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Transcription provided by Podhome.fm
Created: 9/10/2024 4:05:34 AM
Duration: 3061.496
Channels: 1

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Hey, SatStackers. Today is September 24th, and this is episode

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132 of generation Bitcoin. I'm your host, Macintosh. And today's episode is on the Keynesian fallacy.

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Alright. Let's do

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this market update.

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The market closed a couple hours ago at $26,221,

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which is down, like, $300

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from the week before.

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Or, excuse me, from Thursday

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when we did our last episode. What that means

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is that we are now flirting again with this bottom level. I told y'all, I think Thursday.

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Of course, the end of the month is coming. We're 6 6, 7 days off,

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I guess, from October

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1st.

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So we will be closing

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a month on Saturday

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of this week.

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And I have told you that historically,

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except 2 months, 2 times in Bitcoin's life, it has gone down in September.

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I think that's kind of a general trend in the stock market overall.

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There's different theories about that.

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The brokers come back from summer kind of

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vacation,

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whatever. They

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kind of rearrange their portfolios,

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sell off stocks. I I don't know. I don't know how much credence I give to that.

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But the reality is that

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a number of times

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in the past, Bitcoin has gone down. So we are a $1,000

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or so off of that level, meaning, you know, I think 25,000

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is what it opened up the month that

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so we're a ways off.

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So I may be incorrect, which is fine. I make mistakes,

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But we will see, we're flirting with that one of those levels right now, and we had a weekly close below it really,

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or at least right on it.

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So it's it's possible still, certainly. I'm not gonna say that it's 100% going to happen.

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I do not know.

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No real excitement this week. This week was actually the rest of the week was kind of boring. There's no news. There's one news item, actually. We'll discuss that when we get to the news section.

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But that's okay. That's this time of year, it's quite typical.

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Don't worry about it.

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Just keep stacking sats.

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As we always say,

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you don't worry about market price,

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really.

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You just keep stacking sats. The only thing that

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$25,000 bitcoin would mean is that we can buy some sats for just a tiny bit cheaper.

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So block height at time of recording

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is 809,236

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block.

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The mempool is full as it has been.

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Our difficulty

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adjustment

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looking on October 3rd, so just over a week away.

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1.42%.

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So a down.

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So now that adjustment is looking a little closer to 0 basically.

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Our

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sats per v byte wow.

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Am I reading this correctly?

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No. I'm not.

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Sorry.

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Saw a really big number.

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I was incorrect.

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The average is 22 sats per vbyte. So still high.

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We've certainly seen lower even just a couple weeks ago, certainly.

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Remember it was 12 not too long ago. 10, 12, 8, something like that.

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But the mempool is full. People are bidding it up.

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And

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I don't know. We'll see.

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Matt Odell and Marty,

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Bent have a bet going on about whether the mempool is going to clear or not. I do not remember which one is on which side of the bet. I think Matt says that it will not clear

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by the end of the year, by the end of December 31st. I believe he's actually probably gonna be correct. We we may not see an empty MIM pool

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until

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the next

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bear market, which would be a long way off.

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That would be interesting,

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even though we're in a bear market. They say that the mempool,

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a lot of the transactions are being used by ordinals.

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I don't understand that, to be honest. I know that in the ordinals community, there's a big kerfuffle going

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on. Something about they're having to rearrange the way that they number the sats, and it's messing everything up.

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And I have no idea. I don't care. We've discussed ordinals to the extent that I'm going to On this podcast,

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not really a fan.

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It's an open protocol. They're allowed to do that. I eventually think they will eject themselves from the ecosystem, to be honest, because I think it will be unviable

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in the long term.

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And that's fine.

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I don't need ordinals to make a profit when I mine.

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From here, we're gonna jump into the topic. I prerecorded the topic earlier this week. I've had some extra time. My wife has been out of town. It's giving me extra recording opportunities. I've actually recorded 2 episodes. So this one

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and then another one, which I'm not sure if it will be the next one or not. We will see.

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So this one, to be honest, is a little

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I don't wanna say dark, but it's one of these episodes where we're dealing with a topic that's quite frankly,

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extremely important.

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And also,

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it can be a maybe a bit depressing. So be encouraged. In fact, the next episode that I've already recorded

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was very much upbeat.

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I don't wanna say it's the flip side of this, but Bitcoin is the answer to what we're fixing to talk about. Bitcoin is a sound

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store of value.

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It's a form of sound money. It, in my opinion, it will eventually be a global reserve currency. It will be the global reserve currency. It will be how come countries

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conduct trade

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between each other, and it will level the playing field.

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Countries will have to change what they're doing, and this is a good thing. So, anyways,

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take note of that as you listen to this, but listen to this because this and I hate it when I say this, but sometimes I feel like I have to. This may be one of the most important podcasts that I ever record.

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I don't wanna be overly dramatic. I'm I'm trying very desperately not to be.

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But take a listen, and I'll see you at the end.

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Alright. I wanna get on in today's topic.

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This has been on my mind lately.

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Maybe it even started creeping out on the last recording

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towards the end,

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but I feel like this is important enough. And maybe since the last time I really talked about this directly,

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maybe things have solidified a little bit in my

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my mind.

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In terms of how as Bitcoiners we

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interact

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with the world, really, our world view,

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if you wanna call it that.

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And actually, I think that's a really good way to put it.

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Because if you have the wrong world view,

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you can have wrong results.

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And unfortunately,

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I hear

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people in the Bitcoin space,

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people who

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who have some prominence even,

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who speak things

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that I don't

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I wonder where they're coming from.

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So back

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in

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December of last year, 2022,

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I started a series that lasted for 6 episodes. It was episodes 84 through 89

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of this podcast. So you could go back and take a listen to them if you would like. I would encourage you to do so, to be honest, if you have not, because

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I'm not going to get into all the ins and outs, the details of Austrian versus Keynesian economics.

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But ladies and gentlemen, listen to me and listen to me well.

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The people

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who are in power in this world, the central bankers who control monetary policy,

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people like Jerome Powell, Janet Yellen,

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These fools,

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and I mean

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exactly what I said. I don't use that word lightly.

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Because they're either fools or they're power mad,

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or both.

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Because

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they are leading,

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well in that case,

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the United States

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to a path of destruction.

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We are at 33 $1,000,000,000,000

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$33,000,000,000,000

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in debt,

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which is an astonishingly high figure. There's no chance that we will ever

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pay this back without

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devaluing

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the dollar

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much quicker than it's been devalued over the last

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93 years,

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which I think this,

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yes.

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No.

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I can't do math. It's 93%

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since

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1913.

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That's a huge amount.

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The purchasing power of the dollar has gone down that much. Oh, you know what happened in 1913?

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The Federal Reserve was was created. I do not think those two things are unrelated.

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So the goal of the federal reserve is basically to, you know, ensure the stability of the United States economy.

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And it's basically through good luck

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and then becoming

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the world's global reserve currency

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in the late in the, what, mid midish forties, 19 forties, post World War 2, Bretton Woods agreement,

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New Hampshire.

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Nice place if you've ever been there.

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That is the only reason

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that we have made it as long as we have.

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That time is coming to an end.

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One way or the other,

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the dollar will no longer be the world's global reserve currency.

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And these people who think they can manipulate the economy and keep it in balance

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forever

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are wrong, and history proves them wrong over and over again.

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And the deeper I go down the Bitcoin rabbit hole, so to speak, the tireder I get of this.

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I only have one life to spend.

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I don't have more than that. And one thing that's become very clear to me over the last few years

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is that

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I will be spending a good deal of that time

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doing what I can.

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And I'm not equating myself to Paul Revere when I say this, but to be like Paul Revere,

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running

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to sound the alarm saying

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the British are coming in his case.

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Sorry, Brits.

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But in I but in this case,

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we are headed for

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a global

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calamity. And I don't I don't I don't wanna be pessimistic. I don't wanna be alarmist,

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but I don't see how else this happens.

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You've got Japan, China,

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United States,

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European countries,

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virtually every country well, certainly all of those.

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I bet every one of the big 20,

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g 20 is their so called

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top industrialized countries in the world,

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are immensely in debt. What happens

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when that collapses?

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What happens when China collapses because they can no longer prop up the

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the the renminbi?

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What happens to Japan when when they cannot support their 200 plus percent debt

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on on the, Japanese yen?

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What happens to the EU when they're

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so in debt that they can't continue?

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In the United States, we have a program called Social Security.

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Basically, you invest in it your entire life, and then at the end, you're supposed to be

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receive money back from the government. Now first of all, it's a terrible investing plan.

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You look at the returns on investment,

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and it stinks.

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Supposedly, they feel like they have to do this because people won't do it on their own. And maybe they're correct in that,

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but

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it's a terrible system.

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And because

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our birth rate is going down and because

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of the way that the system is set up,

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we've known for a long time, the end of this system is coming. It will not be sustainable.

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And that end is in sight.

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It will happen

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before I retire.

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So I will have put in

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money into this sum 1,000 and 1,000 of tens of 1,000 of dollars.

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I don't know how much.

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An astonishing amount of money over my lifetime.

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But there's no way I will get one

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what I'm even supposed to get, which is

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not

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considering what I put in, it's not that much.

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I would I would have done a lot better taking that money

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and putting it in a stock, mutual fund index, whatever they call it. Not that I'm saying you should do that, but

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I mean,

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it's it's astounding how poorly managed that system is.

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And yet,

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because of the way that it's set up,

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it will end.

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How is that going to

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help the situation?

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And, like, right now,

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in France, they just lowered the retirement a or raise the retirement age.

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Similar system. Right? You go to whatever age and then you retire and you're gonna get your

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or what I maybe that's Spanish. I don't know. Anyways, that may not even be correct. I apologize to whoever I just offended.

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I'm sorry.

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And so they were literally rioting about this. I don't know if it actually passed or not. I think it did though.

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I think it was a done deal.

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So they're screaming because they're raising the retirement age because they can't do well, what happens when there is no retirement? What happens when they raise that age to to 80

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And and basically people can't even function at that point

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because they've worked for 65 years.

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What kind of system is that? Let me circle back though, before I get too much off track.

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As a Bitcoiner,

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you need to understand the difference between Keynesian economics and Austrian economics.

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You need to understand and I think I did a pretty good job of breaking this down. You need to understand sound money

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versus whatever they call this in Keynesian circles,

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stable money or, or whatever.

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Sound money is Bitcoin. Sound money was gold, although gold could be manipulated.

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And it was, it was de based. They would mix things in with it, or they would shave gold off

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of the gold pieces essentially

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so that it can be manipulated. Bitcoin

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cannot because it's ruled by a set of protocols, a set of

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programmatic rules that say,

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when I send this to you, it, it gets there. You can't double spend that. You can't shave any bit of that off. It that's the transaction.

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So the government cannot manipulate that money supply

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in a way that's not possible

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any other way.

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Keynesian economics says, well,

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credit's great.

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GDP,

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the gross domestic product is the most important metric. It's insanity.

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Basically, they peg everything on GDP. If your GDP is not growing, well then you're failing.

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Well, how do we do that? Oh, we print more money. Well, that makes more debt. Well, debt's not a problem. We'll print more money. I mean, their logic is just mind boggling.

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And yet these people have run this system for a 100 years. Well, Keynes,

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John Maynard Keynes, the creator of the system,

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he's not that he or he was he's died.

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So he was born in 18/83.

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He died in 1946.

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Oh, look. He probably got to see the Bretton Woods agreement. I wonder if he was happy about that.

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So, actually, he would have been old enough. I'm not sure exactly when his ideas started becoming prominent,

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but it was very early in that mix. I'll I know that. It was

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prior to, it was certainly prior to World War 2.

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Probably right around the time of the start of World War 2, I wanna say.

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It's important to know your enemy, and let me tell you, this is the enemy.

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And as I say over and over and over and over and unlike

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Matt O'Dell, and I believe him when he says this, he says, stay humble,

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00:17:37.670 --> 00:17:41.530
humble, stack sats. He has said that that's because he's

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00:17:41.830 --> 00:17:44.410
reminding himself. I'm not reminding myself.

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I got this drilled into my head. This now staying humble and stacking sats probably is something I need to remind myself of.

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But successio plebis,

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this saying that I post on Twitter,

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and I've said on here before, I've done an entire episode about it.

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We do not need their systems.

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And your job as a Bitcoiner is essentially to figure out how you can get out of that system.

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And it may take you a decade.

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But do you have a better use of your time?

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Don't buy into

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this fallacy that at the end of your life, you don't have to have anything to pass on to your children.

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Don't buy into the fallacy that a government has to operate in debt in order to operate.

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Don't buy into these lies.

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I guess one of the things that really got me thinking about this was talking to,

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Jimmy,

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Jimmy Song,

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about his book, which we did the interview a couple weeks ago or week or well, I don't know. Time gets all messed up. Week and a half, whatever it was. And he talks about the way that this fiat, which you can just tie right into Keynesian economics.

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This fiat mindset

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infects so many things.

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Things that I didn't even think about are I mean, the economic stuff. Yes. I understood.

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Some of the other stuff I didn't. I don't have the book here with me, but 31

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00:19:12.145 --> 00:19:15.045
chapters, 31 different things that Fiat corrupts.

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And it all ties back to this Keynesian economics. This idea that debt doesn't matter. This idea that we have to have a GDP that is continually rising. This idea

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that the government

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can run our economies.

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You don't know the single thing about economics. If you think that a government can run an economies. Economies are complex.

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You cannot

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tweak a little thing here, raise the interest rate there, do this, do that,

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00:19:44.794 --> 00:19:46.575
and not expect backlash.

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00:19:47.995 --> 00:20:02.070
But, you know, Jerome Powell just got up a couple days ago and said, yeah, we're gonna, like, we think we're good. We're gonna hold it, and then we're probably gonna raise a little bit towards the end of the year, in the next year. I don't know. We're gonna have a recession in 2027.

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We're gonna go out back after we get done, print some more money. I'm gonna call up Janet. You know, it's it's insanity.

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Economies have run

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for centuries,

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for centuries, for

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1000 of years,

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00:20:21.080 --> 00:20:21.980
ever since,

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the guy in Turkey.

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Oh, man.

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00:20:28.680 --> 00:20:31.100
The first guy that created gold coinage.

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You know,

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we've been

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using

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sound money as a basis for a sound economy,

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00:20:42.335 --> 00:20:45.154
and people have flourished. We've had civilizations

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00:20:45.534 --> 00:20:46.914
that have grown and

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00:20:47.610 --> 00:20:48.910
so on and so forth.

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00:20:50.730 --> 00:20:53.870
And as far as I can tell right now, the entire world's fixing to

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00:20:54.650 --> 00:20:56.510
be in a really big mess.

335
00:20:58.330 --> 00:21:00.430
And I know this sounds really gloomy,

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but in my opinion, I'm I'm gonna say this out loud, and I I don't like saying it. I'm very uncomfortable with this, but I also think it's true.

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One of the ways out for countries,

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00:21:13.150 --> 00:21:13.650
this

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is is war.

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00:21:16.990 --> 00:21:18.770
Well, we'll just go start a war.

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00:21:19.710 --> 00:21:24.850
I think there are nations, and I'm not gonna say which and it's maybe not even the ones that you're thinking,

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00:21:25.455 --> 00:21:26.434
but they have

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prospered based on war.

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I don't want that.

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I don't. I don't want it for me.

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I don't want it for my children.

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I don't want it for anybody. And I know that we can have a philosophical

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00:21:41.710 --> 00:21:46.450
discussion. Are there times that we should we should fight? Well, maybe. Yes.

349
00:21:47.390 --> 00:21:49.730
But I think a lot of wars

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00:21:50.110 --> 00:21:50.929
are over

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00:21:51.390 --> 00:21:51.890
money.

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00:21:52.505 --> 00:21:55.885
You can very easily make the argument about the war in Europe,

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World War 2, that part of it,

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00:21:59.305 --> 00:22:04.765
being caused because Germany was crushed after World War 1 under debt.

355
00:22:05.370 --> 00:22:07.870
We talk about the Weimer Reiner Weimer

356
00:22:09.370 --> 00:22:09.610
I may

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00:22:10.650 --> 00:22:11.470
the Weimer

358
00:22:11.850 --> 00:22:17.150
maybe it is Weimer Reiner Republic or whatever, where they had I mean, it was hyperinflation.

359
00:22:18.965 --> 00:22:23.145
This is where we get the images of wheelbarrows, literal wheelbarrows of money.

360
00:22:23.845 --> 00:22:25.225
And that led directly

361
00:22:25.605 --> 00:22:27.385
into the rise of Adolf Hitler,

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which of course led directly

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00:22:29.605 --> 00:22:31.065
into World War 2.

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If that had not been the case,

365
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if they were not

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00:22:38.270 --> 00:22:40.049
crushed under this debt

367
00:22:40.830 --> 00:22:42.690
and experienced this hyperinflation

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00:22:43.150 --> 00:22:44.450
of the German mark,

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00:22:47.015 --> 00:22:51.755
then I don't think World War 2 would have happened. I don't think Adolf would have ever come to power.

370
00:22:52.135 --> 00:22:57.515
I think that millions of people would still be alive. Well, not at this point, but

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00:22:57.870 --> 00:22:58.770
would have lived

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because of that.

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That's just a simple example.

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00:23:05.950 --> 00:23:09.810
So this is super important to me. So if I ever sound like I'm

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00:23:10.294 --> 00:23:10.794
just

376
00:23:11.095 --> 00:23:29.400
going on and on and maybe getting a little upset, this is important. It is super important to me that everybody in the country have access to the same money. The same sound money. In the United States, there are people who benefit far greater from the US money printing

377
00:23:31.140 --> 00:23:34.840
than other people. And the people who do are a very small

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00:23:35.299 --> 00:23:37.159
percent. It's called the Cantillon

379
00:23:37.620 --> 00:23:38.120
effect.

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00:23:38.935 --> 00:23:42.235
It's based on their proximity to that money printer, essentially.

381
00:23:43.255 --> 00:23:47.275
They leverage that and they gain they make immense gains from that.

382
00:23:47.655 --> 00:23:51.595
But the poor guy out there doing minimum wage job,

383
00:23:52.250 --> 00:23:55.470
whose money is getting deflated or inflated away,

384
00:23:56.170 --> 00:24:01.870
they don't, they don't benefit because they don't have investments in stocks and bonds. And,

385
00:24:02.730 --> 00:24:10.565
well, these days you probably shouldn't be investing in bonds, but real estate and these kinds the things that benefit from that money printing.

386
00:24:11.265 --> 00:24:12.645
That is not fair.

387
00:24:13.345 --> 00:24:15.765
That is not fair and it can be solved.

388
00:24:16.225 --> 00:24:19.365
Problem solved by moving to a sound money system.

389
00:24:19.920 --> 00:24:21.700
In countries like El Salvador,

390
00:24:22.400 --> 00:24:23.620
if I am correct,

391
00:24:24.160 --> 00:24:26.180
we will see people flourish

392
00:24:26.560 --> 00:24:27.780
based on

393
00:24:28.960 --> 00:24:30.020
a sound money.

394
00:24:31.120 --> 00:24:32.900
A money supply that doesn't,

395
00:24:33.505 --> 00:24:36.165
you know, deflate 50% overnight.

396
00:24:37.825 --> 00:24:39.365
And after 2 years,

397
00:24:39.905 --> 00:24:45.044
it sure sounds like the people in El Salvador are embracing Bitcoin. It's not

398
00:24:45.920 --> 00:24:46.420
100%,

399
00:24:47.600 --> 00:24:48.100
but

400
00:24:48.720 --> 00:24:49.700
they are happy

401
00:24:50.720 --> 00:24:54.580
and they are, I, it sounds to me like they're doing better.

402
00:24:56.000 --> 00:24:57.059
As the country

403
00:24:58.735 --> 00:25:02.434
prospers, which I believe that they will, those people will prosper.

404
00:25:04.415 --> 00:25:08.835
So you could call El Salvador a grand experiment in Austrian economics, except

405
00:25:09.135 --> 00:25:11.715
we've got many examples prior to them.

406
00:25:12.840 --> 00:25:15.020
So again, going back to what I said.

407
00:25:15.400 --> 00:25:16.620
Successio plevis.

408
00:25:18.600 --> 00:25:19.340
You can

409
00:25:20.040 --> 00:25:21.020
remove yourself

410
00:25:21.400 --> 00:25:23.260
from this system. It is entangling.

411
00:25:23.960 --> 00:25:24.700
I understand.

412
00:25:25.395 --> 00:25:25.895
But

413
00:25:26.595 --> 00:25:29.655
it can be done. We are seeing examples of this.

414
00:25:30.275 --> 00:25:34.935
People who are on a Bitcoin standard. People who get their job pay in Bitcoin.

415
00:25:35.315 --> 00:25:36.135
People who

416
00:25:36.435 --> 00:25:37.655
buy stuff in Bitcoin.

417
00:25:37.955 --> 00:25:38.775
People who

418
00:25:39.360 --> 00:25:42.020
interact with the majority of people in Bitcoin.

419
00:25:42.560 --> 00:25:47.140
And there are tools and systems that are being built so that you can convert your Bitcoin to,

420
00:25:47.520 --> 00:25:48.500
the US dollar.

421
00:25:49.680 --> 00:25:50.500
For example,

422
00:25:51.375 --> 00:25:52.595
your local currency,

423
00:25:52.895 --> 00:25:57.475
so that you can interact with those who don't have Bitcoin or choose not to

424
00:25:57.935 --> 00:26:05.230
invest in Bitcoin or that kind of thing. So it is possible, and it's going to become more and more possible over the next few

425
00:26:05.610 --> 00:26:06.590
years. So

426
00:26:07.050 --> 00:26:08.430
start your preparations.

427
00:26:08.890 --> 00:26:11.630
Going back to what I was talking about at the very start though.

428
00:26:14.010 --> 00:26:17.390
Please be careful listening to people in this space.

429
00:26:18.655 --> 00:26:24.595
We are not all the same. And I'm not saying they're bad people, but when you start thinking

430
00:26:25.055 --> 00:26:25.955
with a Keynesian

431
00:26:26.575 --> 00:26:27.075
economics

432
00:26:28.575 --> 00:26:29.075
mindset.

433
00:26:29.695 --> 00:26:36.340
I mean, these people are talking like, like people, like these economists, these, these government officials,

434
00:26:37.040 --> 00:26:38.500
like they know what they're

435
00:26:38.960 --> 00:26:39.460
doing

436
00:26:40.080 --> 00:26:41.940
and they don't. They're like kids

437
00:26:42.400 --> 00:26:43.940
just wandering around

438
00:26:45.225 --> 00:26:45.725
acting.

439
00:26:46.025 --> 00:26:47.485
They don't know what they're doing.

440
00:26:47.865 --> 00:26:49.805
They're not controlling our economy.

441
00:26:53.865 --> 00:27:00.720
Well, we gotta get the unemployment rate down. Boy, when we get our unemployment rate down, we'll be in or up. Excuse me.

442
00:27:02.640 --> 00:27:07.539
They're mad because the unemployment rate of the United States quote refuse well,

443
00:27:09.360 --> 00:27:10.580
it's only like 3.8%

444
00:27:11.440 --> 00:27:12.179
or something.

445
00:27:13.455 --> 00:27:14.674
Okay. So

446
00:27:14.975 --> 00:27:20.995
to to lower inflation, we have to raise unemployment. I mean, what kind of logic is this?

447
00:27:22.095 --> 00:27:24.515
Well, we gotta do that so we have a better GDP.

448
00:27:25.615 --> 00:27:28.275
Literally all goes back to GDP with these Keynesians.

449
00:27:29.740 --> 00:27:30.800
Oh, deflation?

450
00:27:31.260 --> 00:27:32.640
Terribly bad idea.

451
00:27:33.420 --> 00:27:37.440
Now this is something I haven't researched very deeply. I've heard some

452
00:27:38.460 --> 00:27:39.440
I've heard some

453
00:27:39.980 --> 00:27:47.265
discussion about it. I've heard some podcast about it. I've heard some from people who have thought about it. I've got a book on my list, this kind of thing.

454
00:27:47.725 --> 00:27:52.705
So I will say this before I say what I'm fixing to say, but think about this intuitively.

455
00:27:53.645 --> 00:27:57.905
When I was 12 years old, our family bought the first computer that we owned.

456
00:27:58.810 --> 00:28:00.830
And that computer was

457
00:28:01.370 --> 00:28:05.150
a decent machine for the time. It probably cost around $1,000

458
00:28:07.050 --> 00:28:11.310
Well, now you can buy a machine that's dramatically faster than that machine,

459
00:28:11.930 --> 00:28:12.430
for

460
00:28:13.625 --> 00:28:18.365
for $20 if you want to buy a Raspberry Pi and kind of cobble it together.

461
00:28:19.145 --> 00:28:20.524
You can buy one that's

462
00:28:21.784 --> 00:28:22.924
orders of magnitude

463
00:28:23.304 --> 00:28:23.804
times

464
00:28:24.184 --> 00:28:25.404
10 or whatever

465
00:28:26.190 --> 00:28:28.210
faster if you actually spend that $1,000.

466
00:28:31.230 --> 00:28:33.250
But why are we so worried about deflation?

467
00:28:33.789 --> 00:28:36.850
Why if we can produce food better

468
00:28:38.845 --> 00:28:42.945
and we can lower our costs to do that, why is that a bad thing?

469
00:28:43.565 --> 00:28:45.664
Oh, because it harvests the GDP.

470
00:28:46.125 --> 00:28:46.625
Because,

471
00:28:47.005 --> 00:28:47.664
you know,

472
00:28:49.005 --> 00:28:49.904
I don't know.

473
00:28:50.684 --> 00:28:52.544
That's basically their argument.

474
00:28:53.720 --> 00:28:54.700
And it's ridiculous.

475
00:28:56.280 --> 00:28:57.180
We should,

476
00:28:57.800 --> 00:28:59.260
as a society,

477
00:29:00.680 --> 00:29:04.140
we should be moving forwards in leaps and bounds. We should have

478
00:29:04.440 --> 00:29:05.740
abundant power.

479
00:29:06.775 --> 00:29:08.475
Power is the source of civilization.

480
00:29:08.935 --> 00:29:09.755
Think about

481
00:29:10.055 --> 00:29:11.915
it. We have we should have

482
00:29:12.375 --> 00:29:12.875
cheap

483
00:29:13.255 --> 00:29:13.755
power.

484
00:29:15.815 --> 00:29:19.115
And there's many reasons why that is not the case.

485
00:29:20.520 --> 00:29:22.140
But a lot of it is governmental

486
00:29:22.600 --> 00:29:23.100
mismanagement.

487
00:29:23.640 --> 00:29:25.820
A lot of it is a lack of a free market.

488
00:29:26.120 --> 00:29:29.980
And again, governmental control and, and manipulation

489
00:29:31.240 --> 00:29:34.885
of these things are it's all right down the Keynesian's

490
00:29:35.185 --> 00:29:35.685
lane.

491
00:29:36.145 --> 00:29:40.325
So it's like they're doing the very things to, to harm our economy,

492
00:29:40.785 --> 00:29:47.559
then saying that they're going to manipulate these interest rates and whatever to keep everything in check while we watch unemployment

493
00:29:47.860 --> 00:29:52.440
explode upward, while we watch our food prices explode upward, while we get these

494
00:29:52.820 --> 00:29:53.640
Paul Krugman,

495
00:29:54.740 --> 00:29:59.399
I'll just call him out. Not that he knows who I am one bit. He's a big

496
00:30:00.735 --> 00:30:01.235
economist.

497
00:30:02.015 --> 00:30:06.115
He's a New York Times opinion columnist. So, you know, he's got a big voice.

498
00:30:07.535 --> 00:30:08.275
He goes

499
00:30:08.575 --> 00:30:11.155
the other day, well, inflation is

500
00:30:11.535 --> 00:30:13.669
how did he word it? I retweeted

501
00:30:14.370 --> 00:30:20.870
it. He made it seem to be a big deal that inflation was down just a tiny bit. So like, we went from like 5.8%

502
00:30:21.330 --> 00:30:22.230
down to 5.3.

503
00:30:22.690 --> 00:30:34.615
Oh, yay. We're winning and blah, blah, blah. I'm like, you do understand that means that year over year that your 5 your $100 bill loses 5 and a half dollars in value.

504
00:30:35.315 --> 00:30:36.135
Don't you?

505
00:30:37.395 --> 00:30:39.655
I mean, you're this big shot economist.

506
00:30:42.320 --> 00:30:44.820
Now, I don't think he has to worry about money,

507
00:30:45.440 --> 00:30:47.380
so it doesn't impact him.

508
00:30:48.159 --> 00:30:51.779
But to the again, going back to the personal minimum wage,

509
00:30:52.654 --> 00:30:53.154
that

510
00:30:53.734 --> 00:30:54.234
hurts.

511
00:30:54.815 --> 00:30:57.315
You know what kind of inflation we should be targeting?

512
00:30:57.934 --> 00:30:58.434
0.

513
00:30:59.375 --> 00:31:00.835
Why do they say 3%?

514
00:31:01.534 --> 00:31:02.755
That's just completely

515
00:31:03.215 --> 00:31:06.995
2%. Whatever it was. 2%. Now they're saying we should have 3%.

516
00:31:09.230 --> 00:31:11.730
So they're always moving the targets by the way.

517
00:31:13.390 --> 00:31:18.690
Why 2%? Well, it was completely made up, but they knew they had to inflate the money supply

518
00:31:18.990 --> 00:31:20.850
and that was going to cause inflation.

519
00:31:21.195 --> 00:31:28.654
So that's what they did. They said, well, 2% inflation is good. That's going to be our target. No. Our target should be deflation.

520
00:31:30.794 --> 00:31:35.455
What happens if we build a fusion reactor and energy suddenly becomes 0.01,

521
00:31:37.169 --> 00:31:39.429
dollars or 1¢ a kilowatt hour

522
00:31:39.730 --> 00:31:43.029
usage instead of 15¢ like it is in my state.

523
00:31:44.210 --> 00:31:47.590
Well, I'm going to benefit. Oh, well, we don't want you saving.

524
00:31:48.129 --> 00:31:58.205
See, the Keynesians hate saving. They think, well, what they say is, well, you won't be investing in the economy. They want you spending. They want you buying crap.

525
00:31:58.745 --> 00:31:59.565
Excuse me.

526
00:32:01.385 --> 00:32:05.645
See, everything about Keynesian economics is diametrically opposed

527
00:32:05.945 --> 00:32:19.830
to what it should be. So we need to do everything we can to resist that. And when you listen to people, whether they're in the Bitcoin space or where they're in mainstream well, you can be assured if they're in mainstream,

528
00:32:20.765 --> 00:32:28.865
media or whatever, that they're almost assuredly a Keynesian, whether they understand what that means or not. But start picking apart the things that they're saying.

529
00:32:29.885 --> 00:32:31.585
Governments can't control economies.

530
00:32:31.965 --> 00:32:38.600
Governments flip a couple of little dials, and they think they have some control over it. And they're printing money into oblivion.

531
00:32:39.940 --> 00:32:40.760
We're a $1,000,000,000,000

532
00:32:41.220 --> 00:32:44.600
in debt more just over the last few months.

533
00:32:46.340 --> 00:32:47.320
It's insanity.

534
00:32:48.674 --> 00:32:50.695
The acceleration that is occurring.

535
00:32:50.995 --> 00:32:53.414
The United States will not make it to a $100,000,000,000,000

536
00:32:53.875 --> 00:32:54.534
in debt.

537
00:32:56.195 --> 00:32:59.654
It will not. It will never happen. I would bet my

538
00:33:01.169 --> 00:33:04.230
entire life savings on that. I shouldn't say that, but

539
00:33:05.169 --> 00:33:06.470
it's not going to happen.

540
00:33:07.730 --> 00:33:11.429
Because we will not be anywhere close to that in our GDP.

541
00:33:12.049 --> 00:33:14.390
Our interest will be eating us alive.

542
00:33:15.575 --> 00:33:20.075
Well, then we'll lower interest rates. Well, then everything else falls apart because

543
00:33:21.175 --> 00:33:21.675
again,

544
00:33:22.295 --> 00:33:28.155
economies are super complex. Stop acting like you're the wizard of Oz. You're the guy behind

545
00:33:29.015 --> 00:33:29.755
the curtain

546
00:33:30.600 --> 00:33:31.340
who manipulates

547
00:33:31.640 --> 00:33:39.100
the wizard of Oz, and everybody thinks that the wizard of Oz is all wise and powerful instead of it's just somebody behind the curtain.

548
00:33:42.120 --> 00:33:45.660
All right. I'm done with this. I'm 30 minutes in. That's enough.

549
00:33:46.965 --> 00:33:48.425
But again, I

550
00:33:48.885 --> 00:33:49.945
implore you,

551
00:33:51.125 --> 00:33:53.065
think about what people are saying.

552
00:33:54.485 --> 00:33:57.705
It's time to start separating the sheep from the goats

553
00:33:58.980 --> 00:34:00.680
to put it in biblical terms.

554
00:34:01.700 --> 00:34:04.280
And you want to be a sheep, by the way.

555
00:34:05.060 --> 00:34:07.080
And the sheep understands that

556
00:34:08.740 --> 00:34:09.720
Austrian economics

557
00:34:10.815 --> 00:34:12.595
should be the basis of our

558
00:34:13.055 --> 00:34:13.555
society.

559
00:34:15.135 --> 00:34:18.035
And this Keynesian stuff should be rejected

560
00:34:18.494 --> 00:34:20.115
outright as garbage.

561
00:34:21.135 --> 00:34:24.115
And we need to start making our voices known.

562
00:34:25.420 --> 00:34:26.480
I do not understand

563
00:34:26.780 --> 00:34:28.160
how people in this

564
00:34:28.620 --> 00:34:32.400
Bitcoin circles can act like this stuff is okay.

565
00:34:33.180 --> 00:34:35.920
It's not. Well, we're just going to kind of swap out Bitcoin.

566
00:34:36.380 --> 00:34:36.880
No.

567
00:34:38.975 --> 00:34:43.315
Swap out our local currency for Bitcoin. Sorry. That's what I meant to say. No.

568
00:34:44.655 --> 00:34:47.235
Reject it. Reject it all.

569
00:34:50.410 --> 00:34:57.950
We need to build the basis on sound money. We need to build the basis on there's business cycles instead of government intervention.

570
00:34:58.490 --> 00:35:10.765
We need to build the basis on GDP really doesn't matter that much. We need to build on a basis of debt does matter. You need to eliminate it. If possible, you need to build on the basis of,

571
00:35:11.705 --> 00:35:14.045
get out of people's life. How about that?

572
00:35:14.905 --> 00:35:18.359
That's what we need to be building on the basis of Not just

573
00:35:18.660 --> 00:35:22.520
Bitcoin's a great store of value, Bitcoin can be a sound money.

574
00:35:23.780 --> 00:35:30.839
Because it's far deeper than that. Bitcoin is just the thing that has led us down this rabbit hole. Do not forget that.

575
00:35:32.755 --> 00:35:33.255
Alright.

576
00:35:34.595 --> 00:35:35.575
So there we go.

577
00:35:37.075 --> 00:35:40.695
We're gonna wrap this up by talking with our about our supporters.

578
00:35:42.835 --> 00:35:49.970
This is the shorter episode and especially when I'm late to her on Thursday getting the episode out, which I certainly was this week.

579
00:35:51.150 --> 00:35:54.690
Technically, I think it actually came out Friday morning early,

580
00:35:57.869 --> 00:35:58.930
and that's okay.

581
00:35:59.715 --> 00:36:01.815
Our total support this week was 1598

582
00:36:02.835 --> 00:36:03.335
sats.

583
00:36:04.115 --> 00:36:07.655
The majority of that was streaming. I appreciate that, of course.

584
00:36:08.755 --> 00:36:14.215
Always helpful when people are using a podcasting 2.0 app and they click a stream.

585
00:36:15.290 --> 00:36:26.270
They stream some sats to the podcaster to support them. If you're receiving value from a podcast, then then, you know, you should be supporting that podcast if they're a value for value podcast.

586
00:36:27.665 --> 00:36:29.905
We did have a boost this week from,

587
00:36:30.465 --> 00:36:30.965
Jack

588
00:36:31.505 --> 00:36:32.005
Sog,

589
00:36:32.305 --> 00:36:36.244
j a k s o g. I do not know how they wish to have that pronounced.

590
00:36:36.865 --> 00:36:38.965
500 sat boost, no message.

591
00:36:39.425 --> 00:36:41.700
I believe that's the first time I've seen them.

592
00:36:42.180 --> 00:36:44.119
But I do appreciate them listening

593
00:36:44.420 --> 00:36:45.960
and supporting the show.

594
00:36:46.820 --> 00:36:50.440
That was, the Bitcoin Basics Nodes on the network

595
00:36:50.900 --> 00:36:51.400
episode.

596
00:36:52.980 --> 00:36:56.920
So that would be episode 130. So it was 2 episodes back.

597
00:36:57.675 --> 00:36:58.655
Well, it was

598
00:36:58.955 --> 00:37:00.895
yeah. It was 2 episodes back.

599
00:37:01.515 --> 00:37:06.095
So I do appreciate that Jack Sog or however you wish to have that said.

600
00:37:06.795 --> 00:37:11.375
Always good to hear from our listeners to have that support come in. I am

601
00:37:11.820 --> 00:37:13.840
working very hard to build up

602
00:37:14.140 --> 00:37:15.120
a better podcast

603
00:37:15.580 --> 00:37:16.320
even today.

604
00:37:17.020 --> 00:37:19.200
Well, really right before I recorded

605
00:37:19.980 --> 00:37:20.480
tonight,

606
00:37:20.860 --> 00:37:25.200
I was working on I'm going to transition my podcast over to Castapod.

607
00:37:25.965 --> 00:37:28.465
And there's two reasons for this. One is money.

608
00:37:29.245 --> 00:37:39.585
I'm paying $19 a month to my host, and to be honest, I'm I'm it's an expense. And I'm yes. There's an expense to host it myself, but it gives me flexibility.

609
00:37:40.500 --> 00:37:42.920
It's it's cheaper than that to be honest.

610
00:37:44.660 --> 00:37:46.200
It's about half the price.

611
00:37:47.780 --> 00:37:49.000
And I have the ability

612
00:37:49.300 --> 00:37:50.760
to maintain that setup.

613
00:37:51.380 --> 00:37:52.980
It's non trivial, but,

614
00:37:53.380 --> 00:37:54.440
I can do it.

615
00:37:55.005 --> 00:37:55.505
And

616
00:37:56.045 --> 00:38:00.785
it with cast a pod, they are continually adding the new value for value tags.

617
00:38:01.244 --> 00:38:04.944
Unlike my current host, for example, who doesn't even support chapters.

618
00:38:06.765 --> 00:38:07.265
So

619
00:38:08.340 --> 00:38:10.820
that's going to be happening in the next few weeks.

620
00:38:11.220 --> 00:38:16.920
I've got the basics set up. I'm having trouble getting Castapod to talk to Redis,

621
00:38:17.460 --> 00:38:19.800
but that's an issue that we will get resolved.

622
00:38:21.365 --> 00:38:23.464
Point is, I'm always working on,

623
00:38:24.244 --> 00:38:33.945
being a good steward of this podcast really of of doing my best to keep costs down, but also provide the best experience. Once I get moved over, I will immediately

624
00:38:34.405 --> 00:38:35.545
start doing chapters

625
00:38:36.860 --> 00:38:40.960
on the podcast as I get recorded. I do not know if I will be able to go back.

626
00:38:41.420 --> 00:38:48.640
I'm now at a 132 episodes as I record this. That's a lot of episodes to go back and put chapters on.

627
00:38:49.305 --> 00:38:52.365
Essentially, because it would require for one thing, it require

628
00:38:52.744 --> 00:38:55.805
listening to each one of those episodes again.

629
00:38:56.265 --> 00:38:57.885
And that's a lot of time.

630
00:38:59.464 --> 00:39:02.045
A 100 and well, probably over a 130

631
00:39:02.345 --> 00:39:02.845
hours.

632
00:39:04.190 --> 00:39:06.930
Most episodes are running around a 100,

633
00:39:08.190 --> 00:39:10.930
around an hour, around 60 minutes or so.

634
00:39:11.549 --> 00:39:12.770
So, anyways,

635
00:39:13.710 --> 00:39:16.609
that's what's going on there. We've got news.

636
00:39:16.990 --> 00:39:18.210
One bit of news

637
00:39:18.965 --> 00:39:19.465
is

638
00:39:19.925 --> 00:39:20.425
that

639
00:39:20.725 --> 00:39:23.945
Niger and France, I guess, have come to some kind of agreement,

640
00:39:24.965 --> 00:39:28.025
I believe, with a fair amount of threats from Niger.

641
00:39:28.725 --> 00:39:30.745
France will be leaving the Niger,

642
00:39:31.470 --> 00:39:31.950
and,

643
00:39:32.510 --> 00:39:33.650
both their military

644
00:39:33.950 --> 00:39:34.930
and the ambassador

645
00:39:35.550 --> 00:39:36.610
by the end of the year.

646
00:39:37.070 --> 00:39:38.290
So in my mind,

647
00:39:38.910 --> 00:39:40.130
I'm not going to,

648
00:39:41.070 --> 00:39:44.210
you know, these people who are who are doing this, they're called rebels.

649
00:39:44.910 --> 00:39:45.890
It's the typical

650
00:39:46.845 --> 00:39:47.345
media

651
00:39:47.645 --> 00:39:48.145
whitewash

652
00:39:48.525 --> 00:39:49.025
portrayal

653
00:39:49.405 --> 00:39:52.525
of what's going on. Nobody talks about how France has,

654
00:39:53.805 --> 00:39:54.305
profited

655
00:39:54.845 --> 00:39:56.545
from this for decades

656
00:39:57.805 --> 00:40:01.265
and why they might possibly be a little upset about that.

657
00:40:01.850 --> 00:40:02.590
They being

658
00:40:03.370 --> 00:40:03.870
Niger.

659
00:40:04.570 --> 00:40:12.350
The new leader of Niger, we it remains to be seen, you know, what they're really like on the world stage, so to speak.

660
00:40:13.610 --> 00:40:14.670
But in my mind,

661
00:40:15.130 --> 00:40:16.590
and until proven otherwise,

662
00:40:17.015 --> 00:40:21.595
the people of Niger have at least gained a little self sovereignty. They are now their own country.

663
00:40:21.895 --> 00:40:24.315
They are not some puppet

664
00:40:25.335 --> 00:40:25.835
of

665
00:40:26.295 --> 00:40:26.795
France.

666
00:40:27.175 --> 00:40:32.620
And I man, that sounds terrible saying that, but it really is the truth. And I've

667
00:40:33.000 --> 00:40:34.220
gone through that,

668
00:40:35.560 --> 00:40:40.460
had a couple of episodes about the CFA, about what France has done in the past,

669
00:40:41.320 --> 00:40:43.340
and continues to do so.

670
00:40:43.720 --> 00:40:47.775
And these African countries are starting to push back on that. So

671
00:40:48.335 --> 00:40:50.994
we will see how that turns out, but don't

672
00:40:53.615 --> 00:40:56.515
believe what you hear if they're saying that this

673
00:40:56.895 --> 00:41:02.914
this is about France and France leaving the Niger. The plain and simple. That's what it's about.

674
00:41:03.800 --> 00:41:05.900
And removing the person in power

675
00:41:06.520 --> 00:41:07.020
who

676
00:41:07.560 --> 00:41:09.500
was a puppet of France.

677
00:41:10.680 --> 00:41:15.660
So I do wish them the best of luck. I hope that turns out for them. Hey, they should check out Bitcoin

678
00:41:16.280 --> 00:41:17.180
as a nice,

679
00:41:18.414 --> 00:41:23.315
legal tender instead of the CFA, if that's what they had, which I believe it is.

680
00:41:25.375 --> 00:41:26.994
I think you should whatever

681
00:41:27.934 --> 00:41:28.434
resources

682
00:41:28.895 --> 00:41:31.395
that Niger has, and I do not know offhand,

683
00:41:31.790 --> 00:41:33.890
they should start developing those themselves.

684
00:41:34.990 --> 00:41:37.730
If they can mine bauxite for example.

685
00:41:38.510 --> 00:41:50.385
Smelt that, turn it into aluminum and ship aluminum. Don't take that bauxite and send it off to France or some other country to have them turn it into aluminum and then, you know, up charge it a 100 x.

686
00:41:51.725 --> 00:41:52.225
So

687
00:41:53.005 --> 00:41:54.465
make that money yourself,

688
00:41:55.245 --> 00:41:56.305
people of Niger.

689
00:41:57.790 --> 00:41:59.650
Now, that's just my little opinion,

690
00:42:00.349 --> 00:42:02.210
and I do not live in Africa.

691
00:42:02.829 --> 00:42:05.170
I don't have any real contacts in Africa.

692
00:42:06.349 --> 00:42:07.970
So that's just my perception.

693
00:42:08.670 --> 00:42:13.305
And my biased perception, to be honest. So take that with a grain of salt. Generation

694
00:42:14.725 --> 00:42:20.505
Bitcoin supports podcasting 2 point o. It is a value for value podcast, as I mentioned earlier,

695
00:42:20.885 --> 00:42:26.185
with no sponsors and no advertising. You will never hear Ledger jump in in the middle of all this and say,

696
00:42:26.750 --> 00:42:33.569
or me do a host read for Ledger saying, you know, you should use a Ledger and blah, blah, blah. No. Actually, you shouldn't because Ledger,

697
00:42:34.190 --> 00:42:35.490
has leaked your information.

698
00:42:36.430 --> 00:42:41.250
Ledger, if I'm not mistaken, or maybe it was one of the other hardware wallets. I believe it was Ledger.

699
00:42:41.825 --> 00:42:55.365
Ledger certainly has this lovely new feature where they touted as being this multi sig setup so that, you know, we've got 2 of your keys and you've got 1. And that way, if you lose your key, you can recover your

700
00:42:55.950 --> 00:42:56.930
Bitcoin. Well,

701
00:42:58.030 --> 00:43:02.849
maybe you should be more responsible with your keys, have multiple copies,

702
00:43:03.230 --> 00:43:07.090
multiple different kinds, have one on paper, have one on metal maybe,

703
00:43:08.505 --> 00:43:12.845
or one with a lawyer or one in a safe deposit box and one at home.

704
00:43:13.145 --> 00:43:13.964
I don't know.

705
00:43:14.424 --> 00:43:24.040
Be smart. Don't depend on somebody else to manage that. And the whole thing has really kinda turned into a big fiasco. In fact, I think the CTO just left.

706
00:43:24.580 --> 00:43:27.960
I don't really kinda report on that kinda news because it's

707
00:43:28.900 --> 00:43:32.280
almost like gossip, but, yeah, I think so.

708
00:43:32.820 --> 00:43:35.800
I think those two things are related, by the way.

709
00:43:36.740 --> 00:43:37.240
Anyways,

710
00:43:37.755 --> 00:43:43.454
you can support this podcast in 3 different ways because I am looking to build this out and it does require

711
00:43:44.154 --> 00:43:44.654
money.

712
00:43:45.994 --> 00:43:47.535
Hosting costs money.

713
00:43:48.394 --> 00:43:49.934
You know, I would.

714
00:43:50.600 --> 00:43:53.420
There's so many different ways that we could build this out.

715
00:43:53.720 --> 00:43:58.940
Anyways, that does require money for one thing. That's treasure. But there's 2 other things really,

716
00:43:59.240 --> 00:44:00.220
time and talent,

717
00:44:00.520 --> 00:44:02.055
that can be just as important.

718
00:44:02.934 --> 00:44:06.875
I always appreciate people as they listen, as they stream, as they boost.

719
00:44:07.575 --> 00:44:15.434
That helps the show. I could use some help with, like, transcripts. I could use some help with maybe work on the website, which is it's always

720
00:44:15.930 --> 00:44:16.829
always behind

721
00:44:17.530 --> 00:44:18.990
because it's just not,

722
00:44:20.490 --> 00:44:24.430
there's just not enough time. I'm recording this twice a week. I'm doing the

723
00:44:24.810 --> 00:44:25.470
the research,

724
00:44:26.010 --> 00:44:31.994
the putting together of all the stuff. It takes me several hours just to record, put it out, and get the website

725
00:44:32.295 --> 00:44:33.994
updated even just a little bit.

726
00:44:34.775 --> 00:44:35.515
All of that.

727
00:44:35.975 --> 00:44:48.190
And, yes, I have a day job which consumes a lot of my time to support my family, frankly, because it certainly wouldn't happen on this. And and and that's okay. I don't want it to. That's not what I'm looking for, but

728
00:44:48.570 --> 00:44:58.670
it would be nice to grow this out. So if you find the content valuable, you can support the podcast by streaming stats or boosting from a podcasting 2.0 app. You can get those apps,

729
00:45:01.075 --> 00:45:01.735
at podcastapps.com.

730
00:45:03.155 --> 00:45:08.935
If you'd like the content, I would love it if you would tell your friends about Generation Bitcoin podcast. That is the single

731
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best way for us to spread the word about Generation Bitcoin.

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Thanks for being here. I hope this has been helpful, and I would love to hear from you. I'm on Twitter at Macintosh Fintech. Although, I will not stay on Twitter after they start charging everyone, which is apparently what's going to happen.

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I will not pay to post on Twitter. I'm not going to do that. I'm also on mastodon@macintosh@podcastindex.social.

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I'm also on nostr. I have that pubkey

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from nostr

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pinned, I think, or at least in my profile

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on Twitter, if you would like to get that.

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I can be reached by email, macintosh@gentashbtc.com.

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Stay humble friends. Go out. Make it a great week. I'll talk to y'all soon.