WEBVTT 00:00.451 --> 00:02.692 [SPEAKER_03]: One minute, you're up half a minute and soybeans and the next bull. 00:02.732 --> 00:05.113 [SPEAKER_03]: Your kids don't go to college and they've registered bent here with me. 00:05.413 --> 00:08.194 [SPEAKER_03]: The revolution starts now. 00:09.334 --> 00:13.336 [SPEAKER_00]: We have to pass the bill so that you can find out what is in it. 00:13.356 --> 00:15.036 [SPEAKER_00]: Turn those machines back off! 00:15.717 --> 00:18.538 [SPEAKER_03]: You are about to enter the Peter ship show. 00:21.070 --> 00:23.592 [SPEAKER_03]: If we lose freedom here, there's no place to escape to. 00:23.652 --> 00:24.994 [SPEAKER_03]: This is the last stand on Earth. 00:25.014 --> 00:26.575 [SPEAKER_03]: The Peter ship shall be solved. 00:26.976 --> 00:30.739 [SPEAKER_01]: I don't know when they decided that they wanted to make a virtue out of selfishness. 00:30.899 --> 00:31.520 [SPEAKER_03]: You're money. 00:32.020 --> 00:34.102 [SPEAKER_03]: You're storing this for your freedom. 00:34.182 --> 00:35.704 [SPEAKER_03]: The Peter ship shall. 00:53.713 --> 00:58.218 [SPEAKER_02]: All right, hope everybody had a great Memorial Day holiday weekend. 00:58.238 --> 01:09.911 [SPEAKER_02]: You know, our president Donald Trump spent part of his Memorial Day weekend on truth social, uh, I guess lying about this imminent deal. 01:10.612 --> 01:12.274 [SPEAKER_02]: to end the Iran war. 01:12.314 --> 01:13.235 [SPEAKER_02]: This great deal. 01:13.315 --> 01:16.279 [SPEAKER_02]: I think he said it was 90% done or done. 01:16.820 --> 01:19.123 [SPEAKER_02]: I think he was talking about a press conference. 01:19.143 --> 01:20.184 [SPEAKER_02]: Maybe he even had it. 01:20.224 --> 01:23.428 [SPEAKER_02]: I wasn't even sure to announce the deal. 01:24.369 --> 01:27.473 [SPEAKER_02]: The the straight was supposed to open up immediately. 01:27.574 --> 01:28.935 [SPEAKER_02]: Everything was going to be great. 01:29.856 --> 01:35.824 [SPEAKER_02]: And, you know, here we are Wednesday evening, and I really haven't heard anything about a deal. 01:36.565 --> 01:38.148 [SPEAKER_02]: Just more talk about a deal. 01:38.648 --> 01:42.133 [SPEAKER_02]: You know, he's turning into the president who, you know, cried deal. 01:42.794 --> 01:45.217 [SPEAKER_02]: When it comes to Iran, the markets, of course, 01:46.058 --> 02:11.925 [SPEAKER_02]: you know they don't seem to care they come running and every time he says he has a deal oil prices dropped about $10 over the past couple of days we got back below $90 a barrel on West Texas although as I am starting this podcast oil is up this evening almost two bucks so now we're back above $90 a barrel but we got a big sell off on the idea that there was this deal 02:13.045 --> 02:38.178 [SPEAKER_02]: uh... the stock market like the two stock markets were rallying last couple of days in fact today all of the major stock market indexes hit new all-time record highs course Donald Trump will never stop talking about that uh... because according to Trump that is uh... proof that the economy is great in fact i watched 02:39.177 --> 02:44.107 [SPEAKER_02]: a part of the president's cabinet meeting today that was televised. 02:45.227 --> 03:08.835 [SPEAKER_02]: And you know, it really wasn't a cabinet meeting so much as a kiss ass meeting because every single secretary all they did is tell Trump how great everything is, how great the economy is, how great this is, how great that is, I mean, basically all attributing that to Trump being economy or Trump or the media is not reporting on it and everybody is lying, but everything is great, everything is fantastic. 03:09.755 --> 03:12.576 [SPEAKER_02]: When, of course, that's not the case at all. 03:13.536 --> 03:20.963 [SPEAKER_02]: Um, and I'll, you know, talk more about that during during the podcast, but I think that what are the reasons? 03:21.916 --> 03:43.953 [SPEAKER_02]: the market is rallying on the prospects of the end of this war is that everybody believes that the end of the war is a panacea to cure all the problems that as soon as the war is over oils going to come crashing down, bond yields are going to come crashing down and the economy is just going to boom. 03:44.594 --> 03:46.235 [SPEAKER_02]: That's all just wishful thinking. 03:46.295 --> 03:46.835 [SPEAKER_02]: The market's 03:49.137 --> 03:55.784 [SPEAKER_02]: And by the time the war actually does end, it'll be able to buy the room or sell the fact if it in fact ends. 03:56.224 --> 04:01.730 [SPEAKER_02]: And Donald Trump is claiming that Iran has no choice because their economy is imploding. 04:02.290 --> 04:05.974 [SPEAKER_02]: When it's really the president who has his back to the wall. 04:07.664 --> 04:13.370 [SPEAKER_02]: Trump is going to be forced into a deal and he keeps saying he's not going to sign a deal unless it's a great deal. 04:14.011 --> 04:23.561 [SPEAKER_02]: Well, he'll sign any deal, I think, ultimately, but regardless of the deal that he signs, it's going to be a great deal because if Trump signs it, 04:24.262 --> 04:25.642 [SPEAKER_02]: It's automatically a great deal. 04:25.682 --> 04:40.667 [SPEAKER_02]: I mean, that started when he renegotiated NAFTA, which he called the worst trade deal ever, and he replaced it with the USMCA, which he said was the greatest trade deal ever, and the biggest difference between the two might have been the name. 04:41.725 --> 04:58.470 [SPEAKER_02]: So, you know, it's easy for Trump to claim victory from defeat, and so I'm sure that we're going to get a great deal, at least the way Trump is going to market it, but if it's a great deal, it's more likely to be a great deal for Iran. 04:59.230 --> 05:26.618 [SPEAKER_02]: uh... then then the united states and and we'll see but the markets are rising because they think oh the war is gonna end that we're gonna get all this cheap oil look even though trump keeps talking about the war is gonna end the war is gonna end yes oil prices go down but they don't collapse and we were still at ninety dollars in barrel even though everybody thinks the war is about to end if that really were true and oil prices were gonna crash down to fifty dollars in barrel 05:27.478 --> 05:29.179 [SPEAKER_02]: why are they still so high? 05:29.979 --> 05:48.344 [SPEAKER_02]: But I think what's even more significant is not about how little oil prices are actually falling from the highs based on all this optimism of, you know, the straight opening up is the fact that bond yields. 05:49.383 --> 06:11.868 [SPEAKER_02]: have barely declined bonds are still near the lows in fact as I am speaking right now and this is you know eight forty five eastern time so it's early in Asia but the yield on the ten year treasury is back right at four and a half percent four point five and didn't get much higher than that. 06:12.823 --> 06:14.544 [SPEAKER_02]: got a little higher. 06:15.205 --> 06:19.829 [SPEAKER_02]: The yield on a 30 year treasury is 5.03. 06:19.909 --> 06:23.111 [SPEAKER_02]: Now I remember the yield there was 5.19 was the peak. 06:23.552 --> 06:37.503 [SPEAKER_02]: So yes, we've pulled back, but we're still north of 5% on a 30 year bond, even with the big drop in oil prices and the optimism about the war ending and the idea that 06:41.608 --> 06:42.588 [SPEAKER_02]: But it's not the war. 06:43.849 --> 06:46.169 [SPEAKER_02]: The war is not what's driving it. 06:46.369 --> 06:47.089 [SPEAKER_02]: It's the debt. 06:47.450 --> 06:51.731 [SPEAKER_02]: Now, yes, the war puts more upward pressure on the debt. 06:52.811 --> 06:54.431 [SPEAKER_02]: But the debt was going up anyway. 06:55.552 --> 06:58.052 [SPEAKER_02]: That is the reason that interest rates arise. 06:58.092 --> 07:02.814 [SPEAKER_02]: And because we have too much debt, because foreigners don't want to lend us money anymore. 07:03.614 --> 07:05.054 [SPEAKER_02]: And they know that we're going to print money. 07:05.234 --> 07:07.195 [SPEAKER_02]: Look, if you compare our yields, 07:07.987 --> 07:16.330 [SPEAKER_02]: to Germany, to Japan, the U.S. government is paying more to borrow money for 30 years than those countries. 07:16.370 --> 07:20.311 [SPEAKER_02]: In fact, most European countries are borrowing at less than the Fed. 07:20.331 --> 07:24.953 [SPEAKER_02]: I mean, one of the only countries that, you know, were the rates are higher as the UK. 07:26.555 --> 07:32.579 [SPEAKER_02]: But, you know, they're not that much higher than our yields, but I think that's going to change. 07:32.639 --> 07:46.748 [SPEAKER_02]: I think we're going to see our yields even higher than the yields on yields as more investors lose confidence in the US, in our creditworthiness, in our willingness to do anything about the debt. 07:47.208 --> 07:49.570 [SPEAKER_02]: I mentioned, you know, before, 07:50.370 --> 07:56.172 [SPEAKER_02]: the only congressman that really was willing to vote against reckless deficit spending Thomas Massey. 07:56.192 --> 07:59.633 [SPEAKER_02]: We got rid of him because he tried to stop the deficit spending. 08:00.353 --> 08:05.475 [SPEAKER_02]: So that should be clear to our creditors that nothing is ever going to be done. 08:06.215 --> 08:15.038 [SPEAKER_02]: And so even though we're getting this optimism, we're not getting a real rally in the bonds. 08:15.118 --> 08:16.019 [SPEAKER_02]: I mean, the yield on the 08:20.705 --> 08:46.751 [SPEAKER_02]: when everything got yippy and Trump had a call off the so-called reciprocal tariffs because we had a four and a half percent yield on a ten year well we're at a four and a half percent yield on a ten year now and yields are arising again we're at a twenty year near twenty year nineteen twenty year high in the thirty year but if we're at a twenty year high 08:50.820 --> 08:53.161 [SPEAKER_02]: There's a big difference between the 20-year high. 08:53.181 --> 08:58.523 [SPEAKER_02]: The 30-year high is over 8% on a 30-year. 08:59.583 --> 09:03.105 [SPEAKER_02]: What's going to happen to this economy when yields are that high? 09:03.665 --> 09:09.907 [SPEAKER_02]: Because the last time they were that high, 1990s, the national debt was out of 10th. 09:10.728 --> 09:12.688 [SPEAKER_02]: It's almost 40 trillion, not a 10th. 09:13.048 --> 09:13.289 [SPEAKER_02]: Yeah. 09:13.849 --> 09:16.630 [SPEAKER_02]: If it was about 4 trillion back then, it may probably less. 09:17.675 --> 09:21.143 [SPEAKER_02]: and now it's almost 40 trillion, 39.3 trillion. 09:21.865 --> 09:26.616 [SPEAKER_02]: One third, remember, one third of the debt matures in the next year. 09:27.797 --> 09:39.545 [SPEAKER_02]: That is $12 trillion, $13 trillion that needs to be borrowed on top of the $3 trillion that we have to borrow just to cover the new debt. 09:39.645 --> 09:45.970 [SPEAKER_02]: That is an incredible amount of money that the U.S. has to borrow every single year. 09:46.410 --> 09:48.672 [SPEAKER_02]: Remember, we have to constantly convince 09:49.392 --> 09:51.933 [SPEAKER_02]: our creditors to loan us more money. 09:52.393 --> 10:04.078 [SPEAKER_02]: We've never been in this type of predicament in the past where we had a past that hat around so often and beg for so much money to be put into it. 10:04.698 --> 10:24.832 [SPEAKER_02]: that's why these interest rates are growing up and of course that's why the government is doing its bond by-back program where it's buying back the long-term bonds that nobody wants and then issuing more short-term bonds that people are willing to stomach for now because they know that they mature or the Fed. 10:25.372 --> 10:28.955 [SPEAKER_02]: The Fed is doing a QE program but it's only buying short-term bonds. 10:29.495 --> 10:42.137 [SPEAKER_02]: So basically what the U.S. government is doing is it's buying the long-term bonds instead of the Fed, and then the Fed is buying the short-term bonds from the Treasury to fund the Treasury's buy-back program. 10:42.557 --> 10:50.419 [SPEAKER_02]: So it's kind of a QE program that's going on, you know, seriously through the Treasury and the buy-backs. 10:50.799 --> 10:55.880 [SPEAKER_02]: But this is why they're doing this, because there's just so much debt that is out there, 10:58.989 --> 11:01.636 [SPEAKER_02]: for this debt, I mean, think about that. 11:01.696 --> 11:06.488 [SPEAKER_02]: How much we have to borrow if we have, you know, 13, 14 trillion. 11:08.574 --> 11:09.494 [SPEAKER_02]: that is maturing. 11:10.074 --> 11:11.795 [SPEAKER_02]: And then we have to bar another three trillion. 11:12.115 --> 11:16.896 [SPEAKER_02]: You're getting close to 20 trillion that the US has to borrow in the next year. 11:16.916 --> 11:19.316 [SPEAKER_02]: I mean, think about the enormity. 11:19.536 --> 11:29.899 [SPEAKER_02]: We've never had anything anywhere near like this because we used to have much smaller budget deficits and a lot less of the national debt matured in any given year. 11:30.779 --> 11:34.960 [SPEAKER_02]: But we have to convince our creditors to roll over this debt. 11:35.652 --> 11:36.593 [SPEAKER_02]: because they don't have to. 11:36.913 --> 11:40.616 [SPEAKER_02]: When the debt matures, they don't have to loan us the money. 11:41.717 --> 11:43.519 [SPEAKER_02]: They could just say, pay us back. 11:43.779 --> 11:48.063 [SPEAKER_02]: We don't want to loan you any more money, because the interest rates aren't high enough. 11:48.423 --> 11:52.067 [SPEAKER_02]: We're going to lose more to inflation than you pay us an interest. 11:52.107 --> 11:57.992 [SPEAKER_02]: We lose more purchasing power because of the inflation you're creating than the interest that you want to pay. 11:58.612 --> 12:00.334 [SPEAKER_02]: And so rates are going to keep going up. 12:00.374 --> 12:00.995 [SPEAKER_02]: This is what, 12:01.635 --> 12:29.363 [SPEAKER_02]: the markets don't seem to get you know uh... cabin wash and i guess hopefully i'm pronouncing the guy's name right list this time i kept pronouncing it uh... wrong wash right i think that's it but he just started this is first week of the job and you know there's all of this pressure for the fed to lower rates if they lower rates the long end is going to get hit hard long rates are going to go up that that's the box 12:31.565 --> 12:36.652 [SPEAKER_02]: They need to lower short term rates because they're financing all this debt short term. 12:37.293 --> 12:47.387 [SPEAKER_02]: But if they lower short term rates given where inflation is now, that's going to spook the bond market that has already spooked and long term yields are going to rise. 12:48.180 --> 12:49.821 [SPEAKER_02]: if the Fed cuts short-term rates. 12:50.661 --> 13:01.765 [SPEAKER_02]: But if it doesn't cut short-term rates or raises rates, then you have another problem with the government because it's got all this short-term debt that needs to be refinanced. 13:02.045 --> 13:08.907 [SPEAKER_02]: And if the Fed hikes rates as all that debt matures, it makes it more expensive for the government to finance it. 13:09.367 --> 13:10.588 [SPEAKER_02]: And of course, you're going to get 13:11.608 --> 13:16.395 [SPEAKER_02]: the weakness in the asset markets in the stock market in the real state market. 13:16.475 --> 13:19.919 [SPEAKER_02]: So he's between a rock and a hard place right now. 13:19.939 --> 13:24.185 [SPEAKER_02]: Maybe I ran in a hard place or whatever because there's no way out. 13:25.004 --> 13:41.606 [SPEAKER_02]: of the situation that that the Fed is in now and I still think they're going to air on the side of money printing and QE and to the extent that the bond market agrees with me, we're going to see this so off. 13:42.307 --> 13:47.853 [SPEAKER_02]: And I think it's going to happen regardless of what happens with the war. 13:48.233 --> 13:54.879 [SPEAKER_02]: But you still have this false sense of hope that ending the war is going to end the problems in the bond market. 13:55.500 --> 13:56.020 [SPEAKER_02]: It's not. 13:56.461 --> 14:02.346 [SPEAKER_02]: And meanwhile, Trump is already going to be looking for a huge increase in military spending even if the war is over. 14:02.987 --> 14:12.349 [SPEAKER_02]: He wants to replenish all the weapons that we blew up and he wants to make the U.S. military bigger and more expensive and so either way. 14:13.116 --> 14:20.140 [SPEAKER_02]: This war is going to be expensive, even if it's over, even if we pretend to win it, it's still going to cost us a tremendous amount of money. 14:20.220 --> 14:25.042 [SPEAKER_02]: Anyway, I got a quick commercial break, stick around, coming right back, got a lot more to discuss. 14:25.262 --> 14:26.443 [SPEAKER_02]: All right, I am back. 14:27.043 --> 14:30.825 [SPEAKER_02]: Anyway, I want to talk about what's going on with AI and this CapEx bubble that's going on. 14:30.845 --> 14:38.589 [SPEAKER_02]: I mean, the financial media is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, is, 14:38.869 --> 14:47.649 [SPEAKER_02]: reporting on it, but but really missing the bigger picture here, you know, the the money that we're spending now companies are spending is like a trillion dollars a year. 14:49.102 --> 14:50.443 [SPEAKER_02]: on on on cap X. 14:50.663 --> 15:16.403 [SPEAKER_02]: Everything seems to be driven by what these hyperscalors are spending building out these data centers and all the energy that they're consuming and all of the computer equipment and GPUs and all the other stuff that they need, which is why all the companies that that make this stuff, the semi-conductor companies or the Nvidia's or all these AI companies are just exploding. 15:17.163 --> 15:23.752 [SPEAKER_02]: their market caps, you know, micro-technology, you know, just became the the latest company with a trillion dollar market cap. 15:24.373 --> 15:32.964 [SPEAKER_02]: And it just set the record for going from a 500 billion dollar market cap to a one trillion dollar market cap in the shortest amount of time. 15:34.259 --> 15:45.992 [SPEAKER_02]: And now if you look at the total stock market capitalization of the US stock market, it is terrific because we have all these multi trillion dollar companies now, we have, you know, we the SpaceX IPO is coming out. 15:46.012 --> 15:47.974 [SPEAKER_02]: That's going to be a trillion dollar company. 15:47.994 --> 15:51.358 [SPEAKER_02]: I mean, to all these companies now are trillion dollar companies. 15:52.019 --> 15:53.460 [SPEAKER_02]: This is a gigantic, 15:54.041 --> 15:59.962 [SPEAKER_02]: bubble, a huge mania, a lot of it is still being financed because money is still too cheap. 16:00.583 --> 16:06.124 [SPEAKER_02]: cheap credit, especially these big companies can still borrow for less than the rate of inflation. 16:06.464 --> 16:07.204 [SPEAKER_02]: That's what's happening. 16:07.224 --> 16:14.006 [SPEAKER_02]: The real inflation rate is higher than what high-quality companies are able to get financing. 16:14.566 --> 16:19.167 [SPEAKER_02]: But all of this spending, this massive amount of spending, 16:19.952 --> 16:23.575 [SPEAKER_02]: First of all, nobody talks about what we're not doing. 16:23.736 --> 16:25.137 [SPEAKER_02]: Where's this money coming from? 16:25.617 --> 16:27.399 [SPEAKER_02]: Where's this trillion dollars coming from? 16:27.419 --> 16:34.265 [SPEAKER_02]: I mean, what would all these companies have done with that trillion dollars if they weren't using it to buy computer equipment? 16:34.546 --> 16:43.034 [SPEAKER_02]: And by the way, this type of capital investment, this is not like they're building factories or buildings that are gonna be here for 20, 30, 50 years. 16:44.655 --> 16:46.455 [SPEAKER_02]: I infrastructure and stuff like that. 16:47.135 --> 16:50.136 [SPEAKER_02]: This is stuff that's going to be obsolete five or six years. 16:50.256 --> 16:52.356 [SPEAKER_02]: Maybe, maybe quicker, right? 16:52.776 --> 16:55.677 [SPEAKER_02]: Computer stuff, you know, you buy it. 16:55.897 --> 17:01.058 [SPEAKER_02]: And then in a few years, you need to buy it again, because what you bought is no longer state of the art. 17:01.338 --> 17:02.598 [SPEAKER_02]: You need to get something better. 17:03.598 --> 17:06.619 [SPEAKER_02]: And so this is a lot of money to spend. 17:07.179 --> 17:08.139 [SPEAKER_02]: Where's it coming from? 17:09.119 --> 17:12.680 [SPEAKER_02]: Well, what area where it's coming from is layoffs? 17:13.484 --> 17:29.718 [SPEAKER_02]: One thing that a lot of these companies are doing in order to pay for all this is they're laying off a bunch of workers so they don't have to pay those salaries anymore and so they can take the money that they were paying in salaries and use it to buy all this computer equipment. 17:30.218 --> 17:31.920 [SPEAKER_02]: So what are the consequences there? 17:33.766 --> 17:56.154 [SPEAKER_02]: a lot of people are losing their jobs right that's that's one consequence that's one of the reason that consumer confidence is at all time record low you know as these uh... secretaries are all sitting around his big table with Donald Trump telling him how great everything is nobody talks about the fact that on maimed street things are lousy he keeps talking about how great it is on wall street and again 17:57.188 --> 18:00.049 [SPEAKER_02]: How can he say that a stock market going up? 18:00.109 --> 18:04.591 [SPEAKER_02]: Because they said, in the cabinet meeting, the stock market is forward looking. 18:04.951 --> 18:10.073 [SPEAKER_02]: That's why the stock market is going up so much because Trump's economy is so great. 18:10.793 --> 18:16.995 [SPEAKER_02]: And investors have so much confidence in Trump and the proof of the pudding is the Dow hitting new highs. 18:17.636 --> 18:24.438 [SPEAKER_02]: Well, you could have said the same thing every year during the Biden administration, how many new highs in the stock market 18:26.787 --> 18:37.913 [SPEAKER_02]: And if the stock market is so forward-looking, if investors only buy stocks because they see good things happening in the economy, why were they buying all these stocks when Biden was president? 18:38.353 --> 18:48.259 [SPEAKER_02]: If we had a dead economy, if we had the worst economy in the history of the country, why was the stock market so strong when Biden was president? 18:49.288 --> 18:55.692 [SPEAKER_02]: And if the stock market could be strong when the economy is horrible, then how do we know that that's not the case now? 18:56.153 --> 19:01.597 [SPEAKER_02]: Maybe the stock market is going up today for the same reason it went up when Biden was president. 19:01.837 --> 19:11.804 [SPEAKER_02]: Even though we have a lousy economy, we've got cheap money, we've got inflation, we've got a mania, that's what's going on, Trump hasn't done anything different. 19:12.064 --> 19:14.646 [SPEAKER_02]: The stock market is just doing now what it did before. 19:15.506 --> 19:18.629 [SPEAKER_02]: Because, you know, substantively, we have the same problems. 19:18.689 --> 19:21.492 [SPEAKER_02]: Trump hasn't, hasn't cured any of them. 19:21.792 --> 19:23.834 [SPEAKER_02]: But getting back to the capex. 19:23.854 --> 19:30.660 [SPEAKER_02]: So some of the money to pay for all this stuff is coming from wages that aren't being paid. 19:32.239 --> 19:36.020 [SPEAKER_02]: but also other types of investments that aren't being made. 19:36.620 --> 19:38.560 [SPEAKER_02]: We're not building the factories. 19:38.620 --> 19:40.361 [SPEAKER_02]: Trump keeps talking about all these factories. 19:41.021 --> 19:42.221 [SPEAKER_02]: We're not building factories. 19:42.241 --> 19:44.682 [SPEAKER_02]: We're building data setters. 19:44.702 --> 19:46.682 [SPEAKER_02]: We're still relying on China's factories. 19:46.902 --> 19:47.683 [SPEAKER_02]: That's what we're doing. 19:48.243 --> 19:52.524 [SPEAKER_02]: We're not investing in plant and equipment because we don't have the money. 19:52.564 --> 19:55.845 [SPEAKER_02]: Everybody is rushing to invest in AI. 19:56.285 --> 19:59.925 [SPEAKER_02]: But we don't even know what the payoff is going to be yet. 20:02.346 --> 20:08.250 [SPEAKER_02]: that are investing all this money are going to make a good return on that investment. 20:08.510 --> 20:09.310 [SPEAKER_02]: We have no idea. 20:09.350 --> 20:27.402 [SPEAKER_02]: This is all speculation, but we also don't know to the extent that the customers, the businesses that buy all the stuff that these AI companies have got to sell, is that going to increase their productivity enough to offset the cost. 20:28.297 --> 20:29.059 [SPEAKER_02]: of providing it. 20:30.100 --> 20:41.239 [SPEAKER_02]: And how do we know, like you build out all this stuff, you spend all this money on this equipment, which may be obsolete in a few years by something that does it better, that does it cheaper. 20:42.458 --> 20:47.342 [SPEAKER_02]: And, and, you know, maybe we end up, you know, it's other countries, other companies. 20:47.362 --> 20:53.827 [SPEAKER_02]: You know, we go broke, investing all this money we don't have in equipment that may end up being obsolete. 20:53.927 --> 21:03.654 [SPEAKER_02]: It's just a arms race to spend as much money as you possibly can on stuff that we don't even know if they're going to need. 21:12.021 --> 21:16.385 [SPEAKER_02]: but it could be just one big mania, one big bubble. 21:16.445 --> 21:20.588 [SPEAKER_02]: Again, I'm not saying that AI isn't real, it's real. 21:21.128 --> 21:22.690 [SPEAKER_02]: And you know, we're using it, right? 21:22.870 --> 21:26.373 [SPEAKER_02]: I use AI in my business. 21:26.913 --> 21:29.275 [SPEAKER_02]: I use it at your Pacific asset management. 21:29.635 --> 21:31.457 [SPEAKER_02]: We use it for stuff, it's helpful. 21:32.738 --> 21:36.721 [SPEAKER_02]: I use it with the, the, the, the, the, the podcast. 21:36.901 --> 21:37.722 [SPEAKER_02]: So we use it. 21:38.875 --> 21:42.156 [SPEAKER_02]: I don't know how much more productive my business is. 21:42.216 --> 21:44.336 [SPEAKER_02]: I mean, I haven't laid anybody off anywhere. 21:46.537 --> 22:00.220 [SPEAKER_02]: I mean, I mean, on the margin, I think I'm a little bit more productive, but, you know, and the same thing with most of the people who use it, it hasn't completely changed their lives. 22:00.820 --> 22:03.141 [SPEAKER_02]: I mean, it's something that they do instead of something else. 22:04.615 --> 22:10.853 [SPEAKER_02]: I think it has the potential and I think over time it's got to make a much bigger difference 22:11.849 --> 22:15.432 [SPEAKER_02]: But the question is, how long is that horizon? 22:15.532 --> 22:22.156 [SPEAKER_02]: I think the stock market is pulling all of the benefits forward as if they were going to happen almost immediately. 22:23.097 --> 22:24.478 [SPEAKER_02]: And they're not. 22:24.838 --> 22:30.542 [SPEAKER_02]: But I think what ultimately is going to prick this bubble is going to be rising interest rates. 22:30.802 --> 22:33.745 [SPEAKER_02]: And rates are going to rise sharply. 22:34.565 --> 22:41.774 [SPEAKER_02]: long-term rates for sure, but short-term rates may go up as well, but they're not going to go up enough. 22:42.355 --> 22:45.078 [SPEAKER_02]: They won't go up by as much as inflation. 22:45.438 --> 22:53.948 [SPEAKER_02]: The Fed will always be behind the curve, which means it will never catch up, which means inflation will keep running away and getting worse. 22:54.549 --> 23:03.713 [SPEAKER_02]: because the Fed doesn't have the ability to actually get out and front of inflation, which is what Paul Volcker did in 1980. 23:04.373 --> 23:12.676 [SPEAKER_02]: But you can't be Paul Volcker now in 2026 with a $40 trillion national debt. 23:13.676 --> 23:17.278 [SPEAKER_02]: Volcker could do it when the national debt was under a trillion. 23:18.137 --> 23:20.738 [SPEAKER_02]: we can't do it when it's 40 times bigger. 23:21.358 --> 23:23.919 [SPEAKER_02]: But again, it's not just a 40 times bigger. 23:24.459 --> 23:32.681 [SPEAKER_02]: How much money do you think the US government had a borrow every year when interest rates were 20% short run? 23:33.321 --> 23:40.183 [SPEAKER_02]: You know, maybe the budget deficit, I'm just guessing off the top of my head, maybe they were 50 billion, a hundred billion, maybe. 23:41.297 --> 23:44.018 [SPEAKER_02]: But how much of the national debt matured every year? 23:44.378 --> 23:45.319 [SPEAKER_02]: I mean, not much. 23:45.939 --> 23:53.082 [SPEAKER_02]: So you're talking about having to borrow at most a couple of hundred billion dollars a year at those high rates. 23:53.442 --> 23:58.585 [SPEAKER_02]: Now we got to borrow like 20 trillion a year between the roll over and the new debt. 23:59.405 --> 24:01.486 [SPEAKER_02]: The problem is astronomical. 24:01.806 --> 24:07.929 [SPEAKER_02]: There is no precedent for the amount of money that we have to borrow on an annual basis. 24:09.253 --> 24:13.276 [SPEAKER_02]: And there's no way we could do that if interest rates went up. 24:14.316 --> 24:18.299 [SPEAKER_02]: It's amazing how simple this problem is. 24:19.059 --> 24:22.562 [SPEAKER_02]: Yet how difficult it is for so many experts to see it. 24:22.822 --> 24:27.145 [SPEAKER_02]: This is a gigantic problem, hiding in plain sight. 24:27.225 --> 24:32.048 [SPEAKER_02]: It's the elephant in the living room that you can't see. 24:34.200 --> 24:43.865 [SPEAKER_02]: But it's there and they want to just bury it, but the markets are sniffing this elephant out That's why you saw the big rally in the price of gold. 24:44.206 --> 24:54.791 [SPEAKER_02]: Yes, it's correcting now and it's been correcting the last couple of days A gold prices have sold off fact as I'm speaking gold is back below 4450 24:57.412 --> 25:15.153 [SPEAKER_02]: 44 44 I think at one point interdate was down 80 bucks today closed down about 50 now it's down about 11 so not quite back down to the lows silver sold off a couple of bucks, but it's still over 74 dollars remember all of this noise is happening 25:15.994 --> 25:21.241 [SPEAKER_02]: at breakout levels and in fact the mining stocks which the mining stocks held up pretty well. 25:21.321 --> 25:29.031 [SPEAKER_02]: I thought the last couple days in fact yesterday was a pretty good day big rallies even though gold and silver prices were down a bit. 25:29.051 --> 25:33.116 [SPEAKER_02]: I mean in fact they were up a lot on Monday when our markets were closed. 25:33.823 --> 25:51.975 [SPEAKER_02]: and then they lost all those gains on Tuesday when our markets reopened and then net of the two days gold and silver were down a bit yet stocks were still up quite a lot quite a bit uh... two three percent on average for the gold and silver stocks even though gold and silver overall were down 25:52.715 --> 26:11.171 [SPEAKER_02]: And then today they were down quite a bit at one point, uh, but these stocks held up, which to me, I think, you know, we're banging around the bottom here and mining stock investors are using any weakness in the metals as an opportunity to buy these stocks because we're just getting ready for the next move up. 26:11.211 --> 26:16.836 [SPEAKER_02]: This is a consolidation, but the driving factor behind the last 26:17.977 --> 26:30.924 [SPEAKER_02]: was the loss of confidence in the dollar, in the fed's ability to rain in inflation, in conferences and the presidents, commitment or willingness or ability to do anything to cut spending. 26:30.944 --> 26:33.885 [SPEAKER_02]: You know, they spoke again at the cabinet meeting. 26:33.925 --> 26:38.448 [SPEAKER_02]: Trump was like, oh, we're going to save social security by getting rid of the waste fraud in the abuse. 26:38.859 --> 26:42.720 [SPEAKER_02]: Yeah, I mean, it wasn't Elon most supposed to do that over a year ago. 26:42.760 --> 26:43.580 [SPEAKER_02]: What happened to that? 26:43.880 --> 26:46.881 [SPEAKER_02]: I mean, now all of a sudden, they're back with the waste fraud and abuse again. 26:47.121 --> 26:50.342 [SPEAKER_02]: Look, they're never going to cut the waste fraud and abuse. 26:50.962 --> 26:51.722 [SPEAKER_02]: That's government. 26:51.862 --> 26:54.723 [SPEAKER_02]: I mean, you can't have government without waste fraud and abuse. 26:55.243 --> 27:02.245 [SPEAKER_02]: That's why you want to minimize government because the smaller the government, the less waste fraud and abuse you're going to have. 27:02.990 --> 27:06.295 [SPEAKER_02]: The bigger the government, the more ways fraud in the abuse. 27:06.375 --> 27:11.142 [SPEAKER_02]: They go together and we have an enormous government right now and that guarantees. 27:12.032 --> 27:14.714 [SPEAKER_02]: that we're going to get a lot of waste fraud and abuse. 27:14.834 --> 27:32.189 [SPEAKER_02]: Oh, by the way, on another topic, while I'm talking about government abuse, I finally put my video online that we've been working on, uh, IRS emails confirm illegal conspiracy to destroy innocent bank as PR stunt. 27:32.329 --> 27:36.432 [SPEAKER_02]: I, I made this 15 minute video that goes over. 27:37.354 --> 28:02.278 [SPEAKER_02]: what happened to my bank based on the emails that I got in my FOIA lawsuit and remember the IRS is still illegally withholding most of those emails a judge ordered the IRS to produce those emails and they haven't done it and now they've appealed well they filed a motion for reconsideration they want the judge to reconsider his order 28:02.838 --> 28:06.521 [SPEAKER_02]: directing them to produce the emails that they've refused to produce for years. 28:06.861 --> 28:10.004 [SPEAKER_02]: But I got enough emails to really show what happened. 28:10.244 --> 28:25.976 [SPEAKER_02]: But I want more because according to the emails I have, the IRS and Puerto Rican regulators, Ocef first started talking about me and my bank in December of 2021. 28:26.796 --> 28:29.599 [SPEAKER_02]: But the earliest email I've seen so far 28:30.756 --> 28:34.061 [SPEAKER_02]: is mid April of 2022. 28:34.582 --> 28:40.089 [SPEAKER_02]: So there's about four months of the earliest emails, which could be some of the best emails. 28:40.890 --> 28:42.292 [SPEAKER_02]: I haven't seen a single one of those. 28:43.039 --> 28:43.720 [SPEAKER_02]: They've got them. 28:44.080 --> 28:46.282 [SPEAKER_02]: Those are the ones that they're refusing to turn over. 28:47.302 --> 28:49.884 [SPEAKER_02]: And the judge said, no, you've got to give them those emails. 28:50.405 --> 28:54.208 [SPEAKER_02]: And they're still resisting because they know the bombshell. 28:54.568 --> 28:55.649 [SPEAKER_02]: That's in there. 28:55.969 --> 29:00.633 [SPEAKER_02]: All of these emails, evidence, criminality on the part of the highest levels. 29:01.413 --> 29:16.686 [SPEAKER_02]: of the eternal revenue service talking about weaponization and you know by the way Donald Trump now has some fun which I actually object to but I'll probably try to apply for it if it's still there for victims of IRS abuse during the Biden years. 29:16.946 --> 29:17.406 [SPEAKER_02]: That's me. 29:18.627 --> 29:25.053 [SPEAKER_02]: I was victimized by the weaponization of the IRS completely, and I can prove it already. 29:25.333 --> 29:34.862 [SPEAKER_02]: I have real documentation of the abuse and what was done to me and the thousands of customers of my bank who have also been abuse. 29:34.882 --> 29:38.365 [SPEAKER_02]: I wonder if they're eligible to file claims with this slush fund. 29:38.385 --> 29:41.348 [SPEAKER_02]: They're not even American citizens, so they probably can't do it. 29:42.248 --> 29:43.549 [SPEAKER_02]: But anyway, I want to stop. 29:43.589 --> 29:44.770 [SPEAKER_02]: I got a quick commercial break. 29:45.050 --> 30:04.660 [SPEAKER_02]: But remember after you watch this video, I'm a YouTube channel watch this special video This kind of mini documentary on what the IRS did to me and then when you're finished watching it share it with your friends Send it to your congressman at least Rand Paul reposted it on x today 30:05.340 --> 30:19.483 [SPEAKER_02]: ah, that's good, but share it with your local congressman, journalists, podcasts, there's anyone you know to try to get this out there because if it could happen to me, it could happen to everyone and I'm sure that this is not isolated to me. 30:19.903 --> 30:26.965 [SPEAKER_02]: The IRS is not, you know, a bunch of boy scouts with everybody else and just dishonest when it comes to dealing with me. 30:27.545 --> 30:33.566 [SPEAKER_02]: I'm sure there's this type of dishonesty, this type of criminal behavior is rampant at the IRS. 30:33.846 --> 30:38.907 [SPEAKER_02]: It's just that nobody takes the time and spends the money to uncover it the way I did. 30:38.967 --> 30:47.749 [SPEAKER_02]: So we have to hold these people accountable so we don't condone this conduct, because if we condone it, we guarantee that it will continue. 30:47.949 --> 30:49.749 [SPEAKER_02]: Got a quick commercial break and coming right back. 30:50.369 --> 30:54.930 [SPEAKER_02]: All right, so while I'm on the topic of artificial intelligence, 30:56.372 --> 31:00.193 [SPEAKER_02]: Elizabeth Warren wrote it an op-ed. 31:01.134 --> 31:10.437 [SPEAKER_02]: I don't remember where it appeared, but in that article, she's calling for an AI tax. 31:11.757 --> 31:17.559 [SPEAKER_02]: Now, she didn't specify exactly what was gonna be taxed or how. 31:18.472 --> 31:39.796 [SPEAKER_02]: you know, maybe she wants to tax energy consumption or put a tax on computer parts when when you buy them or something that you you'd pay a tax, but it's interesting because sometimes people in government can accidentally point something out that's true without even recognizing this significant. 31:39.816 --> 31:44.137 [SPEAKER_02]: So what Elizabeth Warren is arguing is that 31:47.787 --> 31:51.471 [SPEAKER_02]: to replace humans with machines. 31:52.251 --> 32:00.620 [SPEAKER_02]: Because according to Senator Warren, companies are punished when they hire people because they have to pay payroll taxes. 32:01.570 --> 32:11.634 [SPEAKER_02]: But when they invest in AI equipment, computers, or robots, or whatever it is, there is no tax that they get a tax deduction. 32:11.654 --> 32:15.015 [SPEAKER_02]: They get to deduct the expense, the CapEx. 32:15.515 --> 32:18.016 [SPEAKER_02]: Now of course, they still get to deduct their wages. 32:19.170 --> 32:20.731 [SPEAKER_02]: of their employees, but she's right. 32:20.771 --> 32:23.693 [SPEAKER_02]: There is a payroll tax and it is a penalty. 32:24.193 --> 32:25.814 [SPEAKER_02]: But who imposed that penalty? 32:26.314 --> 32:35.198 [SPEAKER_02]: The government, the government, it's Elizabeth Warren and her buddies that love all these taxes on business. 32:36.139 --> 32:39.040 [SPEAKER_02]: Yes, businesses are punished by government. 32:39.801 --> 32:43.023 [SPEAKER_02]: The solution is not to find another way to punish businesses. 32:43.503 --> 32:45.424 [SPEAKER_02]: How about stop the punishment? 32:46.225 --> 32:53.287 [SPEAKER_02]: There is an old economic truism that you get less of what you tax. 32:53.328 --> 32:57.509 [SPEAKER_02]: You get more of what you subsidize and you get less of what you tax. 32:58.109 --> 32:59.750 [SPEAKER_02]: If you have a tax on payrolls, 33:00.642 --> 33:02.464 [SPEAKER_02]: You're going to get fewer people on a payroll. 33:02.924 --> 33:08.108 [SPEAKER_02]: If you tell a business man, we're going to tax you if you hire somebody. 33:08.709 --> 33:10.731 [SPEAKER_02]: What is a natural response? 33:10.791 --> 33:14.654 [SPEAKER_02]: Well, I'm not going to hire as many people because I can lower my tax burden. 33:15.294 --> 33:20.779 [SPEAKER_02]: I'm going to look for ways not to hire people so I don't have to pay that tax, right? 33:21.139 --> 33:27.064 [SPEAKER_02]: So instead of recognizing what's the significance of what she said, 33:27.905 --> 33:31.489 [SPEAKER_02]: She just ignores it and like, well, now we need to have these other taxes. 33:31.649 --> 33:32.150 [SPEAKER_02]: No, we don't. 33:32.891 --> 33:34.793 [SPEAKER_02]: How about if we don't have the payroll tax? 33:35.333 --> 33:35.814 [SPEAKER_02]: How about that? 33:35.854 --> 33:36.955 [SPEAKER_02]: How about if you 33:38.017 --> 33:44.681 [SPEAKER_02]: don't like it that businesses are punished for hiring people, then stop punishing them for hiring people. 33:45.301 --> 33:54.586 [SPEAKER_02]: Now, of course, you know, a lot of the payroll taxes end up getting paid by the workers, because, you know, they end up getting lower wages because of the payroll. 33:54.886 --> 33:58.828 [SPEAKER_02]: But obviously, some of the payroll taxes end up getting absorbed by the employer. 33:59.609 --> 34:04.812 [SPEAKER_02]: And in order to avoid or minimize those taxes, they hire fewer workers. 34:05.452 --> 34:26.093 [SPEAKER_02]: Now, there are a lot of other things that the government does that makes hiring people an economical, where employers get punished, the U.S. government with the support of Elizabeth Warren has made it very easy for employees to sue their employer for all sorts of things. 34:27.368 --> 34:37.158 [SPEAKER_02]: And one of the reasons that employers don't want to hire people and want to replace them with machines is to minimize their legal liability. 34:37.939 --> 34:41.923 [SPEAKER_02]: You're not going to get sued by your computer. 34:43.502 --> 34:47.504 [SPEAKER_02]: You can't sexually harass your computer or if you do, it's not going to complain. 34:48.125 --> 34:49.425 [SPEAKER_02]: It's not going to sue you. 34:50.526 --> 34:57.790 [SPEAKER_02]: If you decide to replace your computer with another computer, it's not going to sue you for wrongful replacement. 34:58.230 --> 35:08.135 [SPEAKER_02]: So if Elizabeth Warren is so concerned about employers getting punished for hiring people, then stop punishing them. 35:09.119 --> 35:30.186 [SPEAKER_02]: You know, along the same lines, you know, when all these politicians like Elizabeth Warren complain, complain about student loans and all the debt that college students have, yes, why do they have all that debt because of the government without the government there would be no student loan problem, because there would be no student loans. 35:30.806 --> 35:36.648 [SPEAKER_02]: Students couldn't borrow money, but for the government co-siding the loans or directly lending the money, 35:37.728 --> 35:41.630 [SPEAKER_02]: That's why students are up to their eyeballs in debt because of the government. 35:41.990 --> 35:43.871 [SPEAKER_02]: If there was no government, there would be no debt. 35:44.231 --> 35:47.052 [SPEAKER_02]: Again, I talked about my dad, my dad graduated college. 35:47.513 --> 35:48.513 [SPEAKER_02]: He didn't have any debt. 35:48.813 --> 35:50.274 [SPEAKER_02]: His parents didn't have any money. 35:50.674 --> 35:51.695 [SPEAKER_02]: How did he go to college? 35:52.275 --> 35:53.916 [SPEAKER_02]: He waited tables over the summer. 35:54.396 --> 35:55.596 [SPEAKER_02]: Worked his way through college. 35:55.817 --> 35:59.338 [SPEAKER_02]: Like all of his friends, college wasn't expensive back then. 35:59.578 --> 36:01.819 [SPEAKER_02]: You could afford it, working a summer job. 36:02.079 --> 36:02.980 [SPEAKER_02]: That's all you needed. 36:04.124 --> 36:06.746 [SPEAKER_02]: Now, no one can afford college thanks to the government. 36:07.146 --> 36:21.235 [SPEAKER_02]: In fact, just was listening on the news today to a poll, where now it's like only 10% of the people in the poll, believed that a college education is worth the money. 36:22.155 --> 36:31.541 [SPEAKER_02]: And that is a huge flip from about 20 years ago, when it was something like 70% of people thought a college education degree was worth the cost of buying one. 36:34.996 --> 36:45.160 [SPEAKER_02]: You know, and I never thought college was worth it, especially since most people who graduate from college don't graduate with any real marketable skills. 36:46.101 --> 36:53.164 [SPEAKER_02]: They just get a diploma, but they haven't actually learned anything that delivers any value to an employer. 36:54.725 --> 36:59.387 [SPEAKER_02]: Generally the employers know that when I hire a college grad, I'm going to have to train 37:03.740 --> 37:05.721 [SPEAKER_02]: So what the hell was a college degree for? 37:06.241 --> 37:09.222 [SPEAKER_02]: It was kind of like a screening process. 37:09.702 --> 37:14.103 [SPEAKER_02]: If you're going to hire people, well, let me just hire people that have college degrees. 37:14.363 --> 37:14.683 [SPEAKER_02]: Why? 37:15.104 --> 37:21.926 [SPEAKER_02]: It's not because the college is prepared them for the job or they learned anything at college that's going to help them. 37:21.966 --> 37:23.366 [SPEAKER_02]: No, it's kind of a screening. 37:24.427 --> 37:30.489 [SPEAKER_02]: I'm looking for an entry-level position and I don't want to get flooded with applications. 37:30.529 --> 37:31.409 [SPEAKER_02]: So let me limit 37:32.367 --> 37:33.767 [SPEAKER_02]: the pool of applications. 37:34.088 --> 37:39.369 [SPEAKER_02]: So let me just require college degrees because that way I eliminate all the people that didn't go to college. 37:39.849 --> 37:45.191 [SPEAKER_02]: And the idea as well, if you got into a college, you're smarter than the people who couldn't get in. 37:45.731 --> 37:48.772 [SPEAKER_02]: And if you graduate, you're smarter than the people who flunked out. 37:49.312 --> 37:53.133 [SPEAKER_02]: At least you could stay focused for four years, you were committed. 37:53.753 --> 38:20.256 [SPEAKER_02]: right you went through college you didn't drop out you actually graduated okay that shows some level of commitment of diligence uh so i'm gonna i'm i'm only gonna interview from that pool of people i'm gonna eliminate all the people who drop out of high school or never got into college so it's kind of like a litmus test of screening but it's a very expensive way to do that there always should have been 38:21.257 --> 38:32.662 [SPEAKER_02]: a simpler, cheaper way to certify people that, hey, they're worth interviewing because you're not learning anything of any relevance, especially the liberal arts majors. 38:32.762 --> 38:37.204 [SPEAKER_02]: I mean, what a complete waste of time and money getting a liberal arts degree, right? 38:37.224 --> 38:44.128 [SPEAKER_02]: I mean, absolutely meaningless for for most jobs, but at least, you know, 30 or 40 years ago, 38:45.949 --> 38:50.634 [SPEAKER_02]: Yeah, you might've wasted four years in college, but it didn't cost that much money. 38:51.756 --> 38:53.017 [SPEAKER_02]: Now it cost a fortune. 38:53.758 --> 38:55.860 [SPEAKER_02]: There's no way you could earn enough money. 38:56.735 --> 39:21.197 [SPEAKER_02]: to recover what college actually costs if you paid for it and remember it's not just the cost of the college education and all the the interest that you have to spend paying the money back but what could you have done with that money if you didn't buy a worthless college degree what investments could you have made that would have produced a positive return 39:24.677 --> 39:37.224 [SPEAKER_02]: You know, some of the jobs that we're going to be made obsolete first by AI are a lot of jobs that people had got when they got out of college. 39:38.485 --> 39:51.273 [SPEAKER_02]: You know the jobs that are going to be the last ones to get eliminated where you actually have to do something physically where you actually have to be at somebody's house, at their 39:52.929 --> 39:54.370 [SPEAKER_02]: Working on stuff with your hands. 39:54.951 --> 39:59.575 [SPEAKER_02]: Now, yes, eventually robots will be able to do that, but we're a long way away from that. 40:00.816 --> 40:15.269 [SPEAKER_02]: And so skilled workers, electricians, carpenters, plumbers, guys that actually have to show up and mechanics and fix things and make things work and do stuff, 40:16.082 --> 40:37.756 [SPEAKER_02]: that those people are going to be a demand and you don't you don't go to college for that at the stuff that you're going to college for and paying a fortune for is getting a limited but again the politicians don't understand these liberal politicians or that left wing democrat politicians who are complaining about all the students and all the dead 40:38.995 --> 40:43.537 [SPEAKER_02]: They never do any reflection and consider why it is that that happened. 40:43.557 --> 40:44.618 [SPEAKER_02]: It's not an accident. 40:45.258 --> 40:49.060 [SPEAKER_02]: It is the unintended consequences of their policies. 40:50.140 --> 40:55.463 [SPEAKER_02]: And that's the same thing when Lizabeth Warren points out how companies are punished for hiring people. 40:55.763 --> 41:00.265 [SPEAKER_02]: Yes, I've been complaining about this just like student loans for decades. 41:01.146 --> 41:03.247 [SPEAKER_02]: We should not have any payroll taxes. 41:03.707 --> 41:05.708 [SPEAKER_02]: If your goal is to have 41:06.797 --> 41:07.498 [SPEAKER_02]: more jobs. 41:07.778 --> 41:09.559 [SPEAKER_02]: Why would you want to put a tax on jobs? 41:10.219 --> 41:10.400 [SPEAKER_02]: Right. 41:10.420 --> 41:11.941 [SPEAKER_02]: That is what a payroll tax is. 41:12.201 --> 41:13.562 [SPEAKER_02]: It is a jobs tax. 41:14.122 --> 41:16.264 [SPEAKER_02]: Let's tax somebody who creates a job. 41:16.564 --> 41:18.665 [SPEAKER_02]: Why the hell would you want to do something like that? 41:19.166 --> 41:19.326 [SPEAKER_02]: Right. 41:19.426 --> 41:25.770 [SPEAKER_02]: If you want more employment opportunities, then don't tax people for providing those opportunities. 41:25.851 --> 41:25.971 [SPEAKER_02]: Right. 41:25.991 --> 41:28.172 [SPEAKER_02]: We got to get rid of all these taxes. 41:28.592 --> 41:32.015 [SPEAKER_02]: One bad program doesn't justify another bad program. 41:32.255 --> 41:35.877 [SPEAKER_02]: Because whatever the AI tax is going to be, is going to be bad. 41:35.937 --> 41:40.739 [SPEAKER_02]: And they probably want this to finance some kind of universal basic income. 41:41.159 --> 41:55.006 [SPEAKER_02]: Because if you look at all the things that Elizabeth Warren wants to do with this AI tax that she hasn't even figured out yet, it's a laundry list of all the things that the social is want. 41:55.046 --> 41:58.328 [SPEAKER_02]: We want healthcare, we want childcare, we want 41:59.208 --> 42:14.280 [SPEAKER_02]: all this stuff right this whole wish list of socialist programs and that's what Warren wants to want to finance with attacks you know and by the way too I was listening to the 42:15.745 --> 42:17.626 [SPEAKER_02]: the cabinet, the cabinet meeting. 42:18.186 --> 42:24.268 [SPEAKER_02]: And one of the things that Treasury Secretary Scott Bessett was bragging about to Trump. 42:24.288 --> 42:30.651 [SPEAKER_02]: He's like, oh, this isn't the greatest taxis that ever had so great because taxpayers got the biggest refunds ever, right? 42:30.711 --> 42:33.832 [SPEAKER_02]: As if, like, this is great that taxpayers got all these refunds. 42:33.852 --> 42:38.373 [SPEAKER_02]: Well, first of all, if you've got a big refund, that means you overpaid during the year, right? 42:38.393 --> 42:40.054 [SPEAKER_02]: You gave the government an interest 42:42.575 --> 42:43.655 [SPEAKER_02]: is not to get a refund. 42:43.695 --> 42:47.596 [SPEAKER_02]: It's to pay lower taxes and then owe the government money, right? 42:47.616 --> 43:00.220 [SPEAKER_02]: That when you're when you're paying taxes, the best way to do it is April 15th, you send to check into the government because that means you didn't overpay your taxes. 43:01.908 --> 43:09.772 [SPEAKER_02]: If you end up getting a refund, it means that you pay too much during the year and you lost out on the time value of that money. 43:10.333 --> 43:14.095 [SPEAKER_02]: So you don't want to arrange your taxes to get a big refund. 43:14.115 --> 43:18.077 [SPEAKER_02]: The government loves it when they give you a big refund because they had your money all year. 43:18.817 --> 43:22.959 [SPEAKER_02]: right they had to use your money and then you finally got it back in April of the next year. 43:23.699 --> 43:27.021 [SPEAKER_02]: You want to make sure that you owe them money not the other way out. 43:27.041 --> 43:31.923 [SPEAKER_02]: So the fact that this was the biggest refunds that that's not a good deal for the taxpayer. 43:32.363 --> 43:41.708 [SPEAKER_02]: What's good for the taxpayer is when gee I have to pay a lot which meant I kept my money longer but also these refunds are a lie because 43:42.699 --> 43:46.603 [SPEAKER_02]: The inflation tax is eating in to the value of those refunds. 43:46.744 --> 43:48.926 [SPEAKER_02]: In fact, the inflation tax is bigger. 43:50.568 --> 44:02.141 [SPEAKER_02]: That's why the cost-aliving is skyrocketing because of the deficit spending that, you know, Thomas Massey was the only Republican that was against because he understood. 44:03.370 --> 44:12.696 [SPEAKER_02]: that bigger deficits mean higher inflation and so he wasn't going to vote for a tax increase disguised as a tax cut. 44:13.376 --> 44:21.781 [SPEAKER_02]: But all the other Republicans, they want to take credit for the tax refunds, but they don't accept responsibility for the rising cost of living. 44:21.821 --> 44:25.664 [SPEAKER_02]: In fact, they deny that the cost of living is even going up. 44:25.684 --> 44:26.584 [SPEAKER_02]: They say it's a myth. 44:26.704 --> 44:27.625 [SPEAKER_02]: It's a lie, right? 44:27.645 --> 44:32.088 [SPEAKER_02]: Well, the public knows it's the truth because the public is living with it. 44:32.668 --> 44:47.173 [SPEAKER_02]: Anyway, I also wanted to talk about something that was going on at strategy because I've been warning about this, nobody is really focusing on it, but maybe the bottom is about to drop out of strategy stock and Bitcoin. 44:49.494 --> 44:54.476 [SPEAKER_02]: So every week, a sailor puts out on his 44:59.800 --> 45:15.209 [SPEAKER_02]: And you know, it gets the money to buy the Bitcoin by selling stretch and stretch is this preferred stock with an 11.5% yield, which is actually a little bit above 11.5% now because it's trading at about $99 instead of 100. 45:15.629 --> 45:17.210 [SPEAKER_02]: But I think it's about to crack. 45:17.850 --> 45:22.514 [SPEAKER_02]: which means they're going to have to jack that yield up to get the price back up to 100. 45:23.154 --> 45:36.624 [SPEAKER_02]: Now, one of the ways they claimed that they can fund the dividend obligation is because they had a couple of billion in cash that they raised buying stock was a two or three billion dollars. 45:36.664 --> 45:40.728 [SPEAKER_02]: They got a sold stock and they had cash and they put it in treasuries. 45:41.408 --> 45:46.352 [SPEAKER_02]: And so this was like a couple of years coverage to pay that coupon. 45:47.875 --> 46:07.507 [SPEAKER_02]: Well, this past week, instead of buying Bitcoin, strategy bought back some of the 0% convertible notes that didn't mature for another three years, but where the lender could demand repayment and cash in two years. 46:08.307 --> 46:14.491 [SPEAKER_02]: You know, two years from now, June, 2028 was when the bond holder could say, 46:16.743 --> 46:18.845 [SPEAKER_02]: And, you know, maybe they all would have asked for it back. 46:18.905 --> 46:21.007 [SPEAKER_02]: Probably they all would have wanted their money back in two years. 46:22.088 --> 46:25.351 [SPEAKER_02]: And so what Salor did is he paid it off today. 46:25.671 --> 46:31.157 [SPEAKER_02]: Instead of waiting two years, he paid it off and he gave everybody 92 cents on the dollar. 46:31.197 --> 46:32.378 [SPEAKER_02]: And he's making a big deal. 46:32.598 --> 46:33.459 [SPEAKER_02]: Oh, I'm a genius. 46:33.499 --> 46:34.219 [SPEAKER_02]: This was great. 46:34.560 --> 46:36.782 [SPEAKER_02]: I was able to buy back debt in the discount. 46:37.082 --> 46:38.823 [SPEAKER_02]: So I only paid 92 cents. 46:39.203 --> 46:41.724 [SPEAKER_02]: Had I waited two years, I would have had to pay a dollar. 46:42.125 --> 46:44.846 [SPEAKER_02]: And so he's talking about how this is this great thing. 46:44.886 --> 46:48.228 [SPEAKER_02]: And hey, look, this shows you how great my business model is. 46:48.328 --> 46:51.429 [SPEAKER_02]: I can manipulate the balance sheet. 46:51.469 --> 46:53.770 [SPEAKER_02]: I can take advantage of these great opportunities. 46:54.090 --> 46:57.012 [SPEAKER_02]: Just look, I bought a dollar for 92 cents. 46:57.072 --> 46:59.473 [SPEAKER_02]: I'm adding value to shareholders. 46:59.813 --> 47:00.814 [SPEAKER_02]: That's all bullshit. 47:01.274 --> 47:02.455 [SPEAKER_02]: He didn't add any value. 47:03.335 --> 47:08.778 [SPEAKER_02]: The notes are only worth 92 cents because there's no interest for two years. 47:09.859 --> 47:19.164 [SPEAKER_02]: If you give me 92 cents today, that's better than giving me a dollar in two years, because I can take the 92 cents and I can earn interest on that. 47:19.425 --> 47:23.187 [SPEAKER_02]: And in two years, I'll have the 100, all my own. 47:24.386 --> 47:49.268 [SPEAKER_02]: because now instead of collecting and of course sailor had that money in a money market he was collecting interest on it he could have collected interest for the next two years on that money instead he had to give it to his creditors so he didn't you know he didn't make anything he basically paid with the notes were worth at that point of time so the whole idea that he's some kind of financial genius and he took advantage of some kind of arbitrage 47:52.828 --> 47:57.772 [SPEAKER_02]: But what it also does is it took away more than 60% of his liquidity. 47:58.233 --> 48:04.498 [SPEAKER_02]: That was the liquidity that was supposedly there to pay the interest on stretch so that he wouldn't have to sell Bitcoin. 48:04.738 --> 48:06.100 [SPEAKER_02]: Well, why did he blow through that? 48:06.160 --> 48:07.381 [SPEAKER_02]: Why did he even do that? 48:08.041 --> 48:14.207 [SPEAKER_02]: There must have been a lot of pressure on him behind the scenes to buy back that debt. 48:14.327 --> 48:17.610 [SPEAKER_02]: And that to me is an indication that the wheels are coming off of this thing. 48:18.572 --> 48:40.934 [SPEAKER_02]: uh... and you're going to start to see this and that's why bitcoin bitcoin is not rallying with text stocks right tax stocks are making new highs high everyday boom room running through the sky and bitcoin is barely hold in seventy four thousand bitcoin is not going up and it's not going up when gold's going down 48:41.764 --> 48:44.246 [SPEAKER_02]: It's up maybe it'll catch a bid from the weakness and goal. 48:44.846 --> 48:52.191 [SPEAKER_02]: Money is not going from goal to Bitcoin and Bitcoin is not participating in risk on. 48:53.111 --> 48:56.254 [SPEAKER_02]: So there are two things that are going to happen that are going to crush Bitcoin. 48:57.514 --> 49:01.037 [SPEAKER_02]: One is that you're going to have a pullback in the stock market. 49:01.257 --> 49:02.738 [SPEAKER_02]: Text stocks are going to drop. 49:03.668 --> 49:30.760 [SPEAKER_02]: it's inevitable at a minimum there'll be a correction before the next move up Bitcoin is going to get killed during that correction look at strategy stock strategy stock is not participating in miss bubble because the bitcoin bubble the crypto bubble has already popped the air is already coming out that bubble started before the AI bubble and in fact a lot of the 49:31.778 --> 49:35.179 [SPEAKER_02]: Crypto-related companies have already pivoted to AI. 49:35.659 --> 49:38.400 [SPEAKER_02]: They've already stopped mining and now they're doing data centers, right? 49:38.420 --> 49:40.201 [SPEAKER_02]: They've just kind of moved from bubble to bubble. 49:40.881 --> 49:46.323 [SPEAKER_02]: But the people that are in the Bitcoin bubble and the crypto bubble still don't realize that that party ended. 49:47.203 --> 49:52.405 [SPEAKER_02]: And now some of them have just moved on to the other party, but that's going to end. 49:52.905 --> 49:58.727 [SPEAKER_02]: But when those stocks start to go down, because if Bitcoin is basically trading water, 49:59.670 --> 50:05.456 [SPEAKER_02]: when risk assets are booming, what's gonna happen when risk assets bust? 50:06.177 --> 50:07.559 [SPEAKER_02]: Bitcoin's not gonna keep trading. 50:07.579 --> 50:13.485 [SPEAKER_02]: What it's gonna sink, but the other thing is gold, because Bitcoin does the opposite of gold. 50:14.406 --> 50:20.733 [SPEAKER_02]: Now, Bitcoin hasn't been able to get much strength from the weakness in gold. 50:22.012 --> 50:28.738 [SPEAKER_02]: Well, what happens when gold resumes its uptrend and starts to go up, that's going to hurt Bitcoin. 50:29.258 --> 50:34.883 [SPEAKER_02]: So Bitcoin is going to be hit by falling stock prices and rising gold prices. 50:35.263 --> 50:48.995 [SPEAKER_02]: And you could already see that in strategy, it is forced for whatever reason, because it's a lie that this was somehow advantageous to strategy, to pay off this debt early. 50:49.983 --> 50:50.864 [SPEAKER_02]: No, it wasn't. 50:51.184 --> 50:52.745 [SPEAKER_02]: There was zero interest rate. 50:53.166 --> 50:59.390 [SPEAKER_02]: And if you had a credit card balance and you had no interest on it, would you rush to pay it off? 50:59.410 --> 51:00.111 [SPEAKER_02]: I don't know. 51:00.591 --> 51:02.273 [SPEAKER_02]: You'd wait, why would you pay it off now? 51:02.693 --> 51:03.934 [SPEAKER_02]: I'll pay it off in a couple of years. 51:04.634 --> 51:04.774 [SPEAKER_02]: Right? 51:05.075 --> 51:10.479 [SPEAKER_02]: Now, yes, he got a little bit of a discount to offset that, but he didn't make any money. 51:10.519 --> 51:11.039 [SPEAKER_02]: It's a push. 51:11.299 --> 51:14.042 [SPEAKER_02]: So why not keep the liquidity just in case? 51:15.130 --> 51:35.558 [SPEAKER_02]: obviously something forced sailor to do this he will never admit that so instead he's trying to act as if he's some kind of financial genius and he pulled off this great deal meanwhile you know nobody i watch on cbc will point this out they say oh he did a great deal right he saved his shareholder's money he didn't save him anything 51:36.298 --> 51:38.682 [SPEAKER_02]: don't they understand the time value of money? 51:38.702 --> 51:40.925 [SPEAKER_02]: I mean, I guess not, right? 51:41.025 --> 51:46.433 [SPEAKER_02]: The people that are hired on CNBC don't know anything about finance or economics. 51:46.473 --> 51:47.795 [SPEAKER_02]: That's why they got their jobs. 51:48.135 --> 51:49.638 [SPEAKER_02]: So they can't recognize. 51:50.778 --> 51:56.163 [SPEAKER_02]: Uh, that this is SPS, but there was something going on that force sailor to do this. 51:56.884 --> 52:10.597 [SPEAKER_02]: Believe me, I'm sure the last thing he wanted to do was was give up 60% of the cash that he raised to have a cushion on on on on stretch because now he has a lot more stretch outstanding than he did when he got the cushion in the first place. 52:11.257 --> 52:15.901 [SPEAKER_02]: So something's going to blow up here at strategy, it's going to blow up in Bitcoin. 52:17.022 --> 52:19.004 [SPEAKER_02]: So get the hell out. 52:19.284 --> 52:23.728 [SPEAKER_02]: If you own it, you know, yes, I know all you Bitcoiners. 52:23.888 --> 52:25.410 [SPEAKER_02]: Yeah, Peter Schiff's been saying this. 52:25.770 --> 52:26.231 [SPEAKER_02]: Yeah, I know. 52:26.591 --> 52:28.232 [SPEAKER_02]: But for the last five years, I've been right. 52:28.573 --> 52:30.895 [SPEAKER_02]: You can say I was wrong for the years before that. 52:31.960 --> 52:34.823 [SPEAKER_02]: but I've been right in recent years. 52:35.424 --> 52:38.607 [SPEAKER_02]: And there is a major decline coming. 52:39.027 --> 52:41.830 [SPEAKER_02]: And so go to shift gold, do yourself a favor. 52:42.671 --> 52:45.093 [SPEAKER_02]: You can kill two birds with one stone, it's shift gold. 52:45.554 --> 52:46.935 [SPEAKER_02]: You can buy golden silver. 52:47.576 --> 52:53.121 [SPEAKER_02]: Now, you know, two day pullback, good time to buy, but you can use your Bitcoin. 52:53.702 --> 52:59.345 [SPEAKER_02]: through BitPay, you could get out a Bitcoin and get into Golden Silver in the same transaction. 52:59.846 --> 53:01.246 [SPEAKER_02]: You get a TOOFER, right? 53:01.286 --> 53:02.127 [SPEAKER_02]: You win twice. 53:02.487 --> 53:08.371 [SPEAKER_02]: You get out a Bitcoin before the bottom drops out and you get into Golden Silver before the next big leg up. 53:09.051 --> 53:16.355 [SPEAKER_02]: And, you know, if you're looking for something crypto related, open up an account at T-gold, the future of crypto is gold. 53:16.775 --> 53:17.196 [SPEAKER_02]: That's it. 53:18.008 --> 53:29.797 [SPEAKER_02]: gold is the winner when it comes to crypto because gold can do everything that stable coins can do but better because it also is a store value. 53:30.317 --> 53:34.440 [SPEAKER_02]: Why would you want to have tokenized dollars when you can have tokenized gold? 53:35.060 --> 53:36.862 [SPEAKER_02]: You don't get any interest on tokenized. 53:37.880 --> 53:40.362 [SPEAKER_02]: dollars, so you might as well own tokenized gold. 53:41.062 --> 53:47.126 [SPEAKER_02]: The reason people have dollars in money markets is because they get interest. 53:47.586 --> 53:51.388 [SPEAKER_02]: But why the hell would you want to own a token that pays no interest? 53:51.468 --> 53:55.091 [SPEAKER_02]: You might as well just have tokenized gold because then you have a store of value. 53:55.571 --> 53:57.632 [SPEAKER_02]: See, the dollar is a great media exchange. 53:58.072 --> 53:59.553 [SPEAKER_02]: It's a lousy store of value. 54:00.034 --> 54:04.937 [SPEAKER_02]: Bitcoin is a lousy store of value because it has no value and a lousy media exchange. 54:05.660 --> 54:11.145 [SPEAKER_02]: Gold is a great store of value, and when you tokenize it, it's a great media exchange. 54:11.326 --> 54:14.469 [SPEAKER_02]: It's a better media exchange than it is in its physical form. 54:15.129 --> 54:20.514 [SPEAKER_02]: Tokenize gold improves all the functionality of gold as a media exchange. 54:21.175 --> 54:29.963 [SPEAKER_02]: And so it's ironic that instead of making gold obsolete, block change just makes gold better. 54:30.851 --> 54:39.942 [SPEAKER_02]: Bitcoin is going to end up being the dinosaur, not gold, gold is the future, Bitcoin is the past, just that people in Bitcoin don't realize that yet. 54:40.002 --> 54:45.528 [SPEAKER_02]: But if you're listening to this podcast, you got the heads up, and you can take advantage of that. 54:45.828 --> 54:47.751 [SPEAKER_02]: And if you're looking for the moon ride, 54:49.008 --> 55:11.287 [SPEAKER_02]: then look at the mining stocks because that's where I think you have the opportunity uh... to make the five ten twenty times your money the mining sector i think tremendous risk reward so you can look at that you know you want to take a risk you don't have to take a crap shot on on bitcoin or some other uh... token you can buy uh... mining companies 55:12.043 --> 55:15.206 [SPEAKER_02]: because they're cheap, but they have a lot of upside potential. 55:15.226 --> 55:16.948 [SPEAKER_02]: So check out my mutual fund. 55:17.549 --> 55:25.817 [SPEAKER_02]: When you get out of your Bitcoin, your Pacific Capital Gold Fund, EPG, IX is in no load symbol, or go to your Pacific asset management. 55:25.837 --> 55:32.543 [SPEAKER_02]: Yourapact.com, go to the website, read about all my funds, talk to my advisors. 55:33.520 --> 55:41.764 [SPEAKER_02]: Anyway, again, if you liked this video, make sure and give it the thumbs up, subscribe to the YouTube channel if you haven't yet subscribed. 55:42.044 --> 55:46.065 [SPEAKER_02]: This is going to be my last podcast for the summer. 55:47.286 --> 55:49.367 [SPEAKER_02]: I'm leaving Puerto Rico tomorrow. 55:50.423 --> 55:52.425 [SPEAKER_02]: Not sure exactly what I'm coming back. 55:53.166 --> 55:55.229 [SPEAKER_02]: Maybe late August, early September. 55:55.549 --> 55:56.830 [SPEAKER_02]: We'll see how things are going. 55:57.631 --> 55:59.073 [SPEAKER_02]: I got some stuff I need to do. 55:59.453 --> 56:02.197 [SPEAKER_02]: You know, we're gonna have a conference. 56:02.597 --> 56:04.499 [SPEAKER_02]: I talked a lot about Panama City. 56:05.400 --> 56:09.645 [SPEAKER_02]: And Shiff Sovereign is having a conference in mid-September. 56:10.486 --> 56:11.466 [SPEAKER_02]: in Panama City. 56:12.187 --> 56:15.008 [SPEAKER_02]: And hopefully I'll see a lot of you guys down there. 56:15.028 --> 56:20.270 [SPEAKER_02]: It's going to be a great event, but I really like Panama City and I want to come back and do a conference there. 56:20.830 --> 56:31.734 [SPEAKER_02]: And not just about investments, but also talking about, you know, being in Panama, getting Panamanian residency or the different benefits of that country. 56:32.534 --> 56:34.035 [SPEAKER_02]: But it's not too far from Puerto Rico. 56:34.055 --> 56:37.998 [SPEAKER_02]: It's only about a two-hour flight from San Juan to Panama City. 56:38.018 --> 56:38.659 [SPEAKER_02]: So I'm going to be there. 56:38.919 --> 56:40.140 [SPEAKER_02]: I also have another conference. 56:40.560 --> 56:44.503 [SPEAKER_02]: I believe that I'm going to be at in September back here in Puerto Rico. 56:44.523 --> 56:47.666 [SPEAKER_02]: But I'm going to be away with my kids, my family. 56:48.426 --> 56:49.487 [SPEAKER_02]: We're leaving tomorrow. 56:50.108 --> 56:51.769 [SPEAKER_02]: We're going to be on the boat for a few weeks. 56:52.529 --> 56:56.833 [SPEAKER_02]: Before we get back up to Connecticut, I will be doing some podcasts from the boat. 56:57.633 --> 56:59.814 [SPEAKER_02]: I did one from the vote. 57:00.954 --> 57:11.756 [SPEAKER_02]: We were in the BVI, headed in the opposite direction this time through the Turks and Cacos and the Bahamas on our way to the East Coast. 57:11.836 --> 57:14.037 [SPEAKER_02]: So I'll be doing some podcasts from there. 57:14.937 --> 57:19.978 [SPEAKER_02]: So look out for them and then when I get back to Connecticut, I'll be doing them from there and from the vote. 57:20.959 --> 57:24.519 [SPEAKER_02]: But you know, the year went by quick, you know, I mean, the years are just zoom and buy. 57:24.539 --> 57:26.140 [SPEAKER_02]: It seems like just yesterday. 57:27.421 --> 57:36.734 [SPEAKER_02]: to Puerto Rico from the summer and now we're already leaving for yet another summer, but this is going to be a big summer, because we've got 250 year anniversary, July, 4th, you know. 57:42.502 --> 57:42.942 [SPEAKER_02]: 2026. 57:42.983 --> 57:46.986 [SPEAKER_02]: So that's going to be a big big summer for the fourth of July. 57:47.046 --> 57:51.850 [SPEAKER_02]: I'll be talking a lot more about that as we get closer to that date. 57:52.731 --> 57:57.394 [SPEAKER_02]: Because I have a lot of stuff that I want to talk about, but I think it's very significant. 57:58.815 --> 58:01.117 [SPEAKER_02]: Because, you know, we need another revolution. 58:01.157 --> 58:01.878 [SPEAKER_02]: We really do. 58:02.919 --> 58:08.784 [SPEAKER_02]: Because, you know, back in 1776, we revolted against King George. 58:10.007 --> 58:35.816 [SPEAKER_02]: uh... but americans were a lot freer under the tyranny of king george then they are today under the kirit tyranny of the american democracy so if we had a revolution to get out from under the tyranny of a king we need a bigger revolution to get out from under the tyranny that we have now because i would trade places in a heart beat if we could be ruled by a king like king george and we had no income tax and no social security tax and 58:40.253 --> 58:42.616 [SPEAKER_02]: I would much rather have that than what we got now. 58:43.517 --> 58:48.643 [SPEAKER_02]: I mean, could you imagine, right, if King George tried to tax anybody with an income tax? 58:48.663 --> 58:51.366 [SPEAKER_02]: I mean, there would have been a revolution throughout the entire kingdom. 58:51.386 --> 58:53.088 [SPEAKER_02]: But would have just been an American revolution. 58:53.529 --> 58:55.251 [SPEAKER_02]: The British wouldn't have paid an income tax. 58:55.551 --> 58:57.653 [SPEAKER_02]: Nobody would have put up with that from a king. 58:58.194 --> 59:11.885 [SPEAKER_02]: no king can get away with an income tax but we pay it we did it to ourselves so this is something that's got to stop but anyway i'm gonna save that for a future podcast anyway take care and i will see you from the seas bye for now