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The Next Great Depression Is NOW?! (What it Means for Bitcoin) | Bitcoin Simply · Simply Bitcoin

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  We are entering the 4th turning in the event of today feel a lot
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  like 1929, a financial crash which had just happened after a
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  period of massive excess and then you had the collapsing of
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  institutions. You had a very slow rebuilding.
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  Global tensions are at the brink with conflict raging on an Iran,
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  the president of a nation being removed and captured, the United
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  States threatening to take over Greenland.
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  It doesn't feel like tensions could be any higher.
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  Meanwhile, domestically in the United States, wealth inequality
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  continues to rise. Billionaires continue to
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  leverage their wealth and power to accumulate more wealth, like
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  Bezos and Bill Gates buying precious property in Greenland.
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  Like 1929, we have people concerned about the unlimited
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  power and lack of accountability with the Federal Reserve.
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  The infighting is happening at the highest levels between
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  Jerome Powell and the Department of Justice.
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  The banking establishment and the global central banking
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  cartel are banding together to get Jay Powell's back.
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  And like 1929, we have a choice to let the Fed run rampant or we
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  can recognize our failures from the past.
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  The. Major villain in the Great
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  Depression was, in my opinion, unquestionably of the Federal
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  Reserve System. I called the.
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  Fed the engine of inequality will we be doomed to repeat the
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  same mistakes of the past or will we realize that we need to
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  build a better future one built on Bitcoin today we're going to
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  examine what you should be doing with your portfolio in the
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  fourth turning and how you can position yourself to benefit no
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  matter what regime change comes in next.
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  This is Dante Coco Bitcoin. Simply let's go.
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  The hardest thing that actually has been to convince people that
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  the changes that are happening are significant enough that you
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  really need to sit down and re examine everything.
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  But the kind of change we're talking about is the kind of
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  change that happens once every 80 to 100 years.
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  We're living in extraordinary times.
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  As Grant Williams puts it, these are times that make you rethink
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  everything. Periods of change that only come
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  along every 80 to 100 years. And this is what's described as
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  the 4th tourney. The system that was created
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  after a former collapse gets so big and so corrupt that a new
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  system has to be created after the old one is burned down.
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  There's certain generations that are alive and are coming of age
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  during these periods, and millennials just happen to be
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  one of them. People believe that the
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  consistent between all of the problems that we've had since 19
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  O 7 till today has been the Fed. Here's an interview in 2012 with
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  Thomas Massie having a debate about the short term benefits of
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  the Fed having tools in order to combat inequality in a future
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  Great Depression. For the inequality in the Great
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  Depression that we just live with all of the time because of
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  the Fed. Is.
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  Mr. Massey. Mr. Atkins.
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  Opinion on auditing the Federal Reserve.
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  Mr. Massey. I think the Federal Reserve
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  absolutely needs to be audited. How one man, how one person can
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  decide to print $40 billion a month while Congress is arguing
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  about where to cut $50 billion in a year escapes me.
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  They've they've really exceeded any kind of constitutional
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  authority that they should be given.
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  And by devaluing, by destroying our currency, which is what
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  ultimately will happen given the policies of the Federal Reserve,
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  this will affect the middle and low income classes in our
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  country more than it will any other class.
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  Mr. Atkins, The. Fed is a tool that you use by
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  government to to manipulate our economy so as to keep us from
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  going into depression. Look back at the TARP bailout.
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  As onerous as it was to do that, that was the trillion dollars
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  granted to Wall Street to keep the economy from slipping into
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  the Great Depression, the Great Depression, too.
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  We were looking square into the eyes of the Great Depression,
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  too, in September through January of of 2008, 2009.
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  Without those tools, that's where we would be.
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  It's counterproductive to remove a tool from our toolbox that
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  will save this country from such a financial catastrophe.
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  Mr. Massey. That tool is going to destroy
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  our country. And it's interesting to hear my
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  opponent promote Keynesian economics in this debate because
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  you know that the theory behind Keynesian economics is that it
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  is the government's role to manipulate our currency to to
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  provide for cheap credit, to print excess money.
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  And I believe that it's fundamentally broken.
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  Its flawed that that theory doesn't work and the government
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  shouldn't be setting the price of money.
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  Mr. Atkins. How can one man and 12 unelected
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  officials have to say over the price of money and the cost of
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  living for 8 billion people globally?
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  Well, Milton Friedman takes us down memory lane.
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  Let's go back to the beginning. I've long been in favor of
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  abolishing it. I think it there is no
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  institution in the United States that has such a high public
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  standing and such a poor record of performance.
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  The reserve system was established in 1914, started
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  operation in 1914. It presided over a doubling of
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  prices during World War One. It produced a major collapse in
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  1921. It had a good period from about
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  1922 to about 28, and then it engaged, it undertook actions
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  which led to the great, which led to a recession in 1929 and
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  30, and it converted that recession by its actions into
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  the Great Depression. The major villain in the Great
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  Depression was, in my opinion, unquestionably the Federal
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  Reserve System since that time was largely It presided over a
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  doubling of prices during World War 2.
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  It financed the inflation of the 1970s.
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  On the whole, it has a very poor record.
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  It's done far more harm than good.
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  For many years, the Fed has been overlooked and not held
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  accountable for its actions, but this administration has taken a
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  completely different tone and a different approach to making
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  sure that the Fed has accountability.
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  So with Jerome Powell saying that he was threatened by the
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  president and by the administration, well, there are
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  people on the inside that disagree, like US Attorney
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  Perot. She said that the United States
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  Attorney's Office contacted the Fed several times asking for
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  them to have discussions about the cost overruns with the new
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  Fed building renovation. Seems reasonable, but they
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  didn't respond to any of the outreaches, thinking that they
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  were above the law. Despite what Jerome Powell says,
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  billions of taxpayer dollars being misallocated should
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  warrant a discussion. And after he gave this speech a
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  couple nights ago, well, a global coordinated PR and press
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  campaign came out from other global central bankers.
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  It's like they banded together immediately.
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  They all got on the phone, they all had conversation.
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  They said we stand with Jerome Powell.
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  This doesn't seem like independent actors acting alone,
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  but a global mafia in a coordinated an attempt to
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  control the price of money and the cost of living for citizens
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  around the globe. Not even a day later, articles
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  and press releases come out saying that the global central
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  bankers all stand in full solidarity with Jerome Powell.
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  Even Lloyd Blankfein came out, one of the headline heads of the
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  banks from the global financial crisis, saying trying to kill
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  the Fed's independence by criminal investigation is not
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  good for that institution and maybe even worse for the Justice
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  Department. Feels like an attempt at blank.
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  Blank, which we can't say because of YouTube.
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  That's interesting because he's the one one that benefited
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  directly from US taxpayer dollars bailing out his bank
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  when his bank was collapsing during the global financial
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  crisis in 2008. And This is why people believe,
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  like biology, that the Western society and civilization is on
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  the brink of collapse. This Keynesian experiment will
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  end worse than the Soviet communism experiment.
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  People's assets will be inflated to 0.
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  Money will be stolen. People's wealth will be taxed
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  away. And that's why there is no trust
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  in the system. How money is built on trust, but
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  the reality is society is built on trust.
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  You know, you have to have trust for society to function without
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  it, it it just doesn't work. And so in in any point when
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  trust is in decline, you are going to see the kind of
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  problems we're seeing. And like I said, it doesn't
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  there isn't an event that can restore trust.
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  Grant Williams says that there's no event that can restore trust.
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  It's a process. I disagree.
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  I believe that it's a protocol. I believe that it starts with
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  sound money having just weights and balances in the system
• 8:25
  before we head to where I believe that you should position
• 8:28
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  Go to learn dot letting dot AO slash simply to get started.
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  One of the ways you can avoid the communism collapse apology
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  is talking about is by removing your assets from the system.
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  Bitcoin allows you to do that to have the synthetic digital asset
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  exchanges so that you can be prepared if a day like this
• 9:42
  happens. Back to our episode.
• 9:44
  You know, if you, if you look back from 1980 to 2020, we had
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  rising stock prices, rising bond prices, rising house prices,
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  falling rates, falling inflation, globalization, we had
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  the biggest tailwinds the world has ever seen.
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  And so I gave a presentation on this last year.
• 10:06
  And if you go back through that period of time, you sit here
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  today and say, well, you know, until 2020, it was actually
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  quite difficult not to make money.
• 10:18
  You'd have to make a ton of consistently poor decisions over
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  and over again to not make money.
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  And if you just put your money into assets and stepped away and
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  never bought a phone and never bought a newspaper and just came
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  back 40 years later, you were a gajillionaire.
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  That's changed. You know, we don't have rising
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  bond prices, rising house prices, rising stock prices, or
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  at least if we do, the trajectory is shallowed
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  massively. The volatility is coming back,
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  and there's a very strong chance that some of these things are
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  going to start to fall. We've certainly seen higher
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  inflation. We've certainly seen rates go up
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  and they tend to lead. So that environment has changed.
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  And, and if that environment has changed and not just changed but
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  reversed, you know, what went down, went up, it stands to
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  reason that if for 40 years the default has been to make money
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  and all you had to do was be there and stay out of the way.
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  If everything's reversed, it stands to reason that the next
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  40 years it's gonna be really hard to make money.
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  And you can't just have your money in the markets.
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  You need to make decisions and be out at the right time and
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  understand that markets can go sideways for 20 year periods in
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  nominal terms. So the investment style that
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  served you very, very well for 40 years, the one that has been
• 11:32
  ingrained in you over and over again, buy the dip, buy the dip,
• 11:35
  buy the dip has worked. But I don't think that's going
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  to work in the next 10 years and possibly not in the next 20.
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  We are in a massive regime change.
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  The tactics that work before, like buy the dip, always buy the
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  market, well, those things are no longer going to exist.
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  We've had a 40 year run of interest rates going down,
• 11:54
  inflation going down, globalism happening.
• 11:57
  It's been really hard to lose money the past 40 years, but
• 12:00
  over the next 20, it's going to be really hard to make money if
• 12:03
  you're still operating in the current system.
• 12:05
  And what's going to happen is this K shaped economy is going
• 12:08
  to continue, continue to diverge.
• 12:09
  It's going to continue to get worse and worse between the
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  haves and the have nots. And there needs to be a money,
• 12:14
  an opportunity for people to close that gap or revolt in
• 12:17
  populism will happen. And that's why I love this clip
• 12:19
  from Jordy Visser. He says the thing out loud that
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  we've all been thinking we need something.
• 12:24
  The lower to middle class needs something in order to outpace
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  the amount of debasement that's happening to them.
• 12:30
  And that's why Bitcoin is the perfect asset during the 4th
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  turning. K shaped economy.
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  OK, well how many people are in the K on the bottom level of the
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  K? And how many people in the top
• 12:39
  level, it's getting very heavy on the bottom level, especially
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  when you do it relative to the size of this.
• 12:45
  And so I think whenever that's happened in history, there's
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  ended up being a revolution of some sort.
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  I think technology is the democratizing thing of that.
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  And that's just my belief. It could change, something could
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  go on. But the reason I believe in
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  Bitcoin is because Bitcoin should accelerate into either
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  scenario that plays out because the growing number of people on
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  the bottom end of the cage not feel like they're part of the
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  system. And this is the part of the
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  fourth turning that if people haven't spent time, it's about
• 13:14
  losing trust. So the University of Michigan
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  consumer sentiment to me has a reflection of losing trust and
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  hope in the economy. So Bitcoin is a trustless thing.
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  It was set up first to deal with the fact I don't trust the
• 13:28
  banks. Well, now we're past the banks.
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  I don't trust my employer, I don't trust the government, I
• 13:33
  don't trust the banks. I don't trust the currency, I
• 13:35
  don't trust the debt. I don't trust anything.
• 13:37
  And so I don't see how you all of a sudden get the trust back.
• 13:40
  And if you read the fourth turning, there needs to be an
• 13:42
  event. Why you think AI is that event?
• 13:44
  You need to start the position for a future of collapsing
• 13:48
  supply chains, of global distrust, a multi polar world,
• 13:51
  growing populism in the United States.
• 13:54
  So you should load up on commodities, hard assets and
• 13:57
  have assets that are both inside and outside of the system.
• 14:00
  You need to be able to benefit from the money printer turning
• 14:03
  on, but also benefit from the inevitable collapse of the
• 14:06
  current system. Bitcoin gives you the best
• 14:08
  optionality and upside on both sides.
• 14:10
  You can both remove your money and your wealth from the system
• 14:13
  while also benefiting from the money creation that's going to
• 14:16
  happen at the end of this cycle. Don't miss an opportunity to
• 14:20
  have both your foot in and out at the same time.
• 14:23
  It's a great risk reward trade and it's something you should be
• 14:26
  positioning your portfolio towards.
• 14:27
  As we grow in a world of more distrust, more distrust of other
• 14:31
  countries and other nations, more distrust of our
• 14:34
  institutions, go into a trustless money and a trustless
• 14:37
  protocol that you can trust because the rules aren't
• 14:39
  changing, they're embedded in code.
• 14:41
  If you haven't already subscribed to the channel, do
• 14:44
  so. We drop alpha and fire content
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  like this every single day of the week.
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  This is Dante Cook with Bitcoin simply and before I say happy
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