Latest / Financial Survival Network / Age of the AI Bank Teller, Lawyer and Judge — John Rubino #5984

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Age of the AI Bank Teller, Lawyer and Judge — John Rubino #5984 · Financial Survival Network

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Technology is kind of working its way up the food chain, and more and
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more things are being automated, so banking is a very logical place for that
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to happen. Can't wait for robot Fellers, derivatives, trainers. You're listening
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to Carrie Letz's Financial Survival Network where you get valuable information. You just can't
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Network now more than ever. Go to Financial Survivalnetwork dot com and get your
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free newsletter and gift. Financial Survival Network now more than ever, And welcome
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you are listening to watching the Financial Survival Network. I'm your host, Carrie
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Letz. It's one one, five twenty four. The month is already half
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over and the insanity will it ever cease? John Rabino Rabino dot substack dot
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com with us now, John, layoffs, especially in tech but also banking
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are starting to spike, and maybe the vaunted employment numbers are finally going to
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go against the narrative. Hey Kerry, Well, yeah, we'll see where
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this goes. But these are big numbers that are coming out late later.
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Dow Well City Group was twenty thousand layoffs, but that's more of a that's
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not an economy thing, that's a business thing. City Group is trying to
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restructure so that so that they're not a big incompetent bank that can't make any
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money, you know, and it's going to take twenty thousand layoffs apparently.
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But a lot of tech companies are laying people off too, and I think
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part of that, Okay, do you know that trend of having two tech
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jobs at the same time. Yeah, we're yeah, where this might be
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partially a response to that where people, let's say a coder or somebody,
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he takes the job and he figured out he can do that job in four
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hours a day, so he goes out and applies for an entire new full
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time job and then he doesn't both with been nine hours a day or whatever.
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I can't imagine that tech companies appreciate that, right, and they know
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what's going on. So double dip so a double yeah, yeah, and
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yeah it sounds like good money though, I mean, if you're if you're
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a well paid coder, but you've got two full time jobs. But anyhow,
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part of this could be that the tech companies are making sure that their
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employees are already working somewhere else, you know, get rid of the ones
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that they don't trust. But part of it is that the economy is slowing
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down. You know, there's a lot of signs now that that consumer stunding
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is going to be lowered going forward, That commercial real estate is a catastrophe,
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that housing is going to be flooded with new inventory. Our loans are
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going bad at our record rate. Credit card delinquencies are way up. You
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know, there's an awful lot of reasons to expect layoffs and we're starting to
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see it happen. Now. There's a website attracts this called layoffs dot f
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Yi fy I love it. Yeah, it's just it's just a real time
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sort of like a spreadsheet that shows you who's laying off, how many people,
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and you know when it started and stuff like that. So it's it's
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got some big names on it, on the current list and some big numbers,
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so we'll see, Wow, that's potentially a big deal. These layoffs
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start to snowball, and that's that's the catalyst. You know, we don't
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know what the catalysts is going to be for the next recession, but that
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could be one of them. Jobs definitely, no question. I looked while
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you were talking about City Bank. They've got two hundred and forty thousand employees
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globally worldwide, and they still think they're headquarters is in Lower Manhattan, but
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we won't get into that. It's actually on Park Avenue. But I guess
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if you live up in Washington Heights, it's Lower Manhattan. Their equity in
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twenty twenty two, So we're going back a year here, and this is
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twenty twenty two, so they probably got two hundred and fifty thousand employees and
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their equity is at two hundred plus billion, And you know, hey,
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it's kind of a rounding era. I wonder how many of them will be
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overseas, how many will happen here in the US. Well, now they're
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saying at the end of twenty twenty three they had two hundred thousand workers excluding
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Mexican employees. Point is, they're cutting ten percent of the workforce. They
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specifically exclude their Mexican employees their head count. I don't know why. It's
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probably impossible, Hey, how many cartel members are working for the bank.
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Not kidding, but it's not secure to make it so hard. You get
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Jack Choltham because they're always moving around. Wow, it needs to be.
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There's a debate how many employees they have because Reuters is saying that two hundred
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and thirty nine thousand. Well this is through twenty twenty six, so if
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I infer it correctly, a lot of it will be coming through attrition as
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well. John, Do we don't need banks the way we used to need
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them, right, we don't need these branches. What do they do?
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But see, the thing about finance is that it's pretty fungible. You know,
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one investment banker can get the deal done just as easily as the next
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investment banker, you know, and the bank teller can do the same.
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You know, one black teller can do the same job as another. So
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I think you could scale back the banking industry by hand and not see a
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bit of deterioration to the job. You know, you know, you just
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you just replace people with ATMs. Basically, how often do you go to
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the bank anymore? I mean I seldom ever go. If I need to
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do a wire, I generally like to go to the bank to do it
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because I don't trust myself on the computer, even though I've done many of
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them. If it's enough money. I'll do it otherwise unless or I need
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to open a new account or something Otherwise, I never stepped foot in the
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place, John, Yeah. Yeah, technology is kind of working its way
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up the food chain and more and more things are being automated, so banking
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is a very logical place for that to happen. Can't wait for robot derivatives,
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trainers, robot robot bank tellers. I mean you can see they'll just
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hire some optimist robots from Tesla and you won't even see a live human being
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in the in the branch except for the the guys that service the road.
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Right. Well, I mean when when you do go to a teller,
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a lot of what you do is simple verbal commands that they patuate. And
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yeah, next generation AI is going to be able to understand those commands and
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it'll be able to you know, if you if you're depositing checks, it'll
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be able to scan the checks, put them in your account, and then
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give you back some cash if you want. You know, right, you
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scan your checks at home now least I do. I use the app Wells
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Fargo City and you just take a chase, You take a picture of the
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check and it gets deposited and then you keep a copy of it for a
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few days afterwards to make sure nothing happens to it, and then you dump
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it. You know, it's the age of the AI bank teller is coming
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with us. What I want to see is the AI lawyer and the AI
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judge. Then we'll know arrived. Yeah. Well, you know, the
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the AI paralegal is here today. Yeah, so they just have to work
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their way up just a little bit. You know, I think litigation is
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going to be the final thing, you know, where you're yelling at each
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other in the court room. But you know, most of the rest of
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law is kind of cook. The same thing with medicine, and you know,
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you go into your doctor and say I have these symptoms. They're they're
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going to look it up in their head because they remember it, or they'll
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look it up in a book or online. You know, these symptoms,
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what are the possible diagnoses, and what are the treatments and that it's all
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right there, you know. So AI could do that too. So yeah,
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a lot of this stuff is going away. Hey. So in January
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third, the Chief Justice of the Supreme Court, John Roberts, said,
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I predict that human judges will be around for a while until he retires hopefully.
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Yeah, and the sooner the better. But with equal confidence, I
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predict that judicial work, particularly at the trial level, will be significantly affected
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by AI. Now, look if it comes to a judge or an AI,
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I mean, you know, the judge could be paid off. Remember
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that's saying. I think it was Francis Bacon where lawyer goes to him and
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he's outraged because he took money from the other side. Said, you're honor
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an outrage. You took money from my adversary. You know, how could
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you do this? And he replied, straight faced, well, why don't
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you pay me too? And then we can have an honest trial. Right,
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that's what we're coming to here. I think AI judges, I think,
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well, but I think it's in the offing. But they could be
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hacked too, So you know, Jen Soak in the real one voting machines.
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Yeah, yeah, I guess we're never going to get fair trial.
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Yeah, but you know it is nice, but you might get a fast
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one. At least. Justice delayed is justice denied. Hey, you wait
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two years to get screwed and wait a month to get screwed. What's the
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difference. Yeah, well, you know, have you seen that video of
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it's a young guy, kind of an Hispanic looking young kid who there is
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a drone flies in front of him and says you are under arrest, and
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it gives him handcuffs to put on and takes him the hand. And then
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there's an automated jail where there's like a you know, the phone answering system
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when you call the bank or something like that for this press this and this
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press that, and he's in jail. He never sees a human and that's
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where he ends up at the end of the video. He has yet to
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see a human, but he has been tried and convicted and he's in prisoned.
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And you know that's disturbingly close to a system that could easily happen.
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Pretty sure, yet, yeah, well, like, hey, with a
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ninety nine percent conviction rate in federal court, you know, hey, China
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is the only difference between US and China is they have a one hundred percent
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conviction rate and then the sentence is right away to behind the ear in a
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field. But you know, hey, it could be you know, it
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could definitely happen. So it looks like we're getting to that point. And
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that's kind of big brother esque, right should I'd say so? Now,
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you know, now it gets dark because for real, the ability of the
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military industrial complex and the intelligence community to surveil you, to plant evidence,
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to arrest you, and like you said, it's a ninety nine percent conviction
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rate with the fence because they're able to say, listen, we've got the
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power of the federal government. We can throw millions of dollars at convicting you.
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So just plead guilty to this lesser offense. And your public defender lawyer
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says, wow, you know you should probably do that because I don't have
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millions of our proboblic AI your public AI defender, Yeah, yeah, and
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then and then AI jail too, man, because too expensive. See the
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thing is, that's right for political dissonance. This whole thing is is closer
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to the truth than we would like to admit, because this kind of thing
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could be done, and you know that people in charge would love to do
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it as soon as they're able to. They already do versions of it.
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So this has come that we have a civil war. That's all there is
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to it. Yeah, well, don't forget pre crime. Remember a minority
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report so if you think the guy might commit a crime even though there's a
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minority report, like why wait for him to commit the crime and kill him
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just now? Well, they know they're already doing that with a sort of
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a social credit score slash pre crime thing where if you show up on some
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kind of a flagged data to days, you can't buy a gun for instance,
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which you know, yeah you can't. You can't fly, we have
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no fly list, and of those things can be arbitrarily increased by adding more
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names, you know, and there's nothing you can really do about it.
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If you're on the no flonger list and the police are the ones who put
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you there, who are you gonna call? You know? The cops will
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say, well, you know you're on there because we decided you needed to
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be on there. What's your point? You know? And I'll give you
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a perfect example of AI, like screwing me over on the Tesla. If
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you get five warnings on your FSD, it's automatically suspended for a week and
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you can't send a tweet to Elon to say, hey, this wasn't right,
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like I've had it at times where it just wrongly kicked me off the
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AI. You know, kicked me off the FSD. And you know that's
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like that old saying from Donovan, Jay Donovan, I think he was Reagan's
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labor secretary. Where do I go to get my reputation back? Where do
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I go to get my full size living back? So full set, that's
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what that stands for. Full self driving? Yeah, fs did, And
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really it's a full self destruct mode because if you just leave it to the
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car, you will die very shortly. Okay. I was going to say,
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you don't want to be turning that on in Florida traffic. Geez.
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Well that especially where you want it, because if you want to take it,
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if you want to rest and close your eyes for a couple of minutes,
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you're in bumper to bumper traffic. It's perfect for that. But there's
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a camera in there that tells you that starts ringing alarms and everything. You're
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sleeping, Wake up, wake up, and then it kicks you off the
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FSD. Even when you need the thing most, you can't. You can't
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even take advantage of it. That happened to me. Also, you know,
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it's just taking up, it's just closing my eyes for a minute.
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And man, the nanny came on and it's like, forget about it.
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But hey, so what about office vacancy rates in New York? I heard
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it's like over a third. You know that New York you think is the
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office building capital in LA and the Chicago, all these big cities and nobody's
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in there. They're see through and you can't you can't even like repurpose these
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buildings that've got to be knocked down. Well, San Francisco is where it's
15:22
worse, but it's bad in a lot of other big cities. And part
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of that is that people got a chance to work at home during the pandemic.
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They never want to go back to office life. And part of it
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is just, you know, money is cheap. There were too many buildings
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built, and so now that the disturbing part of it is that these buildings
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are not generating enough cash flow to cover their loans, so they're going to
15:45
be sold at big losses. At some point. Those losses are going to
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be primarily on the balance sheets of local and regional banks who are going to
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have to report the losses, which will spook their their depositors into bullying their
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money out, which forced this is the banks to sell even more assets of
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big losses and so on, until the small bank sector in the US just
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blows up. Yeah, that's what the that's what those office buildings mean.
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It's not just a one sector story. It spreads over to the banking sector,
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and then then it spreads in the economy as a whole. When that
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the federal government has to step in and bail out three trillion dollars worth of
16:26
deposits in the banking sector. So it sounds doomed, you know, and
16:30
it also sounds inevitable. There's no real way around this unless something happens to
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jack up the price of office buildings. And you know, if we're heading
16:40
into a recession already, which we kind of are, that means office buildings
16:44
are going to hampy out even further, become less valuable, and that's when
16:47
they're going to be sold. When instead of being sixty percent of the loan
16:52
value, might be thirty percent of the loan value for a lot of these
16:55
things. It is going to be had eclismic for that sector. Yeah,
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there's kind of no way out of this that I see. There's nothing they
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could do because people aren't going back to the office. And then you combine
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that with a recession where the few people who are working on the in their
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offices or the banking sector where presumably most people working for the banking sector are
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not stay at home jobs. Right. And one other trend I don't know
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if you caught it, is that that the they're gonna say. One other
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trend is that they're closing the number. Going back to what we're talking about,
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they're actually shrinking the number of branches, like by thousands of branches around
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the country. Those are real jobs where people actually go to work, right,
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So yeah, at the moment, it is. And they're kind of
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they're not exactly office buildings, but they kind of, you know, they're
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small office buildings mostly if they're a standalone bank branches and some of them are
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in bigger buildings. So yeah, you know, a real thing that's happening.
18:02
And that okay, So that's the commercial real estate part. The housing
18:06
part is equally scary because because you've got Airbnb entrepreneurs who went out and bought
18:15
seventeen houses a piece or whatever, and now we're going to have to sell
18:18
them pretty soon, and you've got boomers who have to downsize. You know
18:22
that We've been putting this off as a generation for a really long time,
18:26
but there's an increasing number of seventy year olds who need hip replacements are finding
18:33
themselves in three story McMansions, which is a really bad place to be when
18:37
your hip flakes out. So they're going to have to downsize. And yes,
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and so Wall Street is the final piece of that puzzle where all the
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private equity guys bought millions of houses thinking they would just jack up the rent
18:55
and make a fortune. But the rents we're not high enough. Yeah yeah,
18:59
worked for wow, but they lately they've been paying full price plus twenty
19:03
percent in a bubble market. So now there's a whole subgenre of videos on
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YouTube of guys going around to hey, I'm in Las Vegas and look at
19:15
this house here. Yeah, yeah, I hed guy, Yes, yeah,
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yeah. It's been marked down from a million to six hundred thousand already,
19:22
and still nobody's buying it. You know that that's happening out there,
19:25
and now it's going to cause a deluge of supply at some point. You
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weren't one would think, one would think. One would think, yeah,
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well, that'll be interesting to see how they deal with that one. Hey,
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in the meantime, we got an energy shortage, global electricity shortage,
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you know, average person Now in the United States, it used to be
19:48
we had an average outage per year of like six minutes. It's now up
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to like thirty something minutes. Somebody told me recently, And that only makes
20:00
sense that uranium prices are going to go up. Yeah, uranium got a
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nice pop this last week because, oh, how do you pronounce that company's
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name? Is that a prom okay and from Kazakhstan? Yeah, yeah,
20:18
And so that's the biggest that's just like the oh Saudi ram code. Yeah,
20:25
oh uranium, you know, it's great. Saudi Ramco is bigger than
20:27
Excellent, but it's just a state owned company, so we don't think of
20:30
it as a start for anything. But is that a prom is bigger than
20:36
chemic Coat, which is the big publicly Yeah, uranium company, So they
20:41
has that A Prome just announced that they're having production troubles and it's looking like
20:47
maybe ten percent less next year than they thought they were going to produce.
20:49
So that riled up the uranium market and it popped up to one hundred dollars
20:55
a pound. It was thirty bucks a pound a little over a year go.
21:00
So uranium is a startling bull market right now. And the uranium stocks,
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like I on my substack, I have a uranium stock portfolio and that's
21:11
basically my only winner. Everything else is down, but the uranium stocks are
21:17
have rocketed. A couple of them have almost doubled in just the last six
21:22
months or so, and the rest are up nicely. So that's a very
21:27
hot sector. And as you said, yeah, we need more electricity and
21:33
we're going to get it from nuclear. It looks like and it's been beaten
21:36
down for for over a decade now, very sickly. See the problem.
21:41
The problem with nuclear is that every fifteen years one of us plants melts down.
21:45
That scares everybody, and when you know, the market goes out of
21:48
favor and then it takes a long time to come back into favor. So
21:52
hopefully this time around, you know, when the next thing melts down,
21:56
we'll go all right. You know three mile Asle didn't tell anybody. Ucashine
22:02
book didn't kill very many people. Let's just keep this in perspective, and
22:07
I'm not shut down all our nuclear plants, you know, I think that
22:10
that's a good chance that happens this time. In Yeah, no, they've
22:14
gotten very expensive. The modular ones might be a plus. We'll see that
22:19
remains yet to be seen, but definitely around the world globally, nuclear is
22:26
where it's at. So this is your note here. Doomberg now thinks peak
22:32
oil will never come thanks to new extraction technologies. And I can tell you
22:37
I went out to Canadian oil shields up in Saskatchewan that were given up for
22:42
dead, and through you know, rejiggering, horizontal drilling, these fields are
22:52
at some point going to be producing more than they were in their peak.
22:56
And there's still there was only about ninety some percent of the oil left on
23:02
tap, even though the current a MIN has done its best to kill oil.
23:07
I don't know if you've been reading the article, especially in zero heads
23:10
Shot, that US oil production is at record highs with a hostile administration.
23:17
You can only wonder where they'd be if Trump had been reelected. We'd be
23:21
doing we're doing thirteen million barrel equivalent now we probably do in fifteen or sixteen
23:26
million. Well, here's Doomberg's thesis that it's really interesting they're saying that,
23:33
yeah, we have new technologies for cracking basically for getting oil out of the
23:37
ground. Recently, what we couldn't use, say, yeah, but natural
23:41
gas is an unwanted a side effect, you know, side product of cracking
23:48
boil. So right now we're just flaring it off. We're selling it incredibly
23:52
cheaply. But there are new refineries coming online that can take natural gas and
23:57
break any other stuff with the natural gas, break them down, turn them
24:00
into petroleum products. So you have to start counting natural gas as oil in
24:07
your calculations, and that means that there's basically unlimited oil for as far as
24:12
I can see, because there's natural gas everywhere. Oh yeah, yeah,
24:17
yeah, yeah. Well, so it's interesting about that gas is that you
24:21
have two types, dry gas wet gas. Wet gas has istolates, condensates
24:26
in it, natural gas liquids, and that's worth basically what a barrel of
24:30
oil is worth, pretty close. And then you got dry gas, where
24:34
at the current price, like most of those wells are unprofitable they shut in
24:38
production. Once you could take dry gas and do the same thing to it
24:44
that you do with wet gas, all bets are off because there's we have
24:48
hundreds and hundreds of years supply, and if what you're saying comes to fruition,
24:55
I mean literally, the water coming out of your tap could be more
25:00
costly than what a barrel of oil or a gallon of gas is going to
25:03
cost, because it's just a question of capacity constraints at that point. Yeah,
25:10
yeah, which is very interesting on a lot of levels, because then
25:17
energy will not be inflation denary. In other words, oil will be going
25:21
up all the time and making everything else more expensive, so you get a
25:25
lot less pressure on the prices. And also the US would be not just
25:33
self sufficient and energy in that kind of scenario, but a massive exporter,
25:38
so that the US is in you know that this helps the US relatively speaking
25:41
and in objectively speaking, you know, and so good, so be it.
25:49
But so we'll see it. So that's the thing here about the optimist
25:55
robot. Elon Musk says, when this thing really gets going, the robot
26:00
division of Tesla will be worth way more than the auto version, and that
26:07
basically you won't have to work unless you want to. And then you get
26:11
into the UVII and all that. Are you buying what he's saying that these
26:15
robots are really going to eliminate the need for human work. Well, automation
26:21
eliminates certain kinds of work, right, you know, you don't have to
26:25
wash your flows by hand anymore, so to the extent that was your job,
26:29
you don't have to do that job anymore. But you know, there's
26:34
a real societal transition that has to happen as that goes on, because a
26:40
lot of people do say, you know, it's the whole post scarcity thing
26:42
where machines are doing all the value out of jobs, and then you have
26:48
to tax the owners of the robots and then spread that money around or else
26:52
you'll have a revolution. So there's going to be political pressure as this happens.
26:59
And you know, there's no doubt that it that it progresses from here
27:03
in that direction. But whether we get all the way out where literally the
27:10
only people who are working are doing it because they think it's fun, we'll
27:15
see. But we're definitely headed in that direction gradually and maybe quickly pretty soon,
27:21
because you know, just like how we go Brooke, Yeah, you
27:26
know, you know, slowly then quickly, right, because well you know
27:30
what once AI they call it general intelligence right now, they don't have that
27:36
yet, but general intelligence is where you can be trained to do a job
27:40
and then do it and handle the complexities of that job. So when AI
27:45
is pretty close to that that a humanoid robot like Elon Musk is making would
27:52
be kind of like a person on most jobs, right, you know,
27:55
same shape, the same abilities for jobs. So yeah, so and then
28:00
then you get into the whole sex robot thing, which we probably don't want
28:03
to go to, but but I think is you know you know that one.
28:07
Yeah, how poorn is the most valuable part of the Internet. Well,
28:11
sex robots might be the biggest part of automation. All right, Well,
28:15
hey, but once you start, you know, you know what the
28:18
guy said in Risky Business, the pimp Weedo. He said, you know,
28:23
when you mess with you mess with a man's livelihood, you're going to
28:27
have problems. You start messing with the girls' livelihoods, you're going to have
28:33
problems. Many will. It'll be just like the Luddites storming the looms in
28:41
eighteen hundreds, late eighteen hundreds England or remember that that's where we get the
28:45
term Luodite from where they were protesting against the technology. Well, that's when
28:51
that's when we'll start seeing Tesla factories be attacked here well, yeah, you
28:56
know, if it gets out ahead of UBI. In other words, if
29:00
more people get laid off that are being paid not to work, then yeah,
29:07
it's an imbalanced society. It'll just explode. So yeah, I mean,
29:11
you know, this is like a fifty year thing probably, but we're
29:15
we're in the early stages of the acceleration part now, so fascinating and hopefully
29:22
manageable. Yeah. Oh, it's a brave new world out there. Huh,
29:27
yeah, yeah, it really is. So what about gold? It
29:30
does look like twenty thousand is the base. Every time something happens where it
29:37
looks like the price of gold that's going to crash two thousand, something happens.
29:44
Huh was this funny? The last three years gold has gone up and
29:47
up and bounced it hit two thousand, bounce back down, hit two thousand,
29:51
bounced back down. Now it's it's correcting a little, getting near two
29:55
thousand and bouncing back up. So so far, I mean, you know,
30:00
a couple of bad days and gold could be back below two thousand.
30:03
But what's happening lately is two thousand is acting well like support instead of resistance.
30:11
And the longer that goes on, the more that i'd pay able to
30:14
take hold in the minds of investors, and that'd be very good for the
30:18
miners because then you can extrapolate out twenty you know, two thousand and fifty
30:25
gold for years, which means wide margins for the miners, lots of free
30:29
cash flow, and therefore higher stock prices. So you know, this is
30:33
a big deal for gold mining investors. And here's hoping you know that the
30:40
two thousand is the lowest we see in the rest of our lifetimes, and
30:45
it's all uphill from here. You know, could be then it could very
30:51
well be the case, and I wouldn't doubt it for a minute, but
30:53
you never know. But in the meantime, like bitcoin, you thought,
30:56
oh, well, now the etfs's body tfs are out, it's going to
31:02
take off all this increased demand. And what did it do? It went
31:06
down like six thousand dollars. But did you see that the hacked tweet supposedly
31:11
hacked tweet from the SEC the night before, And that was the tip off
31:15
that nothing was going to happen because the hack tweet got released, And when,
31:21
since when does a federal agency issue of ruling by tweet doesn't happen?
31:26
But nothing happened too, went up a little bit and then immediately came back
31:33
down. So that was sorry Kerry, that that was a cay case of
31:38
by the rumor, I'll the sell the announcement, they sell the ETF.
31:45
Yeah, well, well, but bitcoin had been going up for the months
31:48
leading up to that anticipation, and so so it's reasonable. I think the
31:55
people who had some embedded profits, excuse me, on the way it up
31:59
would be to get some profits now. So that's that's to be expected.
32:04
And but we'll have to see what these ETFs do, because I'm, to
32:07
be honest, not clear about whether there's synthetic where they're is using my futures.
32:12
They are. They're not ETFs, they're ETPs. Don't forget that.
32:15
If you look us, look up Google ETP. It's an exchange traded product
32:22
and it's a tracking product, all right, if you look up I will
32:27
look it up right this second, because somebody told me it's an ETP,
32:30
and I said that, what is an ETP? Extreme exchange traded product?
32:37
Okay, listen to this. Are instruments that track underlying securities, an index
32:44
or other financial products. Right, yeah, I'm okay. So it's tracking,
32:52
So how do you track it? Right, You're buying futures probably right.
32:58
See, So that's it's not necessarily good for bitcoin at all, because
33:04
if they're just using derivatives, nobody's going out and buying bitcoin and taking it
33:08
off the market the way I physical etp work. So you would think,
33:12
yeah, right, physical et ups are. I'm not sure they should be
33:15
legal. There's sort of a kind of almost an unethical thing where may they
33:19
just you know, buy a bunch of uranium take it off the market.
33:22
That makes prices go up, which makes it harder for the actual users of
33:27
the product, but it's profitable to just hoard it. And so it's kind
33:31
of a perpetual motion machine where they you know, they buy something, its
33:35
price goes up, and they sell their inflated stock to buy more and so
33:39
on. So if bitcoin is not going to do that, then we have
33:44
to see whether it has any effect on the price of or if bitcoin et
33:47
ups are not going to do that, and we have to see what there
33:51
has any effect. Yeah, And I want to just mention that Nick Santiago
33:55
pointed this out to me, and then I did further research on it eat
34:00
EP and you know, technically, things like the USO that's the oil exchange
34:07
and then gas un G really almost fall into this category of ETPs because they're
34:14
not actually taking the product. They're working on futures and on options. There
34:22
are no Bitcoin options to my knowledge, crypto options, but there are crypto
34:28
futures, so they could just be an ingenious way to manipulate the market,
34:32
right yeah, yeah, I mean if it's just futures, then it is
34:37
just a markup manipulation technique or people who want a short as well as go
34:44
along, you know, so you can see some relacious corruptions in bitcoin if
34:49
that's all these etaps are. So so we'll see this is an ongoing story.
34:52
We have to see how this plays out, because you know, there's
34:55
no reason why I guess in theory that you couldn't have the election on a
35:00
version of our physical bitcoin fund, right where they just because you can store
35:04
bitcoin and a purgrad Yeah. But so, but you know what is it's
35:09
just they're not ets, they're not they're ETPs, and yet the whole media
35:15
has misrepresented their actual you know, their actual formation here. It's like,
35:23
oh, well, you have a corporation or you have an LLC, same
35:28
difference. It's not it's doing a partnership or corporation. It's different, and
35:35
and and the internet. It's all spot ETF this, ETF that. But
35:40
according to what I heard, they're like ETPs. If I'm wrong, I
35:44
want to be corrected, let me know. But but they evidently or ETPs.
35:52
Anyways, you're please send in your emails, put it up on YouTube
35:57
here, let us know. Are they e tps or are they ETFs?
36:05
Right, because that's that's how we get to the bottom. There already were
36:08
a couple of e t fs for bitcoin, but I think they were traded
36:12
a little bit differently. And here you know, eleven funds were here.
36:20
It is today is from s SEC dot gov. Today the Commission approved the
36:24
listing and trading of a number of Bitcoin exchange traded product shares. Okay,
36:32
so explain to us, any of you smarter people than us, why this
36:37
is a good thing and what difference does it make or are we just blowing
36:43
this out of proportion? I think not. I think the devils and the
36:45
details, and we found one of the devils here, John, Well,
36:51
we'll see it. You know, hey, we broke it. No,
36:55
I think the fraud, I think the Bitcoin map. Some lists are on
37:00
this, so we just have to see what they say. You know,
37:04
are you ever an interviewed Mark Jeptervic That rings the bell? But yeah,
37:08
I'm not sure, but i'd like to if he's listening, Yeah, well
37:13
to interview him. Hey, I'll send you an invite. I know he
37:16
would like to do some more. Yeah, and he's an expert on this
37:20
up, he can those questions. Yeah. Hey, imagine that we actually
37:28
scoop something here, because all the morons in the media, you know,
37:32
can't read right, or they won't read. I mean, give me a
37:39
freaking break here. Like Fidelity calls it the Fidelity Physical Bitcoin ETP, but
37:47
it's an exchange treated product. But and it aims to track the price of
37:53
bitcoin. FBTC is one hundred physically backed by bitcoin. All right. I
38:00
don't believe that for two seconds, but Fidelity says it. It must be
38:05
true, right, it's not funny, it has been. It has physical
38:09
in its name. Yeah, but the thing that it's physically owning is not
38:15
a physical thing. Klina's computer code basically, Well, maybe it'll get the
38:20
coins with the ship embedded in it. Yeah, phile vault. Yeah,
38:25
you got a laugh, you know, got a laugh at this. It's
38:29
just so unbelievable. So border crisis, like New York, Chicago, all
38:35
of these northern cities, the southern This is a throwback to like the fifties
38:40
and sixties when in Houston, if somebody applied for welfare, they used to
38:45
give them a bus ticket to New York or Chicago because the benefits were better.
38:51
Here, they just give them a one way ticket. Yeah. You
38:54
know, the the political establishment is imploding this open border thing because you know,
39:02
they originally thought it was just a way to swamp up the border states
39:06
and make sure that they vote Demoica. Yeah, but now the governors down
39:12
there are just shipping them up to Chicago and New York, and those cities
39:16
are starting to go nuts because well one of them, I think it's New
39:22
York literally closed a high school, put the kids on virtual learning, and
39:28
filled the high school up with illegal immigrants. And then that might be O'Hare
39:34
Airport. I know there's an airport, might be I was there, Oh
39:37
Hair Airport. Yeah, they have a bus terminal. I went down there.
39:42
It's taken the shuttle bus to the airport to the hotel. I was
39:45
staying at and I look around, there's curtains up there, and I look
39:50
further down there's all these immigrants like lying down in mattresses. There were hundreds
39:57
of them there. It was no cops either. It's a scary, scary
40:02
thing. They're just like living there. It's horrible. But see, this
40:07
is the end of the process because the voters up there are getting a real
40:10
taste of what open borders are like, and they're coming to some conclusions.
40:16
But they don't like that policy, you know, So the the Democrats either
40:21
either have to change and adopt kind of Trumpian border policies, yeah, or
40:25
it's going to be a bloodback, you know. That's that is a wedge
40:28
issue where people who used to vote one way are they're going to switch.
40:32
They'll vote a different way because of this one issue. And and this is
40:37
you know, closing a school that does it. That's that's where you can
40:40
draw the line. You know, Hey, pretty soon they'll we'll start like
40:45
emptying out hospitals, maternity wards. You know what's next. Hey, look
40:52
Trump, if we're allowed to mention him, I don't think we get censored
40:57
just for uttering his name. But let's the bridge term. The Queen of
41:01
Trumps. He had the problem almost stopped, almost stopped. You know,
41:08
it was almost over. And that was Congress's opportunity to revise the process so
41:16
that these people who want to come here get vetted and could become legal citizens,
41:22
which nobody in their right mind could ever take issue with, because that's
41:27
what we want and we don't want them to be charges of the state.
41:30
And the second he walked out of the White House, that policy was reversed.
41:36
And then we got thirteen million, who knows, at least thirteen million,
41:39
maybe more, And you gotta wonder, you know, we're doing things
41:45
that nobody in the right mind would do unless they intended to destroy the culture
41:54
and just just wipes society. As you cannot have open borders and have the
42:00
stable country Rome. Rome, remember the Visigoths and all the media. That's
42:06
what brought down Rome. Now, granted, and their population wasn't three hundred
42:09
million, so you know, if they had like five million and they imported
42:15
you know, two or three whatever, No, I know that story.
42:19
It was like half a million of Germanic tribes showed up on the border because
42:23
there were meaner Germanic tribes at their back and the Romans invited them in,
42:30
thinking, okay, sheep, labor and soldiers. You know, we'll make
42:34
you of these guys, but there were too many of them. They just
42:36
swarmed. Yeah. Yeah, so we're we're basically doing the same thing,
42:39
but it seems like we're doing it on purpose base time. You know,
42:44
I'm the poague. Get Yeah, there's a plant. Well, the Democrats
42:47
want it because it's more voters in the future, and the Republicans want it
42:52
for cheap labor. At least that's the theory, but they it doesn't seem
42:57
to really be a question of economic or interest. It's really just a question
43:01
of there's some lot of foot Hey, finally got to finish up here.
43:07
We've going along Chinese missiles filled with water, the hatches of their ICBMs don't
43:13
work. And also there was a massive hack of the Chinese Space Force where
43:20
missiles were programmed basically when they're fired off, to turn around and attack their
43:24
launch site. And this has led to a major purge of China's military and
43:32
has brought into question whether they're actually in a position to attack Taiwan. Now,
43:37
if we assume the story is true, this is a big issue.
43:43
They were actually using rocket fuel as cooking fuel because it cooks better than any
43:49
other products out there get natural gas or petroleum. I guess better heat distribution.
43:53
I don't know. I've never tried it, but if you've ever cooked
43:57
with rocket fuel, send me an email kl Well at kerry LUTs dot com.
44:00
I'd love to hear your experience. Wouldn't it be nice if we tried
44:05
to have World War three and nobody was capable of doing it? Yeah,
44:09
everybody's rockets turned around and hit them back. We just didn't even exply.
44:15
You know, that would be That would be the best thing that's happened in
44:20
the last hundred years for sure. Yeah, wouldn't it. Hey, finally,
44:23
I'm considering becoming a passport bro. I'm not going to define it here.
44:29
You could look it up on Google Hit in Thailand first three weeks of
44:35
February. If you live in Thailand, particularly Bangkok, please send me an
44:40
email to Kal at Kerry LUTs dot com. I'd love to meet you.
44:44
I know we have a bunch of TIE followers out there because I've seen it
44:49
from the analytics. I think this is about it. The only other thing
44:52
we didn't mention that we should have, John, was what's going on with
44:57
the criminal case against Trump in Atlanta that appears to have imploded. The DA
45:05
was having an affair with the guy who she appointed special prosecutor. Not the
45:10
smartest move, but hey, the case wasn't too smart anyway. Which we're
45:17
not a competent country and we're caring opposition probably anymore. Yeah, Jesus,
45:25
we can't even cheat successfully. New Gigrich said that he heard that they pushed
45:35
her to file the indictment, and that's why I got leaked the day before
45:38
the day that a whole Hunter Biden scandal dropped in the news, and that
45:43
was to squeeze it out. Who the heck knows. But but this is
45:49
like the signs of devolving into a Banana Republic, John, It is because
45:53
we're you know, we're corrupt and we're we're incompetent, And it takes two
45:58
of those, the both of those things to make of ananda republican. We
46:00
seem to be there well, being that we're corrupt. To imagine if we
46:05
were competent, that would really be a problem. We'd have even less freedoms
46:09
than we'd have now. So maybe we should be grateful for that I don't
46:13
know. In any event, that's it. We'll talk to you in a
46:15
couple of weeks, Sean, and that'll be the day before I go off
46:20
to Asia. Make sure you check out John's site where you find this material
46:24
Rabino dot substack dot com and the link is in the show notes on Financial
46:30
Survival Network dot com. Haven't signed up for your free newsletter, please do
46:35
so right away. John, We'll talk to you soon. See you care.
46:38
Thanks for listening to carry Letz's Financial Survival Network, your solution to today's
46:44
trying times. For the latest, go to Financial Survivalnetwork dot com. Financial
46:50
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