Financial System, Bitcoin, The Broken Economic Structure | Parker Lewis

thank you much so much for joining us. Yeah, Mark, appreciate you inviting me on. It took a couple of months for us to get this actually to this day. But excited for the new year. Definitely. We're living through some uncertain times, but with bitcoin based on you know, not just what it's done to this point, but also what I expected to do for the future. I'm more optimistic than I ever really excited for getting behind us. I'm moving forward on and then also talking about some

of the pieces that I've written. UM. You know, I've I've watched and consumed a lot of your content. I certainly appreciate, um, not just you know, the covers that you've you've in in the analysis that you've done on my pieces, but also just the work that you're doing to help people really understand the why a bitcoin, which I do think is the most important kind of first

question and first part of the rabbit hole. And then it's actually, hey, just a real quick interruption to let you know that this video is brought to you add free by block Fire. Now they're giving you the ability to hodle your bitcoin and your crypto as it goes up in value, and at the same time you can earn high yielding interest on it, so you can basically hold it for all the upside potential and then you can make cash flow off of it at the exact

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So check them out and seeing it actually changed people's lives, so appreciate what you do and glad to be here. Yeah. Yeah, good. So yeah, for sure, you know, I think i've I've definitely taken that approach, which is trying to show people that they have a problem, because a lot of people don't realize they have a problem. Um, and so like, hey, look,

these are the problems that that you have. Here's a potential solution, and then I get the roadblock, which is but this is why it's not gonna work, and this is why. And that's really where your pieces have really really come, um to be a big instrumental piece for what I do, because I can just like copy paste and send that out. Um. So if you're watching this and you've ever had any objections to bitcoin on my channel, there's a good chance I might have sent you one

of those links. And so this is the guy who did that. But tell me, um, maybe give us a little bit of your background. I know you came working from Kyle Bass and Hayman Capital, which seems pretty cool. You've been kind of in the financial space and now you've transitioned over so maybe just give us a little recap on that. Yeah, So, before I jumped into the world of vic when I UM kind of worked my

whole life in the traditional financial world. So started my career at Deutsche Bank, you know, working in the merger and acquisitions group in New York from two thousand and six to two thousand nine. So I was in New York at the you know, kind of height of the financial crisis. UM kind of they'll lead up to and then the crisis itself and then the beginning of the aftermath.

Ended up leaving Deutsche Bank in two thousand nine and went worked in the restructuring space and worked on the credit side UM, doing both in court and out of court bankruptcy work, and then also working with companies on the management side, helping them come out of bankruptcy. We're working with companies that were in bankruptcy from a stabilizing perspective, actually like working in a company rather than a consulting role. UM advising on an m and a transaction as an example.

UM and then really moved from there. UM wasn't really looking to work for a hedge fund, but got a call from a guy who worked for Kyle Bass, who's an investor that has a fund called Hyman Capital in Dallas, and Kyle is famous or most famous for having shorted

the subprime crisis. This UM in in in the housing crisis and in two thousand seven eight nine UM and so I went to work for Kyle in two thousand thirteen human capital as affirmed as a range of things as a very broad man date from long short equity, special situation, equity to distress credit too. There's always been a macro theme to to the book at Hayman and So I kind of immediately came in most recently from a credit background and was working on you know, distress credit.

There was a lot of distress credit at the time, but then ultimately worked a lot on the equity side with my m and a background UM special situation on both the long and short side. Then as I kind of as as the firm evolved in is my time evolved there, you know, more and more of the activity

was steered towards the macro side. And I like to think about it, as you know, at Deutsche Bank, I've really learned how to cut my teeth and just how to work UM and really developed just a pure baseline in terms of financial accounting and financial reporting at at you know, the consulting firm that I worked at the restruction side. I really figured out how business has worked.

I was actually how uping, you know, on the operation side of businesses and really understanding a lot of the complexity of what goes into actually delivering a product from a business um from from the inside out, and then really at him and I learned how the global financial system are so learned how kind of the global macro landscape works, and and that's ultimately what led me to

bit Quinn. And I was ultimately doing two things at hymand I was one at the times just you know, I really didn't get into bitcointil sixteen UM and then I accelerated my path. But I was doing a deep dive and trying to understand what would happen when the

Fed on the bound its balance sheet. So they injected three point six trillion into the system between twenty two thousand nine early two thousand and eight, that tw two thousand fourteen, and it had been signaling at that point in time but they were going to They already had been raising short term interest rates, but they were signaling that they were going to further tighten financial conditions. I

was trying to understand what would happen. When that happened and they actually started to remove the dollars that they had put in with QWI, I came to the conclusion, independent from Bitcoin that at that you know, kind of juncture, but they'd have to stop the the tightening and they'd have to put in a lot more money in the trillions of dollars because of the structure of the financial system.

At the same time, I was going down to the bitcoin rabbit hole, and I ultimately got a chance to meet safety and a Moose, the author of the Bitcoin standard. He really, I said, it was the one most instrumental early on and helped me understand monetary economics and really

unlocking a lot of mental blocks. So I was pursuing these two research paths which were fed QUE quantitative tightening and reverse QB and what would happen and realizing that QUE was an inevitability and the trillions of dollars, and then I figured out Bitcoin and and realized that Bitcoin was the solution of QUE, and that those two paths

really converged to one for me. And as soon as it all started to click, um, I decided that I, you know, my time would be best spent not what I was doing working for a hedge fund, but helping to create value in the bitcoin world. Ultimately moved back

to Austin where I'm from. Originally that the two co founders had unchained, I was really focused on custody infrastructure, and um, you know, you know, we'll talk mostly today about you know, the research and the why bitcoin, but that that led me to the path that I am now and I spend all day every day today working on on Jane helping people, um, you know, understand bitcoin, secure the bitcoin better, and then prepare for a world

that's uh that's bitcoin native and bitcoin denomenated nice. Well that is Ah, it's a very broad background that um you know, it really takes somebody that has that brought up a background to really understand it. And that's why I think bitcoin is so hard to understand, because you have to have discipline and or you have to understand in all these different disciplines. And so I think that

broad background definitely really helps you out there. Before we get into maybe some of the specifics that you write about, if we if we kind of focus on the why you've talked about, you know, the QUI that was printed in two thousand eight, um, what that's done, and how you started to see that maybe we you know, bitcoin could be a solution to that. I know you've talked about the amount of QUI that's been created, the debt you talked about you were studying uh you know, credit

it before as well. And I also heard you talk about, um, you know, the amount of the US dollar denominated debt that's outstanding right, the demand for that debt. Um, how do you see like the amount of debt that the FED is creating, I guess the qu that they're creating, but also the amount of maybe the dollars that are outstanding. I mean, how do you see that whole balance this problem that that's developing right before our eyes or has

been developing and maybe maybe coming to a climax. Yeah, and and really so when I you know, if you could go back in time and imagine me and seen going down this um, you know, I'd say the FED rabbit hole it was. It was really trying to I was trying to create a mental model or framework for

how to think about quantitative easing. And one of the key questions that comes up for people as if the FED prints three point six trillion dollars que and that's essentially they're creating digital dollars that they're putting in the banking system that can then be transferred in the banking system who are printed by the treasury and taken out. Why don't we just immediately seem rampant inflation when they

create these manion dollars. So I was really trying to understand the construction and the structure of the financial system.

And I kept going, you know, with each layer the onion that I was peeling back, and when fur them further down the rabbitble, I kind of keyed in on this idea of well, wait, how much like what actually happens when when with the operation the you know, the open market operation of buying a treasury and putting a dollar in h in the system and essentially swapping what is a treasury liability or a mortgage back security and putting a dollar in and then and then I was

trying to understand, well, okay, if I was, if I, if I really zero in on you know, the right way to look at the playing field of the credit system, it's how much total debt is there, and then how many dollars are there? To service those debts, because if you get in the weeds and you know, you're looking at bank balance sheets versus corporate balance sheets versus consumer balance sheets, and you're you know, kind of lost in the minutia, you can kind of lose sense of the

broader scope. And then and and if you're gonna try to understand QUE, even though I think if you want to actually understand economics and first principles, you need to really go down to the low this level. But if you really want to understand the US financial system, you really got to go to the highest level because you need to be you need to think about it an aggregates,

uh not, because that's how economics really work. But that's ultimately the best way to describe how QUE works, how it can only work, and how it doesn't really solve any problems ultimately, in my view, ultimately creates more problems. But so what I ultimately did you know through that analysis? Like basically, there's a report that the FED puts out called the Z one Report, which is the Financial Accounts

of the United States. And on about the fifth page of that report, there's a table and they show the

total outstanding debt. They break it down between consumer and you know, basically mortgages, credit cards, you know, UM state and local governments, UM court, non non finance, corporate debt, corporate era findingly and basically the financial sector corporate debt, the federal government debt, and then foreign debt of financial foreign institutions that's in the U S. Banking and where that sits today, there's about eighty trillion dollars worth the debt,

and there's only about four trillion dollars. I haven't looked at it in like the last three months, but usually those reports come out quarterly, and so there's likely a new update and there's probably you know, in excess of eighty trillion dollars of debt. But really thinking about it, to say, the only thing that can repay a dollar to nominated debt are dollars. There's only four trillion dollars.

If there's only four trillion dollars that exists approximately, and there's eighty trillion dollars worth of debt, um there's you know, again, not every debt. The way I think about it is, not every debt is due today, and not every debt due tomorrow, not even thirty days or sixty a some people off thirty year mortgages, but that that imbalance that exists one can only exist and does only exist as

a function of the FED. Basically, each time, you know, over the last thirty years, the Federal really the financial system tried to correct and tried to to restructure bad debts on an accurate at level, the FED prevented it by easy monetary conditions to allow essentially targeting of interest

rates and to allow growth to continue. UM. So we ultimately kind of over time gradually created this metasticized credit system which end leads us in a world where you know, if there's age relion dollars or aguillion dollars of debt and only fortunately in dollars R for every dollar that exists, there's twenty dollars of debt. That creates a very high

present demand of dollars. But then when you start, when the FED tries to unwind que and they take dollar the system, the amount of debts that exists in the world remain the same UM and and what what it effectively does is that it creates a run on the dollars that do remain. Basically, it sets off all equipment crisis. And then when the market finds out about it, it forces the FED to come in and print more dollars.

So I like to say that that, you know, a lot of people say that the dollar has value because the government says it has value, or as value because the guys with guns will come and, you know, make you do something, or you know, the government has the ability to tax and think that when people really get down and think about it from a principal perspective, they realize that there's been any number of events of hyperinflation, and each one of those instances there have been governments

with guns and they build into tax and then there's a reality that governments can print money, and they can they can create money through QE, every central bank, but you can't make so they can basically manage to supply of currency, but they can't make people value it. And that um the dollar ultimately retains value because of that dynamic between there's eighty trillion dollars of debt and for trillion dollars, for every dollar that exists, there's twenty of debt.

So everyone has a very high present demand for dollars because what it ultimately represents is, you know, if you don't pay your car loan, someone comes and takes your car. If you don't pay your mortgage, someone takes your house. There's actually productive assets that are securing those debts, and people that are in dollar denomin a debt, I'm not one of them. Um, they have a very they have a high propensity to demand dollars, and that demand is

what keeps the dollar stable. Now, over time, that dynamic of eight trillion dollars or agent trillion dollars worth of dollars an a debt and four trillion dollars, it's what creates dollar scarcity, but it's also what dictates the trillions more dollars will need to be created. Because again, most people that are unaware of this dynamic, they only feel

it in there in the in the in the pricing mecanum. Right, they've got a mortgage and they've got a certain number of dollars in the bank account, and then when the Fed starts to take dollars out of the system, they don't know that that's necessarily happening. But they're getting fewer dollars, maybe fewer people are coming into their business, and then they're sitting there saying, oh, I need to start accumulating more dollars because I don't know if we're gonna able

to pay my mortgage. That sets off basically a run on dollars. But what what is ultimately reflected in in in a credit system that has a propensity to contract. Once the credit system starts to contract because it's in this massive imbalance of you know, eighty trillion dollars are debt and four trillion dollars, then it starts to feed

on itself. And that's ultimately what we saw basically last September when the repo market broke, and the repo markets are a short term fund mechanism um to to to to be a large funding mechanism for large financial transactions. And then in Mark there's a massive liquid in crisis. Well that's essentially the market finding out that everybody needs dollars and they're far more than you know, a few dollars short, and everyone has a run on them. So

that then induces the Fed to print dollars. And that's where you look at and say, hey, well there's any trillion dollars of debt, and the Fed puts in another three trillion. There's still a massive a balance, so it doesn't just set off, you know, you know, day one

massive monetary inflation. But that that that's at least kind of a framework that I think about it that explains the rough size, you know, kind of the fact that the FED is the one that really enables that because each time that credit system tries to correct, rather than being able to correct, the FED puts more dollars in. That ultimately makes dollars be worth less and less over time, and it causes massive distortions and the real economic activity

the underpinning the comedy. Yeah, So, I mean that's a that's a it's a very uh good way to break it all down, and it and it kind of outlines the system that the govern mint that the FED is in right where they're going to have to continue to print more money in order to keep this system going. Right, So there's really no way around that at this point they're gonna to continue to print I mean, is that

the summary, Yeah, that's that's the summary, cliff notes. It's it's the um the structure of the of the credit system. It is what dictates that the FED will have to

print trillions of dollars. You know, there's another side of it, it's more larger or I mean, they're both logical, but when you think about the fact that the you know, you you understand that our audience that the FED in the Treasury or two separate organizations, but they now and they're supposed to be independent from each other, but they're

wet together. Like if the if the Treasury on behalf of Congress and the federal government wants to to run a three trillion dollar deficit, um those dollars have to come from somewhere, and they either strain the private sector a versely every dollar that exists in the system, or the FED has to create more dollars to finance the

federal government, and the FED is the private organization. But really is that dynamic between debt dollars and the massive balance that dictates that more dollars will have to be um provided to the credits and otherwise the credit system would collapse on itself. If you put too many dollars in the system, the same thing will happen. So it's

it's literally a catch twenty two. Yeah. Yeah, So, I mean, that's a great way to talk about it, and I've I've done a few videos on that, specifically talking about with Janet Yellen, who used to be at the Fed going into the Treasury, there's a good chance we'll probably see those two agencies working pretty closely together, if not almost in unison, which probably will only accelerate that happening. Especially we have Bernie Standers there, we got Janet Yellen there.

Um But but that's kind of a whole another topic. But um, so we have this, we have this massive demand for dollars which and which means more money printing. But the more money they put in, the more distortions we have in the market. Now, you did we talked earlier.

I made a video off of one of your papers, and it was basically talking about that specifically, where the dollars are really at the end of today, their communication, right, and so they communicate to the market signals, and when you create more dollars and inject those in, it distorts the signals, which starts messing everything up. I mean, did

I summarize that, right? Do you want to add to that? Yeah, one thing that I would you can really key in on, because I think it's a very um it's a very fundamental way that most people they never they never question what money is. They never question how it emerge or you know, why do you know I live in Austin, Texas. Why did two million people take you know, these physical bills or the digital representation when I swept my credit card? Like why why does that all exist? And what is it?

What is the role of money? And so when people I think, if they start to really dig in and bitcoin, I think it's one of the best things about bitcoin, which is it forces people to kind of confront those really baseline fundamental questions that that are challenging. Um that we all we all kind of have lived in a world where we have stable forms of money. Uh not everyone has that kind of luxury or has had that luxury.

Currency have fallen out apart all over the world. But for most people, say in the United States, Western Europe, Japan, China, they've always you know, from from day zero to wherever they are in their life, money has always worked and it's been a given. But that when people start to think about, you know, one, how money emerged, what what role does it facilitate? The way I describe it as um money, what money solves a problem for is trade

and intermediation. So basically, you know, the money is an economic good, uh that that exists in the world, and

it helps intermediate series of transactions. And there's certain things that that are certain properties that are inherent in a certain good that allow it to be better or worse as a form of money, and that you know, based on those very objective properties, there's a convergent on a single intermediary good that then allows people to use that good to facilitate trade, and that there's a general re

cognition that everyone benefits from trade and specialization. You know, if you are, you know, great at communicating ideas and having a podcast, then that's your specialization. If somebody else is great at making cars, that's theirs are playing football or basketball or being a doctor nurse. That basically, money is the intermediary good that allows us to be able to specialize in these these one things during the day and be basically be able to purchase the output of others.

And we use money as this common tool or good to communicate value and this recognition that that value is and inherently every form of value, any conception of value,

is subjective. Money is a thing that helps us um put an objective quantity or to even have the very conception of value because it's basically, you know, it's what allows me to know how much other people are valuing what I do, and then how that translates to if I want, you know, goods X, y or z, how much value I need to deliver to others to be able to get that. And so when when I think about it, it's it's really this idea of this convergence on a single good to to fulfill that role of money.

Um is critical to basically facilitating this function of communicating value because what emerges when a wide group of people are are a market economy converges on a single good is that a pricing mechanism ultimately emerges. And um, you know, i'd say the person or the person that I've read

that helped me understand this, this mechanism. The best is and in the function of pricing mechanism is is fred or Kayak specifically two pieces, um, the you know, really three Pieces of the Road to Served Him, which is a book they wrote around the time of World War Two, an essay called The Pretense of Knowledge, and then an

essay called The Use of Knowledge and Society. The the last one used Knowledge and Society really keys on on this idea of the pricing mechanism as you and he has a comment that says something along the lines of, you know, if if the pricing mechanism was you know, of conscious human design, that that it would be you know, one of the most important, you know, it would be considered one of the most important discoveries or inventions ever.

But it wasn't of conscious design, you know, recognizing that this this idea of a pricing mechanism emerged organically as a group. As a large group, you will converge on different mediums as a form of money. And then if you think about those pricing mechanisms and one of the ways that I, you know, communicated I don't know if it was it was how high did or just something that I've evolved from mine, but I want to make sure I give credit to him if if if it's

not my own original thought. But thinking about you know, say that there's somebody in the United States building a house and there's copper that goes into you know, in necessary as a supply input for building a house, and say, you know where that copper is coming from is chili Because there's massive copper minds in Chili. We'll say there's an earthquake in Chili and the supply lines for copper

get screwed up. And now the guy who's building the house in the United States, he starts seeing that the price of copper is double. Well, that person needs either he should has been sent information via a price signal that then that price signal has been sent by using a form of money. And and what he ultimately does is he either increases the price of his house so he can pay twice much for copper, or he finds a different substitute. He doesn't have to actually know that

there was a an earthquake in Chile. He just needs to know that the price of copper was now double, and that pricing mechanism is the filter that communicates information and it's actually the change in prices. This is kind of where it gets into the question that you initially asked. Apologies for being along winded, but the change in price. If if price signals or information, then um then a

change in price is a change of information. And what one of these aspects that that's ironic but also incredibly destructive is that the Federal Reserve has was referred to as a price stability mandate, and once you start to key in on once you understand the function of money and and the fundamental role that the pricing mechanism fill, and what a price signal actually is, and it's the way that the majority of all information is communicated buying

amongst human beings. Is that the change in price is sending an information sygntalm that something has changed in the world. And that in that example of you know, Chilian an earthquake, that you don't have to know that that you know there was an earthquake in Chili, but the price of copper is different. That that is a function of changing prices and it causes people to adapt then best use the resources that are available to them. Well, what happens

when you know what you're with? The Central Bank essentially does when when there's a price signal that's changing, maybe it's a price continues to increase and then people say, you know what, you know, the price of housing is too expensive, so I'm gonna spend my dollars somewhere else,

and then the price of housing starts to correct. Well, when the FED says as a price stability mandate, it's effectively manipulating prices when that very change in price is valuable information and it's and it's causing the the economy to go from a state of imbalance in a in a place where there was a price level that was unsustainable to to to correcting for that imbalance to restore

the economy to balance well. When the FIT has a price stability mandate to basically target certain price levels, creating price rigid rigidity, what essentially is doing is is taking a world of imbalance and it's allowing that imbalance to be sustained rather than to heal itself. The way that

the economy heals itself is by fluctuating prices. And the environment that the fret FED is created is a world that prevents that that healing or that that imbalanced elimination process to be undertaken, and that in that article I talk about the that idea of this function of the FED actually leads to greater and greater imbalance and causes greater and greater distortions in wealth and equality and poverty as a result of not having h an economic structure

that's that's balanced, sustainable. Yeah. Yeah, So basically it coordinates this society, It coordinates the economy. So in the United States, we have three thirty million people, and everybody has different ones, needs and desires. And I love chocolate ice cream, but tomorrow I just want vanilla. And I don't know why I want manila, but I just do. And all of a sudden, if too many people want vanilla, then we

have a problem. So all of a sudden, they can raise the price of vanilla, and I might decide for that price, I don't want it. I'll just go back to chocolate. But at the same time, now that a lot of people are paying more for it, more people can go make that vanilla ice cream. So everybody can now coordinate around that, which will one helped to supply or fix that supply mechanism. And I I've been investing in uh in non traditional stuff for a long time.

I told you, I kind of grew up in Texas, so I've done a lot of oil oil field stuff. And I remember that the whole world operated on this theory called peak energy, right peak oil, And um, some of the people that I followed and said, there will never be will never run out of oil because the free market will adjust it. So as the price of oil, let's say that we were running out of oil, the price of oil would start going higher. Well, that would some people would not use it, which would bring the

demand down. And because the price is higher than people would be able to invest into alternative things. And that's how the free market kind of works in a sense. I mean, would you say that's a good summery? Yeah, I would say, like, like what you subscribed? There is that the change in price on both the supply side and the demand side changes behavior. It's communicating information and then everybody and it's also communicating information about preferences, and

those price signals basically aggregate the preferences society. Why in the most efficient way conceivable in almost in a in a way that's that's really actually difficult to conceive of. It's a beautiful mechanism um. And that's why hy talks about it. Is like if it was of deliberate design and of conscious thought, it would be the greatest invention that was ever that was ever made up. It's not.

It's not of conscious design, wasn't of conscious control. And therefore everyone kind of goes about it kind of taking it for granted. And so I would you know, I would I would think about that and say that that there's price signals, whether it's oil or houses, like that's

what you want. You want prices to change. And when you when you target prices by changing the monthy supply, what you're actually doing is you're distorting every price level because when when when you think about the value of a home, it's five, and the value of a car and it's fift. Those are two independent points that are valuable. But what it's also communicating to you is the relative value between a house and car one cars or ten houses.

You know or you know it takes you know, ex meaning to create x number of apples to be able to convert that into a car, however money might be. So it's not just that the nominal price levels are valuable,

but it's also the exchange ratios. And so the critical piece of information is the the price level of individual good and the exchange or isteo between relative goods, because that's actually what informs economic activity, tells you whether or not you should focus on doing podcasts or focusing on going and getting oil out of the ground. And when you start mucking up the system by putting more dollars in, you're basically those incremental dollars are extraneous to the whole

process of relative price signals. And so all you do by distorting price signals, and when you put more dollars in the system, you just store every single price signal in the world. You you basically disrupt and distort the communicate otherwise unfiltered communication channels between humans. When that happens, you get massive economic imbountance effectively, And and what it really comes down to, and this seems to be the piece that the Hiak and the Austrians got so well,

but today's economists completely seemed to miss. And it's it's really self interest, right, self determination, and so um, you know, we all have our own self interest that we want to push. And so when we see these price signals will shoot. Everybody wants a podcast, I s go start a podcast where everybody wants oil, I'll go, or everybody wants vanilla ice cream, and so all of a sudden,

people will go start to fill those needs. Um. And the problem when we get these fixed price signals, as you say, right, the government wants to mandate what those

price signals are. There Everyone's like, I ain't gonna make bread for that price, and then it leads to massive shortages and so um, if you look at any of these third countries or whatever they are, you know, more more captured controlled systems where they've done these types of things, you can start to see all these imbalances as you're talking about, right, I guess that sums it up. So we've we've basically I wanted to just kind of set

the stage a little bit. So we've basically talked about or you've you've explained to us why the government to fed, the central banks have to continue to print more money. Um. At this point, there's really no option for them but

to continue to create more money. And the problem with that is that it leads to all these imbalances um and eventually that leads to lack of goods and things like that, and and a lot of people, unfortunately, the whole world has kind of shifted to this short term thinking today and I see it all the time today.

I I put something on Twitter and I talked about you know, Biden and Sanders and yelling and like, we know money printing is gonna be there next year, and a lot of people are like, well, who cares if it's gonna like help some people out this year, and so it's that short term thinking where like maybe it helps me in the show work term, but it's destroying things in the long term, and so people have to have that shift. Do you see that a lot, I guess from your research. Yeah, I would say they're The

way that I would relate that idea is is twofold. First, Yeah, we we we also recognize that there's there's always a chance, it's always the possibility that the FED doesn't have like they don't have to print money. We just know that

they will. And the reason why they will print money is because if they didn't, one, we've we've got history and we can read about their psychology, and we know how they operate, and we know what drives their system may be in the credit system that if they didn't print more money, the credit system would collapse, and and it would collapse in a way that would render every single investment bank and solve it if they didn't print another dollar, every single investment bank. Your whole system is

built on credit. The credit system is many, you know, as I've described as many orders, its multiple worders of magnazude bigger than the based money supply to the allocation of credit is how is what you know, how our economy functions. If that criticystem collap the FED would be over it wouldn't It wouldn't have a system to control anymore. So we know that like it prints money for that reason. Um, and that's why I say again, it's always possible that

they don't. It's not a realistically probably probable that they don't to the point of like impossible. Now going to your to the next question of you know, yes, it's it's short term thinking, right like, and that's what got us to this point. Does it doesn't follow any logic

or reason. It's like if you if you, if you start with a very core common sense idea that printing money like and I the way I described the evil is imagine the moment that money is printed, that does not do anything to create another job, right Like, the function of printing money is not the productive activity. So if you just start with that, if you just do that, all it serves to do is change how the money

is divvied up. So it basically takes it from the people and the people setting preferences and prices and shifts it to the hand of the FED and the fet decides how to to print money, and that you've probably seen it on Twitter. But there's you know the fact that you know, hey, just another quick interruption to let you know that this video it's brought to you add

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All dollars that exists today, we're printed last year. Um so you know, the the universe of people that held dollars and they were setting the prices of things in the real world that commanded what would get built just changed overnight and the FED decided. How you know, I like to say that you can either get dollars by delivering value to people that have dollars or by getting

it from the FED. And in in in a world where people can't print money, and in order to get to get money or to get dollars, you actually have to deliver to value to those people that have it. Um that that leads to better economic incentive. So if you start with those what a what a shocking revelation you actually have to provide value to get dollars. Yeah, they're like, that actually creates more balance and aligns and sentences between those who don't have money in those who

do who do have money. Yeah, and then there's this classic refrain. You know that the practically, I'd say nine out of ten, if you talk to nine out of ten hedge fund guys, they would say, you know, the FED printed three trillion dollars and they would say that was crazy. It's not going to end well, but the FED had to do it, Like that's the thought process.

And you're like, okay, well it's crazy and if it's not going to end well, m connect that logical leave them between there, and they had to do it right, you know. So the short reason is that they don't have to do anything right and they live in the mentality where they do. But all of us that that

that operate in the real world. And this is something that the mesas that talks about it, believe how it talks about as well, this idea that like not taking an action is also an action, and oftentimes not doing something is the right decision. In the fed's world, there isn't a decision that's a that's practical or serviceable. That is, don't print money, you know, when the when the credit when the credit system starts to collapse, and in the

very short term, you can alleviate some pain. You know. Wouldn't it be great if every time me, as an individual, I didn't have something that I want, if I could just go to the money tree and pick off a dollar and get the thing that I want. Yeah, like a great if I had that power would be awesome, But that's not Also, you know, if that world existed, then the incentives would be screwed up in time in terms the whole economy. That's effectively what happens with the FETs.

So it's like, yes, if if you can manipulate the world by printing the dollars and telling and giving it to that person, say hey, continue to you know, build the house that you were going to build, because you know that imbalance that exists in the housing market. Let's keep the dream alive for another year or two years. You can keep the dream alife for another year or two years. The way that it ultimately ends is Venezuela,

and then everybody suffers. And that's how I really think about, you know, the FED system, because people think, you know, the other thing that's not logical that people say as well, it could never happen here. And and my refrain to that from an economics principles perspective is the value of something is going to trend to its marginal costs to produce.

So if the cost to produce a dollar zero and the cost to produce a trillion dollars zero and the cost of producing three trillion dollars zero, the value of that good is going to to zero. People will stop value. The central bank can control the supply of the currency, but they can't make people value. And when people are

looking at that world be going to be Bitcoin. That that's where they start to key in on this this idea that before two thousand nine people realistically did not have another option to opt out of that, you know,

kind of uncontrollable money printing. And like, you know, the other thing I tell people is our our politicians they throw out the word trillion out very but if you start to think about what a trillion is, you know, um, basically, you know, if you if you're familiar with Jerry World, which at the time it was the and it may

be still the nicest football stadium that's ever been built. Um, every other one is down modeled after that took like the planning of that and the building of that took seven years, and it costs I think one point one five billion dollars. The Federal Reserve printed three trillion dollars.

So there's only thirty Jerry Worlds that exists in the world in term of the football staves that you know, if Jerry World was a billion, and there's a thousand, uh, you know, thousand billions and a trillion, and then three thousand billions and three trillion, it's like that's how much manipulation the FED manufactured in a very short period of time. How many dairy worlds do they make? Three thousand approximately?

Maybe like it's like and thinking about that, you know, one point one seven billion dollars one point one five of things. What it technically was to build, It took seven years and coordinated economic activity for that period of time, um and then boom you just printed and that when and the way the storage activities is by distorting price signals and ultimately stop people stop being valuing the dollar itself, um and and and real economic activity and actually exacerbates unemployment.

Now you know, you go from that world to a world and bitcoin and you know, people say bitcoins complicated, and I reassure them, trust me, the dollar system is

more complicated. You've just never thought about it. Um. But if I simplify it, it's just, hey, do you want to live in a system where you're the Fed prints trillions of dollars and devalues each dollar that you hold essentially changes the game, or would you rather get paid in the form of current even though it's a little bit esoteric, that can't be manipulated, and that there's a fixed supply of and nobody can print end. Yet an average person if they don't know that that thing's bitcoin.

They opt for a you're sorry, they offer be the fixed supply, and they opt out of the system that their their government can print trillions of the unit of currency. And that's ultimately what's happening right now. More and more people are figuring that out. The two things. This is what led me down the path. Trillions more dollars are going to be printed. And bitcoin there's only twenty one million,

and there can never be more. And the hard thing is trying to understand how that twenty one million is really you know, whether it is and if it is credibly fixed at twenty one and twenty one million. But I say, if that is the case, if twenty one million and bitcoin is incredibly fixed supply, bitcoin will be the global reserve currency in the future and likely in the next ten years. And that's how I think about It's like those two stories are so intertwined, um and

so interrelated because they ultimately, um, they're there. You know, they're choosing a over being you know, or be over a and and the monetary economics is your song. That's a that's a that's a pretty bold statement to come out with, and it wasn't on my list of questions. But I'm gonna jump into that for a second. So um with with that statement and then we'll get into some of the common objections. But um so, so stay

tuned for that if you're watching. But um to that statement that bitcoin will become the reserve currency in the next ten years, next decade. Um. I mean, do you really think that the whole world needs to be on bitcoin as a reserve standard or couldn't it just be the people's money And couldn't there be multiple forms of reserve Maybe maybe the world governments are still using an SDR basket with the I M F like or do you really think the whole world is going to switch

over to a unit of account like that. I don't think that the only thing is like a whole world needs to I think it's if you if you start to think about monetary economics and realizing that kind of this idea that you know, what is the function that money facilitates, and that it's solving this kind of intersubjective, you know, problem of trade and understanding value that because that problem is intersubjective, there's there's a reason why money,

if left to its normal or natural course monopolizes and and and it does so because of the function you know, the economic function that it actually facilitates and in trade and helping to facilitate specialization of an economy and so in the coordination of an economy. So it's like it's like water rolling downhill. And I think about it as um, you know, knowledge is distributing exponentially at this point. You know, if it's not, it's nothing, it's not exponential as it's

increasing by orders of magnitude um. And so you know, when you think about that, and I think about the fact that you know, the FED is getting into the position each time it has to print money has to print more because the system is now larger. Um. You know, information is distributing at a rapid pace. The infrastructure that's being built around bitcoin is only accelerating as the as the monetary network grows, more capital is allocated to build more things. Uh. And that as that mind share goes

from you know to basically to build bitcoin. It's coming out of the legacy system. So somebody's focusing on building you know the bitcoin you know, protocol layer or working on lightning, you know, in bitcoin payments, that's somebody that's not working on you know, bank settlement, you know. So so the two systems are dynamic. And then I think, well, there's two more happenings to the rate of issuance and bitcoin gets cut every four years over two more cycles.

Um that that you know in generally each cycle sets off an adoption wave of ten x. Well, if there's roughly you know, I don't you know people that have bitcoin to day, but realistically it's only you know, five to ten million people have meaningful exposure, and two cycles were probably in a world where billion people have bitcoin. I mean, it's gonna be adopted all over the world. It's gonna be the largest currency system in the world,

I believe in ten years. And judging that based on you know, that kind of combination of things, what the central banks are doing in terms of printing money, the distribution and knowledge, and then the rate of the actual developed one of the monetary system itself. And it's not that I like, I want it. I mean, I do think it's gonna be positive and it's gonna have a positive impact for for anybody that's part of that monetary network.

But it's also you know, the natural course of the way that that money would proliferate and spread and kind of keying in on this idea, and you you mentioned it at the top, that money is this problem that every like money. Everyone needs money. It's very basic necessity. Everybody has a problem with their money. Most people don't know it. And what we're experiencing right now is more and more figuring out people figuring out in a more um kind of direct way that they have that problem.

So so it's the problem that everyone has everyone needs solved bitcoin. Just as it solves a problem for me and you, it's gonna solve a problem for anybody that

has a problem with money, and everybody needs money. So we we actually we live in a better world, not because it's a utopian but this idea that you're incentivized to join a larger monetary network from a smaller monetary work if it's you know, sufficiently dense in your local economy, um and so in that world, whether you know it's people operating in Rush or China or on or the United States, opting into a larger net monetary network with

um more potential trading partners, it allows you to convert your time into a broader range of choice and bi cooin. It's global um, it's permission list, it's cross border, so it naturally you know, I think that the natural consequence of that kind of mechanism is that it will not monopolize all money. There There will be you know, no, you know, the the idea of money is not something that's absolute. Will be other things that in ten years

are still use as money. But Bitcoin's monetary network will be larger than all others, and that will be facilitating more commerce than I think any other form of currency. Great,

that's good. So we've we've set the stage on the problem that we have with money, or the fact that we're gonna have to continue to pret more money, and then we've set the stage on what the damage does us to that, And now we've just transitioned into why bitcoin um can really help that situation and why you think maybe in the next ten years that's the reserve

currency of the world. I want to dive into some of the individual objections that I hear quite regularly, and I know you've written papers on each one of them, and anybody listening, I'm gonna link to it in the show notes. Of course. So UM if you haven't heard the whole thing, I don't stick around the whole thing, go and look at all those different articles on each piece. But maybe we can dive into each one and just kind of hit him kind of quickly. The first one

I want to dive into. Actually, um kind of segues right off of the point you were just making. So you've said a couple of things. One you said that value is subjective, um, And I agree with that. Um. You said that it's subjective and whatever we assign value too. And then you go to say that it's going to be the reserve currency. And there's only twenty one million units, and I think there's more double than that millionaires in

the world. There's forty some millionaires or forty million millionaires in the world, So not even enough bitcoin for the millionaires to own one, or not even half of one. UM. But if value is subjective, what if nobody gives value to bitcoin? So I would say that there's an objective reason why, you know, Like, so the train of thought is and I wrote a piece called bitcoin obsoletes all the money. The train of thought is that, Um, you have to accept that money is not a collective hallucination

and that it's not a belief system. That money is a very basic necessity. In the way that I help people understand that, as I'd say, you like just start noticing some of the things around you, like walk into a grocery store and actually stop and kind of taking the fact that all the different goods that magically showed up to one place for you, um, and then realize that that couldn't have happened without money. That like the one good that coordinated all that economic activity to get

all of those things. They're like literally probably a hundred million people at minimum had and put in getting all those goods to the stores that you could choose exactly what you want to and spend ten ten minutes in the grocery store. The good that caused that to happen is money. So the good that causes water clean water to show up to your house is money. Good that

causes your phone to work is money. Uh. It allows for specialization so that people can vote focus on very specialized skill set to to deliver value and then turn that value into the specialized labor and output of others. So money is a necessity. Uh, there is an objective will while value is subjective uh and what and money allows us to to to objectifies? What is subjective value? UM? That there are objective properties of certain goods that better

facilitate exchange. That if we do, if we recognize that we all benefit from trade and specialization, and then we need an intermediary good to facilitate this. Everyone is going to go out and sort through and search for the goods that best facilitate that that function of trade uh and and and trade intermediation. So then they start looking

at the various different goods. They look at the bottom of water, they look at the computer, they look at the microphone, they look at the oil, They'll they'll look at the gold, and they'll say, which one of these things, you know, if I wanted to to, you know, sell my labor today for and then buy something else in the future, what's gonna what's gonna do that most effectively? Um?

And So they start, you know, whether they're doing it consciously or subconsciously, they're evaluating all those intermediary goods just like I'm today and you know, evaluating dollars versus a bitcoin and figuring out which one has properties that's going to allow me to best maintain my purchasing power or

best store my value in the future. So I'm you know, we're all again consciously or subconsciously evaluating the different relative properties that are objective again, like you know, evaluating properties whether something's physical or cold or hot, or are you able to be sent to somebody else? Uh, those are objective propertism that can be evaluated. You know, a verse be on on many different metrics. You know how how valuable one is versus the other. Again, is the output

of the convergence. You know, they're very concept of that there's a conversions on a single intermediary good to to conceive of a price system. And so I would say to people that are thinking through that equation that people will demand bitcoin because they demand money because the trade and specialization is something that we all recognize increases value.

Like economies are not zero sum. Your life is actually made better because somebody figured out how to make a car really well, and somebody else figured out how to most efficiently get oil out of the ground. And maybe you figured out how to be a better heart surgeon or to play the violin better um, and so like those the aggregation of all those skills creates, you know,

a sum that's greater than the parts. And if you recognize that there's value in that trade, then you recognize that there's um some rhyme or reason to the coordination mechanism that helps allow for people to both specialized and to capture the output of the value that others create. That thing is money. And then if you're looking for monetary goods to facilitate trade intermediation, you're going to start to look for things that are scarce that combined scarcity

with the ability to transfer. And and that's ultimately what bitcoin provides is a pride of finite scarcity with the ability to transfer it over an Internet channel. And the way that I would describe that is, you know, kind of scarcy in itself is not valuable. If you think about like Mount Rushmore, great, it's the only amount, is only one Mount Rushmore in the world. Finitely scarce, not

valuable as money. And so it's really this confluence of properties that makes something valuable as as an intermediary good and bitcoin and you know what I tell people is price is the output. The input is monetary properties. So people when they see the try the price of bitcoin trading recognized that that you know, when a bitcoin is traded for a dollar, the exact same number of dollars

and bit point exists. Somebody has just displayed a preference as to which one they would like to hold more on which when they value more, and the input is the monetary property. They're expecting, you know, one to increase in value over time, but one's going to increase in value over time. Is one's more or less scarce than the other, and the one's going to be more or less demanded as a form of money in the future

relative to how much is demanded today. And so there's more and more people figure out this combination of Bitcoin is practically speaking, infinitely divisible, is divisible to down to a hundred million units, which is also an important property because it can measure all value large and small. Uh, it has finite scarcity, and it combines those two properties with the ability to transfer it over communication channel. And

that's like bitcoin's mic drop moment. And so when you can bind those three properties and and everyone's comparing various different forms of money to facilitate the exact same function, which is the intermediary the transaction today and carry that forward to a transaction in the future. Um, they're going to opt for bitcoin because it has vastly superior by

an order of magnitude better model terrain properties. Yeah. So, UM, the reason why everybody's going to choose that if if all value subjective is because it's the best, and it's the best because of all the reasons that you've broken down, and eventually enough people are going to realize that, UM. I do. I do like to say often that you know, even still today bitcoin is probably still one of the best long term opportunities as an investor we have today. Um,

it's asymmetric, more upside than downside. And part of the reason, well, what gives us those asymmetric upside is asymmetric information. And so you've just rattled off a ton of information that most people don't have. UM. And so the more information you get, the more information everybody gets, the more will come around eventually as you're as you're making the case,

and then of course the less upside there will be. UM. There's now there's a ton of people that have objections in their head that we hear all the time, which is, um, what about the other However, many I don't know eight thousand other cryptos there are. It's not backed by anything, you know. Uh, it's just gonna be banned. And I'd like to dive into those, but you know, honestly, you've already written papers on each one of those, and and each one can be a conversation, will be here for

days if we try to do that. So, UM, what I'm wanna do is the most common objections. I want to link to each one of those individually in the show notes. So if you want to know why, why it could be banned, or why it could be copied or whatever, I'll link to those. UM. And I want to just transition into the last piece, which UM I really resonated with UM that you wrote, and it was that bitcoin is a rally cry. And so we've set the stage of of where we're at. We have to

print the money to keep the system going. UM. The damage is doing to the system. We have a better option today, UM, and right now especially, I know you wrote that paper a while ago, not that long ago, but a while back. The rally cry. Um, it resonated with me because I was at the Alamo recently. UM, well maybe in the last year, but it's even more important today because over the last couple of weeks and crazy things have been going on. But why is bitcoin

now the rally crying? Well, I think that I've I've also had experience to or you know, as a kid and someone tells you to read your Texas history. You know, I grew up in Texas and one of the have been revisiting a lot of my Texas history, you know, in the past several years. But as a kid, you just don't have the same appreciation work of some teachers asking you to read a book in the classroom and you're just you want to go out and you know, run down to the creek, and you're not super interested.

But one of the one of the more powerful experiences I've had is that when you're sitting in front of the Aluma itself, there's a placard and it's got the Travis letter William be you know, Lieutenant Colonel William B. Travis, and you have this this recognition. I think I think Travis at the time was twenty seven years old. You know. Um, so I'm not sure how old you are, but you

know I'm thirty six year old. You have this picture and your head of a twenty seven year old, you know, in the Alumna, and he writes a letter and he you know, one of the one of the most you know, um.

He signs it with victory and your death. But he he says, you know, basically describes the scene where they're surrounded by the Spanish um during the Texas Revolution and um and he and he describes how he's surrounded by thousands of troops and there's a couple hundred people that are that are in uh in the in the ford at the Alamo, and that he said, you know, the the army, the Mexican army, had demanded surrender, and that he returned to he returned the demand for surrender with

the cannon shot, and that you know, he basically you know, started it with I think two Americans on all to to the people of Texas and Americans and Americans in all the world, just kind of a very um, kind of a signal that it was beyond you know, Texas Revolution and at this point in time, it was you know, in eighteen twenties or you know, there weren't there weren't Americans all over the world. But it was really a call out to anybody who loved freedom. Basically said you know,

I'm gonna sit here and I'm gonna fight. And you know I'm calling you and calling to arms, please come and help us. But if you don't come, I'm gonna fight here until I die. UM. And basically you know, saying that, you know, live free or die, you know essentially that and uh and and if you go to the album and you actually read that, you know, kind of placquer right there. It's a very powerful moment. And that's something that I, um, you know, several years ago.

And and the Travis letter itself is one of the great pieces of Texas history. The album will ultimately fell, um, but it became the rallying cry when you know, people stay remember the album O the the Garrison, you know, in the album of every single one except for for a few people died. But then that became the rallying cry. And Texas want it's for you know, kind of its independence. Um. There took Texas declared to in despense. They've they declared

theirpendence a number of times. They declared their independence ten days after that, UM and then ultimately one their independence ultimately became part of the United States. But just this this idea that that people stayed and fought for what they believed in UM and and that that you know, kind of there there there were scars. Not everybody made it, but that the people that that ultimately, if you believe in something, you have to fight for it. The freedom

doesn't come easy. And that I wrote that article. It's probably my favorite article of the series. You know, definitely not the most popular, probably the most popular for certain people. I appreciate you saying that it's probably my favorite. Uh I wrote it right after the March twelveth Bitcoin dropped from eight thousand to four thousand on a single day.

You know, certain people got liquidated. You know, was a was a punch to summit for a lot of people, and you know, there's a there was a massive equity crisis.

I was basically right to say that this, you know, like because there was also volatilion in the broader markets, and the FED ultimately came in and put in one point five trillion new in in uh in repo funding and announced basically q E forever um like an unfettered, unlimited and and basically I've I've developed this you know thesis or you know, I don't even think of that thesis.

I think it's the an actual description of the world, which is the the instability that we're feeling in the world, because it wasn't just volatili in the bitcoin world, but it was you know, the SMP five dropping ten percent

in a single day. You know, like all of this instability, and it's like this this this you know, re reintroduction of the instability that I think has been there since the financial crisis that has been massed over and basically kicked the gan down the road and put put us all in this position of economic fragility and that and that that has really damning consequences on society at large

and the social fabric. And I think that a lot of the issues that exists in society, whether it's today with two halves of the country wine to kill each other um and shouting each other down, there are a lot of those issues arise from a broken economic structure

that ultimately is underpinned by a broken monetary structure. And that that day when bitcoin crash eight thousands to four thousand, it's this idea that you know, there's no one, there's no one in the bitcoin world that's gonna be there's no one like the Fed's gonna come and print more bitcoin to to bail you out, and everybody has to

be maximally accountable. And and that you know, those people that have woken up to this idea that there's something significantly broken with our monetary structure that's causing things to be broken in our economic structure, which caused social fabric to freight. Is that bitcoin is a thing that will fix it by fixing the thing that sits at the

foundation of what is broken, being the monetary structure. And that with all this volatility in the world is basically you know, a signal to everybody else out there to be like, you know, there there's the saying and bitcoin of Hoddle hold on for gear life. That's that you know kind of um, you know, hold the line. You know, like bitcoin is a is a monetary structure of the future that that's more sound, more resilient. It's more volatile today because there there you know, if we go back

to that idea, there's no one that's priced set. You know, there's no one if the price drops to to inflate the amount of bitcoin to you know, or to to suck up the amount of bitcoin to increase the price backup. Everyone's on their own. We deal with that volatility. That volatility ultimately makes bitcoin more anti fragile, and that you know kind of living through that and kind of you know, kind of taking that cannon shot or that shot across the bowl and and surviving on the other side and

then ready to charge. That's the rally cry, and so kind of you know, part I was just trying to you know, signal that a lot of people do to ink a bitcoin as this as this force for good in the world. It's not easy, and you're gonna have scars, and it's gonna be an up and down road. But then once you start to see it for what it actually is, uh, it becomes a galvanizing force. Uh and and the volatility you start to actually like feed on it.

And it's actually you know something that that I think people that that you know by you know, such a people that work in the bitcoin space, w do Bitcoin podcast, which just people that own it and that that that that are the pioneers that are you know, kind of the early adopters that are on for this massive roller coaster, but see it's great future in this bright future that you know, in a very in a world where it just seems like there's you know, choppy seas and and

and storm clouds, that beyond all those's this bright future and it's all gonna be built and coordinated in the economic uh you know, bitcoin and nominated world. So um, you know kind of when we see uncertainty and we see volatility, and we see in the civilian economic system, we know that there's an anchor out there and it's bitcoin, and that if we hold on that that's going to be the thing that that gets us through the other

the other outside of the tunnel. Yeah, and it gives and and and it's the rally cry, and it's something to rally around, right, So it gives everybody something to come by coming people. If bitcoin wasn't there, that's what I say, Like, if I was just looking at the world around me and bitcoin didn't exist, I'd be massively pessimistic, you know. And just just like that, that Travis letter was a rally cry at the Alamo. Um. Bitcoin is that rally cry that says, like, hey, if ship looks

bad today, like hold on because it's getting better. This is this is going to be the agent of change. That gets us there and and be optimistic and be hopeful. Uh and and let this be the rally cry, because this is actually the thing that it's fixing in real time, the thing that's actually broken. It's causing so much unrest and distortion and and and discontent. Yeah. Yeah, I talked so much about the problems because I'm trying to show people the problems of what it solves. Um And we

have a lot of them, obviously. You know, when we talk about the FED and the interest rates, we talked about you know, what happening on a global stage with globalism in the World Economic Forum and all that kind of stuff, and people said, oh, Mark, you're you're always

always being so pessimistic. Um So. I made a video I think a week or two ago, and I called it, uh, I don't know, my my my biggest hope or whatever, and I made the case that like, the only thing that really gives me hope in the future is bitcoin because of the way it can transform things. And so, um to your point, yeah, the world, the world that the future doesn't look too good, but it is that

one thing that that gives us hope. Um so. And and you know, I there's a there's a lot of talk right now with you know, this change of a political system that we have in the United States, and uh, they're saying, you know, supposedly the Biden camp is talking about unity and let's get everyone back together, but at the same time, they're trying to basically shut down half

of half the Americans. Like and and when you think about this concept of unity, I mean, unity isn't silencing other people, so they just don't say anything against you, right, It's really about having something everybody could agree on. And so that's really where this bitcoin thing comes together. Where we all can agree that the money creates the problems, and we can agree that there's a better form of money, and you can kind of overlook a lot of other things. So, um,

I love I love that. I love that viewpoint. Yeah, I agree with that. Yeah, and and and even and one thing that I'd add to that today too is, I mean, specifically what you're talking about with the Alamo, and I've been there, like I said, in the last year, and when you walk inside, there's like a big board and it kind of like timelines everything out. And man, when you read that, I mean, it's just so moving.

And you know, my my grandfather was in World War Two and he went back then going to World War Two, there was a good chance you weren't coming home. And you know, my father went to Vietnam, and even in Vietnam, there was a good chance you weren't coming home. And today it's like people are afraid to even speak up because someone's gonna look at you weird or call you a name. And it's like they literally the Alumo, my grandfather, my father risked their lives and like now we're afraid

to even speak up. So um, it is a rally cry. And and uh, I love that, Yeah, I and I agree. It's it's it's a real damning play or state of affairs when um, I think, you know, half the country is being silenced and uh and and and it's clearly not something that you know, if you are a leader, you don't you don't unify people by silence and you know half the country. Um. And it's also damning when when a lot of people feel that way but then feel like the you know, or too scared to even

say anything. Um. And I think that kind of reality of what I'm not you know, Bitcoin might be a

hill that I'm willing to die on. I don't think anybody's gonna have to die in the hill because the thing is gonna be a peaceful revolution, but it's it's going to be the thing that helps people kind of get back on the same page because they'll recognize that that the scapegoast that they thought was actually the source of the problem is actually something that they were all suffering from that was one of you know, the the biggest problem that we all have is a broken economic structure.

That's you know, not something that's about diversity or you know, kind of um, it does tie into the to the wealth and equality, but it's like nobody hasn't intentionally caused that problem to happen. It's a meta problem that exists and we're working on solved doing it. And if we take the fly out of the ointment, then it's going to give us a greater baseline to be able to, you know, more harmoniously interact, coordinate, deliver value for each other.

You know, that idea of if you want to want to get more bitcoin, you're gonna have to deliver value to somebody that has it. When you align all those

incentives again, it's not to forecast the utopian world. But God does take us from this world where you know, seemingly no one cooperate or coordinate or be at each other through its on on everything, saving only um and goes to a world where they can just focus on, you know, living their daily lives and creating value for others around them, and that if we're if we're if you know, if we're able to do that, then it's

going to take the temperature down. And I think that the more people that that wise up to this fact that there is a broken economic structure, it upsets people. So people kind of have love lived in the dark form for a long time and been ascribing probably different symptoms to different problems and not realizing that it's something

with their money. And once they realize that it's the money, then it gives them that rally gride to work around, you know, say, hey, okay, like I can't control what the Democrats do, I can't control what the problems to. If I work on bitcoin, that that's the single greatest contribution I can do, even though I can't change you know, how it works or what it does. But if I can contribute on that, I can focus on that day to day that that's the path towards you know, a

more prosperous feature. And the more and more people that look at the exact same equation come to the same conclusion. Let me work on this. This will become my my north star. My guide was, you know, at least in terms of you know, work and career, to try to make a difference and to get to a world that vances us beyond whatever it is we are in today, which is not a not a good state of affairs. Yeah, perfect, well, well said. And uh, with that, we're gonna go ahead

and wrap it up. Um, Like I said, we could have probably made each one of these topics its own its own show, because there's just so much here. And and so what I would just encourage everybody who's listening, Um, no matter what objection or doubt or whatever question you have in your head, there is the answer. There is an answer for it. So I'm gonna link to his reach versus down below, But there's plenty of more answers

out there. And so if you have the question, just spend a little bit of time and try to go get that answer for yourself. Um. And so with that, we'll wrap it up, Parker. UM, I'm gonna, like I said, I'll link to I'll link to your your your blog post down below. Is there anywhere else that you want to direct people to to follow, follow you or keep up with you. Yeah. They find us on on the website at an unshamed dashed capital dot com. I put

out all my articles there. I need other content that that we work on from the bitcoin side to help people inter secure the bitcoin. I you can find me on Twitter for the time being, um at a Parker A. Lewis. Um, I'm also on bitcoin hackers dot Org. I mastered on at Parker Lewis as well. So find me either in those places and um, yeah, keep finding while you still can. Yeah, all right, thanks so much, Parker. He appreciate it. Mark. Thanks all right, that was good. Too many areas to

jump into, but that was good. Um. I was gonna tell you one one interesting thing you know to your point about it's the better form of money, and not not just a better form of money, but it's just a better system overall. And obviously you know this right, but open border, list, permission, list, etcetera. And I've been in Puerto Rico now for what fourteen days or whatever? Fourteen days and I had I sold a piece of real estate, an apartment building in a closed desk for

the day. I came over here and uh. I got here and I have all this money sit in the bank, and I'm like, you know, I'm probably just gonna throw them to some bitcoin while I'm just deciding what I'm gonna do with it. And uh, but but I had no way to access my money. It's in Wells Fargo. There's no Wells Fargo is in Puerto Rico. And I literally had to get on an airplane and fly over to Miami last weekend just so I could get access to my money and send it over to Puerto Rico.

And I'm just like, like, how old is this banking system? Like I have to get on a plane to go to Miami to even get my money anyway. So now I'm back here and it's fourteen days in and I haven't been able to get my bank accounts opened up yet. And I literally went to the branch today. I've been dealing with bankers. My attorney's working with bankers. I probably went six emails back and forth today, so in documents and fourteen days and I can't even get a bank

account opened. It's unbelievable. It's a disasters. A thick point address and holding on your own keys make a lot more sense. Yeah, so so anyway, that's that's crazy. Um, but I know we've gone late, so I'm sure you probably gonna go, and we'll let you go. But I would like to talk about maybe getting something set up for myself. UM. Yeah, do you do I have your email? Do you have my email? Um? I don't know, but

I'll drop it. I can just drop it in Facebook, Twitter. Yeah, drop me your your email and I'll send you information getting you set up. You have someone to reach out to me or whatever, and I'll see about getting that set up. I just I have like six hardware wallets and I kind of like I have spread out, but like that's just not the best option. And uh, well we'll get you taken care of. Cool all right, Well thanks for jumping on, Parker. I will I'm probably gonna

get this posted up this weekend. I'm gonna post it and I'll tag you in and stuff like that. Awesome. I appreciate you having me on. Okay, thanks to the lector surnup macor