Episode 91

Published on:

22nd Nov 2022

Charlie Munger Pops Off, Layoffs in Tech and Let's Not Celebrate Yet

“This is a very, very bad thing. The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.” So says Charlie Munger, Berkshire Hathaway Vice Chairman and a longtime cryptocurrency skeptic. He went on to declare that the space is rife with fraud and delusion, and regulators have dropped the ball by not outlawing bitcoin and other digital assets.

In today's episode of The Higher Standard, Chris and Saied take a look at Munger's vehement criticisms and try to determine if his thoughts are valid, and whether or not regulators have indeed failed to provide proper oversight.

They discuss the Federal Reserve's meeting in February and offer some thoughts on whether or not there will be another rate increase at that time.

Chris and Saied examine why government spending has a tremendous impact on GDP, but surprisingly on core inflation numbers.

They also discuss a recent article in which Amazon founder Jeff Bezos advises consumers and businesses to delay purchases and stockpile cash to prepare for a devastating downturn.

Join Chris and Saied for this fascinating conversation.


What You’ll Learn in this Show:

  • Why Charlie Munger's longtime criticism of cryptocurrency has reached new levels of virulence in light of the recent implosion of FTX.
  • The incredible wave of layoffs rolling across the country, particularly in the tech industry.
  • Why the US has just 25 days of diesel supply remaining — the lowest level since 2008.
  • Why Federal Reserve Governor Christopher Waller believes that financial markets have overreacted to the softer-than-expected October consumer price inflation data released last week.
  • And so much more...


"Charlie Munger, Warren Buffet’s right-hand man, rips into cryptocurrency after FTX collapse, saying it’s good for ‘kidnappers’" (article from Fortune)

"A Six-Figure Income Is Needed Just to Afford the Typical US Home" (article from Bloomberg)

"Mortgage Lenders Vie to Be ‘Last Man Standing’ as Rates Soar" (article from Bloomberg)

"Amazon founder Jeff Bezos warns a recession is looming - and Americans should 'prepare for the worst'" (article from Markets Insider)

"Congress seeks to arm Taiwan quickly as China threat grows" (article from the Washington Post)

"United States Government Spending To GDP" (chart from Trading Economics)

"Fed’s Waller says market has overreacted to consumer inflation data: ‘We’ve got a long, long way to go’" (article from Yahoo! Finance)

"Musk Says Everyone Thought FTX's Bankman-Fried Was 'Walking on Water'" (article from The Street)

"Inflation Isn’t Going Anywhere. History Says It Could Take a Decade to Get Back to Normal" (article from Barron's)

"Amazon reportedly plans to lay off about 10,000 employees starting this week" (article from CNBC)

"The US has just 25 days of diesel supply — the lowest since 2008. Here's why that's more alarming than a dwindling 'oil piggy bank'" (article from Yahoo! Finance)

"System Open Market Account Holdings of Domestic Securities" (information via The Federal Reserve Bank of New York)

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About the Podcast

The Higher Standard
This isn’t a different standard, it’s the higher standard.
Welcome to the Higher Standard Podcast, where we give you ultra-premium, unfiltered truth when it comes to building your wealth and curating the lifestyle of your dreams. Your host; Chris Naghibi is here to help you distill the immense amount of information and disinformation out there on the interwebs and give you the opportunity to choose a higher standard for yourself. Sit back, relax your mind and get ready for a different kind of podcast where we elevate your baseline with crispy high-resolution audio. This isn't a different standard. It's the higher standard.

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About your host

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Christopher Naghibi

Christopher M. Naghibi is the Founder and Chief Executive Officer of Black Crown Inc. and Black Crown Law APC, a disruptive collective of attorneys, property managers, real estate agents and contractors who handle home sales and purchases, commercial and multifamily real estate brokerage, primarily for high net-worth and celebrity clients.

His team has over 20 years of experience, 1000+ satisfied clients, $10 million in recovered costs for clients, and in excess of $20 billion dollars in closed transactions.

As a licensed attorney, real estate broker, general contractor, and now Top 100 podcast host, Chris aims to provide free financial education that allows people to take control and democratize fear in the financial world.