The Fed, AI & Crypto Are Creating the Next Financial Crisis
Chris, Saied and Rajeil dive headfirst into the weirdest corner of the modern economy, where the next Fed chair sounds like a political hostage negotiation, AI is either the greatest productivity boom in history or the most expensive layoff machine ever built, private credit is quietly turning banks into shadow-bank Uber drivers, and crypto keeps pretending it’s financial freedom while throwing money at Washington. From Kevin Warsh and Fed independence to AI hype, corporate cost-cutting, Bitcoin mythology, Epstein-adjacent crypto lore, and the political machine behind digital assets, this episode asks the question nobody in power wants to answer: are we innovating our way into the future, or just putting better software on the same old greed machine?
💥 Have you left your "honest ⭐️⭐️⭐️⭐️⭐️" review?
This episode is proudly brought to you by Fridays.
Because real wealth starts with your health. If you want to feel sharper, stronger, and more in control, visit joinfridays.com and use code HIGHER for an exclusive discount.
📩 NEWSLETTER: https://tr.ee/O6FWkv
👕 THS MERCH: http://www.thspod.com
🔗 Resources:
Kevin Warsh calls for 'regime change' at the Fed (Reuters Business via X)
AI has brought "the most disruptive" tech shift (Yahoo Finance via X)
Wells Fargo, Citi and Goldman lead in AI venture investment (American Banker)
The crypto industry already announced $200 million in spending on the 2026 midterms (Perfect Union via Instagram)
Everyone is Lying to You For Money (Bloomberg TV via Instagram)
How Epstein Secretly Propped Up Bitcoin (Perfect Union via Instagram)
⚠️ Disclaimer: Please note that the content shared on this show is solely for entertainment purposes and should not be considered legal or investment advice or attributed to any company. The views and opinions expressed are personal and not reflective of any entity. We do not guarantee the accuracy or completeness of the information provided, and listeners are urged to seek professional advice before making any legal or financial decisions. By listening to The Higher Standard podcast you agree to these terms, and the show, its hosts and employees are not liable for any consequences arising from your use of the content.
Transcript
I've got to the point in life where all I wear.
Speaker A:Literally all I wear at all times is higher standard merch.
Speaker B:The higher center.
Speaker B:I need some new ones.
Speaker A:All right.
Speaker A:This is going to be one of those shows where we're doing a lot of video.
Speaker A:I think almost everything we have today, except for one article, is going to be.
Speaker A:It's gonna be video, baby.
Speaker B:All right.
Speaker A:It's interactive episode.
Speaker B:Oh, so you know, does he know how to it?
Speaker A:Dude, he knows how to work it better than you, buddy.
Speaker B:Oh, I know he does.
Speaker B:I'm just making sure he feels comfortable.
Speaker B:I'm earning my $0 right here.
Speaker A:Let's get it.
Speaker A:You like the irony of.
Speaker A:Of Saeed calling you out on how to work the control?
Speaker B:I called.
Speaker B:I said just to make sure that he felt comfortable.
Speaker A:Who called me about the show?
Speaker A:Is it his side of his Right side of his face is dark.
Speaker A:I don't know why on my side of the face is light, but we have the same lights.
Speaker A:What I don't understand.
Speaker B:Built different, bro.
Speaker B:The difference of melanin.
Speaker A:It might.
Speaker A:It might be that.
Speaker A:It might be.
Speaker B:I got more melanin.
Speaker A:Is it melanin or melatonin?
Speaker B:It's not melatonin.
Speaker B:Makes you drowsy, calms you down.
Speaker A:Unlike you guys, I don't see skin color.
Speaker B:I don't either.
Speaker B:Hold on.
Speaker B:You just said it might be the melanin.
Speaker A:I said melatonin.
Speaker B:No, that's not what you said.
Speaker B:No.
Speaker A:Run the tape back.
Speaker A:They have cut off.
Speaker A:Don't make me cut out some other stuff from this episode.
Speaker A:I did.
Speaker A:What?
Speaker B:Cut out what?
Speaker B:Yeah, I didn't notice anything.
Speaker A:Yeah.
Speaker B:Welcome back to the number one financial literacy podcast in the world.
Speaker B:This is the higher standard.
Speaker B:Sitting in front of me in some more THS merch that you can find@thspod.com.
Speaker B:It's my partner in crime, Christopher Nahibi.
Speaker B:Yeah.
Speaker A:Yeah.
Speaker A:Sitting across from me, my partner in crime.
Speaker B:What it I said crime.
Speaker B:I'm supposed to be time.
Speaker A:I know, but I feel like you're more criminal than me today.
Speaker A:What?
Speaker A:Yeah.
Speaker A:Side Omar, everybody.
Speaker B:Thank you, my man.
Speaker B:And sit behind the desk in the production suite, the fine Fijian slim.
Speaker B:What's up, my guy, Rajil.
Speaker B:Hello, everyone.
Speaker B:What's up, man?
Speaker B:Thank you for tuning in.
Speaker B:We got a different episode for everybody today.
Speaker A:We got.
Speaker B:Yeah, we're bringing in video, baby.
Speaker A:We do it like every other, like, episode.
Speaker B:You said it right before the show.
Speaker B:You're like, this is gonna be different.
Speaker A:It's gonna be a little more interactive.
Speaker B:A little more interactive.
Speaker A:Okay.
Speaker A:Different interactive.
Speaker B:So they're going to be able to.
Speaker A:Well, okay, you know what?
Speaker A:If this is the way it's gonna be, the whole show, we're gonna get argumentative.
Speaker A:It's not even like a real quarter.
Speaker A:It's like a faux quarters.
Speaker B:That's what it is.
Speaker A:Yeah.
Speaker B:He's taking shots already.
Speaker B:What's wrong with this guy?
Speaker B:Can't even record his zips around him.
Speaker A:So there were some interesting stories to start the day when I woke up this morning that kind of restructured the way this show was supposed to go because I thought all of it was compelling.
Speaker A:Starting off with the incumbent Fed secretary, Mr. Warship.
Speaker A:Kevin Warsh, baby.
Speaker A:There he is right there.
Speaker A:He.
Speaker A:He's a Federal Reserve chief nominee, Kevin Warsh, you know, and he's getting grilled by Congress.
Speaker A:Now, granted, Nancy Pelosi's at the helm of this grilling.
Speaker A:Okay.
Speaker A:I would say she's probably emotionally charged in every interaction I've ever seen her have.
Speaker A:I can't imagine she even goes to the bathroom without getting, you know, somebody getting grilled.
Speaker B:Right, right.
Speaker A:Who does?
Speaker A:Number two weren't for, you know, she did call him out.
Speaker A:So this is about a three minute clip, but he said some things that I really valued in this clip.
Speaker A:I thought that.
Speaker B:Oh, you're.
Speaker B:So you're on board.
Speaker A:Yeah, I'm on board.
Speaker A:But let me set the stage before we.
Speaker A:Jill hits play.
Speaker A:Okay.
Speaker B:Okay.
Speaker A:Kevin Warsh, in my mind, was the last person the White House was going to pick to be the next Fed secretary.
Speaker B:Okay.
Speaker A:And I thought this was strange because he had some previous positions on how the Fed should act and shouldn't act.
Speaker A:That seemed counterintuitive to what the White House seems to want from the fomc.
Speaker B:Absolutely.
Speaker A:He was not a big fan of rate cuts to move the economy along.
Speaker A:He didn't seem to have a historical position that would align itself with rate cuts in this environment.
Speaker B:Right.
Speaker A:He seemed to feel that communication by the Fed was overdone and that should be reeled in.
Speaker B:Right.
Speaker B:So, yeah, to bring it into perspective a little bit too, President DJT would like more rate cuts to help solve the problems that we're currently seeing in the economy.
Speaker A:The White House elected or put Mirren on the panel and Mirren has been the most hawkish, requesting more rate cuts than anybody else in the panel.
Speaker A:And you see that in the summary of economic projections and everything that he's ever said publicly.
Speaker B:Right.
Speaker B:And the last time the honorable Kevin Warsh was in this position at the Fomc he made it very clear that it's not our job to come say it's our job to come save the day after a crisis has already happened.
Speaker B:Not to save it, prevent it from happening.
Speaker A:Yeah.
Speaker A:Which is interesting tact too, because you could argue that that's a bit of a weird position.
Speaker A:Let me explain.
Speaker A:Right.
Speaker A:You don't really know you're in a crisis unless all sorts of shit's going sideways.
Speaker B:Yes.
Speaker A:Okay.
Speaker A:Otherwise the National Bureau of Economic Research will come out and say you're in a stagflationary economy, you're in a recessionary economy.
Speaker A:But that happens usually after those economies are over with.
Speaker B:And it also makes his job a little bit easier where it's like nothing could be really put be blamed on me.
Speaker B:Right.
Speaker B:If, if anything, I get to wear the cave and be look like the hero.
Speaker A:So.
Speaker A:Yeah.
Speaker A:True.
Speaker A:Invalid point.
Speaker A:There are some elements here which I think we should talk about as well.
Speaker A:Is it me or does the honorable Kevin Wash look like a young Jerome Powell?
Speaker B:It does.
Speaker A:They oddly look alike.
Speaker A:And I'm going to be honest with you, he does behind him look very strange.
Speaker B:Honestly, that suit does look like he's worth $100 million.
Speaker A:The only.
Speaker A:Yeah.
Speaker A:So there, there, there's in lies another problem part of this conversation.
Speaker B:I mean, it's a, it's a small problem.
Speaker A:I like how everybody's like, hey man, how much you worth?
Speaker A:And he goes, 100 million it is.
Speaker A:What?
Speaker B:Honestly, part of me feels like he's downplaying a little bit.
Speaker B:I feel like it's more than 100 million.
Speaker A:But then Nancy Plosic does grill him, but she does catch him in some shit.
Speaker B:What does she catch him in?
Speaker A:So she's like, you know, you have to disclose to a committee.
Speaker A:Yes.
Speaker A:That looks into you what your financial positions in certain holdings are.
Speaker B:And this isn't just someone in his position.
Speaker B:Right.
Speaker B:Executives at publicly traded companies have to do the same.
Speaker B:Right.
Speaker B:Yeah.
Speaker A:But this is actually a committee that's solely looking into this for conflicts.
Speaker A:Right.
Speaker A:Whereas with the board and public trade companies it's slightly different.
Speaker A:But this is an actual committee of.
Speaker B:You know, I feel like anything you're associated with and if you're the Fed chair.
Speaker B:Right.
Speaker B:Secretary.
Speaker B:It's a conflict.
Speaker B:Well, it's hard to argue that it's not a conflict.
Speaker A:So we'll play the clip here in a minute.
Speaker A:But when we play it.
Speaker A:Look, how I'm gonna.
Speaker A:I wanna say the word here, Kevin.
Speaker A:I don't wanna be descriptive.
Speaker A:Right.
Speaker A:I don't want to like lead you guys along.
Speaker A:Look how dodgy he is on the.
Speaker A:Hey, do you have any investments with Jeffrey Epstein?
Speaker A:Oh, his response, you know, hey, I've already said I'm gonna.
Speaker A:I'm gonna divest of all investments that may be concerning.
Speaker A:So do you have investments or not?
Speaker A:I've already said I will divest of anything that's concerning to the committee.
Speaker A:Right.
Speaker A:Divest meaning he's gonna get rid of.
Speaker B:Right.
Speaker B:So anything that they take issue with, I'll walk away from.
Speaker A:So do you have investments with Epstein?
Speaker B:I'm going to walk away.
Speaker B:If you guys.
Speaker B:If you have a problem with anything, I'll walk away from it.
Speaker A:So you be my wife and ask me if I cheated on you.
Speaker A:Yeah.
Speaker B:Have you cheated on me?
Speaker A:Listen, I will apologize for anything that you're aware of.
Speaker B:Yeah.
Speaker B:I will walk away and make sure nothing ever happens again.
Speaker A:I will ensure that anything that's going on now that's all bad does not offend your moral fabric.
Speaker B:That's all bad.
Speaker B:Honestly, it feels like that man Epstein has.
Speaker B:Has his fingerprints on a lot of things.
Speaker B:And it's hard to say that I'm not invested in something that he has his fingerprints.
Speaker A:Yeah.
Speaker A:By the way, thank God for streaming platforms, because right now, on YouTube, the live that I did earlier today, because we mentioned Epstein and play clips.
Speaker B:We did not mention anything, sir.
Speaker A:Yeah, I mentioned.
Speaker A:Right.
Speaker A:25 Views.
Speaker A:It's like, we don't have to tell you that your shadow band, you know.
Speaker B:Yeah, yeah, right, right.
Speaker A:Yeah.
Speaker A:But one last point before we play this.
Speaker A:The one thing that caught my eye was actually not all this sensationalism.
Speaker A:It wasn't Nancy Pelosi and all this other stuff going on.
Speaker A:What do they all look alike?
Speaker A:They're all angry politicians.
Speaker A:What are you talking about?
Speaker A:Yeah, see, don't make me.
Speaker B:If I said something like that, Chris would be all over me up.
Speaker B:Can't say that.
Speaker A:That's not what you said last episode.
Speaker A:Boy, what you're talking about.
Speaker A:But here's the part that caught my attention is that for the first time ever, someone, granted, not in the FOMC yet, acknowledged that AI is going to be a massively disruptive force.
Speaker B:So somebody's acknowledging that, but the current members of the FOMC are like, it's no big deal.
Speaker A:We haven't seen anything.
Speaker B:Well, honestly, we have a strong labor market.
Speaker A:What you talking about?
Speaker B:Yeah, it's.
Speaker B:I mean, it's healthy.
Speaker B:It's 4.3%.
Speaker A:Numbers look fine to me.
Speaker A:Right.
Speaker B:I don't see any problems on the Horizon.
Speaker A:See that tsunami over there?
Speaker A:That one way over there?
Speaker B:Yeah.
Speaker A:That's going to hit us, right?
Speaker A:We don't know.
Speaker B:Honestly, I.
Speaker B:You can barely see it.
Speaker A:I mean, the tide's out, right?
Speaker B:It remains to be seen.
Speaker A:Beach looks beautiful.
Speaker B:Yeah.
Speaker B:Yeah.
Speaker A:Look at all the seashells.
Speaker B:Weather's nice.
Speaker A:Yeah, man.
Speaker A:Yeah.
Speaker A:So, Reil, you ready?
Speaker A:Oh, I'm sorry.
Speaker A:The Honorable Reil.
Speaker B:Exactly.
Speaker A:How do I get the honorable.
Speaker A:Look at.
Speaker B:Look at the camera.
Speaker B:The camera in the back's like, dang.
Speaker A:Yeah.
Speaker A:This whole.
Speaker A:The whole backside here is just very.
Speaker A:Yeah.
Speaker B:All right, let's get to it.
Speaker B:Let's get to it.
Speaker C:To lead.
Speaker C:The Federal Reserve came under fire from Democratic senators during his confirmation hearing on Tuesday.
Speaker C:Elizabeth Warren of Massachusetts, Kevin Warsh of being beholden to Trump, who wanted an obedient Fed chair rather than an independent one.
Speaker D:So Donald Trump has made clear that he does not want an independent Fed.
Speaker D:In fact, he has said, and I quote, anybody that disagrees with me will never be Fed chairman.
Speaker D:And he's made clear that you are his sock puppet, saying last week that interest rates will drop, quote, when Kevin gets in.
Speaker C:Warren also pressed him on his massive personal investments, which are.
Speaker B:She's very talented at what she does.
Speaker C:That Govern what officials can hold.
Speaker D:Senator, I've worked tirelessly with the ethics officials at the Office of Government, and you have not.
Speaker D:I'm doing ethics agreement.
Speaker D:And have agreed, Senator, to sell all of my financial assets.
Speaker C:Warsh said that he had gone above and beyond what was required.
Speaker C:Republican Senator John Kennedy gave Warsh a chance to respond to the allegations.
Speaker D:Are you going to be the President's human sock puppet?
Speaker D:Absolutely not.
Speaker D:Are you going to be anybody's human sock puppet?
Speaker A:Are you going to be his.
Speaker D:The president nominated for the position.
Speaker D:And I'll be an independent actor.
Speaker A:Press pause.
Speaker C:Also refused.
Speaker A:There goes this show freeze framed on Donald Trump going China.
Speaker A:So, look, let me be clear here.
Speaker A:What is a human sock?
Speaker A:How.
Speaker A:How did someone actually function as a human sock puppet?
Speaker A:Is that a hand?
Speaker B:Yeah.
Speaker B:Where's the hand going through?
Speaker A:Yeah, I mean, I.
Speaker A:Look, I know where all the seven holes are.
Speaker A:Okay?
Speaker B:Right.
Speaker A:I'm just trying to do the logistics here.
Speaker B:How does anybody ask that with a straight face?
Speaker B:Are you gonna be his human songwoman?
Speaker A:You know what, though?
Speaker A:Look, Elizabeth Warren, I give her credit.
Speaker A:She did her job.
Speaker A:She called out some pretty sensational points.
Speaker A:You haven't heard the worst part yet, Haggerty.
Speaker A:The other dude, was actually really calm and collected and asked a really good question towards you, and you'll See a little bit later.
Speaker A:And then you know what?
Speaker A:He.
Speaker A:This guy's getting grilled.
Speaker A:He maintained his composure.
Speaker B:Yeah.
Speaker B:That's what he.
Speaker A:Cash Patel could learn a lot from this dude.
Speaker A:That's all I'm saying.
Speaker A:Right?
Speaker A:Yeah, right, exactly.
Speaker A:So, but here's the thing is, despite all this rhetoric, you're in this committee and they're looking to grill you so they can confirm you or deny you.
Speaker A:But we all know the low hanging fruit here is that we already have holdouts in the Senate saying, I'm not going to confirm a damn person until all these other issues are worked out 100%.
Speaker B:And I mean, we still don't even know if JP is going to be walking away.
Speaker A:That's right.
Speaker A:You don't know that.
Speaker A:JP could still be on the fomc.
Speaker A:Can you imagine that?
Speaker A:Walking in to run a company and your prior boss works for you now.
Speaker A:Yeah.
Speaker A:You're like, hey, man, can you give me a copy of this?
Speaker A:No, no, get it yourself.
Speaker A:I never asked anybody to give me a copy, bitch.
Speaker B:Yeah, go get it yourself.
Speaker A:Yeah, yeah.
Speaker A:Why is your top blue, bitch?
Speaker B:Yeah, right.
Speaker B:Yeah, yeah, it's exactly.
Speaker A:Should be purple.
Speaker B:Yeah, yeah, exactly.
Speaker A:Keep it neutral.
Speaker A:It's going to be an awkward situation.
Speaker A:Right.
Speaker A:Even if, even if they confirm it.
Speaker A:So Regil, if you want to keep carrying on, Carrying on.
Speaker B:All right, here we go.
Speaker C: To say that Trump lost the: Speaker C:Brian Jacobson, chief economist at Annex Wealth.
Speaker A:Management, watched Brian Jacobson.
Speaker A:Never heard of this dude in my life.
Speaker A:Yeah, Chief economist looks exactly like Mark Zandi.
Speaker A:I mean, it's like, what's going on here today?
Speaker B:There's a certain type of.
Speaker B:Yeah, you gotta fit.
Speaker B:You gotta fit the description, right?
Speaker A:So if you look like Jerome Powell but younger, you get the Jerome Powell job.
Speaker B:Right.
Speaker A:If you look like Mark Zandy, you can be an economist.
Speaker B:You've heard, you heard the saying, right?
Speaker B:You dress for the job that you want.
Speaker B:Oh, well, damn.
Speaker A:Damn it.
Speaker A:So you're a golfer and I'm a hobo.
Speaker A:Is that where we're going?
Speaker B:Right?
Speaker B:Yeah, I am me.
Speaker A:Yeah.
Speaker A:You actually look like a production guy.
Speaker B:Yeah, there you go.
Speaker B:But yeah, he does look exactly like what you would think, a chief economist.
Speaker A:He looks like Mark.
Speaker B:Sandy.
Speaker B:Yeah.
Speaker A:Shout out to Zaddy.
Speaker A:Keep going, Zaddy.
Speaker C:Tuesday's hearing.
Speaker D:I actually came away thinking that the old Kevin Warsh, which was very much known for being much more hawkish, that is focused on inflation is the same as the new Kevin Warsh.
Speaker D:I don't think he's really that inclined to cut rates all that aggressively.
Speaker C:Warsh did call for regime change at the US Central bank, including a new approach for controlling inflation and a communications overhaul that may discourage his colleagues from saying too much about the direction of monetary policy.
Speaker A:And pause.
Speaker B:Yes.
Speaker A:Okay, look.
Speaker A:Yeah, number one, I agree.
Speaker A:Okay.
Speaker B:How is he going to stop.
Speaker B:How's he going to stop people from talking?
Speaker A:I. I'm glad you asked me, Saeed.
Speaker A:Thank you.
Speaker A:Number one, I have long criticized the Fed.
Speaker A:Jerome Powell came out, wanted to be a more communicative Fed.
Speaker A:I think that idea, in theory was probably a good idea in the age of social media where now every FOMC conference is basically like a pregame super bowl event.
Speaker B:Yeah.
Speaker A:It's gotten out of hand.
Speaker B:But you don't.
Speaker B:But let me ask you this.
Speaker B:With how communicative they've been through the rate hikes and the rate cuts to, to get to where we are.
Speaker B:Do you not think that the communication by not just him, but all the FOMC members in between meetings is the reason why there was no shock into the system by investors, institutional investors?
Speaker B:They kind of.
Speaker B:It was easy to project where things were going so we could keep things steady in the status quo?
Speaker A:That's a fair question, and I believe that was the intent.
Speaker A:Okay.
Speaker A:Rajeel, I would like you to participate in this conversation.
Speaker A:Okay.
Speaker B:Okay.
Speaker A:I would like you both to tell me they'll play a little game of or not Bullshit.
Speaker B:I love that game.
Speaker A:It's my favorite game.
Speaker A:Yeah, right.
Speaker B:Fertilizer.
Speaker A:Bullshit.
Speaker B:A lot of bullshit.
Speaker E:Saudi.
Speaker B:Saudi.
Speaker A:Yeah.
Speaker A:We learned a lot about Saudi two episodes ago.
Speaker A:229.
Speaker A:Okay, look, I get the idea.
Speaker A:What you're saying in theory is a good thing.
Speaker A:Like, we'll.
Speaker A:We'll get rid of all this mystifying of the data.
Speaker A:We'll.
Speaker A:We'll get rid of the differing opinions and we'll make the FOMC members, they'll have their press conferences.
Speaker A:They'll attend all these speaking events and they'll.
Speaker A:They'll be able to speak freely.
Speaker A:But because they're speaking freely, people can extrapolate their thoughts and feelings in the matter.
Speaker A:So there's nothing hidden, then, I would argue what is the sep.
Speaker A:The summary of economic projections that comes out after every FOMC meeting and explains.
Speaker A:After FOMC meetings and explains their positions.
Speaker A:What are the.
Speaker A:The FOMC meeting minutes for, if not for that very same thing?
Speaker A:To give you insight into their interpretation.
Speaker B:Yeah.
Speaker A:Then you think about.
Speaker A:Okay, well, wait a minute.
Speaker A:If all this is true, why do we have the FOMC press conference PDF, which is literally only changing incremental words every single press conference.
Speaker A:What's the point?
Speaker A:You know, we all know the meat and potatoes of the FOMC meeting is the press conference afterward where Jerome Powell says something or doesn't say something that causes.
Speaker B:It's really the responses to the Q and A.
Speaker B:Right.
Speaker B:That's.
Speaker A:That's the only reason.
Speaker B:Yeah.
Speaker A:So if.
Speaker A:If the whole point of the press conference is for you to respond to the Q and A and the actual statement is pretty much a foregone conclusion, what are we doing here?
Speaker A:This is a Jerome Powell show.
Speaker A:At that point in time, you're.
Speaker A:You're giving interpretations on things from the best you can from the opinions of everybody else.
Speaker A:That's what the SCP is for.
Speaker B:Yeah, yeah, but so.
Speaker B:But here's the thing.
Speaker B:So this was the playbook that they chose to be more communicative.
Speaker B:All of them.
Speaker A:Right.
Speaker B:In between meetings, you would see BO Stick speak out.
Speaker B:You would see.
Speaker B:Who are the other.
Speaker B:Some lady from Cleveland.
Speaker B:She would speak out all the time.
Speaker B:And Goosby would speak out.
Speaker A:There you go.
Speaker A:Goosby.
Speaker B:Right.
Speaker A:Oh, it's Boston Bostic.
Speaker A:Bostic.
Speaker B:It's definitely Bowstick.
Speaker A:Definitely Boston.
Speaker B:Okay, Raphael.
Speaker B:And.
Speaker B:But that's what they chose to do.
Speaker A:He's a red turtle.
Speaker B:And it.
Speaker B:And it worked out the way they intended it to work, so it all worked out.
Speaker B:So it's hard to say that what they did was wrong.
Speaker A:Well, when you hit play here, we're gonna hear his thoughts on the matter here, which I think is.
Speaker A:Is in line with what I think.
Speaker B:Well, I wanna know.
Speaker B:I want to get your take real quick.
Speaker B:I want to get your take on.
Speaker B:Like, where could it go wrong?
Speaker B:I'm being too communicative.
Speaker A:Well, exactly.
Speaker A:What's happening now?
Speaker A:People interpret things in the market, and that moves the market.
Speaker A:We're.
Speaker A:We're in a.
Speaker A:Here's the craziest thing.
Speaker A:The SEC is the most underfunded agency that I can.
Speaker A:I can think of that has financial oversight.
Speaker A:The fdic, the frb, the occ, in a lot of ways has more staffing than the SEC does.
Speaker A:Yet the SEC is in control of trillions of dollars of market cap every single day.
Speaker A:You can't tell me that lack of oversight in the form of hiring isn't by design.
Speaker A:Why do we have so many banking regulatory agencies in such a small, incrementally thin SEC that they should be like, oh, because the reason why is we, we want the markets to not have control.
Speaker A:So what happens is we have all this insider trading on one hand.
Speaker A:You look at insider, people are like, oh my God, crypto markets are for the devil.
Speaker A:I mean, they're there, they're terrible.
Speaker A:And I'm like, but everybody's cool.
Speaker A:Poly Market and Kalshi.
Speaker B:Yeah, right.
Speaker A:Like that's okay.
Speaker B:So maybe, maybe it makes more sense.
Speaker A:Maybe.
Speaker B:I saw a post about that, about the AG in New York going after like Coinbase and all that.
Speaker A:Yeah, they're going after them, but, but again, prediction markets are totally fine.
Speaker B:Right.
Speaker A:And it's all perspective.
Speaker B:Yeah, but, so maybe it's, it's, it's more beneficial to the markets.
Speaker B:Right.
Speaker B:If they have a communicated Fed during a rate hiking cycle.
Speaker B:But it, it's more harmful.
Speaker A:You can't do that though.
Speaker B:No, no, but you could do it now when you have a seat change.
Speaker B:So now you'd be like, oh, because we're now going to be potentially waiting on the next few like rate cuts.
Speaker B:We don't know when that is.
Speaker B:Instead of saying we're going to change the way we do things.
Speaker B:Like with the, you know, current group, we got a new person in charge now.
Speaker B:That's the reason why we're going to change these.
Speaker B:Because there's a new person in charge.
Speaker A:Well, yeah, I think you'd have to.
Speaker A:I think the genie's out of the bottle.
Speaker A:You're never going to be able to put the communication back where it was.
Speaker A:You know, I think you're always going to have a more communicative Fed than we had historically.
Speaker A:But that being said, I do think there should be rules.
Speaker A:Yeah.
Speaker A:Like, hey man, don't go to MIT and do like a full like, press conference where you're like, you know, crossing your legs on the stage and act like you're Jamie Diamond.
Speaker B:Yeah.
Speaker A:Jamie Dimon guy.
Speaker B:Don't go to Davos.
Speaker A:You know, don't go to Davos.
Speaker A:Like, don't be that guy.
Speaker B:Right, right.
Speaker A:I should not see your name on a headline in the Wall Street Journal.
Speaker A:Cleared your narrative.
Speaker B:Yeah, yeah, yeah, right.
Speaker A:You know what I mean?
Speaker A:Like I, I'm not saying you guys can't be communicative.
Speaker A:You guys should be.
Speaker A:If you guys want to talk about theory, economic policy, knock yourself out.
Speaker A:If someone's asking you where the Fed's going to go, hey man, you got to read the SEC like everybody else, right?
Speaker B:Yeah.
Speaker B:Because it's also not their job.
Speaker B:Even though we know there's hidden agendas, but it's not their job to care about what goes on in the market.
Speaker A:That's right.
Speaker A:Yeah, that's right.
Speaker D:Fed officials past and present opine in advance about where they think interest rates should be next meeting, next quarter, next year.
Speaker D:I think that's quite unhelpful.
Speaker C:Warsh would replace Jerome Powell, who has repeatedly clashed with Trump over monetary policy since Trump named him Fed chief in his first term in the White House.
Speaker C:The Justice Department opened a criminal probe into Powell over what it says are cost overruns in a renovation of the Federal Reserve headquarters.
Speaker C:That investigation was criticized as an attempt by the Trump administration to pressure and intimidate Powell.
Speaker C:Republican Senator Thom Tillis has said he will block Warsh's nomination as long as the probe continues.
Speaker D:Senator Tillis is really the holdout vote, and he will determine whether or not the nomination goes through, and he wants an end to this investigation.
Speaker D:Perhaps as a compromise, the.
Speaker D:There could be a Senate hearing related to the investigation, and maybe they could do their own investigations.
Speaker A:You know, don't ever make me the holdout vote.
Speaker A:You.
Speaker A:You don't want me to be that guy.
Speaker B:That's too much power for me, bro.
Speaker A:Yeah, you don't want that.
Speaker B:That's not.
Speaker A:That's.
Speaker A:That's not a good look.
Speaker B:Yeah, exactly.
Speaker A:I'm gonna need everybody in here to buy some merch so we can talk about this holdout.
Speaker A:Right.
Speaker A:And it's all gotta be the same color.
Speaker A:Yeah.
Speaker A:So I don't see any sides.
Speaker A:Yeah.
Speaker B:You know, say we really need you to go this way.
Speaker B:What's in it for me?
Speaker A:Oh, too soon, bro.
Speaker B:What do I get out of this?
Speaker A:Yeah, yeah, I know it's not good.
Speaker A:Every.
Speaker A:The menus in the bottom here.
Speaker A:Can you drag it over?
Speaker A:Oh, yeah, yeah.
Speaker A:Oh, no, no, no.
Speaker A:Oh.
Speaker A:What are you doing here?
Speaker A:That's not how you do it, bro.
Speaker B:He's reorganized.
Speaker A:No, no, no, no, no.
Speaker A:Leave it there, leave it there.
Speaker A:Take the mouse and drop it down to the bottom of your screen in the middle there, okay?
Speaker A:Oh, it's okay.
Speaker A:Don't worry about it.
Speaker A:Forget about it.
Speaker B:Yeah.
Speaker A:When you have the mouse hovering the bottom of your screen in the center, there you go.
Speaker A:Boom.
Speaker A:Bang, bang, boom.
Speaker A:That's how you use a Mac, kids.
Speaker A:All right, so now that we've framed this one, there is another follow up to this, which I think is worthwhile because there was a lot of conversation today about a lot of things that had to do with the FOMC and our boy Wash. And of course, I should probably preface this where this bleeds into AI.
Speaker A:This bleeds into cryptocurrency at some point in time.
Speaker A:So this is again a very broad conversation for us.
Speaker A:Not all things you would expect to see with Kevin Marshall.
Speaker A:The next one is going to be Yahoo Finance via X.
Speaker A:This is AI brought the most disruptive tech shift.
Speaker A:Again, this is my boy Hagerty.
Speaker A:This is a one minute clip but from the same Elizabeth Warren led kind of dialogue.
Speaker A:And Hagerty, honestly this is a strange conversation because Hagerty is an older gentleman, right?
Speaker A:Not exactly what I would go, hey, that guy gets AI but I think he kind of gets it right.
Speaker A:Oh wait, wait.
Speaker A:So he's going to call him out on some that he said before and he's gonna be like hey man, you said some like this before.
Speaker A:Yeah.
Speaker A:And watch your boy Wash backpedal.
Speaker A:Now I will leave it to you guys to tell me, is Hagerty doing the gangster thing here?
Speaker A:Going like hey bro.
Speaker B:Or is he giving him a chance to.
Speaker B:Yeah.
Speaker A:Or is he giving him an opportunity?
Speaker A:It's very weird because Hagerty does not seem to be that guy.
Speaker A:And then Wash seems to have done a complete 180 here but it's.
Speaker A:Everybody kind of overlooked it, okay?
Speaker A:Because what he says is impactful and that made the headlines.
Speaker A:But I think people forget this is a complete 180.
Speaker A:Go forward Jill, go on.
Speaker D:Your argument the last few months about artificial intelligence has made us so productive labor so productive that companies don't have to raise prices.
Speaker D:Therefore.
Speaker A:Your head of the FOMC actually said this shit.
Speaker A:At some point AI is going to make us so productive.
Speaker A:Saeed companies aren't going to raise prices.
Speaker B:Anymore but the expectation of those companies is to continue to improve on earnings.
Speaker A:What fucking world you ever live in where companies go you know what, hey man, we're saving money on this product.
Speaker A:Let's charge less.
Speaker A:Yeah, when does that happen?
Speaker B:So the only, the only explanation really is for me when I hear that is if Kevin Wash said that is like, hey, we're so productive we don't have to raise prices.
Speaker B:The way we're going to make more money is by laying people off.
Speaker A:Okay?
Speaker A:Where's the good in that?
Speaker A:There's no good.
Speaker B:Like there's, there's the thing, there is no good.
Speaker A:So I mean again, so at some point he said something to this effect.
Speaker A:Yes.
Speaker A:And your boy on the left of Hagerty here who like you know, fist bumped him a little bit him dog, they knew this was coming, right?
Speaker A:So he was like, all right, go get him.
Speaker B:Yeah.
Speaker A:So Clearly, Haggerty was prepped for this.
Speaker A:Now the question is, is, did Hagerty get prepped for this so that he can make WASH look good?
Speaker A:Because it's politics, mind you.
Speaker B:Give him an opportunity.
Speaker A:Give him an opportunity.
Speaker B:Well, let's hear his response.
Speaker A:Or wait.
Speaker A:Or did Hagerty do this as a Gotcha.
Speaker A:Now, Hagerty already comes off pretty favorable, and this seems like a very strange person to be asking AI questions.
Speaker A:Yes.
Speaker D:So, Rajeel, inflation isn't.
Speaker D:Isn't a problem, therefore, rates can be cut.
Speaker D:Do you really believe that right now?
Speaker D:No.
Speaker D:That is not how I would characterize the story on AI.
Speaker D:Okay, but you've said what I just said, haven't you?
Speaker D:I've said that this is the most disruptive moment in modern economic history in the US and the world.
Speaker D:I've said that artificial intelligence, AI, short.
Speaker A:Term memory.
Speaker D:Chair is going to cut me off.
Speaker A:Oops, sorry.
Speaker D:Here's my worry that a lot.
Speaker D:A lot of the stuff about artificial intelligence making us more productive is a bunch of hype by people who want to sell stock in an ipo.
Speaker D:Okay, I'd be careful there.
Speaker A:A bunch of hype by a bunch of people.
Speaker B:It doesn't look for me.
Speaker B:It did not feel like a lob for wash. Dunk it.
Speaker B:Yeah, right?
Speaker B:It did not.
Speaker B:Because you could tell he clearly, he got defensive immediately.
Speaker B:He's like, that's not what I said.
Speaker B:Don't put those words in my mouth.
Speaker A:Well, so this begs the question.
Speaker A:And I, again, as somebody who's embraced AI, you and I, we're not going to drop names now.
Speaker A:Okay?
Speaker A:But you're.
Speaker A:I'm gonna watch you pucker up a little bit whenever I do this.
Speaker A:Okay?
Speaker B:Yeah.
Speaker A:Are you ready?
Speaker A:All right.
Speaker A:This morning I was scrolling through Instagram, right?
Speaker A:Oh, man.
Speaker A:Yeah.
Speaker A:We're not gonna do.
Speaker A:No one's gonna know.
Speaker B:Okay.
Speaker A:No one's gonna.
Speaker A:No.
Speaker A:Okay.
Speaker A:Just going through Instagram.
Speaker A:And I should preface this by saying Adam from Mind Pump and I have talked a little bit about cryptocurrency and NFTs in the past, and he thought that Some of the AI hype was reminiscent of NFTs.
Speaker B:Some of it.
Speaker B:Okay.
Speaker A:He didn't say all of it, but certainly some of it has been overhyped.
Speaker A:And I kind of thought a little bit about why he said that.
Speaker A:And I'm like, because all of these influencer assholes are embracing it, right?
Speaker A:And there's some people who just legitimately.
Speaker A:And I get that it's addictive.
Speaker A:Like Avery Andon.
Speaker A:Who's you know, a famous art dealer in.
Speaker A:In Florida.
Speaker A:Right.
Speaker A:In Miami.
Speaker A:He's all about it, buying all, like, Mac Minis and kind of.
Speaker A:Kind of getting the trading.
Speaker A:And I've done the same.
Speaker A:Like, I've used it to do some really cool stuff.
Speaker A:Right.
Speaker A:90% Of what I've used it to build is efficiency for me.
Speaker A:Yes.
Speaker A:Right.
Speaker A:Like, I'm not using it to make money.
Speaker A:Like, I showed the guys before the show, like, now I can send any chart I want to.
Speaker A:My AI will turn it back to me, give me a static image branded in our colors, look and aesthetic, and then also animate it.
Speaker B:Yeah.
Speaker A:So now I can literally put this.
Speaker B:On for, like, the educational content that we plan on creating.
Speaker A:Yeah.
Speaker A:It just.
Speaker A:It just makes our overall production value better.
Speaker A:Right, right.
Speaker A:And it cost me about $0.02 in API calls to make each chart.
Speaker A:Okay.
Speaker A:Which is crazy when you think about it.
Speaker A:Normally, they'd be $100 for a designer in a couple of days.
Speaker A:Turnaround time to do that.
Speaker A:Right.
Speaker A:It's efficient.
Speaker A:Right.
Speaker A:That's the.
Speaker A:But you see all these people now selling courses, trying to get on this AI gold rush.
Speaker A:And then we saw this morning, I saw somebody, you and I both know, a faux influencer who's talking about how they're fully embracing AI and everything they know from AI.
Speaker A:And you're like, so you can sell a course?
Speaker A:We know where this goes.
Speaker B:Yes.
Speaker B:Yeah.
Speaker B:And it's.
Speaker B:It's one of those people that, I mean, you would never in a million years ever buy a course from.
Speaker A:Like, there's no.
Speaker A:There's no sophisticated.
Speaker A:Here's the problem is when anyone can be an expert in it.
Speaker A:Right.
Speaker B:Or claim to be.
Speaker A:Or claim to be an expert in it.
Speaker A:Because I know so much because I started, I looked at a GitHub repo.
Speaker A:Yeah.
Speaker A:You know, first of all, unless you're an engineer or a quant or a mathematician or a data scientist.
Speaker A:Right.
Speaker A:Don't fucking tell me you're an expert.
Speaker A:Right.
Speaker A:You used it a lot.
Speaker A:Okay.
Speaker B:I wouldn't go as far as to say that, you know, the AI, some of the AI space is equivalent to what we saw with NFTs.
Speaker B:I think that's a little bit of a stretch.
Speaker B:Yeah.
Speaker A:But the high part is.
Speaker B:The high part is really.
Speaker B:And this is.
Speaker B:This is a race.
Speaker B:Right.
Speaker B:Among some of the biggest players.
Speaker B:Right.
Speaker B:To get to.
Speaker B:There's no.
Speaker B:It's not that it's get to a finish line.
Speaker B:There is no finish.
Speaker B:The finish line here.
Speaker B:But it's.
Speaker B:It's to basically be the Winner in the court of public opinion as the, the.
Speaker B:The head team in charge of whatever we're going to do with this whole AI thing.
Speaker A:Right.
Speaker A:But there is a benefit to being late to the party.
Speaker A:But that is moving so fast.
Speaker B:Yes.
Speaker B:And I do think, Yeah, I do think companies like Google, we're letting companies like OpenAI be like, yeah, go ahead, y' all be the guinea pigs.
Speaker B:And we'll, we'll figure this out and we'll let you guys, you know, take some hits along the way.
Speaker B:But I'll say this, the someone's gonna win.
Speaker B:There might be multiple winners, but that also means there's gonna be multiple losers, so.
Speaker A:Oh, yeah.
Speaker B:Yeah.
Speaker B:So, yeah.
Speaker A:Oh, yeah.
Speaker A:Y' all want some free game when we hook you up?
Speaker A:Free game?
Speaker B:Yeah.
Speaker A:On AI.
Speaker A:Took me a long time to figure this out.
Speaker A:All right, you want really good, logical thought process stuff, right?
Speaker A:Like top tier.
Speaker A:If what you're doing requires logic and thinking through stuff, yes, you go to Claude, you pay for Claude's max plan or whatever pro plan.
Speaker A:It's about 200 bucks a month.
Speaker A:Okay, but that's expensive for 90% of people out there.
Speaker A:If you're not using Agentic AI, you can go to OpenAI's ChatGPT model, pay 20 bucks a month.
Speaker A:And guess what?
Speaker A:You're getting pretty damn good LM action out of that thing.
Speaker B:Yeah.
Speaker A:For 20 bucks a month, Right?
Speaker A:That's it.
Speaker A:To cover most people.
Speaker B:If you're for the $200 a month plan with.
Speaker B:With club people that haven't messed around with it, you get tokens, right?
Speaker A:No, no, the tokens.
Speaker A:So the tokens are API calls for your agent, Right?
Speaker A:That's different.
Speaker B:But how fast do people go through those?
Speaker A:You can burn them super quick.
Speaker A:Quick.
Speaker A:So there's also cheat codes to that, too.
Speaker A:So, like, if you're working in a code terminal because you're building something, right, you copy and paste the code in and you say, hey, tell me what's wrong.
Speaker A:That's the wrong way to go about this because what happens is you got like 10,000 lines of code.
Speaker A:Well, that makes your session cost you more money.
Speaker A:What you do is you just copy the last part that just responded.
Speaker A:And many rookies get into this and they're like, oh, I'm just going to copy this whole thing and paste it because I don't know what I don't know.
Speaker B:Yeah, right.
Speaker A:And there's just little nuances like that that nobody really covers because they're just telling you, hey, install this skill.
Speaker A:Install that skill.
Speaker A:They don't really talk.
Speaker B:So you kind of need a little bit of a bankroll to get started, is that what you're saying?
Speaker A:No, as a matter of fact, you don't.
Speaker A:And I think for most people in America, you don't need Claude code at a terminal, all that stuff.
Speaker A:Okay, look, if you really want to play with agentic AI, you go to Perplexity Computer, you pay like a flat fee a month, you link in all your stuff and you can do most of what you want to do with an AI agent for a pretty low fee.
Speaker A:You don't have to worry about API calls.
Speaker A:Right.
Speaker A:If you're going to use an LLM, go use OpenAI, you know, chat GPT.
Speaker A:Their new image stuff they rolled out today.
Speaker A:Today is the 22nd of April.
Speaker A:They rolled out it today they rolled out a new image function that's even better than it's sensationally better than it was before.
Speaker A:Right.
Speaker A:That's just today this stuff's evolving so fast it almost behooves you as a citizen, as a consumer, to be late to the game.
Speaker A:Okay.
Speaker A:By the time most people adopt this, it's going to be so easy to plug and play pieces in.
Speaker A:People that are moving right now are front runners because they're trying to catch on to that same thing that cryptocurrency got.
Speaker A:Right.
Speaker A: early, you made a thousand X,: Speaker B:Right.
Speaker A:People are hoping to get into that hype, but as you said, there's going to be a lot of losers.
Speaker A:Right?
Speaker A:Right.
Speaker A:If anyone can build an app and anyone can build a website.
Speaker B:Right?
Speaker B:Right.
Speaker A:Then the value of the app and the website goes down.
Speaker A:It's supply and demand.
Speaker B:Yes.
Speaker A:So the value here is what service can you provide to somebody that they cannot provide to themselves?
Speaker B:There you go.
Speaker A:And then the problem with that response is that today the service that you're providing, the barrier to entry is so low in most of these things.
Speaker A:Yes.
Speaker A:Somebody like, like medv can create a company and build all this stuff and create a hundred million dollar company and maybe a trillion dollar company one day, who knows?
Speaker B:Right, Right.
Speaker A:But the barrier to entry is so low, their entire open source algorithm is on the Internet.
Speaker B:Yeah.
Speaker A:Now you can't replicate that because now everybody's trying to replicate that.
Speaker A:Yeah.
Speaker A:So I, I think the things that we thought were proprietary or took unique skill sets are no longer proprietary, no longer take unique.
Speaker A:So everyone's trying to capture that Medby money.
Speaker B:Yeah, I know.
Speaker A:And that's where you're going to start.
Speaker B:To See, the business of the med be money.
Speaker A:Yeah, I'm cool.
Speaker B:It's cool.
Speaker A:Look, there's also an element here that we're not talking about a whole lot in commercial real estate, where in Silicon Valley.
Speaker A:You're seeing this.
Speaker A:You're seeing people come back to office space.
Speaker B:Oh, yeah.
Speaker A:Believe it or not, AI is bringing people back to the office space to iterate together.
Speaker B:Right.
Speaker B:Because they.
Speaker B:Yeah.
Speaker B:It's more collaborative.
Speaker A:Right?
Speaker A:Yeah.
Speaker B:Yeah.
Speaker A:So, I mean, there are some benefits here, but do I think that it's going to be wildly disruptive?
Speaker A:Yes.
Speaker A:And I don't think companies are gonna go, you know what?
Speaker A:Hey, side, it's costing us less money to make this network more efficient.
Speaker A:Yeah.
Speaker A:So let's charge less for the product.
Speaker B:Let's not raise prices this year.
Speaker A:Why don't we be deflationary?
Speaker B:They don't give a damn.
Speaker A:No, they're gonna let employees go.
Speaker A:That's how that works.
Speaker A:This only ends one way.
Speaker B:If they're not gonna raise prices, they're gonna reduce their operation costs.
Speaker A:It's anecdotally.
Speaker A:Oh, God, I had a lot of caffeine today.
Speaker A:Anecdotally.
Speaker A:Okay, if you're Disney and you laid off most your visual effects team for.
Speaker A:For the Marvel franchise, that's, you know, what are you doing?
Speaker B:That's a bad look.
Speaker B:That's a really bad.
Speaker A:That's their franchise.
Speaker B:Yeah.
Speaker B:They got you to where you are.
Speaker A:Well, even.
Speaker A:Okay, I get the.
Speaker A:The loyalty aspect 100.
Speaker A:But what are you gonna do?
Speaker A:Yeah, like, what's your.
Speaker A:Are you gonna get the.
Speaker B:Who are you gonna get to?
Speaker B:Those people need to be the ones to prompt.
Speaker A:Right.
Speaker A:I mean, their creative, like, director was this Asian dude.
Speaker A:I saw an article on him the other day.
Speaker A:He's been there for like 16 plus years.
Speaker A:Like, all the main character designs went through him.
Speaker B:Right?
Speaker A:So, yeah, Variety, good pull.
Speaker A:Marvel Visual Department director Andy Park.
Speaker A:This is the Guy exits after 16 years amid Disney layoffs.
Speaker A:I couldn't be prouder of the history we made.
Speaker A:Good job, Jill.
Speaker A:Damn, boy.
Speaker A:But, yeah, this guy got laid off.
Speaker A:And I'm sitting here thinking to myself, after 16 years, he curated, like, every character.
Speaker A:Right?
Speaker A:Like, this guy's a student and he's gone 16 years.
Speaker A:40 Plus films.
Speaker A:15.
Speaker A:40 Plus films.
Speaker A:And 15 films led as director of visual development.
Speaker B:That's a resume, bro.
Speaker B:Anyone's replaceable.
Speaker B:Yeah, that's what it says.
Speaker A:So what are you gonna do?
Speaker A:You gonna get, like, the director of Tangled to come over here and do Marvel now?
Speaker A:I mean, is that what's Going on Tangled.
Speaker B:Yeah, that's a.
Speaker B:That's a deep pool, bro.
Speaker B:I know that.
Speaker B:I know that because my daughter's watched it like 100 times.
Speaker A:I know.
Speaker A:Yeah.
Speaker A:I got you, bro.
Speaker A:Yeah.
Speaker A:I mean, what is it gonna be like Monsters Inc. Be Marvel now?
Speaker A:Is Sully going to be an Avenger?
Speaker B:Right.
Speaker A:I mean, just tell me where we going?
Speaker B:Part of the Marvel Universe.
Speaker A:I just want to know how do you get this done?
Speaker B:Yeah, I have a.
Speaker B:One of my daughter's friend's dads.
Speaker B:He's a director and he does.
Speaker B:He's.
Speaker B:He loves everything that's going on with AI.
Speaker A:Wait, hold on.
Speaker A:Hold.
Speaker B:Yeah, yeah, yeah, yeah.
Speaker B:He's a director.
Speaker A:Yeah.
Speaker B:He's good too.
Speaker A:He's got.
Speaker B:We got.
Speaker B:I got you connected.
Speaker B:He's really good.
Speaker A:Is.
Speaker A:Okay.
Speaker A:How good is he with lighting?
Speaker B:Amazing.
Speaker A:For anybody watching this show other On Spotify or.
Speaker B:It's funny.
Speaker B:It's funny you bring up lighting for.
Speaker B:For this reason.
Speaker B:Because I asked him like, hey, so, like, are you, like, concerned?
Speaker B:Because, like, you know, some people are able to like, make content on their own now.
Speaker B:He's.
Speaker B:I'm not concerned at all.
Speaker B:I'm like, really?
Speaker B:Why?
Speaker B:He's like, they don't know the terminology to use on.
Speaker B:On a set to where I. I can.
Speaker B:I can give it the best prompt.
Speaker B:Right.
Speaker A:That's probably true.
Speaker B:So it's like they don't even know how to get this thing going.
Speaker A:People don't understand.
Speaker A:You go to film school to learn.
Speaker A:Right.
Speaker A:Just the vernacular.
Speaker A:Right.
Speaker A:A whole.
Speaker B:We talk.
Speaker B:We've talked about this, like the editing process, like the podcast or anything you're doing, like, on.
Speaker B:Whether it's Da Vinci or Final Cut Pro or.
Speaker B:It's like the most aggravating thing is wanting to do something and trying to search for it.
Speaker B:And I don't know what it's called, bro.
Speaker A:Da Vinci is.
Speaker A:First of all, I used da Vinci to edit the rough cuts of the show and do some like, rough editing.
Speaker B:Yeah.
Speaker A:I've tried to.
Speaker A:Around and find out was eventually.
Speaker A:And let me tell you right now, I have never felt more stupid.
Speaker A:Yeah.
Speaker B:Then trying to feel like it make it overly complicated.
Speaker A:Right.
Speaker A:And I. Oh, my God.
Speaker A:First of all, it's a full editing suite.
Speaker A:You can do sound design.
Speaker A:You do everything.
Speaker A:Dimension Da Vinci is.
Speaker A:I mean, it's what, Hollywood.
Speaker A:But so I edit everything on Final Cut Pro.
Speaker A:It's basically the dumbass version.
Speaker A:Like, that's what I'm on.
Speaker A:Right.
Speaker A:Like I'm the dumbass.
Speaker A:Yeah.
Speaker A:It's bad.
Speaker A:You know, What?
Speaker A:Like, I'm cool being dumb.
Speaker B:I think Final Cut's dope.
Speaker B:I love Final.
Speaker A:It's fine.
Speaker A:Like, a lot of people like it, but I'm just saying, like, it's not like the complex version.
Speaker A:Right?
Speaker B:Right.
Speaker A:You're in the Apple ecosystem.
Speaker A:They make it so stupid.
Speaker B:Is it Da Vinci, Adobe Premiere, and then Final Cut?
Speaker B:Is that like the hierarchy?
Speaker A:Yeah, I think so.
Speaker A:I mean, Final Cut hasn't had very many updates as of late.
Speaker A:I mean, it's been there.
Speaker A:There's a lot of things that it's lacking.
Speaker B:It's like they're giving up all this.
Speaker B:Lacking?
Speaker A:No, they.
Speaker A:They.
Speaker A:They just rolled out an update for it recently.
Speaker A:They didn't give up.
Speaker A:Everybody thought they were giving up on it, you know, so.
Speaker A:But yes.
Speaker A:Director boy.
Speaker A:Yo, if you.
Speaker A:If you get a chance, do me a little favor, okay?
Speaker A:My lighting skills suck.
Speaker A:I can't figure out why the right side of your face is, like, dimly lit, but the left side of my face is like.
Speaker B:I'll sc.
Speaker B:Actually want.
Speaker B:He actually wants to come in.
Speaker B:He wants to check out the studio, bro.
Speaker A:I. I will do whatever he wants.
Speaker A:Okay?
Speaker A:Just.
Speaker A:Just put it all on the table.
Speaker A:Okay?
Speaker A:And we'll leave it out.
Speaker A:I need someone with real skills to come in here.
Speaker A:Yeah.
Speaker B:Yeah.
Speaker A:Cuz I don't know it.
Speaker A:Everything I've learned from.
Speaker A:From doing this with you guys has been for you via YouTube.
Speaker B:He recently directed a movie that just came out on Amazon.
Speaker B:La La.
Speaker B:I got to get it for you.
Speaker B:I want to plug it because it's really good.
Speaker A:La Luca.
Speaker B:Yeah.
Speaker A:Is this a cartoon?
Speaker B:No, no, it's a documentary.
Speaker A:Virgil will find it before.
Speaker B:Is it on Netflix?
Speaker A:Guarantee you.
Speaker B:La Lucha movie.
Speaker A:La Lucha is about luchadores.
Speaker B:Five students, one fight to graduate.
Speaker B:Now streaming on Amazon Prime.
Speaker A:Amazon Prime.
Speaker A:Expensive.
Speaker B:La Lucha.
Speaker A:Why is renting movies on Amazon prime so expensive, by the way?
Speaker B:Everything, man, everything.
Speaker A:10 For a 48 hour rental.
Speaker B:Okay?
Speaker A:Come on, bro.
Speaker B:Everything is on a.
Speaker B:On a different streaming service.
Speaker B:If I want to watch like an NBA game this past season, my son wants to watch it.
Speaker B:Some games are on Amazon Prime.
Speaker B:Some games are on Peacock.
Speaker B:Some games are on.
Speaker A:Yeah.
Speaker B:This right here, he directed the whole thing.
Speaker A:Give me a clip.
Speaker A:Give me.
Speaker A:Give me a.
Speaker A:Give me a picture.
Speaker B:That's Danny Trejo, right?
Speaker A:Danny Trejo, Gangster, bro.
Speaker B:Yeah, man.
Speaker A:Tacos.
Speaker A:I never tried that.
Speaker A:You guys are that.
Speaker A:Yeah, I want to try that.
Speaker B:Yeah.
Speaker B:Is there a clip?
Speaker B:I know they have an Instagram page, but he did this.
Speaker B:He did this whole thing.
Speaker B:Apparently he finished it like, two years ago, America.
Speaker B:And he sold.
Speaker B:He finished it two years ago and he sold it.
Speaker B:He sold it to Amazon.
Speaker B:And just now, like, is catching like crazy lift.
Speaker A:Good for him, man.
Speaker B:Yeah.
Speaker A:Looks like a very suspect player.
Speaker A:Let's go back.
Speaker B:I know.
Speaker B:Yeah.
Speaker A:It says the word hub and it.
Speaker B:Can't pull this off screen.
Speaker A:Why is it orange and black?
Speaker A:Yeah, yeah, it says hub.
Speaker A:Right?
Speaker B:Shout out to my guy.
Speaker B:Ran.
Speaker A:Yeah, look, I. I need someone like.
Speaker A:He's not a cinematographer.
Speaker A:I understand, but he's a director and he knows enough.
Speaker B:He knows enough.
Speaker A:Yeah, yeah, you know, trust me.
Speaker A:He knows more than I do.
Speaker A:Right, right.
Speaker A:So back on topic, kids.
Speaker A:Regill.
Speaker A:That was a chart.
Speaker B:Oh, yeah.
Speaker A:We're gonna cover American Banker.
Speaker A:But first I want to cover the chart here because this is a little pretense.
Speaker A:It's gonna pull us in here.
Speaker A:And again, orange or black?
Speaker A:Not Hub, orange or black.
Speaker A:All right, this is a US Financial institutions are exposed to private debt chart.
Speaker A:Lending to funds, okay?
Speaker A:That's all you need to worry about here.
Speaker A:So on this chart, J.P. morgan, bank of America, Wells Fargo, Citi, PNC, U.S. bank, Goldman Sachs, Truist, State street, and Morgan Stanley, all names you likely know.
Speaker A:Okay?
Speaker A:These are the US Financial institutions that are exposed to private debt, private credit.
Speaker A:Okay?
Speaker A:And to give everybody a little backstory about how this works, I'm gonna make it very simple, right?
Speaker A:The way this works is you go, is private equity.
Speaker A:Ooh, private equity.
Speaker A:Bad word.
Speaker A:Ooh, they're the devil.
Speaker A:Yeah, right?
Speaker A:Especially Fortress.
Speaker A:All right?
Speaker A:Private equity is the devil.
Speaker A:Okay?
Speaker A:And what they decided to do is a couple years ago, they said, why are we borrowing all this money from banks?
Speaker A:Why don't we be our own bank?
Speaker A:We'll lend money to our own.
Speaker B:So create our own.
Speaker B:Another division, right?
Speaker A:So imagine Saeed and I are working in an office.
Speaker A:I am.
Speaker A:Private equity.
Speaker B:Yeah.
Speaker A:I'm the.
Speaker B:It's very fitting.
Speaker B:So far this checks out, right?
Speaker A:On the other side of the office is private credit.
Speaker A:That's you.
Speaker B:Yeah, I'm trying to.
Speaker B:I'm trying to help out the business that doesn't have the cash flow to go get a loan at a regular bank.
Speaker A:And Rejil over there.
Speaker A:Well, he's the bank.
Speaker A:Yeah.
Speaker B:Hello.
Speaker A:Hi.
Speaker A:Globally systematic, important bank.
Speaker B:Yeah, That's Wells Fargo over there.
Speaker A:No, Wells Fargo.
Speaker A:A bunch of sit out there on my shit list.
Speaker B:You didn't see what I was trying to do there.
Speaker A:I know you try to relate it back.
Speaker A:I had a very long argument Wells Fargo today.
Speaker A:I'm very sensitive it's J.P. morgan.
Speaker B:There's J.P. morgan over there.
Speaker A:I'm still very raw on the Wells Fargo thing.
Speaker A:Right.
Speaker A:So Saeed borrows money from.
Speaker A:From Rejeel.
Speaker A:Right.
Speaker A:And then you give it to me.
Speaker B:Yeah.
Speaker A:Right.
Speaker A:Now you get to charge interest.
Speaker A:Right.
Speaker A:And as long as your interest is more than what we're.
Speaker A:Jill is charging you, you make money that you otherwise wouldn't make.
Speaker B:And you got to come to me because you can't go to him.
Speaker A:That's right.
Speaker B:Right.
Speaker A:That's right.
Speaker A:Because we're just racist.
Speaker B:Not racist, but he's got.
Speaker B:He's got regulations against him that he can't use.
Speaker B:He can't give you funds.
Speaker B:The regulators are saying that they're not.
Speaker A:Well, it's not only that.
Speaker A:It's.
Speaker A:It's.
Speaker A:I might be a little bit more venture based.
Speaker A:I might be a little more speculative.
Speaker A:Right.
Speaker A:I might be so new that you can't make a credit decision based on my current performance.
Speaker A:You got to make a credit decision based on my future performance.
Speaker B:Right.
Speaker A:That's a venture loan.
Speaker B:I think.
Speaker B:And I think that idea is crazy to people for them to think like, wait, banks can't just make loans to whoever they want.
Speaker A:No.
Speaker A:Yeah, yeah.
Speaker A:Well, I mean, they can.
Speaker A:They just.
Speaker A:You would get shut down.
Speaker A:Yeah.
Speaker A:It's just not.
Speaker A:Not advisable.
Speaker B:And yeah, greed gets in.
Speaker B:Gets in the way, and it causes a lot of problems.
Speaker A:So speaking of greed getting the way and causing a lot of problems, Regiel, let's go to the article, shall we?
Speaker A:By the way, sorry.
Speaker A:Your Segway game.
Speaker B:You see what I'm doing here?
Speaker A:That was good.
Speaker B:Thank you.
Speaker A:I mean, just all booty.
Speaker A:Good.
Speaker A:Booty.
Speaker A:Yeah.
Speaker A:Pirates booty.
Speaker B:I did find the preview or the trailer for that movie.
Speaker A:Oh, we'll go back that one second.
Speaker A:All right, so Wells Fargo, Citi and Goldman lead in a venture investment.
Speaker A:Top banks by number of AI venture capital deals.
Speaker B:Yeah.
Speaker A:Are you shitting me?
Speaker A:Number one, Wells Fargo.
Speaker A:Number two, Citi.
Speaker A:So the top companies.
Speaker B:Yeah.
Speaker A:Invested in private credit.
Speaker B:Also.
Speaker A:Are the top companies leading AI venture capital investments.
Speaker A:Right.
Speaker A:I mean, are we all insane?
Speaker B:Because you know what?
Speaker B:They probably understand that they don't need all of them to hit, they just need a one, a.
Speaker B:A handful of their speculative.
Speaker A:Supposed to be a bank, a bedrock of security that's highly regul.
Speaker B:Right.
Speaker A:And somehow you guys lead AI venture investments, but you.
Speaker B:But you probably know, like they got.
Speaker B:They got models that they run through and that they're willing to take some losses.
Speaker A:Right?
Speaker A:No, no, I get that.
Speaker A:And you can have a separate subsidiary company which takes on more risk, whatever, blah, blah, blah, blah.
Speaker A:Yeah, but at some point in time,.
Speaker B:Yeah, they're circumventing the.
Speaker B:The regulations that were put in place to protect the banks from.
Speaker B:From this type of behavior.
Speaker A:So not only you, like, shadow banking circuit, you know, circumventing vis a vis these credit, you know, private credit groups through private equity.
Speaker B:Yeah.
Speaker A:But now you're directly circumventing via AI investments in venture startup companies.
Speaker A:Yeah.
Speaker B:I feel like of all the banks like, Wells Fargo should be, like, keeping their hands clean.
Speaker B:Like, y'.
Speaker A:All.
Speaker B:Y' all just got off the.
Speaker B:The, you know, bad boy list recently, bro.
Speaker A:I got so heated at them, they won't open an account for me.
Speaker B:Yeah, yeah.
Speaker A:30.
Speaker A:30 Years.
Speaker A:Like, we can't verify your identity.
Speaker A:I'm like, Bruh, 30 years.
Speaker A:I haven't been with you for 30 years.
Speaker B:I got a lot of accounts to y'.
Speaker A:All.
Speaker A:Yeah, they're like, so.
Speaker A:Yeah.
Speaker B:Come into the.
Speaker B:Come into the branch.
Speaker A:Is your name Jamie, right?
Speaker A:Diamond.
Speaker B:Yeah.
Speaker A:No, no.
Speaker A:Yeah, yeah, it sucks.
Speaker A:Okay, let's see the trailer.
Speaker B:All right, let's see.
Speaker A:Yeah, give me some volume on it, too.
Speaker A:I want to hear Lalocha.
Speaker A:Oh, yeah.
Speaker A:Oh, mask.
Speaker A:Ooh.
Speaker B:Yeah.
Speaker A:I think this is a closed caption.
Speaker B:I think this is a very serious documentary.
Speaker B:So this is not.
Speaker B:Yeah, we're not gonna be like.
Speaker B:You want the closed captions off?
Speaker A:Turn them off.
Speaker A:Yeah.
Speaker A:I want to see all face.
Speaker A:Okay.
Speaker A:All face.
Speaker B:All face.
Speaker B:No case who do not graduate end.
Speaker A:Up dead or in jail.
Speaker D:Jesus.
Speaker B:Situation was pretty bad.
Speaker B:What's happening to students is not unique to that area.
Speaker B:It's systematic across the country.
Speaker A:I like it already.
Speaker A:It wasn't that important.
Speaker A:It was important to some kids, but to my group, it wasn't that important.
Speaker A:It was more important what we're gonna do on Friday and Saturday night.
Speaker A:Once the bullying started, I would make.
Speaker B:Up all kinds of excuses not to go to school.
Speaker E:Yes.
Speaker E:I used to be a former member of a gang.
Speaker B:My mom, my dad never got to finish high school because of me.
Speaker B:With COVID going on, everybody's pretty much on their own.
Speaker B:I don't feel comfortable walking around there alone.
Speaker B:There's a lot of crime and gangs and everything.
Speaker A:High school graduates were expected to have seven more years of life than dropouts.
Speaker A:You have the opportunity to say, I can be different.
Speaker A:What we've done with COVID 19, it was, if you get other people, you're going to kill your grandmother.
Speaker B:He's still struggling, you know, swimming against.
Speaker A:That current to you, you're like, just leave me alone.
Speaker A:I'm trying to.
Speaker A:Us.
Speaker A:We're trying to save your life.
Speaker A:It's being reported that festivities for the World Series win for the Los Angeles.
Speaker C:Dodgers has turned fatal tonight.
Speaker B:You never know when the last goodbye is going to be.
Speaker A:You know, we can make a difference.
Speaker A:We're the only ones that can.
Speaker A:We've needed opportunity schools.
Speaker C:We need them more now than ever before.
Speaker A:One loving adult can change an entire kid's life around.
Speaker B:I'm gonna be somebody.
Speaker B:Not a dropout.
Speaker B:I can't hear you.
Speaker A:Say louder.
Speaker B:I'm going to go above what you.
Speaker A:Think I. I could ever do.
Speaker B:The thing was called La lucha.
Speaker B:La Lucha.
Speaker A:The fight, the fight.
Speaker A:It's the fight for living.
Speaker B:If you're not working, you're going to die out there.
Speaker B:And the conversations that we.
Speaker B:I've had with him is that.
Speaker A:Look, we're.
Speaker B:We're doing a lot to try to, you know, solve all these problems all around the world.
Speaker B:Like, we got a lot of problems here that we need to solve.
Speaker A:Yeah, no, I get that.
Speaker A:And you can tell it was filmed during COVID which is probably why I didn't get the lift that it needed to until until now.
Speaker A:But.
Speaker A:No, I want to see it.
Speaker A:It's interesting too.
Speaker A:He has some color and this is more of a cinematography conversation, but he.
Speaker A:All the interviews he did look like they were in log footage.
Speaker A:They were very flat looking image.
Speaker A:Like Dr. Drew Penske was there.
Speaker A:Yeah, yeah.
Speaker A:Danny Trejo was there and they were very like log.
Speaker A:So he.
Speaker A:He did it clearly.
Speaker A:Yeah.
Speaker A:Did it intentionally.
Speaker A:He's trying to.
Speaker A:There's.
Speaker A:There's an eye play there.
Speaker A:Visually, like, he wants the interviews to be flat, but he wants a real footage to be lively.
Speaker A:It's interesting.
Speaker B:Yeah, maybe we have all the awards they got.
Speaker B:Yeah, they're balling hard, bro.
Speaker A:Malibu Film Festival, ghetto.
Speaker B:The Red's a cool guy, though.
Speaker A:You're.
Speaker B:You actually really like him.
Speaker A:Yeah, well, you know, like, I like his cinematography.
Speaker A:Like what he's doing already.
Speaker A:All right, so let's get back to the show.
Speaker A:So there's a couple more things I want to talk about.
Speaker A:So the next section, if you will, the.
Speaker A:The ass end of the show is going to be all crypto.
Speaker A:You guys might remember Side's friend, Sam Bankman?
Speaker A:Fried.
Speaker A:Hold on.
Speaker A:Yeah.
Speaker B:Wait a minute.
Speaker A:Yeah.
Speaker B:Sbf.
Speaker A:Yeah.
Speaker A:Your.
Speaker A:Your friend's helmet was diddy.
Speaker A:The guy's got your hand ftx.
Speaker A:Yeah.
Speaker A:I mean, you guys always go to white parties together, right?
Speaker B:No, no, no, no.
Speaker B:Yeah.
Speaker B:No, I know of no such parties.
Speaker A:This guy's crazy, right?
Speaker A:Like, when you guys are part of, like, a tribe.
Speaker A:Oh, I don't know.
Speaker A:Like.
Speaker A:Oh, yeah, I get it.
Speaker A:Like.
Speaker A:Sorry.
Speaker A:Stop blinking.
Speaker B:I ran into him one time in Palm Beach.
Speaker E:That was it.
Speaker A:Palm Beach.
Speaker A:Yeah.
Speaker B:Yeah, that was it.
Speaker B:It's not one time.
Speaker A:I'm not here to judge, man.
Speaker A:Yeah, yeah.
Speaker B:Did you also run into a guy named Pete?
Speaker A:Yeah.
Speaker B:Nah, I don't know who that guy is.
Speaker A:You, Pete Diddy and Sam.
Speaker B:Stop it.
Speaker A:What?
Speaker B:Going too far?
Speaker A:What are you talking about?
Speaker A:You Pete Diddy and Sam's fine.
Speaker A:No, Palm Beach Pete.
Speaker B:No, absolutely not, sir.
Speaker A:Oh, yeah.
Speaker A:I had different names.
Speaker A:They didn't.
Speaker B:Yeah, they didn't CC me on those early bitcoin emails.
Speaker A:Almost.
Speaker A:Almost as awkward as this interview.
Speaker A:Let's go ahead and play the interview.
Speaker A:So this is another documentary that's coming out here.
Speaker B:And this guy's named Ben McKenzie.
Speaker A:Yeah, Ben McKenzie.
Speaker A:Perfect union.
Speaker A:More Perfect Union.
Speaker B:You might know him as the commissioner.
Speaker B:What's his name?
Speaker A:Commissioner Gordon in Gotham.
Speaker B:Yeah.
Speaker B:So great show.
Speaker A:First of all, I like him a great deal.
Speaker A:Like his personality in general.
Speaker B:Yeah.
Speaker B:His delivery is great.
Speaker A:Yeah.
Speaker A:This documentary I want to see so badly.
Speaker B:Yeah, me too.
Speaker A:Now, I. I do think that he's got a very stern point of view.
Speaker A:I don't necessarily align with everything he says, but he brings to.
Speaker A:To light some pretty material stuff, and it comes with receipts.
Speaker B:Yeah.
Speaker A:So I, you know, I'm excited.
Speaker A:But he starts off with Sam Bankman Fried here.
Speaker A:And this is the most awkward interview.
Speaker B:Yeah.
Speaker A:I can only imagine you're gonna hear a voice.
Speaker A:Okay.
Speaker A:In the background, and it's Sam's PR guy or PR girl in the background.
Speaker B:His handler.
Speaker A:His handler.
Speaker A:Basically trying to cut off the question and get him out of there.
Speaker A:Yes, yes, yes.
Speaker A:All right, Ready?
Speaker A:Go for it.
Speaker B:You don't have to answer this.
Speaker E:From one of the most bizarre interviews I did while filming my documentary.
Speaker E:Everyone is lying to you for money.
Speaker E:How much have you donated to politicians?
Speaker B:So I.
Speaker D:I don't remember the latest.
Speaker A:I can get back to you.
Speaker A:I don't remember the latest figure off it.
Speaker E:Off my mind.
Speaker E:Number.
Speaker A:Ballpark.
Speaker A:I think.
Speaker A:Sam, you really need to.
Speaker A:Okay, got.
Speaker E:Yeah, this is Sam Bankman Fried.
Speaker E: When I talked to him in: Speaker E:And he was giving a lot of his money to politicians at the time, I couldn't figure out why Sam was hedging.
Speaker E:After all, it was public information that he'd given 40 million to Democratic super PACs and campaigns.
Speaker E:But the answer soon became clear when Sam's empire collapsed in spectacular fashion.
Speaker E:He was arrested and charged with a variety of crimes, including running a hundred million dollar straw donor scheme, secretly giving tens of millions to Republicans through his employees.
Speaker E:He was playing both sides.
Speaker E:While that charge was ultimately dropped, his colleague Ryan Salem pled guilty to making illegal political contributions and was sentenced to seven and a half years in jail.
Speaker E:Sam's now behind bars himself.
Speaker E:But the money the crypto industry is dumping into politics only continues to grow.
Speaker E: In the: Speaker E: million to spend in: Speaker E:And we haven't even gotten through the primaries.
Speaker E:Sadly, crypto has gotten what it paid for.
Speaker E:Last year, the House and the Senate passed and Trump signed into law a piece of legislation called the Genius Act.
Speaker E:With this Congress, if it's called the Genius act, you know it's got to be dumb.
Speaker E:The bill allows corporations to issue their own money in the form of cryptocurrencies.
Speaker E:Literal corporate money.
Speaker E:Just what we need.
Speaker E:That's not all.
Speaker E:If the crypto industry gets its way, another bill called the Clarity act will be passed.
Speaker E:And the Clarity act is even worse than the Genius Act.
Speaker E:It would weaken investor protections and put much of the industry under the jurisdiction of the CFTC rather than the sec, which is something that Sam Bankman Fried also wanted before he was arrested.
Speaker E:If left unchecked, crypto oligarchs will continue bribing our elected leaders to vote against the interests of their constituents.
Speaker E:And they will bring crypto even further into our regulated financial system.
Speaker E:And when crypto blows up again, this time, it may well contribute to the next great financial crisis.
Speaker E:So this year, before stepping into the voting booth, educate yourself on your representative stance on crypto.
Speaker E:In an election with so much at stake, the last thing we need is more politicians bought and paid for by the cryptocurrency industry.
Speaker A:Yeah, yeah.
Speaker A:So a lot to unpack here that I think is worthwhile to talk about.
Speaker A:Number one, and I'll say the obvious, I hate when acts are named in such a way as to sway the boat.
Speaker B:Oh, you mean like the Inflation Reduction.
Speaker A:Act doesn't reduce inflation?
Speaker B:I feel like we're still dealing with inflation.
Speaker A:Yep.
Speaker A:I feel like that may have been a misnomer.
Speaker A:Yeah, yeah, the Genius Act.
Speaker A:You're stupid.
Speaker A:If you don't think this is a genius?
Speaker A:Yeah, I mean, we got.
Speaker A:Why don't we get to your stupid bill.
Speaker B:Yeah.
Speaker B:Or the good one, the Patriot Act.
Speaker B:You're not a patriot if you don't vote for this.
Speaker A:I mean, you got to vote for it.
Speaker A:You're a patriot, aren't you?
Speaker B:Patriot act, bro.
Speaker B:Yeah.
Speaker B:Yeah.
Speaker A:So there's a great deal of frustration.
Speaker A:And look, let's be honest.
Speaker A:Why would a corporation need to issue cryptocurrency, their own currency?
Speaker A:You have stock issue shares of stock.
Speaker A:People believe in what you're doing, they'll buy the stock.
Speaker B:Yeah.
Speaker A:We don't need everybody to have their own currency.
Speaker B:Right.
Speaker A:Matter of fact, if you want a global currency.
Speaker A:Okay, fine.
Speaker B:Yeah.
Speaker B:I think the.
Speaker B:The part about it that has always bothered me.
Speaker B:I listened to another interview he did, and he broke it down very, very well.
Speaker B:Is the term currency.
Speaker B:Right.
Speaker B:That I feel like that aspect of it all should.
Speaker B:Should almost be forced to be removed because it's not a currency.
Speaker B:Right.
Speaker B:It's an investment.
Speaker B:That's what it is.
Speaker B:Right.
Speaker B:And he broken down.
Speaker B:He broke it down very, like, plainly.
Speaker A:Right.
Speaker B:He called it the.
Speaker B:How.
Speaker B:It's a famous.
Speaker B:It's called the Howie Test.
Speaker A:Right.
Speaker B:And it's an investment of money.
Speaker B:This has four prongs.
Speaker B:Investment of money in a common enterprise with the expectation of profit to be derived from the efforts of others.
Speaker B:That's what crypto is.
Speaker B:You're not doing anything for you for this to gain any money.
Speaker B:This is solely an investment hoping that, you know, it grows on its own.
Speaker A:And a very common thing happened the last couple weeks that people are missing.
Speaker A:And today, more than most institutional investors dumped money into Bitcoin.
Speaker B:Bitcoin.
Speaker A:And you know that because they make public statements about that.
Speaker A:And it's frankly all over the News today in April 22.
Speaker A:And when they do this, people go, oh, institutional money is dumping money in again.
Speaker A:These big companies are buying cryptocurrency.
Speaker A:I should buy cryptocurrency.
Speaker A:And then guess what happens.
Speaker B:Yeah.
Speaker A:Institutional money will sell as the price goes up.
Speaker A:Now, they've made money influencing you to buy because you believe that they are the backbones of support.
Speaker B:Yep, exactly.
Speaker A:And it's this really weird thing where if it can be that easily manipulated in front of you and clearly.
Speaker A:And we know.
Speaker A:I literally pulled up on the show our xai, I lovingly call it X ray, which looks at the common headlines and then gives me what the headlines are, a summary based on AI, and then gives me an AI interpretation.
Speaker A:This is just AI, this is not my personal opinion.
Speaker A:This is not based on any pretense, no pretext.
Speaker A:This is just it doing its thing.
Speaker B:Yes.
Speaker A:It said institutional money went into crypto and then gave in the second line, a cautionary tale saying be wary that this often leads to a sell off when institutional money sells out and leaves the individual retail investor holding the bag.
Speaker A:Right.
Speaker B:And I think of famous Nobel prize winning Robert Shiller explained this best.
Speaker A:Right?
Speaker A:Yeah.
Speaker A:Guy part of the case, Shiller index.
Speaker A:Yeah.
Speaker B:Who was named after.
Speaker B:So this guy definitely knows what he's talking about.
Speaker A:Right.
Speaker B:Is that this is all done under the auspice of this is a naturally occurring Ponzi scheme.
Speaker B:It's, this is, this is all natural.
Speaker B:It just happens on its own.
Speaker B:But really it's not, they've, they've literally studied behavioral economics.
Speaker B:Right.
Speaker B:And they understand that if we dump a lot of money into this and it's a speculative investment and it goes up, it'll make other people want to come in and invest.
Speaker B:Right?
Speaker B:Yeah.
Speaker B:Because I mean, look, no, it's, it's no different than what we've been seeing with the Max 7 over the last like two years.
Speaker B:It's been propping up the entire economy.
Speaker B:So if people are going to invest their money, they're going to invest in those seven companies because that's all they know that is, is making money right now.
Speaker B:So if that's going up, we're gonna, it's gonna go up and we're gonna, I'm gonna invest my money too.
Speaker B:And then what's going to happen is the institutions are going to pull their money out.
Speaker A:Yeah.
Speaker A:Take one off table.
Speaker A:Look, they're gonna, and, and look, it's,.
Speaker B:It's, it's all legal.
Speaker A:Of course it is.
Speaker A:And that's the problem.
Speaker A:That's.
Speaker A:Look, I'm not saying that cryptocurrency doesn't have value.
Speaker B:Yeah.
Speaker A:I'm saying that the blockchain is the value in cryptocurrency.
Speaker A:A public record available to everybody.
Speaker B:Yeah.
Speaker B:And I think the, the, the real, the what, what's being sold to everybody with crypto.
Speaker B:And this has been my biggest issue with it all along.
Speaker B:Right.
Speaker B:And you claim me to be a hater.
Speaker B:Right.
Speaker B:Is I think.
Speaker A:Salty.
Speaker B:Salty.
Speaker B:Yeah.
Speaker B:That I didn't get in early enough.
Speaker A:Yeah.
Speaker B:Right.
Speaker B:Is for a lot of people, for a lot of people who, a lot of individuals that are investing in it, who really buy in, into believing in it, I think it's, they feel like, you know, the system hasn't taken care of Them, they want agency over their own life.
Speaker A:They're dogmatic.
Speaker A:Right, right.
Speaker A:Like, I'm not going to buy a home.
Speaker A:I'm not going to invest in the stock market.
Speaker A:This is my.
Speaker A:This is.
Speaker A:My God.
Speaker B:Yes.
Speaker B:Right.
Speaker B:And Ben McKenzie goes on, and he does.
Speaker B:I. I think he interviews some people that lost essentially their life savings in some crypto scam.
Speaker B:I think it was called Celsius.
Speaker A:Right.
Speaker A:There's a number of them.
Speaker A:Luna.
Speaker B:Yeah.
Speaker B:Luna was one.
Speaker B:Right.
Speaker B:And he asked those people that lost money their entire life savings, do you still believe in crypto?
Speaker B:And they say, yes, I do.
Speaker B:I just made the wrong choice.
Speaker A:Yeah, I picked wrong.
Speaker A:Yeah.
Speaker B:Yeah, bruh.
Speaker B:Got the rug pull.
Speaker B:And you're still, like, hardcore.
Speaker A:Well, that's also.
Speaker A:I'll play the devil's advocate here.
Speaker A:Rug pulls are not unique to cryptocurrency.
Speaker A:True rug pulls have been happening for God knows how long, but, yeah, this.
Speaker B:Just feels like it's.
Speaker B:I don't know, it's got a hold of the common man.
Speaker A:And look, I would argue that a rug pull is.
Speaker A:If I can convince you to buy something and you buy it solely based on hype.
Speaker A:Is that my fault or your fault?
Speaker B:You're talking Wolf of Wall Street.
Speaker B:Like, I sold you on the.
Speaker B:You bought it.
Speaker A:I'm just saying.
Speaker A:I'm not.
Speaker B:I'm not saying I sold you the dream, brother.
Speaker A:It shouldn't be predatory.
Speaker A:Right.
Speaker A:But if I give you full disclosure and I tell you this is speculative.
Speaker A:Right.
Speaker A:You got to be a qualified investor.
Speaker A:You're breathing.
Speaker B:You're qualified.
Speaker B:Yeah, now, now, now.
Speaker B:That person was like, come on.
Speaker B:I'm qualified.
Speaker B:I got this.
Speaker B:Let me get in.
Speaker A:Well, again, that's part of the draw.
Speaker A:I make it exclusive.
Speaker A:Ooh.
Speaker A:Yeah.
Speaker A:You're not our type of investor.
Speaker B:It's the guy selling the courses.
Speaker B:I only got 25 spots.
Speaker A:Are you willing to invest a hundred thousand dollars?
Speaker A:Your money?
Speaker A:You don't have that.
Speaker A:I don't know if I can let you in for less than, I don't know, 50.
Speaker B:Yeah, call me back if you know somebody.
Speaker A:Yeah, I mean, it's all hype building, man.
Speaker A:It's just hype.
Speaker A:And Your boy Ben McKenzie here goes on to take a couple shots across the bow.
Speaker A:He did an interview recently where Jill's gonna pull this up here.
Speaker A:This is him literally on Bloomberg TV taking shots, throwing stones in the glass house.
Speaker B:You think he's gonna be invited on tvpn?
Speaker A:I don't think so.
Speaker A:I don't think so.
Speaker B:He's more than welcome to Come here.
Speaker A:Oh, yeah, yeah.
Speaker A:Ben is all here.
Speaker A:Welcome.
Speaker A:Yeah, yeah.
Speaker B:Next to me.
Speaker A:For the record, he is taller than Matt Damon.
Speaker A:Oh, yeah, yeah.
Speaker B:He's got.
Speaker B:He's got a personal Matt Damon.
Speaker B:You don't know jack shit about the blockchain.
Speaker A:Promoted crypto.com.
Speaker A:So he got really pissed off about it.
Speaker A:Hit play Original.
Speaker B:Here we go.
Speaker E:Said Adam Back is potentially satoshi.
Speaker E:You fights follow this.
Speaker E:I don't know that that's proven.
Speaker E:To be blunt.
Speaker E:I didn't see incontrovertible evidence.
Speaker E:There's a lot of circumstantial evidence, but he's a likely candidate.
Speaker E:He's a British cryptographer.
Speaker E:He was the first person to tell.
Speaker E:She emailed.
Speaker E:Certainly could be.
Speaker E:Here's some fun facts about Adam Back.
Speaker E:Adam Back, his company Blockstream, received funding from Jeffrey Epstein.
Speaker E:That's in the Epstein files.
Speaker E:Also, Adam Back hates me.
Speaker E:I never met him, never interviewed him.
Speaker E:He's referred to me as a crisis actor, which is funny because I am an actor and it is a crisis.
Speaker E:So he's very close to getting it.
Speaker E:But I don't know, maybe he's just not a fan of the OC I don't know why he's so fan of the oc.
Speaker E:There we go.
Speaker E:That's what I was looking for.
Speaker E:What about, you know, there are reasonable.
Speaker A:People in this industry.
Speaker A:Are there?
Speaker E:No, there are Mike Novogratz, for example.
Speaker E:Oh, he's the reasonable person.
Speaker E:The guy that got the tattoo of Luna coin is the reasonable guy.
Speaker E:He's not Michael Saylor is what I'm saying.
Speaker E:You know, on the sliding scale of Michael Saylor and Mike Novogratz.
Speaker E:You are correct, sir.
Speaker E:Mike Novogratz.
Speaker E:Very level headed.
Speaker E:Only got a Luna tattoo that lots.
Speaker A:Of people lost money on.
Speaker A:That Ponzi scheme.
Speaker D:Love you, Mike.
Speaker A:Love you.
Speaker E:To push back a little.
Speaker E:Baby, baby, I can do this all day long.
Speaker A:Wow.
Speaker A:Yeah.
Speaker B:Hey, and what did the kid say?
Speaker B:He stood ten toes down.
Speaker A:Yeah, he.
Speaker A:He stood on business in that one.
Speaker A:And I got to be honest with you, Michael Sa is a wackadoodle.
Speaker A:Yeah, he's a little bit weird.
Speaker A:A little bit weird.
Speaker B:He's got a. Yeah, he's got a bankroll to really keep this thing going.
Speaker A:But here's the problem, is all the.
Speaker B:Crypto guys are a little weird.
Speaker A:There isn't like one crypto guy.
Speaker A:You go, you know what?
Speaker A:Yeah, he seems institutional.
Speaker B:Yeah, yeah, there's.
Speaker B:Yeah, they all got that delusional confidence.
Speaker A:They're all nutty.
Speaker A:They're all like a little weird.
Speaker A:Like, why Like Sam Bankman.
Speaker A:Fried was your poster boy, right?
Speaker A:Half these dudes in crypto are strange looking dudes.
Speaker A:Where's the guy in the suit and tie?
Speaker B:Yeah.
Speaker A:Where's the guy who's like, level headed and articulate?
Speaker A:Who's not like crypto?
Speaker B:Look, the guy.
Speaker B:The guy with the suit and tie has a, you know, rest in peace, Charlie Munger.
Speaker A:Yeah.
Speaker B:Against it.
Speaker A:Yeah, Right.
Speaker B:Warren Buffett.
Speaker A:Jimmy Diamonds out now.
Speaker A:And.
Speaker A:Oh, crypto's a part of the new world order.
Speaker A:Thanks, Ray.
Speaker A:Dalio.
Speaker B:Yeah, yeah, yeah.
Speaker B:Well, he's a politician.
Speaker B:He don't count.
Speaker A:But here's the problem, though.
Speaker A:Is it?
Speaker A:So now someone's in his pockets.
Speaker B:Yes, so.
Speaker B:Yes, of course.
Speaker A:Who's got pockets deep enough to pull their pocket out and say, hold my pocket, Jamie?
Speaker B:I know.
Speaker B:Nobody.
Speaker B:That, that's like, like, that's political suicide.
Speaker A:No, I'm just saying here's.
Speaker A:Here's the problem for me, okay?
Speaker A:It's like we're getting to this point where the corruption is so much in your face.
Speaker A:If a dude's getting a tattoo of the coin on his arm that he's selling you, it's not because he knows he's not full of shit.
Speaker B:I don't understand if, like, man, it's so, so much has come out with like.
Speaker B:Okay, because you can't trace, you know how.
Speaker B:Or who's spending money on what in the blockchain.
Speaker A:Right?
Speaker B:And we know a lot of it has gone through, like, it's actually not true.
Speaker A:You can trace everybody.
Speaker B:Everybody.
Speaker A:The problem is there's anonymous accounts.
Speaker B:There's anonymous accounts, right?
Speaker A:You can figure stuff out.
Speaker B:Everyone can be figured out.
Speaker A:I think so.
Speaker B:So why haven't.
Speaker B:Why haven't people been arrested for all the.
Speaker B:I don't even know what we can say, what we can't say on YouTube.
Speaker A:Well, there's stuff that's been.
Speaker A:We can't say anything.
Speaker A:That's a problem.
Speaker A:So, yeah, I should say there's anonymity built into the back end of the wallets, but at some point you have to monetize.
Speaker A:Monetize people to figure it out.
Speaker A:Which is why, like Satoshi, this mythical figure who created Bitcoin, right.
Speaker A:Which has odd ties to Epstein.
Speaker A:Yeah, Right.
Speaker A:And this core group of developers.
Speaker A:And this is not my opinion.
Speaker A:We're gonna.
Speaker A:We're gonna watch a final video here to end the show where the Epstein files had pretty clear and convincing evidence that Epstein knew the original early on, early on, early on knew the core developers of.
Speaker A:Of cryptocurrency and Bitcoin specifically.
Speaker A:So here's the problem is that there are reasons you can say people want a decentralized currency.
Speaker A:Okay, fine.
Speaker A:But the need for anonymity, the need for this hiding things in plain sight is strange.
Speaker A:And when people don't monetize, like Satoshi, he's never monetizes billions of dollars of cryptocurrency, you never really be able to figure out who they are.
Speaker A:Right now they might be able to transfer stuff to a wallet and move stuff around.
Speaker A:And when you start liquidating, people can start to figure out who you are.
Speaker A:At least it used to be the case.
Speaker A:Today it's getting a little harder.
Speaker B:But he was, he was taking a shot at them.
Speaker B:I saw the interview with Ben McKenzie today, and he said, I'd like to get your take on it.
Speaker B:He said, you know, the technology isn't as great as people make it seem.
Speaker B:You, you know, they could only, you know, commit to five to seven transactions per second, whereas like Visa, MasterCard can do 24,000.
Speaker A:Yeah.
Speaker A:And that's because the, the mining function and a lot of the, the power.
Speaker A:So there's a whole, there's a whole algorithmic way these machines are powered that mine, like Bitcoin in particular.
Speaker A:Right.
Speaker A:And there's shutdown protocols for when the costs rise above certain thresholds and it shuts down miners and limits their growth.
Speaker A:And there's a whole language around how these things work.
Speaker A:But more importantly, the efficiency part of it's really fascinating to me.
Speaker A:It is not the most efficient business business.
Speaker A:And for people to think that you can write to a blockchain and do all these things that are behind it and not have a delay is kind of bizarre.
Speaker A:Right.
Speaker A:So if you're not getting it faster or more efficiently, then the benefit is you're getting what's presumed to be a finite resource because there's only so much bitcoin is going to be mined and after that, shut down.
Speaker A:And then after that, I guess you've got something that goes up in value.
Speaker A:But what do you know from a currency perspective that's truly finite?
Speaker A:There's never a true finite number of currencies.
Speaker B:Yeah.
Speaker B:What do you think is the end goal for bitcoin?
Speaker B:To replace gold as a hedge to inflation.
Speaker A:You know what I can see happening?
Speaker A:It's going to piss off a lot of people.
Speaker A:They say if you're satoshi, right.
Speaker A:And you got some dark history where this had some value to you, there's no real.
Speaker A:You're not going to be like somebody who everybody wants to paint this figure as somebody who's altruistic, who created this thing to benefit society.
Speaker A:Yeah.
Speaker B:I think the whole thing works because he's anonymous.
Speaker A:Right.
Speaker A:But here's the way bitcoin works, and let me just paint the end of the story for everybody before we play the next clip.
Speaker A:Bitcoin has a finite number at the end of that finite number.
Speaker A:That's the game.
Speaker A:That's when, in theory, bitcoin should be worth the most.
Speaker A:Everything between now and then is just fuck around to find out.
Speaker A:Yeah.
Speaker A:When you get towards the end of mining and everybody starts buying the hype of, oh my God, there's only so many coins left.
Speaker A:There's only so many coins left.
Speaker A:We're coming towards the end.
Speaker A:The value will likely skyrocket one last time.
Speaker A:And I think that's when the rug pull happens.
Speaker A:That's when the bag is left behind.
Speaker B:What is it not.
Speaker B:Is it not possible?
Speaker B:I know their claim to fame is that there's a finite amount, right?
Speaker B:So is it not possible to, I guess, create more?
Speaker A:Well, in theory, according to algorithms and according their math, there's not.
Speaker A:And let's just say they honor that.
Speaker A:Let's just say that.
Speaker B:I mean, look, at one point in time, the dollar was.
Speaker B:Was backed by gold and silver, so.
Speaker B:And then they're like, yeah, you know what, we're gonna go off the gold standard.
Speaker A:You want to hear.
Speaker A:You want to hear my underlying.
Speaker A:This totally tinfoil hat shit?
Speaker B:Yeah, let's go.
Speaker A:Like, no one's got this.
Speaker A:This is me and you guys.
Speaker B:We're an hour in.
Speaker B:Yeah.
Speaker A:All right.
Speaker A:Nobody's here.
Speaker A:Right.
Speaker B:It's just usually.
Speaker A:You still here?
Speaker B:Yeah, I'm here.
Speaker A:Okay.
Speaker A:You look very focused.
Speaker B:Oh, yeah.
Speaker B:Locked in, baby.
Speaker A:What is that orange and black thing that you're looking at?
Speaker A:That's not a Bloomberg terminal, dog.
Speaker A:Yeah, yeah, yeah.
Speaker A:Huh.
Speaker A:Mythos or Mythos?
Speaker A:Claude's most recent model caused such consternation that the White House called.
Speaker A:Called some of the.
Speaker A:The large constituents to the White House to talk about the model.
Speaker A:And about a week ago, they came out and said that it was so good that it was finding these zero day issues.
Speaker A:Issues that had been, you know, 20 years around.
Speaker A:Vulnerabilities that have been around for 20 plus years that no human coder and no system had found to date, that Mythos has now been able to find and access things.
Speaker A:Wow.
Speaker A:Right?
Speaker A:Very powerful tool.
Speaker A:And just a couple of days ago, some coders broke in to Anthropic and got access to it.
Speaker A:I mean, this is already in the hands of some major corporations.
Speaker A:Think Apple.
Speaker A:Not really Apple.
Speaker A:I should say Microsoft.
Speaker A:Companies like that.
Speaker A:Palantir, probably.
Speaker A:And they already had early access to it.
Speaker A:That's how they were testing this.
Speaker A:It was actually in use in testing.
Speaker A:This wasn't Theoretical article.
Speaker B:Yeah.
Speaker A:So now some coders have hacked in and taken it, and it's caused all sorts of a stir.
Speaker B:Well, it wasn't too long ago where they got hacked too, or they accidentally leaked like 500, 000 lines of code.
Speaker A:No, that was actually PR marketing stuff.
Speaker A:Oh, what?
Speaker A:Okay, yeah, they leaked it.
Speaker A:They leaked it on purpose.
Speaker A:At least that's the pitch anyway, is that they wanted it.
Speaker A:They wanted this resource to be out there.
Speaker A:Okay, so that's why, like, I was.
Speaker A:All this hype, but nothing really happened about it.
Speaker A:It was much more media hype than anything else.
Speaker A:And honestly, nothing out came of it,.
Speaker B:So nothing came of it.
Speaker B:Okay.
Speaker A:But they.
Speaker A:They let out a statement saying that they.
Speaker A:They wanted it out.
Speaker B:They didn't care.
Speaker A:Okay.
Speaker A:You know, that's what I say whenever my nude photo circles.
Speaker A:I wanted y' all to know how small I was.
Speaker A:Yeah.
Speaker A:I'm human too, God damn it.
Speaker B:Right?
Speaker B:Okay.
Speaker A:It's not always hype.
Speaker B:So the hacker got in.
Speaker A:So my theory is the White House was concerned about this not because of the zero day vulnerabilities.
Speaker A:My theory is.
Speaker A:Is because it had the potential to unpack cryptocurrency currency, that it found holes.
Speaker A:That.
Speaker A:That's why one of the names.
Speaker A:See if you can find this for Jill.
Speaker A:One of the people who was summoned to the White House, Jerome Powell.
Speaker A:Why else would Jerome Powell be summoned there for that?
Speaker A:It just seemed weird.
Speaker B:That's odd, right?
Speaker B:What was he summoned for?
Speaker A:The.
Speaker A:For Mythos.
Speaker A:Just look up Mythos in call to the White House and see if Uncle JP's there.
Speaker A:There was a.
Speaker A:There was a bunch of people that were brought there, and they said, oh, it's because of the economic implications that could happen as a result of hacking and people breaking into financial.
Speaker B:Or.
Speaker B:Nah, I'm not buying it.
Speaker A:Or it could be that old decentralized financial network you were talking about.
Speaker A:Maybe it's.
Speaker B:How's I help us?
Speaker A:The technical term here.
Speaker A:Proper fuck proper, right?
Speaker A:Like, do I gotta be the guy who looks at that and goes, why are all these financial people there?
Speaker A:There's more concerns than, you know, economic theft.
Speaker A:Right?
Speaker E:Yeah.
Speaker A:If I'm sitting here going like, okay, wait a minute, I'm going to rob a bank with Mythos or.
Speaker A:Or I'm going to Rob the anonymous accounts in the blockchain.
Speaker B:Yeah.
Speaker A:That nobody can know.
Speaker A:Where do you think the hackers are going to go?
Speaker B:Yeah, exactly.
Speaker A:Right, right.
Speaker A:I'm just thinking that cryptocurrency might be the biggest vulnerability.
Speaker A:Am I the asshole?
Speaker B:Damn.
Speaker B:That's a scary game, though.
Speaker B:Imagine having that ability.
Speaker A:Well, I know you don't have any crypto to steal, so you're probably like, ah, imagine having that ability.
Speaker B:Sucks to be you, dog.
Speaker A:Yeah.
Speaker A:Crypto shmito, homie.
Speaker A:That's what you get.
Speaker A:Yeah.
Speaker A:You wanted a dollar, now you get 99 cents.
Speaker A:So, yeah, there we go.
Speaker A:There we go.
Speaker A:White House and Anthropic CEO discussed working together amid rising fears about.
Speaker A:Meet those models.
Speaker A:Scroll down.
Speaker A:I can't read that.
Speaker B:Summary.
Speaker B:A discussion is on collaboration on AI safety and cyber security.
Speaker B:Meo's model raises concerns over potential for cyber attacks.
Speaker B:Let's see.
Speaker B:I'll read the article.
Speaker B:The Trump administration and Anthropic CEO on Friday discussed working together for the first time since the dispute earlier this year between the Pentagon and the AI firm over how that company's model should be used.
Speaker A:Pause.
Speaker A:I'm shooting.
Speaker A:Silence.
Speaker A:He's a video.
Speaker A:Yeah, look ironically.
Speaker A:Okay, don't do that face.
Speaker A:It's very.
Speaker A:Yeah, don't do that.
Speaker A:Huge China.
Speaker A:So here's the problem with.
Speaker A:With that.
Speaker A:The Pentagon has now waged a war with you guys because you won't give them access to certain things.
Speaker A:You got.
Speaker A:You stood on moral ground and now you got this model that everyone's going like, call them back.
Speaker B:Yeah, right.
Speaker A:Like that isn't weird.
Speaker A:Anybody?
Speaker A:Yeah.
Speaker B:Y' all figure out how they did that?
Speaker A:Yeah, I'm coming for your monies.
Speaker A:I'm getting all of it.
Speaker B:The meeting between CEO Dario.
Speaker B:How do you pronounce his last name?
Speaker B:Amodi.
Speaker A:Amodi.
Speaker B:Amodi.
Speaker B:And White House staff.
Speaker B:Which took place amid growing fears the AI startup's latest model will supercharge cyber attacks.
Speaker B:Suggests the two sides might be on a path to rebuilding trust.
Speaker B:Oh, yeah.
Speaker A:Oh, look at that.
Speaker A:Look at that second paragraph.
Speaker B:If I'm him.
Speaker B:If I'm him, I'll be like, rebuilding trust.
Speaker A:Yeah.
Speaker B:Hey, why don't you go.
Speaker B:Why don't you bring in Sam?
Speaker A:Sam will let you know.
Speaker A:I got this.
Speaker A:Trump administration, central bankers across the globe.
Speaker A:And look, central bankers.
Speaker A:Central bankers across the globe.
Speaker B:So all central bankers.
Speaker A:Okay.
Speaker A:I'm just saying.
Speaker A:Trump administration, central bank across the globe.
Speaker A:And industries are racing to get up to speed on Anthropic's new model, Mythos, and its Ability to make complex cyber attacks both easier and quicker to execute.
Speaker A:The banking industry, with its legacy technology systems, is particularly vulnerable.
Speaker A:Is it, though?
Speaker A:Government officials in at least three countries.
Speaker A:The U.S. canada, and Britain.
Speaker A:Have met with top banking officials to discuss the threats posed by Mythos.
Speaker A:Treasury Secretary Scott Besant joined Chief of Staff Susie Wiles.
Speaker A:It's a great party name.
Speaker A:Yeah.
Speaker A:Susie Wows Suzy Wild Susie Wow in the meeting with Emoti Axos reporter.
Speaker A:Look, maybe Jerome wasn't there, but that's how.
Speaker A:That's how fake news gets started.
Speaker A:Sensational nonetheless.
Speaker A:Okay, you're worried about the vulnerabilities of the banking system, but you're not.
Speaker A:No one said a word about cryptocurrency.
Speaker A:Get the out of here.
Speaker B:Come on, dog.
Speaker B:Come on.
Speaker B:Yeah, because that's something that everyone can get behind, right?
Speaker B:It's like everyone's got their money in the banking system.
Speaker A:Well, again, if I'm good, let's just.
Speaker A:Let's just take a really crude example here, okay?
Speaker A:If I'm gonna rob somebody.
Speaker B:Okay.
Speaker A:Right.
Speaker A:Am I gonna rob the guy in the middle of the parking lot in broad daylight?
Speaker B:No.
Speaker A:Or am I gonna rob the guy behind the gas station with no cameras, in the dark?
Speaker B:Right?
Speaker B:It depends where you're at.
Speaker B:If you're in Oakland, it's a.
Speaker B:It's free game.
Speaker B:Which one's easier, though?
Speaker B:Which one's easier?
Speaker B:Which one am I probably gonna get?
Speaker A:Which one's gonna afford you more anonymity?
Speaker B:Yeah.
Speaker A:Right.
Speaker B:Yeah.
Speaker A:The guy getting the handy behind the gas station.
Speaker B:The handy is crazy.
Speaker A:That's the Kryptos, the Crypto Bros.
Speaker B:The Blockchain brothers.
Speaker A:Yeah.
Speaker A:Wow.
Speaker A:First of all, let's play the video.
Speaker A:This is the cap.
Speaker A:This is the finale.
Speaker A:This is a crescendo, baby.
Speaker B:Yeah.
Speaker A:You thought we were inflammatory up to this point.
Speaker A:No, those were all the palate cleanser.
Speaker A:Those are the aperitif.
Speaker A:Those warmed your palate up.
Speaker B:Yeah.
Speaker A:For what we're gonna do to end the show.
Speaker A:Okay, so if you're driving, pull over.
Speaker A:You're gonna need it.
Speaker A:Yeah, right.
Speaker A:If you're at the gym, now's the time.
Speaker A:Hit that pr.
Speaker B:No, no.
Speaker A:Put the waist down.
Speaker E:The world's most notorious pedophile and sex offender, the greatest blackmailer ever and secret funder of bitcoin development.
Speaker E: In: Speaker E:This was where Jeffrey Epstein met former child actor and future crypto entrepreneur Brock Pierce.
Speaker E:Pierce is such a great character that I'll do a separate piece on him later.
Speaker E:Epstein quickly becomes fascinated by crypto.
Speaker E:Within months, he's emailing saying the bitcoin idea is brilliant.
Speaker E:Why would Jeffrey Epstein love crypto?
Speaker E:Well, if your core businesses are money laundering and blackmail, the ability to send money or something kind of like money in a way that obscures your identity would be very appealing.
Speaker E:It's important to realize that this was extremely early in crypto's history.
Speaker E: in had only become a thing in: Speaker E:So Jeffrey Epstein was a fan of Bitcoin before 99% of the people who are now supporters even knew it existed.
Speaker E:This revelation has been hard for some bros to take.
Speaker E:So Epstein starts investing in crypto companies like Blockstream and the exchange Coinbase.
Speaker E: million in Coinbase in: Speaker E:And emails show that Coinbase executives knew the money was coming from Epstein, a registered sex offender.
Speaker E:And other Epstein email.
Speaker E:There are numerous communications between the pedophile and the head of the MIT Media Lab, Joi Ito.
Speaker E: In one email from: Speaker E: Back in: Speaker E:Without funding, bitcoin could have languished.
Speaker E:Jeffrey Epstein swooped in to save the day.
Speaker E:Or as Joy Ito put it to Epstein, the pedophile's money allowed us to win this round.
Speaker E:But there's more.
Speaker E:Initially, Trump's Commerce Secretary, Howard Ludnick, claimed he met Epstein only once, was repulsed by him, and swore to never be involved with him in any way.
Speaker E:But then the emails came out, and what a shocker.
Speaker E:That story was bullshit.
Speaker E:In fact, Ludnick visited Epstein on his island and even went into business with him.
Speaker E:Ludnick was also one of the key figures years introducing Donald Trump to the world of crypto.
Speaker E:Lutnick was chairman and CEO of Cantor Fitzgerald, a financial services firm.
Speaker E:Cantor is the broker for the massive crypto stablecoin company Tether.
Speaker E:Tether has become a go to crypto for money laundering, drug smuggling, sanctions evasion, and, yes, human trafficking.
Speaker E:Epstein was also buddies with Steve Bannon, who also bought Brock Pierce's company back in the day.
Speaker E:Bannon, of course, was behind the let's go Brandon meme coin.
Speaker E:So he has his own ties to crypto.
Speaker E:In fact, he's facing a class action lawsuit by investors who say they were duped.
Speaker E:Let's go.
Speaker E:Civil litigation.
Speaker E:Epstein, Pierce, Bannon, Lutnick, Trump.
Speaker E:Only the best people are into crypto.
Speaker E:So the next time a bro tries to sell you on the wonders of a supposedly decentralized, democratized future of money called cryptocurrency, ask him about Jeffrey Epstein.
Speaker A:Yeah, that stung.
Speaker B:Yeah, that's.
Speaker A:Singe is the butthole.
Speaker B:And then the worst part about it is, like, people are be like, yeah, but if it makes me money, it makes me money.
Speaker A:That's right.
Speaker B:No morals.
Speaker A:Yeah, well, I mean, I get it, I get it.
Speaker A:I mean, I have morals, but allegedly.
Speaker A:I have only one question after all of this tonight.
Speaker A:I mean, very enthusiastic episode.
Speaker A:Good job, boys.
Speaker B:Yeah, yeah.
Speaker A:I mean, truly, truly good.
Speaker A:How long do you think.
Speaker A:I mean, just guess.
Speaker A:Spitballing here.
Speaker A:Do you think before Ben gets killed.
Speaker A:Yeah, yeah, yeah.
Speaker B:I was just gonna say he's gotta end that documentary with like, I'm a very happy person.
Speaker A:Yeah.
Speaker A:I don't have depression issues.
Speaker B:Yeah.
Speaker B:Yeah.
Speaker A:My heart is in great working order.
Speaker B:Right.
Speaker B:He's gotta have a doctor there sitting next to him, like cosign.
Speaker B:But yeah, he's great.
Speaker A:He's in perfect health.
Speaker A:He's got labs, right?
Speaker A:He's got scans and labs.
Speaker B:This is not good, man.
Speaker A:Some house cleaning notes before we end the show.
Speaker B:Yeah, yeah.
Speaker B:I think there's a couple.
Speaker B:Couple words in that last video that you're gonna have to cut out.
Speaker A:Really?
Speaker B:That gets flagged on YouTube all the time.
Speaker A:Ah, giving up on YouTube.
Speaker A:There were flags.
Speaker A:Suck at YouTube.
Speaker B:Yeah.
Speaker A:Come after me, Googles.
Speaker A:We got streaming platforms.
Speaker A:We don't need you.
Speaker A:Unless you're.
Speaker A:Unless you're at Netflix, which case, we love you, but no House cleaning island.
Speaker A:So we are now live on the Apple streaming video platform.
Speaker A:Bang, bang.
Speaker A:But we do not project to Apple yet because they're not rolling it out till like another month or so.
Speaker B:Yeah, but we're gonna be one of the first ones.
Speaker A:We are.
Speaker A:Unfortunately, there's some limitations there which are problematic that I'm trying to work around.
Speaker A:They only allow you to stream in seven.
Speaker B:You are good at workarounds.
Speaker A:Yeah, I'm good.
Speaker A:Yeah.
Speaker A:Reach arounds and workarounds.
Speaker A:Right, yeah.
Speaker B:Which is also a workaround.
Speaker A:Exactly.
Speaker A:Depending on where you're facing.
Speaker A:Right.
Speaker A: p instead of: Speaker A:Which at a minimum is kind of the bare minimum, which is kind of.
Speaker D:Yeah.
Speaker A:Shame on you.
Speaker A:Yeah.
Speaker A:And only up to an hour and 30 minutes.
Speaker A:So I was like, no, I need three hours.
Speaker A:Okay.
Speaker A:We're Rogan up in here.
Speaker A:Yeah.
Speaker B:What are they gonna do with Rogan?
Speaker A:Because we got.
Speaker A:We got listeners who say that I sold out just like Rogan.
Speaker B:Yeah.
Speaker B:Oh, we actually had a review.
Speaker A:Oh, we did have a review.
Speaker B:We did have another review.
Speaker B:Look at that.
Speaker B:Bang, bang.
Speaker A:Yeah, that was the review.
Speaker B:Education and Vibes, five stars.
Speaker B:All right, here we go.
Speaker A:For the record, he's education, I'm Vibes,.
Speaker B:And I'm five stars.
Speaker B:So you are the.
Speaker B:Your education, I'm the vibes, I'm all.
Speaker A:The vibes, your quarters.
Speaker B:This podcast gets better every few months.
Speaker A:Damn.
Speaker B:Long time listener.
Speaker B:I appreciate the dedication to the craft that these men have.
Speaker B:They constantly iterate and grow, and they do it for the love of the game.
Speaker B:That's true.
Speaker A:That's right.
Speaker A:I love game.
Speaker B:Yeah, he does love game.
Speaker B:They have changed my entire perspective, outlook, and strategy on personal finance.
Speaker B:Well, I thank you, good sir or good ma'.
Speaker A:Am.
Speaker B:The name is Arham Cena, aka Cena,.
Speaker A:Aka Cena, aka Fridays.
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Speaker B:Yeah, yeah, exactly.
Speaker A:You need to get all that.
Speaker B:Get yourself slim fighting Fijians.
Speaker B:Oh, I'm ready.
Speaker B:Yeah, he's ready.
Speaker B:I, I DM C. Right when he posted that, I was like, can I combine this with this?
Speaker B:He's like, yes.
Speaker A:He's like, how do I get high?
Speaker B:And I sent him the Tyrone Bigam's meme.
Speaker A:Also, bro, you know it's bad when comes in.
Speaker A:He goes, hey, bro, I'm maxed out on my GLP1 dog.
Speaker A:I need more juice.
Speaker B:Exactly.
Speaker A:I'mma need that M player, Mossy.
Speaker A:By the way, wrap the show with this.
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Speaker A:I went to the gym, I'd work out on it, and I would not get tired.
Speaker A:It really helps your ATP.
Speaker A:And you're scary, though, cellular energy production.
Speaker B:Because you got to remember, just because you don't get tired does not mean your tendons and your ligaments.
Speaker A:Oh.
Speaker A:I would routinely have to tell myself, like, bro, you've had enough.
Speaker A:I would be working out like a beast.
Speaker A:Yeah, that should definitely be illegal.
Speaker A:That's why you should go to jointfriday.com.
Speaker B:It works.
Speaker A:Yeah.
Speaker A:No, it does works.
Speaker A:Yeah.
Speaker A:All right.
Speaker B:You got anything else, Rajeel?
Speaker B:No.
Speaker B:Anything else, Christopher?
Speaker A:Nah, Rajill's busy on pornhub back there.
Speaker B:Yeah.
Speaker A:All right, well, good night, everybody.
Speaker A:Okay, bye.
