Synopsis of The Saylor Series with Michael Saylor (WiM221)

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[Music]

welcome to the waters Morning Show I am

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hey everybody Welcome to the Sailor

series book release Twitter space

uh this is actually the first Twitter

space I've ever hosted so thank you for

joining us

and we have our esteemed guest Mr

Michael Saylor who just joined

hey thanks for having me

thanks for joining us Michael and so

we as many of you may know uh sailor and

I recorded a long series together

um 17 episodes in total

which was the inaugural series for my my

show the what is money show

we released this started releasing this

in late 2020 on both YouTube and the

podcast feed

uh I think the total content comes to

about 25 hours

across the 17 episodes

and today

um and more recently we've released a

book which is uh basically a transcript

of our conversation with some summary

bullet points at the end of each chapter

and today we're going to kind of go

through a highlight reel uh of that

conversation and the book itself

uh which is now available on Amazon

and I think just for starters

um

I'd like to say that the feedback from

this Series has been overwhelming

um it you know I was walking through my

neighborhood in Nashville Tennessee

about a week ago and

some guy in his 60s that was cutting his

grass you know stops the lawnmower and

like runs across the street and

introduces himself

and was you know thanking me profusely

for for this particular Series so

um it's been a bit strange to see how

far the reach has been

given that you know my initial question

to Michael was just you know what is

money let's talk about it for a long

time and see where it goes

and so I personally was very excited

that people have found this thing

valuable and uh the reach and longevity

of it has been quite impressive as well

um Michael I wonder if you've had any

particular feedback or comments you'd

like to share on from our conversation

yeah my thought was um

I never really thought much about uh

what is money until you asked me

and uh then we sat down for this podcast

I thought it'd be a couple of hours and

it it turned out to be like 18 hours or

something like that and then we

eventually did 25 hours

and um

everything we did in those sessions uh

was pretty much based upon an outline

that I just quickly reeled off in the

first hour I just created an outline of

of a bunch of things I wanted to cover

and then and then the rest is just

extemporaneous so it's kind of

interesting what comes out actually I'm

poor and when I looked at the transcript

or this this book you put together is

400 pages long and I thought that's a

lot of words

a lot of words

but um a fascinating subject right what

is money

the highest form of energy that humans

can channel right money is energy a

monetary system is an energy system and

as soon as you start thinking about

money as an energy system if you're an

engineer the next thing that pops up is

you start thinking about

about every other Energy System

hydraulic Energy Systems water

electricity

thermodynamic Energy Systems mechanical

energy systems and the like and there

are so many

lessons to learn from all those other

energy systems that um that just

Justice starting with the observation

that money is energy and a monetary

system is an energy transfer system to

move energy through time and space

and or to vibrate energy on a given

frequency

or to program energy redirect energy

once you get that idea right you think

about pulley systems and you know and

what a pulley system allows one person

to haul a weight which is 10x more than

they could to pick up without that

pulley system so mechanical advantage

and block and tackle and Leverage

and uh and then you know what are the

techniques for redirecting energy I'm

going to pull down but I want I want the

energy Vector uh to move and out from me

right how do I do that

um that's that's a a subject that

Engineers deal with all the time right

mechanical engineers

civil engineers

nuclear Engineers aeronautical Engineers

ocean engineers

they're always dealing with energy and

materials and they study it with a great

deal of discipline and there are right

and wrong answers right the mathematics

matters and there are laws of physics

and and you can't cheat

um you know there's always the you know

the laws of thermodynamics right you

know energy can neither be created nor

destroyed you can only transform

it transformed the nature of it and and

once you accept that

right you realize that the I mean the

number one rule of thermodynamics is you

can't cheat

right you just cannot cheat and uh

Engineers know this and they design all

their systems with that in mind there's

no shortcuts there is no such thing as a

free launch

as Heinlein would say in his books

um and every aeronautical engineer knows

you want the plane to go further then

you're gonna have to give up some

payload or you're going to have to

change the material and you want it to

to go faster then you're going to give

up you know some degree of safety and

making it go faster

so Engineers live in this world but um

economists don't and money has

traditionally been the province of

economists or at least in our modern

world economists and politicians you

know we have we have lawyers in charge

of the money supply you know economists

lawyers politicians are considered to be

qualified to run the monetary system the

bat you know the banking system the

money system and the money supply but

if you actually just accepted the idea

that money is energy in a monetary

system is an energy Network then you

would actually think that I ought to put

an engineer in charge of that

bitcoin's the first time when anybody

figured out how to engineer a monetary

system and Satoshi is a is an engineer

right I mean a multi-faceted engineer

that had a pretty good familiarity not

just with economics and politics but had

a good familiarity with mechanical

engineering and electrical engineering

and computer science and cybernetic

systems and Servo mechanisms and

stability and feedback and

you know for first order stability is

something that you that you absolutely

have to understand if you're an

aeronautical engineer when you design an

airplane if it's stable it means when

the plane tilts 10 degrees to the left

the um the lift on the wing builds up to

bring the airplane back to Center and if

it's stable it'll tend to fly true and

and upright and if it's unstable when it

tilts 10 degrees to the left it'll tend

to tilt 20 degrees more to the left and

then it'll just flip and go into a

spiral and death spiral and crash into

the ground you'll die

and so lack of stability typically means

the plane crashes and burns and then uh

in Ocean engineering when you build a

ship you want stability so that when the

ship you know pitches you know 10

degrees to the to one side it tends to

want to come back and you know to

stability to to a neutral buoyant stable

Point uh and if it does that right then

it's going to not capsize but if it's

unstable the you know if you get the

center of gravity too high

or the center of mass too high in the

ship you know you tilt 20 degrees to the

laughter or or something like that you

get a roll uh and the thing just rolls

over so um not not Engineering Systems

with stability is a death sentence

in the engineering world but uh in the

monetary world not getting the stability

right is political inconvenience and you

just kicked hand on the road leave it to

the next person

ultimately the result is the monetary

system collapses but if it takes 10 or

20 or 30 years you're not there and you

can just blame it on something else

so I think the question really

had a big impact on me as you can tell

and

um and the result was whatever 25 hours

of content and

400 pages of stuff and last I checked on

YouTube it looks like we have 250 000

people viewed it so that was uh quite

surprising

yeah it's been uh quite tremendous and I

I find it interesting that this just a

relatively simple question about

something that we all use and think

through every day

takes you straight into the you know

some of the most primordial substances

we're talking about time and space and

energy

feedback systems Etc

and I you know I really appreciated the

framing we were talking about Bitcoin

moving us from politically run money to

a appropriately engineered monetary

system

you know I guess the central theme if

there is one of the Sailor series is

that right it's how human beings Channel

Energy across space and time toward the

achievement of their goals

and you did a really good job starting

in the beginning I don't know how much

more first principles we can get you you

know you started in the Stone Age and

basically uh built your thesis all the

way into the digital age

and in terms of how humans have

channeled energy historically you

initially focus on three Technologies

and you focused on fire as an energy

technology you focus on missiles and you

focused on hydraulics

as a means of channeling gravitational

could you give us just like a brief

overview of the significance of uh fire

missiles and hydraulics

I started thinking about money as an

energy system

and and money as as a economic

socio-political economic form of energy

then it just led me to ask the question

what what were the formative energy

systems of the human race and the

Paleolithic era so I went back a hundred

thousand years and I said you know what

what elevated humanity and uh it's not

not that hard right you know it's like

fire we've got we've got Prometheus and

our mythology and the whole point of

fire is is harnessing and channeling

chemical energy

and uh converting a log into heat or

into light is a pretty good trick and

and cooking food or pre-digesting food

using a wooden log is another pretty

good trick and I was focused on that

because it's it's so inter intricately

interrelated with our evolutionary

biology and there's so many people with

the thesis that Humanity would never

have

would never have um emerged if we didn't

actually Master fire because we couldn't

we couldn't uh digest enough food and do

it quick enough in order to divert

energy to our brains

and so you know if you if you don't have

fire you know you're a horse or

something or a cow and you're just

eating all day long but you're never

going to get that smart because so much

of your energy is diverted to your

digestive tract so it doesn't take much

much consideration to realize that

without you know fire is a means of

protection and a means of not freezing

death a means of digestion a means of

signaling a means of information

uh Gathering and maintenance you know

not to mention the fact that you you

don't just cook food right you you cook

Terracotta clay or you cook materials

you can create construction materials

you you can work

stones and and you can Harden you know

the tip of the spear right you can smoke

food to preserve it my fire fire turns

out to be pretty useful uh in so many

different ways

you can scare away something bigger than

you that would otherwise eat you

so it's it's

um it's defensive it's offensive it's uh

constructive

uh it's useful and uh you know the the

missiles thing is just like

you start thinking about converting

potential energy to kinetic energy right

a bow I draw the string of a bow back I

put an arrow in it and I send the arrow

100 feet or 200 feet or a thousand feet

or however long I'm gonna fling it and

if not that I do it with a sling

I I think the

the the critical idea there is that it's

just very difficult for us to rise above

you know any creature that um

that has sharper fangs than us and if if

someone's got if someone's bigger or

stronger or tougher than us you have to

stand off from a distance in order to

beat them so whoever Masters missiles

wins

got I think that's a long reach not only

can you actually stand back a hundred

feet and blast something but you can

also stand up 30 feet on a cliff and

blast them so

so uh it's a pretty good evolutionary

trait to master the ability uh to direct

an energy weapon uh in a distance and

it's pretty obvious today right I mean

someone's someone's got a gun and you've

got a knife you're going to lose and if

they've got a rifle and you've got a

pistol you're going to lose and if

they've got artillery and you've got a

rifle you're going to lose

ultimately someone that can drop

something from 50 000 feet above you on

your head is going to win

so missiles turn out to be uh pretty

critical to advance as well

of humanity over creatures and then

eventually the most sophisticated tribe

that mastered the most sophisticated

missiles dominates the less

sophisticated tribe and that's continued

to this day with icbms and and uh and

even even the Star Wars initiative that

we credit for toppling the Soviet Empire

was was um either mastering the ability

missile or mastering the ability to

knock a missile out of the sky that

someone else flung at you

I mean the last subject Hydraulics

really is just water power right I mean

water water is one of the most effective

ways to channel gravitational energy and

you know ancient peoples took water and

uh they created Mills and they created

machines and they and they um did work

and you know if you um if you have a

waterfall and it'll do the work of a

hundred people

then uh you know that could be pretty

useful to you right especially if you're

one person

you get the mill working and you can

relax while the water does the work so

so I think the significance of all these

is they're early they're Paleolithic

Energy Systems with a different purpose

if you mastered them you built a

civilization

and if you didn't Master them the best

case is you run around with the animals

and you know better off than the

chimpanzees or the worst case is you

don't Master them and the tribe that's

adjacent to you Masters them and they

just murder you and you're done right

and and uh

you get squeezed out of the entire

ecosystem

so I I think when we started

consider those that the big idea is the

civilization that channels energy most

effectively wins

and uh and and I think that was kind of

the theme for the rest of the entire

series of podcasts

yeah great elaboration there I and

so the civilization that channels the

most energy the most intelligently wins

um obviously these are primitive forms

of energy but they're very instrumental

to building a civilization

but to your original answer to the

question like money would be the highest

form of energy that a human can Channel

if then that energy Network

that we call money is monopolized as it

has been

throughout history what is that doing to

this highest capability that humans have

where we can

yeah use money to coordinate the actions

of one another what is the the

monopolization how is it actually

disruptive to that energy Network that

we call money you know I mean

fundamentally difference between uh

monetary networks and um

and sanitation you know water Networks

or or

um missile networks or you know

fire furnaces

is is that you can't cheat Mother Nature

so if you create a um if you create an

aqueduct system and you put a leak in it

then eventually you get half as much

water and if the Loop's enough you get

no water and if you can't move the water

the city of 50 000 people has enough

water for five thousand people and forty

five thousand people die and that's it

and the people figure out that the mayor

of the Town screwed up the aqueduct when

they all can't drink anything and they

die right and the same is true you screw

up your furnace and it burns your house

down or you screw up your furnace in the

and the fire goes out and you freeze to

death right no cheating on that right

it's it's pretty obvious and and it's

not a political issue like nobody says

it's not fair that the fire went out or

it's not fair that the cistern didn't

capture water and they don't you know

when someone shoots you in the face with

a missile or throws a bullet you know at

you from a sling and you're there

bleeding you know no one says you know

that's not fair right I mean the truth

is the lead bullet flies through the

atmosphere and they either hit you or

they don't

um so those are engineered systems

controlled by the laws of physics and

they might be brutal but you cannot

cheat them you you cannot elect a new

mayor that just passes a law that says

the bullets don't work anymore and use

that to save yourself from the enemy

coming over the ridge

the money is different money is

socio-political energy and so when it

works perfectly it is economic energy

but when it is captured by a political

uh a political organization or

centralized and when it is corrupted it

becomes imperfect energy and and so if

we look at at uh at money through

history right we've got lydian coins and

you know we write about them but but you

know that they the history that you read

is 10 000 incidences of one people

conquer another people they sack their

City they lay seeds in their City they

kill all the people and they take all

the money they melt down all the old

coins and they recap and they re-coin

new coins so you know it's the Spartans

fighting with the Athenians fighting

with the lydians fighting with the

Persians fighting with the you know fill

in the blank the Romans and the

Phoenicians and the carthaginians and

and uh they've all got their own system

of coinage and you can literally find

thousands and thousands of them they all

have gold in them generally what happens

is you start out you know you start out

as a as a young virtuous people

the Romans you're young and you're

hungry and you conquer the Etruscans you

take all their gold you take all their

property you build your own coinage and

then um and that coinage is high gold

content traditionally if if it was on a

gold standard and then you use that uh

to build a free economy and the economy

as trade and people create ships and

they create Wagon Wheels and they create

buildings and they create weapons and

they hire mercenaries or they pay

soldiers and then you defend yourself

and over time

uh you expand as long as uh the as long

as the society is not corrupt

when the political system is not

corrupted when the monetary system is

not corrupted and everybody feels it's

fair and equitable

that's an incentive for people to fight

to defend their home because they

because they appreciate it and they love

it and it's an incentive for business

people to work hard because they know

they'll be fairly rewarded so the uh the

city or the city state grows

and it keeps expanding until eventually

the son or the grandson or the or the

13th successor to The Virtuous King

takes over

gets lazy debases the money cuts the

amount of gold in the coinage by 30

percent and then by 50 percent and as

they cut the and debase the currency

people start to lose faith in the ruler

and lose faith in the economic system

and then they start to cheat

and or you know people don't want to

defend it and eventually The Mercenaries

want to be paid more and so

you know taxes have to go up and the

coinage has to get debased and

eventually people lose faith in the

entire system and Along Comes A Younger

hungrier more virtuous uh group of

people that aren't so fat dumb and happy

and uh and they conquer the older fat

dumb and happy corrupt civilization

uh the history book written by the loser

is something like these evil barbarians

came and they and they took our stuff

for no reason whatsoever and isn't that

unfortunate

but the history eventually gets

Rewritten by the winners if they stick

around long enough to be you know the

the civilization that failed was

corrupted the the Romans said the

carthaginians were corrupt you know and

so the winner rewrites the history book

and they just take all the the corrupted

uh property and all the defective

systems are they either destroy them or

melt them down and reform them and the

cycle begins Anew and that's why the

gold it was in the lydian coins probably

made it into Persian coins

Athenian coins Roman coins you know

Venetian coins floor Florentine coins

Spanish coins British coins you know all

through history

we just keep going through this

rise and fall and I think the big idea

here is I can't corrupt

um an aqueduct and I you cannot create a

corrupt airplane you fly a corrupted

airplane like you know Howard Hughes

imposed his will on the Spruce Goose

building a plane too big of materials

not strong enough with a propulsion

system not powerful enough and it flew

for whatever 20 seconds or 30 you know

30 seconds and it didn't fly anymore it

doesn't matter how rich you are or how

egotistical you are or how bad you want

it it just won't fly if you cheat the

laws of physics and in uh in money

well it'll fly and you can do irrational

things if you have raw power for a

period of time

I mean Nero could act like Nero for

about four years and eventually the

economy collapsed and he got murdered

you know and Caligula did the same thing

so in the extreme cases you can be

literally you know crazy

you know nuts and suspend the laws of

everything for anywhere from a number of

months or a number of years but

eventually

the economy collapse at the society

collapses people lose faith in you you

know over the midterm typically 10 to 20

years will do you in

you know Zimbabwe has been getting

driven driven into the ground for about

40 or 50 years I mean you can't do it

for a hundred years without everybody

dying or getting murdered or um or

collapsing the society but but you can

you can certainly uh corrupt a monetary

with uh political meddling you know over

some number of years I guess when you

get a strong enough leader they aren't

they normally crash their money supply

in about 20 years and if you're lucky

you know if you're the world Reserve

currency or the world leader maybe you

lost 100 200 years

before you crash the system

and uh I think the lesson to be learned

there is is

engineering Integrity you know having

physical Integrity linking your system

to the physics of the real world

is the safest thing to do because all

all governments eventually are corrupted

all corporations are corrupted you know

any any system run by mankind will

eventually be corrupted if not in the

first generation and then the second or

the third or the fourth generation and

and it is really inevitable it's it's

almost impossible to avoid because you

know you've got that Meme you know like

hard times make strong men and strong

men make good times and

Good Times make easy or soft men and

soft men make hard times right it's like

it's very difficult if you've been

successful to make sure that your

grandchildren are equally motivated

you know and Genghis Khan learned this

and Alexander the Great learn this and

the Romans learn this eventually

yeah or Lord Acton said right absolute

power crops absolutely and so too much

of anything eventually corrupts you

and uh

Nature has a way of solving the problem

right this you don't see any fat

predators and I look at all the

beautiful birds and I think they're all

beautiful and they're all and they're

all very energetic and chirpy and happy

and they fly why is it that there are no

corrupt fat dumb happy birds and the

answer is because they don't last more

than 48 hours in nature when they get

fat dumb and happy right nature pretty

much will it'll squeeze everything that

is not you know operating at Peak

Performance out of the ecosystem every

every Last Vestige of it is gone so it's

continually cleansing itself

from

irrationality or or sloth

yes

it's interesting that you could almost

say leakage

oh leakage destroys energy networks and

for human systems this corruption is

equivalent to leakage

you know inflation obviously is clearly

a leak of purchasing power clearly

corrupt

and it destroys civilization over time

or eventually because you can't cheat

nature as you're saying so maybe you can

cheat it for some period of time because

it's a socio-political system

but eventually

um the you know proverbial Bill comes

due

and this whole process of leakage or

corruption is really contradictory to

the central tendency of nature

which is energy conservation or you know

to follow the most energy efficient

strategy something we talked a lot about

in the series

you know I that that helps clarify the

importance of Bitcoin

but we've

we've seen this happen time and time

again as you've said right the

compromising of the monetary protocol

through corruption or leakage leading to

the collapse of other protocols

ultimately the political protocols

uh and many other areas of History like

ancient Rome

um are are we seeing that today are we

experiencing that today I mean clearly

the monetary protocol is being

compromised it seems like the world is

is falling apart in a number of ways do

you think we are going through one of

those historic breakdowns today

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yeah I mean I I think that um safety and

did some good research on it and and

before 2020 the U.S was expanding the

money supply by seven percent so we had

seven percent a year leakage annually so

we're basically leaking half the energy

out of the system every 10 years on the

world Reserve currency from since 1971

uh certainly and I think probably since

1914 or so

so that's about as that's about a seven

percent leakage per year but it was

about a fourteen percent leakage per

year in the in the developing world

so you know the money uh energy has a

half-life or money has a half-life of 10

years

and uh strong currencies and has a

half-life of five years and the weak

currencies

and that was the status quo till 2020

and and the way that kind of reflects

itself is in Weak Nations the currency

collapses about every 20 25 years and we

saw a currency collapses uh Financial

collapses in Russia there was one in 96

we saw currency collapses in Argentina

about every 20 25 years so weak

countries in Africa weak countries in

South America weak countries in Asia

they keep losing their currency system

collapses every 20 to 30 years

and then the strong currency it's going

to last about a hundred years or 50

years or so 50 to 100 years

that all got accelerated in March of

2020 when I think the the uh the rate of

monetary inflation in the U.S dollar it

doubled the triple you know it sort of

went somewhere in the range of 20 a year

15 to 20 a year I think we I think we've

spent the money supply 20 each of the

next two years and so a 40 debasement of

the currency in the world Reserve

currency over 24 months but um if we

look at the other

um currencies

and uh what's going on with them I think

it's um

it's kind of even more disturbing if you

look at

currencies against the dollar in the

last 12 months the Japanese yen is down

23 percent the Polish a lot he's down

almost 19 percent South African rand is

down 17 Great British pounds down 16

percent

wands down 15 the Euro's down 15. and uh

even the Chinese currency which they

control is down about eight percent year

over year so what we see is that uh the

strongest currency the dollar is losing

something at this point like 15 or more

of its purchasing power a year like how

do I know that well what the CPI and the

PPI and dollars are clocking about eight

and a half percent right now to nine

percent but CPI and PPI are are

manipulated distorted metrics of of true

monetary inflation because we cherry

pick a subset of products and services

and we choose to measure them in a in a

managed fashion so a reasonable

conclusion is they certainly understate

the extent of monetary inflation

probably by they probably understated by

half you know scarce desirable assets

aren't included uh we know American

single-family homes are up 40 percent in

24 months and yet the inflation would

indicate that they should only be up 12

or something so

so overall the fiat currency system

is uh is bleeding energy at a more rapid

rate at a at a 15 you know percent

monetary inflation rate money has a

half-life of less than five years four

and uh you know money in Gold if you had

a perfect gold standard and gold inflate

to two percent a year money has a

half-life of 35 years

so the best you could get to is a

half-life of 35 years and in a in a free

market economy that's growing at two

percent a year in real terms if you own

a perfect gold standard and money has a

half-life of 35 years you'll get price

stability because the money will lose

two percent of its value a year but the

supply of goods and services will

increase by two percent a year and they

offset each other so that's the uh

that's the uh ideal Golden Age gold

standard with an economy with minimal

meddling now if you have an economy with

tons of public policy if you have

foreign policy medical policy trade

policies energy policies you know work

labor policies education policies

communication policies uh that all

interfere with the free market then of

course the supply of goods and services

is dramatically decreased versus the

theoretical output of a free market

without all those policies and then if

you combine that with a monetary policy

that expands the money supply by 40

percent right you're going to get

extreme inflation in certain areas

the way you um and of course in in areas

what you really got is three tiers I

think in the world you've got uh the U.S

the U.S economy and the U.S currency

which is the strongest it's the world

Reserve currency you've got Europe and

Poland and our allies in Korea and Japan

and they're weaker they're kind of

pegged to us but they're but they're

losing 10 to 20 percent of their value

against our currency and you've got the

the third tier developing World

currencies like the peso and the Turkish

lira and of course they're collapsing at

50 a year or more

and uh what you see is uh of course

chaos in Lebanon you see chaos in Sri

Lanka where the government will

literally collapse or you know in

Lebanon right people like someone

holding hostages in a bank in order to

get their own money back which is sad a

sad meme for the time

well I think all of this is indicative

of the structural problem with Fiat or

political currency and political money

um and it's gotten you know worse right

so however bad it was from 1971 it's

almost like you could you could divide

periods right 1870 to 1914 gold standard

may be reasonably stable not perfect

it was perfect it would have been a

Bitcoin standard in those years and then

the money would have gained two or three

percent value every year instead of just

holding constant but I mean it was uh

the closest approximate the closest

mechanical approximation it's like a

mechanical watch versus a digital watch

the digital watch is always more

accurate but but really good mechanical

watches are pretty good plus or minus a

few seconds so we had a good mechanical

solution

you know in that time period Then I

think we went to the gold Reserve

standard from 18 1914 to you know

Bretton Woods uh you know based upon the

Treaty of Genoa and there the money

started losing more of its uh of its uh

value and we saw crises like the

depression that came out of it and

eventually World War II

and then Brett Woods moved us to a um

more of a gold Reserve standard but with

the U.S as the only counterparty and all

the gold and Fort Knox and I think then

we started inflating the currency

certainly faster right we we had a faux

gold Reserve standard but but I don't

think we observed it

and uh and we were definitely growing

the money supply faster than two percent

a year I think probably I think most

likely

seven percent a year on average and then

you get to you know Nixon abandoning the

gold standard and uh and it just chopped

on at seven percent or more

and uh then we got to 2020 where we kind

of threw out all sorts of rules and we

just doubled

maybe tripled triple the monetary

inflation rate in the U.S and maybe you

know so stomp down on it for about two

years and

I think that now 2022 right we're just

going through this massive

massive uh uh transition where I think

politicians realize that inflating the

money supply by 20 a year in the western

world was not sustainable

I think they figured that out and that's

why interest rates are being taken up

and and we're squeezing back and that's

why you have all these risk assets

trading off and and the like but but

what's the conclusion the conclusion is

we've agreed that we're not going to

inflate the money supply by 21 but we're

probably going to inflate it by 14 a

year there's no way we're going back to

seven percent a year inflation so I

think we probably land where we thought

we would land somewhere in the range of

double

for the next four years or something

like that maybe fourteen percent in in

the US but other currencies are worse

right in Japan they're trying to Peg the

10 years the 25 basis points and that's

why their currency is

collapsing against the dollar

I don't the story is not you know

finished here we'll see how it turns out

but but bottom line is

everybody for the last 30 years knew

that the US dollar was not a store of

value over the long term and they all

kind of went to indexes like the s p

index and we used equities as a store of

value or we use real estate property as

a store of value

I think looking at the next 20 years I

think people realize that in an

environment where the monetary inflation

rate is clocking at 15 percent a year

equities don't look like such a great

store of value anymore because they're

buying on cash flows and so now you

gotta you got to think about what is

your property store of value and you're

going to use real estate and if so where

are you going to put that real estate or

are you going to use something like

Bitcoin as your store of value and uh

the the collapse

you know there's that phrase you know

you can if you're gonna boil a frog you

kind of want to crank up the temperature

slowly I you can it turns out you can

boil people at seven percent a year if

you tell them it's two percent a year

and most people will grit their teeth

and they'll fight through it only the

really sensitive sophisticated ones will

realize that they're being boiled at

seven percent a year instead of two

percent a year I mean I I didn't realize

it Robert you know from 2010 to 2020 it

didn't occur to me that the real