Latest / Financial Survival Network / Trace Mayer’s Bitcoin Journey: Still Holding Strong #6285

Transcript

Trace Mayer’s Bitcoin Journey: Still Holding Strong #6285 · Financial Survival Network

• 0:00
  Speaker 1: You were listening to Carrie Letz's Financial Survival Network, where
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  Speaker 1: to thrive in today's trying times. You need the Financial
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  Speaker 1: Survival Network now more than.
• 0:23
  Speaker 2: Ever, and welcome. This is Financial Survival Network. I'm your host,
• 0:31
  Speaker 2: Carrie Let's person you're about to hear from. If I
• 0:34
  Speaker 2: had listened to him twelve thirteen years ago, well I
• 0:37
  Speaker 2: probably wouldn't be doing this podcast now, or if I
• 0:40
  Speaker 2: was doing it, it would be from my villa and
• 0:43
  Speaker 2: the Mediterranean. He told me that I should buy bitcoin
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  Speaker 2: right then, and there he had the wallet, he was
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  Speaker 2: ready to sell it to me. I'm sitting at a
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  Speaker 2: table in a restaurant in Broadway in New York, and
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  Speaker 2: bitcoin had just gone up to ten dollars, and I said,
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  Speaker 2: you know, I think it's a little high priced. I'm
• 1:05
  Speaker 2: going to wait for it to go back down to seven.
• 1:07
  Speaker 2: And you know what happens when you say I'm gonna wait,
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  Speaker 2: you never do it. And of course I never did
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  Speaker 2: till many years later, till it was fifty thousand a coin.
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  Speaker 2: But this guy, of all the people I've net talked to,
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  Speaker 2: and it's thousands of people over ten thousand podcast interviews,
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  Speaker 2: probably had the best calls of anyone talking about Trace
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  Speaker 2: mayor Trace. It's great to have you back on the show.
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  Speaker 3: Yeah, I'd great to be here, Carrie, And that was
• 1:35
  Speaker 3: quite an interview. I think we can still find it
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  Speaker 3: on YouTube. So if I are seen years ago.
• 1:41
  Speaker 2: It should be on YouTube, or I probably have it
• 1:43
  Speaker 2: in the archives. If I can find it, I'll put
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  Speaker 2: a link to it in the show notes of this interview,
• 1:49
  Speaker 2: which will be on Financial Survival Network dot com. So
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  Speaker 2: what's been going on here since we last spoke ten
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  Speaker 2: twelve years ago.
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  Speaker 3: Yeah, well, this little magic internet money thing, it's become something.
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  Speaker 3: And now the President of the United States has created
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  Speaker 3: a US Bitcoin Strategic Reserve.
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  Speaker 4: We have strategy and publicly traded company.
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  Speaker 3: They've acquired close to sixty billion dollars of bitcoin as
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  Speaker 3: a reserve treasury reserve asset on their balance sheet. And
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  Speaker 3: we have lots of copycats, a couple hundred of those
• 2:24
  Speaker 3: treasury reserve companies.
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  Speaker 4: And then the retail space, everybody's.
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  Speaker 3: Heard of bitcoin almost everybody's bought some or used it
• 2:34
  Speaker 3: or sent it around or somehow played with the technology.
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  Speaker 3: So we've had just deep penetration of the technology from
• 2:42
  Speaker 3: where it was thirteen years ago. I mean, it's really
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  Speaker 3: kind of crazy to think about what bitcoin was like
• 2:49
  Speaker 3: back when we kind of had that lunch.
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  Speaker 2: The wild West, for sure. So let me ask you
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  Speaker 2: a question, how did you know?
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  Speaker 3: I think there's uh a lot of human capital that
• 3:03
  Speaker 3: went into it. When you do the work, uh, you know,
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  Speaker 3: the consequences follow, and so our mind has to be prepared.
• 3:11
  Speaker 3: We first we have to have good soil to plant
• 3:15
  Speaker 3: the trees in the trees being thoughts or ideas, So
• 3:18
  Speaker 3: we have to have good purposes or intentions that we
• 3:23
  Speaker 3: that we then get grasses and shrubs and trees. These
• 3:26
  Speaker 3: are thoughts, ideas and convictions, and those come because we study.
• 3:31
  Speaker 3: In bitcoin's case, is highly interdisciplinary mathematics, cryptography, internet protocols,
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  Speaker 3: computer networking, thermodynamics. You know, you got the hardware, the
• 3:44
  Speaker 3: software mining. Then you layer on top of that all
• 3:48
  Speaker 3: of the sociological and economic aspects, game theory, and you
• 3:55
  Speaker 3: need you need the Austrian school of economics, not political dogma.
• 3:59
  Speaker 3: Because of you start from a wrong premise. You're going
• 4:01
  Speaker 3: to even if you reason correctly, you will still get
• 4:04
  Speaker 3: an incorrect conclusion. So you have to start from like
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  Speaker 3: real premises, from the Ostrian school. And that means that
• 4:13
  Speaker 3: you're now into praxeology, the study of human action. Yes,
• 4:17
  Speaker 3: you're into all these types of things, and all of
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  Speaker 3: our universities and these types of courses. In the economics,
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  Speaker 3: they just teach the political dogma and they, I mean,
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  Speaker 3: they don't even acknowledge that there's an entire branch called
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  Speaker 3: monetary science. And so you know, I was I had
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  Speaker 3: put in the work in all of these different areas. Intellectually,
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  Speaker 3: I'd even had a lot of practical experience playing with
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  Speaker 3: digital currencies that came up in these virtual games and
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  Speaker 3: stuff like that. And you know, I'd also experimented with
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  Speaker 3: PGP encryption and peer to peer networks like LimeWire and
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  Speaker 3: kazah and eventually bit torrent and before that, things like Napster,
• 5:03
  Speaker 3: and I'd even played around with things like egold in
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  Speaker 3: gold money dot com, which experimented with the first versions
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  Speaker 3: of sound money in the digital age. And so you know,
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  Speaker 3: it was it was for me. I had a rich
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  Speaker 3: garden of the mind which had been cultivated, pruned. You know,
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  Speaker 3: everything wasn't just growing wildly, but you know, it actually
• 5:26
  Speaker 3: seemed to have been organized in a very methodical and
• 5:29
  Speaker 3: deliberate way. Looking back, you know, seeing kind of the
• 5:33
  Speaker 3: divine providence at work in my life. And so, you know,
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  Speaker 3: when I did come into contact with bitcoin, and at
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  Speaker 3: this point, I was already running my blog Run to Gold,
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  Speaker 3: which I had started in January two thousand eight. Yeah,
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  Speaker 3: and so you know, i'd been writing about monetary science,
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  Speaker 3: monetary sovereignty, some of the financial issues and my conclusions,
• 5:59
  Speaker 3: you know, studying the stream school, trying to apply it
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  Speaker 3: to current events and everything for blog articles. So you know,
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  Speaker 3: I'd been putting in the hard work that was needed
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  Speaker 3: in order to then when I was exposed, you know,
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  Speaker 3: to bitcoin, I could fit it into a model that
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  Speaker 3: already existed. I had a very well cultivated garden, and
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  Speaker 3: it was like, oh, this bitcoin tree can go right
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  Speaker 3: over here, boom and it. You know, it's like there
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  Speaker 3: was a spot especially for it, and you know, and
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  Speaker 3: so then once you know, I get that, get get
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  Speaker 3: the little bitcoin seed planted in there, Well, I have
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  Speaker 3: to water it, I have to dung it. I have
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  Speaker 3: to prune it. I have to you know, I have
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  Speaker 3: to let time go by so that it grows. You know,
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  Speaker 3: everybody wants the flower, but nobody wants all of that stuff.
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  Speaker 4: Nobody wants to do.
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  Speaker 3: The work that is precedent to the flower or the fruit.
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  Speaker 3: You know, everybody wants to eat the mango, but they
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  Speaker 3: don't want to like grow the mango tree from a seed.
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  Speaker 3: And so, you know I I did that, and so
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  Speaker 3: like the rest is kind of history, and that's you know,
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  Speaker 3: those are trades that we make with our future self.
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  Speaker 3: Why why did I do that instead of watching you know,
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  Speaker 3: cap videos on YouTube and going to the beach and
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  Speaker 3: staying out late and you know, like I never drink alcohol.
• 7:19
  Speaker 3: A lot of my friends were drinking alcohol.
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  Speaker 4: They would stay out.
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  Speaker 3: Late, they'd have a hangover in the morning. I'm reading
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  Speaker 3: Austrian school aeronomics book, you know. So I'm making trades
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  Speaker 3: with my future self. So it's not like it just
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  Speaker 3: happened by accident. It's not like I got lucky, you know,
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  Speaker 3: I got fortunate. And I do think there was an
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  Speaker 3: aspect of being in the right place at the right time,
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  Speaker 3: and that's called opportunity and preparation combined with opportunity.
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  Speaker 4: That's what a lot of people call luck.
• 7:49
  Speaker 2: Well, in the Hebrew the symbol for luck, the word
• 7:55
  Speaker 2: is mauzle, and the symbols comprised of time, play, action,
• 8:01
  Speaker 2: and that kind of sums it up. So looking at it, though,
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  Speaker 2: like me, I think I brought a lawyer's mindset to it.
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  Speaker 2: Was much into economics in many ways, as you not
• 8:13
  Speaker 2: so much into math. But where I went wrong is
• 8:17
  Speaker 2: I'm the hardened skeptic and I always thought that the
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  Speaker 2: government would do its best to close it.
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  Speaker 4: Down, and which I'd tried.
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  Speaker 2: But you know, they could have shut down the notes.
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  Speaker 2: I mean that was the ultimate attack of the notes,
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  Speaker 2: physically and cyber, but they never did because my theory
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  Speaker 2: was crypto is the best way to pay off a
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  Speaker 2: politician ever created.
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  Speaker 3: Well, it's I know that I'd say that because it
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  Speaker 3: is very traceable, especially now with tools like chain analysis
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  Speaker 3: and all the washing analytics. So it's not necessarily a
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  Speaker 3: very good tool to use for engaging in crime like
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  Speaker 3: bribery politicians.
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  Speaker 2: Well, you know, it could go to the relatives and
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  Speaker 2: the friends and the lawyers.
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  Speaker 3: And all that's getting very much. Those those loose ends
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  Speaker 3: are being tightened up with all of the AML, the KYC.
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  Speaker 4: And we saw this with Operation Choke Point.
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  Speaker 3: You know, they wanted to operational, they wanted to weaponize
• 9:21
  Speaker 3: the financial and monetary system to suppress political opponents.
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  Speaker 4: They did, and they did.
• 9:26
  Speaker 3: You know, they very got real, like very real, just
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  Speaker 3: pure expression of political power.
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  Speaker 2: Guns, online gamblingde orange zack lenders, yeah, payday lenders, everything.
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  Speaker 3: Crydo industry. Even Milania Trump got debanks. She talks about
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  Speaker 3: it in her Memoirs of America. And so you know,
• 9:44
  Speaker 3: we had this private sanctions regime. No notice, no due process,
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  Speaker 3: no ability to appeal, no reason, no way to even
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  Speaker 3: know what you did. It's being done by private actors,
• 9:53
  Speaker 3: but at the behest of regulators. But they're not putting
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  Speaker 3: anything in writing. Yeah, it's government action through their puppets,
• 10:02
  Speaker 3: their puppet regulated parties. You know, some countries like Uruguay,
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  Speaker 3: for example, having access to a bank account is a
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  Speaker 3: civil right. And so you like you have to be
• 10:14
  Speaker 3: given a bank account, Yeah, because you need one in
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  Speaker 3: order to participate in society.
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  Speaker 2: I was surprised I was never debanked. Honestly, they just
• 10:21
  Speaker 2: keep offering me more cards and more accounts. But as
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  Speaker 2: very real. But we're kind of past that at least
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  Speaker 2: for now, and probably won't go back to it anytime soon.
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  Speaker 2: So future here, we got thirty seven trillion of debt,
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  Speaker 2: we've got hundreds of we've got a few trillion of bitcoin,
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  Speaker 2: you know, maybe five to ten trillion altogether of cryptos
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  Speaker 2: out there.
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  Speaker 3: Well, I mean the bitcoin market casts about two trillion
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  Speaker 3: right now, another one trillion for all the other all coins.
• 10:57
  Speaker 3: But I guess getting to your point, President Trump, he said,
• 11:01
  Speaker 3: maybe we'll pay off the thirty six trillion dollars of
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  Speaker 3: that with a little bit of bitcoin.
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  Speaker 2: How do you do that when you make the coin
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  Speaker 2: go up to fifteen million?
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  Speaker 3: Right, Well, it's the same as you would do with gold,
• 11:12
  Speaker 3: right like Franklin Roosevelt had the revaluation from twenty dollars
• 11:17
  Speaker 3: announced to thirty five. So you know, if you have
• 11:19
  Speaker 3: the bitcoin price go up and the liabilities are staying
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  Speaker 3: the same.
• 11:23
  Speaker 2: But this is different because there's only so much gold,
• 11:27
  Speaker 2: and different parties control the largest amounts.
• 11:30
  Speaker 4: Like China and Russia, HRO.
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  Speaker 3: It doesn't benefit us if the price that gold goes up,
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  Speaker 3: it benefits them exactly.
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  Speaker 2: So instead you take an asset that was originally worthless,
• 11:41
  Speaker 2: you seize it from unsuspecting drug dealers and money longers
• 11:46
  Speaker 2: and other ne'er do wells, and you tax it, and
• 11:48
  Speaker 2: you tax it, maybe do a windfall profits tax, or
• 11:51
  Speaker 2: maybe it just doesn't qualify for capital gains although it
• 11:54
  Speaker 2: does now. And then then basically you pump it up
• 11:59
  Speaker 2: to a fifteen million because it becomes a true competing currency.
• 12:04
  Speaker 2: And then before you know it the depth you have
• 12:06
  Speaker 2: your choice. You can you can keep getting twenty five
• 12:10
  Speaker 2: bases points interest, or you could take these bitcoin to payoff,
• 12:14
  Speaker 2: or we create a new coin that's backed by bitcoin
• 12:18
  Speaker 2: and then we use that to pay it off, something
• 12:21
  Speaker 2: to that effect. How likely is this, Well.
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  Speaker 4: We look at Senator Witness.
• 12:26
  Speaker 3: She's introduced a bill and it would have the US
• 12:29
  Speaker 3: government buy I think four million bitcoins or something like that,
• 12:34
  Speaker 3: different iterations of it.
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  Speaker 4: So you know, there's that what.
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  Speaker 2: If it's been buying it all along? What if the
• 12:42
  Speaker 2: Fed's been buying bitcoin all along and you don't being
• 12:46
  Speaker 2: what they've confiscated. Yeah, we don't necessarily know the true
• 12:50
  Speaker 2: We have no a true ownership of all the utxos.
• 12:53
  Speaker 2: I mean maybe Chanealysis has some idea, but it would
• 12:57
  Speaker 2: definitely be a way that the US government could exert
• 13:00
  Speaker 2: some dominance over their geopolitical foes.
• 13:04
  Speaker 4: If we look at it, we have gold.
• 13:06
  Speaker 3: In twenty two trillion dollar market cap, half a billion
• 13:09
  Speaker 3: dollars of daily emission new gold being mined. Bitcoin is
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  Speaker 3: about a tenth the size, two trillion dollars fifty million
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  Speaker 3: a day. Then the US dollar, you know, so we
• 13:21
  Speaker 3: got gold, the US dollar, Bitcoin, those are kind of
• 13:23
  Speaker 3: our three main reserve assets. And then around bitcoin, we've
• 13:29
  Speaker 3: got the Euro, We've got the U on the yen,
• 13:32
  Speaker 3: you know, stuff like that. You know, if Bitcoin can
• 13:35
  Speaker 3: go up to you know, five or ten trillion dollar
• 13:37
  Speaker 3: market cap, now you're looking at a displacing any of
• 13:41
  Speaker 3: these other fiat currencies, which just further entrenches the US
• 13:47
  Speaker 3: dollar and allows extension of the US dollar through you know,
• 13:51
  Speaker 3: additional credit creation for maybe another twenty forty years, but
• 13:56
  Speaker 3: it keeps you know, if the US can control the
• 13:58
  Speaker 3: top three search results effectively for world reserve asset, gold, bitcoin,
• 14:04
  Speaker 3: and dollar and use stable points for all of that,
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  Speaker 3: you know, they can box out the geopolitical rivals from Europe, China,
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  Speaker 3: et cetera.
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  Speaker 2: So you see it, I see it. I think there's
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  Speaker 2: a few other people that see it, not a lot,
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  Speaker 2: but somebody who's actually working from the government actually has
• 14:22
  Speaker 2: figured this out already.
• 14:23
  Speaker 3: Oh yeah, it seems about a year ago, a year
• 14:26
  Speaker 3: and a half ago when the ETFs got approved. A
• 14:29
  Speaker 3: year before that, it just seemed like there was an
• 14:31
  Speaker 3: about face from the government. So maybe there was something
• 14:35
  Speaker 3: deep in the roots of the Pentagon that changed and
• 14:40
  Speaker 3: they decided, you know what, we're going to use bitcoin
• 14:42
  Speaker 3: in a geostrategic manner, and all of a sudden, Oh,
• 14:46
  Speaker 3: instead of Operation choke Point, it's Operation Floodgates.
• 14:50
  Speaker 4: Yeah, operation floodgates, like open.
• 14:52
  Speaker 2: Them, that's what we should call it, Operation Floodgates. Yes, So, yeah,
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  Speaker 2: it seems obvious to me. I've written a couple of articles.
• 15:00
  Speaker 2: Has gotten completely ridiculed about it. But there is no
• 15:04
  Speaker 2: other way because there's only so much gold, and like
• 15:07
  Speaker 2: our adversaries have it, and you can only how much
• 15:10
  Speaker 2: can you make it go up to? Can you make
• 15:12
  Speaker 2: it go up to?
• 15:14
  Speaker 4: Yeah, I mean two hundred and fifty.
• 15:15
  Speaker 2: Thousand an ounce then we're gonna you're gonna crash the
• 15:18
  Speaker 2: dollar doing that.
• 15:19
  Speaker 3: Yeah, I mean gold is gold is already a massive
• 15:22
  Speaker 3: asset and its market gap is outperformed bitcoin's market gap
• 15:25
  Speaker 3: in twenty twenty five. So as a tool for monetary sovereignty,
• 15:29
  Speaker 3: gold is a phenomenal tool. And the market says that
• 15:35
  Speaker 3: my thesis has always been that bitcoin could also be
• 15:39
  Speaker 3: a very powerful tool for monetary sovereignty in a different
• 15:43
  Speaker 3: way than gold is. And because bitcoin started out just
• 15:48
  Speaker 3: crawling out of the primordial ooze, you know, sixteen years later,
• 15:52
  Speaker 3: here it is. But where's it going to be in
• 15:54
  Speaker 3: another sixteen years and another thirty years after that?
• 15:58
  Speaker 2: It can only go higher, way I see it.
• 16:00
  Speaker 4: Yeah, because the dollar will only go lower.
• 16:02
  Speaker 2: It's going to go you know, saw tooth. But it's
• 16:06
  Speaker 2: and the beauty is talking with your assistant about it.
• 16:10
  Speaker 2: The tops, the peaks are so easy to detect. I
• 16:14
  Speaker 2: knew it in seventeen. I knew it in twenty one,
• 16:18
  Speaker 2: you know, nineteen seven and sixty seven seven, I think
• 16:22
  Speaker 2: it was sixty nine seven. They were just so obvious
• 16:25
  Speaker 2: because the parabolic move has to.
• 16:27
  Speaker 3: Die, yeah, because of the proof of work, nature of
• 16:29
  Speaker 3: the of the of the asset.
• 16:31
  Speaker 4: Same with gold.
• 16:32
  Speaker 3: You know, like we can get these rhino horns, but eventually,
• 16:35
  Speaker 3: you know, when you're producing so much of this and
• 16:39
  Speaker 3: you're having to convert electricity and hash power, or oil
• 16:43
  Speaker 3: and steel into gold or into bitcoin. That acts as
• 16:47
  Speaker 3: a natural corrective mechanism for the price.
• 16:50
  Speaker 2: And it's just the nature of markets. When you get
• 16:52
  Speaker 2: a parabolic move, it's just the tree does not grow
• 16:56
  Speaker 2: to the sky right exactly. And you combine all the factors,
• 17:01
  Speaker 2: you know, because most of Wall Street financial experts they
• 17:05
  Speaker 2: just extrapolate. They say, whatever is happening today, we extrapolate
• 17:09
  Speaker 2: that into the future, and that's how we sell. But
• 17:12
  Speaker 2: it doesn't work that way because it's just like I
• 17:16
  Speaker 2: used to liken it too, commuting to New York City
• 17:19
  Speaker 2: on the highways, like it's direct the amount of traffic
• 17:24
  Speaker 2: was directly correlated to economic activity. And I would know
• 17:30
  Speaker 2: when something was going to happen because we hit peak everything,
• 17:34
  Speaker 2: every toll plaza, every highway going into Manhattan. I knew
• 17:40
  Speaker 2: it can't go on, and yet they're extrapolating as if
• 17:42
  Speaker 2: it can go on forever. And that's the mistake of
• 17:46
  Speaker 2: maybe it's by accident, maybe it's by design, maybe it's both.
• 17:50
  Speaker 2: But that's what I've always found, the flaw of extrapolation.
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  Speaker 3: Yeah, and this is the madness of crowds, right, I
• 18:01
  Speaker 3: read behavioral economics. We're getting into, you know, Austrian business
• 18:06
  Speaker 3: cycle theory, you know, booms and bus and crashes. And
• 18:09
  Speaker 3: actually how FIA currency in our frash members or banking
• 18:12
  Speaker 3: system exacerbates these amplitudes causing damage into in this allocation
• 18:19
  Speaker 3: and capital into the economy.
• 18:20
  Speaker 2: Multiple bubbles, oh, everything bubble. Back in the good old
• 18:24
  Speaker 2: days when there was a real currency, a sound money, gold, silver,
• 18:29
  Speaker 2: you can only pretty much have one bubble at a time.
• 18:32
  Speaker 2: Now you could have realistening, you could have crypto, you
• 18:35
  Speaker 2: can have stock market bonds, currencies, everything, the everything bubble.
• 18:41
  Speaker 3: Right, It all gets correlated, you know, basically to M two.
• 18:46
  Speaker 2: So you know, and then how do you stop printing
• 18:49
  Speaker 2: money in this day and age.
• 18:51
  Speaker 3: It's not very politically palpable to do that. So you'd
• 18:54
  Speaker 3: take the inflation.
• 18:56
  Speaker 2: Yeah, it's built baked into the cake. So inflation, what
• 19:00
  Speaker 2: are you thinking on?
• 19:01
  Speaker 3: Well, the you know, fundamentally, it's a form of taxation
• 19:06
  Speaker 3: without representation, it's confiscation without due process of law. And
• 19:10
  Speaker 3: so you know, when you're when you're able to just
• 19:13
  Speaker 3: print this stuff out of nothing and confiscate surreptitiously tens
• 19:20
  Speaker 3: of millions of hours of people's labor. I mean, it's
• 19:24
  Speaker 3: just a terrible system to live under.
• 19:26
  Speaker 2: It sounds like it's unconstitutional to me.
• 19:29
  Speaker 3: Well, Article one, Section ten, Clause one clearly in constitutional
• 19:32
  Speaker 3: line and Jerry system.
• 19:33
  Speaker 2: And the Fifth Amendment, taking without just compensation, it's a taking.
• 19:39
  Speaker 3: Yeah, well, I'm not sure under how we generally define
• 19:45
  Speaker 3: the takings, but it's definitely a you're diminishing the value,
• 19:49
  Speaker 3: and you're interfering with the obllegation of contracts, which are
• 19:53
  Speaker 3: you know, other constitutional clauses.
• 19:55
  Speaker 4: That you could have in asiment laws.
• 19:56
  Speaker 3: Yeah, but it's clearly you know, the federal government has
• 20:00
  Speaker 3: no power to make anything legal tender, and if the
• 20:03
  Speaker 3: states make anything legal tender, it must be either gold
• 20:07
  Speaker 3: or silver. So the federal government can't make anything legal tender.
• 20:10
  Speaker 3: The states are restricted in what they can make legal tender. Somehow,
• 20:14
  Speaker 3: this federal reserve note got made legal tender by the
• 20:16
  Speaker 3: federal government. That's clearly unconstitutional. They don't have that power.
• 20:20
  Speaker 3: The states can't make a federal reserve notes legal tender.
• 20:25
  Speaker 3: So but you know, Roosevelt breached this, the legislature breaches
• 20:30
  Speaker 3: making it holding golden and using it illegal and then
• 20:33
  Speaker 3: in City versus Dover.
• 20:35
  Speaker 4: The US Supreme Court refused to hear the case.
• 20:37
  Speaker 3: So all three branches of government have clearly abdicated their
• 20:40
  Speaker 3: duty to uphold the Constitution. On what moneitors this in
• 20:45
  Speaker 3: the United States chooses, and it's so big now that
• 20:49
  Speaker 3: the US arene courts isn't going to hear it because
• 20:51
  Speaker 3: it's a outal question.
• 20:53
  Speaker 2: So that's like the income tax probably wasn't legally passed
• 20:58
  Speaker 2: and Peter Schiff's father fowarded for years and he wound
• 21:01
  Speaker 2: up in jail. He's probably right, but there's no way
• 21:06
  Speaker 2: that any court is repealing the amendment. Was the thirteenth
• 21:10
  Speaker 2: Amendment to creating income fact I don't remember. Yeah, I
• 21:14
  Speaker 2: think I'm thirteen twelve. Thirteenth one was.
• 21:18
  Speaker 3: But there's even less there's even less room to argue
• 21:22
  Speaker 3: here because Article one, Section two, Clause one is clear
• 21:26
  Speaker 3: clear on his face, there's prima facia. So but what
• 21:33
  Speaker 3: what happens is we just are going to lurk from
• 21:36
  Speaker 3: one crisis to the next until it implodes and deflation
• 21:40
  Speaker 3: or explodes and hyperinflation.
• 21:42
  Speaker 4: And this is this.
• 21:44
  Speaker 3: Is the this is the cause of so many of
• 21:46
  Speaker 3: the negative effects in society, as the corruption of our
• 21:48
  Speaker 3: monetary system. And Johann men Gutta wrote about this in
• 21:51
  Speaker 3: Fast part two. And they brought Isaac Newton and as
• 21:55
  Speaker 3: Master of the Men in sixteen ninety six to fix
• 21:58
  Speaker 3: the great the failure, and so he created the gold standard.
• 22:02
  Speaker 3: You know, so this is not new. We've been through
• 22:05
  Speaker 3: this before many cycles.
• 22:07
  Speaker 2: You look at the breakdown of the family. It's directly
• 22:10
  Speaker 2: attributable to inflation because it used to be one parrot.
• 22:15
  Speaker 2: Back then it was the mother stayed home, raised the kids.
• 22:18
  Speaker 2: But then the cost of living got so out of
• 22:20
  Speaker 2: hand you needed a dual income family just to survive.
• 22:24
  Speaker 3: And why did that cost of living get out of hand?
• 22:26
  Speaker 3: And it's because there was no safe store of value
• 22:29
  Speaker 3: golden economic freedom, bye green span. If there were, the
• 22:32
  Speaker 3: government would make it i illegal like that in the
• 22:34
  Speaker 3: case of gold. A good example is my father. He
• 22:38
  Speaker 3: graduates from college. He takes a job with the railroad
• 22:41
  Speaker 3: instead of the accounting firm nine hundred dollars per month.
• 22:46
  Speaker 3: And you know, back then it was twenty five point
• 22:48
  Speaker 3: seven ounces of gold seven hundred thousand dollars a year
• 22:51
  Speaker 3: and purchasing power for a brand new college graduate, no experience.
• 22:56
  Speaker 4: And that's how much the standard of living has.
• 22:58
  Speaker 3: Been eroded for the benefit of those that are closer
• 23:04
  Speaker 3: to the money printer.
• 23:05
  Speaker 2: The bank's kasha and they love inflation.
• 23:08
  Speaker 3: Yeah, and then the big corporations that are house by them.
• 23:11
  Speaker 3: You know, we've had huge productivity gains over the last
• 23:15
  Speaker 3: forty years.
• 23:15
  Speaker 2: That's the only thing that's kept US afloat is those productivity.
• 23:19
  Speaker 3: But it hasn't been to the benefit of the American citizen,
• 23:23
  Speaker 3: as clearly illustrated between my dad's salary starting now and
• 23:27
  Speaker 3: a college graduate starting today.
• 23:30
  Speaker 2: Yeah, you know, one.
• 23:30
  Speaker 3: Tenth or one twelfth the value of what the purchasing
• 23:34
  Speaker 3: power because one as of gold. There is still one
• 23:36
  Speaker 3: ounce of gold today. And then when you look at
• 23:38
  Speaker 3: the Golden Constant by Professor Jastrom the book, the price
• 23:44
  Speaker 3: of all the other assets and services and stuff in
• 23:47
  Speaker 3: the economy, they rotate around gold, just like the planets
• 23:50
  Speaker 3: do around the sun.
• 23:51
  Speaker 4: And so you know, when we're not earning.
• 23:54
  Speaker 3: Twenty five point seven ounces of gold for our college
• 23:56
  Speaker 3: graduates coming out of school, yeah, they're wages have been diminished.
• 24:01
  Speaker 4: In Article three of the Constitution.
• 24:03
  Speaker 3: The federal judges their wages are not to be diminished.
• 24:07
  Speaker 3: That's part of an essential check amounts in our political
• 24:09
  Speaker 3: machinery to have in an event in judiciary.
• 24:11
  Speaker 4: And yet what do we have.
• 24:13
  Speaker 3: We have this unaccountable, unelected, unreviewable federal reserve deciding what
• 24:22
  Speaker 3: the length of the dollar is.
• 24:24
  Speaker 2: Hey, and so we got to wrap up. I know
• 24:27
  Speaker 2: you've got another appointment. Any place we can find you
• 24:31
  Speaker 2: on the web these days.
• 24:32
  Speaker 3: Yeah, so I host the Bitcoin Knowledge podcast Bitcoin dot kN.
• 24:38
  Speaker 4: Have a Twitter thing.
• 24:39
  Speaker 3: I haven't really been acted there for a while, but
• 24:42
  Speaker 3: maybe I'll start something up there.
• 24:44
  Speaker 4: Anyways, those would be kind of the two main places.
• 24:46
  Speaker 2: All right. The links are in the show notes. This
• 24:48
  Speaker 2: interview on Financial Survival Network dot com. You got a
• 24:51
  Speaker 2: question for Trace myself, Shoot me an email kl at
• 24:54
  Speaker 2: Carrie LUTs dot com. Trace great reconnecting with you here
• 24:58
  Speaker 2: in your wisdom that's and born by over a decade now,
• 25:03
  Speaker 2: and we really appreciate it.
• 25:04
  Speaker 4: Yeah, thanks so much, Kerry. You do a great job.
• 25:06
  Speaker 4: Keep up the good work.
• 25:07
  Speaker 1: Thanks for listening to Carrie Letz's Financial Survival Network your
• 25:11
  Speaker 1: solution to today's trying times. For the latest, go to
• 25:15
  Speaker 1: Financial Survivalnetwork dot com. Financial Survival Network now more than
• 25:21
  Speaker 1: ever