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So inflation. So we live in
interesting times, right, we're living in

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science that I don't remember potle else
to them, I lived through powerless to

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the period nenteen seventy, but really
following generation two generation, maybe inflation is

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weird. It's it's a falling concept. Is that I happened interspience have being

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zero or twelve years now before that, they weren't much higher than zero.

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Inflation as being a non event economically
and econo perspective for a long long time.

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And FED, I think, incorrectly
has been deemed this amazing entity that

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has just managed to manage that economy
beautifully and everything's gone smoothly and cool.

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You know, we had we had
great Span and the Nankee and now at

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Gen YEA and the power that they've
all been doing an amazing job and people

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who fans and there's a consequence.
I think that's true ust the Lord,

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there's a very few and they having
very few challenges to what the FED have

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done for a million years now.
I think a very different perspective. I

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think defense respond hole slow, we
can let me go with that. I

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think defens respond over the two thousand
and eighty other night two thousand financial crisis.

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I think the FED has done the
zat job of all of that period,

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and we did not see one manifestation
of a bad job that deft does,

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which is inflatable with lots of things
you could screw up either that are

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not manifest in inflation. So really
the question of the FED is we're talking

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a little bit about the economics,
but uh, and then we'll talk about,

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well, you know, should it
be a FED, What is the

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role of government use of the economics, and does that include a monopoly over

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the issuance of money which is what
the FAN has, and and different the

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ability control of the con used prices
and using the regulating the financial system.

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So what is inflation? Um?
I mean, I think we're all experiencing

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right now what we call price inflation. Prices going on with really no reason

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to see hover avoid We can understand
like proted, invadequeen and advice all goes.

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That makes sense follow us, right, because supplies being constraint, demand

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is still the same. You have
the same demands, small supply, whatever

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prices they go up. But that
wouldn't cause inflation. That would cause prices

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oil to go Now, why wouldn't
you cause inflation because if you have a

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set amount of money chasing a set
amount of goods, if the prices one

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good goes up, and if I
can afford less of bits, what's gonna

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happen to the prices elsewhere? You
might specula say I'm spending in a more

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money in the oil, then what
happens And I've only got a certain amount

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of eco, then what happens to
my constumption of other things? It goes

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down, and therefore that's gonna happen
to be reflected in the prices to those

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listening to their bight. So so
that's where we've got relative pricing, relative

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price moves. They impacted by supply
shocks, by things like ward by embargoes,

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So you can have a relative price
movement with the price of all goes

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through the rule and we have an
inflation. So something else is going on

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here and people length supply chain.
You remember, this was all about supply

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gains. It was all about the
difficulties of getting loose from triam TV United

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States. But again you have to
actually, so okay, I can't why

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that is? We can go why
all these other prices going Why it isn't

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there again, this relative price moved. Okay, I spend less suthing in

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China, or it's gonna move money
in China because those you know, supplies

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constrained, so uh prices going out, and then I should spend less money

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and other sovereign Dave prices you do
now, So at the end of the

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day, something else has to go
on, but to be sustained. Inflation,

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that is place is going up throughout
the economy, not just oil,

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not just stuffing trying, but also
ransom, real estate and I don't know

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if you sold my college textbooks,
so whatever about all that stuff would be

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bought. See if everything seems to
be going the question is when does that

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happen? How does it happen that
everything thing goes up? Because what we

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characterize this place inflation Again it measure
inflation is tricky. You know, you

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have to feel curious at how people
measure inflation when we talk about it.

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But the way they we want to
measure inflation is a popular that they shoot,

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not the want to the Federals at, but the one that people too.

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It is called EPI. We constuct
their consumer quation the edge and basically

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what they do is they take a
basket of the goods the average consumer consumes,

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and they figure out how that changes
in races of the time. Now

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there is us looking in an American
consumer. Everyone of us in a sense

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experiences inflation different because our backs gate
of goods is different. So not all

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aspects of goods are going up at
the same goods. That makes sense,

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all right, So what would cause
all these goods go up in price?

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Not to some Well, what cause
prices or anything to go up? Increase

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demand? If suddenly we all decided
we're moving to name a little town anyway,

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and we also up in demand real
estate, we want to bye,

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what's gonna happen to quite local real
estate prices? They can go up.

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I live in Puerto Rico, and
both the last five years Puero Rico has

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experienced that, right, A bunch
of Americans have showed up, many of

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them before they come of crisis.
Many of them were crypto mine, that

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is, with all feeling like that
because they ask and they say, we

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want to buy the best properties of
an eye lander. And guess what happened

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to the best properties side? All
of them went through the all of all

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prices with those stags went up,
not logan and I'm eating it because that's

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not with the ending from the man
who go high end those all the them.

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So suddenly people demand not just realistic
that they demanded everything more. They

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start consuming more and you know we
haven't had time to confuse small. Then

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what happens prices prices go up to
reflect that increase demand. Typically prices go

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up, all having them animals.
Prices go up, it'll drop and therefore

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all the prices will probably stabilize and
you won't see sustaining inflation. So substandars

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like you, but it's constantly going
up means that I demand stop. You

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raise your price and keep them in
again, keep in the same arounds and

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you raise it again. I keep
them in it. So the question is

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how can I when when my getting
my money, how can I keep going

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any stuff? Don't matter what a
price you say, I can't them anymore.

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And the only way that can happen
is somehow I am getting more and

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more and starting the software. It
usually happens. It's something like what happens

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to be cool. Everybody gave a
check for me. You love that money.

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We all suddenly had a little bit
more. We all took that money

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and went out and demanded and bought
suffer that we eased the price. But

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where did the second wave? It
comes from the third wave in the fourth

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wave, well those coming out from
Okay, how prices gone out? And

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go to my employee and say,
listen, buddy, prices going I want

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to wage, So my wages are
going up, so I have money and

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when where is my Oh how can
they pet you? Because they're raising prices.

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So the whole thing becomes the circle
of you stimulate the main adviser,

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sending people chats, sudden people you
applause, they go out of the shoot

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it that raises prices. Not when
I said the check, where did that

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come from? That check? What
we said, everybody, If that checking

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come from taxes. If I send
you guys checks, but I tax those

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guys over there, then they never
been able to balance up because they're on

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the wall. Will trade. You're
on the wolf with equas shoot it was

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shoot less, no inflation. But
if instead of taxing it from them,

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I just puison. Now there's actually
more money in the system. And with

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more money in the system chasing the
same un of buildings, you get higher

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prices. And that's what that that
will happen right when um, when COVID

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stimulus happen us, then the Trump
and then dividend. The government basically printed

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money on a law of scale and
didn't see government and printing money in the

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path through the financial prices to printing
money. But then they hit it.

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They do the shell game where they
they pretty money. They give you money

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and then they, you know,
put it away in some account where you

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can't touch it and you don't have
to continue, which is called bank reserves.

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But here they stay your check home. So what are you gonna do?

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You spend it? And as a
consequence, it manifested itself, built

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it through the system, and prices
are going out and prices continue to go

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up because wages continue to go up
because employer employees of the any higher wages.

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Unemployment is very low. Employers don't
have a lot of valvating power,

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and employers raised pricess that can play
the employees more, and employees every money,

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and they a few more fights,
and you can see how this gets

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out of go. This is why
people talk about if you listen to the

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news, they talk about inflation expectations. It's not picked about the money printing

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if you're people who I would step
dating in terms of prices people and are

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expecting in terms of wages. And
of course we know that I've got a

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continued spin. We know that we
are running evermore logic deficits. So though

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Biding just came out and declared it
kind of deficit more than Inhale administration got

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right between last year AGAs and the
ship, but I avoided exactly the same

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thing after the is a big city
those packaged in two thousand and nine,

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and then when the stimulus we've gone
in two thousand days. Sis, Yeah,

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that's because I didn't spend that trillion
dollars I said last year as a

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one. Biden is really exactly the
same thing. But the deficits are so

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huge. Every one of those deficits
that we funded somehow ultimately they bound them

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through thirty money. So that's where
inflation got froment comme song is putting your

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money? Who picks the money in
there in the day? In our system

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in the United States, because we
have a federal Reserve of Central Bank that

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is supposed to be independent in the
how independent? Who really isn't supposed to

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be independent, but the government does
is the governess sells bombs, So how

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does those bonds become in order to
finance it's defence? Is how does those

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bonds become money? Enhance of people? But who buys all the bonds?

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Which used to be the Chinese buy
bonds, the Japanese will via bonds,

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and Dutch and Britisher via bonds.
We would buy me the own bonds,

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but there's so much of this stuff
that we can We can't the Chinese and

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stop buying it. The Japanese don't
buy many American bonds anymore, So who's

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buying it? Yeah, so the
federalserve bos thout the government. So it's

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like the Federals are taking It's like
the government has two pools and they're shifting

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between the two bulls. Right,
So the govern issues bonds, the bonds

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to go to the federals, and
the federals at sets money and that's how

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you want what they about the monetizing
the debt. That's monetizing the debt,

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that's turning bonds into cass new catch
it didn't just look this is they talk

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about the debt having a balance sheet
and a very large balancing. That's all

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the bonds that they bought, which
is huge. It's like eight times greater

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than who was before the financial crisis. It's who time graded and was before

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COVID. So they need printing money
like crazy, and as they shrink.

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What they're trying to do now is
shrink the baluchie. What happens when you

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shrinting the value and sell the bonds
and the fenders who takes some money?

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What does it do with that money? In acentive gouns? So many is

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going that's how you can take money
out of the economy. So the FED

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is constantly manipulated the monomy meet how
with an economic and then if I got

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out of demand and we can as
as a whole um create But it really

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is determining the amount of literally money
that's in a box and then our bank

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accounts and then institution is getting used. And it's constantly doing that by buying

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in stelling the bonds and by sitting
interest rates high any interest rate, the

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more other people are willing to buy
about the bonds, that's what I can

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do it because the higher word for
that, So that is a way of

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not to have to monetize the debt. The lower, you know, the

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lower the interest rates, a less
demand from outside. The lower the interestrate,

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the will the fetish called the value
the dead in money high end of

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the debt, the less economic.
The higher the interest rates, the less

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economic activity. Why because it costs
me a lot of mon inc inbout money

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to borrow. And if I follow
less and if I consumes useless and the

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best less because I can't bol in
as much because it just creates a higher

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the economy starts slowing down. And
when the economy slows down and gets shoot

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less, and that for susplices become
down. If the economy slowed down,

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what I said in the government,
it goes up. When unemployment goes up,

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whatever it's the balcony power of employees
goes down. So I can't balking

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anymore. So I accept the wages
I have kept my spending, and efflution

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comes on. That's the logical what's
going on, right, They're trying to

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create, resenting the purposeful. They're
trying to slow down the economy, and

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economs are any blowing less than one
percent, so they're trying to slow down

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economy. Ultimately, creative success is
Unempoyment says, it's consumpting this is to

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mean different quite, to stop place
and way to stop going. Think about

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power that that heaters a political class
and the fit. It's how over all

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of our lives. Basically we've handed
the federals of visibility to control i'll supply

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and i'll been handed to control maybe
a must important price in the entire economy.

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There's how much one of the price
that interest rates in the entire economy.

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To talk about the money, we
have to control in a sense,

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every aspect about you know, you
guys, when there isn't a session,

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when there is a who when money's
cheap, when money is expensive, it's

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the only products that we have money
which we basically nationally we've given a bureaucratic

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organization the authority to determine, how
about what we use, how this money

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has been nominated, how much serious
are there and how we use it?

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A lot of power. I don't
think we can quite appreciate, you know.

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Uh, we have criticize, often
criticize and so beech union. Oh

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you greadlines? Why were they gread
lansing? So we can people who are

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saying waits are bad. Everybody is
controlling supplied. God actually was controlling the

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price. I mean collect the farm
with controlling supply, the governess and controlling

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advice. And when God controls the
price, the price is always long because

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they won't have the inputs necessity.
He man supplying demand, so the government.

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If if the government sets the vice
low, how much it would fire?

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If you think it is produced?
If I told you you haven't produced

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the bread there, I don't be
selling it for fifty cents. You can

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only sell the fifty he said,
You don't even produce him to supply shrinks.

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If device has been gunning set by
controls love. If the price is

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set high, what happens? Everybody
can use it, but nobody wants to

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buy it. And the beauty of
the honor place it is a show.

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We walk into the ghosting school and
there's almost always bread there, right,

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and always the price the favor and
that supply demand is always manage and then

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has to do with the entire is
supply cheat having prices and all the prices

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each grating all the information necessary to
be a good read and deliberated in the

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supermarket. Bous when you have said
proplying that whole question mechanism go at some

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bureaucrat as a model models says,
by the vator of the ass, he

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plugs in ass and he tells everybody
this is a bt of rered no real

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information to beat your movements advices,
and you get either shortages or over supply.

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Oh, same thing is happening.
In fact, they've got vast models,

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nasim models. By the way,
they never didn't predict inflation because that

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was a suspice to do. But
models with each agree with the expectation out.

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Oh if we take it with the
so the team with that, we

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get to get a recessions right.
Oh, we get a motive a session

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that we can see the placient.
Oh, we've got severual planners against set

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advices and expecting him to get advice. They couldn't get it right for an

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easy product like great, but it's
relatant, civil and so weet union.

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They never got the prices gaty rights. Yet we are demanding the secual bankers

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get the price of money, which
is like a million times more complicated rights

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by setting the interest rate and by
something how money. I think there's a

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general principal deal. We'll get to
my appoch to high account it. But

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the internal principal is secul planet doesn't
work, never has doesn't work for bread,

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doesn't work to interest, strate doesn't
work for money. And indeed the

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history of the Federals or a history
of disaster after disaster, that the disaster.

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But it was always back in ninety
fourteen, the first big crisis that

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face was talking about your COLLAPSI anything
between nine, which the Pharaohs are based

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on. Most econners in the hall, the most economist betters at least screwed

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up and took a dropped in the
stock market and I'm all of the section

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and turned it into the depression,
and we got an depression nineteen sixties and

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saturation, we got em played.
Since then, we've got a business site

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goes hopping down, we've got a
financial crisis. All of those you can

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put the feet of the simple plants
of the dead. And I'm not saying

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about people. You go at economic
stems, it's not even that. If

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you could give thee the best thing
in the world, even the best algorithm,

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the smartest AI cancer the finding and
that's exactly what they're trying to do.

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So from an economics perspect killing economics
perspect that they got an impossible job.

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And I don't think there's an easy
fix. People suggest rules. Um

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uh, you know, sort of
take away the discretion to take away that

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a little good manipulation. Rules are
dead and what they do today, but

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rules based on what. And again
it's a form of centeral plan And the

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question partially is why as a central
planning work. And one reason is this

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problem of calculation in the fact that
we don't have a market that sizer.

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But the other issue is let a
simple planning assume. Let us behind any

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form of simple planning, you know, in a bigger picture, can generalize

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the more. Why don't we have
a gona? What's the proposed to done?

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There's a lassitudents you should know.
Let's propose the gona organize yourselves.

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Yeah, so to organize us.
So suppose are got means to organize us?

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We trees and people like God,
no, no, how they do

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that? You know? Then say, you know what's root for us?

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They know what our values are,
and they know what kind of realized that

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we should live. And they have
a small ones and we have a little

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dama, and they're gonna organize us
and tell us how to their other lives.

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And that's a comic view of what
they govern should do it. It

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goes back to the players were polling. Player wanted to organize us. A

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love that you're starting to organizes us, but you wanted to organize the aspect

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to be like you play. It
was gonna have the philosopher keyes choose who

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we should marry. The philosophy he's
gonna choose you compared to the lacom Key's

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gonna because you're in a cave and
people gotta played over you're you're the inventor

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the cave. Right, you're in
a cave. You see shadow. If

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you don't know the truth, only
the philosophers know the truth, they will

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be to take your life. But
that's the year of organizing our life for

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us. I don't think anybody organize
my life. Pretty dead. Good job

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we're gonna do home. So what
do we got from them? What are

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the common views? Protection? Yeah, so we need done to detect.

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And I would argue that that's the
only thing we really need in a sense,

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the only looking who really need done
it for protection. It's more applicated

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protection to business evolved and making that
protection objective, which is which is not

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easy and not simple, but it
is fundamentally ultimately protection, What facilitates human

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will being? What is it that
makes it possible for human beings to vinally?

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What's that stability? Stability? Uh
so I'm looking at something more fundamental

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than that. So it's sultauility virum. Even as individually, what do we

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need to look to subvide and providus? You well, you can avery much.

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What makes it let's say that,
what makes it sham? What allows

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us to survive as a biological lantic
people? Home sad right now? Every

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reason yeah, ability to think of
aliving, reason ability to use online,

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to be throughout? What is good
for us? I want to bad for

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us? What you know, what's
gonna lead to death and what's gonna lead

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to life? At the very basic
how can anybody you have the gene for

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hunting, gef agriculture, I mean
even the base he might be good at,

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but you might not apprege it's good
at. I'm taking that above.

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Thank you if you If if I
take any money, you drop you to

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the end of the dams. There's
only one thing. There's what a fun

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amount of thing you have to do
in order to survive it. If you

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rely on your genes, if you
rely on your instincts, you will die

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very quickly. What's the one thing
you have to do in the survival hams

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Okay, they go do it hell
soul problems, So go back at agriculture.

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But yet that you know what great
species was slow? Well we we

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don't have a clause. We don't
have things go ring down a pis and

295
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invited to it. But you have
to do that signing and survivors a human

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being? How don't get invite the
boos don't have ye again, what we

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have a plan? We have that
we have to build trapped or to build

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weapons. We have the strategist.
We have to hunts, but to hunts

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we offended. We have to go
through comminition if to go to it posts

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of reasoning stay with that agriculture.
Nobody's bold with the knowledge that the seed

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turned into a pliant and you have
to water it, yet you fertilize it.

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All of that is discovered knowledge all
that why somebody and then somebody figure

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it out. It's the fundamental way
which you may be survival by using him

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money and I would the front of
the movement a way to achieve happiness,

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to achieve anything like as a human
being is ultimately by using him money.

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I mean, you get to act
on it. But if the sub by

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actually being willing to think it through, choose your diary, and then it's

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a hath achieves on what's the enny
of that? What's the thing that makes

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00:25:32.240 --> 00:25:36.119
you? If they eat you relevant? And ultimately you won't even do it?

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What would I do you to make
your things? And you will?

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I'm sure to kill it? What's
that France? Yeah? I frighten you.

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And what's the most fright anything I
can do to you? Yeah?

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Bias violence is the most you know, because I could have gotten the back

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of your head. Reason is that? Talk about reason anymore? You surviving

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on other cancer? Following my word, if I tell an entrepreneuri this stuff

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over a year, I don't step
cells never going to be approved by the

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FEAT together. You can do all
the research in the world and you can

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do it, then he's not gonna
even do it. No preventure capitals getting

319
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your guts that you shot down a
whole yield of human in death about using

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basically behind us, we're not gonna
allow us. Baith who ask you,

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but we're not gonna allow m that's
a threat, that's a threat to you

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like that's a fact your lifehood,
that's a threat. There's limits where you're

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going to devote your attention, where
you going to devote your reason. You're

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thinking you're a rational so human being
by themselves as individuals living alone. The

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government heatings right, there's nobody to
force them. But once we get into

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boots some people and to force other
people to do stuff. That's just the

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reality of life. There's always gonna
be some people who want to you violence.

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It's one way another to force us
to do something. How Sometimes the

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buyo who manifest themselves, he's just
pulling out your guy to see in your

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head. Sometimes a violent WI manifest
that suffering fraud. I don't care to

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sit the violence right, fraud.
There's a way of getting something from you

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through the session and sometimes a violence
rule will manifest itself in this group voting

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to take them stuff from the school
called the demoms. The democracy can't addrest

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00:27:30.759 --> 00:27:36.599
itself and violent. Just to ask
you, soccerces right, why it's somebody

335
00:27:36.599 --> 00:27:45.359
denied as he was doing without doing
is corrupting the youth's challenging the fundamental leads,

336
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God's reality. All these things and
the citizens of athomens wouldn't tolerate guys.

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They got together and they voted based
put it the trial. It was

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basically a democratic folks. The violencial
then be speech in democrasy. If you're

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00:28:00.039 --> 00:28:06.400
home. So whether we get together
in a group or we want to agree

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00:28:06.480 --> 00:28:10.359
on the one thing that is most
important looking to suffie to agree are is

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00:28:10.519 --> 00:28:18.319
no buyous, no coursion, no
force, And we need an institution to

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be able to you know, make
sure that that need HAPs and that's together.

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And that's the purpose of governstribute.
It has to be usually the purpose

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usually government to the oper usually government
in the way for some people doing to

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ePower of other le But that ideal
of govern it is eradicate force of humanity

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graft, so as individuals can use
their minds as individuals in pursuit of their

347
00:28:52.839 --> 00:29:00.119
will values. We a force,
coursion, authority, free a people kind

348
00:29:00.160 --> 00:29:04.920
of for see their way into their
lives. What's that? What's that concept?

349
00:29:06.599 --> 00:29:11.880
If you will to I guess the
constitutional concept the captures this idea that

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you should be free of coosion,
you should be free of violence, fear,

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force and at the government's job.
Well you gonna job some thank you,

352
00:29:23.400 --> 00:29:26.920
but whatever what is the concept they
captured the idea video if you don't

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need to because the suit's own line
right right, I mean after an individual

354
00:29:30.920 --> 00:29:37.000
heights up the right can like what's
the right your life mean that you pilosships

355
00:29:37.039 --> 00:29:38.759
have to be careful? Or what
does the right can like need but forsoo

356
00:29:38.799 --> 00:29:42.359
perspective and will locking perspective. And
I think from the montom falls in the

357
00:29:42.440 --> 00:29:48.559
standing out the right that I need
your right to make decisions about your life.

358
00:29:48.640 --> 00:29:52.400
You're know anything to you out how
you want to live go limit.

359
00:29:53.640 --> 00:30:00.880
It's freedom of freno farm force colosion
bo and once with all the gomment take

360
00:30:00.920 --> 00:30:06.480
that line, you know those take
your freedom to ask me of theclosion.

361
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Not to be either entity of code, but to be the entity that extracts

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coursion from society. The vagulability is
the right thing to through rights, to

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lecture, to talk about ideas.
We are cosimente of coorse. They soon

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00:30:26.440 --> 00:30:32.960
happens, and there's a frost of
kings in the in declaration of the gas

365
00:30:33.440 --> 00:30:37.400
there is you as individuals living your
life based on your own mind. So

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00:30:37.599 --> 00:30:42.319
accident. The declaration comes after the
enlightnment or Drea enlignment where it comes from

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the juryan period with a your reason
thought is elevated the human experience. And

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00:30:48.720 --> 00:30:52.279
that's the only way your knowledge,
it's the only way we can decide that

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00:30:52.319 --> 00:30:56.799
our values, the only way we
achieve our lives. And all the government

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00:30:56.000 --> 00:31:03.440
any ability and not telling you if
you can't account consume what you can account

371
00:31:03.519 --> 00:31:08.359
invested what you cannot can't cannot do
with your life. That's the opposite,

372
00:31:08.440 --> 00:31:14.440
that's the violation of price. That's
a gona using coding against you. And

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in that sense, if you all
that kind of view of the governors,

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00:31:17.799 --> 00:31:22.599
then to attect us at teck out
freedoms but got rights to protect us from

375
00:31:22.640 --> 00:31:30.079
coaching the force they what war?
Would you governa have any money? No,

376
00:31:32.640 --> 00:31:34.880
I mean, it's sad that they
even included in the constitution. It

377
00:31:34.960 --> 00:31:38.519
would be nice to just exclude it
it um. But yeah, then it's

378
00:31:38.559 --> 00:31:44.400
it's a it's an immaniting of you're
not setting the value of it's a very

379
00:31:44.480 --> 00:31:48.440
basic simple things that they were supposed
to do. Not manage an entire financial

380
00:31:48.480 --> 00:31:52.559
system as they do today, certainly
not have a simple bank. They basically

381
00:31:52.839 --> 00:31:56.440
nopolize all money. And where if
I would have stop it, you know.

382
00:31:56.200 --> 00:31:59.599
I mean people are trying out at
a bad point, the crypt out

383
00:32:00.000 --> 00:32:02.240
to have their own money, and
we'll see how long the government lets them

384
00:32:02.319 --> 00:32:06.599
do that. Right now, the
market itself is employing, so the gun

385
00:32:06.680 --> 00:32:08.559
doesn't happen to do anything. They
did that sit back and wait as the

386
00:32:08.599 --> 00:32:15.079
crypto bubble collapses. But if bitcoin
accidentally for good, is there any doubt

387
00:32:15.319 --> 00:32:21.279
that the government would shut it down
and use closion to stop it? Because

388
00:32:21.319 --> 00:32:25.559
the governor hasn't anop to be over
money. But we're didn get that that

389
00:32:25.960 --> 00:32:30.960
scursion and that's force that's telling what
I can I can I do? So

390
00:32:31.880 --> 00:32:37.920
in my view, the gun has
no role. You know, we cannopulize

391
00:32:37.680 --> 00:32:44.640
and that's a big, big statem
ambitiously no in how we can use other

392
00:32:44.720 --> 00:32:52.480
than help define and detect populos.
Property can be tricky to let your populize,

393
00:32:52.480 --> 00:32:57.319
the tricky populighte on the web,
tricky even figuring out exactly where it

394
00:32:57.400 --> 00:33:01.359
ben says exactly where the popery line
is as probably you know some problems the

395
00:33:01.440 --> 00:33:06.759
students who needs is not always straightful. They will look at it. It's

396
00:33:06.759 --> 00:33:12.720
they help help define them. Again, maybe the ultra of disputes that we

397
00:33:12.759 --> 00:33:16.440
are duelded suits when we use a
quote system or the artrey and have objective

398
00:33:16.519 --> 00:33:21.480
rules and how to how to do
it that. But i've the govern has

399
00:33:21.559 --> 00:33:25.480
no business in how we can unic
lives. And as soon as it tries

400
00:33:25.559 --> 00:33:31.559
to set into economic lives, it's
easy for us. It's using colosion,

401
00:33:34.279 --> 00:33:39.160
it's imposing its will on us and
the Federals. Again it's a good example

402
00:33:39.200 --> 00:33:45.519
the Federals. It was Establishment King
fourteen. Because politicians will piss out.

403
00:33:45.599 --> 00:33:51.759
Then in the big financial crisis of
nineteen o Saturn read about this big financial

404
00:33:51.799 --> 00:33:53.960
crisis. A lot of dances fail. There's a lot of problems to use

405
00:33:54.039 --> 00:33:58.519
economy, looks like there's a break
of a depression. Teaching more in a

406
00:33:58.599 --> 00:34:01.519
prior bank accepted, got all the
other bankers in New York together, locked

407
00:34:01.519 --> 00:34:05.480
them in the room, and they
sat down. They figured obsolutely we shouldn't

408
00:34:05.519 --> 00:34:09.159
be solved the problem. They basically
helped. Some banks got dissolved at the

409
00:34:09.199 --> 00:34:14.440
bank up bailed out, but it
was all gone prided, no government bail

410
00:34:15.519 --> 00:34:22.000
and it was resolved. And a
lot of politicians who really get set because

411
00:34:22.039 --> 00:34:30.800
how private issues, how so they
are hearings and the consequence with those hearings

412
00:34:30.800 --> 00:34:35.199
would ultimately establishment of a central bank. It takes away the power from JP

413
00:34:35.320 --> 00:34:42.159
Morgan and gives it to if you
o court, somebody appointed by the government

414
00:34:42.239 --> 00:34:45.440
to hold on with this. So
you get nineteen fourteen, you get hearings,

415
00:34:45.519 --> 00:34:53.599
nineteen fourteen, you get reserved,
and yeah, power of private bankers

416
00:34:53.840 --> 00:34:58.679
is shrow dramatically, is a consequence. And then you get and then in

417
00:34:58.760 --> 00:35:01.440
the thirties you get mess a bank
regulations. If you guys the securities law

418
00:35:01.599 --> 00:35:07.400
and you know all that has been
vidual securities and bank laws, and since

419
00:35:07.440 --> 00:35:12.079
then it's just piloting regulations by regulations, very relations regulations and what a regulation.

420
00:35:12.519 --> 00:35:15.000
There are attempts to in the local
life basis simple, the client human.

421
00:35:17.920 --> 00:35:22.280
They are ways they'll all of you. It's ways to fix market failures.

422
00:35:22.840 --> 00:35:27.920
But then they have a waste to
the ways that actually create more data

423
00:35:28.000 --> 00:35:32.239
interview. I don't know single regulation
is actually fixed a soabar market failure.

424
00:35:35.480 --> 00:35:38.320
And you can see them pilot off
if you study securities regulation, it's just

425
00:35:38.559 --> 00:35:43.320
it's just layers want to talk to
the other more regulation, mo reulation to

426
00:35:43.400 --> 00:35:47.559
try to fix the problems of the
purious regulations group and as part of that,

427
00:35:49.079 --> 00:35:52.320
you know, in my view there
should be no fimers of I mean

428
00:35:52.400 --> 00:35:57.079
the issue of money and the issue
of white money should be and the issue

429
00:35:57.320 --> 00:36:01.480
of all of that should be to
us. You know, a couplas what

430
00:36:01.639 --> 00:36:06.880
do we demand now? I started
when we demand goal it's money that was

431
00:36:06.920 --> 00:36:09.000
a kind of standing. Maybe in
the future mid clin, I don't know.

432
00:36:09.079 --> 00:36:12.360
I doubt it, but maybe it
will be a good clint. Whatever

433
00:36:12.360 --> 00:36:16.480
it is, why is it they
need something simple and its business unless they're

434
00:36:16.480 --> 00:36:22.679
trying to organize society in other words, and shoe that st called common good

435
00:36:23.159 --> 00:36:27.760
public interest. When I am a
common good public interests, I want to

436
00:36:27.840 --> 00:36:31.840
run for the years because they always
is cold or they want to control my

437
00:36:32.000 --> 00:36:37.159
life. They don't trust me to
choose my own values. They don't trust

438
00:36:37.159 --> 00:36:39.079
me building my life the way I
sepa. They want to impose it.

439
00:36:39.159 --> 00:36:43.519
Will I mean an excuse all yes, you might be looking right, No

440
00:36:43.840 --> 00:36:51.119
excod how do they know that?
How do they measure it? So whole

441
00:36:51.159 --> 00:36:55.400
problem utilit terianism, how do we
figure it out? It's impossible. It's

442
00:36:55.440 --> 00:36:59.440
just a way of control. It's
just a way for power. So you

443
00:36:59.480 --> 00:37:07.880
can tell you that it's I think
he's looks and hood review review, Asian

444
00:37:07.960 --> 00:37:14.079
reviewing more dangerous than anybody in the
life in terms of one ing twelve hours.

445
00:37:14.440 --> 00:37:21.079
Once you start interpreting the Constitution not
protecting individual rights, but it's protecting

446
00:37:21.199 --> 00:37:24.719
some kind of common good that nobody
can define except that people can power.

447
00:37:27.519 --> 00:37:31.079
You're heading towards as disaster. But
that's where I'm pushing. I think much

448
00:37:31.119 --> 00:37:36.440
of the many way it seems to
be heading. Oh yeah, I'll take

449
00:37:36.440 --> 00:37:42.519
any kind of questions you guys want
to on this way anything else? Yeah?

450
00:37:43.039 --> 00:37:49.199
So did I agree with you on
almost everything? Almost, but you

451
00:37:49.280 --> 00:37:53.760
know, just impractical reform and as
we look forward, you know, we

452
00:37:53.960 --> 00:38:00.199
had for a number of years Screenspan
that the follower of iron Man, but

453
00:38:00.199 --> 00:38:08.000
it's great a claim called Australia h
during that time Freeman uh and and others.

454
00:38:09.239 --> 00:38:13.239
I was less comfortable with it.
The freedom proposed, you know,

455
00:38:13.480 --> 00:38:15.880
you do some sort of Freeman the
world. You do that in formulat,

456
00:38:16.280 --> 00:38:22.639
you have it less discretion of that. You seem uncomfortable with this. Wouldn't

457
00:38:22.679 --> 00:38:28.119
this be a better at least transition
proposal? No question? So if you

458
00:38:28.199 --> 00:38:30.159
had to choose out another fit today
you give it that there was a chat,

459
00:38:31.000 --> 00:38:36.039
then a move based FED is much
better than the discret move that discractionating

460
00:38:36.079 --> 00:38:40.519
FRED is ultimately um a politicize fan. So you see how Paul settling game.

461
00:38:40.639 --> 00:38:45.280
So the in twenty eighteen and Paul
wanted to space and plump water Man

462
00:38:45.639 --> 00:38:50.480
yelled at him and sudden into going
down. Um, you've seen that many

463
00:38:50.559 --> 00:38:54.280
times. To isis because that as
days never go up doing eventually like and

464
00:38:54.280 --> 00:38:59.559
can go back to chet your bed
increases into speak to in the position level

465
00:38:59.559 --> 00:39:04.119
because they dont want to play polls. Um, they come down to you

466
00:39:04.239 --> 00:39:09.679
because the gold ya. So in
in nineteen ninety two they started decreasing interest

467
00:39:09.719 --> 00:39:14.280
rates just a little too late from
Roo the boots. Just what Clinton won

468
00:39:14.800 --> 00:39:20.920
one quarter two if they started the
quarter earlier plan that was the election where

469
00:39:20.920 --> 00:39:24.760
it was the economy student. So
yes, so we would be better than

470
00:39:24.800 --> 00:39:29.400
the struct because I don't trust the
discustion. You know, the Federals is

471
00:39:29.440 --> 00:39:36.159
the largest employer ehds and economics of
economics in the world. And I don't

472
00:39:36.199 --> 00:39:42.000
know why I don't trusts some of
who is some of the economists a finance

473
00:39:42.079 --> 00:39:45.880
guy. I don't trust these economists, and but they all get PhDs out

474
00:39:45.920 --> 00:39:49.960
of schools. They all have to
write the same kind of visitations. They

475
00:39:50.000 --> 00:39:53.880
are told pretend to hold the same
kind of views because the gods employer ecs

476
00:39:53.920 --> 00:40:00.639
and economics as a particular view of
the world, and you benefit. So

477
00:40:00.559 --> 00:40:05.199
you don't give much as sentence of
dead, you don't give much interesting things.

478
00:40:05.760 --> 00:40:10.079
The problem with the rules which one
doesn't really work. How long is

479
00:40:10.119 --> 00:40:15.760
the work? What about in crises? It's too easy to violate the world

480
00:40:15.760 --> 00:40:23.000
of prices um so yes, better
but not the solution. And it's interesting

481
00:40:23.079 --> 00:40:31.519
because when Trump Trump got to nominate
a federal reserve, Federals of chairman used

482
00:40:31.559 --> 00:40:35.360
to move a point in power in
the first back room, and he had

483
00:40:35.400 --> 00:40:42.400
a choice between power and John Taylor. John Taylor is an economist from from

484
00:40:42.480 --> 00:40:47.400
Stanford University, very very well,
regarded fairly to be market generally talks to

485
00:40:47.440 --> 00:40:52.920
fream marketing. But Taylor has a
famous rule there. It's called the tailor

486
00:40:53.079 --> 00:40:57.960
rule, which is the rule fond
to the cost. It's a move out

487
00:40:57.960 --> 00:41:00.840
of the better reserve should be a
So they see Trump had a choice between

488
00:41:00.920 --> 00:41:07.480
wolves guy, that's streussing every guy. And I remember at the time,

489
00:41:07.559 --> 00:41:09.639
I said, it's not East way
to get the pick. There's no one

490
00:41:09.760 --> 00:41:13.519
hell, and it's not some trump
any further. He started to think of

491
00:41:13.639 --> 00:41:19.239
rules started because then he has no
power. Boy play your super has no

492
00:41:19.320 --> 00:41:22.239
power. He picks the stressing again
because in the funny this is the problem

493
00:41:22.239 --> 00:41:25.440
of politics, and you know,
one of the mini models is there's not

494
00:41:25.519 --> 00:41:30.280
about economics, it's about politic All
of these things up about politics kind of

495
00:41:30.320 --> 00:41:35.679
given. So he picked Pobbly because
he couldn't easily manipulate power. John Taylor

496
00:41:35.760 --> 00:41:39.079
would said, following the rule,
you know, and and long term in

497
00:41:39.119 --> 00:41:44.039
the look now it's a real question, and he talks about's a good guy.

498
00:41:44.079 --> 00:41:46.800
That's a real question with it under
that kind of aligal pressure, would

499
00:41:46.920 --> 00:41:51.440
a federal chiming seeks to the rule
or not? You know, that's the

500
00:41:51.480 --> 00:41:54.000
actually terminator. I'm good spending it, and he didn't. I think I'm

501
00:41:54.039 --> 00:41:59.599
good. Tam was following some kind
of rule in the nineties, but then

502
00:41:59.760 --> 00:42:01.559
in the two thousands he abandoned it. And then we got and I think

503
00:42:01.599 --> 00:42:05.840
it's a consequence that it's abandoning it. We got the financial question. Yeah,

504
00:42:06.039 --> 00:42:09.079
it was following the tailor role up
until Yeah, two thousand, two

505
00:42:09.119 --> 00:42:13.800
thousand and one two, when he
abandoned the tar roll fter nine eleven,

506
00:42:14.199 --> 00:42:17.039
and by abandoning the TERA well after
nine eleven, created the economic the inch

507
00:42:17.119 --> 00:42:22.119
state, the economic confining it.
That led to a financial question and whether

508
00:42:22.199 --> 00:42:24.159
it's a tailor role or whether it
was a gold price rule. I mean,

509
00:42:24.559 --> 00:42:28.840
it looks like a telele exposed,
but it's sometre that's what he was

510
00:42:28.920 --> 00:42:31.960
actually doing. He might be calling
a gold crisis, which we could be

511
00:42:32.039 --> 00:42:37.280
consistent with his writing earlier. Hard
to tell, but he abandoned it very

512
00:42:37.360 --> 00:42:39.840
quickly. When when when? When? When he needed to? Which was

513
00:42:39.840 --> 00:42:43.320
after nine or what you thought?
I don't needed to or to leven nine

514
00:42:43.360 --> 00:42:52.280
eleven? So the banking background to
study act better regulations, et cetera.

515
00:42:52.800 --> 00:43:00.280
I'm curious what your opinion is on
the benefits of some sort of marketcy purity

516
00:43:00.320 --> 00:43:06.840
regulation, protective investors, persons,
the downside a company to distract some proud

517
00:43:06.880 --> 00:43:12.000
in the actual business purpose. So
I'm I believe in I believe in the

518
00:43:12.039 --> 00:43:17.639
regulation, but I believe that the
best way to regulate business is stronger and

519
00:43:17.840 --> 00:43:22.840
businesses themselves, kind of what we
can call voluntary regulations, for example,

520
00:43:22.960 --> 00:43:27.719
securities regulation, which I mean is
a disaster and a mask. I mean

521
00:43:27.800 --> 00:43:30.239
I I one of the things I
use I run. I run a hedge

522
00:43:30.239 --> 00:43:36.760
front and it used to be in
a nights that what graduated a headgehunt or

523
00:43:36.760 --> 00:43:39.719
a mutual fund was a hedgephunt was
unregulated. I believe kind of need to

524
00:43:39.760 --> 00:43:44.480
do any in vitement and that's not
truguale. I act to regulac in the

525
00:43:44.519 --> 00:43:47.679
amount of anything that you do buy
all of these things. But you know,

526
00:43:47.960 --> 00:43:52.559
and there's so much paper. We
have a full time flings officer,

527
00:43:52.719 --> 00:43:58.800
a small little edge fund which is
insane, and the paintle can do restrictions

528
00:43:58.840 --> 00:44:00.559
and constraint of what we can say, whether we can do social media,

529
00:44:00.760 --> 00:44:05.280
can I treat about my front?
And then who can I accept money from?

530
00:44:06.239 --> 00:44:12.760
Like unless you have five million dollars
in investable securities right liquid assistance,

531
00:44:13.159 --> 00:44:16.000
you can't invest in by it.
So I find this convergent people only and

532
00:44:16.079 --> 00:44:21.760
people complain about it. You call
it right. If you're middle class,

533
00:44:21.760 --> 00:44:23.960
you can't invest in my her point
you can't invest my her by law.

534
00:44:24.679 --> 00:44:29.199
And even if you're William and Son, even if you're a page financing because

535
00:44:29.800 --> 00:44:31.719
I mean, this is the stabidity
of it. It's one science spit off.

536
00:44:34.039 --> 00:44:37.239
Whereas I think what would actually happen, because it's true that if you

537
00:44:37.280 --> 00:44:42.280
had no rules, it would be
crazy, and I think you people participated

538
00:44:42.320 --> 00:44:44.960
in the markets and people would be
afraid. Like let's say, you know

539
00:44:45.199 --> 00:44:50.119
said treading the vows talk about its
trading is interesting topic in gos stools better

540
00:44:51.000 --> 00:44:52.199
you know, if you had no
insid of treading, then a lot of

541
00:44:52.199 --> 00:44:55.400
people say, oh, I don't
want to trade because I meant trading against

542
00:44:55.400 --> 00:44:59.760
some of these insect for nation and
so well, what is the market menked

543
00:44:59.880 --> 00:45:01.920
is to solve these gonn And this
is the thing, there's always a mogamating.

544
00:45:02.559 --> 00:45:07.800
If there's something was streaming ability to
do something, there's a bucket opportunity

545
00:45:07.800 --> 00:45:10.239
todea for someone who can come in
and set the story. So who hasn't

546
00:45:10.400 --> 00:45:16.440
sent it to regularly financial activity where
it wouldn't be regulation by gods and regulations

547
00:45:16.480 --> 00:45:24.320
to collet who insecurities? That said
and said who makes money off of volume?

548
00:45:24.840 --> 00:45:31.280
For example change that used to be
in the oldest NYC and as Zac

549
00:45:31.760 --> 00:45:36.960
Philadelphia change he called Boo Board of
Trade. They were all distinct exchanges competing

550
00:45:37.000 --> 00:45:39.840
with one another, and one way
they could compete about it with one another.

551
00:45:39.880 --> 00:45:45.280
There's different rules but listening and trading. So for example, i NYC

552
00:45:45.440 --> 00:45:50.320
has with me no inside of trading
rules. You can anybody for tradure,

553
00:45:50.400 --> 00:45:53.760
no no move restrictors. Naze said, do you know here the things that

554
00:45:53.840 --> 00:45:58.440
allowed you things that are another and
let's see what my books better. Economic.

555
00:45:59.000 --> 00:46:02.960
But the idea of if you need
to have gomity controls or analarchy kails

556
00:46:04.840 --> 00:46:08.800
is I think falls because you have
market. The market needs order, and

557
00:46:08.920 --> 00:46:15.039
I think that order will come from
institutions that the market will create in order

558
00:46:15.079 --> 00:46:17.920
to facilitate that order. Exchange is
a good example, but we don't go

559
00:46:17.960 --> 00:46:21.960
to common stops and change stift.
We have to have an exchange. It

560
00:46:22.360 --> 00:46:27.880
helps us and reduces all the information
costs and all the transacting costs that they

561
00:46:27.880 --> 00:46:31.519
involved. But it could also now, for example, it could set standards

562
00:46:31.559 --> 00:46:35.920
for financial story. It could say, if you want to listen to the

563
00:46:36.039 --> 00:46:43.239
NYC, you have to abide by
these accounting these accounting moves and another change

564
00:46:43.239 --> 00:46:45.920
could do another. Oh, and
it could have if you're this kind of

565
00:46:45.960 --> 00:46:47.400
company, these that kind of goals
and do this kind of county that kind.

566
00:46:47.760 --> 00:46:51.199
No, instead of that, we
have one set of county goals that

567
00:46:51.280 --> 00:46:55.880
event, and they apply equally to
high tech companies, to old industrial companies,

568
00:46:55.920 --> 00:47:00.440
set to services companies. They all
acquire out basically under the same accounty

569
00:47:00.519 --> 00:47:05.719
rules, which makes no sense of
amun As Silicon Valley in the two thousands,

570
00:47:05.800 --> 00:47:09.119
there were a series of companies there
will issue two sets of financials,

571
00:47:09.159 --> 00:47:14.760
the one fast be of course,
you know, and one what they thought

572
00:47:14.840 --> 00:47:17.199
made sense for you guys, and
they stopped doing it because it's suspensive.

573
00:47:17.599 --> 00:47:22.280
But you don't get any flexibility with
one site. Spit all government rules govern

574
00:47:22.400 --> 00:47:28.920
we do that. So I think
there's always always mechanisms that solved the problems

575
00:47:29.920 --> 00:47:36.039
through a market that the gun is
trying to solve the regular and regulations always

576
00:47:36.119 --> 00:47:40.719
screw them, always, Like the
acc is a good edita, right,

577
00:47:40.800 --> 00:47:45.199
it sounds pretty good, And you
don't want to have to bother and to

578
00:47:45.239 --> 00:47:46.719
go to the banks to figure out
if the bank soldiers are out solder,

579
00:47:47.119 --> 00:47:50.559
so you just give them a bank
amount and the gun who get to use

580
00:47:50.599 --> 00:47:52.679
the funds? And that's right,
and it's easy And what all does it

581
00:47:52.760 --> 00:48:01.760
do? Well? Preach massive moys
that the bank doesn't care about losses because

582
00:48:01.800 --> 00:48:06.480
it's gonna bail about the only care
about the outside. What happens when you

583
00:48:06.519 --> 00:48:08.360
care about the outside, don't care
about the losses, you take on huge

584
00:48:08.360 --> 00:48:14.960
amounts of risk. So banks said
that because of the post that shooters which

585
00:48:15.000 --> 00:48:16.599
you have to get, you can't
take deposit in the let's get it,

586
00:48:16.800 --> 00:48:22.679
I guess you deposit. So then
you have a whole set of regulations of

587
00:48:22.760 --> 00:48:25.679
limiting duristic in your bank because they
were taking on too much risk. Because

588
00:48:25.719 --> 00:48:31.239
of the regulation, there was Britant
place to protect suppltimately the positive, the

589
00:48:31.400 --> 00:48:36.239
little bad and honey a little bit. You know that to every thousand dollars

590
00:48:36.440 --> 00:48:40.280
in cash in the bank account,
it's never to particul nobody you watching kids

591
00:48:40.280 --> 00:48:45.440
about the little bit. It's always
to protective beat guys who actually the manipulate

592
00:48:45.639 --> 00:48:50.039
votes in the d But it's the
control, so regulations sh Then you have

593
00:48:50.280 --> 00:48:52.400
regulations and risk and then banks are
limited in what they can do. To

594
00:48:52.440 --> 00:48:55.840
see a pivot regulated something else where
you got to vote something else on there

595
00:48:57.239 --> 00:49:00.440
and that's how you get lay up
on, lay up on lay what they

596
00:49:00.480 --> 00:49:04.920
are now if you if you look
at a bank. You come from that

597
00:49:05.039 --> 00:49:07.320
environment. I mean, the amount
of regulations is just unbelievable, and some

598
00:49:07.440 --> 00:49:13.559
of them conflict with one of them. You've got on the one hand,

599
00:49:13.599 --> 00:49:16.480
you've got privacy laws, for example, at a bank. On the other

600
00:49:16.559 --> 00:49:22.079
hand, you have these requirements to
let the governor where never there's a quote

601
00:49:22.199 --> 00:49:28.000
suspicious activity or anything over ten thousand
dollars. But now they want to lower

602
00:49:28.079 --> 00:49:30.519
that. Even so, what do
you do. Do you protect the privacy

603
00:49:30.639 --> 00:49:34.360
of the individual or do you let
the where you have to let the govern

604
00:49:34.440 --> 00:49:37.400
nowhere you are so violating the privacy
laws. And how do you resolve those?

605
00:49:37.719 --> 00:49:42.239
Well? Banks resolved by schools and
more. And that's what they care

606
00:49:42.320 --> 00:49:53.519
less elect your privacy than you do
a viva to see how the better just

607
00:49:53.800 --> 00:49:58.639
that their finger and resolves that.
Obviously everything great, um, and you

608
00:49:58.800 --> 00:50:04.880
get rid of all these arventure is
what is the realistic path to towards that

609
00:50:05.079 --> 00:50:10.280
end where you started? Yeah,
I mean, I don't know. Especially

610
00:50:10.280 --> 00:50:15.280
you have to get the way people
elected and the people that the people us

611
00:50:15.360 --> 00:50:20.199
the people who be electing. We
actually at the once a dissolution of a

612
00:50:20.280 --> 00:50:24.079
separation the government from the economy and
sub level and we don't have a need

613
00:50:24.159 --> 00:50:29.840
that it. Assuming we had it, then you would have to figure out

614
00:50:30.039 --> 00:50:35.599
a carefully designed path of awinding these
kinds of relations. And it's not easy

615
00:50:36.559 --> 00:50:42.239
because if you eliminate the risk controls
over banks which you keep deposit insurance in

616
00:50:42.280 --> 00:50:45.639
the banks are going to take out
too much risk, is one simple example.

617
00:50:45.679 --> 00:50:49.239
So you have to lay out them
off in ways that minimizes the risk

618
00:50:49.280 --> 00:50:52.840
of a system. And that's very
complicated. But I would say, you

619
00:50:52.960 --> 00:50:55.639
know, if if you gave,
if you gave me, you know,

620
00:50:57.239 --> 00:51:00.920
I take out four year an ATA
program and say every year we do these

621
00:51:01.039 --> 00:51:06.239
steps. First of all, you
have to be completely transparent, so the

622
00:51:06.440 --> 00:51:08.840
market has to know what's coming.
So for example, with regard to the

623
00:51:09.119 --> 00:51:14.119
to the reserve, I would first
goal in gold standard and then dissolve the

624
00:51:14.119 --> 00:51:17.360
for reserve, so because the goald
stid would give it stability. And the

625
00:51:17.440 --> 00:51:21.199
way to go to gold stand is
to say, okay, day for twenty

626
00:51:21.280 --> 00:51:23.559
twenty four, we're going in a
gold standard. Whatever the price of gold

627
00:51:23.719 --> 00:51:28.840
is that day, or the average
over the last three months or whatever that

628
00:51:29.039 --> 00:51:31.679
is the price. With fixing gold, that's a fright you're going to use

629
00:51:32.400 --> 00:51:37.679
for the future for goal. And
then once you do that, then now

630
00:51:37.960 --> 00:51:40.760
I'm dissolving the fact. Here's how
we're doing These are the Fike steps.

631
00:51:42.079 --> 00:51:45.480
This is that where we're being this
gold into the pot, all these reserves

632
00:51:45.760 --> 00:51:49.679
which are now in gold to the
banks themselves, and the banks themselves get

633
00:51:49.760 --> 00:51:52.119
it. And by the way,
banks start planning on having a print,

634
00:51:52.280 --> 00:51:55.679
because you're gonna actually be pinning money. To the extent we start an economy

635
00:51:55.719 --> 00:51:59.920
with cash, you're gonna actually have
to print that cash, set the pig

636
00:52:00.159 --> 00:52:02.039
that out. But he has the
date when it's gonna happen. And then

637
00:52:02.320 --> 00:52:06.679
at the same time, in parallel, he had the regulations with eminating he

638
00:52:06.840 --> 00:52:09.519
is that. He he had the
different steps that we're taking, you know,

639
00:52:09.679 --> 00:52:12.880
to get rid of it. All
of it would have to be transparent

640
00:52:13.320 --> 00:52:15.239
because otherwise, every time you do
this it will be shocked to the system

641
00:52:15.719 --> 00:52:20.280
and and markets would get you know, fleaked out of So you have to

642
00:52:20.360 --> 00:52:23.760
do it slowly and systematically, and
it has to be over you know,

643
00:52:23.960 --> 00:52:27.880
given the presidents of like every four
years, it would have to be over

644
00:52:27.920 --> 00:52:30.360
a four year period. You have
to have a four year plan for undoing

645
00:52:30.440 --> 00:52:36.800
financial regulations. Four years is that's
pretty intense to get it done for you.

646
00:52:37.840 --> 00:52:39.000
But you have to do the same
thing. I mean, might views

647
00:52:39.679 --> 00:52:43.400
you have to do rid of subsecurity? I could get a medicat one way

648
00:52:43.440 --> 00:52:45.920
or another. We're going to it's
just a question of do we do it

649
00:52:45.960 --> 00:52:47.159
when they're bankrupt, if we can
do it when we have time, text

650
00:52:47.400 --> 00:52:51.639
pliant how it looks like. And
if you che to do the same thing.

651
00:52:51.679 --> 00:52:53.320
You can't just come off and say, well, say know sub security

652
00:52:53.320 --> 00:52:55.679
anybody. You have to say,
okay, here's the plan of how we

653
00:52:55.719 --> 00:52:59.239
had do It's if you're twenty years
old, you don't get it, but

654
00:52:59.360 --> 00:53:01.760
if you're six, you'll probably get
most of it. And he's how we'll

655
00:53:01.760 --> 00:53:05.440
get funded it. And you have
to have a you know, one of

656
00:53:05.519 --> 00:53:10.400
the strategies about political systems. Nobody
has a plan except to spend money.

657
00:53:12.559 --> 00:53:15.599
But beyond that distal and when they
do come up with some kind of plan,

658
00:53:15.679 --> 00:53:20.880
it's usually a hot pot of different
rand or stuff that different sentatives of

659
00:53:20.960 --> 00:53:23.320
Congress and stick into the buildings in
order to get something out of it.

660
00:53:23.480 --> 00:53:27.880
But it's not doesn't call even on
the left, it doesn't call less into

661
00:53:27.920 --> 00:53:31.039
anything other than more power and a
greater power. So you need to have

662
00:53:31.159 --> 00:53:34.679
a plan. You need to have
you never a strategy. You need to

663
00:53:34.760 --> 00:53:38.119
be able to be unbelievably transparent about
how you go from point A to point

664
00:53:38.840 --> 00:53:46.280
because otherwise you pretytails. Seems as
long as politicians have somethlever, he says,

665
00:53:46.559 --> 00:53:52.199
they don't have any incentive to having
a plan that or comes to the

666
00:53:52.320 --> 00:53:54.760
table and we'll ask. I mean, you know it's always that we get

667
00:53:54.800 --> 00:54:00.480
politics and we deserve so we can
blame the politicians, but any us,

668
00:54:00.119 --> 00:54:04.599
we all demanded plan. I mean, looking Republicans who learning this last time?

669
00:54:05.400 --> 00:54:07.400
Did they have a positive message?
But says fun me that you unit

670
00:54:07.440 --> 00:54:10.119
if you went for Republian this is
what they were going to do other than

671
00:54:10.199 --> 00:54:15.119
dat abortion, but this is what
they were going to do. What they

672
00:54:15.199 --> 00:54:17.119
said finance bad on inflation. Okay, what do you need to do by

673
00:54:17.199 --> 00:54:22.960
eflation? Psych he did all these
vadicanspract what do you got if you were

674
00:54:23.039 --> 00:54:25.239
there? We know what Trump would
have done. What would you have done

675
00:54:25.239 --> 00:54:31.880
if you were bad? Don't even
ask the question? Um crime, crime

676
00:54:32.000 --> 00:54:37.320
is rampid because you know the police, Democrats whatever, these are national Republicans.

677
00:54:37.360 --> 00:54:38.559
Okay, what are you even do
by this, what are the actual

678
00:54:38.639 --> 00:54:44.440
steps did you plan to did you
induce clan an amount? None? Black?

679
00:54:45.840 --> 00:54:50.159
You know, compare that to make
one of the most successful in Republican

680
00:54:50.480 --> 00:54:55.119
UM congresses, which is the nineteen
eighty four kind of New Gingridge Revolution.

681
00:54:55.239 --> 00:54:59.119
Right, there was a contact with
America. I didn't agree with much of

682
00:54:59.159 --> 00:55:01.800
it, at least you this is
what this is what they believe, this

683
00:55:01.920 --> 00:55:06.639
is what positive they were going to
do. And this time if you'd ask

684
00:55:06.719 --> 00:55:08.519
McConnell or mcconfee, what about a
contract. No, no, no,

685
00:55:08.679 --> 00:55:13.280
no, we don't we don't have
to be presentive positive and we went and

686
00:55:13.400 --> 00:55:17.000
we go vote for the bath Fords
anywhere. So I'm kind of happy that

687
00:55:17.079 --> 00:55:20.760
they had a bad night GISs,
even though I hate to them, because

688
00:55:21.840 --> 00:55:24.800
as much as anybody, I'm glad
because somebody had to stop it in the

689
00:55:24.840 --> 00:55:28.559
face and tell it what you're doing
to sue it, and you left you

690
00:55:28.639 --> 00:55:30.079
it has to do that. Who
else is going to do it? So,

691
00:55:31.079 --> 00:55:34.719
uh, you know, this is
what is it? Probably plenty of

692
00:55:34.760 --> 00:55:37.880
Standfords, we know what the Democrats
kind of standing. What are the probably

693
00:55:37.880 --> 00:55:45.920
in Standford, particularly postpone. I
don't think even he knows what these so

694
00:55:46.199 --> 00:55:53.320
we the people have to demand better
and have to expect better um and only

695
00:55:53.440 --> 00:55:58.920
then when we get better politician.
We won't get it by chance. I

696
00:55:59.000 --> 00:56:05.719
mean, an accident might have.
But I I mean I think Ron and

697
00:56:05.800 --> 00:56:08.320
Radian got elected who I think was
better, a little bit better at leason

698
00:56:08.880 --> 00:56:14.519
because the culture shouldn't because those real
ship people demanded something defilty. They were

699
00:56:14.559 --> 00:56:16.480
so better would you be caught out? What had happened in the seventies and

700
00:56:16.519 --> 00:56:21.599
inflation for septis that they wanted to
be different. They're willing to experiment,

701
00:56:21.800 --> 00:56:25.239
and Radion was kind of okay,
let's go in. Essentially did that with

702
00:56:25.280 --> 00:56:32.320
twelve. But the gulf between Trump
and the Radiant was huge because Trump said,

703
00:56:35.000 --> 00:56:37.480
I'm not going to tell you how
to fix all the problems acrost them

704
00:56:37.400 --> 00:56:40.199
and we said, yes, great
because of the real estate developing. Must

705
00:56:40.239 --> 00:56:45.719
know what you're doing. And Radiant
actually laid up. Ragan actually had a

706
00:56:45.800 --> 00:56:49.280
vision. Ragan actually told you what
he's spout for and what he was going

707
00:56:49.320 --> 00:56:52.519
to do and what he wanted to
do. And again I did we were

708
00:56:52.519 --> 00:56:53.800
a country of the plan. But
at least he had a plan. He

709
00:56:53.920 --> 00:56:59.480
had some kind of vision, and
so we won't get changed until we demand

710
00:56:59.599 --> 00:57:05.159
up all the issues. I'm staying
for something and actually be willing to communicate

711
00:57:05.199 --> 00:57:17.800
what that is. That's going to
be a veniens final question, right,

712
00:57:17.920 --> 00:57:24.159
group, let me say, uh, so, not on the topic inflation,

713
00:57:24.400 --> 00:57:29.880
but on the topic of the minimal
state. Yeah, I does even

714
00:57:30.039 --> 00:57:34.360
artist for some sort of minimal state
doesn't have a stand army, And how

715
00:57:34.400 --> 00:57:37.760
does it stop that standing army from
the community government? So I don't know

716
00:57:37.800 --> 00:57:42.760
if it was like a little of
certain niches. Uh, it seems that

717
00:57:42.960 --> 00:57:45.320
So, I mean, I'm for
limited government. I don't even like small

718
00:57:45.360 --> 00:57:49.639
government. Limited governments a rate for
second, and limited by individual rights.

719
00:57:49.840 --> 00:57:53.519
That's that's super person doesn't have a
standing on I think in the end of

720
00:57:53.559 --> 00:57:58.679
the day, it depends who you
are, right. Uh. You know,

721
00:57:58.760 --> 00:58:01.840
if if some countries can afford not
to have standing arms, sometimes you

722
00:58:02.000 --> 00:58:07.880
cannot afford to not. And I
think the United States, given where it

723
00:58:08.000 --> 00:58:14.760
is geographically and given kind of its
ambitions, needing the standing of um.

724
00:58:15.760 --> 00:58:19.960
But this is the challenge, how
do you fund the standing? And this

725
00:58:20.159 --> 00:58:25.239
is I think what keeps a what
in a truly limited government inspective, might

726
00:58:25.320 --> 00:58:31.800
kind of government would keep restraining is
to make it a limited you know,

727
00:58:32.079 --> 00:58:37.960
a standing army of owning so much
size and not unlimited size. Is that

728
00:58:37.119 --> 00:58:43.880
I think that ultimately m funding for
such an army would have to be in

729
00:58:44.039 --> 00:58:51.639
some phone involved in that is that
it was would not be course aspectige because

730
00:58:51.679 --> 00:58:58.119
it's because of taxation. Then yeah, there is a massive and sent to

731
00:58:58.199 --> 00:59:01.239
grow that army and to keep going
into there, and it's very difficult coust

732
00:59:01.280 --> 00:59:05.840
to organize. They're increasing a texted
just a little bit. It's it's it's

733
00:59:05.880 --> 00:59:08.920
too incremental. And as an economy
votes where if the texts ten be sent

734
00:59:09.360 --> 00:59:13.159
and the economy has grown a lot, then they're getting a lot of the

735
00:59:13.199 --> 00:59:19.320
money. But what you know,
you think that actually um, what they

736
00:59:19.360 --> 00:59:22.480
need on an ear basis stays about
the same, doesn't actually wrote But if

737
00:59:22.519 --> 00:59:29.320
you make contributions to support the military
evolved if any knows dissolved it. But

738
00:59:30.159 --> 00:59:35.440
imagine a world which we all go
checks to be government for the form then

739
00:59:35.519 --> 00:59:39.320
a you would depending on your view
about military, you would support it more

740
00:59:39.400 --> 00:59:44.840
or less um. But if they
would engage in a way you didn't support,

741
00:59:44.840 --> 00:59:47.280
fo would stop supporting that. They
would get a less money U if

742
00:59:49.719 --> 00:59:53.320
uh if if the money needed to
expand, it would atomate the case there

743
00:59:53.519 --> 01:00:00.079
actually convince you, I'll make of
the need to grow the military. I

744
01:00:00.159 --> 01:00:07.280
think it would become much more sensitive
through our wants as a citizens who have

745
01:00:07.559 --> 01:00:15.280
than to be powerless to be and
their ambitions. But you know, the

746
01:00:15.400 --> 01:00:20.719
United States arguably has devotes a huge
amount of this money to a Samuel army

747
01:00:21.480 --> 01:00:25.400
and today and that's actually because we've
taken on the mission of defending the title,

748
01:00:27.440 --> 01:00:30.960
and that's not a mission to take
most Americans actually wants. So one

749
01:00:31.000 --> 01:00:36.800
thing I agree with Trump on was, I mean, the Eupeans contribute almost

750
01:00:36.840 --> 01:00:39.400
nothing to do on defense. We
basically detect them. They're free writing enough

751
01:00:39.440 --> 01:00:44.559
of us. Why why should the
United States even be native? I mean,

752
01:00:44.559 --> 01:00:47.880
I understanding the Upeans want a United
defense to protect themselves against training Russia,

753
01:00:49.079 --> 01:00:53.320
but why why do we need to
be part of them? We have

754
01:00:53.400 --> 01:00:58.760
the money because we're willing to do
it, because President the United States has

755
01:00:58.800 --> 01:01:01.239
a lot of power. He does
so the politicians that is set to be

756
01:01:01.280 --> 01:01:07.159
part of an ATO. But this
is really protecticalizing property of American citizens.

757
01:01:07.639 --> 01:01:12.920
Skeptic and I think we have we
could have small army, We didn't have

758
01:01:13.039 --> 01:01:17.239
that basis and hundred twenty fifteen countries
about the world, and I bet you

759
01:01:17.360 --> 01:01:22.960
that of one hundred and twenty,
less than twenty actually have to do with

760
01:01:22.079 --> 01:01:27.000
the security of Americans and the rest
have to do with middling in other people's

761
01:01:27.119 --> 01:01:34.400
fairs, primarily, uh, you
know, increasing our politicians power over other

762
01:01:34.480 --> 01:01:42.800
countries and power that have little to
do with protectives. So how do you

763
01:01:42.880 --> 01:01:45.920
protect the guard? The military can
taking over ultimately either if it's small.

764
01:01:46.400 --> 01:01:52.079
You know when you would have protected
is that have such a great country that

765
01:01:52.199 --> 01:01:57.880
it would that the people would rebel
against such a military and the military would

766
01:01:57.880 --> 01:02:02.000
never want to do it because it
would do it because no mechanism you can

767
01:02:02.039 --> 01:02:07.000
build in that to protect you.
To be crazy occurred as you know,

768
01:02:07.360 --> 01:02:12.480
people can do bad things. Bad
things will happen, and you want to

769
01:02:12.519 --> 01:02:15.920
minimize those. And I think a
system that has a very limited to government

770
01:02:15.000 --> 01:02:20.039
constitution very clearly defines the role of
the government. I think, I was

771
01:02:20.440 --> 01:02:23.159
it's pretty murderous. It will be
a lot of data and defining the social

772
01:02:23.239 --> 01:02:28.280
government, limiting the government appropriately defining
it. I mean, it would be

773
01:02:28.400 --> 01:02:32.000
nice, right to defining an industation
and then explicitly said that the role of

774
01:02:32.039 --> 01:02:36.119
government is protecting to do right,
not do anything else. That would have

775
01:02:36.559 --> 01:02:39.800
saved us a lot of damage over
the last two hundred years. Um,

776
01:02:40.480 --> 01:02:45.440
but that found this is the leg
than thought that was something They just assumed

777
01:02:45.440 --> 01:02:47.480
it was in the water right,
it was in they were in at the

778
01:02:47.639 --> 01:02:51.840
lane. This is just part of
the cultural environment in which they lived.

779
01:02:51.840 --> 01:02:53.920
They couldn't imagine the word which we
have no concept what thing you can do

780
01:02:54.039 --> 01:02:59.480
right? So off I mean literally
in ninety ninety set of law schools.

781
01:03:00.039 --> 01:03:04.639
They don't know what they do with
me. Indeed, the most conceptions of

782
01:03:04.800 --> 01:03:08.639
rights a wholes are not certainly know
what the problems man when a declaration of

783
01:03:08.719 --> 01:03:14.480
constitution wouldn't know how many Supreme Court
justices today sitting on the Sucreme Court think

784
01:03:14.880 --> 01:03:22.639
that the Declaration of Independence is important
for understanding and constitution well problems. That's

785
01:03:22.679 --> 01:03:28.639
it only Supreme Court judge that thinks
that do have any relevance, and a

786
01:03:28.719 --> 01:03:31.800
Scalia that think the ad any relevance. Scalia thought individual rights or nonsense on

787
01:03:31.920 --> 01:03:38.559
steps. That's a great conservative Supreme
Court judge thought individual rights a founding concept

788
01:03:38.639 --> 01:03:44.840
of American idea the whole basis for
the forming of an American government. That

789
01:03:45.079 --> 01:03:49.440
concept that walking content was, according
to Bentham and Scalia, nonsense on steps.

790
01:03:50.280 --> 01:03:53.480
So yeah, you know, we've
got a long path to go just

791
01:03:53.599 --> 01:03:58.559
to resurrect the ideas of the founders, never mind to modernize them into being

792
01:03:58.719 --> 01:04:00.360
in general, take the lesson of
the last two hundred and fifty years and

793
01:04:01.320 --> 01:04:10.199
apply it to a modern constitution.
Yeah, yeah, one more question.

794
01:04:10.440 --> 01:04:14.719
I can go on all day.
What are your what's your outlook for the

795
01:04:14.840 --> 01:04:21.719
next two three years? Some people
saying and filing recession. Oh you know,

796
01:04:23.719 --> 01:04:27.880
we're gonna have a second next year. I don't think there's a way

797
01:04:27.920 --> 01:04:31.880
all of that. This idea that
that can engineer a soft landing is again

798
01:04:31.920 --> 01:04:35.440
a belief in simple client is ability
to do the stuff that just doesn't exist.

799
01:04:36.320 --> 01:04:40.960
This is an organization didn't see the
inflation coming. Why would we believe

800
01:04:41.000 --> 01:04:44.960
that they could undo it? You
know, soothed So we're gonna have a

801
01:04:45.039 --> 01:04:48.840
recession. I mean the two question
questions how deep is a recession going to

802
01:04:48.880 --> 01:04:51.800
be? And then is there a
second gonna be enough to kill in playing

803
01:04:53.239 --> 01:04:57.760
because people could get and only ending
seventh way of lection in that way is

804
01:04:57.800 --> 01:05:01.679
the interperience. And we had this
session and inflation went down, and the

805
01:05:01.800 --> 01:05:06.960
FED lowered interstation, inflation went back
up, and it went like this until

806
01:05:08.320 --> 01:05:13.239
VOLCA finally raised space force. He
was a dead v percent of the VISP

807
01:05:13.519 --> 01:05:16.519
senting. But the only reason I
think inflation was actual filled during the VOCA

808
01:05:16.559 --> 01:05:18.880
the years, it is not because
of VOCA. He did when he was

809
01:05:18.920 --> 01:05:23.760
Menata. At the same time,
Ron Reagan the taxer poem, or at

810
01:05:23.880 --> 01:05:28.920
least it may change it. The
taxo the nineteen eighty two and Jimmy Carter

811
01:05:29.119 --> 01:05:33.599
and Ron Reagan completely deregulated economy massive
hemid merchant and was given caught up and

812
01:05:33.679 --> 01:05:36.719
then under REGA. And what does
that do? That free up supply?

813
01:05:38.280 --> 01:05:42.639
So if if, if inflation is
this mismatch of demanding of supply, one

814
01:05:42.679 --> 01:05:46.079
way to fix it, it's to
liberate supply and by deregulating you in presupply

815
01:05:46.559 --> 01:05:51.039
crisis stable. And this is the
role of the federal government. Inflation of

816
01:05:51.280 --> 01:05:57.800
beds. He regular. But I
don't know a single Senator Carlog. Maybe

817
01:05:57.800 --> 01:06:00.800
I know three senators who think that
the US government should be ready to on

818
01:06:00.920 --> 01:06:04.960
a skipe, maybe Rand Paul,
maybe only at home. I mean,

819
01:06:05.000 --> 01:06:09.039
you know oldays they would say maybe
take clues or maybe league, but I

820
01:06:09.079 --> 01:06:14.079
don't believe they care about anything anymore. Um after they after you know the

821
01:06:14.199 --> 01:06:16.480
way they go all out to Trump. So I think it's rand Paul,

822
01:06:16.719 --> 01:06:21.280
it'll keep out. But so don't
peoples to be religion today? What do

823
01:06:21.400 --> 01:06:25.760
that to do? Is you need
to spike in at experience and then you

824
01:06:26.280 --> 01:06:31.280
regulate picking up spending. No way
that's happened. So I wouldn't be surprised

825
01:06:31.360 --> 01:06:36.400
if we had a session and we
continue to have inflation after so we could.

826
01:06:38.480 --> 01:06:42.320
It looks like they're going to mimic
the nineteen senters. Nobody wants to

827
01:06:42.400 --> 01:06:45.599
win the lesson um and nobody has
to political cover. We used to work

828
01:06:45.639 --> 01:06:49.800
in the US to actually do what
sences. Now you thought maybe for Publicans

829
01:06:49.920 --> 01:06:54.199
want hopefully they win the House.
I hope we'll probs win the House because

830
01:06:54.239 --> 01:06:57.719
that out of the police stop.
I think the one thing Republicans is good

831
01:06:57.719 --> 01:07:01.559
at it when they're in the opposition
is they tend to reduce spending. What

832
01:07:01.719 --> 01:07:05.239
they do is they they kind of
deal with the president, the Democratic president,

833
01:07:05.800 --> 01:07:11.079
to uh that if he wants to
get anything done, that he has

834
01:07:11.159 --> 01:07:14.880
to you know, free spending or
cut spending, you know, cut it

835
01:07:14.960 --> 01:07:17.559
as a percentage dupe of someone and
and that will be good for inflation.

836
01:07:18.159 --> 01:07:21.719
Is the market sees government is not
growing at the same pace as it was

837
01:07:21.719 --> 01:07:26.280
going before. That will be good
in so inflation. Um, So that's

838
01:07:26.440 --> 01:07:29.239
one thing. And I think the
publicans will probably the House, So I

839
01:07:29.400 --> 01:07:31.239
think I think that that will be
a good signal. The de regulation is

840
01:07:31.280 --> 01:07:34.199
not going to happen, certainly not
individed. And I don't know who the

841
01:07:34.320 --> 01:07:39.480
a public president would be who will
be regulated athough people saying the centers is

842
01:07:39.519 --> 01:07:44.159
a rady nights. Um, you
know, I'll believe it when I see

843
01:07:44.199 --> 01:07:48.639
that, and then M yeah.
And then we'll see if Powell has the

844
01:07:49.239 --> 01:07:54.440
courage to take this where it needs
to go. He seemed a given credit.

845
01:07:54.880 --> 01:07:59.519
He's saying the right things, right, he's saying the right things.

846
01:07:59.599 --> 01:08:02.960
He's saying will continue to raise as
high as necessary, but saying it in

847
01:08:03.119 --> 01:08:08.599
doing so. We'll see what the
police compression becomes. Out West is a

848
01:08:08.800 --> 01:08:13.159
sective. There's an employment people sad, people are happy, and it's all

849
01:08:13.199 --> 01:08:15.680
that's fauld and all the leftist economists
say, knowing you never need to do

850
01:08:15.720 --> 01:08:19.800
as industrates at all. Inflation is
going to die by itself. I mean

851
01:08:19.840 --> 01:08:24.119
we're giving that a reading now,
so the pressure will nouns on me.

852
01:08:24.319 --> 01:08:29.239
So so you know conditions, the
hot flats and predictions and sent the hoard

853
01:08:29.279 --> 01:08:31.520
of the long the predictions. But
I do expect it a second, and

854
01:08:31.640 --> 01:08:36.520
I fear that it won't be enough
in sort of ending inflation, because I

855
01:08:36.560 --> 01:08:48.560
think inflation might be most accepting with
the one they less out of stuff ball,

856
01:08:49.039 --> 01:08:53.039
thank you, thanks stress, and
very differently