The Rising Wave of US Debt & Fair Value Bitcoin

are high. We're going to talk about some of these signs that we have there. We're going to talk about this new bill that just got past in bitcoin that has massive implications. This is just breaking news. We're gonna talk about what the heck is going on with commodities, specifically with oil, what is going on with China. Man, We have a lot to cover. We're going to talk about what's going on in the US with some big, big, big domestic news. Anyway, I got a lot to cover.

You don't want to miss this. If you do miss any of it, don't worry. We got your cover. You can check it out on the podcast. Just search the Mark Moss Show in your favorite podcast player, or go watch me on YouTube search Market Disruptors and you can watch me and listen to me over there. But just jumping right in, Like I said, we had some big news in the bitcoin space this week, which is the technology, the decentralized technology that's really starting to drive massive change

around the world. And one of the big changes that just happened is something called FASB Financial Accounting Standard Board. All right, it's a big deal. Bloomberg reported on this

Bloomberg Tax specifically about these financial accounting standards. And so basically as a company, as a corporation, you have to follow what's called GAP General Accepted Accounting Principles or whatever, and so you have to file this, you have to keep your books in a certain order, you have to file your reports in a certain order, especially if your

publicly traded companies. So there's all types of regulations, especially especially in the banking sector, but all types of regulations that talk about how you can hold assets, how you can classify them, how you can value them, how you report them, and all these different types of things and the way that you're a able to handle and manage assets very greatly, and they change the incentives for you

to want to have those types of assets. So, for example, if I can hold a certain type of asset that gives me a lot of leverage, I might want to hold that for reasons besides just holding it, but also I might want to hold an asset but that the incentives work against me and I don't want to. So

let me break this down for you. So for bitcoin and other cryptocurrencies, for example, the new rules under this Financial Accounting Standards Board, the new rules would allow a better reflection of the actual market value of the digital assets, as well as bring greater transparency to the financial reporting of companies that hold them. Now, these changes aren't in

effect yet, it's just getting published. They expect to be published by the end of this year and then go into effect as soon as twenty twenty five, but it looks like companies will able to start applying them earlier

than that. And so basically the old treatment before this is that like bitcoin or cryptocurrencies, is an intangible asset, which means that if the price went lower than what the companies bought it for, then they'd have to take an impairment charge on their books, even if they didn't sell and so we talked about this a couple weeks ago with SpaceX had to mark down the bitcoin that they had on their books. So in the old treatment, if the prices went down, they had to take this

impairment charge. They had the negative, but they didn't get the positive. If the price went up, they couldn't receive any benefit on their books unless they sold it all right, So this means so if you're a business, if you're a corporation, if you're reporting these numbers, then you want to know what your balance sheet has, So that means what are the assets on the books. So typically, if I'm looking at a publicly traded company, I want to look

at like what is this company's liquidation value? If I bought this company liquidated, how much inventory do they have? How much money in the bank do they have? How much is the total bye of all their assets? So let's say that the total valve of all their assets is one hundred million, but I can buy them. I could buy the stock for a fifty million. That's a pretty good deal. The problem is is that under these old accounting rules, you can't use bitcoin or crypto assets

fair market value. So you bought bitcoin at a dollar and now it's worth thirty thousand. You went, you know, you had one hundred thousand dollars with a bitcoin, now you got one hundred million dollars with a bitcoin. You can't put the one hundred million on there. And so because of that, a lot of these big corporations don't want to add it because they only get the negative this impairment charge. They have to market down showing that they're in a loss, which is what happened to SpaceX,

but they can't show the upside. So, like I said, when bitcoin price plunk surges goes up, the companies aren't able to reflect that. So this is a really, really

big deal. This could make companies. I think it will make companies way more likely to add bitcoin to their balance sheet and long term holders because now they can report the appreciation with they're having to sell anything, so they can take little bets today with these bitcoin or crypto assets, expecting a big return, and then in the future they could report earnings based off of the new balance the new asset prices, which could make them look

like geniuses, which could bolster their balance sheet, which could ultimately republic tread company affect their stock price now Michael Saylor, the CEO of When now I step down of micro Strategy, I think he's still the chairman of the micro Strategy. He's one of the biggest bitcoin holders in the world, one of the most publicly outspoken Bitcoin advocates in the world, and he believes this is massive news. He's been trying to get this to go through for a long time,

so it's a big deal. Some other things I saw in the bitcoin space this week. In the crypto space this week was really really interesting, and I don't want to say crypto space, it was specifically in the bitcoin space, and it's because of the bitcoin mining. So most of the other cryptocurrencies have all moved over to something called

proof of steak where they don't use mining. And you've been seeing over the last couple of years how bitcoin mining specifically is this detriment to society, How it's going to ruin the environment, how bitcoin is going to use more energy than a small country. You're going to use all the energy in the world, and how big of

a deal that is, how bad that is. But we're actually seeing I've been reporting for years now, and we're already starting to see the shift in the media's narrative around this, We're starting to see that actually bitcoin isn't bad for the environment. As a matter of fact, it could just be the savior. So what do I mean by that. Well, over the last several years, you've seen, specifically, I've been watching in Texas how there's massive problems with

the energy system. In Texas. They had the power go out in the winter and during a big freeze, and it was a big problem. They had to go out in the summer when it was too hot, and it was a big problem. Last summer happened again, and this summer it's just happening again. And what happens is during certain times in periods, you need more energy than others. Pretty simple. Right in the day when everyone's at work,

energy use is less. At night, when everybody comes home and has to turn their lights on because it's dark, energy surges go up. When it's hotter, everyone turns their air condition on higher, so you can see that it's higher usage changes. But the problem is is that if I provide energy, I can't just turn it up and down like that. It's not just like a knob that

I can control. And so what they've been doing is they've been creating more base loads so they can produce more energy all the time, but then diverting some of that load over to bitcoin mining, and whenever they need that excess demand, they just shut down the bitcoin mining and put the excess demand over there. When it's not needed,

they push it back to bitcoin mining. And we just saw that Texas was teetering on the edge of blackouts again as they've been having this heat wave and as the demand was squeezing on the grid, and so Texas nearly had to start rolling out blackouts, but they didn't have to because at nine pm local time, they called up the bitcoin mining companies and said, hey, could you turn off off your equipment for us please, And they did and all that excess demand was able to go

right back to the grid. I mean, if this isn't a wonderful fairy tale story, then I don't know what is. Because there is no other solution for this problem without bitcoin. Now we see the same thing happening in Iceland. Iceland's able to create more energy than it needs, but most of it's going to waste. They have all this excess energy because when they need to create it for when it surges up. But when it doesn't surge up, what do they do with it? No one in Iceland wants

to buy this non guaranteed power. Factories don't want it, nobody wants a Households don't want it. No one can use it. That's because most power consumers only need it when they're online, when they're home. But you know who doesn't Bitcoin. So bitcoin minors can jump in and grab that excess energy, that wasted energy and use it. And so we're starting to see this change the entire world that the media narratives changes changed in the world. We

saw it into Texas, happened, they saved the day. It's happening in Iceland, and it's coming to an area near you. If you're just tune in, you're listening to the Mark Maas Show run through some of the latest breaking news headlines this week, so you can stay up to date on how this world is changing as we look at through the links of politics, finance, and technology. I want to come back. I want to talk about what's going on in the US economy, what's happening in the global commodities,

and a whole lot more. You don't want to miss it. I'll be right back in a minute. Don't go away, I'll bear back, all right, Welcome back. If you're just tune in, you're listening to the Mark Maas Show. We're running through some of the latest breaking news headlines this week so you can know what the heck is going on as the world is going through de globalization or as I call it, decentralization, and of course we can

see this everywhere. I've been talking about for a long time and I will continue to talk about a long time. Is the rise of this, well, it's deglobalization. It's the rise of the challengers to the US homogeny, the US dollar standard, of the US international order, whatever you want to call it. And of course we see it with Russia and China challenging the US order. They've been de dollarizing for over a decade now. But now we have

the rise of the bricks. And there's some very very interesting things if you know where to kind of look between the weeds and see what the heck is going on. And really, when you look at things, if you really understand things at their first principles level, at their base level, from a philosophical level, you know that energy is the most important thing in the world. Without energy, nothing happens. Life doesn't happen, Plants don't grow, animals don't grow, we

don't live. So everything comes down to energy, and the law of energy states that energy cannot be created, it can only be transferred. So energy from the ground transfers to a plant. When the cow eats that plant, the energy is transferred to the cow. When I eat the cow, that energy is transferred to me. And when I think and type on the computer, that energy is transferred. So

we transfer where its transferring. Oil has been the base of that, and you can look back through history and see that the nations that have the oil have been the ones that been the most prosperous and have been able to control kind of the world. And that's why the US dollars maintained its global homogyny because of the Petro dollar, the agreement that was found that started with Saudi Arabia in nineteen seventy four to always price dollars

in oil. But all of that's being threatened now because of the bricks nations, and so Russia part of the bricks, the r and the bricks Saudi Arabia, who's now a new entrance into the bricks are now, you know, some of the largest oil producers in the world, and they're deciding that they don't want to keep pumping out their scarce resources out into the world in exchange for US dollar treasuries that are just losing value, and so they've been deciding to reduce the amount of oil they're producing.

As a matter of fact, Saudi Arabia has extended its voluntary cut of one million barrels per day until the end of the year. Now, a lot of this pushed oil prices up, which then in turn push all energy prices up, which then in turn pushed every single price up. The Bite administration tried to counteract it, and not tried to they did. They were able to counteract that by

dumping our strategic petroleum reserves, so they drained them. As a matter of fact, the petroleum reserves are now at the lowest levels they've been in forty years, following last year's record drawdowns. At the same time, US production of oil is at an all time As a matter of fact, US produced twelve point eight million barrels per day of crude oil in June, matching its production from pre pandemic

back to February of twenty twenty. But even with the US's increased production and the draining of the SPR, we're seeing that the oil prices are going back up. They're up to a new one year high this week, and it looks like it's going to continue moving higher now. Like I said, in the past, the US has been dumping d SPR patroleum reserve into the market to bring you dump more supply to bring the price down. But the problem is, like I said, that it's running low.

As a matter of fact, that the lowest since nineteen eighty three. So what are they gonna do. We're already maxing out the amount of oil we can produce. We've already dumped pretty much everything that we can into the market. But the problem is is that no matter how much we dump into the market, which we run out of, no matter how much we produce, Russia, Saudi Arabia, Iran,

they just turned theirs down. You see. They can play this game for a lot longer than we can, and so we're not really able to control the price of energy. And it's a problem. And it's a problem because, as I said, when the price of energy goes up everything goes up. You know that food that you went eat at Chipotle and picked up at your grocery store, It had to be driven there, and it probably had to be shipped on a plane or a boat to get there, and it probably had to be dug out of the

ground with a tractor. And all of those things require energy. And so when the price of energy goes up, everything goes up, and energy is going up. Now again, the treat petrol reserves are not just dwindled down to their lowest level, but they're dangerously low. And so now we're in a situation where the US is actually now trying to refill them and buy more oil. As a matter of fact, the Department of Energy, the DOE, purchased three million barrels of crude oil for the spr for delivery

in August. The average price per barrel was seventy three dollars, which is lower than the average price of ninety five dollars per barrel that the oil is sold for last year. So they did okay. They sold it for about ninety five bucks. They bought it back for in the seventies. Not a bad trade. They are purchasing this from Exon Chevron Marathon Valero not bad. I don't know if that's a good strategy. I don't think the Biden administration should be trying to trade the oil that we have, but

so far it worked. Now, they had originally said they were going to buy oil when it was in the seventy dollars range. They sort of missed that, but they are buying three They did buy three million barrels oil. But here's the problem. You see, in order to get prices to come down, they were selling it to increase the supply. But the problem is Saudi Arabis and Russia says, well, then we'll just turn down our supply, will counteract that.

So now we're in a period where they're turning down their supply and now the spr has to be refilled. So what happens with that? Well, if you want to know what I think, I think it means more inflation ahead. I think oil continues to go up. I think that inflation continues to go up. And this is a big problem now, as I always say, nothing goes up or

down in a straight line. Now, a lot of the headlines that you saw basically illustrated that they just didn't understand what they were saying, so, for example, you saw headlines of the last month or two oil's crashing. You know, the last several months, six eight months, oil's crashing. As a matter of fact, it's the reason high inflation has come back down to where it is. I've broken this

down many times. If you look at the CPI basket, the Consumer Price Index, you can see that it's broken down by food and shelter and energy and things like that, and you can see that it was just energy that was coming down. Nothing else was really coming down. It

was just energy. And the reason why is because when the Russia Ukraine War kicked off and the sanctions were placed on Russia, the whole world thought, we're going to go into this massive supply problem where all that Russian energy would come off the market, and so the price is shot up in advance of that, and we went from about eighty ninety dollars a barrel up to about

one point fifty. But then pretty soon, very quickly, the world sort of realized, well, none of these sanctions at the US or the G seven placed on them, or NATO placed on them worked. Caps on Russian oil didn't work. The Russian oil is still going to market, and so the prices just came back down to where they were

before all this happened. So all these headlines that you saw where it's plunging, it's crashing, No, it was just returning back to where it was before it had artificially spiked based off of an assumption that never came to be true. So now we're back into normal territory and now it's going back up. Now. In addition to this, again you always have to just think about supply and demand. It's actually pretty simple. Now, it's not simple to understand

all the dynamics that make up supply and demand. But I saw this week more headlines that the United States decided to close more oil and gas permits to drill for oil and gas that were given under the Trump administration. So Trump opened it up, we could increase the supply, and again the Bide administration is shutting them down. So if we continue to shut down the supply side, the rest of the world cuts down the supply side, and the US has to be a buyer to fill up

the sprs. And turns out you and I still need energy to live. Turns out we still need to ship food around the world. Turns out. So what happens and that's the price going up. You got that good thing. You're figured that out right. If you're just tuning in us into the Mark Maas Show, I'm breaking down the latest news headlines of this week. I got a lot more to cover, but I gotta take quick break. I'll be right back. Don't go away, all right, welcome back.

If you're just tune in, you're listening to the Marcomas Show. We're talking through some of the latest breaking news headlines this week, so you can understand what is going on in the world through the lens of politics, finance, and technology. And I want to dig into the economy for a little bit here. It's a sort of a tale of two markets, if you will. Right where we see that there's all these signs that the economy is not doing

good and we're headed forward recession. But then we see all these other signs that looks like the economy is really good. We see signs. Well, when you see the economy not doing good and potentially going to recession, then why is the markets doing so good? The equities, the stocks, but then the bond markets are looking bad. So we're seeing this like a bipolar viewpoint in both the economy and the markets. And I say that in two separate things, right,

the economy and the markets. We're breaking these apart. And it's important to understand this piece because you have to realize that the economy is not the market now. It

should be it used to be. Because if an economy is doing good, meaning you know, people have money, people are buying, and you know everyone's happy, everyone's spending money, then I'm spending money at stores, buying goods and services, which means then those businesses do better in their reporting, they post higher revenues, higher profits, and then it pushes

the stock prices up. That's how it's supposed to work, but we became detached from reality over the last decade or so when we kind of went to this era of free money where the stocks that do the best are ones that don't even make any money, which is kind of weird, but really where the disconnect happened was in twenty twenty and during the pandemic, we saw like literally the entire economy shut down, like literally, businesses that have been around for decades were forced to close, stores

were forced to close, and so the economy just completely cratered, but the markets took off to new all time highs. And so now we see this two separate things. And it's important at least for me to think about these things separately, because the markets do not equally the economies. So the economy could crash again, but it doesn't necessarily mean the markets will. They could, doesn't mean they have to. So if we look at the economy, like I said,

there's there's a lot of bipolar signs that we're looking at. So, for example, the economy seems great. We have some of the lowest lowest unemployment that we've seen in decades. That's great. We are seeing that, you know, stores, retailers, companies are still reporting record earnings, record revenues, record earnings. Consumers are buying.

Sentiment is great. So that looks good. But if you dig under the hood a little bit, which is what you should be doing, we can also see that while yeah, while people, while consumers are buying, we can see that their savings are getting depleted at a very rapid rate, which look at the money supply, we can see that their credit card debt, consumer debt is skyrocketing through the roof, and so it looks like savings them been depleted, and all of this spending that looks like the economy is

good is happening off of debt. And the problem is is that debt runs out. And it's not just that debt runs out, it's that debt runs out, and it also has to be repaid, and it has to be repaid from future earnings. And so what this does is it really impairs the future. Now, if that's not bad enough, what we can see is that it's already starting to get to a very dangerous point. As a matter of fact, we saw this week headlines came out that delinquencies for

credit card payments and auto loans are skyrocketing. As a matter of fact, the default rate for credit card payments and consumer loans are at their highest levels in a decade. We can see that more and more consumers are missing payments on their household debt, and it gets even worse for the first time ever. According to the Washington Post, Americans are on the hook for more than one trillion dollars in credit card debt and the delinquency rate is

almost four percent according to Moodies. Now you have good debt and bad debt. Let me table that I'm gonna come back to that. We have five point four percent of consumer loans and three point six percent of auto loans are also late. Now that's credit cards, consumer loans, and auto loans. Now, auto loans at least there's an asset there. So you have the car. The problem is the car is going down faster than you're paying the debt down. But your credit card debt and most consumer

loans are for stuff that you don't have anymore. There's no there's no asset there. Now to add insult to injury, so to speak, the average credit card interest rate is roughly twenty one percent. Now that that's a massive rate. If you put that into sort of some frame of reference, it's like doubling every three or four years at that rate. So every three and a half years your debt doubles. How are you going to pay that back? Now, it's important to understand that there's two types of debt. There's

good debt and there's bad debt. There's productive debt and there's destructive debt. Consumer debt, consumer loans, credit cards. That's destructive. You spend the money on a vacation, you spend the money going out to eat. There's nothing behind that debt. You just have the debt. You're paying twenty one percent interest, and that means the debt is doubling every three and a half years. And it's not just those We see that Americans are so strapped for cash that they're resorting

to now, these buy now, Paid Later options BNPL. You might have heard about this before. It's when you go shopping on your favorite e commerce website and then at check out you have this option to buy now, pay later. These programs have gotten all the rage. They've been going really fast, and they work well. I suppose right for larger purchases that you can't afford, like a you know, like a TV, or furniture things like that, but I

see them for all types of things. I see them for low ticket items that you should able to just pay outright, Why would you defer the payments on that. As a matter of fact, lending Tree found that twenty one percent of respond and say that they're using these buy now, Paid later loans just to buy groceries. We see when you're using your credit cards, when you're using these buy now, pay later programs just to buy food. Unfortunately, that's a bad sign for the economy. And like I said,

there's good debt and bad debt. When you're buying it for food, that's bad debt. Now, for the past decade, consumer spending has increased each holiday season, and researchers are expecting more growth ahead. Well, we see it. We don't know, but we do know that it's getting more and more expensive to live off credit cards. We can see that savings rates are going down. We can see so we see these all over. So what gives what's the tail of the market. Well, and we also know that right now,

historically unemployment rate is still very low. It's gone from three point five percent up to three point eight percent. It's still under four percent, which is historically low, but it is the highest level that we've seen in about a year and a half right now. We also know that unemployment is a what we call a lagging indicator, so it doesn't really tell us what's about to happen.

It typically tells what already happened. And the reason why is because most employers or business owners don't want to lay people off. It's hard to find good people, so you try to make every cut that you can. You probably go without your own pay for a while before you let people go. So it's like the last ditch resort. And so that's why it's a lagging indicator. But we also did see which I thought was pretty interesting, the labor force participation rate actually went up. It's at sixty

two point eight percent. It's the highest level since the pandemic began in February of twenty twenty. And so you have unemployment only measures the people that are looking for work, a real gimmicky, you know, it's a way that the government can lie about the data. Basically, so unemployment tells you the the how many people don't have jobs who want jobs. The labor force participation rates a better number because it tells you of the working age population how

many of them are working, And so it rose. It's a sixty two point almost sixty three percent. But that means that thirty two percent are not working able bodied of the correct age decide they don't want to work. And so while that's getting better, it's still pretty low. But this is where we're at. This is the tale of two markets. Right now, everything looks great. Companies are

reporting better earnings, better revenues. The markets are strong. Unemployment's good, but what we can see is that it's coming off of the back of savings being drained down, and it's coming off of the back of credit card debt. That's not good. If you're tuning in, you listening to the Mark Maus Show, I got to take a very quick break, but I'm going to come back with more in a second. You don't want to miss it, so don't go away.

I've be'er back. All right, Welcome back. If you're just tune in, you're listening to the Mark mass Show, and we're running through some of the latest breaking news headlines that we saw this week that are literally showing us the play by play of how the world is breaking apart, the decentralization, the deglobalization, whatever you want to call it. And I like to look at through the lens of politics, finance, and technology, so you can really bring things into context

of what's going on. You know, we talked about in an earlier segment. I was talking about the law of unintended consequences, and really to understand unattended consequences, you kind of have to think through first, second, third, fourth, fifth order effects. Because most people only think about first order effects. So, for example, we have poor people, we should give poor people free money. That sounds nice, let's help them out.

But what happens if we do well? Then they don't go work and they become dependent on the system and then the game, right, and then and then what happens? And then what happens? And so you have to kind of ask that question. One of the things that we see today is it's I want to say it's comical, but it's not. We shouldn't be laughing. But it's sort of like one of those things where like I told you so, and like now you got to like you made your bed and you gotta sleep in and so

to speak. And what am I talking about specifically, Well, you know, these are these are difficult questions and topics to talk about. But I think about the immigration problem that we have in the United States, and when I say immigration problem, that there's a lot to unpack there. Now. One of the greatest problems at the US and every developed nation has right now is depopulation. And not because

of Bill Gates or something like that. I'm talking about just we have old people and we don't have enough young people. Right That's the problem. China's got a real big problem. They had thirty years of a one child policy. So the United States needs migration. We need people coming from other countries if we're going to survive. We're just

not people. Americans just doren't have enough kids. As a matter of fact, we saw we're trying to onshore a lot of new manufacturing and in Arizona they're trying to build these new TSMC chip manufacturing plants that are from Taiwan, but they can't get enough good workers. We just don't have smart people. Everybody wants to be a YouTuber, and so we don't have these people to work at these plans.

So we need migrants. We need immigration, but we need good We need good immigrants, right, We need people who are educated and trained to come in, and so we do. The United States is obviously built off immigrants. We have the you know, we have more immigrants in the United States than any other nation in the world. But then we have illegal immigrants. And these are ones who come in illegally. They cut the line, they don't go through the proper channels and process. And this is a big

sticking point. Now I could be all for having open borders and just let everybody come in if we weren't in a welfare state. But the problem is that we are, and so we don't just let them come in, but we provide them with all the money they need and driver's license and voting and social Security that everyone else is paid into they did and all these different things, and that causes a massive problem. Now you've been hearing about the open border that we have on the South.

Trump obviously was trying to close that border, and even though he never actually got it finished, his aggressive stance to the border actually did a lot to deter people from coming. As a matter of fact, during his presidency, a lot of people at the time that had been interviewed had said, why would we even bother going there, We're just going to be kicked out. There's nothing there for us when we get there, and so that worked

to deter people. But what we see now with the border policy is like an open invitation for everybody to come in. And of course this is led by the Democrats and the Biden administration with this policy, and while the people that are affected by this, specifically on the border Arizona, Texas, etc. Have been panicking over this we've

seen millions of people coming over across the border. Some people have decided to take steps into their own hands and start to move these illegal immigrants into other areas, one of which is specifically in New York City. Now, it was sort of a little bit of irony this week when we saw the mayor of New York, Mayor Eric Adams, hold a press conference talking about this exact problem. To his I have a video clip here, I was

going to play it here, where'd it go? But basically Eric Adams was talking and he said, quote that this issue will destroy New York City. He said that they're getting ten thousand migrants per month and there's no stopping it. There's no end in sight, which I thought was pretty interesting that he would say that, here we go, here's the clip, let me give it, let me get it to play.

and they want to come here. Well, because of the things they get when they come here. So you change the incentive system, you put a couple of checks and

gateways in and you solve that problem. Just about a month ago, it was actually July, so a couple months ago, I flew out to Spain to give a talk at a Mastermind event there, and when I was flying back, I was flying from Madrid to back to Los Angeles and I had to go through El Salvador and on my plane were I don't know, twenty or thirty African people getting on the plane and they were all like, dressed pretty nice, and they were all, you know, all getting at the same time. And I've been to El

Salvador many times, mostly I go there for surfing. There's not a lot in l savad Or. It's certainly not a big debt tourist destination for most people, and it's certainly not a place where twenty or thirty twenty year old African males dressed nicely would go. So I start thinking about this, and I tried to talk to a

couple of them. Most of them didn't speak any English, and as it turns out, most of them were flying into Al Savagor because of the place they could go to for Madrid, and from El salvad Or they would start to make their way up into the United States. Now, who paid for these people, you know, dressed nice and who paid for their plane tickets to get them there? I don't know. That's a different story, but it certainly seemed pretty organized to me. But this is what happens

when you have this. So for Eric Adam's statement, I don't see an end in sight. Pretty interesting. Now, let's break down some numbers we see. In the fiscal year twenty twenty two, border patrol agents apprehended a record breaking two point three million immigrants at the southern border. Now this is apprehended, Okay, this number includes people that they got. It doesn't include the people that they didn't, which is the majority of people. We don't have a firm number

on that. We can see that the number of undocumented immigrants crossings at the southwest border for the year twenty twenty two topped almost three million people in one year, which broke the previous annual record by more than one million people. So this is a big it's a big problem, it's a big epidemic. It's a big conversation, and it's one that doesn't have an easy answer. But again, as I said, the irony of making your bed now you have to lay in it. The Democratic parties that want

this to happen. And here Eric Adams is having to deal with this and he can't see an end in sight, but when it's sitting right in front of your face. And this goes back to what we talked about in the very first episode, which is the law of unintended consequences. You have to be able to think through first, second, third, fourth, fifth order effects and this affects all of us. Right. We have people all in this world, in this country who don't think through the second, third, fourth, fifth order.

They don't think through the consequence of these things, and unfortunately they're helping vote, which is why it's important for us to continue to talk about these things, continue to spread these brush fires to the minds of men. As Samuel Adams said, take these conversations, discussing with your friends' family, co workers, and we can change the collective shift anyway. That's what we got for today. Thanks so much for listening. If you're just tune your listen to the Mark Mas Show,

and that's what I got. I'll talk to you next time,