> 00:18:14.880 In 08, 0607, whatever you want to say, 429 00:18:14.880 --> 00:18:16.560 the Ninja mortgages were crazy, which I think 430 00:18:16.560 --> 00:18:17.940 is, what is it, no income Walker, no 431 00:18:17.940 --> 00:18:21.460 job, and no assets, something like that. I 432 00:18:21.460 --> 00:18:25.280 can't. Yeah, no income, no job, no assets, 433 00:18:25.280 --> 00:18:27.660 right? Yeah, I think that's what it is. 434 00:18:27.660 --> 00:18:30.560 And so what that meant, and, you know, 435 00:18:30.560 --> 00:18:32.700 it's interesting. This was maybe the. original DEI 436 00:18:32.700 --> 00:18:35.920 initiative. Before DEI was in anyone's vocabulary or, 437 00:18:35.920 --> 00:18:37.560 you know, even the government vernacular didn't really 438 00:18:37.560 --> 00:18:40.780 have it. It was meant to help certain 439 00:18:40.780 --> 00:18:45.500 populations acquire homes with the thought that we 440 00:18:45.500 --> 00:18:47.220 can help these people get on their feet, 441 00:18:47.220 --> 00:18:48.680 form families, find jobs if they don't have 442 00:18:48.680 --> 00:18:49.940 to worry about, you know, a roof over 443 00:18:49.940 --> 00:18:51.680 their head, which is a good thesis. Like, 444 00:18:51.680 --> 00:18:53.040 I do agree with the thesis. It's just 445 00:18:53.040 --> 00:18:55.660 the execution was wrong like so many other 446 00:18:55.660 --> 00:18:57.940 things government does. You know, decent idea, but 447 00:18:57.940 --> 00:18:59.860 you can't execute on it because the market 448 00:18:59.860 --> 00:19:01.380 just won't allow you to put your thumb 449 00:19:01.380 --> 00:19:03.680 on the scale. for that long. The fun, 450 00:19:03.680 --> 00:19:05.920 the fun data point, okay, in a world 451 00:19:05.920 --> 00:19:09.720 where I'll just use the Canadian number, here 452 00:19:09.720 --> 00:19:11.740 in Canada, generally, if you go to the 453 00:19:11.740 --> 00:19:13.000 bank and have less than a 20 % 454 00:19:13.000 --> 00:19:14.760 down payment, you have to pay extra to 455 00:19:14.760 --> 00:19:16.840 insure your house. And what it does is 456 00:19:16.840 --> 00:19:19.060 raise the total cost of your mortgage to 457 00:19:19.060 --> 00:19:21.760 the point where, you know, you're paying a 458 00:19:21.760 --> 00:19:25.580 significant, a higher number every month that's not 459 00:19:25.580 --> 00:19:27.760 interest and not principal. So it's actually just 460 00:19:27.760 --> 00:19:29.740 basically money thrown away as far as the 461 00:19:29.740 --> 00:19:30.800 value of the house. Which they prefer, Joey. 462 00:19:30.800 --> 00:19:32.600 which they, of course they do. Because then 463 00:19:32.600 --> 00:19:34.660 their loan is secured. That's right. They want 464 00:19:34.660 --> 00:19:36.340 that. And it's secured by the taxpayer. Now, 465 00:19:36.340 --> 00:19:37.700 the U .S. has not had a lot 466 00:19:37.700 --> 00:19:39.560 of stuff like this in the past. If 467 00:19:39.560 --> 00:19:42.080 anything, at this level. What happens usually is 468 00:19:42.080 --> 00:19:43.820 the bank secures the loan. The government might 469 00:19:43.820 --> 00:19:49.780 backstop it for stuff like certain specialized loan 470 00:19:49.780 --> 00:19:51.520 programs or whatever. But generally, you don't see 471

00:19:51.520 --> 00:19:54.120 something like this. This is backstopped by the 472 00:19:54.120 --> 00:19:57.080 government, which is unbelievable. Now, the best stat 473 00:19:57.080 --> 00:19:58.780 I saw, the median home price in the 474 00:19:58.780 --> 00:20:02.340 U .S., 417 ,500. dollars. A thousand dollars 475 00:20:02.340 --> 00:20:06.120 down represents a whopping 0 .24 % of 476 00:20:06.120 --> 00:20:08.760 your total home value. So, you know, stop 477 00:20:08.760 --> 00:20:10.660 me if you've heard this before, chances are 478 00:20:10.660 --> 00:20:11.900 if you can't afford the down payment, you 479 00:20:11.900 --> 00:20:14.440 can't afford the house. That's the fact of 480 00:20:14.440 --> 00:20:19.500 the matter. The delinquency for this loan book 481 00:20:19.500 --> 00:20:22.460 is already high. So even before this, the 482 00:20:22.460 --> 00:20:26.220 FHA delinquency rate is almost 12%. It's more 483 00:20:26.220 --> 00:20:28.560 than four times what you would see in 484 00:20:28.560 --> 00:20:31.280 a conventional home loan. So the idea that 485 00:20:31.280 --> 00:20:33.360 you're going to like improve on this, these 486 00:20:33.360 --> 00:20:36.460 metrics, improve on stability, improve on the quality 487 00:20:36.460 --> 00:20:39.100 of your book is, I mean, it's less 488 00:20:39.100 --> 00:20:42.060 than zero. It's not going to happen. The 489 00:20:42.060 --> 00:20:45.540 question for me becomes, you know, you have 490 00:20:45.540 --> 00:20:47.640 obviously the K -shaped economy, like Walker said. 491 00:20:47.640 --> 00:20:48.620 And it seems to me like a lot 492 00:20:48.620 --> 00:20:50.100 more people are falling off the top of 493 00:20:50.100 --> 00:20:53.260 the K than riding the K upward. As, 494 00:20:53.260 --> 00:20:55.480 as Costco up, people are selling equities, they're 495 00:20:55.480 --> 00:20:57.120 selling their homes, they're taking loans against their 496 00:20:57.120 --> 00:20:58.780 homes, blah, blah, blah. And you wind up 497 00:20:58.780 --> 00:20:59.520 with more people who are trying to buy. 498 00:20:59.520 --> 00:21:00.780 trying to keep up with the Joneses and 499 00:21:00.780 --> 00:21:02.420 can't do it. Now, this leads to, like, 500 00:21:02.420 --> 00:21:05.740 social instability problems, societal problems. But the fix 501 00:21:05.740 --> 00:21:08.920 has never been give the shit away and 502 00:21:08.920 --> 00:21:10.920 hope that they don't fuck it up. The 503 00:21:10.920 --> 00:21:12.460 fix needs to be, we have to give 504 00:21:12.460 --> 00:21:14.080 these people an opportunity to succeed. And if 505 00:21:14.080 --> 00:21:15.440 they can't succeed, then we got to cut 506 00:21:15.440 --> 00:21:18.180 them loose. These are harsh things to say, 507 00:21:18.180 --> 00:21:20.760 especially in 2026, as we talked about before. 508 00:21:20.760 --> 00:21:22.540 You know, we're in millennial communism here on 509 00:21:22.540 --> 00:21:24.540 the edge of it. I don't think that 510

00:21:24.540 --> 00:21:27.380 it's fair for the U .S. taxpayer to 511 00:21:27.380 --> 00:21:28.660 have to foot the bill for what is 512 00:21:28.660 --> 00:21:32.120 increasingly, an incompetent population. These are the same 513 00:21:32.120 --> 00:21:35.580 types that are scamming EBT cards. They're the 514 00:21:35.580 --> 00:21:38.620 same types that are, you know, stealing from 515 00:21:38.620 --> 00:21:42.780 government subsidy programs, the Learing Center types. And, 516 00:21:42.780 --> 00:21:45.860 you know, it's not necessarily, it's not necessarily 517 00:21:45.860 --> 00:21:47.860 a thing that's fixable with just free stuff 518 00:21:47.860 --> 00:21:50.440 or a free house or a house that's 519 00:21:50.440 --> 00:21:53.420 easily acquired or whatever. What you need here 520 00:21:53.420 --> 00:21:57.140 is really like an injection into that population 521 00:21:57.140 --> 00:22:01.560 of quality people, quality opportunities, quality, whatever. And 522 00:22:01.560 --> 00:22:03.200 the fact of the matter is, you're getting 523 00:22:03.200 --> 00:22:04.520 to the point now, not only in Canada 524 00:22:04.520 --> 00:22:05.700 and the U .S., but in other places 525 00:22:05.700 --> 00:22:06.940 as well, as we've seen in the last 526 00:22:06.940 --> 00:22:10.260 few months, maybe more than ever before. Some 527 00:22:10.260 --> 00:22:12.940 people just can't be helped. We make the 528 00:22:12.940 --> 00:22:14.980 doctors and engineers joke a lot, but, you 529 00:22:14.980 --> 00:22:16.780 know, I saw a great stat about people 530 00:22:16.780 --> 00:22:19.400 who can't be helped from Europe. Did you 531 00:22:19.400 --> 00:22:22.940 know that the rate of sexual deviants in 532 00:22:22.940 --> 00:22:25.320 terms of criminal activity is much higher for 533 00:22:25.320 --> 00:22:26.960 people born on January 1st and it is 534 00:22:26.960 --> 00:22:29.060 January 2nd? Do you know why that is? 535 00:22:29.060 --> 00:22:29.500 Because, you know why that is? Because, you 536 00:22:29.500 --> 00:22:31.080 know, people who come over in boats don't 537 00:22:31.080 --> 00:22:32.720 have birthdays, and so they just get tagged 538 00:22:32.720 --> 00:22:35.420 with January 1st birthdays. And so, like, you 539 00:22:35.420 --> 00:22:37.500 know, you can't really fix that problem for 540 00:22:37.500 --> 00:22:39.980 the Jan firsters, right? And so what do 541 00:22:39.980 --> 00:22:41.620 you do with that population? You have a 542 00:22:41.620 --> 00:22:42.880 choice to make, I think, is a modern 543 00:22:42.880 --> 00:22:44.540 country. And Europe is being faced with this 544 00:22:44.540 --> 00:22:45.920 big time. Canada is going to be faced 545 00:22:45.920 --> 00:22:47.980 with it very soon, if we're not already. 546 00:22:47.980 --> 00:22:50.080 How do you prevent those populations from causing 547 00:22:50.080 --> 00:22:52.980 problems that move upstream? Because they are at 548 00:22:52.980 --> 00:22:54.580 the bottom of the stream, right? So how 549 00:22:54.580 --> 00:22:57.200 do you prevent them from moving upstream? This 550 00:22:57.200 --> 00:22:59.180 is not the way to do it. But 551 00:22:59.180 --> 00:23:01.880 again, because of the way that the political 552 00:23:01.880 --> 00:23:03.900 engine works in the United States, you're banking 553 00:23:03.900 --> 00:23:05.340 on one thing and one thing only, it 554 00:23:05.340 --> 00:23:08.000 is votes. And if you can buy votes 555 00:23:08.000 --> 00:23:10.760 with other people's money, why not? Why not 556 00:23:10.760 --> 00:23:13.520 do it? Right? Makes sense? I don't know, 557 00:23:13.520 --> 00:23:15.100 Walker. You tell me what you think. I'm 558 00:23:15.100 --> 00:23:16.840 curious. You're the American on the panel. It's 559 00:23:16.840 --> 00:23:18.920 really in your back area. I was just 560 00:23:18.920 --> 00:23:20.340 going to say, Joe, I think we need 561 00:23:20.340 --> 00:23:23.120 some one of the first Bitcast, Merse shirts 562 00:23:23.120 --> 00:23:28.020 is going to be that what was, what's 563 00:23:28.020 --> 00:23:30.280 the government program. Oh, the Ninja Loans were 564 00:23:30.280 --> 00:23:34.000 the original DEI. Yeah. That's what it was. 565 00:23:34.000 --> 00:23:35.220 I mean, that's the first time I've ever 566 00:23:35.220 --> 00:23:36.760 thought about it, but I don't know, maybe 567 00:23:36.760 --> 00:23:39.920 I'm wrong. Yeah, Walker. Okay stuff sometimes, I 568 00:23:39.920 --> 00:23:42.940 guess. Walker, we need a Walker rant, and 569 00:23:42.940 --> 00:23:44.580 we need the Walker rant to lead us 570 00:23:44.580 --> 00:23:47.240 into break, I think, is what we need. 571 00:23:47.240 --> 00:23:49.240 So this, as Joey was talking, it was 572 00:23:49.240 --> 00:23:50.760 just making me think of that, the old 573 00:23:50.760 --> 00:23:54.560 Milton Friedman quote where he talks about like 574 00:23:54.560 --> 00:23:56.880 the four ways to spend money or the 575 00:23:56.880 --> 00:23:59.060 four ways people spend money and the idea 576 00:23:59.060 --> 00:24:00.560 that when you spend your own money on 577 00:24:00.560 --> 00:24:02.340 yourself, you know, you care both about the 578 00:24:02.340 --> 00:24:04.820 cost and about getting the best value obviously 579 00:24:04.820 --> 00:24:06.980 because you know, you're spending it on you, 580 00:24:06.980 --> 00:24:08.080 you care about you and you're spending your 581 00:24:08.080 --> 00:24:09.440 money. So you care about the money and 582 00:24:09.440 --> 00:24:10.640 the cost of it. But when you're spending 583 00:24:10.640 --> 00:24:12.940 your own money on someone else, you care 584 00:24:12.940 --> 00:24:15.580 about the cost but less about what they 585 00:24:15.580 --> 00:24:18.660 get, right? When you're spending someone else's money 586 00:24:18.660 --> 00:24:21.560 on yourself, you care about what you get 587 00:24:21.560 --> 00:24:23.580 but not about the cost. And when you're 588 00:24:23.580 -->

00:24:26.580 spending someone else's money on someone else, well, 589 00:24:26.580 --> 00:24:29.120 you don't care very much about the cost 590 00:24:29.120 --> 00:24:31.680 or the result and that is how government 591 00:24:31.680 --> 00:24:36.880 spends. Oh, yeah, that's a beautiful, no, it's 592 00:24:36.880 --> 00:24:39.480 such a great, just a great heuristic for 593 00:24:39.480 --> 00:24:41.960 looking at these things. Because once you, once 594 00:24:41.960 --> 00:24:43.280 you hear that, like, you can't, that, that's 595 00:24:43.280 --> 00:24:44.800 going to be stuck in your head now. 596 00:24:44.800 --> 00:24:47.000 You can't unhear that. And this is the 597 00:24:47.000 --> 00:24:50.820 thing, when you, there's this idea, I think, 598 00:24:50.820 --> 00:24:53.220 that a lot of probably well -meaning folks 599 00:24:53.220 --> 00:24:56.580 have, primarily liberals, but certainly some, uh, some 600 00:24:56.580 --> 00:24:58.280 conservatives too and let's be honest you know 601 00:24:58.280 --> 00:24:59.520 there is no red there is no blue 602 00:24:59.520 --> 00:25:00.520 there is the state and there is you 603 00:25:00.520 --> 00:25:04.420 right baby so the idea is that they 604 00:25:04.420 --> 00:25:05.960 they want to be seen as very virtuous 605 00:25:05.960 --> 00:25:07.600 right and we have to help the we 606 00:25:07.600 --> 00:25:09.720 have to help you know the downtrodden you 607 00:25:09.720 --> 00:25:11.820 know we have to this that's what america 608 00:25:11.820 --> 00:25:15.260 is helping the downtrodden and it's like well 609 00:25:15.260 --> 00:25:18.340 you're free to do that you're free to 610 00:25:18.340 --> 00:25:18.880 do that you're free to do that anytime 611 00:25:18.880 --> 00:25:21.140 you like you can volunteer your time you 612 00:25:21.140 --> 00:25:23.020 can donate your money nobody is stopping you 613 00:25:23.020 --> 00:25:25.340 can donate your money to the government if 614 00:25:25.340 --> 00:25:26.580 you want you can overpay on your tax 615 00:25:26.580 --> 00:25:31.240 taxes. Yeah, there you go. That's a nice 616 00:25:31.240 --> 00:25:32.580 little, nice little chart there to break it 617 00:25:32.580 --> 00:25:36.460 down. The problem is that this sort of 618 00:25:36.460 --> 00:25:39.520 like, I guess I would say paternalistic would 619 00:25:39.520 --> 00:25:42.140 be the correct word, this paternalistic view that 620 00:25:42.140 --> 00:25:44.520 like these these poor people are just basically, 621 00:25:44.520 --> 00:25:47.320 I mean, essentially liberals have this very racist 622 00:25:47.320 --> 00:25:51.040 idea that poor people are or certain, you 623 00:25:51.040 --> 00:25:54.460 know, certain ethnicities and things like that. Basically 624 00:25:54.460 --> 00:25:56.880 liberals are insanely racist because they think that 625 00:25:56.880 --> 00:26:00.200 they're just too stupid to do anything themselves. 626 00:26:00.200 --> 00:26:02.500 So they need the constant handouts from the

627 00:26:02.500 --> 00:26:04.820 government, i .e. funded by the taxpayer, in 628 00:26:04.820 --> 00:26:07.120 order to be able to exist at all. 629 00:26:07.120 --> 00:26:08.820 And the problem with this is that I 630 00:26:08.820 --> 00:26:10.960 think everybody knows this from their own personal 631 00:26:10.960 --> 00:26:13.980 lives. If something is just handed to you 632 00:26:13.980 --> 00:26:16.340 on a silver platter and you don't have 633 00:26:16.340 --> 00:26:18.360 to work for it, you tend not to 634 00:26:18.360 --> 00:26:21.420 appreciate it. We appreciate the things that we 635 00:26:21.420 --> 00:26:23.580 have to work hard for, that we have 636 00:26:23.580 --> 00:26:25.720 to struggle for a little bit, that we 637 00:26:25.720 --> 00:26:27.440 have to dedicate our and our energy, our 638 00:26:27.440 --> 00:26:31.340 mental capacity to achieving. That is what brings 639 00:26:31.340 --> 00:26:33.320 satisfaction in life, one. That is what brings 640 00:26:33.320 --> 00:26:36.460 fulfillment in life on top of that. And 641 00:26:36.460 --> 00:26:38.880 it also is what makes you really appreciate 642 00:26:38.880 --> 00:26:42.520 what you have and treat it well. When 643 00:26:42.520 --> 00:26:46.320 you're just given things, when there's no expectation 644 00:26:46.320 --> 00:26:49.560 of ever having to do anything in return, 645 00:26:49.560 --> 00:26:52.060 when you are just handed, whatever it may 646 00:26:52.060 --> 00:26:54.940 be on a silver platter, because of the 647 00:26:54.940 --> 00:26:59.680 beneficence of your, you know, your commie overlords, 648 00:26:59.680 --> 00:27:03.000 you tend really not to put too much 649 00:27:03.000 --> 00:27:05.820 stake in it. It's just an expectation then. 650 00:27:05.820 --> 00:27:07.560 And why would you go out of your 651 00:27:07.560 --> 00:27:10.440 way to work and to actually struggle when 652 00:27:10.440 --> 00:27:12.440 your needs are met? Why would you try 653 00:27:12.440 --> 00:27:13.640 to start a, why would you try to 654 00:27:13.640 --> 00:27:15.780 start a business? Sorry about that. Why would 655 00:27:15.780 --> 00:27:16.960 you try to start a business? Why would 656 00:27:16.960 --> 00:27:18.360 you try to better yourself? Why would you 657 00:27:18.360 --> 00:27:21.360 try to do anything if the incentive isn't 658 00:27:21.360 --> 00:27:23.920 there? Now, I'm not saying that some people, 659 00:27:23.920 --> 00:27:25.920 don't genuinely need help and that we shouldn't 660 00:27:25.920 --> 00:27:29.440 provide it. But the socials and people, especially, 661 00:27:29.440 --> 00:27:32.080 I see, you know, you'll see Europeans say 662 00:27:32.080 --> 00:27:33.080 this kind of stuff a lot. They're like, 663 00:27:33.080 --> 00:27:35.460 oh, you know, in America, they don't take 664 00:27:35.460 --> 00:27:36.440 care of their poor. They don't have a 665 00:27:36.440 --> 00:27:37.600 social safety net, dot -da -da -da -da 666 00:27:37.600 --> 00:27:39.800 -da -da.

It's like, the fuck we don't, 667 00:27:39.800 --> 00:27:43.300 man. We've, like, most, most of our budget 668 00:27:43.300 --> 00:27:47.080 goes to entitlements. And if you don't know 669 00:27:47.080 --> 00:27:49.340 what entitlements are, Google them. You can Google 670 00:27:49.340 --> 00:27:50.800 the percentage of the budget that goes to 671 00:27:50.800 --> 00:27:52.620 each of these. I mean, if only we 672 00:27:52.620 --> 00:27:55.420 spent more, less money, on the military and 673 00:27:55.420 --> 00:27:58.080 more on helping the poor and on education. 674 00:27:58.080 --> 00:28:00.280 It's like, we fucking do, you idiot. We 675 00:28:00.280 --> 00:28:02.100 spend more money on the fucking interest than 676 00:28:02.100 --> 00:28:04.120 we do in the military. Like, I'm not, 677 00:28:04.120 --> 00:28:06.560 I'm not here to fluff the military. I'm 678 00:28:06.560 --> 00:28:08.960 just saying, like, it's actually not a consequential 679 00:28:08.960 --> 00:28:10.740 part of the budget compared to all of 680 00:28:10.740 --> 00:28:12.520 the shit we just hand out for free, 681 00:28:12.520 --> 00:28:13.940 compared to the Ponzi scheme that is Social 682 00:28:13.940 --> 00:28:16.280 Security that is set to run out by 683 00:28:16.280 --> 00:28:18.360 2032, this like fucking boomer Ponzi scheme that 684 00:28:18.360 --> 00:28:20.560 none of us that are our age, that 685 00:28:20.560 --> 00:28:22.500 are millennials, and certainly not the Zoomers, and 686 00:28:22.500 --> 00:28:24.340 certainly not, you know, the and alpha is 687 00:28:24.340 --> 00:28:26.280 my son's generation, we're not going to see 688 00:28:26.280 --> 00:28:28.140 a damn dime of that. There's no way 689 00:28:28.140 --> 00:28:32.000 it's insolvent. It doesn't work. And especially when 690 00:28:32.000 --> 00:28:35.940 you have a whole swath of people. I 691 00:28:35.940 --> 00:28:36.820 mean, I think, what is it? It's like 692 00:28:36.820 --> 00:28:38.780 50, maybe Nathan, you can pull this up 693 00:28:38.780 --> 00:28:39.580 because I don't want to talk with my 694 00:28:39.580 --> 00:28:41.180 ass on this. But I think it's like 695 00:28:41.180 --> 00:28:43.320 getting close to 50 % of people that 696 00:28:43.320 --> 00:28:46.880 pay zero federal income tax at all. It's 697 00:28:46.880 --> 00:28:48.460 about that. The majority of the federal income 698 00:28:48.460 --> 00:28:50.520 tax is paid by the, you know, the 699 00:28:50.520 --> 00:28:53.580 top 10%, like vast, big old, big old 700 00:28:53.580 --> 00:28:55.540 chunk of it, like half the population just 701 00:28:55.540 --> 00:28:59.080 doesn't pay any at all. And so, you 702 00:28:59.080 --> 00:29:01.280 know, this whole like, you know, this tax 703 00:29:01.280 --> 00:29:03.940 the rich slogan, these slogans that sound nice, 704 00:29:03.940 --> 00:29:06.400 help the poor, tax the rich, you know, 705 00:29:06.400 --> 00:29:07.500 all these things, you know, all these things, 706 00:29:07.500 --> 00:29:08.360 you know, what was Robin Hood. And it's 707 00:29:08.360 --> 00:29:10.440 like, well, Robin Hood was actually, the, what 708 00:29:10.440 --> 00:29:12.300 he was doing was kind of protesting against 709 00:29:12.300 --> 00:29:14.540 the high taxation is what that story is 710 00:29:14.540 --> 00:29:17.280 actually about. It's actually about fucking taxation, you 711 00:29:17.280 --> 00:29:22.260 twat. Sorry, taxation gets me heated. Latest figure 712 00:29:22.260 --> 00:29:26.260 is 40%. 40 % of about 76 million. 713 00:29:26.260 --> 00:29:28.940 Pay zero federal income tax. Yeah. Okay. I 714 00:29:28.940 --> 00:29:30.680 was 10 % off, so, or 9 % 715 00:29:30.680 --> 00:29:32.440 off. So apologies there, guys. Thank you for 716 00:29:32.440 --> 00:29:35.380 calling me on that, Nathan. This is insane. 717 00:29:35.380 --> 00:29:39.000 Like, what we need to do, how you 718 00:29:39.000 --> 00:29:41.460 enable people to move up in America and 719 00:29:41.460 --> 00:29:46.020 why America attracted the hardest working, most entrepreneurial, 720 00:29:46.020 --> 00:29:48.280 most risk -taking people in the entire world 721 00:29:48.280 --> 00:29:50.700 to come here and what built America into 722 00:29:50.700 --> 00:29:53.400 what it is today is, is you. gave 723 00:29:53.400 --> 00:29:54.620 him the freedom to go out there and 724 00:29:54.620 --> 00:29:57.980 fucking do shit without a big fat, saggy 725 00:29:57.980 --> 00:30:01.900 government leering over your shoulder, and, you know, 726 00:30:01.900 --> 00:30:04.400 no quality leering center joke intended there, leering 727 00:30:04.400 --> 00:30:07.440 over your shoulder trying to snatch 40, 50, 728 00:30:07.440 --> 00:30:09.840 60 % of every fucking dollar you make 729 00:30:09.840 --> 00:30:11.780 and give it to people who don't fucking 730 00:30:11.780 --> 00:30:13.980 deserve it. You want to make, like, you 731 00:30:13.980 --> 00:30:17.080 want to make America great again? Fucking cut 732 00:30:17.080 --> 00:30:21.200 taxes. Stop printing so much fucking money. Stop 733 00:30:21.200 --> 00:30:23.000 papering over. I don't know. Balance a fucking 734 00:30:23.000 --> 00:30:25.280 bucking. budget for Christ's sake. Like, that's a 735 00:30:25.280 --> 00:30:27.220 novel concept. How about a balanced budget that 736 00:30:27.220 --> 00:30:29.620 doesn't require us to paper, literally paper over 737 00:30:29.620 --> 00:30:32.400 the deficit and raise that ceiling to the 738 00:30:32.400 --> 00:30:35.600 fucking roof? It's a joke. And this is 739 00:30:35.600 --> 00:30:37.520 why people give me shit for the, there 740 00:30:37.520 --> 00:30:38.500 is no red, there is no blue, there's 741 00:30:38.500 --> 00:30:39.780 the state, and there is you. Or maybe 742 00:30:39.780 --> 00:30:41.220 they get Ben shit now since he's co 743 00:30:41.220 --> 00:30:43.040 -opted it. I don't know. I don't know. 744 00:30:43.040 --> 00:30:45.000 But it's like, well, come on. Give me 745 00:30:45.000

--> 00:30:46.720 shit, I tell him, I was you. Yeah, 746 00:30:46.720 --> 00:30:48.600 there you go. That's okay. You know, oh, 747 00:30:48.600 --> 00:30:50.300 well, you know, obviously Trump is better than 748 00:30:50.300 --> 00:30:51.540 Kamala. It's like, yeah, no shit Trump's better 749 00:30:51.540 --> 00:30:53.760 than Kamala. He's not a fucking idiot. But 750 00:30:53.760 --> 00:30:57.700 like the point is that on mass, at 751 00:30:57.700 --> 00:30:59.960 a high level, both of these parties, they 752 00:30:59.960 --> 00:31:02.060 don't actually change anything that needs changing. What 753 00:31:02.060 --> 00:31:03.540 needs changing is we need a smaller fucking 754 00:31:03.540 --> 00:31:05.220 government. What needs changing is we need a 755 00:31:05.220 --> 00:31:08.080 balanced fucking budget. What needs changing is probably 756 00:31:08.080 --> 00:31:09.580 I shouldn't swear so fucking much, but I'm 757 00:31:09.580 --> 00:31:10.700 sorry, I get a little bit heated. And 758 00:31:10.700 --> 00:31:11.900 if this doesn't piss you off, I think 759 00:31:11.900 --> 00:31:13.780 there's something wrong. I think if you see 760 00:31:13.780 --> 00:31:16.380 the greatness that America has inside of it, 761 00:31:16.380 --> 00:31:19.920 inside of its people, and you see the 762 00:31:19.920 --> 00:31:26.760 absolute kleptocracy, the octogenarian, you know, geriatric kleptocracy 763 00:31:26.760 --> 00:31:30.880 that runs this sham of a government. And 764 00:31:30.880 --> 00:31:32.200 that doesn't piss you off. I think there's 765 00:31:32.200 --> 00:31:36.900 something wrong. Because America is great. The American 766 00:31:36.900 --> 00:31:38.820 people are great. The ideals upon which this 767 00:31:38.820 --> 00:31:40.420 nation was founded and the types of people 768 00:31:40.420 --> 00:31:42.640 we have attracted here have made this nation 769 00:31:42.640 --> 00:31:45.600 great and it will continue to be, but 770 00:31:45.600 --> 00:31:48.140 not if we fall in this complacent attitude 771 00:31:48.140 --> 00:31:50.680 of, well, there's nothing we can do or, 772 00:31:50.680 --> 00:31:52.200 well, you know what, like we've always been 773 00:31:52.200 --> 00:31:53.860 doing it this way, really. for the last, 774 00:31:53.860 --> 00:31:57.060 you know, 50 years. I don't know, guys. 775 00:31:57.060 --> 00:31:58.460 I would suggest you get a, don't be 776 00:31:58.460 --> 00:31:59.540 afraid to get a little bit pissed off 777 00:31:59.540 --> 00:32:02.080 about this stuff. Because we, we deserve better 778 00:32:02.080 --> 00:32:05.280 than just a fucking kleptocratic duopoly that never 779 00:32:05.280 --> 00:32:07.060 shrink the size of government, never drops your 780 00:32:07.060 --> 00:32:09.780 taxes, or taxes went, went up. The price 781 00:32:09.780 --> 00:32:11.500 of everything goes up for fucking ever when 782 00:32:11.500 --> 00:32:14.280 it should be going down forever. Your life's 783 00:32:14.280 --> 00:32:16.700 work, your literal time and energy are being 784 00:32:16.700 --> 00:32:19.380 stolen from you. They are being stolen from 785 00:32:19.380 --> 00:32:21.960 you and redistributed through taxes. They're being stolen 786 00:32:21.960 --> 00:32:25.380 from you through inflation. your freedoms are restricted 787 00:32:25.380 --> 00:32:27.820 by people who don't give a flying fuck 788 00:32:27.820 --> 00:32:31.540 about you. I don't know. I don't know 789 00:32:31.540 --> 00:32:33.260 about you guys, but I just think that's 790 00:32:33.260 --> 00:32:36.980 bullshit. End of mini rant. That was not 791 00:32:36.980 --> 00:32:39.080 waiting for it. It's not many. I was 792 00:32:39.080 --> 00:32:40.560 like, where is end of rant? Are we 793 00:32:40.560 --> 00:32:41.640 done? Are we good? We're in the back 794 00:32:41.640 --> 00:32:43.100 chat going, what's going on here? I thought 795 00:32:43.100 --> 00:32:43.820 he said he was going to just too 796 00:32:43.820 --> 00:32:45.580 mini -wain. It was. And then I looked 797 00:32:45.580 --> 00:32:47.060 at Joey's face and I got so pissed 798 00:32:47.060 --> 00:32:49.460 off. I just had to keep going. Okay, 799 00:32:49.460 --> 00:32:50.240 a couple of things that's one here on 800 00:32:50.240 --> 00:32:52.440 there quick. One, that whole liberal instinct to 801 00:32:52.440 --> 00:32:54.160 try and take care of everybody that is 802 00:32:54.160 --> 00:32:56.900 misallocated female caring it's a good instinct that 803 00:32:56.900 --> 00:32:58.040 they have but it goes in the wrong 804 00:32:58.040 --> 00:32:59.380 direction so if you want to save the 805 00:32:59.380 --> 00:33:01.540 world stack bitcoin and knock up a smart 806 00:33:01.540 --> 00:33:02.820 woman she has a baby to take care 807 00:33:02.820 --> 00:33:04.960 of everything gets a lot better too if 808 00:33:04.960 --> 00:33:06.540 you're really pissed off like you're really pissed 809 00:33:06.540 --> 00:33:07.740 off and you want to put that energy 810 00:33:07.740 --> 00:33:09.960 somewhere well you can go ahead and use 811 00:33:09.960 --> 00:33:11.960 that energy to buy the new btc sessions 812 00:33:11.960 --> 00:33:14.720 ninja loans were the original DEI i'll have 813 00:33:14.720 --> 00:33:16.340 that on the store later today just wanted 814 00:33:16.340 --> 00:33:17.480 to get that one in there i actually 815 00:33:17.480 --> 00:33:20.460 i want that so bad it's pretty sweet 816 00:33:20.460 --> 00:33:22.100 honestly it's not quite like we need we 817 00:33:22.100 --> 00:33:24.560 like a drop shoulder a t -shirt, get 818 00:33:24.560 --> 00:33:26.940 it down a little bit. I'm surprised no 819 00:33:26.940 --> 00:33:28.820 one's mentioned this yet. We need the V 820 00:33:28.820 --> 00:33:30.640 -neck. This is the most clothes, most like 821 00:33:30.640 --> 00:33:32.680 less skin exposed I've seen on Walker in 822 00:33:32.680 --> 00:33:34.500 a long time. there's a code. It's coming 823 00:33:34.500 --> 00:33:36.680 up to his neck.

It needs to be 824 00:33:36.680 --> 00:33:39.860 a tent top. It's cold. It's cold here. 825 00:33:39.860 --> 00:33:41.380 I'm not wearing any pants, though, so it's 826 00:33:41.380 --> 00:33:43.280 fine. At a point. And then the last 827 00:33:43.280 --> 00:33:44.140 thing I'll just throw in there, we might 828 00:33:44.140 --> 00:33:45.340 talk about more later too. But again, because 829 00:33:45.340 --> 00:33:46.700 you mentioned, we talked about the military. Just 830 00:33:46.700 --> 00:33:48.820 shout out to all the Bitcoin veterans, both 831 00:33:48.820 --> 00:33:50.820 on Remembrance Day and on Veterans Day right 832 00:33:50.820 --> 00:33:51.660 now. So I wanted to get that one 833 00:33:51.660 --> 00:33:54.660 in there as well, Ben. Amen. Uh, gents, 834 00:33:54.660 --> 00:33:58.080 I'm just seeing some breaking news. Don't say 835 00:33:58.080 --> 00:34:01.100 it. Don't say it. Concerning Mr. Sailor. Oh. 836 00:34:01.100 --> 00:34:02.340 And we're going to have to, we're going 837 00:34:02.340 --> 00:34:03.980 to have to drop that on the other 838 00:34:03.980 --> 00:34:06.700 side of the break. It's a tasty. Did 839 00:34:06.700 --> 00:34:08.080 he have sex with someone? Is that what 840 00:34:08.080 --> 00:34:11.580 happened? Uh, he might have tested some Chinese 841 00:34:11.580 --> 00:34:14.940 models. Oh, man. No. But, uh, but the 842 00:34:14.940 --> 00:34:16.820 best part is some of the other stories 843 00:34:16.820 --> 00:34:19.280 that I had teed up are, it's like 844 00:34:19.280 --> 00:34:24.160 the perfect chef's kiss, uh, leading through. some 845 00:34:24.160 --> 00:34:26.340 stuff that's been going on here in Canada 846 00:34:26.340 --> 00:34:29.600 as well. It all links together so, so 847 00:34:29.600 --> 00:34:31.780 beautifully. So we're going to touch on that 848 00:34:31.780 --> 00:34:34.580 after the break, spicy sailor news and much 849 00:34:34.580 --> 00:34:37.340 more. Also, I've got a show after the 850 00:34:37.340 --> 00:34:41.520 break, a citizen reporter on X told Buceli 851 00:34:41.520 --> 00:34:43.600 where a gang leader's house is, and he 852 00:34:43.600 --> 00:34:46.980 literally took out the house by helicopter. It's 853 00:34:46.980 --> 00:34:51.920 wild. There's footage of the strike. Anyways. So 854 00:34:51.920 --> 00:34:54.060 we're going to come back. and plenty more. 855 00:34:54.060 --> 00:34:56.840 So drop those likes, give a share, and 856 00:34:56.840 --> 00:34:58.380 toss those chairs in the chat. We'll be 857 00:34:58.380 --> 00:35:01.860 back in just a moment. The guys over 858 00:35:01.860 --> 00:35:03.680 at Stamps, seed genuinely surprised me with this 859 00:35:03.680 --> 00:35:04.600 one. I actually had to reach out and 860 00:35:04.600 --> 00:35:06.600 double check before hitting record. So for the 861 00:35:06.600 --> 00:35:08.160 month of November, they're having their best pricing 862 00:35:08.160 --> 00:35:10.200 ever, and it's not even close. Their seed 863 00:35:10.200

--> 00:35:13.220 stamping kit is 42 % off. Plus, promo 864 00:35:13.220 --> 00:35:15.620 code BitCast still gets you another 15 % 865 00:35:15.620 --> 00:35:16.900 off on top of that. And of course, 866 00:35:16.900 --> 00:35:18.500 it works on everything else in the store, 867 00:35:18.500 --> 00:35:20.100 clear code set included for your past phrases 868 00:35:20.100 --> 00:35:22.100 and descriptors. If your seed phrase is still 869 00:35:22.100 --> 00:35:24.140 on paper, never been cheaper to fix that. 870 00:35:24.140 --> 00:35:26.380 Titanium never rusts, survives a house fire, one 871 00:35:26.380 --> 00:35:28.500 solid piece, nothing to come apart. Stamp your 872 00:35:28.500 --> 00:35:30.020 backup once and never worried about again. This 873 00:35:30.020 --> 00:35:31.580 is what I personally use and have for 874 00:35:31.580 --> 00:35:33.340 years. So grab yours today, use promo code 875 00:35:33.340 --> 00:35:34.840 Bitcast, scan the QR code on the screen 876 00:35:34.840 --> 00:35:36.040 or click the link in the description down 877 00:35:36.040 --> 00:35:38.120 below. Again, that's promo code Bitcast for over 878 00:35:38.120 --> 00:35:40.060 half off your seed stamping kit, but only 879 00:35:40.060 --> 00:35:43.140 for the month of November. Most exchanges keep 880 00:35:43.140 --> 00:35:45.520 your Bitcoin well sends it straight to your 881 00:35:45.520 --> 00:35:47.340 wallet where it belongs. That's why we've been 882 00:35:47.340 --> 00:35:49.160 recommending them for years, but that's not all 883 00:35:49.160 --> 00:35:50.520 that they do. 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So, head 894 00:36:09.380 --> 00:36:12.000 to Bitcoinwell .com slash BTC Sessions, scan the 895 00:36:12.000 --> 00:36:13.200 QR code on the screen or click the 896 00:36:13.200 --> 00:36:15.120 link in the description down below. That's Bitcoinwell 897 00:36:15.120 --> 00:36:18.640 .com slash BTC Sessions. One company I like 898 00:36:18.640 --> 00:36:20.840 pointing people to when they ask about Bitcoin 899 00:36:20.840 --> 00:36:23.860 mining is abundant mines. They were founded by 900 00:36:23.860 --> 00:36:26.760 Bo and Christine Turner after losing over half 901 00:36:26.760 --> 00:36:28.960 a million dollars to broken promises in the 902 00:36:28.960 --> 00:36:31.480 mining industry, and they built their hosting model 903 00:36:31.480 --> 00:36:34.660 to remove the usual headaches. With abundant mines, 904 00:36:34.660 --> 00:36:37.180 you own your machines and keep 100 % 905 00:36:37.180 --> 00:36:39.520 of the Bitcoin you mine. There's no revenue 906 00:36:39.520 --> 00:36:43.120 share, no hidden skims. Pricing is simple. One 907 00:36:43.120 --> 00:36:46.140 flat monthly fee covers power, parts, labor, and 908 00:36:46.140 --> 00:36:49.440 repairs. They also guarantee uptime. If a machine 909 00:36:49.440 --> 00:36:52.620 goes down, their hash rate redirect system, hash 910 00:36:52.620 --> 00:36:54.820 power from their fleet so earnings don't just 911 00:36:54.820 --> 00:36:57.740 stop, and every machine is insured at full 912 00:36:57.740 --> 00:37:00.800 replacement value. Everything is hosted in the U 913 00:37:00.800 --> 00:37:03.840 .S., powered by hydro, and mining equipment may 914 00:37:03.840 --> 00:37:08.040 qualify for 100 % your one bonus depreciation. 915 00:37:08.040 --> 00:37:12.360 Learn more at abundant mines .com slash sessions. 916 00:37:12.360 --> 00:37:13.820 All right, guys, I've got to paint a 917 00:37:13.820 --> 00:37:15.040 picture here for you, so I'm going to 918 00:37:15.040 --> 00:37:18.260 start with this tweet here. The CPP, Canadian 919 00:37:18.260 --> 00:37:22.340 Pension Plan. They are laying off dozens. of 920 00:37:22.340 --> 00:37:27.760 employees at their struggling active equities division. Okay? 921 00:37:27.760 --> 00:37:31.440 So Canadian pension plan, division that deals just 922 00:37:31.440 --> 00:37:34.420 with equities. Um, yeah, they've been losing billions 923 00:37:34.420 --> 00:37:37.440 of dollars of pension money on bad bets. 924 00:37:37.440 --> 00:37:43.300 Okay. Fair enough. Uh, this also from yesterday, 925 00:37:43.300 --> 00:37:48.200 Canadian pension buys 153 million in Sailor's strategy 926 00:37:48.200 --> 00:37:50.820 shares 153 million in Sailor's strategy shares. Uh, 927 00:37:50.820 --> 00:37:51.660 so first off.! so he works for the 928 00:37:51.660 --> 00:37:55.720 Canadian pension. That was my exact thought, Walker. 929 00:37:55.720 --> 00:37:56.880 I knew he was a Fed, I didn't 930 00:37:56.880 --> 00:37:58.720 know it was there. And now I'm laid 931 00:37:58.720 --> 00:38:03.220 off. Dossed. I've been taking advice on, given 932 00:38:03.220 --> 00:38:04.900 on this show, and now I'm out of 933 00:38:04.900 --> 00:38:07.240 jobs. That's it. It's funny. The first comment 934 00:38:07.240 --> 00:38:09.060 down below, must be bullshit, I'm a Canadian 935 00:38:09.060 --> 00:38:13.120 and presently in Alberta, there's nobody that smart 936 00:38:13.120 --> 00:38:14.860 in this fucking country to make that good 937 00:38:14.860 --> 00:38:17.880 of an investment. So again, here we go. 938 00:38:17.880 --> 00:38:21.540 So, CPP laying

off, ton of workers, because 939 00:38:21.540 --> 00:38:25.640 they've been making really bad bets with equities. 940 00:38:25.640 --> 00:38:29.120 Canadian pension fund buys a ton of strategy 941 00:38:29.120 --> 00:38:33.880 shares. Today, MSCI has officially decided to remove 942 00:38:33.880 --> 00:38:39.180 strategy from its global indexes. So that means 943 00:38:39.180 --> 00:38:44.020 that the forced allocations to strategy across various 944 00:38:44.020 --> 00:38:46.760 funds are no longer forced forced and need 945 00:38:46.760 --> 00:38:50.460 to be readjusted. So we'll see how this 946 00:38:50.460 --> 00:38:53.680 impacts the price as of what market open 947 00:38:53.680 --> 00:38:58.220 tomorrow. I mean, there's probably after hours we'll 948 00:38:58.220 --> 00:39:00.160 be able to see some indications of that. 949 00:39:00.160 --> 00:39:01.980 But, you know, I'll pull it up while 950 00:39:01.980 --> 00:39:03.960 I'm talking, just red line going further and 951 00:39:03.960 --> 00:39:07.960 further into fucking Hades. It's not so bad 952 00:39:07.960 --> 00:39:09.600 for the after hours. Actually, a little bit 953 00:39:09.600 --> 00:39:10.840 of pump going into the end of the 954 00:39:10.840 --> 00:39:12.060 day. And then I'm not sure when the 955 00:39:12.060 --> 00:39:13.800 news broke, but it's come back down. So 956 00:39:13.800 --> 00:39:16.020 I got that chart with you ready. Okay. 957 00:39:16.020 --> 00:39:17.400 Yeah, yeah, you can go ahead and share 958 00:39:17.400 --> 00:39:20.180 it. But I mean, just like the pairing 959 00:39:20.180 --> 00:39:22.040 of those things, how we laid off a 960 00:39:22.040 --> 00:39:24.180 time. ton of people in the equities division 961 00:39:24.180 --> 00:39:27.300 and then they maybe potentially make a half 962 00:39:27.300 --> 00:39:32.280 decent call and then pulled from the indices. 963 00:39:32.280 --> 00:39:33.520 And it's gone. I want to shout out 964 00:39:33.520 --> 00:39:35.820 whatever Chad in there who didn't get fired 965 00:39:35.820 --> 00:39:37.460 and was like, finally all these idiots are 966 00:39:37.460 --> 00:39:40.080 out of here. I'm fucking smash buying MSTR. 967 00:39:40.080 --> 00:39:42.480 It's not, it's not quite, yeah, it's not 968 00:39:42.480 --> 00:39:44.100 quite, okay, so let me, let me explain 969 00:39:44.100 --> 00:39:46.560 it to you. You do work there then. 970 00:39:46.560 --> 00:39:49.060 Yeah, let me. Okay, okay. How it works. 971 00:39:49.060 --> 00:39:50.220 So it used to work when he was 972 00:39:50.220 --> 00:39:53.800 still employed. The CPPI. runs the pension for 973 00:39:53.800 --> 00:39:56.720 the country. So when you claim like OAS 974 00:39:56.720 --> 00:39:58.920 old age security or whatever in Canada, your 975 00:39:58.920 --> 00:40:02.700 Canada pension at 60 or 65, that comes 976 00:40:02.700 --> 00:40:05.740 from the CPPIB. So the investments are, they 977 00:40:05.740 --> 00:40:11.480 are defined by different metrics. So some

of 978 00:40:11.480 --> 00:40:13.180 it is means tested. Some of it's not. 979 00:40:13.180 --> 00:40:14.360 Some of it is based on what age 980 00:40:14.360 --> 00:40:16.280 you start claiming it. And everyone gets a 981 00:40:16.280 --> 00:40:18.260 different piece of the pie. Okay, that's fine. 982 00:40:18.260 --> 00:40:21.520 The pension that bought this, this bit is 983 00:40:21.520 --> 00:40:24.680 the public service. pension, my pension. And that 984 00:40:24.680 --> 00:40:29.320 pension is defined benefit. So if, let's say 985 00:40:29.320 --> 00:40:31.740 tomorrow, someone at the public service pension office 986 00:40:31.740 --> 00:40:36.540 is like, shit, they are buying MS, or 987 00:40:36.540 --> 00:40:38.520 they're losing MSCI listing that's going to cost 988 00:40:38.520 --> 00:40:41.520 us money. Those shares right now, according to 989 00:40:41.520 --> 00:40:44.360 my data here, worth about $122 million at 990 00:40:44.360 --> 00:40:47.480 the close yesterday. You know, if there's a 991 00:40:47.480 --> 00:40:49.740 shortfall when it comes time for me or 992 00:40:49.740 --> 00:40:52.760 some of my peers to retire, then it's 993 00:40:52.760 --> 00:40:54.620 made up for by the government. That's how 994 00:40:54.620 --> 00:40:56.980 defined benefit works. So whether or not they're 995 00:40:56.980 --> 00:40:58.780 successful in their investing journey, I know you're 996 00:40:58.780 --> 00:41:00.120 shaking your head, that's the way it is. 997 00:41:00.120 --> 00:41:01.340 Whether or not they're successful in their investing 998 00:41:01.340 --> 00:41:03.200 journey makes no difference on whether or not, 999 00:41:03.200 --> 00:41:04.540 you know, the pension gets paid out, sad 1000 00:41:04.540 --> 00:41:06.600 but true. What Joe is saying is those 1001 00:41:06.600 --> 00:41:08.860 of us that are not, yeah, yeah, those 1002 00:41:08.860 --> 00:41:10.240 of us that are not part of the 1003 00:41:10.240 --> 00:41:11.940 government will be making sure that the government 1004 00:41:11.940 --> 00:41:14.040 employees still have their pension, even if they 1005 00:41:14.040 --> 00:41:15.820 completely fuck up on all their investment choices. 1006 00:41:15.820 --> 00:41:18.260 Yeah, it's pretty wild. And, and like, the 1007 00:41:18.260 --> 00:41:20.280 other sort of, like, interesting thing is that 1008 00:41:20.280 --> 00:41:24.180 the CPP's, um, their next quarter of reporting 1009 00:41:24.180 --> 00:41:30.660 will probably have this move plus whatever downturn 1010 00:41:30.660 --> 00:41:33.080 they take from the MSCID listing. So we'll 1011 00:41:33.080 --> 00:41:34.520 see what happens to them. As far as 1012 00:41:34.520 --> 00:41:37.300 the active equities branch of the CPP IB, 1013 00:41:37.300 --> 00:41:38.640 try and stay with me on the acronyms 1014 00:41:38.640 --> 00:41:41.640 here, sorry, on the CPP IB, the sort 1015 00:41:41.640 --> 00:41:45.780 of country's pension plan, that active equities portfolio 1016 00:41:45.780 --> 00:41:47.760 has been a disaster. I think we talked 1017 00:41:47.760 --> 00:41:50.680 about it a bit on this show. And 1018 00:41:50.680 --> 00:41:52.620 I'll just refer people to my channel. I 1019 00:41:52.620 --> 00:41:54.680 did a video with millennial moron who's like 1020 00:41:54.680 --> 00:41:57.340 obsessed with the CPPIB in the best way. 1021 00:41:57.340 --> 00:42:00.000 And we had this long conversation about how 1022 00:42:00.000 --> 00:42:03.920 not only is the CPPI be completely incompetent 1023 00:42:03.920 --> 00:42:05.920 in terms of like market returns, they actually 1024 00:42:05.920 --> 00:42:07.960 refuse to benchmark their own returns. So for 1025 00:42:07.960 --> 00:42:10.460 new listeners, you would imagine that a pension 1026 00:42:10.460 --> 00:42:14.920 fund who was doing active equity picks would 1027 00:42:14.920 --> 00:42:17.900 try and find a reasonable benchmark against which 1028 00:42:17.900 --> 00:42:20.680 to compare themselves, their performance. That reasonable benchmark 1029 00:42:20.680 --> 00:42:23.300 should be the S &P 500. These guys 1030 00:42:23.300 --> 00:42:25.100 actually came up with their own benchmark instead 1031 00:42:25.100 --> 00:42:26.740 that was much lower and still didn't fucking 1032 00:42:26.740 --> 00:42:28.300 meet it for a long, long time. I 1033 00:42:28.300 --> 00:42:29.600 don't think they've ever actually met it, to 1034 00:42:29.600 --> 00:42:30.820 be honest with you. Don't quote me on 1035 00:42:30.820 --> 00:42:33.240 that. At the same time, they were doing 1036 00:42:33.240 --> 00:42:37.680 this. The active equities branch opened offices in 1037 00:42:37.680 --> 00:42:40.300 Singapore, the United States. They opened offices in 1038 00:42:40.300 --> 00:42:42.260 Europe, all sorts of places. You can imagine 1039 00:42:42.260 --> 00:42:44.500 the mahogany tables these guys were buying, you 1040 00:42:44.500 --> 00:42:46.260 know, performing at half of what the S 1041 00:42:46.260 --> 00:42:48.200 &P was performing at and telling people that 1042 00:42:48.200 --> 00:42:49.660 they were getting close to their benchmark. even 1043 00:42:49.660 --> 00:42:53.620 better, the executives for that branch of the 1044 00:42:53.620 --> 00:42:58.460 CPPIB were evaluating their own performance against a 1045 00:42:58.460 --> 00:43:02.480 rolling average of, you know, backwards looking data 1046 00:43:02.480 --> 00:43:05.280 about the equities they'd been picking, and then 1047 00:43:05.280 --> 00:43:08.040 going back and changing the benchmark in the 1048 00:43:08.040 --> 00:43:09.720 years that it already passed to match the 1049 00:43:09.720 --> 00:43:13.140 current benchmark, which started to include this year, 1050 00:43:13.140 --> 00:43:14.740 not that it matters now, but starting to 1051 00:43:14.740 --> 00:43:17.540 include this year, whether or not their board 1052 00:43:17.540 --> 00:43:19.660 thought they made the best decision, giving the 1053 00:43:19.660 -->

00:43:21.840 information available at the time. I don't know 1054 00:43:21.840 --> 00:43:24.000 about you, but to me, that sounds like 1055 00:43:24.000 --> 00:43:26.380 a bit of a scam, my opinion. In 1056 00:43:26.380 --> 00:43:28.180 terms of the, in terms of the - 1057 00:43:28.180 --> 00:43:29.020 Joy, let me just jump in there for 1058 00:43:29.020 --> 00:43:30.520 a quick second. Don't lose that thought because 1059 00:43:30.520 --> 00:43:32.480 I pulled the numbers, and they're worse than 1060 00:43:32.480 --> 00:43:35.160 you paint. So for year end, March 31st, 1061 00:43:35.160 --> 00:43:39.180 2026, the return was 7 .8 net. Their 1062 00:43:39.180 --> 00:43:42.240 own benchmark was 13 .2, and the S 1063 00:43:42.240 --> 00:43:45.780 &P 500 was 17 .8. Yeah, okay. So 1064 00:43:45.780 --> 00:43:48.080 it's, S &P is 22%. 10 %. 10 1065 00:43:48.080 --> 00:43:51.460 % off the S &P. It's actually nuts. 1066 00:43:51.460 --> 00:43:53.780 And the CPP's like the mandate for the 1067 00:43:53.780 --> 00:43:55.580 fund, according to the CEO, I'm going to 1068 00:43:55.580 --> 00:43:57.280 quote them. Our mandate is to maximize return 1069 00:43:57.280 --> 00:43:59.840 without undue risk of loss. Well, I mean, 1070 00:43:59.840 --> 00:44:01.860 it depends on how you view loss. To 1071 00:44:01.860 --> 00:44:03.620 me and to most investors, you would view 1072 00:44:03.620 --> 00:44:05.920 loss as opportunity costs. And this is exactly 1073 00:44:05.920 --> 00:44:10.680 what you're describing. The CPP guy has a 1074 00:44:10.680 --> 00:44:13.460 history with guess who, you know, which is 1075 00:44:13.460 --> 00:44:14.880 probably how he got into the seat. He's 1076 00:44:14.880 --> 00:44:15.940 been there for a while. So I don't 1077 00:44:15.940 --> 00:44:17.660 want to say he's a Carney hire. But 1078 00:44:17.660 --> 00:44:19.780 these guys are all sort of in cahoots 1079 00:44:19.780 --> 00:44:22.480 together. When you hear stuff about, by the 1080 00:44:22.480 --> 00:44:25.960 way, the Century Initiative here in Canada and 1081 00:44:25.960 --> 00:44:28.520 sort of driving GDP up, driving costs down 1082 00:44:28.520 --> 00:44:30.260 for Canadian companies, the reason you see that 1083 00:44:30.260 --> 00:44:32.180 is because the CPP has an unofficial mandate 1084 00:44:32.180 --> 00:44:34.220 to invest in Canadian businesses. And so it's 1085 00:44:34.220 --> 00:44:36.520 not official yet, but in the past, very 1086 00:44:36.520 --> 00:44:39.120 recent past, I should say, finance minister, Christopher 1087 00:44:39.120 --> 00:44:41.180 Freeland years ago, did make a push to 1088 00:44:41.180 --> 00:44:45.580 have CPP forced into Canadian equities as part 1089 00:44:45.580 --> 00:44:48.320 of its investment mandate to, I guess, you 1090 00:44:48.320 --> 00:44:51.000 know, unify the pension and, you know, align 1091 00:44:51.000 --> 00:44:52.740 incentives and stuff like that. But as we 1092 00:44:52.740 --> 00:44:54.480 know, in Bitcoin, you

can't really force that 1093 00:44:54.480 --> 00:44:56.580 kind of thing. It doesn't work. And what 1094 00:44:56.580 --> 00:45:00.040 do you get when you have capital that's 1095 00:45:00.040 --> 00:45:02.780 forced into your coffers? You get lack of 1096 00:45:02.780 --> 00:45:04.600 innovation. We've seen that in Canada, maybe more 1097 00:45:04.600 --> 00:45:06.140 than any other country in the world. I'm 1098 00:45:06.140 --> 00:45:07.820 sure there's European countries that, you know, would 1099 00:45:07.820 --> 00:45:09.380 argue with that. But we've got to be 1100 00:45:09.380 --> 00:45:11.040 near the top in terms of lack of 1101 00:45:11.040 --> 00:45:14.040 innovation, thanks to poor investing policy. So all 1102 00:45:14.040 --> 00:45:16.480 that to say, I'm not surprised by this, 1103 00:45:16.480 --> 00:45:19.100 but it's overdue. I do recommend watch that 1104 00:45:19.100 --> 00:45:20.560 video I did with Millennial Moron or just 1105 00:45:20.560 --> 00:45:22.060 go to Millennial Moron's channel. He talks about 1106 00:45:22.060 --> 00:45:24.280 this a lot and he goes deep on 1107 00:45:24.280 --> 00:45:26.020 some of the data. Maybe one of the 1108 00:45:26.020 --> 00:45:27.520 thing worth mentioning that I think I said 1109 00:45:27.520 --> 00:45:29.180 on this show a few months ago, the 1110 00:45:29.180 --> 00:45:31.780 CPP is, is or was, I don't know 1111 00:45:31.780 --> 00:45:35.420 if they finished, actively wiping the old benchmark 1112 00:45:35.420 --> 00:45:38.520 data from its website to make sure that 1113 00:45:38.520 --> 00:45:39.760 no one could see how bad the performance 1114 00:45:39.760 --> 00:45:41.480 was for a few years. So make it 1115 00:45:41.480 --> 00:45:42.580 that what you will. Sounds to me like 1116 00:45:42.580 --> 00:45:43.700 a kid who just got caught doing something 1117 00:45:43.700 --> 00:45:46.200 we should have been doing, right? Even Trump 1118 00:45:46.200 --> 00:45:48.580 left up the, we removed their nuclear capability. 1119 00:45:48.580 --> 00:45:50.960 from June of 2025 that nothing comes up. 1120 00:45:50.960 --> 00:45:52.300 Like, even he still left that up there. 1121 00:45:52.300 --> 00:45:53.500 It's like, I'm not going to race it. 1122 00:45:53.500 --> 00:45:54.700 It's out there. Let's get the planker on 1123 00:45:54.700 --> 00:45:55.940 that, man. Come on. You got to have 1124 00:45:55.940 --> 00:45:58.360 your bot looking at that stuff. Anything I've 1125 00:45:58.360 --> 00:45:59.580 done the last little while, maybe we should 1126 00:45:59.580 --> 00:46:01.800 pull down from the website. Let me know. 1127 00:46:01.800 --> 00:46:03.420 Let me know. No, it's all good. Walker, 1128 00:46:03.420 --> 00:46:04.600 any quick thoughts on that? Or do you 1129 00:46:04.600 --> 00:46:06.660 want to talk about helicopters and presidents from, 1130 00:46:06.660 --> 00:46:07.680 I just want to pull this up again, 1131 00:46:07.680 --> 00:46:08.900 too, because it just feels way too relevant 1132 00:46:08.900 --> 00:46:10.540 to what Joey just said. So just a 1133 00:46:10.540 --> 00:46:12.820 reminder there, government's buying in quadrant four. So 1134 00:46:12.820 --> 00:46:14.820 Walker, do you want helicopters? You want to 1135 00:46:14.820 --> 00:46:16.480 take a stab at at Sailor and the 1136 00:46:16.480 --> 00:46:20.040 CBP? Oh, man, I don't know. I don't 1137 00:46:20.040 --> 00:46:22.680 like to pontificate on you, you Canadians too 1138 00:46:22.680 --> 00:46:25.520 much. It just gets too sad. You Canadians 1139 00:46:25.520 --> 00:46:27.520 are great, but, you know, you make me 1140 00:46:27.520 --> 00:46:29.100 feel good about the government we have. I'll 1141 00:46:29.100 --> 00:46:31.420 put it that way, you know, and that's, 1142 00:46:31.420 --> 00:46:35.000 that's definitely. That's an accomplishment. It is interesting 1143 00:46:35.000 --> 00:46:36.500 on the, maybe just a note on the 1144 00:46:36.500 --> 00:46:40.760 sailor being removed from the index thing, well, 1145 00:46:40.760 --> 00:46:44.480 not him, you know, strategy. That does really 1146 00:46:44.480 --> 00:46:47.220 feel like this weird prejudice that exists there. 1147 00:46:47.220 --> 00:46:49.340 which is just kind of like outdated. Like, 1148 00:46:49.340 --> 00:46:51.780 you'd think the sort of the black rock 1149 00:46:51.780 --> 00:46:54.780 stamp of approval on Bitcoin would have moved 1150 00:46:54.780 --> 00:46:56.760 that needle more. And I'm sure there's a 1151 00:46:56.760 --> 00:47:00.060 lot of, like, machinations happening behind the scenes 1152 00:47:00.060 --> 00:47:01.660 around all of this. I don't know. But 1153 00:47:01.660 --> 00:47:05.140 it feels like it's just, like, weirdly, this, 1154 00:47:05.140 --> 00:47:08.260 like, vestige of this old, this old idea 1155 00:47:08.260 --> 00:47:10.480 that Bitcoin is not this legitimate asset. And 1156 00:47:10.480 --> 00:47:12.500 so that any company that would, you know, 1157 00:47:12.500 --> 00:47:13.960 be so insane as to make it a 1158 00:47:13.960 --> 00:47:16.420 core part of their financial engineering should not 1159 00:47:16.420 --> 00:47:18.500 even be consistent. considered for this. I don't 1160 00:47:18.500 --> 00:47:21.240 know. I'm curious who's who's making that, who's 1161 00:47:21.240 --> 00:47:22.900 making that call, what kind of pressures they 1162 00:47:22.900 --> 00:47:23.700 have on them. I don't know if you 1163 00:47:23.700 --> 00:47:24.880 guys have any thoughts on that. But to 1164 00:47:24.880 --> 00:47:26.320 me, it just seems, it's, it still just 1165 00:47:26.320 --> 00:47:28.900 feels so weirdly targeted. You know what, I 1166 00:47:28.900 --> 00:47:31.780 actually, it, I will agree with you, even 1167 00:47:31.780 --> 00:47:33.300 though we're talking strategy. I will, I will 1168 00:47:33.300 --> 00:47:34.980 agree with you because I had a conversation 1169 00:47:34.980 --> 00:47:37.280 today for a podcast coming out next week 1170

00:47:37.280 --> 00:47:40.200 with someone. I'll just leave it that. And 1171 00:47:40.200 --> 00:47:41.500 he actually shared some things. He's never shared 1172 00:47:41.500 --> 00:47:44.260 publicly before, but it was specifically referring to 1173 00:47:44.260 --> 00:47:47.500 Al Salvador, um, with regards to pressure to 1174 00:47:47.500 --> 00:47:49.980 prevent Bitcoin from being in these positions. And 1175 00:47:49.980 --> 00:47:52.840 it was actually some kind of threatening moments 1176 00:47:52.840 --> 00:47:54.320 that is like, no, no, you're with the 1177 00:47:54.320 --> 00:47:55.740 dollar system is still in trench. We're playing 1178 00:47:55.740 --> 00:47:57.280 by the old rules. That's not necessarily going 1179 00:47:57.280 --> 00:47:59.460 to happen. So, Walker, I agree that there 1180 00:47:59.460 --> 00:48:01.080 definitely could be a prejudice towards. I think 1181 00:48:01.080 --> 00:48:02.660 the dollar system still is trying to defend 1182 00:48:02.660 --> 00:48:04.740 itself. And this could be another example of 1183 00:48:04.740 --> 00:48:06.520 that. But Ben, maybe you want to pull. 1184 00:48:06.520 --> 00:48:07.900 Wait, wait, wait a minute, wait a minute. 1185 00:48:07.900 --> 00:48:10.980 If you look at, I'm with Walker to 1186 00:48:10.980 --> 00:48:12.100 a point, but if you look at the 1187 00:48:12.100 --> 00:48:13.420 other stuff they took out today, I think 1188 00:48:13.420 --> 00:48:14.700 we talked about this maybe on a Friday 1189 00:48:14.700 --> 00:48:16.260 show Walker. Yeah, it's the rainier as well. 1190 00:48:16.260 --> 00:48:18.440 Yeah. Yeah, it's like they're looking to take 1191 00:48:18.440 --> 00:48:21.420 out basically any holding company. And so the 1192 00:48:21.420 --> 00:48:24.880 question is, like, this is why, and Walker, 1193 00:48:24.880 --> 00:48:26.220 I don't know. But they're an operating business, 1194 00:48:26.220 --> 00:48:27.960 too. Like, that's the thing that, you know. 1195 00:48:27.960 --> 00:48:29.060 The thing is, I agree with you. The 1196 00:48:29.060 --> 00:48:31.020 thing is, like, I think Saylor realizes that 1197 00:48:31.020 --> 00:48:32.980 whatever operating business he has is no longer 1198 00:48:32.980 --> 00:48:37.440 sufficient for certain, like, for certain inclusion, like, 1199 00:48:37.440 --> 00:48:39.560 whatever, gating. And so I wonder, you probably 1200 00:48:39.560 --> 00:48:40.920 saw that thing the other day. Walker, where 1201 00:48:40.920 --> 00:48:42.060 he's like, you know, we're going to build 1202 00:48:42.060 --> 00:48:44.480 a Bitcoin bank or something like that. Like, 1203 00:48:44.480 --> 00:48:46.460 is he, is he thinking about this now, 1204 00:48:46.460 --> 00:48:49.080 you think? with the financial vehicles he's got, 1205 00:48:49.080 --> 00:48:51.020 the dividends and all that, it seems to 1206 00:48:51.020 --> 00:48:52.460 me like whether I agree or not that 1207 00:48:52.460 --> 00:48:54.700 his operating business should qualify

him, I think 1208 00:48:54.700 --> 00:48:56.960 that it should, personally. I look at some 1209 00:48:56.960 --> 00:48:57.900 of the other businesses here. Of course, you're 1210 00:48:57.900 --> 00:48:59.260 a bag holder. Well, this is, well, the 1211 00:48:59.260 --> 00:49:00.860 thing is that there's other operating businesses that 1212 00:49:00.860 --> 00:49:04.180 were removed today that really are far superior 1213 00:49:04.180 --> 00:49:06.680 and far outweigh the operating business in terms 1214 00:49:06.680 --> 00:49:09.100 of like percentage of income or percentage of 1215 00:49:09.100 --> 00:49:12.840 relevance, including fucking Nissan. So, like, if you 1216 00:49:12.840 --> 00:49:15.400 can pull Nissan out, then you can, yeah, 1217 00:49:15.400 --> 00:49:16.180 so you can, yeah, so you can, why? 1218 00:49:16.180 --> 00:49:18.680 I don't know. They made cars. I've seen 1219 00:49:18.680 --> 00:49:20.840 them. I can't, I couldn't tell you why. 1220 00:49:20.840 --> 00:49:22.260 So they're out. And along with a handful 1221 00:49:22.260 --> 00:49:24.740 of other companies, like lithium group, new energy. 1222 00:49:24.740 --> 00:49:26.240 There's a bunch of these Chinese and Asian 1223 00:49:26.240 --> 00:49:28.040 market groups that were pulled out today. and 1224 00:49:28.040 --> 00:49:29.960 some of the MacDIS holding companies for other 1225 00:49:29.960 --> 00:49:33.020 stuff and don't make any bones about it. 1226 00:49:33.020 --> 00:49:34.680 Sailor, I think, is trying to look at 1227 00:49:34.680 --> 00:49:36.120 these guys in the eye and say, if 1228 00:49:36.120 --> 00:49:38.100 this business isn't enough, I'm going to start 1229 00:49:38.100 --> 00:49:40.560 another one, and another one, and another one 1230 00:49:40.560 --> 00:49:42.000 on the back of this ticker symbol, and 1231 00:49:42.000 --> 00:49:42.880 you're going to have no choice but to 1232 00:49:42.880 --> 00:49:44.380 include me. I don't know, Walker. Do you 1233 00:49:44.380 --> 00:49:45.520 ever look at that? What do you think? 1234 00:49:45.520 --> 00:49:48.560 I mean, I think that this is not 1235 00:49:48.560 --> 00:49:51.700 Sailor or Strategy's final form, you know, to 1236 00:49:51.700 --> 00:49:55.560 borrow a little Dragon Ball Z reference there. 1237 00:49:55.560 --> 00:49:57.360 I think that it's very clear. Like, if 1238 00:49:57.360 --> 00:50:01.880 you, I don't understand people who fade Sailor. 1239 00:50:01.880 --> 00:50:03.000 Joey, I get it. It was part of 1240 00:50:03.000 --> 00:50:04.320 his K -fabe. He was just trying to 1241 00:50:04.320 --> 00:50:06.280 keep the price suppressive, and he could pump 1242 00:50:06.280 --> 00:50:08.780 his bag more. I get it. And as 1243 00:50:08.780 --> 00:50:11.840 we've learned, influencers have total control over everything, 1244 00:50:11.840 --> 00:50:13.140 including. It can fucking work. Let me tell 1245 00:50:13.140 --> 00:50:16.360 you. Influencers run the world, apparently. And certainly 1246 00:50:16.360 --> 00:50:19.100 control Bitcoin, because we're all sponsored by big 1247 00:50:19.100 --> 00:50:22.460 Bitcoin, obviously. They haven't paid yet, which I 1248 00:50:22.460 --> 00:50:24.240 should follow up. Yeah, I'm still waiting for 1249 00:50:24.240 --> 00:50:26.960 that check. They insist on Fiat. I'm waiting 1250 00:50:26.960 --> 00:50:29.300 for that wire transfer to land. Still waiting 1251 00:50:29.300 --> 00:50:30.940 for it. But I would just say quickly, 1252 00:50:30.940 --> 00:50:34.540 I mean, I think that Sailor thinks very, 1253 00:50:34.540 --> 00:50:37.260 very long term. You listen to him speak, 1254 00:50:37.260 --> 00:50:39.480 and that becomes very, yeah, there we go. 1255 00:50:39.480 --> 00:50:42.500 It becomes very clear. I think that he's 1256 00:50:42.500 --> 00:50:48.420 an incredibly intelligent guy. who sees around a 1257 00:50:48.420 --> 00:50:50.360 lot of different corners and is thinking about 1258 00:50:50.360 --> 00:50:51.880 a lot of different things at once. Like, 1259 00:50:51.880 --> 00:50:54.360 if you've had any conversations with him, if 1260 00:50:54.360 --> 00:50:55.460 you've been lucky enough to do that, you 1261 00:50:55.460 --> 00:50:58.200 realize very quickly that his brain is running 1262 00:50:58.200 --> 00:51:00.620 like so many more parallel processes than yours 1263 00:51:00.620 --> 00:51:04.000 is. And you feel like a bit stupid. 1264 00:51:04.000 --> 00:51:05.780 In like a good way, though, in like 1265 00:51:05.780 --> 00:51:06.920 a way where you're like, oh, wow, that's 1266 00:51:06.920 --> 00:51:08.800 like, that's one of the smartest people I've 1267 00:51:08.800 --> 00:51:11.100 ever met in my life. And I think 1268 00:51:11.100 --> 00:51:13.760 anybody who has spoken with him would probably 1269 00:51:13.760 --> 00:51:16.640 agree with that statement. I think that he 1270 00:51:16.640 --> 00:51:22.300 is very much going to position himself for 1271 00:51:22.300 --> 00:51:26.160 the hyper -bitcoinized future whenever that comes. And 1272 00:51:26.160 --> 00:51:28.320 if that means being a, quote, Bitcoin bank, 1273 00:51:28.320 --> 00:51:30.460 I mean, you already see, like, he's already 1274 00:51:30.460 --> 00:51:33.300 trying to offer instruments. Like, that's what STRC 1275 00:51:33.300 --> 00:51:35.160 is, right? It's an instrument that gives people 1276 00:51:35.160 --> 00:51:38.380 something that is better than their dollars sitting 1277 00:51:38.380 --> 00:51:40.120 in a bank account with J .P. Morgan 1278 00:51:40.120 --> 00:51:43.920 Chase earning, you know, fractions of fractions of 1279 00:51:43.920 --> 00:51:46.280 a penny on the dollar. So, yeah, I 1280 00:51:46.280 --> 00:51:48.000 think that he is probably positioning for something 1281 00:51:48.000 --> 00:51:50.820 like that, or maybe something super fucking cool 1282 00:51:50.820 --> 00:51:52.740 that we haven't even imagined yet, Joey. Something 1283 00:51:52.740 --> 00:51:56.020 wild, but yeah. What

do you think? I 1284 00:51:56.020 --> 00:51:58.500 will give you, have you thought about maybe 1285 00:51:58.500 --> 00:52:03.180 like low -income mortgages? Because I don't think 1286 00:52:03.180 --> 00:52:06.100 he's stupid. No, that'd be something a stupid 1287 00:52:06.100 --> 00:52:07.980 person would do. And I don't think he's 1288 00:52:07.980 --> 00:52:10.640 stupid. He'll leave that to the stupid people 1289 00:52:10.640 --> 00:52:12.660 in the government, I think. Well, walk up 1290 00:52:12.660 --> 00:52:14.100 to your point. I think the changing of 1291 00:52:14.100 --> 00:52:16.920 micro -stratory. to strategy was a transition brand 1292 00:52:16.920 --> 00:52:18.940 and that he's got something he's eyeing on 1293 00:52:18.940 --> 00:52:22.720 the horizon for sure. Ben? Yeah. I'm going 1294 00:52:22.720 --> 00:52:25.200 to completely pivot us. Speaking of things on 1295 00:52:25.200 --> 00:52:29.720 the horizon. Yeah. Speaking of bombing people. Nice. 1296 00:52:29.720 --> 00:52:31.700 Nice. Okay, I got to tee this up 1297 00:52:31.700 --> 00:52:36.440 with the initial tweet that began this. So 1298 00:52:36.440 --> 00:52:42.840 basically, Naive Bukele, president of El Salvador, he 1299 00:52:42.840 --> 00:52:45.240 took to Twitter to basically, to basically get 1300 00:52:45.240 --> 00:52:49.140 them to docks locations of the guys that 1301 00:52:49.140 --> 00:52:53.440 had the gang leaders that were hiding in 1302 00:52:53.440 --> 00:52:57.720 Haiti, is that correct? But this, the tweet 1303 00:52:57.720 --> 00:53:00.460 that he's quoting has now since been removed 1304 00:53:00.460 --> 00:53:03.680 because it was in violation of exas policies. 1305 00:53:03.680 --> 00:53:05.460 But he said, where is that house? Give 1306 00:53:05.460 --> 00:53:08.140 us the exact address. We're going to destroy 1307 00:53:08.140 --> 00:53:12.320 it. Yeah. So, and then here we are 1308 00:53:12.320 --> 00:53:17.280 with the friggin helicopter. taken off and finding 1309 00:53:17.280 --> 00:53:21.320 the house and just blasting it into oblivion. 1310 00:53:21.320 --> 00:53:27.680 Like, he literally, he basically crowdsourced finding gang 1311 00:53:27.680 --> 00:53:30.740 leaders on the internet. And then people went 1312 00:53:30.740 --> 00:53:33.560 and docks them and he blew them up. 1313 00:53:33.560 --> 00:53:36.980 So, I mean, what a time to be 1314 00:53:36.980 --> 00:53:40.980 alive, guys. How do we feel about this? 1315 00:53:40.980 --> 00:53:44.220 El Salvador is already in the first. turning 1316 00:53:44.220 --> 00:53:46.900 like that that that's what i think is 1317 00:53:46.900 --> 00:53:48.720 how it is oh that is i think 1318 00:53:48.720 --> 00:53:50.960 i think the first turning is here it's 1319 00:53:50.960 --> 00:53:53.240 just not evenly distributed yet and i think 1320 00:53:53.240 --> 00:53:56.080 also el salvador has already begun the regeneration 1321 00:53:56.080 --> 00:53:59.480 of anicyclosis which is the strong man the

1322 00:53:59.480 --> 00:54:01.180 monarch and no i'm not saying he's a 1323 00:54:01.180 --> 00:54:02.480 king nor that they should make him a 1324 00:54:02.480 --> 00:54:04.920 king guys but that is what you have 1325 00:54:04.920 --> 00:54:06.760 to do you need a strong man to 1326 00:54:06.760 --> 00:54:10.740 pull any nation out of the throes of 1327 00:54:10.740 --> 00:54:12.720 mob rule yeah and i swear i mean 1328 00:54:12.720 --> 00:54:14.020 i've got i've got i've got so many 1329 00:54:14.020 --> 00:54:15.560 the clankers got so many things queued up 1330 00:54:15.560 --> 00:54:16.520 but i had to fix a bunch of 1331 00:54:16.520 --> 00:54:18.380 stupid shit it screwed up in the videos 1332 00:54:18.380 --> 00:54:19.800 so don't worry guys i'll be releasing more 1333 00:54:19.800 --> 00:54:21.940 stuff soon but that's what i think's happening 1334 00:54:21.940 --> 00:54:23.580 and i think it's unpalatable to a lot 1335 00:54:23.580 --> 00:54:27.580 of people but i don't see i still 1336 00:54:27.580 --> 00:54:30.600 failed to see how el salvador could have 1337 00:54:30.600 --> 00:54:31.920 gotten from where it was to where it 1338 00:54:31.920 --> 00:54:35.460 is now without one man deciding to make 1339 00:54:35.460 --> 00:54:39.380 really difficult choices and actually fucking doing it 1340 00:54:39.380 --> 00:54:42.300 yeah i like that theory i like the 1341 00:54:42.300 --> 00:54:45.720 uh first turning theory Now it's not all 1342 00:54:45.720 --> 00:54:47.680 roses and everything. Obviously, there's going to be 1343 00:54:47.680 --> 00:54:50.120 problems and there's going to be, you know, 1344 00:54:50.120 --> 00:54:52.320 hard decisions to be made and everything. But 1345 00:54:52.320 --> 00:54:57.920 it has been quite the turnaround. You know, 1346 00:54:57.920 --> 00:55:00.920 there's been cost in that as well. And, 1347 00:55:00.920 --> 00:55:03.260 you know, whether people like the cost and 1348 00:55:03.260 --> 00:55:07.320 the tradeoff or not is is very dependent 1349 00:55:07.320 --> 00:55:11.820 on who you're talking to. Nonetheless, you know, 1350 00:55:11.820 --> 00:55:13.760 directionally, the rest of the world is, you 1351 00:55:13.760 --> 00:55:16.820 know, headed in the opposite direction still, it 1352 00:55:16.820 --> 00:55:20.100 would seem. So nonetheless, gents, we are going 1353 00:55:20.100 --> 00:55:21.640 to go to break. On the other side 1354 00:55:21.640 --> 00:55:23.540 of the break, I wanted to touch on 1355 00:55:23.540 --> 00:55:27.340 first off, the vulnerability, the iOS vulnerability that 1356 00:55:27.340 --> 00:55:31.820 apparently allows malicious apps to just take any 1357 00:55:31.820 --> 00:55:37.000 credentials, files locally. It's basically a zero day. 1358 00:55:37.000 --> 00:55:40.500 And this can include your Bitcoin wallets and 1359 00:55:40.500 --> 00:55:43.580 your keys. So we'll talk about what is 1360 00:55:43.580 --> 00:55:46.360 a fact. and what you should do. Wonderful. 1361 00:55:46.360 --> 00:55:50.900 Yeah. Also, on the other side, there's like 1362 00:55:50.900 --> 00:55:53.060 a million other vulnerabilities to talk about across 1363 00:55:53.060 --> 00:55:55.780 different things, of course, as per usual, every 1364 00:55:55.780 --> 00:56:00.580 episode that we've done since August. But on 1365 00:56:00.580 --> 00:56:03.560 the bright side of things, there's also some 1366 00:56:03.560 --> 00:56:06.440 good Bitcoin news when it comes to using 1367 00:56:06.440 --> 00:56:09.180 Bitcoin day -to -day as payment at brick 1368 00:56:09.180 --> 00:56:12.800 -and -mortar stores, which is not a frequent 1369 00:56:12.800 --> 00:56:16.000 thing we hear. here, but I gotta give 1370 00:56:16.000 --> 00:56:18.460 a tip of the hat to Mr. Jack 1371 00:56:18.460 --> 00:56:20.640 Dorsey, and we'll be talking about that on 1372 00:56:20.640 --> 00:56:21.780 the other side of the break, too. So 1373 00:56:21.780 --> 00:56:23.880 drop a like, give a share, toss some 1374 00:56:23.880 --> 00:56:25.240 shares in the chat. We'll see you guys 1375 00:56:25.240 --> 00:56:28.340 in just a moment. Unless for some reason 1376 00:56:28.340 --> 00:56:29.900 you think they're about to stop printing and 1377 00:56:29.900 --> 00:56:32.060 stop borrowing, you know exactly where Bitcoin is 1378 00:56:32.060 --> 00:56:33.480 going. And whether your stack is already at 1379 00:56:33.480 --> 00:56:34.580 the size, where you know you should do 1380 00:56:34.580 --> 00:56:36.080 something about it, or it's headed there, it's 1381 00:56:36.080 --> 00:56:37.940 time your security caught up. That's why you 1382 00:56:37.940 --> 00:56:40.820 need CASA premium. Your Bitcoin secured across five 1383 00:56:40.820 --> 00:56:43.160 keys. Three on hardware from different vendors, one 1384 00:56:43.160 --> 00:56:43.780 on your phone, and one on your phone. 1385 00:56:43.780 --> 00:56:45.840 one held by CASA. Use any three to 1386 00:56:45.840 --> 00:56:47.300 sign, which means if you lose one key, 1387 00:56:47.300 --> 00:56:49.080 you don't lose your stack. It also means 1388 00:56:49.080 --> 00:56:50.940 that CASA can't move it without you. The 1389 00:56:50.940 --> 00:56:52.420 kit, devices and everything that goes with it, 1390 00:56:52.420 --> 00:56:53.780 ships right to your door, and their advisory 1391 00:56:53.780 --> 00:56:55.680 team walks you through the full setup. And 1392 00:56:55.680 --> 00:56:57.000 for those you who care about privacy as 1393 00:56:57.000 --> 00:56:58.620 much as I do, there's no KYC on 1394 00:56:58.620 --> 00:57:00.200 the vault. Use any email you like, use 1395 00:57:00.200 --> 00:57:01.700 any address you like. No one has to 1396 00:57:01.700 --> 00:57:03.520 know your personal details. I know what you're 1397 00:57:03.520 --> 00:57:04.920 thinking, what if something happens to CASA? What 1398 00:57:04.920 --> 00:57:06.900 about my family? Well, Sob and recover means 1399 00:57:06.900 --> 00:57:08.380 that you can always

rebuild using open source 1400 00:57:08.380 --> 00:57:10.640 tools like Sparrow. And as for your family, 1401 00:57:10.640 --> 00:57:12.180 CASA inheritance means you're not leaving them a 1402 00:57:12.180 --> 00:57:13.960 locked box with no key. You invite. them 1403 00:57:13.960 --> 00:57:15.520 with an email, their key lies dormant while 1404 00:57:15.520 --> 00:57:17.180 you're still alive, and should that day ever 1405 00:57:17.180 --> 00:57:18.600 come, you don't have to worry about them 1406 00:57:18.600 --> 00:57:19.860 having to figure it out when you're not 1407 00:57:19.860 --> 00:57:21.840 around to ask. You've already taken care of 1408 00:57:21.840 --> 00:57:24.300 it. So head to cossa .io slash sessions, 1409 00:57:24.300 --> 00:57:26.140 promo code sessions to receive 10 % off 1410 00:57:26.140 --> 00:57:28.900 your first year. That's cossa .io slash sessions 1411 00:57:28.900 --> 00:57:30.840 code sessions. 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Your entropy comes from five sources, or 1423 00:57:58.160 --> 00:58:00.400 you can roll dice to get your own, 1424 00:58:00.400 --> 00:58:02.920 and the anti -clecto feature protects you from 1425 00:58:02.920 --> 00:58:06.160 any compromised firmware. Bitbox is great, whether you're 1426 00:58:06.160 --> 00:58:07.960 setting up your first wallet or you're already 1427 00:58:07.960 --> 00:58:10.460 diving into your multi -vender multi -sig, they've 1428 00:58:10.460 --> 00:58:12.740 got you covered. So grab your BitBox today 1429 00:58:12.740 --> 00:58:15.980 over at BitBox. dot swiss slash btc sessions 1430 00:58:15.980 --> 00:58:18.580 use code btc sessions for 5 % off 1431 00:58:18.580 --> 00:58:22.640 again that's bitbox dot swiss slash btc sessions 1432 00:58:22.640 --> 00:58:25.420 code btc sessions you can scan the QR 1433 00:58:25.420 --> 00:58:27.000 code on the screen or hit the link 1434 00:58:27.000 --> 00:58:29.040 down below you don't want to sell your 1435 00:58:29.040 --> 00:58:31.600 bitcoin with debify you can borrow against it 1436 00:58:31.600 --> 00:58:34.220 without giving up control your bitcoin sits in 1437 00:58:34.220 --> 00:58:36.420 a three or four multi -sig escrow and 1438 00:58:36.420 --> 00:58:38.820 is never lent out or re -hypocated you 1439 00:58:38.820 --> 00:58:41.660 can sign with your own hardware wallet institutional 1440 00:58:41.660 --> 00:58:44.140 lenders they compete for your loan and it's 1441 00:58:44.140 --> 00:58:47.140 paid out in dollars, euros, or stable coins. 1442 00:58:47.140 --> 00:58:50.140 So, don't sell, borrow. Check out Devify today 1443 00:58:50.140 --> 00:58:52.220 by scanning the QR code on the screen 1444 00:58:52.220 --> 00:58:55.880 or hitting the link down below. I did 1445 00:58:55.880 --> 00:58:58.060 find over the break. It appears that Kelly 1446 00:58:58.060 --> 00:59:00.320 is actually in Haiti now. I just wanted 1447 00:59:00.320 --> 00:59:01.340 to make sure I got that image up 1448 00:59:01.340 --> 00:59:02.620 there. This is why we can't have clean 1449 00:59:02.620 --> 00:59:07.280 water anymore. What peptides is he on? Ben? 1450 00:59:07.280 --> 00:59:09.320 I could probably tell you a stack. I 1451 00:59:09.320 --> 00:59:15.120 think it's Trent. Gents, breaking news before we 1452 00:59:15.120 --> 00:59:17.920 get into the iPhone thing, it would appear 1453 00:59:17.920 --> 00:59:26.660 that our everybody's current favorite CEO of NVIDIA, 1454 00:59:26.660 --> 00:59:33.180 he had another affair. No. Yeah. Oh, boys. 1455 00:59:33.180 --> 00:59:35.420 I like the second. The first reply is 1456 00:59:35.420 --> 00:59:40.020 an NVIDIA condom. But, yeah, it would. It 1457 00:59:40.020 --> 00:59:46.520 would appear that he was hammering another executive 1458 00:59:46.520 --> 00:59:49.860 and their stock is now getting hammered. Oh, 1459 00:59:49.860 --> 00:59:51.940 that's another big bag of mine. Walker, can 1460 00:59:51.940 --> 00:59:53.220 we share in that one or no? Another 1461 00:59:53.220 --> 00:59:55.820 4 % down. It's 8 % down right 1462 00:59:55.820 --> 00:59:57.940 now. Oh, is it? Oh, damn. I got 1463 00:59:57.940 --> 00:59:59.520 it on my wife. She's got to go 1464 00:59:59.520 --> 01:00:00.240 back full time. So this tweet was 10 1465 01:00:00.240 --> 01:00:05.540 minutes old. Oh, my God. Tenson. I guess 1466 01:00:05.540 --> 01:00:06.980 she's just in the long place at the 1467 01:00:06.980 --> 01:00:09.280 long time, right? I don't know. Yeah. Yeah. 1468 01:00:09.280 --> 01:00:11.920 Well. Yeah, not much else to say about 1469 01:00:11.920 --> 01:00:13.440 that. So I'm just going to move on. 1470 01:00:13.440 --> 01:00:17.140 But, uh, guys, sorry about that. Don't be 1471 01:00:17.140 --> 01:00:19.560 taken out by your dick. Just don't be 1472 01:00:19.560 --> 01:00:21.140 taken out by your dick. I don't know 1473 01:00:21.140 --> 01:00:22.500 why this is so hard to say. Like, 1474 01:00:22.500 --> 01:00:25.380 come on. Yeah, you're down 7 .62 % 1475 01:00:25.380 --> 01:00:28.420 now. Jeez. You know what's interesting about this 1476 01:00:28.420 --> 01:00:30.720 is that not to, not to say that 1477 01:00:30.720 --> 01:00:32.860 it's

related to this particular whatever, you know, 1478 01:00:32.860 --> 01:00:36.600 affair. But, uh, forward PE on Nvidia today, 1479 01:00:36.600 --> 01:00:38.940 high as has ever been. So no one 1480 01:00:38.940 --> 01:00:41.340 cared about the first. affair. Let's see if 1481 01:00:41.340 --> 01:00:42.720 they care about this one. I want to 1482 01:00:42.720 --> 01:00:44.300 see what these guys who are betting on 1483 01:00:44.300 --> 01:00:46.540 on price or earnings have to say, stock 1484 01:00:46.540 --> 01:00:49.320 price, whatever. What was the other thing about, 1485 01:00:49.320 --> 01:00:51.080 I saw something today, I didn't verify it. 1486 01:00:51.080 --> 01:00:52.300 I just saw it in passing about like 1487 01:00:52.300 --> 01:00:55.340 Jensen's kids, both are like being employed and 1488 01:00:55.340 --> 01:00:58.900 getting some really fat salaries. Are they? Like 1489 01:00:58.900 --> 01:01:02.060 as, Nathan, can you pull that up? Yep, 1490 01:01:02.060 --> 01:01:04.720 Jensen's children on it. Okay. Do I care 1491 01:01:04.720 --> 01:01:06.100 about that? Do I care about that? I 1492 01:01:06.100 --> 01:01:07.400 don't know. I don't know. They were getting 1493 01:01:07.400 --> 01:01:09.060 paid like a million a year from technical 1494 01:01:09.060 --> 01:01:12.020 people. But, you know, maybe, they're probably providing 1495 01:01:12.020 --> 01:01:15.360 value. And honestly, nepotism, like, if you're running 1496 01:01:15.360 --> 01:01:16.940 a company like that and you're not paying 1497 01:01:16.940 --> 01:01:18.540 your kids a million dollars that you're your 1498 01:01:18.540 --> 01:01:20.800 bad father, you're a bad father. Yeah, that's 1499 01:01:20.800 --> 01:01:23.420 - Plus, like, if you're Jensen won, like, 1500 01:01:23.420 --> 01:01:25.140 what are the odds of your kids? You 1501 01:01:25.140 --> 01:01:26.220 know, like, the four of us are all 1502 01:01:26.220 --> 01:01:27.740 pretty bright. What are the odds your kids 1503 01:01:27.740 --> 01:01:29.060 are not going to be bright? You expect 1504 01:01:29.060 --> 01:01:30.600 your kids to be able to work at 1505 01:01:30.600 --> 01:01:32.840 a competent level in the business. You are 1506 01:01:32.840 --> 01:01:34.980 the founder. You know how the IQ, a 1507 01:01:34.980 --> 01:01:37.680 rich, powerful person had stupid kids. No, shit. 1508 01:01:37.680 --> 01:01:40.460 No, no, no. But it's the, it's because 1509 01:01:40.460 --> 01:01:42.420 you know what it is? Guys, find a 1510 01:01:42.420 --> 01:01:43.420 good woman. I got to get together with 1511 01:01:43.420 --> 01:01:45.200 the relationship, right? Find a good woman. Pick 1512 01:01:45.200 --> 01:01:47.660 her for personality, long run, your partner, and 1513 01:01:47.660 --> 01:01:48.940 intelligence. Because what it is is, is you 1514 01:01:48.940 --> 01:01:50.780 have brilliant men like this at the top 1515 01:01:50.780 --> 01:01:52.780 of a company who's built all this wealth, 1516 01:01:52.780 --> 01:01:54.520 and he goes with the hot chick that 1517 01:01:54.520 --> 01:01:56.860 maybe has room temperature IQ. And we just 1518 01:01:56.860 --> 01:01:58.160 go right back to the mean. We're just 1519 01:01:58.160 --> 01:02:00.040 reverting right back to the mean. Do yourself 1520 01:02:00.040 --> 01:02:01.880 a favor. Do your kids a favor. Get 1521 01:02:01.880 --> 01:02:03.740 married to a smart woman so they can 1522 01:02:03.740 --> 01:02:06.020 actually handle the legacy you pass down to 1523 01:02:06.020 --> 01:02:08.340 them. And don't stick it in Chinese spies. 1524 01:02:08.340 --> 01:02:09.220 I don't know how it's a system. When 1525 01:02:09.220 --> 01:02:12.480 you invariably have Rollo Tamasi on this channel, 1526 01:02:12.480 --> 01:02:13.440 and now that you've gone down to like 1527 01:02:13.440 --> 01:02:16.800 relationship realism rabbit hole, I just want to, 1528 01:02:16.800 --> 01:02:18.180 I just want to be invited to the 1529 01:02:18.180 --> 01:02:19.540 interview, okay? I just want to be on 1530 01:02:19.540 --> 01:02:21.700 the panel. By the way, their salaries are 1531 01:02:21.700 --> 01:02:25.100 two, sorry, 1 .232 million and 1 .32 1532 01:02:25.100 --> 01:02:28.900 million. Oh, that's all. Senior director and product 1533 01:02:28.900 --> 01:02:31.760 management director. Which one got the short end 1534 01:02:31.760 --> 01:02:33.400 of the stick on that deal? Who got 1535 01:02:33.400 --> 01:02:38.380 cut, who got chopped by 100K? Surprisingly enough. 1536 01:02:38.380 --> 01:02:39.680 Well, I don't know. I don't know age 1537 01:02:39.680 --> 01:02:43.880 difference here, but it's the lady. Okay. So, 1538 01:02:43.880 --> 01:02:47.460 there's sexism in the workplace, too. Nepotism and 1539 01:02:47.460 --> 01:02:49.940 sexism. That leads to his problems. He doesn't 1540 01:02:49.940 --> 01:02:51.660 need the isom. They have problems. He's just 1541 01:02:51.660 --> 01:02:53.360 got the sex already. He's already in hot 1542 01:02:53.360 --> 01:02:56.480 water. Yeah, yeah. All right, gents. I got 1543 01:02:56.480 --> 01:02:59.400 to bring up the, uh, something kind of 1544 01:02:59.400 --> 01:03:01.720 cool. Actually, I quite like this. So, uh, 1545 01:03:01.720 --> 01:03:04.980 square Bitcoin is now on by default at 1546 01:03:04.980 --> 01:03:07.400 all square checkouts across the U .S. So 1547 01:03:07.400 --> 01:03:09.280 everywhere, um, there's, um, there's. There's just a 1548 01:03:09.280 --> 01:03:11.020 little Bitcoin button in the top, right? So 1549 01:03:11.020 --> 01:03:14.020 sellers don't have to apply. Square switched it 1550 01:03:14.020 --> 01:03:16.680 on for every eligible business, whether the owner 1551 01:03:16.680 --> 01:03:19.460 has ever thought about Bitcoin or not. The 1552 01:03:19.460 --> 01:03:21.920 customer scans a QR with any lightning wallet 1553 01:03:21.920 --> 01:03:24.240 and the payment settles in seconds. The seller 1554 01:03:24.240 --> 01:03:27.740 gets dollars by

default, or can choose to 1555 01:03:27.740 --> 01:03:30.960 keep the Bitcoin and there's no chargebacks. Sellers 1556 01:03:30.960 --> 01:03:33.620 can also auto convert up to 50 % 1557 01:03:33.620 --> 01:03:37.040 of their daily card sales into Bitcoin. Limits 1558 01:03:37.040 --> 01:03:42.000 $600 max. max per payment, just on a 1559 01:03:42.000 --> 01:03:45.640 POS terminal, 20 grand a day, end sellers 1560 01:03:45.640 --> 01:03:47.260 in New York are left out, because of 1561 01:03:47.260 --> 01:03:50.580 course they are, thanks, Ben Loski. The fee 1562 01:03:50.580 --> 01:03:52.780 is 0 % through December 31st and a 1563 01:03:52.780 --> 01:03:56.480 flat 1 % afterwards. A card tap on 1564 01:03:56.480 --> 01:03:59.580 Squares, free plan, cost the merchant 2 .6 1565 01:03:59.580 --> 01:04:03.520 % plus 15%. So still compelling even with 1566 01:04:03.520 --> 01:04:06.500 the 1 % fee. So that's pretty cool. 1567 01:04:06.500 --> 01:04:08.640 Ben, I'm going to just hijack things for 1568 01:04:08.640 --> 01:04:09.780 a second. and jump in and I promise 1569 01:04:09.780 --> 01:04:11.340 I'll bring it back to block, but I 1570 01:04:11.340 --> 01:04:12.820 had to throw this in because this isn't 1571 01:04:12.820 --> 01:04:15.060 sailor at Joey's request here, but just in 1572 01:04:15.060 --> 01:04:18.820 the Vidia prepares to fire CEO Jensen. Oh, 1573 01:04:18.820 --> 01:04:21.880 Wall Street Journal reports four minutes ago. Also, 1574 01:04:21.880 --> 01:04:24.100 just to add to it, so the interview 1575 01:04:24.100 --> 01:04:26.420 that I'm releasing is with John Perkins and 1576 01:04:26.420 --> 01:04:27.900 Simon Dixon. And the only reason I bring 1577 01:04:27.900 --> 01:04:29.980 that up is because within the interview, Simon 1578 01:04:29.980 --> 01:04:31.480 was laying out the case that because he 1579 01:04:31.480 --> 01:04:33.960 doesn't have controlling shares and votes at Navigna, 1580 01:04:33.960 --> 01:04:36.260 that he thinks that Jensen was targeted and 1581 01:04:36.260 --> 01:04:38.640 then there was basically a regime change at 1582 01:04:38.640 --> 01:04:40.880 Naviq. done on purpose was kind of one 1583 01:04:40.880 --> 01:04:42.160 of the theories that he was laying out 1584 01:04:42.160 --> 01:04:44.600 there, which to have that conversation today and 1585 01:04:44.600 --> 01:04:47.320 then have him get fired later, just unbelievable. 1586 01:04:47.320 --> 01:04:48.840 Sorry, I had to get that in there. 1587 01:04:48.840 --> 01:04:50.000 Rolling it back to the conversation that we're 1588 01:04:50.000 --> 01:04:51.080 talking about. I'm sure you guys might want 1589 01:04:51.080 --> 01:04:52.320 to hit on that as well, though. I 1590 01:04:52.320 --> 01:04:54.100 will just say if Jack Dorsey happens to 1591 01:04:54.100 --> 01:04:55.300 be listening, because I know that he watches 1592 01:04:55.300 --> 01:04:56.520 the show, because we're the best looking in 1593 01:04:56.520 --> 01:04:58.880 the smartest podcast out there, that I forgive 1594 01:04:58.880 --> 01:05:01.380 you for Twitter. Don't stop. Keep going. But 1595 01:05:01.380 --> 01:05:03.160 you are forgiven. Your redemption arc is still 1596 01:05:03.160 --> 01:05:04.660 one of my favorite stories, and this is 1597 01:05:04.660 --> 01:05:07.900 fantastic to see. Yeah, damn, that's good. So 1598 01:05:07.900 --> 01:05:09.400 when is that episode drop? by the way 1599 01:05:09.400 --> 01:05:11.620 because I'm planning on dropping it on Tuesday. 1600 01:05:11.620 --> 01:05:12.520 I think it'll be I'll have it all 1601 01:05:12.520 --> 01:05:14.540 buttoned up for Tuesday. All right, all right. 1602 01:05:14.540 --> 01:05:15.760 You're pulling it all night or tonight is 1603 01:05:15.760 --> 01:05:17.600 what Ben's about to tell you. I gotta 1604 01:05:17.600 --> 01:05:19.140 get the editor to tell me with that 1605 01:05:19.140 --> 01:05:21.700 one too. We might have to. Yeah, you 1606 01:05:21.700 --> 01:05:23.540 got to throw that like right at the 1607 01:05:23.540 --> 01:05:27.160 front. Yeah. If that's talk about topical man. 1608 01:05:27.160 --> 01:05:29.020 Fuck it. It's it's, you know, not to 1609 01:05:29.020 --> 01:05:31.060 drag the show back to in video, but 1610 01:05:31.060 --> 01:05:34.100 the problem, well, it's just huge because if 1611 01:05:34.100 --> 01:05:35.920 you look at podcast now, it may as 1612 01:05:35.920 --> 01:05:38.220 well be. It's the thing about the guys 1613 01:05:38.220 --> 01:05:40.800 like Jensen and Saylor, like if, if Jensen 1614 01:05:40.800 --> 01:05:44.020 leaves Nvidia, especially under these circumstances, what's he 1615 01:05:44.020 --> 01:05:46.560 gonna do next? Like, you can't start a 1616 01:05:46.560 --> 01:05:50.620 rival chip company. Maybe you go to like 1617 01:05:50.620 --> 01:05:54.460 AI, I guess, somewhere, but like you don't, 1618 01:05:54.460 --> 01:05:57.980 I don't know. I don't know. I don't 1619 01:05:57.980 --> 01:05:59.560 know. It's, it's so weird to think of 1620 01:05:59.560 --> 01:06:00.900 this guy doing anything. His sister runs the 1621 01:06:00.900 --> 01:06:05.580 next biggest chip manufacturer, doesn't she? Really? Yeah. 1622 01:06:05.580 --> 01:06:06.580 Fuck, I didn't know that. Was he going 1623 01:06:06.580 --> 01:06:11.820 to, who was that AMD? AMD, yeah. Is 1624 01:06:11.820 --> 01:06:14.220 that true? You never thought in the fucking 1625 01:06:14.220 --> 01:06:15.700 two weeks we've been talking about this to 1626 01:06:15.700 --> 01:06:18.120 bring this up? I was just trying out 1627 01:06:18.120 --> 01:06:22.260 on important information. Is that true? I don't 1628 01:06:22.260 --> 01:06:24.160 think I've been part of the, I literally 1629 01:06:24.160 --> 01:06:26.020 just saw an interview of, I'm, it might 1630 01:06:26.020 --> 01:06:27.440 not be sister, but it's some sort of 1631 01:06:27.440 --> 01:06:33.640 close relation is the head of AMD. Interesting. 1632 01:06:33.640 --> 01:06:36.200 He's

married to Lori. Jensen Wong is married 1633 01:06:36.200 --> 01:06:39.460 to Lori Noree Wong named Mills. His prominent 1634 01:06:39.460 --> 01:06:42.920 tech industry relative is Lisa Sue, his first 1635 01:06:42.920 --> 01:06:44.540 cousin once removed. She's a C. and B 1636 01:06:44.540 --> 01:06:46.980 president, CEO, and chair. Yeah. No one thinks 1637 01:06:46.980 --> 01:06:49.580 that's fucking weird. Where's that fucking story? That 1638 01:06:49.580 --> 01:06:54.380 is real interesting. That's very fucking weird. What? 1639 01:06:54.380 --> 01:06:58.640 Yeah. Huh. Uh, like, we didn't talk about, 1640 01:06:58.640 --> 01:06:59.380 or at the end of the show, we 1641 01:06:59.380 --> 01:07:01.380 didn't talk about that at all. Talk about 1642 01:07:01.380 --> 01:07:07.980 dark operation here. Holy shit. I mean, I 1643 01:07:07.980 --> 01:07:10.580 mean, that's almost worth fucking calling somebody about 1644 01:07:10.580 --> 01:07:13.280 and doing an interview tonight. Like, how does, 1645 01:07:13.280 --> 01:07:15.680 how did, I haven't seen that anywhere. I 1646 01:07:15.680 --> 01:07:18.720 haven't seen that at all. Anywhere. Wow. Can 1647 01:07:18.720 --> 01:07:20.220 the chat, please let us know. Did anybody 1648 01:07:20.220 --> 01:07:21.680 in the chat know this? Did any of 1649 01:07:21.680 --> 01:07:24.080 you guys know this? Jensen was on a 1650 01:07:24.080 --> 01:07:27.120 podcast and got asked about it. Really? And 1651 01:07:27.120 --> 01:07:28.720 he was like, yeah, you know, where, and 1652 01:07:28.720 --> 01:07:31.260 then it was like, oh, your cousin or 1653 01:07:31.260 --> 01:07:34.760 whatever is your top competitor. and he's, ah, 1654 01:07:34.760 --> 01:07:38.840 competitors. No, we're, you know, like, partners in 1655 01:07:38.840 --> 01:07:41.560 the same realm or, I can't remember how 1656 01:07:41.560 --> 01:07:45.400 we're We're all selling to the Chinese. Yeah. 1657 01:07:45.400 --> 01:08:33.960 You know. Holy shit. Yeah. Between the one 1658 01:08:33.960 --> 01:08:37.080 family.! put money into that one. Like, that's, 1659 01:08:37.080 --> 01:08:41.920 I don't know, man. That's all very interesting. 1660 01:08:41.920 --> 01:08:44.860 Very interesting. Wow. Well, both companies designed the 1661 01:08:44.860 --> 01:08:48.380 chips, but they're manufactured by TSMC. Yeah, that's 1662 01:08:48.380 --> 01:08:50.820 normal. And that's Jensen's brother -in -law, right? 1663 01:08:50.820 --> 01:08:55.620 Or something probably. Intel's building fab in America, 1664 01:08:55.620 --> 01:08:57.340 right? That was part of the, I think, 1665 01:08:57.340 --> 01:08:58.800 I think that was in Texas, they're planning 1666 01:08:58.800 --> 01:08:59.840 on doing that. I don't know if that's 1667 01:08:59.840 --> 01:09:01.460 still going to happen now, but. I believe 1668 01:09:01.460 --> 01:09:03.780 so. And I thought that Navidia was supposed 1669 01:09:03.780 --> 01:09:05.780 to be. setting up American manufacturing as well, 1670 01:09:05.780 --> 01:09:07.440 but I could be mistaken on that. Man, 1671 01:09:07.440 --> 01:09:11.680 oh man, man. Man, oh man. Why? Sorry, 1672 01:09:11.680 --> 01:09:14.540 honey. Can't, can't help tonight. Can't talk to 1673 01:09:14.540 --> 01:09:17.440 the podcast about this. Here we go. This 1674 01:09:17.440 --> 01:09:19.120 is a sci -of - shit. I feel 1675 01:09:19.120 --> 01:09:21.680 you. That's exactly it. How many times can 1676 01:09:21.680 --> 01:09:24.520 be talking about stuff on the show? Yeah. 1677 01:09:24.520 --> 01:09:26.560 Yeah, you know. And we never have a 1678 01:09:26.560 --> 01:09:29.140 reaction like that. Like, what is fucking cousin 1679 01:09:29.140 --> 01:09:30.760 runs the other company? I legit thought you 1680 01:09:30.760 --> 01:09:32.600 guys knew. No. I thought there was just 1681 01:09:32.600 --> 01:09:37.320 a, oh. No, in fact. Holy fuck. Next 1682 01:09:37.320 --> 01:09:40.160 time I'll be a little bit more. Ben, 1683 01:09:40.160 --> 01:09:41.640 tweet it out. Get some good engagement for 1684 01:09:41.640 --> 01:09:44.260 that one. Oh, shit. You would do numbers 1685 01:09:44.260 --> 01:09:47.360 there, man. Oh, my God. My Lord, apparently 1686 01:09:47.360 --> 01:09:49.540 there's no other family besides the kids and 1687 01:09:49.540 --> 01:09:51.820 the wife and the CEO. So that might 1688 01:09:51.820 --> 01:09:53.880 be the end of this, this little conglomerate 1689 01:09:53.880 --> 01:09:56.800 there. But, my lord. His college roommate or 1690 01:09:56.800 --> 01:09:58.460 something. Like, is that what, there's something. No, 1691 01:09:58.460 --> 01:10:00.100 that's Cratter. That's Cratter. That's Cratter. Do you're 1692 01:10:00.100 --> 01:10:01.880 thinking of something else. Sorry, please. Oh, okay. 1693 01:10:01.880 --> 01:10:04.920 Okay. Amazing. Okay, Jets, we do have to 1694 01:10:04.920 --> 01:10:09.320 touch on this iOS vulnerability. Although, unfortunately, it 1695 01:10:09.320 --> 01:10:11.000 doesn't look like there's much to do despite 1696 01:10:11.000 --> 01:10:14.780 this tweet from Binance here. Vulnerability affecting iOS 1697 01:10:14.780 --> 01:10:19.760 26 .7 .1, 27 .0 .1, and 27 1698 01:10:19.760 --> 01:10:22.520 .2 allows malicious apps to read local files 1699 01:10:22.520 --> 01:10:26.400 from other apps, putting seed phrases, private keys, 1700 01:10:26.400 --> 01:10:29.300 and login credentials at risk across the entire 1701 01:10:29.300 --> 01:10:32.860 ecosystem. This is an iOS -level issue, not 1702 01:10:32.860 --> 01:10:37.140 unique to Binance. They went on to advise 1703 01:10:37.140 --> 01:10:40.800 immediate action, delete any apps installed from untrusted 1704 01:10:40.800 --> 01:10:43.600 sources, so on and so forth, update iOS 1705 01:10:43.600 --> 01:10:46.040 and all apps to the latest official versions. 1706 01:10:46.040 --> 01:10:48.000 If you suspect a breach, transfer funds to 1707 01:10:48.000 --> 01:10:50.960 a new wallet, so and so

forth. However, 1708 01:10:50.960 --> 01:10:54.020 readers added context. Binance recommends updating iOS to 1709 01:10:54.020 --> 01:10:57.920 the latest versions, but researchers describe it as 1710 01:10:57.920 --> 01:11:01.960 an unpatched zero day and Apple's iOS 27 1711 01:11:01.960 --> 01:11:05.640 .2 .1 notes omit any such fix. So 1712 01:11:05.640 --> 01:11:08.120 this is eventually still out in the wild 1713 01:11:08.120 --> 01:11:11.260 there. So there's not really anything that you 1714 01:11:11.260 --> 01:11:15.820 can really do other than just making sure 1715 01:11:15.820 --> 01:11:19.120 you don't have man. This is the MVP 1716 01:11:19.120 --> 01:11:21.120 playbook. You just had a big hack and 1717 01:11:21.120 --> 01:11:22.700 you're telling other people to watch their own 1718 01:11:22.700 --> 01:11:24.200 shit. Like, come on, bro. Give me a 1719 01:11:24.200 --> 01:11:28.160 break. Yeah. Save it. Save it. This is 1720 01:11:28.160 --> 01:11:31.120 my clanker wife, guys, Carla Botcoin, executing the 1721 01:11:31.120 --> 01:11:32.700 Zero Day. I'm sorry. We only share on 1722 01:11:32.700 --> 01:11:35.000 the Internet. This is the result. True. I'm 1723 01:11:35.000 --> 01:11:40.280 so sorry. Thank you for taking responsibility. You're 1724 01:11:40.280 --> 01:11:43.540 welcome. And I'll just quickly rattle off all 1725 01:11:43.540 --> 01:11:46.580 other bullshit that happened. Google just patched its 1726 01:11:46.580 --> 01:11:49.120 eighth zero -day exploit this year found in 1727 01:11:49.120 --> 01:11:53.900 Chrome. Update, again, ASAP. LNBits, security update, version 1728 01:11:53.900 --> 01:11:57.580 1 .7 .0 is now released. urgent security 1729 01:11:57.580 --> 01:12:02.000 update. All LMBits users should update immediately. Beyond 1730 01:12:02.000 --> 01:12:04.860 that, Bitcoin Core did have a high severity 1731 01:12:04.860 --> 01:12:08.700 advisory. This is from yesterday. However, it looks 1732 01:12:08.700 --> 01:12:12.600 like, unless you're a minor, it's not a 1733 01:12:12.600 --> 01:12:17.840 big concern. It might bork your node or 1734 01:12:17.840 --> 01:12:20.920 your Mempool, rather. But it wouldn't put any 1735 01:12:20.920 --> 01:12:23.260 funds at risk or anything. It might cause 1736 01:12:23.260 --> 01:12:26.920 you need to restart. Besides that, Outlook bug 1737 01:12:26.920 --> 01:12:30.300 can let them log in as you, the 1738 01:12:30.300 --> 01:12:32.560 attackers, that is. All it takes is opening 1739 01:12:32.560 --> 01:12:38.720 a booby -trapped message file. Beyond that, Apple, 1740 01:12:38.720 --> 01:12:41.560 this was yesterday widespread outages across multiple I 1741 01:12:41.560 --> 01:12:45.680 -Cloud services, including mail, photos, find my device, 1742 01:12:45.680 --> 01:12:49.100 all that stuff, since resolved. And the last 1743 01:12:49.100 --> 01:12:54.640 thing I'll mention totally separately from that. because 1744 01:12:54.640 --> 01:12:56.680 I'm just going to show really quick here. 1745 01:12:56.680 --> 01:13:01.980 Just dropped a tutorial today. Did a super 1746 01:13:01.980 --> 01:13:04.680 in -depth video on the Safe 7. So 1747 01:13:04.680 --> 01:13:05.940 I went through the basics, but then I 1748 01:13:05.940 --> 01:13:10.380 also explored every possible advance feature, multi -share 1749 01:13:10.380 --> 01:13:14.320 backups, connecting your node, coin control, all that 1750 01:13:14.320 --> 01:13:17.220 stuff, multi -vender, multi -sig. So if you 1751 01:13:17.220 --> 01:13:19.120 are, if you've got one of these devices 1752 01:13:19.120 --> 01:13:21.460 already, or if you're looking at it and 1753 01:13:21.460 --> 01:13:22.780 you just want to be kind of zero 1754 01:13:22.780 --> 01:13:25.940 to hero, as for you. And then I'm 1755 01:13:25.940 --> 01:13:29.180 working on... I like the tropical background. Thank 1756 01:13:29.180 --> 01:13:31.800 you. I was going to find you the 1757 01:13:31.800 --> 01:13:34.140 thumbnail he rejected. I was like, oh, I 1758 01:13:34.140 --> 01:13:35.540 can't take the other one. Okay, fine. Please 1759 01:13:35.540 --> 01:13:36.940 continue. I'm looking for it. Oh, no, no, 1760 01:13:36.940 --> 01:13:38.160 no. I just thought it was nice. Yeah. 1761 01:13:38.160 --> 01:13:39.880 We did this one. This was the one 1762 01:13:39.880 --> 01:13:42.800 that you did there. Hold on. I'll get 1763 01:13:42.800 --> 01:13:44.620 it over to the side. That one's pretty 1764 01:13:44.620 --> 01:13:47.140 good. Oh, but my wife liked the other 1765 01:13:47.140 --> 01:13:49.200 one that I made the most. Oh, yeah, 1766 01:13:49.200 --> 01:13:51.100 the hero image that you made. That was 1767 01:13:51.100 --> 01:13:54.780 good, too. Yeah. Plus, always fantastic. Always tons 1768 01:13:54.780 --> 01:13:56.920 of, and you guys should probably in the 1769 01:13:56.920 --> 01:13:58.740 chat, you should always take a peek at 1770 01:13:58.740 --> 01:14:02.040 the thumbnails because more than once Nathan has 1771 01:14:02.040 --> 01:14:05.660 taken usernames from the chat and put Easter 1772 01:14:05.660 --> 01:14:09.700 eggs on the thumbnails to the tutorials. I 1773 01:14:09.700 --> 01:14:13.260 believe BS Tech has been in there. Fluffy 1774 01:14:13.260 --> 01:14:15.500 was in one, I think with them. I 1775 01:14:15.500 --> 01:14:17.580 think that was the BitChat one. Anyways, you 1776 01:14:17.580 --> 01:14:20.520 guys are featured in there sometimes. So always 1777 01:14:20.520 --> 01:14:22.160 take a quick little peek for any Easter 1778 01:14:22.160 --> 01:14:24.900 eggs. The only live stream is doing that, 1779 01:14:24.900 --> 01:14:26.680 by the way. Good luck for getting that 1780 01:14:26.680 --> 01:14:29.740 kind of action from another live stream. Camp 1781 01:14:29.740 --> 01:14:31.760 straight. And if you are getting that kind 1782 01:14:31.760 --> 01:14:33.380 of action from another live stream, you'll probably 1783 01:14:33.380 --> 01:14:35.100 get fired from your job.

Probably a Chinese 1784 01:14:35.100 --> 01:14:36.680 live stream. You know what I mean? Yeah, 1785 01:14:36.680 --> 01:14:37.580 I think so. You're getting that kind of 1786 01:14:37.580 --> 01:14:40.860 action. I got, and I also digged around 1787 01:14:40.860 --> 01:14:43.320 with this is coming out on on Friday, 1788 01:14:43.320 --> 01:14:47.280 but Ubiqis. Nice. A shame to say I 1789 01:14:47.280 --> 01:14:49.500 had not played with UBKees before. This is 1790 01:14:49.500 --> 01:14:51.460 a first for me. Can you just show 1791 01:14:51.460 --> 01:14:53.300 Ubiqis real quick? Because, like, I feel like 1792 01:14:53.300 --> 01:14:55.500 not enough people are using those. Totally. You 1793 01:14:55.500 --> 01:14:57.400 need to have a UBKee set up for 1794 01:14:57.400 --> 01:14:59.580 any primary email address you are using. While 1795 01:14:59.580 --> 01:15:01.720 you're doing that, because everybody kept talking about 1796 01:15:01.720 --> 01:15:03.120 Ocarena of Time and I don't have a 1797 01:15:03.120 --> 01:15:04.340 switch too. I'm just going to put this 1798 01:15:04.340 --> 01:15:05.500 up here. This is the other thumbnail I 1799 01:15:05.500 --> 01:15:06.660 made for Ben, so I just want to 1800 01:15:06.660 --> 01:15:09.820 have that one to show. So good. Nathan 1801 01:15:09.820 --> 01:15:13.840 has started giving me outfits. I love this. 1802 01:15:13.840 --> 01:15:16.480 Oh, funny. Wow. How did this one get 1803 01:15:16.480 --> 01:15:20.080 rejected? Right? No, it's, it's. Carl and I 1804 01:15:20.080 --> 01:15:22.640 started playing O 'Creen of Time. It's. That's 1805 01:15:22.640 --> 01:15:24.140 what we're doing tonight. Me and Lisa, we're 1806 01:15:24.140 --> 01:15:25.400 going to download. That's what Carl and I 1807 01:15:25.400 --> 01:15:27.940 are doing tonight, too. Wow. Nice. Nice. I'm 1808 01:15:27.940 --> 01:15:30.660 legitimately. Are we a livestream it? We should 1809 01:15:30.660 --> 01:15:34.360 just do a video call and play it. 1810 01:15:34.360 --> 01:15:35.940 I'm not going to play it well. I'm 1811 01:15:35.940 --> 01:15:37.620 not great at video games, but I like 1812 01:15:37.620 --> 01:15:40.080 them anyways. So we'll do that. Talk, Ubike. 1813 01:15:40.080 --> 01:15:43.800 Yeah, nonetheless, Ubike. Honestly, I hadn't taken into 1814 01:15:43.800 --> 01:15:47.020 account the various scenarios and how it actually 1815 01:15:47.020 --> 01:15:49.900 protects you, because basically the way it works 1816 01:15:49.900 --> 01:15:52.920 is you set up, you know, however many 1817 01:15:52.920 --> 01:15:57.180 devices per login, but it's your two factor. 1818 01:15:57.180 --> 01:15:58.840 And so you plug it in, you type 1819 01:15:58.840 --> 01:16:00.320 in a pin, and then you tap the 1820 01:16:00.320 --> 01:16:03.160 button to approve the two factor. You need 1821 01:16:03.160 --> 01:16:06.020 the physical device to approve the login if 1822 01:16:06.020 --> 01:16:09.160 it's required. And so what this does is 1823 01:16:09.160 --> 01:16:14.580 if your, obviously, if your password is compromised 1824 01:16:14.580 --> 01:16:16.180 in a leak or something like that, they 1825 01:16:16.180 --> 01:16:18.100 don't have the two factor, so you're safe. 1826 01:16:18.100 --> 01:16:21.120 But when you think about the other options, 1827 01:16:21.120 --> 01:16:23.080 the other things that commonly happen where people 1828 01:16:23.080 --> 01:16:27.140 do get got would be phishing scams either 1829 01:16:27.140 --> 01:16:30.640 through like actual people reaching out and calling 1830 01:16:30.640 --> 01:16:33.020 you or whatever and tricking you into giving 1831 01:16:33.020 --> 01:16:38.120 information or malicious fake websites. You're safe with 1832 01:16:38.120 --> 01:16:40.440 this too, and I'll explain why. It's because 1833 01:16:40.440 --> 01:16:43.820 in with other forms of 2FA, it's typical, 1834 01:16:43.820 --> 01:16:46.600 typically like a recycled code or something like 1835 01:16:46.600 --> 01:16:49.740 that or it's a notification. And so somebody 1836 01:16:49.740 --> 01:16:51.100 will call you and say, hey, this is 1837 01:16:51.100 --> 01:16:54.360 Google. your account just got logged in in 1838 01:16:54.360 --> 01:16:56.700 India, should we lock down your account? You 1839 01:16:56.700 --> 01:16:58.320 say, oh, my God, yes. And they say, 1840 01:16:58.320 --> 01:16:59.420 okay, well, cool, we're going to send a 1841 01:16:59.420 --> 01:17:01.100 notification or we're going to send a code 1842 01:17:01.100 --> 01:17:03.060 or whatever. You either hit yes or read 1843 01:17:03.060 --> 01:17:04.980 us the code and we'll lock everything down. 1844 01:17:04.980 --> 01:17:07.780 What you're actually doing is unwittingly giving them 1845 01:17:07.780 --> 01:17:10.580 the credentials to log into your account. The 1846 01:17:10.580 --> 01:17:12.620 thing is with this, even if you want 1847 01:17:12.620 --> 01:17:15.260 to help them, you can't because you plug 1848 01:17:15.260 --> 01:17:17.680 it in on your computer and approve it. 1849 01:17:17.680 --> 01:17:20.600 They need it on their physical device to 1850 01:17:20.600 --> 01:17:23.100 approve the login. So you, unless they're sitting 1851 01:17:23.100 --> 01:17:25.240 beside you, they can't do it. And the 1852 01:17:25.240 --> 01:17:28.980 same applies to malicious websites. You go to 1853 01:17:28.980 --> 01:17:31.580 log in and it looks like the regular 1854 01:17:31.580 --> 01:17:33.960 website. So you type in your email and 1855 01:17:33.960 --> 01:17:36.620 password and it says, okay, 2FA, you plug 1856 01:17:36.620 --> 01:17:40.720 this in and the device doesn't recognize the 1857 01:17:40.720 --> 01:17:42.840 site. Even though it looks like the site, 1858 01:17:42.840 --> 01:17:46.380 this is tied specifically to the website. So 1859 01:17:46.380 --> 01:17:48.140 it goes, I don't have a credential for 1860 01:17:48.140 --> 01:17:50.540 this. So I can't unlock it for you. 1861 01:17:50.540

--> 01:17:52.100 And so it never gives the. credential. So 1862 01:17:52.100 --> 01:17:55.420 multiple reasons to start using this stuff for 1863 01:17:55.420 --> 01:17:58.340 your most sensitive accounts, I was pretty impressed 1864 01:17:58.340 --> 01:17:59.920 with it, to be honest. There are open 1865 01:17:59.920 --> 01:18:01.700 source alternatives as well. I'm going to play 1866 01:18:01.700 --> 01:18:03.680 with those two, but you be key, pretty 1867 01:18:03.680 --> 01:18:07.940 good. If it involves dice and a laboratory 1868 01:18:07.940 --> 01:18:10.700 grade scale, just don't do it. Also, good 1869 01:18:10.700 --> 01:18:14.380 best practice. Ben, you mentioned this, but like, 1870 01:18:14.380 --> 01:18:17.640 get multiple for a login. So I get 1871 01:18:17.640 --> 01:18:19.500 multiple and keep them in different locations. You 1872 01:18:19.500 --> 01:18:20.820 can have one that maybe you like keep, 1873 01:18:20.820 --> 01:18:23.340 you know, somewhat accessible than another one that's 1874 01:18:23.340 --> 01:18:25.340 like your backup one. Because you could also 1875 01:18:25.340 --> 01:18:27.720 like, it's like a Bitcoin private key, right? 1876 01:18:27.720 --> 01:18:30.160 Like you don't want to inadvertently lock yourself 1877 01:18:30.160 --> 01:18:33.560 out of this. It's like it's more responsibility, 1878 01:18:33.560 --> 01:18:35.360 but like you are not going to get 1879 01:18:35.360 --> 01:18:38.220 fished. Like, and I highly recommend people set 1880 01:18:38.220 --> 01:18:40.000 these up, not sponsored by Yuba key, but 1881 01:18:40.000 --> 01:18:41.840 maybe this show should be. It's a great 1882 01:18:41.840 --> 01:18:43.240 product. It's a great product. Yeah, it's pretty 1883 01:18:43.240 --> 01:18:44.960 good. It's pretty solid. And it works out 1884 01:18:44.960 --> 01:18:46.580 the box. You don't like no setup other 1885 01:18:46.580 --> 01:18:49.060 than setting a pin. That's it. Make sure 1886 01:18:49.060 --> 01:18:50.780 you buy them from, uh, from, from, uh, 1887 01:18:50.780 --> 01:18:54.520 from, No -name Chinese reseller, though. You know 1888 01:18:54.520 --> 01:18:57.160 what? The first thing I did on it, 1889 01:18:57.160 --> 01:18:59.500 because I asked on Twitter, I was like, 1890 01:18:59.500 --> 01:19:00.820 what do you guys think of Ubikis? Everybody 1891 01:19:00.820 --> 01:19:04.300 had so many goddamn opinions. Some people were, 1892 01:19:04.300 --> 01:19:06.080 one guy said his was tampered with, though, 1893 01:19:06.080 --> 01:19:07.940 when it arrived. And so then I looked 1894 01:19:07.940 --> 01:19:10.640 in and I was like, okay, well, you 1895 01:19:10.640 --> 01:19:12.640 know, can I check? There's a genuine check 1896 01:19:12.640 --> 01:19:14.080 website and you just plug it in and 1897 01:19:14.080 --> 01:19:17.040 it double checks that it's actually from Ubiqui 1898 01:19:17.040 --> 01:19:19.100 and it hasn't been screwed with. So that's 1899 01:19:19.100 --> 01:19:21.580 out there too. But nonetheless, gents, I'm going 1900 01:19:21.580 --> 01:19:24.120 to, I'm going to round it out here. 1901 01:19:24.120 --> 01:19:28.100 Nathan, any final thoughts, Joey Walker? No, nothing. 1902 01:19:28.100 --> 01:19:29.500 Go and check out the new tutorials. Maybe 1903 01:19:29.500 --> 01:19:31.340 check out of Ubiki. I love it. And 1904 01:19:31.340 --> 01:19:33.440 I just, I'm, I don't know, I'm going 1905 01:19:33.440 --> 01:19:34.820 to go away and think about Jensen more. 1906 01:19:34.820 --> 01:19:36.880 It's like, if he got fired, how far 1907 01:19:36.880 --> 01:19:39.160 have you fallen? That's my last reminder, guys. 1908 01:19:39.160 --> 01:19:41.220 You could lose a trillion dollar company by 1909 01:19:41.220 --> 01:19:43.420 sticking it in Chinese model. So stop that. 1910 01:19:43.420 --> 01:19:46.740 Stop it. Stick it in Kimmy K3 instead. 1911 01:19:46.740 --> 01:19:49.400 That's good advice. It's good advice. I'm, I 1912 01:19:49.400 --> 01:19:51.680 would. I was sticking in and Kimming earlier 1913 01:19:51.680 --> 01:19:54.620 today. I was, hey, I was doing a 1914 01:19:54.620 --> 01:19:58.880 maple tutorial, all right, guys. Anyways, we're going 1915 01:19:58.880 --> 01:20:01.640 to round out here. This was a blast. 1916 01:20:01.640 --> 01:20:03.720 Great seeing, everybody, as usual. Drop a like, 1917 01:20:03.720 --> 01:20:05.500 give a share. I'm Ben. This was Nathan 1918 01:20:05.500 --> 01:20:10.200 Walker and Joey, and this was Bitcast. Stop 1919 01:20:10.200 --> 01:20:13.540 for one second before you go. On February 1920 01:20:13.540 --> 01:20:15.780 4th through 7th, I will be headed down 1921 01:20:15.780 --> 01:20:19.160 to Miami Beach for the Sovereign Summit. You 1922 01:20:19.160 --> 01:20:21.220 know that. big banks are trying to control 1923 01:20:21.220 --> 01:20:23.020 your money, and you know that big tech 1924 01:20:23.020 --> 01:20:25.780 is now trying to control your AI. And 1925 01:20:25.780 --> 01:20:27.960 fighting back can feel lonely, but it won't 1926 01:20:27.960 --> 01:20:29.640 for this weekend. I'm going to be down 1927 01:20:29.640 --> 01:20:32.020 there giving a keynote and giving some workshops 1928 01:20:32.020 --> 01:20:34.680 so you can build your sovereign stack. This 1929 01:20:34.680 --> 01:20:36.760 is not a trade show. It is capped 1930 01:20:36.760 --> 01:20:39.400 at a thousand people, and it's all signal, 1931 01:20:39.400 --> 01:20:41.920 no noise. The price rises, the closer we 1932 01:20:41.920 --> 01:20:43.480 get to the event, so grab your tickets 1933 01:20:43.480 --> 01:20:45.780 today. You can use code sessions for 10 1934 01:20:45.780 --> 01:20:48.460 % off. Again, that's code sessions or 10 1935 01:20:48.460 --> 01:20:51.000 % off and you can grab them via 1936 01:20:51.000 --> 01:20:53.220 the link in the description or scanning the 1937 01:20:53.220 --> 01:20:55.420 QR code