Michael Saylor SLAMS The FED For Trying To Destroy The Crypto Market | PBD Podcast | Ep. 267

[Music]

I gotta tell you guys are funny in the

in the chat come back and forth with the

nicknames about the podcast starting on

time anyways today we're starting

without Michael Saylor and Adam because

they're stuck in traffic coming up from

Miami apparently there's a bunch of

accidents but Tom it's you and I until

they come in at any point they can come

in good morning so when they do come in

here's what we want to talk about we

want to talk about the fact that Michael

Sayler and microstrategy spent 179

million dollars

on bitcoin last quarter uh Michael

Saylor says banking crisis is driving

Bitcoin adoption we'll talk about

binance we'll talk about uh worse than

2008 how ethereum co-founder says

Bitcoin and crypto not braced for a 540

billion dollar crisis we'll talk about

we'll talk about crypto price warning

China Biden and the FED could be about

to destroy all value of Bitcoin this is

a Forbes story and then Biden is pushing

a huge tax on crypto it could backfire

spectacularly Washington examiner but

before those guys come in Tom two or two

stories Rob found here that I really

like first one Warren Buffett formula

for Success one good decision every five

years what what a what a great way to

manage decision making process right

this is a guy that's been added with his

company for 58 years and he credits

roughly 12 decisions so here we go

Warren Buffett's annual Reddit letter to

shareholders reflects that in the last

58 years of investing and identifies

only a dozen good decisions they've made

averaging one every five years as a

source of Berkshire Hathaways three

million seven hundred and eighty four

thousand four hundred and sixty four

percent return over that period Buffett

believes that fewer than 20 decisions

made a difference for him and it's not

about getting every decision right but

getting the important decisions anomaly

right his successful investment strategy

involved investing in insensibly

priced opportunities at big companies

with honest people competitive advantage

and understandable enduring and

mouth-watering economics and partnering

with the right people such as Charlie

Munger and Ajit Jane Tom what do you

have to say about this well I think if

you look back at it

um this kind of goes to uh and and folks

could Google this and the S P 500 the

longer you look at it the harder it is

to be right you've been in financial

services for a long time the longer you

look at it like five years ten years 15

years you make a little chart sure the

harder the s p is to be and if you look

deeper into that you can find these

stories that tell you that there were 30

days in the history of the s p that if

you miss those 30 days

um you you really miss something like

the 2009 had two days where there was

like these five percent bounce

turnarounds remember that yep you know

2009 everybody said what's going on in

2009 I'll send boing up five five

percent one day another five percent one

day and all of a sudden your temper for

the year and so what what uh Warren

Buffett is coming back and basically

saying is hey

um we've made 12 good decisions and we

could probably uh you're saying that let

me do what I just found according to

Hartford fund if you missed the Market's

10 best days

over the last 30 years this is S P 500

your returns would be cut in half there

it is that's it and that's why the S P

500 Index like a cash index held for a

long time is usually a good idea and

that's why a lot of the life insurance

products like PHP sold you built this

monstrous Life Insurance Agency on a

nationwide basis Pat and a lot of those

iul index Universal lives were tied to s

p indexes so it showed that something

that's stable like life insurance so

back to Buffett you asked me about

Buffett I think if we decode this we're

going to find Buffett is saying like the

day I invested it the day I went all in

on coke the day Coca-Cola the day I went

all in on Geico I'd be willing to bet

that his 12 big decisions is probably

those days because remember there were

days where Buffett decided to go all in

on some companies that have come back

for him in spectacular fashion so it

sounds to me like he's saying the same

thing like the story you just just read

and what the common knowledge among the

investment Community has been about

long-term Buy and Hold on the S P 500

don't miss those days and by the way Tom

if if there are certain decisions like

when you think about creating wealth

right

um too many people put this pressure on

themselves I believe of getting it right

every single time right it's a different

story with Investments and and you know

things you invest into specifically than

it is with you know other things you do

in your life with Investments if you get

one thing right you know that could make

you a household name you could have

failed in 18 different businesses none

of them worked out and then all of a

sudden boom one thing you get right you

sell it for 50 million you sell it for a

couple hundred million you sell it four

billion dollars now everybody goes back

and talks about that one success story

right so it it Buffett's story validates

and hopefully encourages a lot of people

to be a little bit more patient he's

selling long-term thinking

with how to make your investment

decision I think it's a great a great uh

philosophy especially to learn from a

guy like him I heard a statement and

it's really short and it's this if

you're going to invest remember it's a

cornfield not a sports book you go in a

sports book oh maybe I'll bet on this

Laker game yeah and then 10 minutes 20

minutes later there's another game

starting maybe I'll bet on this one so

if you're bouncing in and out if you get

a Robin Hood account you're bouncing in

and out that's a recipe for you know you

never beat the sports book you may get a

one big hit once in a while maybe the

super professional gamblers get it but

the average guy going into a sports book

around the Super Bowl or March Madness

they never get it we see that whereas

you treat it like a cornfield what do

you do once a year you harvest some corn

and you have patience in between

agree very good lesson there from

Buffett here's another one new cars once

part of the American dream now Out Of

Reach for many this is a Washington Post

story low income earners earners in

America are being priced out of new cars

Market while high earners are buying

more than ever before spending on new

cars by the lowest 20 percent of earners

reach its lowest and 11 years while

spending by the top 20 reached its

highest on the record according to 2021

consumer expenditure survey so by the

way what they're saying is the rich are

getting richer and the poor getting

poorer which I'll have my point on this

one here in a minute the average price

of a new car in U.S hit forty eight

thousand eight dollars in March up 30

percent from March of 2020 and the

demand for cheaper models have been

shrinking for years the problem

preventing many Americans from buying

new cars are twofold one Rising interest

rates have made car loans far more

expensive with the average monthly

payment reaching 7 30 in April of 2022nd

the a supply of Cheaper cars have been

shrinking as manufacturers focus on more

expensive high-end models the global

chip shortage caused by the pandemic has

forced automakers to ration their

components reserving them from more

profitable Vehicles Tom what are your

thoughts on this I got some thoughts but

I want to hear from you first

um well this is this is what's you know

when um when money is no longer free and

you can no longer get you know that

two-year lease with those teaser rates

um you know and let's face it a lot of

people are aspirational about their cars

what I mean by that is they run to the

payment that they think they can afford

to get the glitzier vehicle

very few people are thinking like you

know Dave Ramsey and other people that

says hey be very practical about your

personal budget in the car you get think

about safety think about what you can

get but right now what I see I see this

um a friend of mine turns in a Mercedes

GL SUV now remember this is we're not

talking a G wagon just Mercedes GL and

it had it on a three-year lease in the

name of his company he goes into the

dealer and he says what's my buyout on

this because the vehicles are expensive

I'm just going to buy the vehicle

um and says give me the number and he

said we'll give you two numbers here's

the bio number that's in your contract

and here's fifteen thousand dollars he

said what's the fifteen thousand dollars

we will buy that vehicle from you right

now for fifteen thousand dollars and he

said yeah but if I walk back in the door

to get another new one on the lease

what's that going to be and so the

economics didn't add up and so he paid

about forty eight thousand dollars

bought out the Mercedes GL had very low

miles on it

um after three years and then it's like

oh my gosh the high-end cars the demand

is there to the point that that was a

local Mercedes dealership going to do

that yeah first person can't do that

though no the average person can't do

that but that's the point they're making

about what's happening in the high end

now in the on the low end

what's what's happening is the American

public has been a payment based public

right the average person is payment

based oh I can afford that payment so I

can get something a little financing

everything

and they do they do the payment to

Lifestyle I can afford that payment so I

want to step up so I can get the

lifestyle out of it and what's happening

is the interest rates are up and the

little mini lease and the cheap lease

two year three years the party's over

and now they're having to go in and look

at wow that's forty eight thousand

dollars plus 10 and everything so it's

53 out the door and I'll put you know

five grand down if they've got that so

forty five thousand over five years

Bingo 700 bucks you know and it's um and

there's the pinch point and I think the

pinch point is the reality and the

average American doesn't want to go in

and get the base model you know

Toyota Corolla that's not what they want

you don't have a choice still but but

here's what I will tell you here's what

I will tell you to the people who talk

about the rich get rich and the poor get

poor and they complain about it you have

to realize every one of these things

that you're seeing happen that's

destroying Middle America folks

the the concept of well you see you know

what what about the middle American

Income you know what they can't afford a

car like this well let's talk about why

what's causing this what is causing this

to destroy Middle America that they

can't afford something like this because

the guys in the middle that are working

their tails off for 22 bucks an hour 28

bucks an hour trying to do what they can

for their kids their families you know

they're sitting there saying I cannot

get a new car I I can't get a new car I

have to go finance a used one and it's

backfiring on me bad policies have

consequences many policies seem Noble

today I'm reading a book it's called

toxic uh charity I don't know if you've

read this book toxic charity

and I'm going through it and he starts

off the book Tom by saying the following

he says I have to read this to you he

says uh uh uh man I gotta find this to

tell you there it is okay he says over a

trillion dollars of Charity was given to

Africa do you know what percentage of

the money that was given to Africa was

actually used and went to the people 15

85 of the trillion dollars that was

given to Africa to help everybody was

like we're gonna help Africa We are the

world we are the children

this what a great cause let's keep

raising money

dude only 150 billion out of the

trillion dollars went to the people what

happened to the 85 trillion dollars and

then he continues talks about never do

for the poor what they're capable of

doing for themselves this is a guy

that's been doing charity for 40 years

and he says I'm here to tell you more

churches and Charities are destroying

communities coming from a good place but

they're hurting them so I'm listening to

this recording has nothing to do with

politics all he's doing is calling our

churches and he's calling our Charities

and I said I'm like what is this guy's

point you know look at the subtitle

right there Tom how the church hurts

those they help and how to reverse it

this is a guy that's a Christian guy

that's been raising money for 40 years

and he's saying this the more you read

the book the premise is you think you're

helping people by giving them money

you're actually not you're hurting these

people so when these guys were talking

about let's send money to people

let's do another trillion dollars let's

do another trillion dollars let's do two

let's take care of these people let's do

what's Andrew Yang's plan about a

thousand dollars every month being given

to people what did he call that uh Ubi

Universal basic income let's send people

money this is we can afford it we can

afford it we can affordable because they

need a living wage wait who determines

what the living wage is and the

government starts turning the dial on

what a living you know what a living

wage should be a Ford pickup so I'm

going to turn the dial up oh is it

election year we're giving everybody a

truck now

they send them the money and then all of

a sudden you know what they did with all

this money they sent to help the poor

you know what they really helped they're

rich

because what they don't realize Poor

People's problems is their habits listen

when I was broke and if it was fifty

dollars in my bank account all I knew

what to do with the fifty dollars was

what to spend it if I had five hundred

dollars guys let's go out it's on me if

I had four hundred dollars I had such a

poor broke mentality with money until

that changed nothing was going to change

so rather than trying to help these

folks with the money you sent to them

that they don't know what to do with it

first thing we got to do is teach them

about how money works but nobody wants

to teach people how money works it's all

the other stuff that people want to talk

about this book psycho cybernetics this

guy Tom who becomes a a

surgeon he does cosmetic surgery for 15

20 years they ask and they said why did

you become a cosmetic surgeon he says

because I wanted to make people happy

and he says every time I would do

surgery this this book still by the way

35 40 million copies he said every time

we do surgery I would look at their

faces they were so happy and I'm like

man I made somebody happy today breast

augmentation or face or whatever he was

doing he says you know what happened six

months later they went back to the same

depressed miserable people they were he

says I realize after doing this for 15

20 years you can make people happy from

the inside from the outside you can only

make them happy from the inside so he

went and got away from that business and

started becoming a psychologist working

with people on the mindset writes a book

called psycho cybernetic cells 35

million copies what we're trying to

solve all these poor people's problems

from the outset by sending money to them

why don't we work from the brain why

don't we work from teaching them

mentally on how to deal with their

finances and other areas of their lives

so the next time it comes to vote for

sending more free money to people just

remember this the more free money you

send to the market all you're doing is

making the rich richer and the rich keep

getting richer and the poor keep getting

being poor because your policies that

sound Noble on the outside actually

destroys Middle America Tom I I

completely agree and Pat you know where

my charitable heart is but you also know

that my charitable heart changed about

12 years ago because I was I was part of

American mega churches and you know I

was a person attending there but then I

would look around and say no wait a

minute you know where can the church

have the highest impact during a

disaster Karina

there's not people down there it you

know it didn't rain four foot of water

and then you know uh Lake Pontchartrain

flood because of their habits it was

because of Hurricane Katrina and you can

go down and provide relief and you can

meet certain basic needs you and I both

know of a church in um in Dallas where

we used to go and they operated a

medical clinic for people who did not

have medical insurance but they didn't

come in there to get a gift they came in

there to get you know an antibiotic when

they had bronchitis and they had no you

know medical insurance or it was a

single mom that had inadequate insurance

that is where Charities can stand in the

Gap where 90 of that dollar is providing

a bridge on something that is not

lifestyle related and what you're

talking about there are there are

organizations out there and they hate

them remember at the auto industry

thought of JD Power the first time they

were putting out those Awards they were

like who is this SOB that's doing this

and they hated it because the lists were

real and they couldn't just put million

dollar marketing around the list sorry

dude your SUV is not reliable and

therefore you don't get the JD Power

quality award now people you know that

kind of forced them what's happening in

Charities Pat is there are organizations

out there that are looking at the two

taxes tax number one you give a dollar

to a charity how much of that dollar

gets used up by the local Administration

the people in America collecting the

dollar operating the office and if it's

more than about eight to twelve percent

that's an inefficient charity the second

is how much of the dollars so now let's

just say ten percent now we have 90

cents over 90 cents we're going to feed

the children in Africa okay how much

gets to them and what was it doing

and then you find out that there's a

government tax in there that the

government actually snatched 50 percent

of that or that you do the most terrible

thing is you buy commodity like flour

and things like this that's a tradable

commodity guess who takes it half of it

gets taken by the by the government and

the government then sells it so the

average American doesn't know I gave a

dollar wait a minute a dime went to

these guys Administration in the U.S and

then the rest got to Africa and that's

exactly what he's talking about this guy

let me let me tell you what he says he's

so right about toxic charity here's what

he talks about in the book he says he

says uh lupton's oath offers six basic

guidelines never do for the poor what

they can do for themselves two limit One

Way giving to emergencies yes empower

the poor through employment lending and

investing using grants sparingly to

reinforce reinforce achievements for

subordinate self-interest to the needs

of those being served five listen

closely to those you seek to help and in

particular listen to what is not said

be apparently felt and above them all Do

no harm and then

he talks about the five cycle okay this

this is very powerful the ever

descending life cycle of Charity one-way

charity give once and you listen give

once and you elicit appreciation give

twice and you create anticipation you're

gonna give it to me again I anticipate

three times and you create expectation

where's my money

give four times and it becomes

entitlement give five times and you

establish dependency okay very

interesting when you think about this

give once you illicit appreciation give

twice you create anticipation give three

times you create expectation give four

times it becomes entitlement and give

five times you establish dependency well

you know what this means and I'm gonna

make I'm not gonna make enemies here but

I'm gonna upset some people so

those of you that are Christian churches

preaching from the pulpit about how what

is welfare done look how welfare's

messed up our city they've created the

dependency of these people look in the

mirror because some of the stuff you're

doing is causing the same thing

yeah and it's happening I mean you you

you you know and by the way I learned

this the hard way in my third year in

business I was 24 25 years old 26 years

old I put on my own sales office and I

had a good friend of mine who was one of

my sales guys and he starts making money

but he starts dating this girl and he

buys her like a three four five thousand

dollar Rank and he takes her on this you

know place and he's spending all this

money and he says I can't afford to pay

rent this month and he says but you make

money off me so give me a break for one

month I said no problem give me a break

for a second month no problem give me a

break for third month no problem you

know what happened by the fourth month

by the fourth month it was expected that

he doesn't need to pay rent by the

eighth month when I ask for rent of the

previous eight months that I was paying

myself he became an enemy relationship

changed from that day on so as much as

you're thinking you're doing good you're

hurting them when you go out of your way

by the way we got the great Michael

sailor in the house Justin I-95 is

broken free

they let Adam and Michael Saylor in

what's up Adam Michael Saylor how are

you sir how you doing doing good awesome

good to see you man good timing we got

90 minutes to get as much we can out of

your brain as possible Michael they say

great minds think alike so you and I

arrive at the same time how bad was it

but it must have been pretty bad it was

very bad it was very it was horrible in

Miami and even worse in Fort Lauderdale

what do you think Michael I think people

aren't working from home anymore

there we go and by the way at least not

in Florida well said Michael well said

although it is the first it is the first

week of May and it's supposed to be now

that over the last three weeks from

Easter in May 1st the snowbirds were

supposed to have driven North so we used

to see these Canadian license plates

these New York and Pennsylvania license

plates I've seen fewer of them and you

would think that uh we would have a

little traffic break as the snowbirds

migrate back North

well thank you for that update I was

very happy about that weather update

guys update weather's going to be okay

that's what Tom is trying to say Michael

uh I got a handful of things I want to

go with you my goal is to try to get it

done in 90 minutes there's this guy in

uh this street he lives on uh what's the

street called Pennsylvania and he lives

in the city he lives in this city DC and

he's a pretty important guy they just

call him Joe but he's a pretty important

guy and there's a few things that's uh

formulating that I kind of want to run

by this is a Forbes article okay crypto

price warning China Biden and the FED

could be about to this could be about to

destroy all value of Bitcoin okay so

let's see if this is just a propaganda

if there's any credibility to this story

with cbdc Bitcoin price has doubled

since November reaching around 30 000

per Bitcoin despite criticism and

negative declarations

Texas Senator Ted Cruz has warned that

Central Bank digital currencies

inspired by Bitcoin and digital

currencies could destroy all value of

Bitcoin and undermine its anonymity and

decentralization China is currently

leading the way with the digital one

which some see as giving governments

unprecedented power to surveil and

control citizens Crews introduced

legislation to prevent the creation of a

digital dollar saying the US government

has no authority to unilaterally

establish a central bank currency he

added that those who want a cbdc dislike

cash because it is not subjected to

centralized control and constant

surveillance which is a key feature of

digital currencies despite its concerns

about cbdc Crews remains incredibly

bullish on bitcoin calling it clearly

the alpha in the current crypto sphere

are you just as concerned about this as

Senator Cruz's

um I you know every time a politician

wants to ban guns there's an explosion

in demand to buy guns

right and so uh so talk about cbdc's

really is a marketing event that causes

everyone to think about a world where

they don't own their own money

and that makes them think well what kind

of money could I acquire that I would

own and the most censorship resistant

monetary Network in the world is Bitcoin

so interest in cbdc's is just going to

drive more feverish interest in Bitcoin

it's uh it's actually

driving awareness and Bitcoin is growing

as people become more aware that they

need something which is

non-sovereign store of value nation

state resistant

so and if there's hyperinflation people

want Bitcoin that's why they are

thinking about Bitcoin in Argentina or

in Nigeria or anywhere in Africa right

now if there's moderate inflation people

that are sensitive to it will go for

Bitcoin and then the people that think

the inflation will go away will look at

it as an oddity

um but you know money is uh it's a store

of value a unit of account a medium of

exchange and then there's a fourth

characteristic that we don't talk about

it's the it's the thing that's not said

it's a system of control

so certain monies are easier to control

than others for example you know we we

talk about gold as money but you ever

try to carry

um a gold bar through an airport very

heavy uh you know try it next time

um you know they won't let you through

right in fact if you tried to carry a

hundred thousand dollars of gold to an

airport Not only would you not get

through but the assumption would be

you're a criminal you stole the gold and

they would just take it and keep it

without a court order

now

try to carry a hundred thousand hours of

cash through the airport you ever try

that put it in a bag and just you can

put it in a bag and as you're walking

through the TSA check or the uh the

X-ray machine just nonchalantly say to

the officer yeah I'm carrying a hundred

thousand dollars of money onto the

airplane

right you won't get through now not only

will you not get through they'll just

take your money

right they'll just take it and the

Assumption will be you stole it okay so

cash is a unit control now put a hundred

thousand dollars in a bank and try to

wire it uh to someone or just take it

out and they're going to ask you why

tell them it's none of their business

uh try to send it to someone uh

privately tell them you just want to

send it to a numbered Swiss bank account

right see how that works that won't work

right uh that's a system of control

um a couple of stable coins have been

getting shut down paxos is busd got a

Wells notice they got shut down and

custodia tried to launch a bank and they

wanted to issue Avid avids were digital

dollars and they were digital dollars

that were going to circulate on crypto

Networks

and uh and The Regulators denied that

banking license and it's about a 70 page

denial letter very articulate and I read

it all I read thousands I read all of

the crypto uh legislation and all of the

crypto uh litigation so if you dig into

that denial letter which is very well

written uh and articulate what is very

clear is that is is the regulator say

we're not going to allow the bank to

form because we don't want to issue

someone we don't want someone to issue

digital dollars that will circulate on

cryptonetworks non-kyc well you know

evading our money law our anti-money

laundering rules our anti-terrorism

roles or or know your customer roles

so it's clear that The Regulators reject

with prejudice the idea that you can

circulate large sums of dollars without

reporting that now that's a political

football right because a lot of people

in this country think that you should

own your own money and you should have

Financial privacy and you want to be

able to do what you want with your money

there's another group of people that

don't agree right Ted Cruz is on the

side of Freedom you ought to own your

own money now it turns out that um if

your money's in a bank you're not going

to be able to circulate it freely it's

controlled

um and on the other hand Bitcoin is the

one network you can't control you know

Ted Cruz's famous line is I like Bitcoin

for the same reason the Chinese don't

like it they can't control it nobody can

control Bitcoin so if you're if you're

insecure about being able to own your

own money do you own it and can you

actually use it without asking

somebody's permission

then the solution Is Not Gold it's not

silver coins it's not stacks of cash

it's not money in a bank in the U.S it's

certainly not money in a bank in Lebanon

Argentina anywhere in Africa those Banks

won't let you they won't let you take

your money out of the bank go look at

Nigeria forty two dollars a day that's

how much you can take out of the bank

they're keeping your money so the one

network that you have that gives you a

decent chance of owning your own money

and then being able to spend it the way

you want is Bitcoin so I'm not worried

about Bitcoin I do think that there'll

be a massive political fight over cbdc's

there's a technical challenge our

government doesn't know how to issue a

cbdc we don't know how to issue digital

currency the people that are issuing

digital dollars are the cryptocurrency

people right you know paxos knows how to

issue a digital dollar right and The

Regulators Cinema Wells notice saying

shut down

so the private Market knows how to issue

digital dollars the government doesn't

the EU doesn't the feds don't and so

even if they wanted to they can't

technically right now without somebody

else's help but as long as Congress is

split right it seems to me quite clear

there's a large faction uh by the way on

the Democratic and the Republican side I

mean Robert F Kennedy I don't think's in

favor of a cbdc nor is Ron DeSantis in

favor of a cbdc so there are a lot of

free thinking politicians in both

parties that are adamantly against

having a system of control where the

government can decide how you you know

it used to be ten thousand dollars was

the cutoff of the report right it used

to be you had to report when you wired

ten thousand dollars and that was back

when ten thousand dollars was worth

something right it used to be I think it

dates back what 30 50 years or something

so it used to be ten thousand dollars

was a lot of money and then they kept

the the ten thousand dollar limit and uh

inflation creeped up and pretty soon ten

thousand dollars is is not nearly so

much money and what we're seeing is a

encroachment of that where now people

are starting to lobby for the government

to get a report on everything spent more

than six hundred dollars and they lower

the number well who's supportive of that

I mean right now if you look at Federal

Reserve here's a tweet from Ron DeSantis

you were talking about April 7 the

Federal Reserve has made no decision on

issuing a central bank digital currency

and would not do so without clear

support from Congress and executive

branch uh ideally in a form of a

specific authorizing law a cbdc would

not replace cash or other payment

options and then the census at the

topsis it is not merely ideal that major

changes in policy receive specific

authorization from Congress it is

constitutionally required unaccountable

institutions cannot impose a cbdc on

Americans they will tell cbdc won't be

abused but we are wise enough to know

better this wolf comes as a wolf Mike

Michael the question I'm asking is this

whole thing with 600

forget about the politicians that want

it we understand why they would want it

you can control and see what people are

doing what what average voter wants to

vote for this who who the average

American that would say I'm okay with

this I I'm sure the overwhelming

majority of the population is adamantly

against it and I would say a decent

majority of politicians are against it

but there is a French Wing that wants to

impose control over everybody and they

don't trust anybody and and you know

heck at some point they would probably

like to see how you spend 50 bucks and

uh and that's that's the control freaks

in uh in the political sphere

uh you know politicians have shown

themselves quite capable of interfering

in your Private Affairs and and the last

three years have shown anything they've

shown that people can come up with some

justification to tell you how many

people can sit at your dinner table on

Thanksgiving right and and so there'll

be some of them I I don't think that

politically it's going to fly in the

near term and and the next two to four

years I don't see consensus at the

political level to impose a cbdc but I

think so I think it's it's like that

persistent Boogeyman where people say oh

it's coming and the result is

is uh more interest in the antidote to

it so I I don't think it's bad for

Bitcoin I think it's good for Bitcoin I

do think we ought to be concerned about

money being used as a system of control

is very disturbing yeah I think you you

bring up an interesting point there and

Rob I just flipped you something can you

grab that

um speaking of systems of control I want

you to look at this picture of uh the

two diplomats from India and Russia and

I think you know what I'm talking about

um it went down in the last 24 hours I

just sent you the uh the link to it Rob

take a look at that the Russian guys on

the left the Indian guys here Russia has

got billions of dollars trapped in India

that is in rupees and India is saying

you can't move them but if you want to

use them to pay for labor to build

things we're happy to do things what do

you need Bill and so this is a system of

control here this is two governments

together and India look at the posture

of the guy from India and look at the

posture of the guy from Russia

um so when we talk about systems of

control this goes all the way up to the

way governments control each other this

is India sitting on billions of dollars

it won't let Russia take back India

bully and Russia what would you have

thought that would happen

that just doesn't make any sense but

good for them good for the Indians I

have a question for Michael just on the

heels of basically what Pat read about

the DeSantis

um you know there's a story here I think

it's

sb7054 it's a question basically

regarding Florida we're here in Miami we

you know we dealt with the traffic

DeSantis the the CFO of Florida's Jimmy

Petronas he had some very harsh words uh

on cbdc's he called it government

surveillance he said it could lead to

financial slavery and political tyranny

so I you said that if they were going to

have some

um agenda to push through cbdc's they

would have to essentially have some sort

of public-private partnership right the

government's not going to do it on on

their own who would lead that charge and

what would they how would they sell that

to the people is it Gary Gensler of the

SEC in partnership with certain Congress

people like walk me through how it would

even happen and get approved via

Congress well I don't I mean to be clear

I don't expect it to happen I I don't

think uh that there is consensus in the

Democratic party or the Republican party

to implement a cbdc I don't think they

know how to do it I think there's

resistance to it

um I I think that what's going on right

now is there's a regulatory Crackdown on

crypto and so what what what is

happening is the administration is is

cracking down on crypto exchanges

it's cracking down on crypto securities

it's cracking down on some of the crypto

tokens and is cracking down on crypto

currencies and by currency I mean a

stable coin like a dollar circulating

and I think that that's creating quite a

lot of Sound and Fury and friction and

anxiety and the industry I think uh I I

think it'll continue

there is no coherent digital asset

framework that's been offered by any

regulator

there isn't any coherent digital assets

framework offered by any legislator

we're nowhere near that like there's not

a bill we're debating that if it gets

voted on we'll solve the problem there

is no bill okay and so the you know the

talk about cbdc's uh gets people you

know

quite spun up rightfully so but I think

the story here is cbdc's are going to be

a non-starter in the Free World and even

in the place that's closest to is China

I suppose

and uh and so I I really think that

it's uh it's a it's a Chinese concept

and I don't really think in the Free

World we want to be like the Chinese and

and I think ultimately uh both sides of

the aisle will agree on that they won't

agree on other things they won't they

they won't agree on private money like

for example uh probably the Republicans

uh and the conservatives would be in

favor of private companies issuing

digital currency and letting it

circulate and uh and on the other side

of the aisle they're a bit more

conservative and they you know they

would say well we only want Banks

to issue currency that report to us on

every material transaction but none of

the banks were able to issue a stable

coin either Signature Bank was unable to

issue a stable coin silvergate Bank was

on issue unable to issue a stable coin

and custodia wanted to be an FDIC

approved bank they were unable to issue

a stable coin and uh and when you ask

those banking Executives they said well

the regulars wouldn't let us so so you

sound very confident though with saying

that you're confident about what

confident about The Regulators won't let

you issue a stable coin confident about

the fact that you know both sides are

going to agree on uh not wanting to do

anything with cbdc I mean you're talking

about a direction uh we're going where

over regulation is a popular thing

censorship is being sold as a no that

makes sense I understand what they're

doing they should be silencing that

person he shouldn't be saying anything

to the point where a guy named Elon Musk

who was on track for being a

trillionaire if he would have just

driven Tesla he decides to go out there

and take money and buy a non-profit

organization at the time that he called

it a organization called Twitter right

and this story comes out Supreme Court

to decide if IRS can secretly obtain

bank records okay this is CPA practice

advisor again this is not Congress this

is Supreme Court to decide if IRS can

secretly obtain bank records uh they're

uh set to the side uh Paul Sally versus

Iris whatever the IRS uh whether the IRS

can obtain bank records from taxpayers

relatives without notice to help the

agency tax collection agencies tax

collection efforts and his decision is

expected early this summer the case

raises questions about taxpayer privacy

and IRS Authority amid the agency's 80

billion dollar on funding over the next

decade and I can continue in this case

Remo Porcelli owed more than two million

dollars in taxes to the IRS and the

agency issued summons uh to his wife's

bank and two other Banks where Paul

Sally's Law Firm had accounts without

notifying his wife or firmed that the

IRS was trying to obtain the banking

information his wife

and the law firm argued that the IRS

should have should have to notify them

if they're going to send a summons for

their information for the banks the

point here is they're more and more and

more figuring out ways to control the

decisions people are making and the way

they sell it is in the following way

saying look

you to the average person do you want to

see these guys that are money laundering

through Bitcoin do you know what's

happening with all the pedophilia the

fear of all the things that Bitcoin and

crypto is used for this is one way for

us to prevent from illegal purchase of

weapons or money you know all money

laundering all the this is why we need a

cbdc because we can catch the criminals

easier if we have that and to the

average person who's only got six

thousand dollars in the bank and it's

got a regular job let's just say it's a

regular person says you know what that

does make sense these rich people have

been laundering money for such a long

time and it's about time we find out

what they're doing and a cbdc is

something we should do

being too confident kind of gives those

guys strength because they can play

their manipulative games until

eventually one day you're waking up

saying now we do have cbdc well I

mean I I agree with you if you're a

voter you ought to not it should be an

acid test I don't think anybody should

vote for a politician in favor of a cbdc

I mean it's this is the struggle uh you

know control versus Freedom that's as

old as time right in every society and

you know and the human in the history of

the human race every society there's

always people that want to impose

control on the people and there's

another group that wants Freedom I've

been I've been reading conceived in

Liberty which is Mary rothbard's history

of the American colonies before the

Revolutionary War

and it's hundreds of chapters Non-Stop

struggle someone wants to control a

colony they want to tell you what to

think they want to tell you you know

what you know who God is they want to

Define religion they want to impose

taxes they want to seize your property

they want to tax your property they want

to impose monopolies and then there's

another group fighting for freedom and

and it was going on for hundreds of

years before the Revolutionary War

I mean there were monopolies in New York

on who could bake you know they that

there were tariffs on using the Hudson

River to go up and down the river there

were monopolies on who could trade with

the Indians they would give you land

they would steal your land they would

tax the land people wouldn't pay the tax

there were rebellions it's hundreds and

hundreds of struggles so it's been going

on before the Revolution it's going on

in every country in the world

today it's certainly going on and and if

you have any political power I think the

best way to use it is to support those

that trust people are in favor of

freedom because there's there tends to

be or seems to be this never-ending

tendency of governmental organizations

to get stronger and as they get stronger

they raise taxes they funnel the taxes

into the police state and the control

State and pretty soon it's illegal to

bake bread it's illegal to row up a

river it's illegal to cross the river

it's you know if you have land you have

to pay tax if you pay tax it has to

double

if it you know the taxes were used it

used to be we paid tax to pay ministers

to to to preach religious beliefs that

you disagreed with and if you you know

if you actually laughed or kissed your

wife on a Sunday they whipped you you

know and find you and STEEZ your

property because you were disrespectful