Latest / Simply Bitcoin / Trump vs. Powell: The Battle That Sends Bitcoin to $1M | Bitcoin Simply

Transcript

Trump vs. Powell: The Battle That Sends Bitcoin to $1M | Bitcoin Simply · Simply Bitcoin

• 0:00
  The pressure on the Fed continues to heat up as Donald
• 0:03
  Trump pulls up on Jerome Powell at a construction site in a hard
• 0:06
  hat. You can't make this up.
• 0:08
  Scott Besson says the quiet part out loud.
• 0:11
  Why is the Fed doing building renovations when they're on
• 0:13
  track to lose $100 billion this year?
• 0:15
  Or a better question, why wouldn't we just end the Fed
• 0:18
  altogether? The genius act is a last ditch
• 0:21
  effort to save a broken system which can't be saved in the
• 0:24
  political theater. To try to save it is just
• 0:26
  getting started. Could Bitcoin be the answer to
• 0:29
  the end of the Fed? Let's see, this is Dante Cook of
• 0:31
  Bitcoin. Simply, let's go.
• 0:37
  The reason? Why I wanted to see it was the
• 0:38
  overruns of the expenses, Wanda. Figure out why, Yeah.
• 0:43
  So we're taking a look and it looks like it's about 3.1
• 0:47
  billion. It went up a little bit or a
• 0:50
  lot, so the 2.7 is now 3.1. I'm not.
• 0:55
  Aware of. That yeah, it just came out.
• 0:57
  Yeah, I I haven't heard that from anybody at the Fed.
• 1:00
  Yeah. It just came.
• 1:05
  Out our nose, said about 3. .1 as well. 3.13.2.
• 1:09
  This came from us. Yes, I don't know who does that.
• 1:15
  You're including the Martin renovation.
• 1:17
  You just added. Entire.
• 1:18
  Capital. You just, you just added in a
• 1:20
  third building is what that is. That's a third building.
• 1:23
  It's a building that's being built.
• 1:24
  No, it's been. It was built five years ago.
• 1:27
  We finished Martin five years ago.
• 1:29
  It's part of the overall so, so we're going to take a look,
• 1:35
  we're going to see what's happening and it's got a long
• 1:38
  way. Do you expect any more
• 1:40
  additional cross overruns? Don't expect them.
• 1:43
  We're we're ready for them, but we we have a little bit of a
• 1:46
  reserve that will we may use, but no we.
• 1:48
  Don't. When I first saw this, I thought
• 1:50
  it was an AI generated clip. This is real life.
• 1:53
  The president of the United States pulled up to the Federal
• 1:56
  Reserve Chairman on a construction site.
• 1:58
  He's calling him out on spending $3.1 billion to do renovations
• 2:01
  when the Fed is losing $100 billion a year.
• 2:04
  But he's also calling for lower interest rates.
• 2:07
  Are there things the Chairman say to you today?
• 2:09
  That would make. You back off some of the earlier
• 2:11
  criticism. Well, I'd love him to lower
• 2:13
  interest rates. Other than that, what can I tell
• 2:16
  you? And if you think that $100
• 2:18
  billion number is made-up, listen to Scott Besson talk
• 2:21
  about why the Fed is losing 100 billion a year.
• 2:24
  The. Fed is the house.
• 2:25
  It's a casino casino. You know, the casino doesn't
• 2:29
  lose money. The players are the ones that
• 2:31
  lose money. And you know, I'm not going to
• 2:34
  comment. I'm like you.
• 2:36
  I, I don't really understand what's going on with the size,
• 2:40
  the scope, the cost of the building renovations.
• 2:42
  One can ask, was it a good idea to start the renovations for an
• 2:47
  enterprise that's losing $100 billion a year, so a hundred 100
• 2:51
  billion because of a mismatch in the bond portfolio from the
• 2:56
  short term rates? One senator, one of those Paul
• 2:59
  guys, one of those in the Fed guys, had a novel idea.
• 3:02
  What if we weren't just talking about replacing the Federal
• 3:05
  Reserve Chairman? What if we didn't replace him at
• 3:06
  all? Well, you know, if you're going
• 3:07
  to fire the head of the Fed, why don't we replace him with no
• 3:10
  one? Yeah, So my point is, is here,
• 3:15
  here, here's what everybody's always saying.
• 3:16
  Well, interest rates are too high or interest rates are too
• 3:19
  low. And it's just like the price of
• 3:21
  bread. Nobody knows the correct price
• 3:23
  of bread. No one knows the correct
• 3:24
  interest rates. The market knows.
• 3:26
  The market knows based on supply and demand.
• 3:28
  And you really shouldn't have a Federal Reserve Chairman trying
• 3:31
  to micromanage interest rates. Let's let the market decide.
• 3:35
  Well, I agree with you 100%. Do you have somebody that you
• 3:37
  would like to see as a Fed chair if we vote on for none of the
• 3:43
  above? None of it.
• 3:45
  You mean you want the chair vacant or I haven't mentioned
• 3:48
  the right name yet? No, I, I, I guess I'm
• 3:51
  indifferent. I want the system to be
• 3:53
  different. I don't want a Open Market
• 3:56
  Committee or a chairman that is micromanaging interest rates.
• 3:59
  Interest rates should be based on supply and demand.
• 4:02
  And so I really don't want a Federal Reserve Chairman.
• 4:05
  Really not a big fan of the Fed. The one thing I also want is an
• 4:09
  audit of the Federal Reserve. And I also want the Fed to quit
• 4:12
  paying banks not to loan money. the Fed is paying $188 billion
• 4:17
  this year not to loan money. 40% of that is going to foreign
• 4:22
  banks. So you talk about should we be
• 4:24
  subsidizing the rich? The big rich banks in New York
• 4:28
  should not be getting Fed money to not loan money.
• 4:31
  That is ridiculous. It started in 2009 and we should
• 4:34
  stop it. The system is corrupt from top
• 4:36
  to bottom at worst, and at best it's a terribly inefficient
• 4:40
  system. What if we did replace it with a
• 4:42
  system like Bitcoin? I mean, it can't honestly get
• 4:44
  any worse. There's only one US city in
• 4:47
  America where buying a home does not cost more than renting a
• 4:50
  home, and that's Pittsburgh. And honestly, the chances of
• 4:53
  most of Americans wanting to move to Pittsburgh is less than
• 4:56
  the Pittsburgh Steelers winning the Super Bowl this year with
• 4:59
  Aaron Rodgers at quarterback. This is honestly his first past
• 5:10
  at live team droves during camp. Just to give you another little
• 5:13
  flavor on the state of the economy in the housing market,
• 5:16
  home sales are dropping while prices continue to hit record
• 5:19
  highs. No one is buying.
• 5:20
  Doctor Horton, the largest home builder in the country, just
• 5:23
  posted a 24% net income loss. They have less revenues and
• 5:28
  they're guiding for lower home sales in the future.
• 5:30
  And not to mention the funny accounting shenanigans that
• 5:33
  they're doing with financing of home.
• 5:34
  Pulte Homes, the third largest home builder, isn't doing much
• 5:37
  better. They just saw a 25% drop in Q2
• 5:40
  sales. The largest three home builders
• 5:42
  in America have averaged a net income loss of 24% this quarter.
• 5:46
  Nothing to worry about JP Morgan just released a report that the
• 5:49
  dollar share in foreign exchange reserves is declining and not
• 5:53
  only that, the dollars dominance and the global economy is also
• 5:56
  declining. That's not from me, that's from
• 5:58
  JP Morgan. And that might be why the dollar
• 6:01
  of the value has decreased by 10% this year alone.
• 6:04
  But bitcoins too volatile, right?
• 6:05
  The American dream is just that now a dream the the majority of
• 6:09
  America ends up like this fella. I just paid off my student loan,
• 6:15
  stop getting older, went into an antique store.
• 6:18
  They wouldn't let me leave. I tried using that face aging
• 6:25
  app. They said now you're good.
• 6:32
  I'm officially an old man. I give unwanted advice to total
• 6:35
  strangers. I told a kid to pull his pants
• 6:38
  up. His underwear was showing.
• 6:40
  He mocked me, tried to give me a wedgie, but the joke was on him.
• 6:44
  I was wearing the pens. I went to the doctor because I
• 6:49
  thought I thought I had arthritis.
• 6:52
  I don't. I have early onset rigor mortis.
• 6:58
  Anybody ever drop their phone in the toilet?
• 7:01
  There you go. I did, and after I did I put my
• 7:04
  phone in a bag of rice. Anybody ever drop a bag of rice
• 7:08
  in the toilet? I joined a dating site for
• 7:15
  people my age called Carbon Dating.
• 7:23
  I asked a woman on the site for her number.
• 7:27
  She told me it was 140 / 95 if one got a college.
• 7:33
  Twice. First time because I was a
• 7:36
  drunk, second time I was sober but it was hard.
• 7:44
  I got arrested once for drunk driving.
• 7:45
  Not only was I drunk, but I've been smoking hash.
• 7:49
  When I took the breathalyzer test, I inhaled, tried to pass
• 7:52
  it to the cop Yolo. So I was arrested, pled guilty
• 8:08
  for my community service. I left the community, used to
• 8:15
  smoke cigarettes. I was a heavy smoker.
• 8:17
  I don't even smoke when I went jogging, which is stupid of
• 8:20
  course. So I quit jogging.
• 8:26
  I love smoking cigarettes. I'd smoke after sex, I'd smoke
• 8:30
  during sex. Sometimes I would skip sex and
• 8:32
  just smoke cigarettes before I got my hearing aids.
• 8:38
  My crowd work was terrible. Asked an audience member where
• 8:43
  he was from. He said my Mama.
• 8:45
  I heard Miami and said I've been there.
• 8:50
  I AM 74 years old. Life expectancy for men is 76
• 8:55
  years. Life expectancy for women is 81
• 8:58
  years. I figure if I transition.
• 9:04
  Does this system seem healthy to you?
• 9:06
  This is a great clip from the TFTC podcast with one of the
• 9:09
  legendary hedge fund and options traders talking about why the
• 9:13
  system is so toxic and we're in so much pain.
• 9:16
  We don't even recognize that we're in pain itself.
• 9:19
  You know, you never know how much pain you're in until you
• 9:22
  get out of that pain. Look at the system we have today
• 9:25
  and realize just how toxic it is.
• 9:29
  All of the all of the metrics around, you know, where we stand
• 9:32
  today, young people, you know, not being able to afford a home,
• 9:36
  you know, multiple jobs, the the fertility rates, right, the
• 9:40
  birth rates, everything is pointing in the wrong direction.
• 9:44
  And that probably has a lot to do with broken money.
• 9:46
  That's probably a a full show of its own.
• 9:50
  But, you know, are we better off having the current system, you
• 9:54
  know, implode? Probably.
• 9:56
  Does that mean in the short term it wouldn't be an extremely
• 9:59
  painful event? Of course it would be.
• 10:01
  But out of the ashes of of that old system would be born a new
• 10:05
  system based on hard body and abundance would flourish, right?
• 10:10
  You know, I just think we'd find ourselves in a better world,
• 10:13
  right? So ultimately, you know, you
• 10:14
  never know how much pain you're in until you get out of that
• 10:18
  pain. And sometimes it just feels to
• 10:20
  me like it just continues to get worse.
• 10:22
  So you know that that's my. I mean, the system's gotten so
• 10:26
  bad that even Jim Cramer wants out of the system.
• 10:30
  There was JP Morgan weighing lending against crypto assets.
• 10:34
  Now we got. This.
• 10:35
  Very fast and I think that one of the things that I think any
• 10:38
  of these guys would say is look, the customers want it now when I
• 10:42
  had a very funny because everyone says the customers want
• 10:45
  it. But when I had Michael me back
• 10:48
  on who's the CEO of MasterCard, he didn't think there was any
• 10:51
  real demand for it. But I mean, people want to
• 10:53
  trade. I think people want to own some
• 10:56
  as a hedge against the 30 seven, $8 trillion.
• 11:00
  They want to own a debt. They want to own it for their
• 11:02
  kids. And you know who else feels that
• 11:04
  way? Me, I don't want that debt.
• 11:08
  My kids. I'm worried about my kids, worry
• 11:10
  about kids. 38 Trill. I mean, what about your kids?
• 11:13
  Do you want to leave them with a system saddle with $38 trillion
• 11:17
  in debt and growing at a trillion dollars per year or do
• 11:20
  you want to leave them assets that are outside of the system?
• 11:23
  Well, if you want to leave them assets, then don't sell the best
• 11:25
  assets. And if you don't want to sell
• 11:27
  the best asset, well, work with a company like LED into unlock
• 11:30
  liquidity in your Bitcoin without selling your Bitcoin.
• 11:33
  Let has been the leader in Bitcoin back alone since 2018
• 11:35
  and have issued over 10s of thousands of loans to people
• 11:38
  across the country, $9 billion worth of loans to be exact.
• 11:42
  The process takes less than two minutes to apply, and you'll get
• 11:45
  liquidity in your account in less than 24 hours.
• 11:47
  Go to learn dot leaden dot AO simply to get started.
• 11:50
  Yeah. We all do.
• 11:52
  We all do so many different ways.
• 11:54
  Why? Don't you buy some Bitcoin?
• 11:59
  Maybe that's the thing to do. How do you buy your Bitcoin?
• 12:01
  Maybe you buy through an ETF? Or do you want to own it
• 12:03
  directly? Somehow, I mean, you know, we're
• 12:05
  allowed to own that. But then you got to get an air
• 12:07
  gap. You can't allow it.
• 12:08
  So because people can, you know, somehow can hack.
• 12:10
  You first of all, don't buy ETH, buy a Bitcoin and second of all,
• 12:14
  if you're one of these people that are worried about your
• 12:16
  Bitcoin getting hacked and you need to air gap your Bitcoin and
• 12:19
  it's so insecure. Well then you should probably
• 12:22
  schedule a meeting with the team at the Bitcoin way.
• 12:23
  Their team will walk you through exactly how to not have your
• 12:26
  Bitcoin hacked. They teach you how to take sell
• 12:28
  customers your Bitcoin securely, privately and confidently.
• 12:31
  Schedule a free 30 minute consultation with their team at
• 12:34
  the bitcoinway.com/simplybitcoin.
• 12:37
  I buy it a lot because I'm very worried about the deficit.
• 12:39
  And you think that if there were a financial crisis, Bitcoin
• 12:42
  would hold up? That it is.
• 12:44
  As Michael Saylor says, a. Proxy for risk.
• 12:47
  For risk, No, I think it's just a nice hedge.
• 12:52
  What I'm afraid. I mean, I I just don't know.
• 12:55
  Look, I know we can grow our way out of this.
• 12:57
  My hope is that we do that, but I just very worried about my
• 13:00
  kids and my kids are like, what are they?
• 13:01
  Going to do. Do like a debt refinance, take
• 13:05
  down that 11% paper? I'm only going to do what are we
• 13:08
  going to? Do Jim Cramer mentioned Fidelity
• 13:10
  in this clip and the $9 trillion asset manager is making moves to
• 13:15
  allow you to take in kind redemptions of your FBTC or your
• 13:19
  Bitcoin ETF. That means exchanging paper
• 13:21
  Bitcoin for real Bitcoin. I sympathize with Jim Cramer
• 13:24
  because we all want to own something for our kids.
• 13:26
  Owning assets inside of a financial system that is
• 13:28
  crumbling. It's like buying shares in a
• 13:30
  boat with a hole in it. It's going to sink and you're
• 13:33
  going down with it because of the manipulation of the money
• 13:35
  system. While the American dream is
• 13:37
  becoming more and more impossible for the everyday
• 13:39
  average person, we're going into a socialist system where the
• 13:43
  only means of getting by is through subsidies.
• 13:45
  Subsidies from the government. Credits on top of credits on top
• 13:49
  of credits, more debt on top of more debt that somebody
• 13:52
  eventually is going to have to pay for or somebody's going to
• 13:54
  have to own up to which neither of those things are going to
• 13:57
  happen. So they're going to print their
• 13:58
  way out and you're going to get left holding the bat.
• 14:01
  Well, we can hope and pray that an unelected bureaucracy that's
• 14:04
  replacing their buildings with billion dollar buildings, that's
• 14:07
  losing a $100 billion a year and paying billions and hundreds of
• 14:10
  billions of dollars to the richest bankers in the world.
• 14:13
  They're somehow going to stop making behind the door shadow
• 14:15
  deals with votes of 12 members again who we didn't elect, and
• 14:19
  they're going to have your best interest in mind.
• 14:21
  Or we can just buy Bitcoin. They say Bitcoin is crashing
• 14:25
  because we're at $115,000 a coin, but with M2 looking the
• 14:30
  way that it's looking, it just hit $22 trillion for the first
• 14:33
  time. I think we're just getting
• 14:34
  started. Whether you believe that the
• 14:36
  system is crashing or whether they're gonna print to oblivion,
• 14:39
  you're right. And I think Bitcoin is a great
• 14:41
  hedge for both scenarios. Thanks for tuning in with me
• 14:43
  while I'm on the road. I'm excited to hit the road in
• 14:46
  November from November 11th to November 13th to meet you all at
• 14:50
  the largest Bitcoin mining Expo in the world at Mining Disrupt
• 14:53
  in Dallas, TX. Get 20% off your tickets by
• 14:56
  using the promo code Simply Bitcoin.
• 14:58
  As always, we're going to keep it consistent.
• 14:59
  We're going to keep giving you alpha so that you can separate
• 15:02
  the real from the fake and know that clip of Donald Trump wasn't
• 15:05
  fake. This is Dante Cook with Bitcoin.
• 15:07
  Simply happy stacking.