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Hey, Joe. Hey.
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What's this all about?
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Well, we have a problem,
and it's a very big problem.
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And unfortunately,
most people aren't aware of it.
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It doesn't matter
what your personal views are,
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your politics, your religion,
or where you are.
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And once you see the problem,
you can't unsee it.
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It's like a it's like a one way deal.
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But thankfully we also have the solution.
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And it's this solution
that I'm so passionate about sharing.
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And it's what makes me just so optimistic
for the future.
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The challenge I find, though, is
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how can anybody fully value a solution
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unless they understand
what the problem is?
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And so I put this presentation together
for some friends.
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And it assumes no knowledge
other than just being human beings and
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life experience.
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And encourage me then to to
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make this presentation into video
so I can share it with everyone.
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So I hope you enjoy.
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Welcome to what's the problem?
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So what is the problem?
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Are too many.
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Unfortunately,
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I probably could have written twice
as many things down on this slide.
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I think we all have that sense of unease.
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We all feel internally that things are not
moving in the right direction
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in our lives, in the world,
like things are becoming harder.
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Not easy.
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And I think for most of us,
we recognize some elements of these things
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on the screen as touching our lives
directly or indirectly.
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And what I'm here today to show you
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is that all these things may seem
unconnected.
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They're really not
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the primary cause of all of this
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is the quality of our money.
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And we're going to do this
through a story.
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So imagine this is far off world
where you have hundreds of smart people
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traveling on a ship, and this ship gets
wrecked on a deserted island.
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This deserted island is so far
from everywhere else
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they're effectively cut off.
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But the island is resource rich.
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It has everything they could possibly need
to rebuild society.
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But because these people have come
from an advanced civilization,
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they know exactly where they ultimately
going to get back to.
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But now they're starting again
with nothing,
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but also clears that they need some way
of trading with each other
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once they start to rebuild.
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So they prioritize deciding
what to use for their new money.
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And suspend your disbelief
slightly further in that they have,
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despite not having anything,
the ability to create
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whatever monetary system
they want with whatever characteristics.
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So the first question they need to answer
is what makes good money?
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And there are seven things.
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So these guys have the ability to create
whatever they want.
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So instead of just creating good money,
they create the perfect money.
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And the perfect money is scarce,
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which means it has a fixed supply forever
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and is instantly and cost
lessly verifiable by everybody.
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So if everybody can check it
whenever they want at no cost,
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then you can verify for yourself
that nobody's creating any extra.
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It needs to be portable
so you can effortlessly
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move and story with negligible costs.
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It needs to be divisible.
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And the perfect money
would be infinitely divisible.
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It needs to be durable.
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It can't rot or go off.
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It can't deteriorate.
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So the perfect money exists forever.
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It's fungible, which means every piece
is forever the same as every other piece.
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It needs to be acceptable
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so everyone, anywhere
can both send and receive.
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And the really important one is
it needs to be censorship resistant.
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You hold it yourself.
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Nobody can take it away from you
without your permission.
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And no one can stop you
sending or receiving.
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So this is great.
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They decide on perfect money.
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Then there's a disagreement.
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Two leaders emerge
from within the population.
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The first Satoshi.
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He says, well, given these,
the characteristics of perfect money,
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that's going to be true
today, due tomorrow and true forever.
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So we should lock them.
And you should never change.
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Whereas for your talo
he says, well, I get what I get.
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This is the characteristics
of perfect money and I totally agree.
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But what if there's an emergency?
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What if we need to change something?
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What if the people
we put in charge of our money
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feel like it's not working
and need to make an adjustment?
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I think we should have the perfect money,
but we should also have a big red button
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which allows someone to press it
and change any of the characteristics
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if we need to. Of course,
no one ever will.
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But just in case.
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This becomes
an irreconcilable disagreement.
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So a fairly drastic solution.
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But they build a huge wall right down
the middle of this island, and on one side
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they create the currency called satoshis,
which is perfect money always.
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And on the other side, a fear tellers,
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which is perfect money,
but with the option to change it.
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Now this wall is so big
it cuts off the communication
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and the trade
between both sides on the island.
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So effectively
they're cut off from one another.
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So to begin with,
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nobody has anything on either
side of the island.
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So everyone starting from zero.
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And initially people
have to be self-sufficient.
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Each person is fishing for their food,
cutting down
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trees for the wood to make fires,
and also for houses.
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And then they're also
building their own shelters.
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Now, even though they have perfect money,
there's very limited trading here
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because people are working hard
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just to satisfy their day to day
needs across all of these goods.
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But people are different.
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Some people are better
at some things than others.
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And so people quickly
realize that if I spend my time
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focusing on the things I'm good at, I'm
reducing the amount of time
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I spend on things that I'm poorer,
then I can contribute more to society.
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I can increase the amount of goods
I can provide to society
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in the same amount of time
as the average person.
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So the woodcutter spends all his time now
cutting downward.
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He stops fishing.
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He starts building shelters.
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And because he's spending his time
cutting down wood,
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he increases the quantity of wood
available to everyone else versus three
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people spending a third of their time
each because he's good at it.
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And not
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only does the increase
in the quantity of wood available reduce
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the price of wood for every potentiality,
the qualities also high.
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He's better at doing it.
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He produces a higher quality output.
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So prices fall and quality increases.
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And not only that, he's
not the only woodcutter.
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There are multiple woodcutters,
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so they're all competing to supply
wood to everybody else.
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And they're competing at price
and in terms of quality.
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And now what happens is,
because the woodcutter
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needs of the goods to survive,
he has to sell the wood to buy
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fixtures, sell the wood to pay
for the services of the home builder.
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So now everybody is actively
trading this perfect money.
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Now, because processes continue
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to improve, the woodcutter can now satisfy
the needs of the rest of the population.
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For wood in a small amount of time,
he can then take that time
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and think about his own processes,
his own innovations.
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Maybe he can make Crittendon Wood
even more efficient.
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And if he does that, he drives prices
lower, it drives quality higher.
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Maybe he reaches the end of his innovation
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within his wood cutting and then uses the
excess money, excess capital.
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He has to invest in other people.
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Maybe he lent it to the fisherman,
who then builds a boat
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to increase the amount of fish
the fishermen can catch for everybody.
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So what happens over time in a free market
with perfect money?
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Prices go down forever
and quality goes up forever.
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So what people see on
both sides of the island
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is that the purchasing power
of their money starts to increase.
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Goods cost less tomorrow
than they do today.
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So the price of tomorrow is lower.
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The purchasing power
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of both currencies
is increasing at about 3% a year.
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And this lifts the quality of life.
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Life becomes cheaper and cheaper
over time for everybody,
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not just those people
who are most productive in society.
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But the key thing is the money itself
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is becoming more valuable over time.
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That is,
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until these guys come up.
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So now, because the society is growing
and the population is growing,
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both sides of the island
elected government.
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Now, it doesn't matter
if the government is left or right,
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big, small, up or down doesn't matter.
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They are all the same
when it comes to this.
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Now, however well-run the government is,
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inevitably
it will hit a deficit at some point.
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And that means it's
spending more than it's receiving.
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And that could be through mismanagement,
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but it could just be through
external circumstance,
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like a natural disaster
or something like this.
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The causes are not important, but
it will happen over the course of time.
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Inevitably.
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But now we see a divergence across
both sides of the island.
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Satoshi.
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He only has two choices here.
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To balance the budget, he needs to either
raise taxes or cut spending,
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or maybe a combination of the two.
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With Vitello,
he has exactly the same choices,
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but he also has a big rip up.
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And the important thing here
is that both up for reelection,
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a fatal blow knows that if he raises taxes
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or he cut spending, it's
going to cost him votes.
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So just this time,
he decides to press the big red button
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and print a little bit of extra
money for the government.
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Okay, so what are the consequences?
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Well, for Satoshi. Not great.
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He cannot hide those changes
from the population
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because they're paying more in taxes,
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or they're getting less back
from the government from its spending.
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So he loses the election,
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but government reduces in size naturally.
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So now overall, the efficiency
in the economy is increased.
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But not only this,
the social balance is improved
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within the economy because people
now realize there is no free money.
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Taxes.
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They need to balance spending.
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But the important thing is prices
continue to fall
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and quality continues to increase.
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Now, for fear of great news,
he gets reelected.
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And to start with, it's consequence free.
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But he thinks this is the greatest thing
ever.
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I get reelected and there's no downside.
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But something's changed.
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So what's happened?
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Voters press the big red button,
which is printed to money
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for the government,
which is the base of the currency.
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So what does that mean?
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He's increased the amount of money
in the economy overnight,
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but he hasn't increased
the amount of goods and services available
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in the economy overnight.
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So now there's more fear tellers
washing around compared to yesterday
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for each piece of the goods and services.
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And this has three major inputs.
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The first is a distortion of price
signals.
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The second is that increases
input costs for businesses.
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And the third it leads to asset inflation.
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And that first one
distorting price signals
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well prior to Vietnam
pressing the big red button here,
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00:12:10,320 --> 00:12:13,560
all price changes in the economy
were purely a function of demand
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and supply because this was a free
market with perfect money.
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But what's happened now
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is that money has entered the economy,
not to everybody equally,
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00:12:23,920 --> 00:12:26,920
or even in proportion
to the amount of money everybody holds.
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00:12:27,120 --> 00:12:29,760
The money has entered the economy via
the government,
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00:12:29,760 --> 00:12:32,880
and it enters via
the government into the accounts
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00:12:32,880 --> 00:12:36,760
of companies and people connected directly
or indirectly to the government,
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00:12:37,440 --> 00:12:41,560
to what Vitello starts to see as price
increases in certain parts of the economy.
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00:12:42,720 --> 00:12:45,720
So the signal to everybody else
in the economy
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is that there's an imbalance of supply
and demand
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00:12:48,960 --> 00:12:51,000
just in these sectors.
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00:12:51,000 --> 00:12:53,840
So you see a misallocation of capital
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00:12:53,840 --> 00:12:57,240
by the entrepreneurs in the market
caused by the money printer.
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00:12:57,480 --> 00:12:59,720
But not only that, it's human capital.
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00:12:59,720 --> 00:13:00,760
It's smart people.
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00:13:00,760 --> 00:13:04,200
It's active people who are trying to be
productive gets sucked in
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00:13:04,200 --> 00:13:07,960
closer to the government
and not servicing the rest of the economy.
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00:13:08,960 --> 00:13:11,880
The second is that business input costs
increase.
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00:13:11,880 --> 00:13:16,480
Now. Every single business in theater,
this country has at least a human being
246
00:13:16,920 --> 00:13:21,240
and some raw material inputs like energy
or even some harder raw materials.
247
00:13:22,080 --> 00:13:25,080
Now, because the cost of these things
have gone up.
248
00:13:25,840 --> 00:13:29,720
These businesses now need to try
and change something about their product,
249
00:13:29,800 --> 00:13:33,880
to maintain the small profit margins
that ensure that they can continue
250
00:13:33,880 --> 00:13:35,320
in business.
251
00:13:35,320 --> 00:13:36,880
Now, the first and most obvious one
252
00:13:36,880 --> 00:13:39,880
is just to pass on the price
increase to the customer.
253
00:13:39,960 --> 00:13:43,280
The second is to keep the price the same,
254
00:13:44,560 --> 00:13:47,280
the quality the same,
but just shrink the product.
255
00:13:47,280 --> 00:13:51,480
So instead of having 100g, it's now 90g,
but for the same price.
256
00:13:52,560 --> 00:13:55,360
Or the third one
is to reduce the input cost.
257
00:13:56,360 --> 00:13:56,800
Now this
258
00:13:56,800 --> 00:13:59,800
is where consumer inflation comes from.
259
00:14:00,080 --> 00:14:02,760
This is the only source of consumer
inflation.
260
00:14:02,760 --> 00:14:07,040
Is the money printer
causing businesses to make these changes.
261
00:14:07,800 --> 00:14:11,600
But if a business passes on the price
increase outright
262
00:14:12,000 --> 00:14:15,480
or it shrinks the product and the customer
not just needs to buy more of it
263
00:14:15,480 --> 00:14:18,480
to satisfy the fact that they needed 100g,
not like two tons.
264
00:14:18,760 --> 00:14:21,560
Both of those things reduce affordability.
265
00:14:21,560 --> 00:14:23,600
So the population is becoming poorer.
266
00:14:23,600 --> 00:14:26,360
They're going to have less disposable
income.
267
00:14:26,360 --> 00:14:29,360
Despite buying
the same as what we bought yesterday,
268
00:14:30,640 --> 00:14:34,080
if instead the business
chooses to keep the price the same
269
00:14:35,000 --> 00:14:37,400
besides the same,
but just reduce the cost.
270
00:14:37,400 --> 00:14:41,400
The most obvious thing to do is just to
fire people, which leads to unemployment.
271
00:14:42,440 --> 00:14:44,640
And now there are fewer people with jobs
272
00:14:44,640 --> 00:14:47,640
which reduces the overall affordability
for the population.
273
00:14:47,920 --> 00:14:49,360
If you tell us well,
274
00:14:49,360 --> 00:14:53,000
but not only that, now the government's
got a second issue needs to solve what
275
00:14:53,080 --> 00:14:56,040
how does it help support all these people
who are recently unemployed?
276
00:14:57,120 --> 00:14:59,520
But the most insidious way
277
00:14:59,520 --> 00:15:02,520
is for companies
to reduce the input quality.
278
00:15:03,240 --> 00:15:06,440
And so what Viertel starts to see
is there's a rise in obesity
279
00:15:07,040 --> 00:15:08,440
across the population,
280
00:15:08,440 --> 00:15:12,040
because the food that was previously fresh
and has high quality ingredients
281
00:15:12,320 --> 00:15:14,760
is replaced with ever lower quality
ingredients
282
00:15:14,760 --> 00:15:16,800
and more industrialized sludge.
283
00:15:16,800 --> 00:15:18,240
So this leads to obesity.
284
00:15:18,240 --> 00:15:21,880
It also leads to a myriad
of secondary health issues,
285
00:15:22,120 --> 00:15:23,640
which causes the health crisis.
286
00:15:23,640 --> 00:15:26,760
And now the government has to step in
and figure out how it needs to support
287
00:15:26,880 --> 00:15:29,880
all these people who are now unhealthy.
288
00:15:30,640 --> 00:15:33,640
The third is as inflation.
289
00:15:33,840 --> 00:15:37,640
Since Vitiello press the big red
button, asset prices have been going up.
290
00:15:38,280 --> 00:15:40,920
The stock
market goes higher and higher and higher.
291
00:15:40,920 --> 00:15:43,600
House prices
go higher and higher and higher.
292
00:15:43,600 --> 00:15:45,480
He thinks I'm
some sort of economic genius,
293
00:15:47,320 --> 00:15:47,760
but they're going
294
00:15:47,760 --> 00:15:50,760
up in price
because he's just created more vetoes.
295
00:15:51,480 --> 00:15:54,560
So anybody who knows that the remote
for your television system,
296
00:15:54,560 --> 00:15:58,560
of course, wouldn't sell their asset
for the same as they did yesterday,
297
00:15:59,000 --> 00:16:00,480
they would take into account
the fact that there
298
00:16:00,480 --> 00:16:02,480
are just more fiat sellers in the system.
299
00:16:02,480 --> 00:16:05,480
So this is what is driving
these prices up.
300
00:16:06,240 --> 00:16:08,160
But this asset increase is good
301
00:16:08,160 --> 00:16:11,160
for the people who own assets,
but not for the people who don't.
302
00:16:12,040 --> 00:16:15,200
So he has a wealth inequality
beginning to emerge across the economy.
303
00:16:15,600 --> 00:16:18,240
And not just that because house prices
are now more expensive,
304
00:16:18,240 --> 00:16:20,040
the rent is more expensive.
305
00:16:20,040 --> 00:16:22,960
So he sees increased
levels of homelessness
306
00:16:22,960 --> 00:16:24,360
and this increased levels of homelessness.
307
00:16:24,360 --> 00:16:25,040
Guess what?
308
00:16:25,040 --> 00:16:27,480
Require more government
intervention to try and deal with.
309
00:16:28,760 --> 00:16:30,360
And now asset prices are flying.
310
00:16:30,360 --> 00:16:32,200
The stock market's on fire.
311
00:16:32,200 --> 00:16:35,160
The prevailing perception across
the population is
312
00:16:35,160 --> 00:16:37,440
why would I not invest?
313
00:16:37,440 --> 00:16:39,160
Why would I just keep the money?
314
00:16:39,160 --> 00:16:41,080
I should be buying the stock market.
I should be invested.
315
00:16:41,080 --> 00:16:42,840
I should be buying a second home
to rent out.
316
00:16:42,840 --> 00:16:45,800
I should be buying speculative assets
because they never go down.
317
00:16:45,800 --> 00:16:46,560
They just go up.
318
00:16:46,560 --> 00:16:50,920
If I don't invest, I'm a fool
because the assets are going up.
319
00:16:51,360 --> 00:16:54,120
The banks are pushing ever more leverage
for people pushing
320
00:16:54,120 --> 00:16:57,720
bigger and bigger mortgages
to individuals, to loans to companies.
321
00:16:58,400 --> 00:17:00,880
But now that house prices have gone up,
322
00:17:00,880 --> 00:17:03,960
and now that everyone has more debt
at the same time
323
00:17:03,960 --> 00:17:07,800
as families are struggling
with affordability of data, their life
324
00:17:08,840 --> 00:17:11,400
is that much harder to buy a house.
325
00:17:11,400 --> 00:17:15,000
So families where
previously they could have one main earner
326
00:17:15,480 --> 00:17:18,480
and afford to buy a house with a mortgage
can't anymore.
327
00:17:19,120 --> 00:17:21,640
You now need both parents working,
328
00:17:21,640 --> 00:17:24,800
both parents working
to afford the mortgage and afford to live.
329
00:17:25,800 --> 00:17:28,800
And when that happens,
people spend less time together
330
00:17:28,800 --> 00:17:31,200
and you start to see the breakdown
of the nuclear family.
331
00:17:31,200 --> 00:17:33,680
They spend less time with their children.
332
00:17:33,680 --> 00:17:36,680
They can afford to have fewer children.
333
00:17:37,840 --> 00:17:39,200
Now, because you have declining birth
334
00:17:39,200 --> 00:17:42,320
rates for you, Tello starts
to see a change in his demographics.
335
00:17:42,960 --> 00:17:45,960
Across the population,
fewer children are being born,
336
00:17:46,480 --> 00:17:49,480
whereas
the older generations are living longer.
337
00:17:49,560 --> 00:17:52,560
And he now starts to realize
that the promises he made
338
00:17:52,560 --> 00:17:54,960
to these older generations
about being able
339
00:17:54,960 --> 00:17:57,960
to retire at a certain age,
or having a good quality of life
340
00:17:57,960 --> 00:18:01,400
or defined income in their retirement
can't be delivered.
341
00:18:01,400 --> 00:18:05,160
But for those not lucky enough
to be able to buy a house, you are maybe
342
00:18:05,160 --> 00:18:05,880
stuck renting.
343
00:18:07,160 --> 00:18:08,360
Whereas before
344
00:18:08,360 --> 00:18:11,400
they could think about renting the same
place for three years or five years
345
00:18:12,000 --> 00:18:14,400
because the rent goes up
too much every year,
346
00:18:14,400 --> 00:18:17,400
and now they're thinking about one year,
maybe two years,
347
00:18:17,720 --> 00:18:19,560
you're planning less for the future.
348
00:18:19,560 --> 00:18:22,960
Maybe you're putting off getting married,
putting off having children.
349
00:18:23,640 --> 00:18:26,920
You start to prioritize today
at the expense of tomorrow.
350
00:18:27,880 --> 00:18:30,760
People see that they're saving that for it
never gets them anywhere
351
00:18:30,760 --> 00:18:32,400
because the asset prices are going up too
quickly.
352
00:18:32,400 --> 00:18:35,640
They'll never be able to buy a house
to be never be able to buy a house.
353
00:18:35,640 --> 00:18:39,080
Then prioritize living your best life
and go on a holiday and spending more
354
00:18:39,440 --> 00:18:42,440
enjoying yourself.
355
00:18:42,760 --> 00:18:44,920
But for those not fortunate
to be in this position,
356
00:18:44,920 --> 00:18:48,880
for those that every day is a struggle
feeding themselves and their families,
357
00:18:48,920 --> 00:18:50,680
housing themselves and their families,
358
00:18:51,640 --> 00:18:54,640
they're stuck on a treadmill of decline.
359
00:18:55,560 --> 00:18:59,240
Now, every day is harder,
which leads to a growth in addiction.
360
00:19:00,120 --> 00:19:03,640
Various forms of addiction,
including opioids across the island,
361
00:19:03,800 --> 00:19:07,560
which leads to yet more of a health crisis
and yet more intervention
362
00:19:07,720 --> 00:19:09,560
from the government.
363
00:19:09,560 --> 00:19:11,440
And all of this leads
364
00:19:11,440 --> 00:19:14,440
to a mental health crisis
across the population.
365
00:19:14,880 --> 00:19:18,240
And now the government finds itself
in a position where, because it's press
366
00:19:18,240 --> 00:19:22,240
the big red button, it's
created a whole range of secondary issues
367
00:19:22,800 --> 00:19:25,800
that now it needs to step in
and try and solve,
368
00:19:26,520 --> 00:19:28,600
because it has to step in
and try and solve these things.
369
00:19:28,600 --> 00:19:31,600
It means the government needs to divert
more capital
370
00:19:32,280 --> 00:19:34,440
to these areas of the economy,
371
00:19:34,440 --> 00:19:36,600
which again, is a greater
misallocation of capital,
372
00:19:36,600 --> 00:19:39,640
which pulls more entrepreneurs
into the wrong parts of the economy
373
00:19:39,640 --> 00:19:41,960
through the distortion
in the price signals.
374
00:19:41,960 --> 00:19:44,960
And between the increased leverage
in the economy driven by the banks
375
00:19:45,120 --> 00:19:46,520
and the misallocation of cattle.
376
00:19:46,520 --> 00:19:49,240
It's so
is the seeds of the next emergency.
377
00:19:49,240 --> 00:19:53,640
I fear Tesla has only one choice, and
that's to press the big red button again.
378
00:19:55,200 --> 00:19:56,120
And now he's starting to
379
00:19:56,120 --> 00:19:59,160
realize that
actually this wasn't consequence free.
380
00:20:00,000 --> 00:20:03,000
But now he's lurching from crisis
to ever bigger crisis.
381
00:20:03,200 --> 00:20:06,200
He presses the big red button,
which debases the currency,
382
00:20:06,560 --> 00:20:10,080
which leads to pick a government
and more involvement in everything.
383
00:20:10,960 --> 00:20:13,360
And now,
not only is the government bigger,
384
00:20:13,360 --> 00:20:16,440
but the government has spawned
a series of parasitic industries
385
00:20:16,800 --> 00:20:19,520
attached to Big Pharma,
386
00:20:19,520 --> 00:20:22,680
who are increasingly involved
with the government to try to deal
387
00:20:22,680 --> 00:20:27,200
with the symptoms, but not the causes
of the various health crisis.
388
00:20:27,680 --> 00:20:32,560
Never incentive to actually cure
a patient just to treat them long term.
389
00:20:32,720 --> 00:20:35,720
Because a healthy customer is a lost
customer.
390
00:20:36,720 --> 00:20:40,120
Big food pushes for ever lower food
standards across the economy.
391
00:20:41,000 --> 00:20:43,680
The military industrial complex
pushes for ever greater
392
00:20:43,680 --> 00:20:47,400
spending on defense,
both at home and on foreign shores.
393
00:20:48,360 --> 00:20:50,680
Wall Street up the rivals in debt
394
00:20:50,680 --> 00:20:54,400
and now so leveraged
that the government wants to protect them.
395
00:20:54,720 --> 00:20:57,440
They can't be allowed to fail,
396
00:20:57,440 --> 00:21:00,440
because if the banks fail,
the population loses their money.
397
00:21:00,600 --> 00:21:01,520
The government falls.
398
00:21:02,800 --> 00:21:03,160
The government
399
00:21:03,160 --> 00:21:06,160
also continues to make unproductive
investments,
400
00:21:06,440 --> 00:21:10,120
investments, trying to deal
with the secondary issues it's created,
401
00:21:10,680 --> 00:21:14,760
but also investments driven from whatever
political ideology the government has.
402
00:21:16,080 --> 00:21:19,920
And all of these things are effectively
now crony corporatism.
403
00:21:19,920 --> 00:21:24,040
It's very hard to see where the government
ends and these industries begin.
404
00:21:24,760 --> 00:21:27,960
The success of the government
is deeply intertwined
405
00:21:27,960 --> 00:21:29,520
with the success of the industries.
406
00:21:29,520 --> 00:21:33,400
These industries start
to ask the government to become regulated.
407
00:21:33,400 --> 00:21:36,400
You need to regulators
to protect the public.
408
00:21:36,480 --> 00:21:40,080
But this regulation,
all it does is make competition harder.
409
00:21:40,600 --> 00:21:43,840
The 1 to 3 companies,
each of these areas are now very,
410
00:21:43,840 --> 00:21:44,880
very close to the government.
411
00:21:44,880 --> 00:21:46,560
They supply the people for the regulator.
412
00:21:46,560 --> 00:21:50,400
When the regulators end the tenure
to go back and work for these companies,
413
00:21:51,120 --> 00:21:55,080
it's stopped smaller companies
coming in and competing with them to
414
00:21:55,080 --> 00:21:58,160
then supply the government on better terms
with higher quality product.
415
00:21:58,560 --> 00:22:01,240
So quality starts to decline
416
00:22:01,240 --> 00:22:04,560
and prices start to rise,
which of course is
417
00:22:04,760 --> 00:22:07,720
great news for these companies
because profit margins go up.
418
00:22:09,320 --> 00:22:11,840
What happens
then is the media gets captured,
419
00:22:11,840 --> 00:22:15,960
the government is teetering
to maintain social stability.
420
00:22:16,760 --> 00:22:20,480
It's now protecting these industries
at the expense of the population
421
00:22:20,480 --> 00:22:22,560
rather than the other way around.
422
00:22:22,560 --> 00:22:26,400
And because of this social balance
that it needs to maintain,
423
00:22:27,360 --> 00:22:32,520
it can't allow free speech, dissent,
alternative opinions or questioning
424
00:22:32,520 --> 00:22:36,120
of anything that undermines the legitimacy
of the government in any way.
425
00:22:36,520 --> 00:22:39,440
Not only that, the biggest advertisers
for the media
426
00:22:39,440 --> 00:22:42,440
companies are the companies
connected to the government.
427
00:22:42,520 --> 00:22:45,840
So the media companies increasingly
don't want to upset their advertisers.
428
00:22:46,360 --> 00:22:50,160
And when you have a captured media
and a military industrial complex
429
00:22:50,160 --> 00:22:54,240
fomenting strife on foreign shores,
you get the creation of a fresh force
430
00:22:55,640 --> 00:22:57,880
and then the wars themselves
431
00:22:57,880 --> 00:23:00,240
are so actively supported
by the philatelic population,
432
00:23:00,240 --> 00:23:02,400
because all they see in their media
433
00:23:02,400 --> 00:23:04,920
is that we have to do this
because it's the right thing to do.
434
00:23:06,440 --> 00:23:09,560
And between the forever
wars and the banking system, bailouts
435
00:23:09,560 --> 00:23:12,640
and the excessive debt,
it leads to the next emergency.
436
00:23:12,880 --> 00:23:15,520
But this time it's just so much bigger.
437
00:23:15,520 --> 00:23:19,120
And the only choice he has
is to press the big red button again.
438
00:23:19,600 --> 00:23:21,000
But this time it's different.
439
00:23:21,000 --> 00:23:23,560
It's a massive erosion of trust.
440
00:23:23,560 --> 00:23:25,760
Every time he presses the button
441
00:23:25,760 --> 00:23:28,720
more and more people become aware of
what is happening.
442
00:23:28,720 --> 00:23:32,440
And this goes round and round and round
until something breaks.
443
00:23:33,400 --> 00:23:36,400
And now
we're starting to get quite worried.
444
00:23:36,880 --> 00:23:39,000
So what's happening to the money?
445
00:23:39,000 --> 00:23:43,520
But instead of increasing
3% a year in purchasing power, it's
446
00:23:43,520 --> 00:23:48,760
now losing 7% a year because he's
printing 10% a year of extra money.
447
00:23:49,000 --> 00:23:51,200
And not only that, he's
undermining the productivity
448
00:23:51,200 --> 00:23:53,400
in the economy
by distorting all the price signals.
449
00:23:54,880 --> 00:23:57,240
So what happens to the future global
population?
450
00:23:57,240 --> 00:24:00,200
Well, the poor year on fixed wages
451
00:24:00,200 --> 00:24:03,200
have very low income security
and no assets.
452
00:24:03,840 --> 00:24:05,000
They can't win.
453
00:24:05,000 --> 00:24:08,000
They just get poorer every single year.
454
00:24:08,280 --> 00:24:09,840
The the middle earners
455
00:24:09,840 --> 00:24:13,080
have fixed salaries
and mixed income security.
456
00:24:13,600 --> 00:24:15,480
They're not the first to be fired.
457
00:24:15,480 --> 00:24:17,160
They often have a home.
458
00:24:17,160 --> 00:24:19,200
They can never sell the home
and realize a game
459
00:24:19,200 --> 00:24:21,280
because you've got to live somewhere
you still want home.
460
00:24:21,280 --> 00:24:22,920
You've got to buy into the home.
461
00:24:22,920 --> 00:24:25,440
You might have some investments,
462
00:24:25,440 --> 00:24:28,440
but they are becoming the new poor.
463
00:24:28,880 --> 00:24:30,360
Or surely the wealthy are doing well.
464
00:24:30,360 --> 00:24:35,320
Their income is largely from asset yields,
from operating businesses or investing
465
00:24:36,760 --> 00:24:37,280
that income.
466
00:24:37,280 --> 00:24:40,280
Security is high
because they can't be fired.
467
00:24:40,320 --> 00:24:43,080
But for them, it's death
by a thousand cuts.
468
00:24:43,080 --> 00:24:45,720
They see their wealth as a number
469
00:24:46,680 --> 00:24:47,400
continue to
470
00:24:47,400 --> 00:24:50,400
increase,
but they feel like they're getting poorer.
471
00:24:50,640 --> 00:24:53,440
Life continues to get harder.
472
00:24:53,440 --> 00:24:55,840
And that's because the rate
at which they're earning money,
473
00:24:55,840 --> 00:24:59,760
the yield on their assets, is below
the rate at which we're printing money.
474
00:25:00,440 --> 00:25:03,440
So they're slowly having their wealth
siphoned away.
475
00:25:04,280 --> 00:25:06,200
But politically connected.
476
00:25:06,200 --> 00:25:10,680
Those that are government funded
and have fully insulated income security.
477
00:25:10,920 --> 00:25:15,280
And perversely, their income goes up
and becomes even more valuable
478
00:25:15,960 --> 00:25:18,360
as society continues to decline
because the government
479
00:25:18,360 --> 00:25:21,360
needs more and more intervention.
480
00:25:22,120 --> 00:25:24,280
And it's really just industrialized theft
481
00:25:24,280 --> 00:25:27,280
at this point
from everyone else in society.
482
00:25:28,480 --> 00:25:30,000
But now so much time has passed
483
00:25:30,000 --> 00:25:33,000
that the wall down
the middle of the island starts to crack,
484
00:25:33,720 --> 00:25:36,440
and it starts to crack in
such a way that both people
485
00:25:36,440 --> 00:25:39,440
and money can start to flow
from one side to the other.
486
00:25:40,000 --> 00:25:42,280
So on the one side, you've got satoshis
487
00:25:42,280 --> 00:25:44,400
increasing their purchasing power
at 3% year.
488
00:25:44,400 --> 00:25:45,840
On the other side,
you've got the fear tellers
489
00:25:45,840 --> 00:25:48,840
that are losing
7% purchasing power every year.
490
00:25:49,760 --> 00:25:51,480
So what happens? Why?
491
00:25:53,360 --> 00:25:55,480
What fear teller starts to see
492
00:25:55,480 --> 00:25:58,480
is that money and people start to leave
493
00:25:58,760 --> 00:26:02,320
because they don't trust their ability
to save using fear tellers.
494
00:26:02,320 --> 00:26:05,200
They want satoshis.
495
00:26:05,200 --> 00:26:08,600
Okay, so this comes out on a fear teller
standard.
496
00:26:08,600 --> 00:26:10,800
Your money is stealing from you.
497
00:26:10,800 --> 00:26:14,880
Whereas on a Satoshi standard,
the whole world is working 24 over seven
498
00:26:15,480 --> 00:26:18,480
to increase your purchasing power.
499
00:26:20,040 --> 00:26:21,600
But now these gate five is open.
500
00:26:21,600 --> 00:26:24,280
People realize
they can't save and fear tellers,
501
00:26:24,280 --> 00:26:27,200
so they start selling
fear tellers to buy a satoshis.
502
00:26:27,200 --> 00:26:29,800
So the fear tellers
decline further in value, triggering
503
00:26:29,800 --> 00:26:33,240
get more budgetary and currency crises
for fear teller to deal with.
504
00:26:33,680 --> 00:26:36,360
And the only choice is to press
the big red button again.
505
00:26:36,360 --> 00:26:39,320
But this time printing money is not enough
506
00:26:40,560 --> 00:26:43,920
because value is leaking out of fear.
507
00:26:43,920 --> 00:26:45,400
Teller saw to be on it.
508
00:26:45,400 --> 00:26:48,560
He needs to change
another characteristic of perfect money,
509
00:26:49,560 --> 00:26:52,840
which is to remove the censorship
resistant nature of it.
510
00:26:54,200 --> 00:26:55,880
So the fear teller population
511
00:26:55,880 --> 00:26:58,880
used to be able to hold the money
themselves.
512
00:26:59,320 --> 00:27:01,440
Now fear, teller says,
513
00:27:01,440 --> 00:27:02,880
no longer allowed to hold it yourselves.
514
00:27:02,880 --> 00:27:04,440
You have to put it in the banks.
515
00:27:04,440 --> 00:27:07,440
The banks are going to hold everybody's
money.
516
00:27:07,560 --> 00:27:11,360
The population now feel that
they are guilty until proven innocent.
517
00:27:11,360 --> 00:27:13,200
For making any transaction.
518
00:27:13,200 --> 00:27:16,360
The banks will check every transaction
to protect you.
519
00:27:18,600 --> 00:27:21,000
Which means when people are trying to buy
520
00:27:21,000 --> 00:27:24,240
certain things,
including satoshis, the banks now say no.
521
00:27:25,080 --> 00:27:25,880
It's because of this.
522
00:27:25,880 --> 00:27:29,520
It's because of that is because of fear
that he restricts the flow of capital
523
00:27:30,160 --> 00:27:32,040
out of fear teller side of the island.
524
00:27:33,240 --> 00:27:35,760
He may even just create explicit
capital controls,
525
00:27:35,760 --> 00:27:38,760
you know,
no longer allowed to buy satoshis at all.
526
00:27:40,080 --> 00:27:41,880
But people always find a way, and more
527
00:27:41,880 --> 00:27:44,880
and more people are waking up to
what is happening and the cycle continues.
528
00:27:45,800 --> 00:27:48,760
But the important thing is the wealth
and the people
529
00:27:48,760 --> 00:27:51,760
flee to the uncorrupted money
530
00:27:52,480 --> 00:27:55,480
I now fear to those beginning to
to really panic.
531
00:27:56,720 --> 00:27:58,920
So where does it end for fear teller
532
00:27:58,920 --> 00:28:01,920
well, if is lucky
533
00:28:02,040 --> 00:28:05,520
with sustained inflation
allowing the government to inflate away
534
00:28:05,520 --> 00:28:09,240
its debts and slowly
siphon away the wealth of the public,
535
00:28:10,520 --> 00:28:13,160
this may even border on hyperinflation.
536
00:28:13,160 --> 00:28:16,760
I say lucky
because it's very hard to do that
537
00:28:17,120 --> 00:28:19,800
and maintain social cohesion,
538
00:28:19,800 --> 00:28:22,360
and something is likely to go wrong.
539
00:28:22,360 --> 00:28:24,720
It will definitely be asset seizures.
540
00:28:24,720 --> 00:28:27,480
Now that all the money is held
in the banks,
541
00:28:27,480 --> 00:28:31,920
one day the teller will decree
that we're all in it together,
542
00:28:33,240 --> 00:28:34,080
and the banks
543
00:28:34,080 --> 00:28:37,160
will hand over a proportion
of their capital to the government.
544
00:28:37,720 --> 00:28:42,560
Just like in Cyprus in 2013,
if you held over €100,000 in the bank
545
00:28:42,600 --> 00:28:45,600
overnight,
45% of that went to the government.
546
00:28:46,200 --> 00:28:49,200
The public was effectively bailed in
547
00:28:49,480 --> 00:28:52,080
to bail up the banks and the government
548
00:28:52,080 --> 00:28:54,760
from their own mismanagement,
549
00:28:54,760 --> 00:28:57,760
but also happened in the US in 1933.
550
00:28:58,680 --> 00:29:01,800
They made gold holdings
for the individual illegal
551
00:29:02,880 --> 00:29:04,640
and this lasted for almost 40 years.
552
00:29:04,640 --> 00:29:07,640
If you held more than $100 of gold
and you were caught
553
00:29:07,920 --> 00:29:10,920
$10,000 fine or ten years in prison,
554
00:29:11,400 --> 00:29:14,400
and this is
when $10,000 was a huge amount of money
555
00:29:15,800 --> 00:29:19,480
for utilities, a rise in political
extremism on both ends of the spectrum.
556
00:29:20,720 --> 00:29:23,200
The government never explains
to the population
557
00:29:23,200 --> 00:29:25,200
where these problems are coming from.
558
00:29:25,200 --> 00:29:28,880
They don't tell them it's because of
the money printing via the big red tarp.
559
00:29:30,440 --> 00:29:32,440
They control the media.
560
00:29:32,440 --> 00:29:34,600
The government is protective of itself.
561
00:29:34,600 --> 00:29:36,560
Now tell the population the truth.
562
00:29:36,560 --> 00:29:39,560
They don't help the population
join the dots.
563
00:29:39,720 --> 00:29:42,880
They don't explain the link
from the big red button to the issues.
564
00:29:43,680 --> 00:29:46,080
They blame it on the greedy businessmen
or the billionaires,
565
00:29:46,080 --> 00:29:49,080
or that foreign dictator, or this or that.
566
00:29:50,120 --> 00:29:53,040
And then what happens is people
ask for more help
567
00:29:53,040 --> 00:29:55,920
and more support from the government
to deal with all of these issues.
568
00:29:55,920 --> 00:29:58,120
And so the only solution is
569
00:29:58,120 --> 00:30:00,360
the governments involved in everything.
570
00:30:00,360 --> 00:30:04,400
So at every step of this journey,
the solution to all the problems
571
00:30:04,400 --> 00:30:07,400
has always been more government
involvement.
572
00:30:08,560 --> 00:30:10,920
And so the people see these problems
573
00:30:10,920 --> 00:30:13,920
and vote for more government involvement
574
00:30:14,120 --> 00:30:17,120
to solve.
575
00:30:17,400 --> 00:30:19,920
Or something worse.
576
00:30:19,920 --> 00:30:23,880
But in all scenarios, people
want to hold satoshis and not for you.
577
00:30:23,880 --> 00:30:24,320
Tell us.
578
00:30:25,440 --> 00:30:26,640
So if we go back
579
00:30:26,640 --> 00:30:30,360
to that list of seven characteristics
of perfect money,
580
00:30:31,440 --> 00:30:33,680
Fiat only changed two of them.
581
00:30:33,680 --> 00:30:36,240
The other five is still exactly the same,
582
00:30:36,240 --> 00:30:38,880
and the query ended up
583
00:30:38,880 --> 00:30:40,440
about the reveal.
584
00:30:40,440 --> 00:30:43,440
And some of you may be slightly
ahead of me here.
585
00:30:44,520 --> 00:30:46,040
The US dollar
586
00:30:46,040 --> 00:30:49,040
is just a terrible version of the theater.
587
00:30:51,000 --> 00:30:52,400
So the US dollar
588
00:30:52,400 --> 00:30:57,000
is corrupted on the same two key issues
that we Italians were,
589
00:30:57,720 --> 00:31:00,720
but on the other five it's
materially worse as well.
590
00:31:01,160 --> 00:31:04,960
In terms of portability,
it's easy to carry, easy to pay.
591
00:31:05,640 --> 00:31:07,480
It's not great for merchants.
592
00:31:07,480 --> 00:31:11,400
You pay instantly the merchants
and get the money for multiple days.
593
00:31:11,400 --> 00:31:15,720
And that's if there was no fraud
or chargebacks is divisible,
594
00:31:15,720 --> 00:31:19,800
but only to a point and removes
the ability to do micro-transactions,
595
00:31:20,040 --> 00:31:23,280
which will unlock potentially
completely different economic models.
596
00:31:24,840 --> 00:31:27,840
It's durable in digital form,
597
00:31:27,840 --> 00:31:30,960
but we have cash component,
and that cash component
598
00:31:31,960 --> 00:31:33,960
is constantly undermined.
599
00:31:33,960 --> 00:31:37,720
The notes are reprinted in terms of design
every 15 or 20 years,
600
00:31:37,720 --> 00:31:41,600
so there's no ability for an individual
to save outside the banking system.
601
00:31:41,600 --> 00:31:45,400
If you put notes under your bed
or under the floorboards
602
00:31:45,840 --> 00:31:48,480
and leaves in 25 years, they're worthless.
603
00:31:48,480 --> 00:31:51,480
Those types of notes
are gone out of circulation,
604
00:31:51,600 --> 00:31:54,200
so you need to take notes
every 15 or 20 years
605
00:31:54,200 --> 00:31:57,200
to the bank handyman and get new notes.
606
00:31:57,240 --> 00:32:00,240
They're centralize everything periodically
607
00:32:00,360 --> 00:32:03,000
out of choice.
608
00:32:03,000 --> 00:32:05,280
They're fungible,
which means every dollar is
609
00:32:05,280 --> 00:32:08,280
the same as every other dollar
until it's not.
610
00:32:08,720 --> 00:32:10,880
Some countries around the world
have already introduced
611
00:32:10,880 --> 00:32:15,960
what are known as CBDCs, which is central
bank digital currency, but effective.
612
00:32:15,960 --> 00:32:17,680
It's programable money.
613
00:32:17,680 --> 00:32:19,800
A specific dollar may have an expiration
date.
614
00:32:19,800 --> 00:32:23,680
You need to spend it before this period
of time elapses, or else it disappears.
615
00:32:24,120 --> 00:32:27,280
Or a dollar
may have only specific use cases.
616
00:32:27,280 --> 00:32:32,880
You must spend this dollar on X or Y,
or you must not spend this dollar on ABC.
617
00:32:34,280 --> 00:32:36,720
The dollar is very acceptable
618
00:32:36,720 --> 00:32:39,720
around the world,
but you can't pay for everywhere.
619
00:32:40,360 --> 00:32:42,760
And typically most national currencies
620
00:32:42,760 --> 00:32:45,760
are only acceptable in their own country.
621
00:32:46,160 --> 00:32:48,840
And the US has a major philatelic problem.
622
00:32:48,840 --> 00:32:51,160
This is the budget for 2020
for the budget,
623
00:32:51,160 --> 00:32:54,160
not the actuals,
which have of course, were this
624
00:32:54,720 --> 00:32:57,120
budget deficit of almost 2 trillion
625
00:32:57,120 --> 00:33:00,120
on a spend just over 6 trillion,
626
00:33:00,480 --> 00:33:02,760
that's a loss in one year.
627
00:33:02,760 --> 00:33:05,360
But to put that in context,
they'd have doubled the amount
628
00:33:05,360 --> 00:33:08,360
of individual income taxes
for everybody in the US.
629
00:33:08,400 --> 00:33:10,200
Just to balance that.
630
00:33:10,200 --> 00:33:13,080
And on the cost side,
they can mix in improvements.
631
00:33:13,080 --> 00:33:16,080
But there are some key things there
you just cannot remove,
632
00:33:16,360 --> 00:33:19,360
like the debt interest.
633
00:33:19,960 --> 00:33:21,040
And the consequences.
634
00:33:21,040 --> 00:33:26,560
Well this is a chart of the amount
of money in the system in dollars
635
00:33:27,160 --> 00:33:30,040
and the amount of debt issued
by the US government over time.
636
00:33:31,200 --> 00:33:33,520
Now, I've labeled 1971 on here
because that's
637
00:33:33,520 --> 00:33:36,520
when the US came
unilaterally off the gold standard
638
00:33:37,680 --> 00:33:39,600
prior to 1971.
639
00:33:39,600 --> 00:33:43,400
If you give your dollars back
and receive gold instead,
640
00:33:44,400 --> 00:33:46,400
Nixon took the US off the gold standard
641
00:33:46,400 --> 00:33:49,400
and every currency in the world followed.
642
00:33:49,720 --> 00:33:52,240
And since then, it's allowed the US
to print
643
00:33:52,240 --> 00:33:55,240
unlimited amounts of money
to satisfy its own needs.
644
00:33:55,640 --> 00:33:58,640
And the red chart on the left hand
axis shows
645
00:33:58,800 --> 00:34:01,800
that amount of money is now 22 trillion.
646
00:34:02,400 --> 00:34:05,400
And on the right hand
side, you've got the US government debt,
647
00:34:05,960 --> 00:34:08,440
which even a month later,
this chart is now out of date.
648
00:34:08,440 --> 00:34:11,200
It's now 36 trillion.
649
00:34:11,200 --> 00:34:14,600
And this doesn't include the unfunded
liabilities, the amount of money
650
00:34:14,640 --> 00:34:18,120
the US government has committed to pay
at some point in the future
651
00:34:18,400 --> 00:34:20,600
through Social
Security, Medicare, Medicaid.
652
00:34:21,600 --> 00:34:23,920
But it hasn't had to write the check yet.
653
00:34:23,920 --> 00:34:26,960
Depending on how you calculate
that, it's between 50
654
00:34:26,960 --> 00:34:29,960
and 200 trillion on top of 36 trillion,
if that.
655
00:34:31,080 --> 00:34:34,080
The only way to solve
that is more money printing.
656
00:34:34,400 --> 00:34:37,400
So the money printer is systematically
destroying
657
00:34:38,040 --> 00:34:41,040
the purchasing power of the dollar.
658
00:34:41,040 --> 00:34:44,040
Now, you may think I have something
against the dollar, I absolutely don't.
659
00:34:44,080 --> 00:34:46,160
The dollar is the best that we have.
660
00:34:46,160 --> 00:34:49,320
I would love to be able to use the dollar,
as would the vast majority of people
661
00:34:49,320 --> 00:34:54,000
around the world, but unfortunately,
most people just aren't as lucky.
662
00:34:54,680 --> 00:34:57,120
This is the performance
of all the other currencies
663
00:34:57,120 --> 00:34:59,480
versus the dollar over the last ten years.
664
00:34:59,480 --> 00:35:02,720
Some have near enough
disappeared completely and so absolutely
665
00:35:02,720 --> 00:35:04,280
have they've ceased to exist.
666
00:35:04,280 --> 00:35:07,200
The people who saved their economic energy
667
00:35:07,200 --> 00:35:10,160
in those currencies,
I've seen them vanish.
668
00:35:12,120 --> 00:35:14,560
The unfortunate reality here,
669
00:35:14,560 --> 00:35:19,520
as the wonderful in Alvin repeatedly
says, is nothing stops this trade.
670
00:35:20,160 --> 00:35:23,160
There is no way out for governance.
671
00:35:23,600 --> 00:35:27,360
The only solution
is to keep pressing the big threat.
672
00:35:27,360 --> 00:35:31,440
But instead the conclusion
is a quote from Hayek,
673
00:35:32,320 --> 00:35:36,200
who was an economist
at the Austrian School,
674
00:35:37,040 --> 00:35:40,720
is that the history of government
management of money has,
675
00:35:40,720 --> 00:35:46,160
except for a few short happy periods,
been one of incessant fraud and deception.
676
00:35:47,200 --> 00:35:50,200
And he said this in 1988.
677
00:35:50,880 --> 00:35:53,880
Now, that would all be pretty depressing
if that wasn't the solution.
678
00:35:54,560 --> 00:35:57,560
Thankfully, there is.
679
00:35:59,120 --> 00:36:01,040
The only solution here
680
00:36:01,040 --> 00:36:04,040
is the separation of money and state.
681
00:36:04,600 --> 00:36:07,320
The government cannot be allowed access
682
00:36:07,320 --> 00:36:10,320
to a big rent, but.
683
00:36:10,640 --> 00:36:11,520
On Hayek again,
684
00:36:11,520 --> 00:36:14,520
this time the quotes from 1984
685
00:36:14,880 --> 00:36:16,160
I don't believe we shall ever
686
00:36:16,160 --> 00:36:19,160
have good money again until we take it
out of the hands of government.
687
00:36:19,800 --> 00:36:22,080
We can't take it violently
out of their hands.
688
00:36:22,080 --> 00:36:25,120
All we can do is buy some sly,
689
00:36:25,120 --> 00:36:28,120
roundabout way, introduce
something they just can't stop.
690
00:36:29,880 --> 00:36:31,680
Brilliant quote.
691
00:36:31,680 --> 00:36:36,440
So I look now with these links
between the big red button
692
00:36:37,160 --> 00:36:40,360
and the money printer
and all of these issues
693
00:36:40,360 --> 00:36:43,800
that we see in our lives
today, that it's now much clearer
694
00:36:44,520 --> 00:36:47,520
that if we can fix the money,
we'll fix the world.
695
00:36:49,080 --> 00:36:51,200
And the good news here,
696
00:36:51,200 --> 00:36:54,200
this is the best news, is that
Satoshi is a real
697
00:36:55,200 --> 00:36:55,840
and even Fiat.
698
00:36:55,840 --> 00:36:58,840
Tello is now a convert.
699
00:37:00,560 --> 00:37:03,560
The solution is Bitcoin.
700
00:37:04,920 --> 00:37:08,080
One Bitcoin is 100 million satoshis
701
00:37:08,560 --> 00:37:11,640
in the same way the $1 is 100 cents.
702
00:37:13,320 --> 00:37:15,560
Now you may feel
you know about Bitcoin already
703
00:37:15,560 --> 00:37:19,440
because of something you've been told
by friends or you read in the media.
704
00:37:20,160 --> 00:37:23,160
I would encourage you to start the game
705
00:37:24,000 --> 00:37:27,360
when we derive our information from media
706
00:37:27,360 --> 00:37:31,400
or people who have derived
their information from the media,
707
00:37:32,000 --> 00:37:36,360
and that media is connected to the people
who owned and benefit from the money
708
00:37:36,360 --> 00:37:40,360
printer, it tends not to be necessarily
the most accurate information.
709
00:37:40,920 --> 00:37:43,920
So don't trust, verify
710
00:37:45,240 --> 00:37:47,520
come to SATs versus Viacom.
711
00:37:47,520 --> 00:37:50,520
We've set up a website
which helps people get up and running.
712
00:37:50,600 --> 00:37:53,640
If you're just getting started, maybe
you've never heard of Bitcoin before.
713
00:37:54,240 --> 00:37:57,240
Kong, sign up
or we'll send you some information
714
00:37:57,480 --> 00:38:01,080
so you can learn about it for yourself
and make your own decisions about Bitcoin.
715
00:38:02,040 --> 00:38:02,920
If you're further along,
716
00:38:02,920 --> 00:38:05,920
or maybe even call yourself a Bitcoin
already, then amazing.
717
00:38:07,080 --> 00:38:10,080
This is not a commercial enterprise
for me.
718
00:38:10,160 --> 00:38:13,600
This is a charitable one
and so any support
719
00:38:13,840 --> 00:38:17,520
from within the Bitcoin community
or further afield I would love to receive.
720
00:38:18,120 --> 00:38:22,240
People want to give this talk themselves
to their friends or just share it
721
00:38:22,440 --> 00:38:26,200
more broadly, or even volunteer
to give a presentation as part of a group.
722
00:38:26,200 --> 00:38:28,320
Then just get in touch.
723
00:38:28,320 --> 00:38:31,120
And the third one is inviting us to speak.
724
00:38:31,120 --> 00:38:34,200
We want as many people as possible
to see this presentation,
725
00:38:34,600 --> 00:38:37,720
because the information contained
within it about what the problem is,
726
00:38:38,040 --> 00:38:39,520
is so important.
727
00:38:39,520 --> 00:38:43,920
So we'd love to speak if you have us
at schools, universities, industry
728
00:38:43,920 --> 00:38:48,840
conferences, events, or even at workplaces
if people are interested to learn more.
729
00:38:49,320 --> 00:38:51,160
So please just get in touch.
730
00:38:51,160 --> 00:38:53,640
Here's the QR code, which will take
you directly to the website.
731
00:38:54,840 --> 00:38:56,400
Alternatively, if you
732
00:38:56,400 --> 00:39:00,240
are Onex on screen,
say hi and join the conversation with us.
733
00:39:00,240 --> 00:39:03,240
Then please, please do.
734
00:39:05,200 --> 00:39:05,560
Firstly,
735
00:39:05,560 --> 00:39:08,560
thank you for watching
and I hope you enjoyed it.
736
00:39:08,720 --> 00:39:12,320
Please share this
with anyone you care about.
737
00:39:13,600 --> 00:39:16,760
And if there's one thing
that you take away from this is,
738
00:39:16,760 --> 00:39:21,560
I hope you will remember that
if we fix the money, we'll fix the world.
739
00:39:21,560 --> 00:39:23,440
Thank you.
64647
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