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Is This the Deep Breath Before the Storm?
Episode 753rd October 2022 • Generational Wealth with Cryptocurrency • McIntosh
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For years I have held the thesis that there would be some point in time when the game of fiat currencies backed by "faith and trust" in government would fall like a badly built house of cards. With the kickoff the of global pandemic and subsequent governmental reactions (including accelerating national debt levels) I reasoned that the time of reckoning was drawing nearer.

With the beginnings of the rise of various inflation rates I started saying on the podcast that basically 2023 should be the worse part of the recession. That still may prove to be true but I am very strongly starting to believe it will be in the next few months (say three to six months) instead of the second half of 2023.

This weeks news is packed full of backing for those views. Inflation is beginning to spike sharply in a number of countries. As an example, the Netherlands are reporting 17.1% inflation for September. A number of institutions are experience severe credit issues. Energy production is down. Energy prices in Europe are spiraling upward. The war in the Ukraine is continuing to drag on. Banks and various other companies are beginning to say they don't have liquidity (ie .. cash) to continue. Apparently without a governmental intervention (ie .. injection of cash via creation of more debt) the majority of the pensions in Britain would have been insolvent last week.

So let's dive into the news and remember why we stack sats!!!!!!!

News and Links

Proposal for Reversible Transactions on Ethereum

Germany announces 200 Billion Euro package in Debt Relief

A US CBDC won't be anonymous

Netherlands records 17.1% inflation rate

World banks exposure to crypto

US Federal Reserve Emergency Meeting

Zombie firms and business bankruptcies

Why is the US dollar so Strong against other currencys?

French minister for the economy demanded access to all banking transactions

The second largest steel producer in the UK is seeking urgent financial help

Lynn Alden

Paypal Updates User Agreement - Goodbye Paypal!!

Podcasting 2.0 Apps Available at http://newpodcastapps.com/

I can be reached by email at mcintosh@genwealthcrypto.com and on twitter at @McIntoshFinTech. My mastodon handle is @mcintosh@podcastindex.social. Looking forward to hearing from you!

Website

https://genwealthcrypto.com

Music Credits

Rock Guitar Intro 07 by TaigaSoundProd

Link: https://filmmusic.io/song/8342-rock-guitar-intro-07

License: https://filmmusic.io/standard-license

Funky Life by WinnieTheMoog

Link: https://filmmusic.io/song/6040-funky-life

License: https://filmmusic.io/standard-license

Transcripts

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Hey, Sat Stackers, it's October the 3rd, this episode 75 of Generational Wealth of Cryptocurrency.

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I'm your host, MacIntosh.

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Today we're talking about is this the deep breath before the storm?

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Of course, no one on this podcast is a financial advisor and all information presented on this

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podcast is for informational purposes only.

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Now that we have the legal stuff out of the way, let's jump on in.

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All right, this episode is going to be a little bit different.

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I actually had a topic in mind and I had it all outlined.

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And just so you know, I probably maybe figured this out.

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But as I go through the week, I clip news and save it.

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And of course that builds my news list.

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Well, this week there was a lot of news and I think it's a lot of very important news.

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And to an extent, I want to turn this into a news episode, but with a theme.

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I do believe this is all related.

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I think it's very relevant to what's going on in the world in general and crypto markets

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as well.

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So if you will bear with me tonight, this might be a little bit different.

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I'm actually going to read some token, JRR token, my favorite writer.

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And I'm actually, that's where the title came from, although I changed it just a, just a

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little bit.

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So we'll get that to that.

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All right, let's talk about the market before we jump into all that news.

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Well, I guess you could say I knew what I was talking about.

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I don't want to brag.

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I'm not trying to brag.

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It did turn out this time that I was right and I was right because statistically looking

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at what was going on, we had a better chance of going down than up.

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And that's what actually happened over the course of the month.

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So if you recall back at the 1st of September, I said historically, September has been a

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bad month, frankly, just in terms of what has going on with the charts at that point,

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it did not look good long over the medium term, I should say for Bitcoin and for the

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market in general.

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And so I said, well, most likely we're going to go down.

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And that's what we did.

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So we got two different numbers to talk about this week, two different sets of numbers,

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I should say.

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The monthly close, which of course was September the 30th, and then the weekly close, which

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was October the 2nd, right now, a few hours ago, is still October the 2nd in my time zone.

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So let's dive into those.

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Monthly close, Bitcoin, we opened the month at $20,050.50.

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We closed at $19,431.79.

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It actually only went down 3.08%.

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In fact, during the middle of the month, I noticed it spiked up a little bit, hit I think

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about $22,000.

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That's correct, 22.8, actually.

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So we had a little spike up, but then it kept going down.

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So there you go.

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The others, on the other hand, Ethereum, had a monthly open at $1,553.

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We had been having some, Ethereum had been doing well, Bitcoin had been going sideways

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if you recall, Ethereum had been doing well relative to it.

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But it closed at $13,2798.

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So that was actually down 14.53%.

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So it was down a good amount.

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And certainly, relative to Bitcoin, it fell quite a bit more.

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And then, of course, the last one is ADA.

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ADA opened the month, sorry, I lost my place here, there it is.

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ADA opened the month at basically $0.4466.

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It closed at $0.4344.

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So just a little over a cent difference, and I actually didn't run the calc.

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It would have been a very small percentage, but almost basically unchanged.

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So that actually, in ADA's regard, is kind of remarkable, if you want to call that.

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And then for the weekly close, so this was earlier tonight, October the 2nd, Bitcoin

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closed at 19,044.

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So it's actually down 400 points from that monthly close.

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Ethereum at 1276.

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So it was down another $50, basically, and then ADA closed at 41.9 cents.

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So another cent and a half down.

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So really, since that monthly close, which was lower, of course, we've trended down.

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That's the state of the market.

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Let's talk about October for just a second.

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Historically, October is almost the reverse of September in that most of the months for

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crypto are green.

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But to be a perfectly candid at this point, I'm at the point where it's going to have

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to be proven.

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I don't believe it at this point.

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And I don't believe it because at this point, Bitcoin and these other crypto assets are

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still risk on assets compared to the rest of the market.

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Now the market in September actually did worse than crypto in general.

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And we're going to discuss that some, but the market was down.

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And by the market, I mean the stock market, the world stock market, the three big US stock

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markets plus others around the world.

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They were down, but they were actually down more, if that makes sense, than crypto.

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So if you want to call it that, crypto was a better store of value than the markets in

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general.

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However, just to be clear, until proven otherwise, crypto, Bitcoin, it is still at risk on asset.

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And you have to treat it as such because you can want as much as possible for Bitcoin to

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shoot to 100K.

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Of course, that's what I want.

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But the reality is it's going to follow that market.

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So we need to determine where that market is going to go.

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And we're going to be talking about that a lot tonight.

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I know I've been talking about this a lot over the last few weeks.

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And on the one hand, I want to apologize for that.

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But on the other hand, I also want to give you the best information in order to go out

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there and do the best for yourself.

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This week, a lot of market news, a lot of things going on.

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And I think it's things that are very relevant.

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All right.

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So I did want to make a note.

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My podcast dropped last Monday, which was Rosh Hashanah, which is the Jewish New Year.

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And so I didn't say anything last week.

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I actually forgot about it.

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And then so now we're in the middle of the time between Rosh Hashanah and Yom Kippur,

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which comes up, I think it's October the 5th, just in a few days.

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And Yom Kippur to the Jewish people is a day of atonement.

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Now I'm not Jewish, just to be clear, and I do not claim to be.

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But I think it's very interesting.

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This is a time of, it should be a time in the Jewish life of reflection, of preparing

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for this day of atonement, for this day of coming and forgiveness, if I'm not mistaken.

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And maybe that's what we should be doing.

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Maybe not specifically the listeners to this podcast, but maybe the people in the world

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markets because we've had a lot of things going on that my grandparents had a saying,

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the chickens come home to roost.

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And that's just an old Southern saying, and it just basically means you're going to do

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things that are bad and eventually it will find you out.

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And I believe that's what we have going on in our markets right now.

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And I'm not exaggerating that.

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I think I've been fairly clear in my stance on this.

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I have a perspective that inflation is bad.

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I have a stance that fiat, paper money that is not backed by anything other than, quote,

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faith and trust in the government, is bad.

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When we went off the gold standard, hypothetically in 1971 in the United States, we were really

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already off of it, but it's 1970s, the early 1970s, 73 maybe, I may be mistaken about the

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year by a year or two, but regardless, I think that was a huge mistake.

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And we're a long way from that, roughly 50 years.

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And the reality is these chickens are coming home to roost, both in the United States and

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worldwide because we, I'm not even sure we were the leader in this, but all of the countries

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around the world, the major countries talking about Western Europe, talking about China,

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Japan, Russia, any, well, Australia, any major country that you can think of, they are on

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a fiat standard.

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They are not, their currency isn't backed by anything.

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And we're starting to see these systemic issues going on.

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And some of them are starting to happen very quickly and I have said, well, I think the

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next six to 12 months are going to kind of tell us where we go in this recession, which

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they've now officially declared a recession.

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We'll get to that in the news.

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Yeah, I think it's been a recession for a long time, but regardless, I thought the worst

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would be in the next six to 12 months.

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That may not actually be true.

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We may be about to find out in the next few weeks to few months what's going to come down.

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So the first news item I've got is that there is a proposal in Ethereum that's starting

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to gain traction about what they call reversible transactions.

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And I was going to talk about that.

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I'm going to make a note of it.

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It's a news item.

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I'm going to include a link to an article in it, but we're going to talk about that

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in depth soon, hopefully next week.

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They are saying this is a way that, you know, we can take care of bad apples and I'm going

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to say, I'll just say, you may agree or not, I'm not going to have time to give any defense

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of this, but I'm just going to say, I think that's a terrible idea.

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I think that's a huge mistake for Ethereum if they do that and it remains to be seen

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if that happens.

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But that is one of the news items for this week.

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Now the rest of the news items, almost without exception, are directly related to the market.

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So let's talk about them.

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Early last week, German inflation hit 10% in September.

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So this probably came out a couple of days ago.

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It was preliminary.

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It wasn't actually after the close of the month, but they were saying that inflation

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was going to hit 10% in September.

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And then right after that, Germany announced a $200 billion euro package in debt relief.

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Now ladies and gentlemen, this is part of the problem.

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Germany is experiencing high inflation and there's other countries that we'll get to

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that it's even higher, or at least one.

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And their solution is they're essentially going to do what we do, print more money and

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send it out as some form of debt relief.

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And in doing so, they're going to create more debt for the country, which will in turn help

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this inflation flywheel.

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I think this is a huge mistake.

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One of the core issues that Keynesian economists have is that they feel like they could control

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all this.

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If they can keep inflation to some manageable level, that it's okay.

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And they can use that to kind of manage the market.

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To use another saying of my grandparents, that's hogwash.

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Okay.

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Y'all are going to learn lots of fun sayings from my past.

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It's naive for one thing to downright criminal to think that that's true.

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When you haven't, well, to understand that that's not true, but still put that on people.

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And I think, frankly, in a lot of cases, that's actually what's going on.

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Because the people at the top, they're going to benefit from this.

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They always do, and they always will.

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It's the people in the trenches, so to speak, the common person, the middle class.

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They're going to get hurt by this.

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All right.

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That is the highest level since World War II, by the way.

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All right.

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Next news item.

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Unfortunately, we see this over and over in, I don't have a good term, non-industrial countries.

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I don't know what to call them.

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In this case, we're talking about Lebanon, a country in the Middle East.

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Their central bank, and if you recall, I think it was last week or the week before, I said

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that people were robbing the Lebanese banks trying to get their money out because they

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could, their own money, not anybody else's, their own money, because the banks were not

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letting them have that money.

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So now it's come out the Lebanese bank, central bank, is going to adopt an official exchange

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rate of 15,000 Lebanese pounds, so that's their local currency, per US dollar, replacing

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the rate used since 1997.

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And this came from the finance minister to Reuters.

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By the way, just as a little side note, I get a lot of my news off of Twitter because

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I just don't see it elsewhere, but when I do get news off Twitter like this, I always

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try and verify that this, in fact, is true because it's very easy to put misinformation

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out on Twitter.

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There's one article in here, one thing I'm going to talk about, that it is probable,

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but I'm not certain that this is actually the case.

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We'll get to that when we get there.

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Just understand, I don't just watch CNN or, I don't know, Fox News or Sky News or France

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24 and get a bunch of news articles.

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This stuff doesn't show up on there because they just don't report it.

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Now, I actually do watch every one of those channels to an extent.

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I actually watch a lot of, for me, international news, Sky News or France 24, because France

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24, for example, gives a lot of info about Africa that I don't get otherwise.

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They just give a different perspective from the news sources here in the United States.

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I do try and get news sources from all over and not be biased towards any one source.

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By the way, drinking the tea tonight, of course, got the honey.

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Unfortunately, it's not Earl Grey.

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I'm short on that and it's something that tastes sort of like chai, not really a fan,

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but c'est la vie, as the French say.

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This is going to apply from October 31st.

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What they did was they just inflated their coin times 10.

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Oh, previously it was $1,500, now it's $15,000.

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Good luck with that, kids.

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This kind of stuff is the end game of these currencies being devalued.

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I'm afraid we won't be changing rates against our dollar, but our dollar will just probably

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inflate away to ridiculous levels.

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Another item, which is very important to those of us in the crypto space, and this is absolutely

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true, our federal chairman, Jerome Powell, who we will be talking about again later tonight

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at least once, says that central bank digital currencies, so these are going to be our USDC,

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and whatever they end up calling it, the United States digital currency.

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I think they're actually, well, it doesn't matter.

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Won't be anonymous.

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Congratulations, we have completed the circle, and you are now part of Orwell's terrifying

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vision of the future.

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Why, I would ask, what right does the government have to know what all my transactions are?

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And by the way, this will come up in regards to another country here in just a few minutes.

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I don't know, especially those of you from outside the United States.

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Maybe you have difficulty understanding kind of my frame.

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I'm not somebody who understands our Constitution deeply, however, I will tell you this, I do

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understand certain things about it, and one of them is called a right to privacy.

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The U.S. government has no business being in my bank account, and it has no, well, full

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stop.

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And it extends beyond that, it's not just my bank account, it's any financial dealings

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I may have.

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See, when they say things like this, it's because they are presuming that you are guilty

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before you are proven to be so.

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Now they'll say, well, if you're not guilty, you don't have anything to worry about, we're

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only doing this to money launderers, they love to throw in, I don't know, child trafficking

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or something in there as well, oh, okay, it's okay, well, I'm not doing anything wrong,

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so don't worry about it.

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I'm not doing anything wrong that the government thinks at this point.

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That doesn't mean the government may change its mind, which it frequently does.

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But there's reasons why that is in our Constitution.

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Now, that may be beyond the scope of this podcast, but it's extremely frustrating to

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me when this kind of stuff comes up, and I see it more and more and more.

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And it is one of the reasons, in fact, that Bitcoin was created.

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Now, moving on.

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I want to mention this, the Celsius CEO, Alex, I think his name is Mishinsky, has resigned.

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He also had other news come out right before all this stuff went down with Celsius.

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He pulled out a number of millions of dollars, which really doesn't look good on him.

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I'm not going to go on to that.

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I've already said I was going to not talk about that too much.

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It's relevant, but that process is unwinding, and it's in court, they're fighting over who's

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going to get what's left of that pitiful amount of money.

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Here's the other country I was talking about.

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It also came out this week.

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The Netherlands had a 17.1% CPI.

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Our CPI is our year-over-year inflation rate.

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It comes out every month.

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Next month, when it comes out for September, it'll be the year previous, so September to

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now, the rate of inflation, 17.1%, guys.

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This is what energy does to you.

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Well, I think there's a lot behind this, but I'll leave it at that.

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Some more bullish news about crypto in general.

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I'll certainly have a link to this in the show notes.

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There was a report done where they were estimating, and I would caution that it's an estimate,

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but it seems like a fairly accurate one, that banks have 0.01% crypto exposure.

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I'll read some of this really quick.

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According to the study by the Basel Committee, the largest banks in the world have about

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$9 billion worth of crypto assets.

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The study looked at 19 of the biggest financial institutions of the world.

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10 of the banks were from the Americas, 7 from Europe, and 2 from the rest of the world.

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Crypto exposure of the 19 banks that sent in their data amounted to 0.14%.

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The same one applied to global standards would amount to 0.01%.

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I'm not sure how they did that little trick there, but okay.

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Point is, regardless, Bitcoin was 31%, Ethereum 22%, I guess other assets were the rest of

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it.

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The point is, whether it's 0.14%, if that's what it was, or 0.01%, it's very small compared

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to the rest of their assets.

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We're early in this.

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I've said that consistently.

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Maybe not enough, but we are early in this.

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I still feel like we're in 1994 of the internet in terms of the internet's growth, basically

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pre-commercialization of the internet.

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We're trying to figure out how to do that, and that's part of the growing pains of all

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this.

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All right.

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Speaking of Bitcoin, there was some submittal of a BIP 351, which is basically a request

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to here's some code, let's talk about it kind of thing.

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It's about private payments, which I think is something that Bitcoin desperately needs.

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There's no real anonymity built into Bitcoin at this point, but they talk about reusable

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payment codes, no static notification addresses, pay error, and payee privacy.

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Those are the relevant things.

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This is an area that I would love to see Bitcoin catch up because I see so much of stuff like

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Jerome Powell that we just talked about, and I'll go ahead and jump to this.

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Now this one I would caution, I've seen one article about this, so I don't know for certain

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that this is true, but I believe it is, and I'll tell you why, but I wouldn't bet on it.

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Bring up the article.

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There it is.

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The French Ministry of Economy is wanting access in real time to all the banking transaction

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data of all French citizens.

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So let's just scrape this into a big database so that we can sort through it and figure

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out if you're doing something wrong.

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So according to this article actually, so I saw something on Twitter and then now I've

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got this article.

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According to this article, this actually happened in 2021 in September, so a year ago.

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They wanted access to all the account balances and numbers of monthly transactions for all

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individual and business accounts in France.

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They wanted to collect it in real time.

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The request was made as part of an effort to expand the data collected by the France's

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national banks.

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The request was denied, however, I would caution that they would certainly come back and try

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and do this again in another form possibly.

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We see this kind of stuff constantly.

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The Biden administration attempted, for one thing, to make the bank collect information

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about why people were making deposits of any amount greater than $600, for example.

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The IRS is also out there gathering data about crypto.

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If you don't think that Coinbase or Kraken or any of these other major companies, especially

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well as a U.S. citizen, certainly if I'm in the U.S. and I'm using a U.S.-based service,

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the IRS is going to be all over that data.

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Now I can choose to do that, and I do, or I can choose not to.

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And again, I've already talked about why I think that's a bad thing, but regardless,

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I am moving away from that personally.

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Again, not because I'm doing anything wrong, but because it's none of the government's

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business what I do.

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It's just not.

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If I'm doing the right things and paying the right taxes for when I sell my assets and

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this kind of thing, then they just don't have any business in my stuff, okay?

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They just don't.

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So we're seeing this type thing all over, and so this is actually one of the reasons

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why I'm very interested in the privacy aspects that are being put into Bitcoin.

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Back to kind of the macro environment.

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So the S&P 500 at the close of September, which closed a quarter, and the NASDAQ both

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record three consecutive quarterly declines for the first time since the 2008 recession.

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All right.

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This hasn't happened since 2008.

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I don't think these will be the last consecutive quarterly declines, but there you got it.

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The U.S. Fed, actually, I think this might be the most important news of the night.

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We will see.

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And this came out on Friday.

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I was actually at one of my kids' ball games and saw this come across.

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They conveniently, I believe, posted this after hours.

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The U.S. Fed has announced that they will be holding a meeting Monday, October the 3rd.

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That is the day that this comes out tomorrow under expedited procedure at 1130 a.m. Eastern

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Standard Time.

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And I did verify this is absolutely right on the government website to discuss, quote,

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the advance and discount rates to be charged by the Federal Reserve banks.

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So ladies and gentlemen, I will tell you, they are not having emergency meetings to

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say hooray, hoorah, the economy is doing great, let's cut rates.

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Now I don't know if they'll come out of this meeting, I doubt it, but saying we're going

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to tomorrow raise rates a percent or percent and a half or whatever they come up with,

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I think they'll stick to their normal schedule, which I believe, I want to say it's like October

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the 16th.

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But the guess that next month's interest rate hike would either be 0.75 or 1%, I think they're

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going to maybe make that significantly higher.

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I don't know a point and a half.

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I don't know how high they're going to do it.

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But they've definitely got some data that has grabbed their attention and they're trying

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to react to that.

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So we will see, and I believe if anything leaks out of this meeting, or if they do release

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something after the meeting, I think our stock markets here in the US specifically are going

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to drop precipitously again.

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All right, so I've got a substack article here, which I think neatly summarizes one

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of the issues.

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See we've got credit default risk that we are seeing starting to happen.

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And I think as we fall into this recession, it seems deep in that there will be more and

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more of this.

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And when you start seeing large companies and large banks who have default of credit,

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you're going to end up with companies going bankrupt, you're going to end up with companies

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that are, this guy calls them zombie companies.

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If you have interest in this type thing, I'll leave the link to it in the show notes, certainly.

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These valuations for these companies, which are far too high, when the credit starts unwinding,

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which is what we're seeing happen really, their values are going to unwind as well.

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And then we're going to find out what they're really worth.

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And I think a lot of them are not going to be worth a whole lot.

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And we're going to have a lot of bankruptcies, we're going to have a lot of sales of assets

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to other companies, essentially, where they just get rid of all the employees and gather

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in the servers or the virtual servers and the code and put it on their platform.

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This kind of thing happened in the bubble of 2000, 2001, which I had personal experience

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in.

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I was cut from one company, I was laid off from another, I was cut when I was a contractor

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because it was very easy to cut that contract and just eliminate them, me, when the company

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was bought by another company and then I was laid off as part of 25% of the employee count,

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which was, I don't know, 300 people or something.

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And they cut 25% of us in one day because they merged with another company and said,

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we don't need you anymore.

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And this was all economic, it was all this bubble based mess.

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So anyways, it's an interesting article for maybe for some of you.

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If you have any curiosity, one of the things that we're seeing is these currencies are

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dropping like a rock against the US dollar.

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For example, the British currency right now is like at $1.03, which is, well, actually

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I apologize, it hit $1.03 and then went up slightly.

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It's like $1.06 or something now, but that's like the lowest levels it's seen in decades.

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And you may wonder, well, why is US dollar holding up so well?

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I found a good article about that that I will include.

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We do not have time to go into it, but the dollar's day will come.

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So the US dollar being the global currency reserve, it has a lot of benefits.

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So we've, as a country, I should say we, we've benefited from that since the Bretton Woods

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agreements that happened right after World War II.

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And so that's why, frankly, we're going to be last in all this, but that doesn't mean

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we won't fall.

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It just means we'll be last.

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I think some other country is probably going to have to fall, several, maybe several, maybe

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countries in Western Europe, maybe China, Japan.

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Japan certainly has the most debt, debt to GDP ratio, the highest 200 and whatever odd percent.

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So it's going to take some of these other countries before the US, we have the inflation.

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There's no doubt about that.

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We just don't have the other credit risk at this point, but they're coming.

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They are definitely coming.

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And I will say this, the average people in this country, mid to lower class, are suffering

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because home prices are going up, rental prices are going up, food prices are going up.

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The only semi relief that we have is gas prices are not through the atmosphere.

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And to be honest, it's a joke because a lot of that's coming, that price is basically

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being manipulated by the release of massive amounts of oil from our strategic reserves,

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which they're not supposed to be used for that, but regardless.

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What else?

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I think that's clipping on through there.

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Speaking of the UK, the second largest steel producer in the UK is seeking urgent financial help.

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Why is that?

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Because steel production is very energy intensive, the energy prices in the UK have skyrocketed.

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So, the government has now come out and said, we're going to cap these for individuals,

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for people below a certain level, and we're going to help them or whatever.

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I don't know if they're going to send them a stipend or whatever it is, but they're not

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doing that to the steel company.

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So, these increases in energy prices are directly affecting them, and they may go out of business.

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That would be very unfortunate.

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I did want to throw this out real quick.

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Tornado Cash, we've talked about it, I think I did a full episode about it.

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Unfortunately, it's barely being used now.

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The developer, the main developer, I should say, is still in jail.

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His assets are probably being auctioned off, most likely.

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I think that's unfortunate.

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I think it's unfortunate on a number of fronts.

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I discussed that in full in that episode.

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This is the exact outcome the US government wanted, frankly.

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They've intimidated this person, they've shut down this service, they've intimidated people

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from using it, and yet, as far as I can tell, they've not broken any laws.

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They're not doing anything illegal, but hey, we're not going to do that because scary government

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is going to come take us away.

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It literally just took a government blog to kick all this off.

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It's crazy.

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All right.

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Lynn Alden, who is a macro economist and somebody that I respect greatly, said this, the bigger

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economic and financial issues here in 2022 are centered around sovereign bonds, currency,

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and energy.

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I talk about energy a lot, currency not so much, and I don't talk about bonds because

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I don't completely understand them.

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They're not centered primarily in banks like 2008, except for in some areas.

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Now, respectfully to Lynn Alden, I'm going to disagree because I would include banks

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in that list.

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We've got a couple of banks we need to talk about right now, who apparently are having

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issues and they're very large banks, but I think this will spread as we sink down into

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this tar pit.

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Credit Suisse, which is a French, excuse me, Swiss bank, and Deutsche Bank, Thomas, help

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me out there, I'm sorry, the German bank, it's a large German bank.

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They are both, I think, at risk of falling apart, is what it amounts to.

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The Credit Suisse, in fact, the CEO has kind of come out about that, and they're looking

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for a handout, is what they're doing.

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They're looking for a handout from their governments, and frankly, at this point, I would tell these

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banks to go pound sand.

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I'm sorry, I don't know how else to put it.

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I'm tired of bailing out large corporations, banks, these big institutions, because they

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don't manage their risk, and if I had money in these banks, I would take it out, if I

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were you.

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Now, I have money in no banks, I have money in the credit union, which is a local credit

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union, and I'm not going to put a huge amount of capital in that either, to be honest, but

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this stuff has to stop.

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These are part of the problems, so anyways.

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Okay, so by the way, speaking of Credit Suisse and the Deutsche Bank, again, Thomas helped

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me out.

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I hope I'm saying that right.

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$600 billion is what the Lehman Brothers held in assets when they crashed in 2008, 2007,

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and subsequently took the economy with them.

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So, $600 billion.

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Between Credit Suisse and the German bank, I've got to learn how to say that one, they

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control $2,800 billion, 4.6 times as much as Lehman Brothers, and the CEO of Credit Suisse

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said they're at a critical moment.

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Now, I have a feeling the governments are going to step in, they're going to bail them

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out, but see what that does is it continues to weaken those governments, because they're

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going to bail them out by what?

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By printing more money.

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So when the German government, here's the thing, this thing that people don't follow,

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when the German government bails out this German bank, they won't see that inflation

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increase for three to six to maybe 12 months down the road, but it will still happen.

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And that's actually the end of the news.

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Oh, Tolkien.

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If you all will indulge me, after all that news, I want to wrap this up with a story

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and then I'll be thanking our supporters.

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We had quite a few this week and I really appreciate that.

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I certainly want to take the time to do that.

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I'm now closing in on an hour, so we are going to book.

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So hang on.

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Tolkien is my favorite writer and I apologize if I'm saying his name wrong, I say lots of

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things wrong.

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You just had to live with me, I'm sorry.

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But I used to actually read The Lord of the Rings yearly.

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I don't anymore, I just don't have time, but recently I did read through it over the course

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of a few months.

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And as I was putting together this podcast episode, this may sound strange to y'all,

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I had this image and it was frankly from the movie.

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Most of y'all have probably seen The Lord of the Rings movie.

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If you remember in Return of the Kings, Gandalf is sitting there with Pippin and they're talking

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right before the big battle at Gondor, the Pelennor Fields I think is what it's called,

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that kind of in some ways determine the outcome of how things went.

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And Gandalf gave this quote, which is, you know, go online, it's like all over the place.

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It goes something like this, only because everything is now ready, it is but the deep

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breath before the plunge.

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Now that's actually literally from the book, so that's not quite how he said it in the

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movie if I remember correctly, but it actually wasn't even Gandalf that said it.

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So we'll get to that too.

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And I'm not going to turn this into a Tolkien podcast and there's a point to all this.

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So again, please, if you can give me five minutes, I'm actually going to read a few

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paragraphs here and it ends with that.

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And I think this kind of gives a good summary.

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So if you're not familiar, of course, Lord of the Rings is this epic fantasy novel series.

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It's about good versus evil.

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You've got the enemies in Mordor, you've got the men, dwarves and elves who are fighting

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against them and the hobbits, don't want to leave out our friendly hobbits.

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And so anyways, let me read this real quick.

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They fell silent for a while, Pippin gazed anxiously eastward as if at any moment he

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might see thousands of orcs pouring over the fields.

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What can I see there?

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He asked, pointing down to the middle of the great curve of the Anduin.

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Is that another city or what is it?

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It was a city, said Baragon, the chief city of Gondor, of which this was only a fortress.

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For that is the ruin of Ascilioth on either side of the Anduin, which our enemy took and

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burned long ago.

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Yet we went back in the days of the youth of Denethor, not to dwell in, but as to hold

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us in outposts and to rebuild the bridge for the passage of our arms.

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And then came the fell riders out of Menesmorgul.

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The black riders, said Pippin, opening his eyes and they were wide and dark with an old

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fear reawakened.

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Yes, they were black, said Baragon.

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And I see that you know something of them, although you have not spoken of them at any

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of your tales.

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I know of them, said Pippin softly, but I will not speak of them now, so near, so near.

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He broke off and lifted his eyes above the river, and it seemed to him that all he could

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see was a vast and threatening shadow.

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Perhaps it was mountains looming on the verge of sight, their jagged edges softened by well-nigh

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twenty leagues of misty air.

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Perhaps it was a cloud wall and beyond that again in a yet deeper gloom.

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But even as he looked, it seemed to his eyes that the gloom was glowing and gathering very

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slowly, slowly rising to smother the regions of the sun.

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So near to Mordor, said Baragon quietly, yes, there it lies.

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We seldom name it, but we have dealt ever in the sight of that shadow.

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Sometimes it seems fainter and more distant, sometimes nearer and darker.

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It is growing and darkening now, and therefore our fears and disquiet grow too.

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And the fell riders, less than a year ago they won back the crossing and many of our

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best men were slain.

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Boromir it was that drove the enemy at last back from this western shore.

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And we hold still the near half of Askilioth for a little while, but we await now a new

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onslaught there, maybe the chief onslaught of the war that comes.

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When, said Pippin, have you a guess?

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For I saw the beacons two nights ago and the air and riders, and Gandalf said it was a

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sign that war had begun.

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He seemed in a desperate hurry, but now everything seems to have slowed up again.

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Only because everything is now ready, said Baragon.

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It is but the deep breath before the plunge.

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So it was Baragon, not Gandalf, that's not the point of all this.

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I thought actually in the movie version it certainly got the point across.

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But Mordor is tense, it's waiting to pounce, so to speak, and that's actually what happens

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soon after this.

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And I don't want to make too much out of this, but to be honest, sometimes I feel like we

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are fighting a system, this fiat, broken credit-based system that is hurting anyone who is not directly

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involved in it.

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I do mean that.

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It's only the people who are running these corporations, these banks, directly involved

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at these high levels of government who are benefiting from this, and the rest of us suffer

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from it.

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We suffer from inflation.

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They want to bring down inflation to 2%.

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They've said it a lot, at least here in the United States.

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That's their goal.

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You know what, if you calculate out 2% inflation over 40 years, the course of somebody's working

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a lifetime, most of their wealth is gone due to inflation.

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So don't buy that 2% is okay.

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There's no inflation that's good because your wealth will be frittered away like that.

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And that's why it's so important that we have a store of value like Bitcoin or Bitcoin itself

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that is stable.

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And you say, well, but Macintosh, the price of Bitcoin is all over the place.

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It's because it hasn't found its place yet.

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But see, I know that Bitcoin will have 21 million tokens.

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I know that a certain number of those will be lost.

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I know that if I own one of those, I have one 21 millionth of that total asset.

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And they're never going to make more than that.

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Never.

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There will be no inflation of Bitcoin.

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There's no CEO to steal money, Alex Macinski.

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That's the reported news, supposedly.

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Okay.

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I don't want to get myself in trouble.

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There's no board of directors.

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There's nobody coming out and saying, we're going to raise the interest rate, this, that,

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the other.

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None of that.

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It's all controlled by the protocol.

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And that is the beauty of it.

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And if this becomes what people use to exchange value in the world, the world will be a better

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place for it.

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Now, I am not someone who thinks that it fixes everything, but I think it goes a long way

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towards fixing this stuff.

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And right now we are at the point right before the plunge.

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I think, I actually hope I'm wrong, but I don't think I am.

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I think we've got so much stuff that's piling up, so much going on.

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They cannot kick this can down the road anymore.

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There's no more road left.

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We're at the end of the road.

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There's a dead end sign.

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And if they go to kick it, if the government's coming and saying, we're going to bail out

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credit suites, we're going to bail out, it's going to cause other reactions that end up

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causing side effects that end up causing other things to break.

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You can't make steel.

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You can't heat your home.

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You can't do this.

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The house of cards is falling apart.

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So as we pause here before all this happens, just don't lose heart.

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Remember, as always, stack sats, DCA, prepare for things to go down.

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If you've got capital that you can allocate, that you can set aside for when Bitcoin, because

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it's still considered risk on, when it drops, as I think it will, don't bet on it, but set

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some aside.

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Can you buy some if it hits 14?

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How much can you buy?

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14,000.

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Can you buy a tenth of a Bitcoin?

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That may be ultimately all you need in 20 years to retire.

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I don't know.

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I can't predict the future, but that's what we're looking at.

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All right.

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I closed up my notebook when I got into the middle of all that, and I shouldn't have because

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I've got supporters to thank, people that I really appreciate.

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It's been a great week.

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I do want to mention before I jump into this, I did something, and I know we're running

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long.

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I'm sorry.

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I was telling one of my kids earlier, I really need to make two episodes a week again, but

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frankly, it takes me twice as long to do that, and I do not have the time.

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If I don't do one a week, I will never get these other things done to improve the site,

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to start doing video, to do these other things, so we're going to have to stick to one a week

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for now.

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I would love to do it twice a week, though.

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All right.

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I promoted one of my podcasts through Fountain, not one of my podcasts, one of my episodes,

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and so that episode shows up in this quite a bit, actually.

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It's a dilemma, security speed and decentralization offhand.

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I don't know which episode that was, but I think it was a few weeks ago.

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We're going to go through last week's, and then we're going to go through that one, and

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we've got a number of those.

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Last week was the macro environment and the effect on crypto prices.

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We got a 10-SAT boost from Solaceba.

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I appreciate that.

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We got a 693-SAT boost from Jenny Jam.

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She sent a message along with that.

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She said, that's all the SATs I earned today, and she put earned in quotes.

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Jenny, to interject, you did earn those.

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That's the way that that works.

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It's one of the fun things about this.

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You can literally earn SATs just by listening to podcasts on Fountain.

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You can earn those, and then you can turn around and use that to support shows.

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The reason I put my promoted episode out is that gives other people a chance to... They

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go and listen to it because I'm paying them SATs, and I am, to listen to it, but in return,

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they're getting a chance to hear the show.

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I think, hopefully, we'll see some of those people stick around.

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All right, let's see.

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As always, a good episode.

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I like hearing your point of view and thoughts on these topics and about your TA you're using.

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Well, thank you, Jenny.

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You are correct.

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Video is best for that sort of thing, which, yes, I do agree with that, certainly.

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I personally don't use it, but still like hearing about it, so talking about TA, still.

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The rational root guy on Twitter is interesting with his charts.

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He certainly is.

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He's actually somebody I follow.

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Take care and don't change your outro music.

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It's my fave, so I'll be sure not to do that.

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I like the outro music as well.

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Thank you.

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A hundred SAT boosts from Borson Gelaber Thomas, our friend Thomas in Germany.

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Hey, McIntosh, I'm not laughing.

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I made a comment about that last week.

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You're probably laughing about the way I pronounced his handle.

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You pronounced the name of my podcast and my fountain handle.

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Very good last time.

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Thanks for the little promotion.

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Again, he's running an investment podcast, and he's based in Germany.

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I really appreciate it.

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By the way, it'd be great to have a little chat.

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Just send me a DM via Twitter, for example, it's linked in my fountain profile.

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Thomas, I probably will do that in the next few weeks, two months or so.

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I'm going to try, as I move into the new year especially, to start doing interviews.

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I think as we move into this time that I'm afraid we're fixing to enter to, I'm going

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to want as much insight into what's going on in Europe because I'm afraid it's a race

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between Europe being the Canary in the coal mine or maybe Japan or China.

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China's so closed off it's very hard to tell in a lot of ways what's going on there, but

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their system is getting very frail.

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All right.

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Have a great day, Thomas.

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I think I said that already, but regardless, there it is.

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It's a dilemma, security, speed, and decentralization.

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This was the promoted episode.

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We got a bunch of little sets.

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We got a bunch of boost, no messages, so I'll just read through these real quick.

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10-SAT boost from user 6521110466824284.

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Thank you very much.

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21-SAT boost from Team Man of the Man.

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Team Man, he's trying to, he or she is trying to say something there that I'm not quite

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following in that handle.

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Team Man, not the man maybe.

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Thank you.

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I appreciate that.

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A 19-SAT boost from user 4285237298554466.

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Thank you very much.

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A 10-SAT boost, now this one kind of threw me for a loop, a 10-SAT boost from hudlnata.

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There's a pretty famous person who's actually on trial, Craig Wright, about Craig Wright

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or against Craig Wright, the hudlnot, and I'm not sure if that's a reference to this.

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I seriously doubt it's that person.

Speaker:

If it is, that's awesome.

Speaker:

But anyways, if it is, if they want to talk on the podcast, I guess they have to wait

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until the trial's over, be happy to have them on.

Speaker:

I haven't gotten into that on here, but it's a very interesting case.

Speaker:

A 50-SAT boost from Graf.

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Thanks Graf.

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Congratulations on one year actually.

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He did have a message or she.

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This must have been my one year episode and I must have mentioned it in it.

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I don't remember that, but I'm sure that's what it was.

Speaker:

So I appreciate that.

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Thank you.

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We're rolling right on towards 100 episodes actually, so we'll get there one day.

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10-SAT boost from user 63568898561, 63844.

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Thank you very much.

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A 21-SAT boost from IdaDude.

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I wonder if that's Idaho, that'd be awesome.

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Thanks IdaDude.

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A 10-SAT boost from Solaceba.

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I think maybe they boost, yeah they did, see Solaceba listened to both episodes.

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That's awesome.

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Thank you Solaceba.

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A 30-SAT boost from Magneteer.

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Thank you very much.

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A 10-SAT boost from CryptoSauce, I appreciate that.

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A 10-SAT boost from akaSonarMan, akaSonarMan, took me a second.

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So apparently they're SonarMan.

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Thank you very much.

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And a 10-SAT boost from LunaBaby, thank you very much.

Speaker:

So that is it on the support.

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By the way, you'll notice in our wrap up, I do not mention, oh I forgot, there was news

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I forgot to cover.

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I'll cover it really quick.

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It's going to be like the longest episode ever.

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I am so sorry.

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I told you there was lots of news.

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PayPal, yay PayPal.

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They have now come out and said in their next user update, which starts on November 3rd,

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they're rolling out a new agreement to give more censorship power and the ability to deduct

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income directly from those who don't abide by speech rules.

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There you go.

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I'm done with PayPal.

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They will no longer be in my end notes.

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And by the way, guys, that's how you do it.

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That's how you do this stuff.

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Now the reality is I have actually never gotten a support through PayPal and that's cool.

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It's not a big deal for me to do that, but I would have done the exact same thing if

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half my income was coming through PayPal.

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That is so wrong.

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And again, these are fundamental.

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It's a right to free speech.

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I don't have time for that.

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Sorry.

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I'm 66 minutes into this.

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I could talk about this stuff all week.

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You'll probably have figured that out by now.

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People would be tired of it.

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The Generation Wealth Crypto supports podcasting 2.0.

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It's a value for value podcast with no sponsors and no advertising.

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You can support the podcast in three ways by time, talent, and treasure.

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If you want to support the podcast and it has some time or talent, I could use help

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with things like chapters for the podcast, transcripts, and probably a few other things.

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I'm going to start actually working on chapters here in the next few weeks and try and start

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getting them incorporated into my workflow.

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It will create extra work, but I do think they're very helpful and transcripts as well.

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Treasure is just what it sounds like.

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If you find the content valuable, you can support the podcast by streaming Sats from

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the Podcasting 2.0 app.

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You can get that app for the optimal listening experience at newpodcastapps.com.

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That's newpodcastapps.com.

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There are a bunch.

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Fountain, Cast-O-Matic, a couple of my favorites.

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I understand Pocket Cast is starting to bring on podcasting 2.0 support.

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I don't know about streaming Sats, but that's good news because they were always my favorite

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back in the day, really until Podcasting 2.0 came along.

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If you like the content, I would love it if you would tell your friends about the Generational

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Wealths Cryptocurrency podcast.

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That is one of the best ways to support the show.

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Thanks for being here.

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I, too, apologize for it being long.

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I squashed it down as much as I can.

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I'm sorry, there was just a huge amount of news.

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I hope this has been helpful, and I do love to hear from you all.

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I'm on Twitter at MacIntoshFintech, and you can reach me by email at macintosh at genwealthcurrency.com.

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Of course, our website is at genwealthcurrency.com.

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Stay humble, stack Sats.

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Go out and make it a great week.

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I will talk to you all next Monday.

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