Latest / Simply Bitcoin / Lawrence Lepard - Bank of England Pivot, Hyperinflation? - Simply Bitcoin IRL

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Lawrence Lepard - Bank of England Pivot, Hyperinflation? - Simply Bitcoin IRL · Simply Bitcoin

• 0:00
  Hello, hello. Hello everybody.
• 0:02
  Welcome to another episode of Simply Bitcoin IRL.
• 0:06
  Once again, I am streaming live from the Bitcoin magazine
• 0:10
  headquarters in Nashville, Tennessee.
• 0:13
  And I have a very special guest today.
• 0:16
  Lawrence lip hard, and he coincidentally, I was talking
• 0:20
  about this about with him off, are coincidentally.
• 0:25
  We had this plan for a couple weeks now.
• 0:28
  And this just happened to be the day.
• 0:30
  Day that the bank of England pivoted.
• 0:33
  And from my perspective, they turned on the money.
• 0:37
  Printer once again. Now I know that on Twitter, we
• 0:41
  see a lot of the heavyweights James lavish Craig, Foss,
• 0:46
  yourself, Lawrence. And so many people talking about
• 0:51
  what exactly is going on and they'll put, you know, these
• 0:55
  Bloomberg terminal pictures and all that stuff.
• 0:58
  And I think that You know, I've had to learn a lot about this
• 1:02
  stuff, making Bitcoin content, but I'm sure there's a lot of
• 1:05
  people out there that don't quite understand, the
• 1:08
  significance of what happened today.
• 1:11
  So, from your perspective, Lawrence, what happened today?
• 1:15
  Was it a big deal? Was it, was it the inevitable
• 1:18
  that they were always going to turn on the money printer once
• 1:20
  again. Yeah, absolutely.
• 1:21
  So for those who haven't followed the news, obviously,
• 1:25
  the biggest thing it happen today is the Bank of England
• 1:28
  pivoted. You know, they had been doing
• 1:30
  cutie and pushing rates up and pretending like everything was
• 1:34
  fine. And in fact, they and headlines
• 1:39
  were rather 2008 ish. You know, they said that they
• 1:42
  had to reverse the policies. Not necessarily on the interest
• 1:45
  rates, but on the QT side, they're going to increase kiwi
• 1:49
  and they had to intervene in the markets to prevent the collapse
• 1:53
  of the guilt market and the British pound and they were
• 1:57
  going to do so by Direct. Into the marketplace, which is
• 2:03
  which is really historic and important and kind of reminds me
• 2:08
  of 2008. You know, things were breaking
• 2:11
  are breaking their breaking so fast that they had to do it
• 2:14
  without delay. And I don't have these to pull
• 2:16
  up in front of me. Maybe you can access charts and
• 2:18
  pull them up but you know, if you go look at a chart of the,
• 2:21
  the British guilt, the 30-year Bond, I mean it was almost in a
• 2:24
  freefall. And the, the interest rate was
• 2:28
  in turn Our pound. I'm sorry was also in a freefall
• 2:32
  and this is because of the policies that they've had to put
• 2:35
  in to protect their citizens, from the outrageous increase in
• 2:39
  electrical costs. And we've all seen the tweets of
• 2:42
  guys who are running pubs and bakeries and so forth, and even
• 2:46
  in their homes. People seeing, you know, two
• 2:49
  three, four X increases in their underlying electricity rates,
• 2:53
  and then new British prime minister trois came in and said,
• 2:57
  well, okay, what we're going to do is we're going to cap.
• 3:00
  We're going to cap your costs and we're going to cover the
• 3:02
  difference over 2,500. I believe it was for households
• 3:04
  and some similar number, right? For businesses.
• 3:07
  I don't know the specifics, but of course, that's fine.
• 3:10
  And one could argue that, that is the right policy to protect
• 3:13
  their citizens. The question is, of course,
• 3:14
  where they going to find the money to do it.
• 3:16
  And they don't, it's not like they're running a big Surplus,
• 3:18
  right? They don't really have the
• 3:20
  money. Oh, thank you.
• 3:20
  That's very helpful. They don't really have the money
• 3:23
  to do it and as a result there have to print the money to do
• 3:27
  it. And so, This printing was
• 3:32
  started, you know, I think they announced the coverage or
• 3:36
  protection of the electrical costs.
• 3:39
  A couple, you know, ten days ago or so.
• 3:41
  And you know, obviously the bond market and the the guilt Market
• 3:46
  by market in gilts and the pound reacted quite negatively and it
• 3:50
  was becoming kind of a route and so they got in there and they
• 3:54
  reverse their policies. It was a huge pivot, incredibly
• 3:57
  important and I think what it says What it shows is this
• 4:01
  problem is coming to all central banks.
• 4:04
  And you know, it the Japanese have been doing this for a while
• 4:07
  but everyone can looks at Japanese.
• 4:09
  Well, yeah, that's old. That's old news over there.
• 4:11
  But in Britain, they had not been pursuing these policies and
• 4:14
  they suddenly changed, you know, and the headlines were scary
• 4:19
  right to everybody. And what it said to me is, you
• 4:23
  know, the system is breaking, it reminds me very much.
• 4:26
  I mean, I feel like we're in July or August of Eight hasn't
• 4:30
  totally broken the FED hasn't pivoted but it shows that you
• 4:34
  know what the FED is doing in terms of tightening monetary
• 4:37
  policy and withdrawing accommodation quantitative
• 4:39
  tightening it's just not going to work.
• 4:41
  I mean they can't do it, they can't effectively do it.
• 4:44
  They're going to be forced into pivoting or else.
• 4:45
  They're going to have a big hole in the ground that used to be
• 4:48
  the economy. And it's gonna look like 1929.
• 4:50
  So to me it was enormously significant and the Bitcoin
• 4:55
  price firmed up a tad, I believe.
• 4:57
  But more importantly, the gold market smelled it.
• 4:59
  It you know in size and the gold market was up $30 on a day at
• 5:02
  one point. Nine percent silver was up 53
• 5:05
  cents on a day which is two point eight six percent.
• 5:08
  And so you know the markets took note and of course the US
• 5:13
  markets, caught a bit everything.
• 5:15
  Everything changed S&P was up. I mean, pretty much everything
• 5:18
  was up and gold stocks which is what my fun focuses on mostly
• 5:22
  although I have a lot of Bitcoin as well, you know, the gxj was
• 5:26
  up seven point seven six percent in one day.
• 5:30
  That's a pretty large move. And so, you know what, I, what I
• 5:35
  see, and what I've seen for some time, I mean, all these
• 5:37
  governments are bankrupt, right? We know that and all these Fiat
• 5:40
  currencies are worthless. We know that, but they've been
• 5:44
  trying to pretend like those two things aren't true.
• 5:47
  And, you know, the result was a run on their currency and a run
• 5:50
  on their bonds. And so, in order to hold things
• 5:53
  together, they had to step into these markets and change their
• 5:56
  policies, and I think that it's only a matter of time.
• 6:00
  Until the FED is forced to do the exact same thing.
• 6:03
  So and I think the market realized that you know worldwide
• 6:08
  and you know, in my opinion, you know, the bottom is in now for,
• 6:13
  you know, gold and Bitcoin very clearly and it's only a matter
• 6:17
  of time until the probe accelerates in other areas.
• 6:20
  I mean, look there you know, trillions and trillions of
• 6:24
  dollars of derivatives and most of those derivatives are bets on
• 6:28
  interest rates and bonds. And and you know, when you get
• 6:32
  the moves of the Nate of the size that we've had in the last
• 6:34
  few weeks, you know, the u.s. tenure going straight up and
• 6:39
  other bond market yield on the u.s. 10, you're going stripper,
• 6:42
  bonds, going, straight down and all these other things, what you
• 6:44
  see is a system breaking apart and you know that, which is
• 6:52
  fine. I mean, it is what it is.
• 6:55
  But, you know, the policymakers, you know, are going to be forced
• 6:58
  to respond because They can't have their bonds falling apart.
• 7:03
  I mean, the US treasury bond is the ten-year is the measure of
• 7:06
  interest rates for the entire world and the government is
• 7:09
  unable to fund itself. You know, AT&T Bond rates.
• 7:13
  You look at the what you're looking at.
• 7:15
  We should look at. That's is that the shorter?
• 7:17
  That's a shorter term, right Abdi?
• 7:19
  Pull it. Pull it to a five-year scale,
• 7:20
  please. Yeah, I do a fighter, you know.
• 7:24
  Well, that's cold. Yeah, go to if you're able to
• 7:26
  put in u.s. to year or u.s. tenure on the bond, Which what
• 7:30
  are you on for charting so software?
• 7:32
  There, put up, pull up the two year and 10 year treasury bond,
• 7:37
  optishot, see what was going on? Grocery pain, and the 2-year
• 7:42
  Bond while the treasury bonds gone up substantially and you
• 7:48
  know, the two year has gone up even faster.
• 7:50
  And so, you know, when the US has got 30 plus trillion dollars
• 7:54
  of debt, you know, at an average interest cost of, you know, kind
• 7:57
  of to trending towards 3:00. But as that all Trolls.
• 8:01
  You know, it's going to go to the three, four five six, you
• 8:04
  know, basically you cannot you know, you can't fund yourself.
• 8:08
  And so you get into what you know lavage myself Foss and
• 8:11
  others have said is a debt death spiral, which is to say higher
• 8:16
  interest rates are going to cost cause, you know, the the fund
• 8:22
  the government to be unable to fund itself.
• 8:25
  And so, okay, fine. So how does the government react
• 8:28
  to that they react the way Boe just did and they, you know,
• 8:33
  they buy treasury bond. How do they buy it?
• 8:36
  They buy it with money, they don't have money, they print it.
• 8:39
  And that is really kind of the that's the Crux of the matter
• 8:44
  that they are going to be forced into printing.
• 8:46
  Because as Max said, so many times, you can't take R upon Z.
• 8:50
  You know, we're kind of in a print or die environment and so
• 8:55
  you know that's that couldn't be better for sound money,
• 8:58
  Alternatives gold. And A coin.
• 9:02
  So and another aspect, right? It's with the with the rates
• 9:08
  being raised at this level and when you were talking Lawrence,
• 9:11
  I was getting boost Goosebumps. And the reason is because I
• 9:15
  don't think in 2008, they're turning on the money printer.
• 9:20
  When the UK has a 10% inflation rate, not to mention the energy
• 9:25
  crisis where people can't, you know, people can't afford power,
• 9:29
  right? Then the response by Ursula the
• 9:33
  the president of the European Union was price controls.
• 9:36
  We're going to nationalize this stuff.
• 9:38
  We're going to tax the energy companies.
• 9:43
  It again from my perspective. Then I get and like, I always
• 9:47
  say guys, I went straight into the Bitcoin world, I miss the,
• 9:50
  the traditional world. But just basic Common Sense
• 9:53
  here. If you're going to print money
• 9:59
  to try to rescue yourself from this situation and you're
• 10:02
  already dealing with 10% inflation.
• 10:07
  Are you looking? You're gonna make it worse.
• 10:09
  I mean, this is going at it, but, but dot, not just worse.
• 10:12
  This is a catastrophe that I'm seeing unfolding before.
• 10:16
  My eyes in the next 6, or 10 years, if you're under the age
• 10:20
  of 35, you're not going to be able to own anything because
• 10:24
  it's becoming so expensive to borrow.
• 10:27
  This is a, this is worse than 2008, and that's just from my
• 10:32
  perspective, you know, you're absolutely right.
• 10:33
  And this is much worse than 2008.
• 10:35
  I mean 2008 was Focused on, you know, the banks in the United
• 10:39
  States and the housing market in the United States and obviously
• 10:41
  2008 was quite bad. But this isn't a level above
• 10:45
  that which is a sovereign debt level.
• 10:47
  And you know what we're seeing here is Pension funds and
• 10:50
  governments, you know, that created this everything bubble
• 10:53
  by mispricing fiat currency for so long.
• 10:56
  I mean, you know zirp interest rates from you know, 2009 to
• 11:00
  2015 just created enormous distortions.
• 11:04
  And this is why we call it the everything bubble.
• 11:07
  There's just so much money out there flying around and nobody
• 11:09
  really knows what the price of anything should be or is and
• 11:13
  nobody really knows what fiat currency is is worth.
• 11:17
  In fact, you know, you and I think believe that's worth
• 11:19
  nothing but the world certainly the normies certainly haven't
• 11:23
  believed that for some long time and they you know are coming to
• 11:28
  see the fundamental mathematical problem that Greg is so
• 11:32
  accurately and consistently pointed out great, fossa
• 11:35
  referring to You know, the bond market is schooling, the central
• 11:39
  banks and they've got a real problem.
• 11:42
  I mean there's you can bet that there are people in, you know,
• 11:46
  all the central banks all over the world right now who are
• 11:50
  looking at this and going, oh shit, you know, what do we do
• 11:53
  now? And, you know, it's it's it's
• 11:59
  going to be zigzaggy. It's, you know, I don't want to
• 12:01
  get carried away and say it's definitely all over right here
• 12:04
  right now, but but it kind of feels That way to me, it's it's
• 12:09
  very, very serious and are unlikely to be able to unspool
• 12:13
  this milk. So, you know, I think it's only
• 12:18
  a matter of time, I mean, I think it's interesting that that
• 12:21
  gold smelled. It first usually does gets
• 12:23
  bigger more widely distributed. In the more traditional, it's a
• 12:26
  more traditional sound money asset, but Bitcoin, I smell it
• 12:28
  too. And Bitcoin will follow gold it.
• 12:32
  I think it's very interesting that when they did it in 2020
• 12:34
  which was kind of a miniature of this, you know, the The covid
• 12:37
  Driven money printing episode gold took off immediately.
• 12:42
  I mean, it just out of the hole in March of twenty, twenty gold
• 12:45
  shot up like a rocket. And Bitcoin went up, not as
• 12:48
  much, but then, if you notice a few months later, you know,
• 12:51
  Bitcoin came on and passed gold in Spades, I mean it's a better
• 12:55
  alternative but it took a while for that to occur.
• 12:59
  And so I've long contended that Bitcoin leads gold, you know, or
• 13:04
  I'm sorry the gold leads Bitcoin in terms.
• 13:07
  Of these price moves but Bitcoin outperforms gold once it gets
• 13:10
  going so and I hold both but the fundamental just more focused
• 13:14
  about 80% gold, gold stocks and twenty twenty percent Bitcoin
• 13:18
  related. So yeah look at look at that
• 13:20
  move you know off the bottom you can see the that's the leave it
• 13:25
  there for a moment that's the US 10-year.
• 13:26
  Notice how on a spike law was this low as, you know, 30 or 40
• 13:29
  bits, you know? And now it today actually before
• 13:33
  all this happened, it had just crossed four percent.
• 13:36
  I was Making it bet on Twitter about one that would happen.
• 13:39
  I guess it would happen today. It was a lucky guess.
• 13:41
  But, you know it across four percent this morning and then I
• 13:46
  went and did my workout. I came back and somebody said,
• 13:48
  the Boe pivoted, and I said, oh yeah, big deal.
• 13:51
  But then I looked at it and, you know, hey, Jose gold is not
• 13:57
  shit, okay. Gold's been around for five
• 14:00
  thousand years. All right, get a grip.
• 14:04
  So, You know, it's it's a mess. It's a real mess.
• 14:11
  Oh man. So we're where does this go from
• 14:15
  now? So look, the reaction that I saw
• 14:24
  in and I'm going to change the topic a little bit.
• 14:26
  It's all connected, right? The recent digital assets
• 14:31
  framework by the White House and there is actually a report by
• 14:36
  the US Treasury called the future of money.
• 14:39
  In this report, we covered it on the show.
• 14:45
  There was no mention of Bitcoin. There was the, the the the only
• 14:49
  innovations that they spoke of was payment systems like venmo
• 14:56
  and PayPal and cash app, and all that stuff.
• 14:59
  And, of course, Central Bank, digital currencies and stable
• 15:04
  coins. There was no mention of Bitcoin.
• 15:07
  So the reason I'm bringing this up Lawrence is because clearly
• 15:10
  they're positioning themselves. In a way.
• 15:14
  And it was actually druckenmiller that tweeted this
• 15:16
  out. It was Zero Hedge that actually
• 15:18
  tweeted on, he was quoting. Had said, if this situation gets
• 15:22
  worse, for central banks, people are going to start seeking
• 15:26
  Alternatives and cryptocurrencies, but from my
• 15:30
  perspective, maybe it's selfish. I don't know.
• 15:34
  I think that's a good thing and not cryptocurrencies, but
• 15:38
  specifically Bitcoin. I was just quoting the Zero
• 15:41
  Hedge tweet. From your perspective, how will
• 15:47
  this giant bureaucratic State? These administrative state?
• 15:52
  That will do anything to ensure its survival, right?
• 15:55
  I know that you're a believer in a VCI assassinating.
• 15:59
  JFK. How will they react to this?
• 16:02
  At the end of the day? The United States government is
• 16:05
  the most powerful government in the world.
• 16:07
  It is the largest employer in the world employees.
• 16:10
  Nine million people Federal full-time workers on Top of
• 16:13
  that. It's 16 million Federal
• 16:15
  contractors. If you add the full time
• 16:17
  workers, that is a machine. That is a monster that is a
• 16:21
  creature in itself. Absolutely.
• 16:23
  I mean, look, what we know is that they'll do anything, they
• 16:26
  can to protect the privilege. They've done in the past, they
• 16:29
  change the rules, you know, we don't know.
• 16:33
  I mean, that's, you know, that's that's the unfortunate thing.
• 16:36
  We can make guesses as to what they'll do, you know, in a
• 16:40
  similar, similar sovereign debt. - I mean you know Roosevelt
• 16:45
  confiscated the golden 6102 we stole it from the people and
• 16:48
  devalued it by 70% which is one of the flaws with gold but it's
• 16:54
  very hard to say. I mean they could you know, they
• 16:57
  could theoretically they could shut the markets, they could
• 17:00
  pivot j-pal could get fired. Which I'm actually beginning to
• 17:03
  think, is a real possibility. You know, the you know they need
• 17:10
  they need to change this policy. It's going to be.
• 17:12
  It's meant Thematically obvious that they need to change this
• 17:15
  policy and they will, because is bad.
• 17:19
  As, you know, the inflation we have is, you know, driving the
• 17:23
  economy into a complete depression where nothing
• 17:27
  functions because you know, money is too expensive in the
• 17:31
  government, can't pay its bills and you know, the markets all go
• 17:33
  to 0. That's a that's a worse
• 17:36
  alternative than high inflation. I mean, High inflation is bad.
• 17:39
  Don't get me wrong. I mean, the sad thing is that
• 17:42
  what they've I've done is painted themselves and us into a
• 17:46
  corner. We're all going to suffer
• 17:47
  greatly as a result of this and but, you know, we're not the
• 17:51
  ones who were pulling the levers at the top and we didn't design
• 17:55
  this broken system in the, you know, the bright news is Nico
• 17:59
  that, you know, the system is going to fail, and a better
• 18:03
  system is going to emerge. It's based on a sound money
• 18:05
  alternative, which will be Bitcoin, ultimately, but in the
• 18:09
  interim, I think gold play a role as well.
• 18:13
  Oh man. So Lawrence, what kid the
• 18:17
  individual? What could the average person do
• 18:22
  to protect themselves from what is coming?
• 18:26
  Because you're not the only person that, you know, has been
• 18:29
  saying this but I think that, you know, the the old first of
• 18:34
  all this has never happened in my lifetime.
• 18:35
  Okay, so again happen to my neither, I mean obviously Chris
• 18:38
  of happen, I mean, I've seen big Financial disruption.
• 18:42
  But this is a bigger in at a higher level than anything I've
• 18:44
  seen to date. This is bigger than 2008 or it
• 18:46
  will be when it's all said and done.
• 18:49
  How long will this? Last people are saying that this
• 18:51
  is not a recession, that's incoming, people are saying that
• 18:54
  this is, this is a depression, this will be multiple years.
• 18:59
  There is no easy fix out of the, there is no easy out.
• 19:03
  Would you agree with that? I would agree with that.
• 19:06
  Although, you know, the there, you know, people often say,
• 19:10
  well, you're critical of the system.
• 19:11
  Mm. You know what would you do to
• 19:13
  fix it? I mean, there actually is a
• 19:14
  solution, you know, they need to, they need to confess and do
• 19:17
  a monetary reset to a sound money standard.
• 19:20
  The odds of them doing that, you know, are in my opinion quite
• 19:25
  low, you know, they won't do that until they're forced to do
• 19:28
  it. But you know, the problem is too
• 19:31
  much debt and they should, you know, they should devalue the
• 19:34
  currency, you know, in Bitcoin and gold terms.
• 19:38
  But as I say, I say they're not going to do it because they're
• 19:40
  trying to protect their privilege.
• 19:41
  So Will do is they'll do everything they can to not you
• 19:44
  know, to try and prevent us from succeeding.
• 19:47
  But you know there are millions of us are billions of us.
• 19:50
  And there are only a small number of them and we're just
• 19:52
  going to run them over, you know, they're screwed, I mean
• 19:57
  they're completely screwed. Now, you know, the sad thing is
• 20:00
  that, you know, at least people watching.
• 20:02
  This are probably very much aware of the problem and have
• 20:05
  taken the moves to protect themselves and I get a lot of
• 20:07
  emails and just a regular guy out here working in the middle
• 20:10
  of America. You know, what do I do to Like
• 20:12
  myself. You know, I'm not supposed to
• 20:13
  get financial advice so this is just my own personal opinion.
• 20:16
  Anyone is not Financial advice, right?
• 20:18
  However, the worst thing anyone could ever own right now is
• 20:22
  bonds bonds are absolutely worthless, their reward.
• 20:25
  You know, the reward free risk. So you got to be totally out of
• 20:29
  bonds. I happen to think that stocks
• 20:31
  will ultimately suffer as well. They haven't yet.
• 20:34
  It's kind of been a surprise to me, how well the stock market is
• 20:36
  held together is teetering right on making new lows, but it
• 20:40
  hasn't done it yet. You know, the II Advocate and I
• 20:45
  believe that everybody needs to have a portion of their wealth,
• 20:49
  intangible things. I mean, when the money is
• 20:51
  failing things have value. I mean, what's happened here is,
• 20:55
  you know, the moves by Russia have basically made Commodities,
• 20:59
  you know, the new form of money, you know, oil, gas, Etc, and and
• 21:06
  and Bitcoin. And gold are both tied to
• 21:08
  Commodities because you can't produce either one without
• 21:10
  commodity inputs. And so, there are proxy for the
• 21:13
  underlying Commodities. And, you know, therefore, I
• 21:16
  think, you know, the worst thing you could do would be to have
• 21:18
  your money in bonds. Probably the second worst thing
• 21:21
  you could do would be to have your money in cash.
• 21:23
  And then maybe the third worst thing to do would be to be in
• 21:25
  stocks in a particularly, you know, Meme stocks, or technology
• 21:30
  stocks or, you know, growth stocks because I don't think
• 21:34
  I've been going through this, the world isn't going to grow
• 21:36
  very much. The world's going to be in a
• 21:38
  it's going to be a very messy and chaotic transition period.
• 21:41
  It's gonna look a lot like the 70s in the 70s, you know, the to
• 21:45
  Great investments in the 70s were three.
• 21:47
  Great Investments. Really one was housing.
• 21:50
  If, you know, if you owned a house and you didn't lose it, I
• 21:53
  you weren't to levered, your house, went up enormously in
• 21:56
  value. I mean, my parents bought a
• 21:57
  house in Ann Arbor Michigan in the 60s for 40, 50 thousand, the
• 22:00
  end of the 70s was probably the three or 400, which investment
• 22:03
  terms is a pretty good deal, you know?
• 22:06
  And then the other two areas the performed extraordinarily.
• 22:08
  Well, we're gold and oil. You know, both commodity-based
• 22:14
  and inflation heavily inflationary environment.
• 22:17
  But Paula Paula has made a colossal error here.
• 22:19
  He thinks he's Paul volcker and he's not, he can't be because of
• 22:22
  the debt levels that we've accumulated.
• 22:24
  It's not the same set of circumstances.
• 22:25
  And so, you know, to degree, he tries to solve this by raising
• 22:30
  interest rates, it's just plain stupid.
• 22:32
  It's not going to solve the problem, and part of the reason
• 22:34
  why these commodity prices are going up so much is because, you
• 22:37
  know, we've had supplied destruction and, you know, we
• 22:40
  need more Supply. I mean, I'm should be doing, you
• 22:43
  know, is he should have, I mean, the way to create more supplies
• 22:46
  to let the prices go up, you actually should have let the
• 22:48
  price of oil go up. Not released the oil from the
• 22:53
  Strategic petroleum Reserve. He shouldn't, you know, keeping
• 22:56
  interest rates low would have allowed people to invest in and
• 22:59
  build more capacity to produce more oil and gas, which is what
• 23:02
  we badly need. So you know, they're doing it
• 23:06
  all wrong. I mean, these guys are idiots,
• 23:08
  they're absolute idiots and their evil in my opinion because
• 23:11
  they You know, they change the rules to suit their own needs.
• 23:14
  I mean, notice, you know, I love the way the FED guys all got,
• 23:18
  you know, there were insider trading, you know, they resigned
• 23:21
  at the top and sold all their stocks.
• 23:23
  I mean, they're not stupid, they're evil but not stupid.
• 23:26
  So you know, it's the average person, in my opinion should
• 23:31
  batten down the hatches. Hold sound money live within
• 23:34
  your means, don't be overly levered.
• 23:37
  It's going to be extremely volatile.
• 23:38
  I mean, the stuff is gone up and down quite a bit.
• 23:42
  You know, and I mean, it's been hard, you know, my fund is down
• 23:45
  substantially this year, but, you know, I'm not, I'm not
• 23:50
  long-term, I'm not concerned about it, you know, I do find it
• 23:53
  annoying because I just feel like we've got these idiots
• 23:57
  driving the clown car. So, so you mentioned something
• 24:02
  interesting, and I want to explore that topic, right?
• 24:05
  From your perspective, of course, and you said that
• 24:07
  they're going to try to do anything and everything to try
• 24:10
  to protect. T' that privilege.
• 24:13
  Yeah, what is that? Privilege Lawrence.
• 24:15
  What are you talking about? Well, the privilege is the
• 24:17
  privilege to print money to control and print money.
• 24:21
  You know they you know it the Fiat game has enabled them to
• 24:27
  become enormously rich and the people closest to the source of
• 24:30
  the money, it's the continuing effect, right?
• 24:32
  I mean Ken Griffith should be bankrupt and in jail you know
• 24:38
  trying to crawl. The name of the fellow who ran
• 24:39
  who used to run run Goldman Sachs he Tweet somebody help me
• 24:43
  out here. He used to tweet all the time
• 24:45
  you know about various things and I just thought you know,
• 24:47
  that's really rich. Here's a guy who in 2008 would
• 24:51
  have been bankrupt if the government hadn't bailed him
• 24:53
  out. And now he's offering you know
• 24:56
  advice on Military matters and so on and so forth.
• 25:00
  You know, it's ridiculous it's just ridiculous and you know,
• 25:04
  they protect themselves and at the expense of the rest of us,
• 25:10
  we all pay for it. That's Sy Millennials, can't buy
• 25:13
  houses because they're competing with BlackRock who's buying a
• 25:16
  house has you know? I mean it's just it's incredibly
• 25:20
  incredibly broken and you know we haven't seen in the problem.
• 25:27
  Most investors face is that you know they're betting on when you
• 25:30
  enter the market and how old you are.
• 25:32
  You know if you enter the market anytime after 2008 you haven't
• 25:34
  seen a bear Market, all you've seen is a buy the dip
• 25:36
  environment and you know, I'm here to say that there's no
• 25:40
  doubt in my mind that we are going to Bear stock market
• 25:42
  before this is over. So I think you got to be out of
• 25:46
  stocks and I think you have to hold sound money or things that
• 25:50
  are tied to sound money and that case it would be you know
• 25:53
  Bitcoin Bitcoin miners gold miners silver miners.
• 25:57
  So what you're describing, right?
• 26:00
  And you know the the the infamous example of 2008, right
• 26:07
  where the federal government picked and choose which ones of
• 26:11
  these Investment Banks survived in the case of, you know, the
• 26:16
  recent what just happened? With the bank of England.
• 26:19
  Lawrence. Correct me if I'm wrong but that
• 26:21
  doesn't sound like capitalism to me.
• 26:23
  So, not even close to capitalism.
• 26:26
  I mean, this is, this is crony. Capitalism is a state
• 26:29
  capitalism? Yeah, thanks for thinking of
• 26:31
  Lloyd, blankfein. I sadly, at my age, sometimes
• 26:33
  you forget obvious shit. But yeah, he's the guy who ran
• 26:39
  Goldman Sachs. No, it's not, it's not anything
• 26:43
  close to capitalism and it's completely unfair.
• 26:46
  And, you know, it what it speaks to is.
• 26:50
  Why we in the sound money movement, all need to educate as
• 26:55
  many people as we possibly can. That the only solution to this
• 26:58
  problem is to End the Fed. We should not have a federal
• 27:02
  reserve, the notion of having a group of people sitting in
• 27:05
  Washington, like they've got 40,000 employees and hundreds of
• 27:08
  phds on their staff telling us what the The price of money
• 27:12
  should be, that's ridiculous. I mean, when I was younger, you
• 27:16
  know, the Soviets used to set the price of grain because it
• 27:20
  was a communist system and that's what they did.
• 27:23
  And, you know, they always said it wrong.
• 27:26
  So that you have a surplus or they may be starving and they
• 27:28
  have a deficit. I mean, you know, capitalism is
• 27:32
  based on prices prices or information.
• 27:34
  Information is, what drives human activity and human
• 27:37
  activity is not correct. If you don't have the right
• 27:40
  price information You make the wrong decisions and we've been
• 27:43
  making so many wrong decisions for so long that nobody really
• 27:47
  knows what the price of anything is today but the real true price
• 27:50
  of anything is today. And you know, that's that's why
• 27:55
  we are where we are, and that's why we're going to suffer.
• 27:57
  The way we're going to suffer. And before this is over, I mean
• 28:01
  Jay Powell and burn a key and all these Fed chair even grima
• 28:06
  Greenspan and these guys are going to be in history books,
• 28:08
  you know, right there with John Law, who ran the Mississippi,
• 28:11
  bubble bath Back in France, the 1700s and so, you know, they
• 28:16
  broke the system, you know, they broke the system for their own
• 28:19
  benefit and they're very rich and the average person's
• 28:22
  working. You know, the average person's
• 28:24
  purchasing power wages since 1971 have not kept up with the
• 28:28
  increases in productivity and we should all be working 30, hour
• 28:32
  weeks, and living better than our parents did in the 60s and
• 28:35
  70s. And in fact, you know, we all
• 28:37
  have to have two people working to support a household.
• 28:39
  Some I mean, well, the reason I think the Preserved as good as
• 28:42
  they are as people are hurting so bad.
• 28:44
  They've had to take extra jobs. You know, the people you know,
• 28:47
  people working two and three jobs just to just to cover their
• 28:49
  costs. I mean I just got an electrical
• 28:51
  bill that was 65 percent higher than my electrical bill for the
• 28:54
  same month last year. And you know, this is it's
• 28:58
  horrible. I mean, it's horrible.
• 28:59
  It's unfair, it's why for so many years.
• 29:03
  I've been fighting for sound money.
• 29:04
  I background. Paul.
• 29:05
  I ran some advertisements and National papers to support him
• 29:09
  before Bitcoin even in, you know, I stood, there were a lot
• 29:12
  of us who are talking and gold bugs who were talking about how
• 29:15
  broken the system was, and then Bitcoin came along, which is
• 29:19
  fabulous because it educated a whole Facebook which was really
• 29:23
  going to go down as one of the great historical economics books
• 29:27
  educated entire generation of 30 year olds 20, 30 year olds, what
• 29:31
  sound money is all about and the Austrian School of economics and
• 29:36
  you know, so now I feel like at least I've got reinforcements.
• 29:38
  I'm not I mean, I was, I was truly a voice in the wilderness.
• 29:41
  20 years ago, you know even even in 2008 there weren't that many
• 29:45
  people who were fighting for sound money and I've been
• 29:48
  fighting for pretty much for my whole career.
• 29:51
  Yeah. It's you know and once again
• 29:55
  just to kind of my personal experience and what you said
• 29:59
  about safe and his book, I skipped that entire, you know,
• 30:03
  just I went straight to bitcoin. Bitcoin is the sound as money
• 30:08
  that's ever been created, right exist, right?
• 30:11
  And looking back. I'm perplexed.
• 30:16
  I'm like, how do people function on this mindset?
• 30:20
  But here's another thing Lawrence and I was actually
• 30:24
  talking to a buddy of mine about this, right?
• 30:27
  Is that in 2008? Right?
• 30:29
  Well you know what the Austrian School would say, listen, booms
• 30:33
  and busts normal, you know, when the bust happens the less
• 30:39
  efficient companies will go under and from From the, From
• 30:42
  the Ashes. The Phoenix will rise and become
• 30:44
  better companies, right? Right.
• 30:46
  That's the theory. That's the theory, right?
• 30:48
  But that is very painful. I think what I've learned or
• 30:52
  what I've noticed in the last two years is that people like
• 30:57
  bailouts like they perhaps they're not thinking about the
• 31:01
  long-term consequences but the political willpower is there to
• 31:06
  soften the short-term blow and at the expense, of course, the
• 31:11
  future. Generations.
• 31:12
  Right. That's correct.
• 31:14
  Point. I mean he's you know he's in
• 31:15
  this fight for the kids and I am too.
• 31:17
  I mean I look I don't I don't have to be doing this but I feel
• 31:22
  passionate about doing this. Could have an understanding of
• 31:24
  it and I just think the world is were spinning towards a really
• 31:27
  bad outcome. And you know, the only way to
• 31:30
  avoid that bad outcome is to return to sound money.
• 31:32
  I mean, studying hyperinflations, I mean I've
• 31:35
  studied economics my entire life of women best for my entire life
• 31:37
  and stunning hyperinflation. One thing I can say is it when
• 31:40
  they're over and you resent, To a sound currency things.
• 31:42
  Get better real quickly. I mean, it's this is not an
• 31:45
  unsolvable problem, it is a solvable problem.
• 31:48
  I'm very optimistic about how the world will look on the other
• 31:51
  side of this monetary reset, which is in the process of
• 31:55
  taking place. So, you know, like Jeff, I, you
• 31:58
  know, I'm extremely positive about where we can go, but we're
• 32:02
  not there yet. And I think you've heard me say
• 32:05
  in the past, this is a fourth turning, right?
• 32:07
  I mean that this is a crisis, it's going to get to be a bigger
• 32:10
  crisis and the Crisis is centered on the fact that we've
• 32:14
  built our house on Sand you know, unsound money Fiat money
• 32:19
  and you know Fiat always returns to zero you know and it's in the
• 32:24
  process of doing so right now. Absolutely.
• 32:27
  So you mention monetary the, the monetary reset, and I'm a big
• 32:33
  believer in the fourth turning Theory as well, right?
• 32:35
  We are definitely in it. There, there's this famous
• 32:37
  quote, where there is years that there is decades, that nothing
• 32:43
  happens. And then there's years that
• 32:45
  decades happen, I think, really, since 2016, 2017, we're
• 32:51
  experiencing decades and Decades of occurrences that I think
• 32:55
  there's waking a lot of People up.
• 32:57
  It's uprooting Society completely.
• 33:00
  What is this monetary reset? Lorentz, what does that mean?
• 33:04
  What does that entail? Well it's you know I can't tell
• 33:08
  you because I wish I could give you a kind of a simple answer
• 33:10
  but but I can't because there are so many variables involved,
• 33:14
  so many people involved and there's a lot of history and
• 33:17
  momentum and Fiat Fiat is not going to go away overnight.
• 33:22
  But you know what we're seeing are these, increasingly large
• 33:27
  waves and swings of the Fiat system not working and being out
• 33:32
  of control. I mean, you know, and I mean, we
• 33:35
  saw We saw a little bit of it in 98 with ltcm when they first
• 33:39
  started printing money to the Russian crisis in the bail out
• 33:42
  bear Stearns. And all those companies we saw,
• 33:46
  you know, the housing bubble was a part of it.
• 33:48
  And that was when I really got radicalized for sound money.
• 33:51
  I mean, when they did the bailout in 2008, that was
• 33:53
  probably the biggest crime. The biggest economic crime has
• 33:56
  occurred in the United States almost since the founding of the
• 33:59
  country. I mean, the notion that they
• 34:01
  would protect one class of people to just and disadvantaged
• 34:04
  the rest of the country. Was just, it was an incredible
• 34:07
  crime, you know, Ben Bernanke should be in jail.
• 34:12
  But the, you know, and I thought, by the way I thought,
• 34:16
  right? Then, and this is why I'm
• 34:17
  hesitant to say how quickly it's going to happen this time,
• 34:20
  right? Then I thought okay, that's it,
• 34:21
  this is over, you know, this Fiat system is going to blow
• 34:23
  apart, well guess what? They put it all back together
• 34:26
  and they you know, they created, you know, they printed 44
• 34:29
  trillion dollars. Course it took three years in
• 34:31
  the covid crisis. They did the same amount or
• 34:33
  slightly more in, you know, 18 months.
• 34:36
  And they you know that so that was kind of it was one swing and
• 34:42
  then they got it all back under control.
• 34:43
  They took it up to the next level, which was a sovereign
• 34:45
  debt level. They held interest rates at zero
• 34:48
  with zirp and that distorted everything.
• 34:50
  Even further, you know, they created the everything bubble.
• 34:53
  I mean they you know they statistically they say there
• 34:56
  wasn't a lot of inflation from 08 to say Coleman 2017 2018.
• 35:01
  I mean they had it pinned at 2%. I mean they were lying because
• 35:04
  Shadow government numbers are much higher.
• 35:05
  But, you know, there was a lot of inflation and financial
• 35:08
  assets, right? All that all.
• 35:10
  That those reserves that they created put on the balance
• 35:13
  sheets of banks. Those all got cycled into the
• 35:15
  stock market and, you know, so we've created really, this
• 35:19
  potemkin Village of fake prices in financial assets based on too
• 35:24
  much money, flowing around and you know, all the deflation is
• 35:28
  said, well it's going to be deflation forever, don't worry
• 35:30
  about it. I mean, the Lacey hunts of the
• 35:31
  world. We're just dead, a strong and
• 35:34
  obviously covid. It and it really got started
• 35:37
  before covid. They'll because, when the repo
• 35:39
  blow up occurred and one of the 2018, you know, pivot and then
• 35:42
  the repo blowout following, that was the beginning of it.
• 35:45
  And then, of course, you know, when covid hit and you know,
• 35:49
  Paul had his, you know, whatever it takes moment, where he, you
• 35:52
  know, imitated draghi and and came over the top with just an
• 35:56
  enormous set of accommodations and of course, Congress went
• 35:59
  crazy, and we handed out all these PPP loans.
• 36:02
  I mean, some of those loans went to businesses that did not need
• 36:05
  them. I don't people have perfectly
• 36:07
  healthy. Business has got huge loans.
• 36:08
  All they had to do is say we're going to fire anybody and you
• 36:12
  know they got to collect millions of dollars.
• 36:14
  I mean, you know, it was nuts and you know, then they claimed
• 36:19
  it wouldn't be inflation which was an enormous policy mistake.
• 36:21
  They kept loose for far too long more policy mistake now they see
• 36:25
  that got inflation. And as I said, I think I've used
• 36:28
  this analogy in the past. I mean, they're driving a clown
• 36:30
  car on an icy Road, 11 guardrail is, you know, massive inflation
• 36:35
  and the other Third rail is massive deflation and so by all
• 36:38
  the printing and the activities they took post covid, they drove
• 36:41
  us towards the massive inflation guardrail and sure enough.
• 36:45
  We got it, right? I mean rents were up 18%.
• 36:47
  Housing prices, were up, 20 percent, or bidding wars for
• 36:51
  houses. And then the cost of everything
• 36:52
  was going up relentlessly when they finally woke up to the fact
• 36:55
  that they screwed up and they even admitted they screwed up
• 36:58
  and they thought, oh shit, and they grabbed the steering wheel
• 37:00
  and drove hard in the other direction.
• 37:02
  And so we go, all we can solve this, our credibility is real We
• 37:05
  can we can tighten up and will control inflation and you know,
• 37:10
  okay, fine. That's kind of what they've
• 37:13
  tried to do, but the fact of the matter is that you know, by
• 37:16
  doing so, you know, they're going to, they're going to
• 37:19
  destroy the economy. I mean, you know, you cannot I
• 37:22
  mean these all these asset prices are going to, you know,
• 37:25
  plunge. And so I mean it's like the meme
• 37:28
  on Twitter, were you know, pick one, you know, control inflation
• 37:33
  or you know, create the Great Depression.
• 37:35
  In the policies are following right now, will literally take
• 37:38
  all the financial markets to 0 if they don't change policy
• 37:42
  because nobody has any cash right now and all these dollar
• 37:46
  debts are coming due and there, no new dollars, flowing into the
• 37:48
  system. M2 is flat to down.
• 37:51
  I mean it's never slowed you know it went up enormously and
• 37:54
  and now it's flat to slightly declining and so as a result of
• 37:58
  that they you know they're there in a in a box and you know we
• 38:04
  talked about kind of the You know, the little micro moves
• 38:07
  that they've made, you know, one way or the other, but you know,
• 38:10
  they're screwed and so I think the good news is that, I think
• 38:14
  what's going to happen here is that there.
• 38:18
  Yeah, thanks. You see, I'm to us, it's just
• 38:19
  slightly declining but given how much it has grown and the rate
• 38:23
  notice that notice the steady rate from 2010 to you know to
• 38:28
  2020 you know that if you don't have that you know this a Fiat
• 38:34
  credit based system does not work.
• 38:35
  Look, it won't. There's I mean you're creating
• 38:38
  more and more debt. You've got to pay interest on
• 38:40
  that. You know, unless you unless you
• 38:43
  can get GDP growth to match the growth of the debt, which it
• 38:45
  hasn't for years, you know, you don't have the income to service
• 38:49
  the debt. And so the debt goes bad unless
• 38:53
  you unless you print the money to give people the ability to
• 38:57
  service the debt. And so, you know, they can, they
• 39:00
  can try, I mean, they can continue to try.
• 39:02
  He can take rates up to nine or ten percent, but But, you know,
• 39:06
  half the world's going to go bankrupt.
• 39:09
  Yeah, that's exactly. That's from my Twitter.
• 39:12
  I mean, that that's it. That's the story, right?
• 39:15
  And I think that might be a little bit older.
• 39:16
  I think the deadline might have gotten a bit steeper and, you
• 39:20
  know, so forth. So it's a, it's just, it's a
• 39:23
  mathematical fact. It's this isn't, you know, this
• 39:27
  is my opinion. It's just math as Greg says.
• 39:30
  So, you know, it's it's, it's sad.
• 39:34
  It's really sad. But you know, the good news is
• 39:37
  it's going to come to a head and at least bring it to a head will
• 39:41
  then I think lead to a better system.
• 39:43
  It has to lead to a better system but you know how we get
• 39:47
  from here to there. I'm not smart enough to know.
• 39:49
  I don't think anybody really is. We don't know what they're going
• 39:51
  to do. We don't know how it's going to
• 39:52
  unfold. My suspicion is that they will
• 39:55
  pivot and they will try to print money and you know we'll have a
• 40:00
  very highly inflationary environment and I mean there
• 40:03
  might be an Argentinian like June, where we kind of get out
• 40:06
  of it by having high inflation for a bunch of years and getting
• 40:10
  GDP growth. And if they can do that, then
• 40:12
  theoretically you know the debt burden would become more
• 40:16
  manageable at higher prices in you know throughout the economy
• 40:20
  but everyone would have suffered greatly through inflation.
• 40:24
  I mean the bottom line is that the really there's just no free
• 40:27
  lunch in economics, right? And and they've kind of tried to
• 40:31
  create and and you know Actually, they've tried to
• 40:37
  create a free lunch and, and it's politics.
• 40:40
  I see wonder if Lawrence has ever seen the double?
• 40:41
  Yeah, absolutely. I go to the website, all the
• 40:43
  time. I know the guy who I know the
• 40:47
  guy who developed it, he's great, I've met him many times,
• 40:50
  it's a great website. Yeah, I mean in Jeff's, right?
• 40:53
  You can't have infinite growth in a planet with limited
• 40:56
  resources. I mean, what we should be,
• 40:58
  aiming for is not growth and this is the Keynesian error,
• 41:00
  right? Keynesian say you got to just
• 41:03
  continue to grow. Growth is good intrinsically.
• 41:05
  Both is good bullshit growth isn't good.
• 41:07
  You know, in on a limited resource Planet misallocated,
• 41:11
  you know, resources and growth, you know, we'll run out of
• 41:14
  stuff. What's good is efficiency and
• 41:17
  what's good is productivity, what's good is deflation and
• 41:20
  that's where the Keynesian Tsar wrong, and that's what we built
• 41:22
  our system on a Keynesian system and as a result of it, we're in
• 41:27
  this, you know, we're in this box canyon and we can't we can't
• 41:30
  turn around and get out of it. And I don't think the board's
• 41:35
  part of it. The way the political system is
• 41:36
  constructed, you know, most people don't even realize what's
• 41:40
  going on. And the policymakers are smart
• 41:43
  enough to even begin to contemplate this issue.
• 41:46
  And to the degree that they do, they realize that changing
• 41:48
  things would ruin their privilege and so they're not
• 41:50
  going to change things. So, you know, I mean, I think, I
• 41:53
  think Bitcoin is god-given and I think that there is a higher
• 41:57
  power and I think the higher power is basically going to
• 41:59
  school us all into why, you know, our grandkids are going to
• 42:03
  sit around and say you guys were idiots.
• 42:05
  I mean, how did you ever let the government get control of the
• 42:07
  money supply and set the interest rates, but the fuck
• 42:10
  were you thinking? It's pretty obvious that the
• 42:13
  whole system is going to blow up eventually, right?
• 42:16
  So you you mentioned earlier about how we the potential
• 42:21
  solution would be an Argentinian type of situation where there's
• 42:26
  a lot of and there's High inflation, but they're still GDP
• 42:29
  growth. Jack Dorsey tweeted I think it
• 42:32
  was in 2021 to His coming. And this one of the reasons that
• 42:40
  I believed it was we saw the Legacy Media machine go into
• 42:45
  overdrive basically saying that his words are dangerous, you
• 42:50
  know, usually that's not a good sign where if you speak a
• 42:55
  certain word about it, you can say anything you want about
• 42:57
  Bitcoin. It's been said that any
• 42:59
  criticism but just the word triggered people.
• 43:02
  My question for you Lawrence is do.
• 43:05
  You believe there could be a potentially a hyperinflationary
• 43:08
  environment in the next 10 years or so.
• 43:11
  Sadly, I do. I mean, I you know, I it's I'm
• 43:14
  not, I'm not proud of that, I'm not looking forward to it.
• 43:17
  I know that it will cause enormous pain, but if you
• 43:20
  analyze what's going on here, I think it's a, I think it's a
• 43:23
  likely. I think it's a likely outcome
• 43:26
  because I don't see a lot of intelligent.
• 43:30
  You know, discourse at policy maker levels about what the
• 43:33
  problem is and how to solve it. And so, you know, I think
• 43:36
  they're going to continue to stumble around between these two
• 43:39
  extremes with a, you know each few go ahead wave is going to
• 43:43
  get bigger and bigger. I mean it's, you know, and
• 43:48
  ultimately I mean this is is goes back to gresham's law,
• 43:51
  right? I mean, money is just what
• 43:52
  everyone can considers to be, you know, a medium that you can
• 43:57
  exchange for goods and services and so it's what people believe
• 44:00
  in and you know, for a long time Fiat was somewhat stable.
• 44:03
  I mean, I emphasize somewhat and so You know, the whole world is
• 44:06
  conditioned to believe in Fiat but you know once they begin to
• 44:10
  realize that their Fiat has a melting Ice Cube.
• 44:12
  You know they're going to gresham's law is going to kick
• 44:14
  in with says the good money shows out bad and you know gold
• 44:18
  is going to go plus 3000 Bitcoins going to go plus
• 44:20
  100,000 and the bombs are going to continue to sell off and the
• 44:24
  race is going to be on and in today's interconnected world
• 44:28
  where everybody knows, you know what's going on very, very
• 44:31
  quickly as a result of the internet, you know, this this
• 44:34
  may not take that long. I mean, it might actually all be
• 44:37
  over within five years, you know?
• 44:39
  But I can't say, I mean, nobody, can anybody tells you, the can
• 44:42
  is full of shit. I mean, I, I always tweet
• 44:45
  hyperinflation chart of the day because I believe there's a
• 44:47
  chance, we're not even close to hyperinflation.
• 44:49
  Now, it's going to take a lot to get us into hyperinflation, but,
• 44:53
  you know, I'm not suggesting that, you know, when push comes
• 44:56
  to shove, if you read the history of why, Mars is an
• 44:58
  example, you know, they knew they should stop printing, but
• 45:02
  they couldn't, I mean, the alternative was to just collapse
• 45:04
  everything. And so you know with each with
• 45:08
  each of these waves, they get further and further away from
• 45:11
  sound money and the Bitcoin and gold people.
• 45:15
  You know, grow in terms of understanding and knowledge and
• 45:18
  the values grow. And the most natural human
• 45:21
  instinct is to want to save the fruits of your labor.
• 45:23
  So if you work and you have savings, you say to yourself,
• 45:27
  where am I going to put it so that this has value in the
• 45:29
  future because I want to be able to feed myself when I'm older
• 45:33
  and you know the people are going to realize Is that they've
• 45:36
  got to go for for sound money Alternatives.
• 45:38
  And so, you know it, it's I'm pretty sure, that's where it's
• 45:44
  going. I can't really see any other way
• 45:47
  out. Like I said, they could reset
• 45:48
  it. I mean, if there was, you know,
• 45:50
  there is there is an intelligent government policy.
• 45:52
  That could be pursued. I mean they could do a, you
• 45:55
  know, one time. Reset D, Val where they say, you
• 45:58
  know, five old dollars equals one new dollar.
• 46:00
  One, new dollar is backed by a combination of gold, Bitcoin,
• 46:03
  and oil or whatever. And you know, the new dollar
• 46:07
  would be something that would be trustworthy.
• 46:08
  But I don't think I don't see any talk or discussion of going
• 46:13
  in that direction. And I don't think with the
• 46:14
  political situation that we have, I don't think that's
• 46:18
  likely to arise anytime soon and I could change, but that's kind
• 46:24
  of how I see it. So you said something really
• 46:27
  interesting there about there being potentially a political
• 46:31
  solution. If they're, you know, at the in
• 46:34
  the in You know, the late 70s early, the 70s that's boot.
• 46:39
  You had Ronald Reagan, okay? In the white house, right?
• 46:41
  And you had Paul volcker, okay? You don't have those heavy
• 46:44
  weights, you have our own Powell.
• 46:46
  Who's a lawyer and you have Joe Biden.
• 46:49
  Who doesn't know where he is? Okay.
• 46:50
  So you don't have the, you don't have the political heavier,
• 46:55
  intellectual heavyweights or the cojones.
• 46:59
  You might say that they that you know, that they were that they
• 47:03
  had in the the late 70s Right tough to fix that.
• 47:07
  But my perspective on this, right?
• 47:10
  Is that would just find it? Would it would fix it.
• 47:15
  We would go on a sort of a sound money psycho us sound money
• 47:19
  standard but it the cycle would just repeat, right?
• 47:22
  Because if you look back in human history, right?
• 47:25
  You know the Romans did the same thing right?
• 47:27
  In the Roman Republic you started as the their currency
• 47:31
  was called the denarii. It started at like .83 silver.
• 47:35
  And then by the end of the Roman the Roman Empire, right?
• 47:39
  It was a point zero zero, zero zero.
• 47:41
  So those yeah, is worth as a you can make the argument that we
• 47:45
  have been repeating this endless cycle over and over again.
• 47:49
  And I think with Bitcoin we have a chance to fundamentally break
• 47:54
  that cycle and perhaps, yes, there's political solutions to
• 47:59
  it, but that won't be a long-term solution.
• 48:02
  And human beings, being human beings will Inevitably repeat
• 48:06
  the same mistakes. I repeating in the past, we
• 48:09
  agree. I mean that's and that's why I
• 48:11
  as I say I don't think the odds of a political solution are very
• 48:14
  high and I think, you know, it will become obvious that.
• 48:20
  I mean, this is why this is why we will eventually get to a
• 48:23
  Bitcoin standard. You know the it will become
• 48:26
  obvious that it is a superior form of money that will just
• 48:29
  become obvious. But you know, the thing I
• 48:31
  emphasize is you know that you know that could be in a year.
• 48:35
  Two unlikely. I mean, it could be in 10 years,
• 48:38
  it could be in 20 years but we're going there quickly and
• 48:42
  you know, they'll be lots of twists and turns along the way
• 48:45
  and that's going to make it somewhat tough to navigate.
• 48:47
  But if I had to pick one thing I wanted to give my grandkids, it
• 48:51
  would be Bitcoin. There's no doubt about that.
• 48:54
  Yeah, absolutely. So a couple things.
• 48:57
  No, just one thing clearly governments are putting their
• 49:03
  hopes and their dreams in. Central Bank, digital
• 49:07
  currencies. Yeah, to use your word.
• 49:10
  I love that to maintain their privilege of creating money for
• 49:14
  free that, everybody how everybody else has to work for
• 49:18
  Lawrence, what are your thought on Cell Bank?
• 49:21
  Digital currencies? I hate them.
• 49:22
  I mean it's evil because they want to control you and
• 49:24
  everything else but the thing to keep in mind about CBD sees I
• 49:28
  mean probably the only way they can have that somewhat work as
• 49:32
  they could say. You know you've got to pay your
• 49:34
  taxes and CBD Seas. We would all have to have a
• 49:37
  little bit of CBD, see to pay taxes, but I can't think of any
• 49:40
  Bitcoin Ur that would ever accept the CBD.
• 49:43
  See, I mean it's you know it's just digital Fiat and so yeah
• 49:48
  they're hoping they can come in with some you know, alternative
• 49:53
  solution and you know take away. I mean this is kind of like all
• 49:56
  the crypto grifters who are hoping that crypto becomes the
• 49:59
  solution and it's not I mean it's a Bitcoin is Bitcoin is
• 50:03
  unique unto itself, it's not do a Bitcoin is an incredible
• 50:07
  invention. It's it's an immutable form of
• 50:09
  digital scarcity, that can't be corrupted.
• 50:13
  Having said that there is one risk in Bitcoin and that is that
• 50:16
  there are Bitcoin derivatives. And you know, the point is that,
• 50:23
  you know, if people are stupid enough to accept paper Bitcoin,
• 50:27
  and not the real thing where they hold their own Keys, you
• 50:30
  know, there's a chance that, you know, they can try and
• 50:33
  manipulate Bitcoin the way they've been employed.
• 50:35
  Gold, you know, and in fact I watched, you know, they black
• 50:41
  rock is kind of pivoted and talk more about Bitcoin being
• 50:44
  involved in Bitcoin and it wouldn't surprise me if they
• 50:46
  actually got the nod to be the first Bitcoin ETF.
• 50:50
  And so they could do with that similar to what they've done
• 50:52
  with gold, which is to say they would say, you know, Bitcoin
• 50:57
  are, I'm sorry yeah they create a Bitcoin ETF and then they
• 51:01
  people would buy that ETF and they wouldn't use it to buy the
• 51:04
  Bitcoin. So they You know, be a form of
• 51:06
  paper Bitcoin and they be sucking away demand and
• 51:09
  therefore able to suppress the price.
• 51:11
  I mean, they're already about six billion dollars worth of
• 51:14
  bitcoin derivatives in the world.
• 51:15
  I'm going to the Futures market and you go to Glass node and you
• 51:19
  look at the chain there, you know, you can see that people
• 51:23
  are trading Bitcoin. Derivatives, I've never be
• 51:26
  stupid enough to own one, but that doesn't mean others won't.
• 51:30
  And you know when somebody, when somebody buys a Bitcoin
• 51:33
  derivative I mean that is That is money.
• 51:36
  That is not used to buy the real thing, right?
• 51:39
  So there is a risk there, but then look, the point is, I
• 51:44
  think, you know, that these governments going to fail
• 51:46
  because they can't, they can't fund themselves.
• 51:49
  If we really have a complete and total hyperinflationary
• 51:53
  collapse, the government's going to fail to and it's going to
• 51:57
  have to be restructured and you know, hopefully what will happen
• 52:01
  is that bitcoiners will be felt you know, successful enough and
• 52:05
  Out of office, some of them will decide to enter public life and
• 52:10
  lead the way to doing what's right and returning us to sound
• 52:14
  money. And, and you mentioned there,
• 52:18
  and he's really interesting, right?
• 52:19
  Is that the money printer? The ability to, it's created an
• 52:25
  administrative state, so large and it's starting to consume
• 52:29
  itself. It's so big that it can no
• 52:31
  longer fund itself. To the point where, you know,
• 52:35
  you In the inflation reduction act, right?
• 52:38
  Right absurd. They hire an army of 87,000
• 52:43
  Agents by the way. That's larger than the United
• 52:47
  Kingdom's Army today, which I find ironic because America was
• 52:51
  created because they want to pay taxes anymore.
• 52:54
  And I, you hired an RV is bigger than the current United Kingdom
• 52:58
  Army to extract even more wealth from your populace in a bill.
• 53:03
  That's called inflation rate and This is what I'm talking about,
• 53:06
  right? It's that it's no longer a
• 53:08
  government by the people for the people.
• 53:10
  It's a government by the government for the government
• 53:13
  employees. Now, you said something really
• 53:16
  interesting about Bitcoin derivatives and I'm going to tie
• 53:18
  this in with the government thing that I was talking about.
• 53:21
  Just now it's really curious because the SEC approved -1
• 53:29
  right. Is that amazing Futures, right?
• 53:31
  But spot. No.
• 53:33
  Yeah. And well, and they also didn't
• 53:35
  have Approve, a short Bitcoin ETF I believe they did.
• 53:40
  And isn't that interesting, right?
• 53:42
  I mean political I can't come to another conclusion, right?
• 53:45
  Well look they understand. I mean Bitcoin is an existential
• 53:48
  threat to fiat currency. I mean, there's just there's no
• 53:51
  two ways about it and they're not all smart enough to know
• 53:54
  that but some of them are. And so, you know, they're going
• 53:58
  to throw sand in our face for as long as they possibly can.
• 54:01
  We know that to be the case. But you know in turn we just
• 54:07
  keep marching along you know every 10 minutes is a new block
• 54:10
  and you know we own sound money they don't mean the problem with
• 54:14
  the Bitcoin. Derivatives them as well, you
• 54:16
  know. Okay.
• 54:17
  You know, they start selling paper Bitcoin, they're going to
• 54:19
  get wrecked. Well, the thing you got to keep
• 54:21
  in mind is that, you know, the government has an unlimited
• 54:24
  balance sheet. I mean, they and they probably
• 54:26
  keep two sets of books. And so I've seen him do it with
• 54:30
  the gold market for 30 years now, you know, to the Cayman
• 54:33
  Islands and other sources they sell paper.
• 54:35
  Gold. They don't have to suppress the
• 54:37
  gold price and you know if the gold price goes up and
• 54:41
  somebody's getting rekt, you know they can just follow them
• 54:43
  the paper and their the parts of the government that basically
• 54:48
  are off the books in my opinion and they view having a sound
• 54:52
  dollar. I'm sure as part of, you know,
• 54:54
  it's talked about in the Pentagon, I mean, because
• 54:57
  records and others, they were gamed it.
• 54:58
  And so, you know, they basically will do whatever they can.
• 55:05
  To keep the dollar alive. And if that includes selling
• 55:10
  unlimited paper Bitcoin, so be it.
• 55:13
  And you might say, Well, they're going to get rekt.
• 55:15
  Well, why they have a printer? They take a loss.
• 55:17
  They just print the money to fill the loss up.
• 55:20
  See what I'm saying? I mean, in a game, in a game,
• 55:23
  like, the game we've got, they've got the biggest balance
• 55:25
  sheet and they've got the printing press, so that's
• 55:28
  somewhat of a problem. So, we've got overwhelm them.
• 55:31
  I mean, I think a much better. I think the way will overwhelm
• 55:34
  them, is that Gresham's law will get them, we just need, you
• 55:38
  know, we need very consistent, you know, adoption and growth in
• 55:42
  the price so that more and more people over longer and longer
• 55:46
  periods of time. Come to realize that this is the
• 55:48
  way and, you know, Bitcoin will be more fully distributed.
• 55:51
  It won't be as volatile and it'll be going up forever.
• 55:54
  And as a result, you know, people will realize holy shit I
• 55:58
  got to get out of this Fiat, you know?
• 56:00
  But again, I mean, you know, who knows?
• 56:03
  I mean, to some extent, it's possible that This volatility is
• 56:06
  created by the government. I mean, I know Caitlin and
• 56:08
  others have done pretty in-depth analysis that suggests that the
• 56:12
  last cycle should have gone much higher than sixty seven, sixty
• 56:15
  eight thousand dollars but it was capped, you know, in the
• 56:18
  Futures market. So that's not my strong suit
• 56:23
  rain. Caitlin's done a great job on
• 56:24
  that, but from the perspective of a minor, right the Chinese
• 56:29
  Communist party Band Bitcoin mining literally in the middle
• 56:34
  of the Run. Yup.
• 56:35
  Of the last Bitcoin bull market, right?
• 56:38
  Is that a coincidence, right? So yeah, no, Lawrence, is it too
• 56:43
  much to say that governments today are actively price
• 56:48
  suppressing Bitcoin in order in the hopes of slowing down
• 56:53
  adoption enough to implement Central Bank, digital currency
• 56:57
  regimes. I can't prove it but it feels to
• 57:00
  me, like, there might be a little bit of it.
• 57:01
  I don't think they've got it suppressed nearly the way they
• 57:04
  suppress gold, but I do know that the odds, you know, when it
• 57:07
  took off in the in the fall of 2020 when it went from kind of
• 57:11
  in the 510 K range and shot up to 50.
• 57:15
  I mean you can you can just bet that every single finance
• 57:18
  ministry throughout the world said holy shit we got a serious
• 57:22
  problem here. So and and they and I'm sure
• 57:27
  they've been thinking about wargaming, how do we address
• 57:30
  this problem? Oh man.
• 57:34
  Yeah, I mean you saw Oh the the bipartisan, by the way, there
• 57:40
  was a law in Congress. That was passed very quickly.
• 57:44
  When El Salvador, which GDP wise is very extremely small country
• 57:49
  saying Bitcoin is potentially, it could potentially become a
• 57:53
  threat. So a littler absolutely some
• 57:56
  Center without hammering. You Kelly for, I don't know what
• 57:59
  reason it's like why would he even give a shit about El
• 58:01
  Salvador? I mean, you know why would even
• 58:03
  care? Yeah.
• 58:06
  You know why? I know why he cares.
• 58:08
  I mean, you know, they know look, they, you know, here's the
• 58:12
  thing. The, the best piece of news is
• 58:16
  there are so many more of us and the internet.
• 58:19
  I mean, look, we have a centralized system and you know,
• 58:23
  you really worked well for them. I mean the New York Times told
• 58:25
  you what the truth was the government told you what the
• 58:27
  truth was, etc, etc. I mean, the internet coming
• 58:31
  along has been wonderful, right? Because it allowed us all to
• 58:34
  communicate with one. Another very interesting.
• 58:35
  And as inexpensively and to create an alternative views, or
• 58:39
  I believe much more accurate views of what the truth is.
• 58:42
  And so, you know, and so you're seeing the internet is basically
• 58:45
  messing with their narrative and, you know, consider the
• 58:48
  Legacy news networks. I mean some great charts that
• 58:51
  show how Joe Rogan is basically burying Sienna and that's
• 58:56
  because people know when they're being lied to I mean if you piss
• 58:58
  on their leg and say it's raining, they figure it out.
• 59:01
  And so all we got to do is educate as many Is as we
• 59:06
  possibly can and and guess what, you know, having your electrical
• 59:10
  bill go up 100 percent, having a hard time, buying food, having
• 59:14
  your family suffer being a millennial is getting screwed.
• 59:17
  I mean, you tend to get educated it's like, you know what the
• 59:20
  fuck you're messing up my life in a big way, you know.
• 59:23
  God damn it. I mean, you've seen these
• 59:25
  protests in Europe, you know, the farmers and others, you saw
• 59:27
  the trucker's protest. I mean, this is only going to
• 59:30
  grow, you know, this movement, it's only going to grow, you
• 59:34
  know, pure Reliever of the guy who's now the conservative party
• 59:38
  leader in Canada. He might get elected right, and
• 59:41
  that would be fabulous. And so, he's a bit Corner, he's
• 59:44
  a friend of booth and Foss. So, you know, it's common, it's
• 59:48
  common, I mean, we don't have our Ron Paul yet.
• 59:51
  We need a, we need a Bitcoin Ron Paul but that's come.
• 59:55
  You know, it'll happen. And, you know, it's people are
• 1:00:01
  smart and, and, you know, it can take Time.
• 1:00:06
  No doubt. But you know we've got a much
• 1:00:08
  better hand. I mean, I like the side that
• 1:00:10
  we're on in this whole fight I mean we're going to win and
• 1:00:13
  Marty bent has it, right? We are going to win.
• 1:00:15
  There is no doubt. We are going to win.
• 1:00:17
  Now, the time scale, that's a different matter and I prefer it
• 1:00:21
  happened sooner rather than later cause I'm not as young as
• 1:00:22
  you and I want to see it. So yeah.
• 1:00:28
  The the V and you know, if talk to Opti about this many times
• 1:00:33
  the 4 / Nuclear My Generation the millennial generation.
• 1:00:38
  We don't have an alternative. So for us, it's like, it's this
• 1:00:43
  or slavery. Regs.
• 1:00:44
  Right. And they, they're even telling
• 1:00:46
  the contain errors are even telling you you own nothing to
• 1:00:49
  be happy. We're at that.
• 1:00:51
  Part of the movie already. Oh yeah.
• 1:00:54
  But the problem is, you know, the problem is that you are an
• 1:00:58
  incredibly, you know, astute educated, you know, on the ball
• 1:01:02
  person because you're in our world I mean, you know and I'm
• 1:01:06
  sure you hang around with people that are similar to you.
• 1:01:09
  But you know what percentage of Millennials are where where you
• 1:01:13
  are in terms of the understanding of this.
• 1:01:15
  I mean, I don't know, I hope it's large.
• 1:01:17
  I know it's growing. I mean I, you know, I think
• 1:01:21
  basically everybody should, you know, be be handing out copies
• 1:01:26
  of safes book to their friends. I mean, I do it all the time.
• 1:01:29
  I mean, I think the only way we win this fight is we recruit as
• 1:01:33
  many people as we possibly can All over the world to understand
• 1:01:38
  the nature of the fight. And you know, we all feel.
• 1:01:41
  I mean, it's hard. I mean, what do you often think
• 1:01:43
  to yourself? What can one person do, right?
• 1:01:46
  I mean, their billions of people in the world and these people at
• 1:01:48
  the top, have all the levers and they can lie and they can, you
• 1:01:51
  know, they can do all the stuff they do and, you know, true.
• 1:01:56
  But you know, there's that great mean where they're standing out
• 1:01:59
  on the end of the board and we're all standing on the other
• 1:02:01
  end of it, right? Yeah, if we decide to walk away,
• 1:02:05
  You know, they're fucked and and so and that's happening.
• 1:02:10
  I mean, you know, they're going to get older and die off and you
• 1:02:12
  guys are going to get into more positions of power and so on and
• 1:02:16
  so forth. Yeah, it's it's unfortunate that
• 1:02:21
  it has to be pushed to an extreme where people feel pain
• 1:02:25
  specifically for my generation Netflix and Tick-Tock are hell
• 1:02:29
  of a drugs and they are very good at distracting people.
• 1:02:32
  From what's going on I've lost. Lost most of my Normie friends
• 1:02:37
  because I can't commit it. First of all, they don't wanna
• 1:02:40
  hang out with me. I don't want to hang out with
• 1:02:41
  them. Why don't they want to hang out
• 1:02:42
  with me? Because if they hang out with me
• 1:02:43
  for beers and it's like, bro, there's a Revolution going on,
• 1:02:46
  they're trying and trying to enslave us.
• 1:02:49
  I gotta answer this one question.
• 1:02:50
  Totally cast-iron. I mean, what the fuck I was
• 1:02:53
  about to end the show Jesus Christ.
• 1:02:56
  I mean, you know how hard it is to clean?
• 1:02:58
  Stainless stainless. Sucks cast iron is so much
• 1:03:07
  better. I don't get that you guys.
• 1:03:09
  This is the towards the end of the podcast.
• 1:03:11
  So drop your questions in the chat and you have a chance to
• 1:03:14
  ask, Lawrence yourself. So now you know, cast iron, he
• 1:03:19
  runs a node. What temperature, do you like
• 1:03:21
  your steak Lawrence kind of a medium rare sort of guy?
• 1:03:25
  Yeah, yeah, I think one of the guys on the chap made a great
• 1:03:27
  point. It was a small minority that
• 1:03:30
  that fought the British. I mean it's you know, You know,
• 1:03:35
  it's if we're small and we're loud and we've got the truth on
• 1:03:39
  our side. We're, you know, we're going to
• 1:03:41
  win. I don't have any doubt.
• 1:03:44
  We're definitely going to win. I have no doubt in my mind, but
• 1:03:47
  what keeps me up at night is definitely the transition and I
• 1:03:50
  think that's the part that. Well, that's right.
• 1:03:52
  I mean, it's, it's pretty sad but, you know, it's like, you
• 1:03:56
  know, the Billy, Joel's on, we didn't start this fire, you know
• 1:03:58
  what I mean? I mean, we started this fire but
• 1:04:02
  we're definitely going to put it out.
• 1:04:03
  That's Like, that's right. I mean, I think your generation
• 1:04:05
  is going to be the hero generation.
• 1:04:07
  I mean, I Look At, You Know, Jack Mahler saying, you know,
• 1:04:09
  he'd die on this hill. I mean, I had tears in my eyes.
• 1:04:12
  I mean, Marty bent, you guys all you guys.
• 1:04:15
  It's, you know, you guys are going to do it.
• 1:04:18
  I mean, and you got some older guys here along to help you.
• 1:04:21
  Along the way, you've seen it all before, I mean, you know, we
• 1:04:24
  try to, you know, try to guide you a little bit just based on
• 1:04:28
  our experience because, you know, I've been watching these
• 1:04:31
  people for 40 years. I mean, Earlier you alluded to
• 1:04:34
  it. You know, I mean I I'm a, I'm an
• 1:04:37
  analyst, right? I like to figure shit out.
• 1:04:39
  That's kind of that's why I was put here.
• 1:04:41
  That's my highest and best use. And you know, the biggest thing
• 1:04:47
  I dug into for many, many years with the JFK assassination,
• 1:04:51
  right? And I've read just about
• 1:04:54
  everything there is to read including a lot of private
• 1:04:56
  stuff, it's not published and I am so certain that without a
• 1:05:01
  doubt the CIA in our Murdered Kennedy.
• 1:05:04
  I mean, it's just it's beyond there's just no question in my
• 1:05:07
  mind and so rather, sadly, we were the greatest country in the
• 1:05:11
  world, you know, post World War Two, we save the world.
• 1:05:14
  Although, you know, the Russians played a big role in that
• 1:05:16
  because they lost nine million people fighting the Germans
• 1:05:18
  before we got involved. But, you know, you know, the the
• 1:05:27
  people who took control of the CIA post-world War Two and some
• 1:05:31
  of the things they did, we're just Believably evil and you
• 1:05:36
  know, on American and you know it's it's really sad and we got
• 1:05:43
  we got to take, we got to take the controls away from them.
• 1:05:46
  You know, we gotta we gotta go back to the founding principles,
• 1:05:49
  you know the founding documents of this country and and adhere
• 1:05:53
  to those principles. 100%. Some people call it, the Deep
• 1:05:57
  State. I call it the administrative
• 1:05:58
  State because it's right up in your grill and it is funded by
• 1:06:01
  the money printer. Exactly.
• 1:06:04
  So one last question and then we're going to we are going to
• 1:06:08
  we're going to close up the stream.
• 1:06:11
  Lawrence, we have a question from Jeff Ross, it was so much
• 1:06:14
  fun. Having breakfast with you at
• 1:06:16
  Broadmoor Larry. Oh yeah, he's great from your
• 1:06:21
  time at the Gold conference. What are a few of your favorite
• 1:06:24
  gold miners at Colonel? Oh yeah, sure.
• 1:06:27
  I'm happy to share a few names because of what you're trying to
• 1:06:30
  achieve gold buying business shitty business, okay?
• 1:06:33
  I mean, Breaking rocks, you got to replace them and as we know,
• 1:06:37
  you know, ultimately gold will be replacement Bitcoin.
• 1:06:39
  But you know, that's going to take some time because all the
• 1:06:42
  all the Boomers have all the money and all the Boomers
• 1:06:43
  believe in Gold not Bitcoins. So to answer Jeff's question,
• 1:06:47
  probably the my favorite large minor is Equinox.
• 1:06:52
  My my favorite smaller miners are some of the silver miners,
• 1:06:57
  like Guanajuato silver, which I have a big piece of and I love.
• 1:07:01
  I also like so. Tiger, which is a drill story
• 1:07:05
  and these are risky stocks but they're also stocks that could
• 1:07:08
  go up to 10x. I just did a call for real
• 1:07:14
  Vision where they ask me. My top three ideas, my top three
• 1:07:17
  ideas were Equinox, a Cisco Mining and want to walk, do
• 1:07:21
  silver, but I hesitate in offering those because even one
• 1:07:28
  of those could not work anyone who's going to invest in gold
• 1:07:31
  stocks needs to have 10 of them and the Reason for that, is that
• 1:07:34
  they're just there's too much Murphy's Law going on in Gold.
• 1:07:38
  I mean something could go wrong in any one of these companies
• 1:07:41
  they all in my opinion, have the ability to be five to ten
• 1:07:44
  Baggers but one of them won't be.
• 1:07:47
  One of them will go to 0. So if you just buy one Gold
• 1:07:49
  stock, you're really doing yourself a disservice, although
• 1:07:53
  I would say probably, you know, at the absolute safest level, I
• 1:07:57
  mean, if I were putting my mother's money into gold stocks,
• 1:08:00
  I'd probably buy agrico. It's the safest big major.
• 1:08:03
  You're but it's you know it's a three Apprentice to my way of
• 1:08:06
  saying it princes at or three-bagger, whereas most of
• 1:08:10
  what I'm trying to do. I'm trying to get 5 and 10 mm
• 1:08:13
  and they have slightly more risk.
• 1:08:15
  If you just got some pure Alpha from the man, the myth, the
• 1:08:19
  legend Lawrence. Look so ugly.
• 1:08:22
  Alright guys, that was the show Lawrence where can people find
• 1:08:26
  you? What are you working on
• 1:08:27
  nowadays? So well, I live outside of mass
• 1:08:32
  set of Boston. Chooses, it's not like that DMV
• 1:08:37
  is a with. I don't drink, I don't drink
• 1:08:41
  alcohol, but I've been off for coffee with lots of bitcoiners
• 1:08:44
  up here. So, I come on.
• 1:08:46
  I'm on Twitter. A lot is, I'm the ultimate shit
• 1:08:49
  poster. I hate the fed and it's the
• 1:08:51
  Twitter is my way of expressing, you know, my hatred for the fed,
• 1:08:56
  and I love it. You know, I also have a fund
• 1:09:00
  that I manage and a website, I published quarterly.
• 1:09:03
  Letters a lot of papers with talks about, you know, various
• 1:09:08
  things and they're all free and that website is Ema.
• 1:09:11
  Edward, Mark Alpha the number two.com, so you can and there's
• 1:09:15
  a free mailing list there. I won't spam you.
• 1:09:17
  So you can, you can look at things there but, you know, I'm
• 1:09:22
  going to the Edinboro conference will be a speaker there.
• 1:09:25
  I'm going to the New Orleans gold shoul be a speaker there.
• 1:09:28
  I'm going to Pacific Bitcoin will be a speaker there.
• 1:09:32
  So you know what I'm fortunate enough to make some great
• 1:09:35
  friends in the space. We have enormous respect for
• 1:09:37
  starting with Jeff Booth. Craig Foss, James labiche.
• 1:09:42
  You know Natalie Brunell all those folks I mean core eclipsed
• 1:09:46
  and who I think it's done fabulous work.
• 1:09:49
  You know Corey and calling out all the shit coiners.
• 1:09:52
  I have enormous respect for safe, just enormous Caitlin
• 1:09:56
  long, have enormous respect for her as well.
• 1:09:58
  There's so many great people in this space and out of respect
• 1:10:02
  for you guys at people. Magazine and so forth.
• 1:10:05
  So I was at a Nashville Meetup met, a lot of great people
• 1:10:09
  there, really enjoyed that. So, it's a great Community.
• 1:10:12
  I mean, the one thing I've said this many times, I mean it's
• 1:10:15
  really fun because if you meet somebody is a Bitcoin almost
• 1:10:18
  instantly know you're going to like him.
• 1:10:19
  I mean I know they're there, I'm hard-pressed to think of a
• 1:10:22
  Bitcoin or that I don't like I mean if they're really a Bitcoin
• 1:10:25
  or if their shit corner, I don't like them, but some people are
• 1:10:28
  both. But if you're if you're a pure B
• 1:10:30
  corner, you know I'm sure we get along great.
• 1:10:34
  Well, I really, really appreciate you.
• 1:10:36
  You coming on the show? Lawrence I had a great time.
• 1:10:40
  I just was just want to mention simply Bitcoin will be at the
• 1:10:44
  Pacific Bitcoin conference. Hopefully we can get a live
• 1:10:47
  interview with Lawrence there and you can take advantage of
• 1:10:51
  the promo code simply to get a big discount on your tickets to
• 1:10:54
  Pacific point. I also want to thank our friends
• 1:10:57
  at Bitcoin magazine for allowing me to record in their Studio
• 1:11:03
  till Pretty pretty late. So shout out to everybody at
• 1:11:07
  Bitcoin mag, we love you all. Check out Bitcoin Amsterdam.
• 1:11:10
  It's a conference in Europe, it's in two weeks.
• 1:11:14
  You definitely want to go check it out guys.
• 1:11:16
  That was that was another episode of Simply Bitcoin.
• 1:11:19
  IRL Lawrence, I'm gonna close it out.
• 1:11:23
  Who put your leg back actually, goes always great to be with
• 1:11:25
  you. I love being with guys who get
• 1:11:27
  it you obviously get it. Thanks Lawrence.
• 1:11:30
  All right guys, take it easy right.