Latest / The Aaron Day Show / S2E49 EXPOSED: 2008 Was Just Practice Run
Transcript
- They bled the kings with theories We're here, we're living life Two roads to one body, one war every night. Hear the pulse machine. They called you just a machine. I heard your river sing. Your fever was a lantern, not a thing to silence in. If truth is born in body, let body speak in kind. I'll meet you where the medicine listens more than it decides. Two medicines left, one more. Let the healing choose. Not a cage of rules, but a living truth. Hands on heart, not cold on a screen. Say it with me, we trust the body. We trust the body They sold a pill for thunder To hush the holy drum But symptoms are a language Not a thing to overcome Watch the data soften Breath was understood Gentle ways stronger than a thousand greater goods If love can be your prayer, then practice starts with you A single pulse of mercy can turn an empire's joy to medicine Hands on heart, not cold on a screen Say it with me, we trust the body We trust the body If falling is faith, then fall into breath If science is sight, let sight serve the flesh We won't be repaired Two medicines, one, one, one Let the healing choose From bedside eyes to morning rooms Hands on heart, not cold on a screen Say it again, we trust the body We trust the body We trust the body We trust the body We trust the body We trust the body The land don't breathe Like he used to breathe My grandfather held the soil Like scripture in his hands But now the fields are wired tight A fortune of nearly five hundred billion Running under satellite light Just two percent beside the table Three hundred thirty million souls While the hum of iron engines Sends our birthright to the cold They're pulling five gigabytes an hour Rising like a prayer tonight Send a word to a corporate sky The farmers locked outside Only a tiny handful touch the land The machine grows tall, the people small Their stories slipping from their hands Oh, the rude remembers freedom Even buried in the dark You can chain the lie with numbers But you cannot chain the spark This ain't farming, it's a wheel of steel and coal. Your grandfather's farm's a check pole on a techno credit road. They take the sea, they take the soil, they take the hours from your spell. One acre at a time A quarter of the world's sea Locked behind a corporate gate You can't save your own just by a game Let algorithms choose your fate And nearly ten billion animals Push through corridors of chrome the land once sang the servers drone what he used to feed now grown there's over three trillion farmers rent but never keep and we'll over three hundred billion in debt pulling families in Call it progress, call it glory But I've read the hidden lines The machine is fed by labor And it starves the working mind The land still knows your footsteps Even under grids and wires The machine can dim the daylight But it cannot drown the fire. This ain't farming. It's a wheel of steel and coal. A tiny few hold the compass for the many down below. Click out your day. One story at a time Your grandfather's lands been patterned Your pasture quantified But no algorithm knows the truth Of what your hands decide This ain't farming It's a kingdom built on screen They turn the soil to a number, turn the farmers into means. But the land remembers kindness, and the people are still alive. The bankers wrote their letters in shadows cold and deep. A promise forged of iron chains to bind us in our sleep. They called it just a progress, a digital decree. But freedom has no barcode and souls are not for leave. It's the final countdown, the reckoning of men Crypto gold and silver rise where paper dies again They dream of central power, of money's iron cage But voices rise unbroken, to light this modern age He hauls the devils. The tyrants take their claim. They preach of safety, justice, but hunger for the chain. They hide behind the slogans. They whisper, trust the plan. But every law they're passing just enslaves the common man. The final countdown The reckoning of men Crypto gold and silver rise Where paper dies again They dream of central power Of money's iron cage But voices rise unbroken To light this modern age The merchants and the dreamers The rebels and the wise Take refuge in the ledgers Where the watchful stay can't pry In Zano's cloak of shadows In Monero's quiet streams They guard the ancient promise Of liberty's old dream It's the final countdown The reckoning of men. Crypto gold and silver rise where paper dies again. They dream of central power, of money's iron cage. But voices rise unbroken to light this modern age. It's more than just survival It's more than just a stand It's freedom's final chorus sung Across this burning land Live free or die, but death's not the worst It's waking up empty, it's dying of thirst Trading your days for insurance and pills While the machine builds your cage and you're paying the bills Quiet aspiration, that's the real grave. A life half lived as a comfortable slave. This ain't what you were born for, you know it's true. You feel it in your chest, breaking through. Tracking your dollars underneath your skin Left and right, same throne, same crown No one stands up, no one makes a sound They hand you a ballot like it means something real Two wings of one bird, same deal, same steel We say no, no to the chase No to the dollar exchange It hurts right here, it hurts right now Your rights are yours, you take them back, not giving out We're always yours, now step into the light The daylight breaks, a new day comes We take it back, every last one Live free or die, we fan the flame Nothing will ever be the same Fan the flame Welcome back to the Aaron Day Show. This is season two, episode forty nine. And the topic tonight is, I think, a very important one. We're going to have special guest Craig Wankowitz on again, who has been on several times. He's an expert in the financial realm, as well as really studying the financial markets from a perspective of harmonics and then also looking at it through a technocratic lens. So I thought he would be a great person to have come on and talk about tonight's topic, which is that essentially, you know, the two thousand and eight financial crisis was was a practice run. So we'll get into what what all of that means, but kind of compare where the economy was right before the two thousand eight and eight collapse versus where we are today. And then we kind of revisiting what happened coming out of the collapse, the consolidation of power, the bailouts and everything else and what's likely coming. This time around, we're also going to discuss this question that keeps coming up. A lot of people are taking this approach that AI is going to cause the financial collapse. We're going to discuss that. My view, and we'll see what Craig's view is on this, because he and I haven't had a chance to talk about it in great detail. But my view is that if it weren't for AI, we would have already collapsed. And that the only reason the economy has been hanging on is because of AI. That doesn't mean that there's not a bubble in AI. I think there's going to be a collapse regardless, but I think interestingly, a lot of people are going to blame AI for it. But the question is, what would have possibly stopped it? If you look at all the economic indicators prior to AI, we were falling off of a cliff anyway. So in any event, we're going to discuss that as well. Before we do that, I want to touch on the last few episodes. I really encourage you to watch The last episode, episode forty eight, which was the beta release of OSR, which is the medical tourism marketplace that my wife and I are launching. But it's more than a medical tourism marketplace. It's phase one of building an alternative system for health care altogether. And what we're kind of going to be promoting at launch, which we're going to launch officially on January one, along with New Year's resolutions. are three kind of activism campaigns. One, promoting and trying to get people to pledge to create a medical trust. And the reason that this is important, I mean, we're not lawyers, we're not selling legal services. The reason this is important is that one person every minute in the United States files for medical or for bankruptcy. And two thirds of those are related to medical debt. And seventy five percent of those actually have insurance seventy seven percent of those actually own homes so it's this is not a question of people without insurance going broke because of medical bills it's largely insured people because the system is a scam and it's structured to be a scam so the first campaign for next year is going to be starting you know getting people to form a medical trust so that your assets don't end up getting owned by hospitals big pharma and banks so The second part of it is pushing for people to, once you have a medical trust, exit the health care system, exit insurance, which is a scam. And the third point is to look at and use medical tourism, which is about eighty percent less expensive with better health outcomes if you shop properly. That's only the beginning of the alternative medical system. That's just a replacement for getting ripped off with poor medical care. The next couple of phases after that are all about helping to empower people to take care of their own health and not even require these outside services with tools and AI and so forth that allow you to analyze your own health, protect your own data. And then the third phase is going to be allowing people to collaborate and interact with one another to solve their health care problems. So in other words, all of this is about you are at the center improving your own health with your own data and your own information, collaborating with others, and then getting out of the existing system and using alternatives. So I'm very excited about this. I think this is one of the best ways we can fight technocracy. The episode before that we talked about, we had a key Manwar on from above. And I've said I got this today in the mail, I haven't had a chance to set it up. This is my D Google phone. This is my D Google above phone, which next year, we're going to be launching a daylight version, which will come with Zeno and VP dotnet and Mike Adams, AI on it. So the idea here is to help onboard people, if people could just get a device that was de-googled and had a bunch of privacy apps on it out of the gate, I think that might actually speed the process up. So I'm very excited to get this set up and to play around with it. And I think Hakeem is a great guy who's big in the, I don't even know if I want to call it movement, but in the movement of exit and build movement. And so his heart is in the right place, and I think his build is a great offering. uh more on that to come and then the episode before that was about epstein and the bitcoin coup which uh we've tied into the technocracy atlas and i think it's a really important point that still goes on discussed all of the hysteria now around cryptos around bitcoin and most people don't know the story of bitcoin They don't know Bitcoin was hijacked. This is largely been a function of the fact that there's been a lot of propaganda and censorship around it. It's only compounded now that the hijacked version of Bitcoin is in the hands of traditional finance and the banks. I don't know if you saw this today, but President Trump unleashed his new technology agenda for the United States, and it didn't even include crypto. The other news around that is today, I guess the big banks, maybe the big four, Citi, JPMorgan Chase, Wells Fargo, and whichever, Bank of America are going to meet with the Senate or something tomorrow. So I think the fix is that somebody's saying the audio could be better. Is that better? everything almost turned up to max in here hopefully that's a little bit better in any event that season i do want to say i think on thursday we'll find out i haven't decided yet i'm definitely going to be doing a couple of episodes on confidential layer coming up confidential layer is a a new technology it's its own blockchain that allows you to bridge your transparent Bitcoin, Ethereum, BNB and other cryptocurrencies into Zeno, making those assets private and spendable. So I'm going to be doing a lot of content on that because they're doing a big launch on, I believe, December the tenth. But there are some big integrations that have now been completed with Edge Wallet and Bitcoin.com Wallet. So it's now easier to use and easier to spend. I may do part one on Thursday and then there'll be a part two after, but I do want to play a really short video that was just released about Confidential Air. This was just released last week. We have achieved something unprecedented, a unified ideology, a world built on the pure, incorruptible foundation of Bitcoin, the money of the future. It is destiny, one cause, one resolve, the Bitcoin standard. Those who resist, who cling to shadow systems and contradictory truths, shall be silenced by the unstoppable engine of adoption. The Bitcoin standard is perfect. It is the future. We will prevail. July, twenty twenty five. Confidential layer went live, allowing Bitcoin and Ethereum users to bridge their coins onto a completely private by default protocol, giving power back to the people. whether traditional finance likes it or not bitcoin is now private so i thought that was a great great video great nod back to uh also coming up i'm gonna have mike adams on again i chat with him a little bit today i hope you've checked out his books.brightlearn.com he's just upgraded his book creation engine And actually, I've just published today Xeno Unveiled, which, as far as I know, is the first book ever about Xeno. So I published it, haven't read it yet, so I could probably kind of do a double check on it. But I think I've now authored five books through this platform. And again, the way that it works is you just enter a prompt up to like seventy five hundred characters and it generates a book and it generates a book on this massive data set that might has a petabyte plus of data. And it not only creates the book, but it actually sources the material directly, direct references from the data that he's collected, the primary source information. And he's been collecting data that is not the Reddit and general web that the rest of the models work on, but he's been going to real sources of truth. Somebody's saying, I don't know why. I don't understand. All right, hold on. There shouldn't be a problem with the audio. Let me see if there's any conflicting thing here on my computer. This is the normal setup. It sounds like I'm in a tunnel. I think I have it turned up too loud now, actually. Is it any better now? I think I turned it up too much. If I turn up the sensitivity too much, it actually picks up all of the noise. And unfortunately, so, you know, live in new hampshire and they upgraded well so-called upgraded to heat because we're in a place it sounds like a slight echo yeah all right i mean well i think that it might it might sound like that because of our of our heat it actually sounds like an aircraft carrier in here when the heat turns on which someone is coming to to fix that in any event Back to Mike's AI, the prompt is up to seventy five hundred characters. It generates a full book in a pretty quick period of time. You can either read it online, you can download it. In some cases, there are audio books. Yeah, there's something wrong in the background. And unfortunately, I can't turn it off because I'll freeze to death, although we might turn it off for a little while. It's not a great situation. Not one of my favorite things here about New Hampshire is the winter. In any event, I'm going to have Mike back on, and we're going to do kind of a year-end wrap-up, because I've been working on a lot of things, AI-related as well, of course, which I've demonstrated some of, but actually I've probably done more work in the last week than the previous month, and haven't had a chance to show people that work yet. heat your room with Zeno miners. I would, you know, actually the problem is I'm in this weird situation where the electricity is such that it's easy to overload and short things. So I actually can't do mining here. So it's this great situation of the heat is really loud. We actually had a situation where space heaters, if two people had space heaters on at the same time, that would blow the circuit. So we've got a little video game going on here. Is that any better? Did you turn it off? I turned the heat off, I think. right uh my wife turned off the heat is this better now so we'll detect if that's the problem too because the heat that was generate heater that was generating all of the background noise so anyway all good on sound okay all right well that answers that um so i'm gonna have to put on some more layers of clothes at some point to a slight break through the middle of this podcast which is fine so that's a good thing uh that instead of having to do cryo, I guess this is this is my way of doing this. But Mike's gonna come on and share what he's doing. And then maybe we'll make some predictions about AI for twenty, twenty six. So with that, I will bring on Craig. We'll see what new audio challenges we can add into the next year. And I love that, Aaron. Hey, how are you? Good. How are you? I'm doing well. How's the sound look on your end? Sound good? Sounds good. I'm not getting the echo thing. I can hear you without an echo. Good. Volume's okay? Are you going to turn it down a little or turn it up? It's fine for me. Anybody out there? How does Craig sound to you guys? Are you guys having any issues hearing Craig? Well, we haven't seen anything yet. I'm sure people will chime in. So I think that we've detected the problem here. I'll have to figure out what that is. We might not be able to do as long a thing this time. And by the way, it's amazing that this episode even happened. I've been working on all completely automating the podcast. So I've been building a whole bunch of things to automate all aspects of this. And it was really slow going. So like two hours before this, we didn't have any visuals or anything. And I'm sitting here like, Oh, I don't even know if this podcast is going to happen. So we do have some slides to go through. All I will say, they may not be accurate. I actually had to go through and like run a batch. So we'll see, we'll see what happens with these, but at least we know what we're talking about. So we don't really need any of the visuals anyway, but in any event, All right. So we wanted to talk tonight about kind of in a way that, you know, two thousand and eight was essentially kind of a practice run for where we are now. I don't know. How do you what do you want to say at the intro on this? Yeah, I think the one thing, you know, that the one thing that steps out for me, Aaron, is the it seems we're in a spot where it seems to be all about extending out the terms of the people. You know, less ownership for us, extending out the terms of car loans, extending out the terms of home loans, extending out credit cards, you know, all these different things that we're going to talk about tonight, extending all that out on our end. But I think what's going to happen is that they're going to push for. you know with with stable coins with these different things instantaneous payment back to them taxation at site tax so it's going to just flip everything around from the people to the technocracy to the government because they're they're strapped right there's so much government debt you look at the uk for instance you know i've been watching the uk and japan and France and, you know, just not being stuck only on the U.S. And UK is in this balancing point where really the chancellor of the exchequer, Rachel Reeves, is in this spot where it's like, OK, how do we screw the people the least the most amount without causing uprisings? That's really the balance point that it seems like they're in. And it's about taking away social programs and trying to meet the budget requirements that they've set for themselves. And so what usually happens when all this stuff happens, they're going to need to reset the board somehow, you know, and it's either going to be through war or it's going to be through cyber attack or something like that. So those are the big things I think to open up with that stand out to me. Yeah, I mean, I think that the two thousand and eight was kind of contrived. A lot of things happened. I didn't put a slide in here about this, I guess. it wasn't part of the two thousand and eight, although it was made worse. You know, we've talked a lot about the great taking and the fact that since nineteen ninety four in all fifty states, there were changes to the law that essentially make it so that if there's a big crisis like we had in two thousand eight, you might think that, you know, let's say your broker goes out of business, your broker, where you're managing your four one K and your ETF, you might think, well, hey, if my broker goes out of business, Those stocks will just revert to me. Financial instruments will revert to me. And it turns out legally, they will not revert to you. They will go first to the creditor, your broker's creditor, which in most cases are the biggest four banks. In fact, there are even the special carve outs for the big four banks, kind of in this category of too big to fail, which is part of what happened in two thousand and eight. So I actually think that people are set up. I guess my thesis on all of this is I think they've known for a long time that the party is over. They keep kicking the can. But I think what's stopping it from going over the cliff is they want to get in place the alternative. And I think that the alternative is technocracy. The alternative is UBI. If you look at what I put out a lot of posts, I put out a set of posts over the weekend, you know, basically saying anybody that buys anything, everything that Elon Musk is saying is a grok sucker. But a whole bunch of memes kind of related to that concept. But I put information in there about those memes. He's pushing UBI. He's pushing energy credits. He's pushing merging with technology. He's actually priming people for this. And now this information is getting popular. This whole UBI concept has been popularized. Coinbase is doing a pilot in New York. You have, I would argue, this Michael Dell giving two hundred and fifty dollars to anyone under age of ten is is a prelude to UBI they're getting us warmed up to this concept even must keep time putting out these things well in twenty years people aren't gonna have to work um there are some serious issues I mean you know again AI is here whether you like it or not um it's going to displace a lot of jobs it may create opportunities you know again there's really not a potential to have a position of we just shouldn't have AI because you actually can't stop If you tried to regulate it within a country, the entire country would be decimated because of the productivity gains elsewhere. It's just impossible to reduce that. And so the question is, when we're in this next emergency, knowing your financial instruments and everything that you own, which is part of why I like to talk a lot about the own nothing site and these click wrap agreements and everything else. We've already given away our legal ownership. Most people just don't realize it. And so when this collapse happens, they're going to be able to entice people in an emergency with UBI and a whole bunch of these other things. And we'll touch on that, but I think they've been integrating that. But I have a few slides here where I wanted to just talk about a comparison between where we are today and where we were like right around two thousand and eight. So put this into perspective. So in two thousand and eight, the total amount of debt was when you combine government, corporate and household debt. OK, all of those things was fifty two trillion dollars in two thousand and eight. That was three hundred and fifty percent of GDP. Fast forward to now, we have a hundred and one trillion dollars worth of debt in those three categories, which is three hundred and seventy percent of GDP. And then look at just government debt alone. Government debt was only at ten trillion dollars in two thousand eight. I remember complaining about it. I remember when it crossed the end of the double digit trillions. People are like, oh, my God, this is unbelievable. This is out of control. Well, it's up three point six times that. just in the last, you know, sixteen, seventeen years. It's now thirty actually thirty eight trillion, almost thirty nine, almost thirty nine. Yeah. So so the way so if you look at the financial crisis that we had in two thousand eight, we solved the debt crisis by adding more debt. We really haven't fixed. We fixed nothing since two thousand eight. I guess that's one of the things that I would argue as we go through this is we actually didn't improve any underlying structural aspect of the economy we are very much the same or worse in almost all categories there are a few where it's not worse but in most categories even when you start looking at delinquencies things are actually worse off what are your thoughts on that yeah i think that's true the um you know the Back then, if we would have let things fail, instead of calling things too big to fail, we probably were small enough that we could have reset the thing on the behalf of the people. Now we're at the point where we can't really reset it like we could have then. The whole ballgame's changed. Back then, we could have probably taken that hit and recovered from it. because our gdp was at the time i forget what our gdp was at the time and then aaron but i'd i'd say we were what eighty percent eighty debt to gdp maybe something like that so again you know we've only increased our debt to gdp so it's you know when we go to this what are we at thirty i think we're thirty thirty two trillion in gdp and now we're pushing thirty nine to forty trillion we'll be at forty trillion before you know springtime for sure and um probably by the end of the year And you know, that's just some algorithm. I don't know what the real numbers are. I don't know how we really calibrate that and check it against the treasury. But they don't seem to deny it. It might actually be way worse than that. It might not be the low end of things. Yeah. Well, so I wanted to drill into some of these individual categories. So let's look at consumer debt. So consumer debt just hit, actually, I should probably get a more up-to-date version of this, but from the data that I pulled from, we were at, um, seventeen point nine trillion dollars in consumer debt. Credit card debt alone crossed one point two trillion for the first time in history. So in two thousand and eight, you know, people have mortgage debt and they're, but now they're drowning in everything else and still have some mortgage debt. So The household debt in two thousand and eight was only twelve point seven trillion. That was the peak before the crash. This was the peak amount of household debt before the two thousand and eight crash was twelve point seven trillion dollars. It's now forty one percent higher than that. It's now seventeen point nine trillion. So to put that in perspective, credit card debt. And I know these are a little out of date because the two twenty twenty four numbers here, but total credit card debt was eight hundred sixty six billion dollars at the peak before the last collapse. It's now one point two trillion dollars and rising auto loans, eight hundred billion dollars. Remember, we had a we had a bailout of the auto industry. We had an auto czar. I remember that whole circus. Right. So we had eight hundred billion dollars in auto loans in two thousand and eight. It's doubled. It's doubled to one point six, four trillion dollars. And now it's kind of like Craig said, you know, what's going on with people probably saw that Trump proposed this fifty year mortgage. But but what's going on with car loans and the extension of terms? I've seen these these like tick tock videos where people are paying just outrageous amounts of money, where the interest rate and it extended the duration and everything else. It's just it's getting out of hand. They're kicking the can by extending the duration of these loans. So, Craig, I don't know if you have anything on those categories. Well, you know, we're talking about a quickly depreciating asset, you know, so you get a car depreciates, what, twenty, thirty percent within a week or two after you drive it off the lot. And then if, you know, if it's a good quality car that, you know, that has good resale value, maybe it kind of steadies out there. But after an eight year term like that, you know, again, assuming that people are driving fifteen thousand miles, you know, you're at one hundred twenty thousand miles. Now, a lot of cars will go to three hundred thousand miles, but then you get into maintenance costs. So if you really look at all the curves that are involved in that, you know, you're going to buy a car. You don't have it paid off for eighty four months. You're riding the depreciation curve, so it's going down in value. And by the time you get even close to getting it paid off, even if you're going to hang on to it, you're replacing tires and brakes and all the stuff that's going to break. And the electronics in a lot of the cars aren't all that great. So you're really right. There's a lot more going on under the surface that continues to steal from the people. other than just you know the fact that your monthly payment right and when you go in to buy a car salesmen are very crafty you know they go in there and they say what kind of monthly payment would you like instead of here's the cost of the car right a lot of people just aren't informed on the curve that they're going to ride when they purchase a car so when you stretch it out eighty four months it's a lot worse than just another twelve months it really does it steals wealth it really does steal wealth for a long period of time from people Yeah, because you end up paying more in interest than you actually pay for the car itself over the term of the loan. And actually, I'm looking at this now. The average loan for a car now is sixty nine months. So that's now the average, which is way up from from two thousand and eight. And when you look at the interest rates, the interest rates are down a little bit overall, but they're they're higher for for used cars. And more importantly, the average loan amount is higher now. It's now forty two thousand dollars is the average loan amount for a car. So that's just, you know. There's nothing working in people's favor there, right, Aaron? I mean, you could say it's a higher quality car, but I'm not sure that it's that much higher quality. I mean, again, a lot of it's going to come down to maintenance and so forth and what type of car you select. But if you really look at all the different parts and pieces in that, there's really nothing that's changed in the favor of the car buyer. But the solution from this will be, well, you don't need to own a car. You can have part of a fleet of Elon Musk cars, right? That's actually a big part of the technocracy movement. I mean, we're kind of laughing about it, but it's actually amazing when you read, and I'm downloading now into the Technocracy Atlas database, all of the original magazines and information that the technocracy movement put out. And I'll start showing some of these things. so that people can understand what they were talking about in the nineteen thirties is actually being delivered today. It's actually pretty eerie that ninety years later they're able to be so accurate in terms of what's happening. So not only did they propose flipping the economy to being based on energy credits, but they proposed the idea that no one would ever own a car. You would just basically use the energy credits and everybody would have kind of a ride share system. This was contemplated. in the early nineteen thirties. And this is something Elon Musk is talking about today, the energy. And he's been pushing the energy credit thing hard. I mean, just in the last two weeks, he said money's going to go away. Money should be replaced by wattage. And then he's all of a sudden his fanboy approach now to Bitcoin is that, well, you know, Bitcoin is based on energy. So I mean, what you're seeing here is there's a technocracy playbook coming out entirely. If if you look at So that's one category. Now, now let's talk about, um, see if this is the right, so we have credit cards, we have credit card delinquencies and credit card debt. So credit card delinquency rates have just hit three point five percent, the highest since twenty twelve. Um, now in two thousand and eight, the peak was serious credit card delinquencies was ten and a half percent. Um, In twenty twenty four serious credit card delinquencies, eleven point one percent. So actually worse than two thousand and eight. The thirty day plus delinquencies up fifty percent since twenty twenty two subprime borrowers, twenty five percent plus delinquency rate on credit cards. So so there you have it, I mean, you see these jokes about people that are now, you know, they're using a firm and some of these other services to like to buy burritos, like to finance your your house or finance your house, finance your dinner over monthly installments. And now people are starting to default on that, right? This is the layer. Now, of course, my opinion is people should voluntarily default on these things because the credit system is, it is basically a social credit system. It's a measure of your compliance with the debt slavery system. I mean, people get like caught up about it. Oh, look at my just pristine credit score. It's like, well, congratulations on, you know, playing into monopoly money but nevertheless it's that's how most people that's not why people are doing this right people are not like oh yeah i listen to aaron i'm not i'm moving out of this system what was let it crash this is this is people just don't have cash and there's um certainly the richer getting richer and the poor getting poorer where were the there were other stats that um I saw today the unemployment rate for college grads is the same as for non-college grads. And I think some other survey came out today that overall, the majority of people no longer think a college education is worth the money. Well, I don't know if you've seen any of the videos going around, but there's quite a few out there where they're interviewing guys in their work trucks, electricians and plumbers and HVAC guys. And they're asking, how much do you make? And they're like, well, if I really work hard and I'm working... You know, one hundred eighty thousand dollars or two hundred fifty thousand dollars. And then they'll slap up, you know, a doctor what they're making, you know. And so it's sort of making fun of that that. And also a lot of these people are aware that as the A.I. rolls out, it's going to be harder. It's doable, but it's going to take a little more time before optimists and these robotics can actually come in and take. some of those skilled labor jobs because you do have to troubleshoot. There is more than just finger movement and, you know, diagnostics and stuff like that. There is, I mean, you still have to, you know, be able to maneuver things through, you know, down staircases and into tight spaces. And, you know, you do have to think. It's a little bit outside the parameters of a robot at this point. And they're sort of making fun of us. I don't know if you've seen any of those, but there's quite a few of those going around now. There are a lot of those going around, although I saw today that one of the big areas where there are six figure jobs are in the construction industry for data centers. And so, but I can tell you where that's all going to go. Right. And then we're going to have this entire, although that's going to be used as part of the rationalization for why the government needs to bail out AI, right. Then it's going to be part of, you know, you're going to have somebody from a union there saying, well, you know, these are, These are good paying jobs in the construction sector. So if we if we let this fall, not only are we going to lose to the damn Chinese, but, you know, all these jobs are going to be lost. You can actually see that that setup is coming. But that is one of the hottest. Not that there are many growth segments right now, because by and large, unemployment is looking pretty bleak. But that is one area where construction work and it's six figure work working on these data centers. When you're right, that's exactly how they'll play it. We've seen that before in two thousand eight. Right. Yep, absolutely. And there's no doubt there's no doubt about that. That's how they're going to play it. There are so many different angles that are being set up for this. And, you know, I haven't. I haven't gone through this whole Department of Energy AI plan yet. We should probably do something on that. I want to go through all the details of it. I'm sure it's going to make me angry when I do it, so I should probably... Yeah, I've been through some of it. Mission Genesis, that one. Yeah, I've been through some of it. I can guarantee it's going to make you angry, Aaron. What are your thoughts? What have you found so far? Well, you know, it's the things that we would expect, you know, and it's a lot of combing through documentation. We're still waiting for a lot more to come out, but it fits right in line with what you've been looking for. You can see the setup for, you know, taxing. And the outlays going into this space, because here's what's going to happen, is it's going to be the small modular reactors. I've already talked to quite a few people in the field. For instance, American Electric Power. I've talked to some of their attorneys and a fair amount of their real estate consultants that go around and acquire the real estate. And it's going to happen. I mean, they're already making, they're already spending money doing the legal work. purchasing the land and so forth that they need for this. And the CEOs and the leadership are saying that, yes, they want this to happen on their watch. I don't know what their incentive is other than to be the first. It's a competition. So I think there's still a certain amount of competition in this. And this goes along with what this mission genesis is saying. It fits. And I don't know the connection yet. That's what I'm looking for is when you look at someone like an American Electric Power, AEP, which is a big... formerly a big nuclear producer and natural gas and coal producer along the Ohio River, mostly. They had a lot of different cardinal plants. I think they had like, I forget how many cardinal plants, but they called them Cardinal One, Two, Three. They had a whole series of them. And those have been phased out and they're moving to natural gas. So that fits with the whole thing. And you can see where this project, this mission Genesis is going to lead right down this pathway where, where at least where I can see and talk to people, it matches perfectly with what American electric power is doing. You know, the acquisition of this land, the acquisition of this stuff, that's going to lead to more control, um, again less less competition there's i think the competition is going to get rung out of this market space here and that's the biggest thing i get concerned with is we're not going to have choices you know it's going to be mandated to us and the choice will go away and i just keep seeing that happening everything that i read i'd say that's the biggest concern that i have is the choice part of it really goes away well that's why that's why building these decentralized alternatives is possible but like we really By the way, my audio should be a lot better. I want to thank Linus out there who had the great insight of asking me if I was using the right speaker. And it turns out I was not. I'm using some, I have like five different input devices. And of course, the microphone that is attached to a cord that's near the floor is the one that I was speaking into, not actually the microphone. So hopefully this is now a much heightened audio experience. Maybe you can put the heat on. Let's try that. Let's see how that goes. All right. Good. Just got great. All right. Maybe we can do the heat. So good times. Well, we already spoke about auto loans. I mean, I have a second kind of specific slide just on this. But, you know, the auto delinquency rates, worst in fourteen years, subprime auto, eight point four percent delinquency rate. So, I mean, this whole category is looking... looking horrible. But again, I do expect we're seeing a rapid push now to electric cars that are self-driving. You won't need your own anymore. So I want to kind of frame these as, okay, so we've gone through this. Well, here's the problem. What's the solution? So going back to even these other categories, what's the problem? The credit card debt. Now, I did an episode. It was actually fifteen episodes ago on just Sarah and Sarah and this whole idea that's been percolating, which is fake. It was it's a complete psyop, which is that there's going to be a debt problem. Jubilee, but it is conceivable that at least the thing that they've been proposing is not actively being worked on. But it is conceivable that as we get into this situation and they try to transition to an energy credit based system, it's one of these things where, yeah, you give up your assets and your debt in conjunction for UBI and in conjunction for shared driving services and so forth. I mean, I don't know exactly how it's going to roll out, but you can actually see what the pieces are that are in place. And you can see I mean, I did I did that whole grok sucker post series of posts. I put out eleven images just because I was getting so annoyed, like two thirds to three quarters of my feed is pro Elon Musk propaganda, right? from accounts that are affiliated with Elon Musk that I don't follow. And I'm looking at these things. It's like he's the hero. And they kept on pushing this. He bought Twitter to save free speech. And then somebody will tweet that, and then Elon will retweet it and say, yes. And it's like, no, I've got the video. He bought Twitter to create the WeChat app, which is the basis of the social credit system in China. He wanted an everything app. He did not... They're trying to make this out like, well, he didn't have to spend that money. He spent that money for free speech. It's like, no, he spent that money to create the Everything app and feed all the data into his AI. This is just an absolute scam. And so then now it's this big battle of, oh, yeah, he's fighting the EU. And so they're fining him and they're fining him because he's this guardian of free speech. And it's like, again, we don't have free speech. I've said this before. In many ways, it's worse because people think we have free speech and we don't. It's the illusion of free speech. It's kind of like what's going on. with stable coins and everything else. People think that we're not getting CBDCs. And no, we're getting backdoor CBDCs and nobody's fighting it. So the same is okay. The same is what's happening now with social media. So now we're not fighting back because a bunch of people have deluded themselves that X is free speech. So we're not even going to acknowledge the fact that freedom of reach is something that is completely arbitrarily determined by Musk in the electronic agreement, in the click wrap agreement of X. And Craig and I did an entire episode on this and what's going on with this whole media landscape. So I'm not going to go off on too much of a rant on that other than to say what I'm perceiving when I see my feed and the amount of my feed that is pro-UBI, pro-robotics, pro-AI replacing government. And then even then, you know, Musk says the EU should be abolished. And this is another one of those things, this is like a Curtis Yarvin tactic, where Curtis Yarvin says, yeah, we have to stop the cathedral. We have to stop the academic and media complex that's really corrupt. And of course, that sounds great, right? And the EU is a disaster because it's just one movement away, just eroded sovereignty, and it's been a disaster. But you have to understand that he has an intention for what he wants to replace it with. He's even said this at a world government conference. He said it, which by the way, the fact that there is one should let you know what's going on. That's a clue. But he said that, you know, at the world government summit, AI is going to, is going to replace human governance. And he says it's inevitable. So maybe your feed doesn't look like my feed, but, but given the, Given how much I'm shadow banned because of talking about technocracy, the fact that my feed is overwhelmingly pro-Musk is pretty annoying. And if you're seeing the same thing, then I just ask you to look at it with a critical lens. And you can type in groksucker, G-R-O-K sucker, and you can see the memes that I put together. But the memes actually have a pretty big... explanation for each of the points that are backed backed by data so anyway enough about i guess enough about that uh for now but uh so then let's go back to mortgage debt so mortgage debt is back to twelve point six trillion dollars so delinquencies are still low But sixty percent of homeowners are locked into sub four percent mortgages. They can't sell. They can't move. They can't refinance. So when the job losses hit, they're going to be underwater with no exit. So the housing market isn't healthy. It's frozen. in two thousand eight mortgage debt was ten and a half trillion dollars again versus twelve point six trillion today. Delinquency actually peaked at eleven point five percent. So obviously it's a lot lower now. But the reason that it's low is because people are locked in at these low rates. Rising unemployment will absolutely devastate this mortgage market. What are your thoughts on that? Yeah, I think so. You know, the the Two things. One, we've seen, you know, we talked about the administration, you know, extending out the fifty year mortgage. Right. That's in the talks. And I don't think it's done yet. You know, even though the people didn't like it and it got a lot of pushback, I don't think it's done because Kevin Hassett was out talking about that again. So I don't think that's done. I think the other thing is that with the. With the whole debt side of things, we will see, right now home prices are still going up in value for the most part, especially in the Midwest. I haven't looked at the whole geographic component of the US, but I think when you look at the S&P Case-Shiller, twenty city index, it's still hanging in there fairly well. So I would say generally, most people would say their homes are holding in in value. So they're going to hold on to that because it's the only assets that's still producing, you know, positive balance sheet component to it. When we look at the credit card or the cars, people let those go, you know, if they can. Because here's the thing, it goes back to driverless cars in some senses. As soon as it starts to roll around, Aaron, they're going to say, wait a minute, you can get rid of your car payment. And they're going to give you a driverless car or they're going to, you know, it'll be a lot better version than the bus. You know, it's a lot better than the bus. And I'm sure they'll have payment plans. They'll get us on a service plan where you can, you know, you get so many minutes or so many trips per month and people will calculate, boy, if I could carpool five days a week to work or work from home five or ten days a week, if I can make an arrangement with my boss to work at home for five or ten days a month And then I could take the driverless car in three or four days a week. If I could negotiate some structure like that, then I can get rid of a car payment. I can get rid of a car again. And then what does that do? It continues to push out the home. So I think that the homes will hang in there longer than some of the other things. I think we'll see cars go before would be my guess. And I think we would see defaults on credit cards sooner than that. Because again, default in a credit card situation doesn't take away a home. So the... the other factor is that there's there was also talk of potentially transferable mortgages so let's say you're locked in this gets the money this is like m one m two m three money supply right money movement is if they can if you could take let's say that someone bought a home for three hundred thousand dollars and they've paid half of it off right over a period of time let's just say you know they maybe not that much let's say they paid off a hundred thousand they have a hundred thousand of equity and they have a two hundred thousand dollar mortgage and let's say they want to move to a four hundred thousand dollar home well they could take that two hundred the remaining portion of that loan transferred over to a new mortgage and then they'd have to get some sort of a bridge loan that would make the difference if they want twenty percent equity in that four hundred thousand dollar home that would be what eighty so they have a bridge loan for a small portion if they did that i don't know how they would do that from a transferability standpoint with title and everything else that goes into it but again that leads us right into the technocracy aaron right