2 years ago
Lawrence Lepard breaks down however the Federal Reserve has gotten america into a immense economical occupation and however Bitcoin is going to beryllium the solution moving forward.
This is simply a transcribed mentation of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Lawrence Lepard to speech astir the hawkish Federal Reserve and however its argumentation decisions volition pb to its ain demise.
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[00:00:06] Q: I americium excited to present our guests for today. Lawrence “fix the money, hole the world.” He's an concern manager astatine equity absorption associates, a dependable wealth advocate. We've had you connected the amusement erstwhile before. Thank you truthful overmuch for coming and joining america again.
[00:00:21] Lawrence Lepard: Thanks, welcome. Thanks for having maine back. It's bully to beryllium with you.
[00:00:24] Q: What did I miss erstwhile introducing you? I consciousness similar determination are truthful many, there's not
[00:00:28] Lawrence Lepard: overmuch else. You forgot the portion astir wherever I'm the golden feline who's trying to orange-pill golden bugs.
[00:00:35] Q: And, and that is however you benignant of came into Bitcoin.
I mean, you were beauteous overmuch each successful connected gold. Not to benignant of recap oregon rehash that past conversation, but conscionable precise rapidly let's bash it similar this. What would your transportation beryllium close present to Peter Schiff arsenic to wherefore helium needs to astatine slightest get some, some.
[00:00:53] Lawrence Lepard: I'm not definite wherever Peter is hung up connected this full thing.
I deliberation it's his ego. That's got him hung up, and possibly he's conscionable committed to his existing business. He doesn't privation to change, but a batch of golden bugs, what happens is they can't get implicit the information that it's not physical. You know, they're benignant of locked into commodity wealth and the conception of a ledger benignant of escapes them.
And the worth of an immutable ledger is not thing that we afloat understand. And truthful I commencement determination and conscionable say, look, earlier we adjacent had golden before, you know, we'd done golden retired of the ground, radical kept people connected caves. You know, I killed 2 bison, you killed one, you lone 1 blah, blah, blah. So an immutable ledger that can't beryllium changed, that's close and verifiable done thousands of nodes.
Isn't, isn't a consciousness we've created thing very, precise unique, which is the huge, you know, the immense invention of Bitcoin, which is it's it's we've created integer scarcity, verifiable, unafraid integer scarcity. And therefore, arsenic a effect of that, and past capping the magnitude of these things astatine 21 million, you know, you've been assessed, created a integer signifier of gold, that integer golden ledger.
So they vie with 1 another. And what Peter's missing is that, you know, Bitcoin's enjoying two, 2 curves. I mean, golden has got a immense Lindy effect. It's afloat distributed. Everybody knows what it is, but astir 5,000 years, that's the vantage it's got, evidently that, you know, you don't person to archer anybody that golden is money.
Everyone knows golden is money. Bitcoin is retired connected an adoption curve. I mean, it is dependable wealth into dependable is golden close now. And the adjacent having occurs volition beryllium sounder, causing the stock-to-flow drop. But the contented truly becomes, you know, close present astir apt a mates 100 cardinal radical recognize it oregon 7 cardinal radical connected the satellite and lone 21 cardinal coins.
And arsenic everyone comes to recognize the values of these monitoring properties that these points person you know, there's going to beryllium an adoption curve. And so, with fixed proviso and continually increasing demand, you tin archer what's going to hap to the price. And truthful that makes it, you know, and that's wherefore it's outperformed golden since it was introduced.
And it's going to proceed to outperform gold. Now it's going to beryllium much volatile and, you know, 80 twelvemonth olds, you know, shouldn't beryllium putting a 100 percent of their wealth successful Bitcoin due to the fact that 80 twelvemonth olds don't similar having 50% drawdowns, but everybody should ain immoderate Bitcoin. I ever accidental that, you know, the lone incorrect reply is zero.
You know, if you've got a one, a two, a five, a 10, I mean, I person a beauteous high, precocious allocation to it. Cause I'm, you know, I'm hazard prone oregon I'm precise comfy with the risk. But you know, you need, you request to ain immoderate of it. So, and, and I'm not rather definite wherever Peter can't get implicit it. I mean, it's funny, his lad gets it.
[00:03:13] Q: Do you deliberation this one, it conscionable feels similar a bit, yeah. I mean, it
[00:03:16] Lawrence Lepard: feels similar it's, it's portion of his brand, right? Like, yeah. He asked to support this framework adjacent though, I mean, I fishy abstracted from his lad that helium is actively invested successful Bitcoin, but his full endeavor is based connected the idea. And he's painted himself into a country and I deliberation that it'd be, yeah.
And I'm not truthful definite of that though. I've met him and I cognize him beauteous well. I, I, you know, I work him arsenic a beauteous arrogant feline and so, I deliberation helium mightiness judge his ain bullshit. You know,
[00:03:44] Q: He is truthful deep, truthful heavy successful the prevarication that helium doesn't cognize what factor.
[00:03:49] Lawrence Lepard: Yeah. And I recovered that I recovered that benignant of cosmopolitan successful trying to orangish pill people, the radical who are the astir arrogant seemed to beryllium the slowest to get it.
You know, you benignant of person to beryllium open-minded to it arsenic a possibility. And the much humble you are, the much apt you are and recognize that, ohio yeah, things are changing and this is simply a quality and it's, it's got a worth and truthful I recognize it. A batch of people, immoderate radical are conscionable plain acrophobic of it.
And I get that too. I mean, look, when, erstwhile dogecoin and each the other, you know, shitcoins were doing each that stuff, you know, you fundamentally had, you know, each dependable wealth feline successful the satellite complex, you know, however tin a integer plus beryllium dependable money, look astatine this. And, you know, the right, I mean, it's the crap coins.
It truly annoys maine the mode the crap coins person formed a mediocre airy connected the 1 happening that truly is simply a existent method innovation is not a shitcoin. And truthful it's, you know, to me, there's Bitcoin and past there's each different crypto and each the crypto is, you know, benignant of a speculum of mania. Bitcoin is actually, you know, existent awesome successful a existent method development.
That's going to beryllium highly important successful my opinion. So
[00:04:54] Q: I'd emotion to, you know, get your thoughts connected what is strangely becoming the astir looked forward, astir anticipated Fed gathering successful my lifetime, perchance successful your lifetime. We volition be, Chris volition nonstop america an update. Just implicit 30 minutes erstwhile the minutes are released and we really spot the authoritative telephone connected what the complaint hike is going to be.
I don't privation to walk clip speculating. I'd alternatively conscionable get your thoughts connected however the fed has been handling, you know, the system for immoderate clip and what your expectations are connected however you're preparing for the contiguous and adjacent word future. I would accidental the adjacent 18 months.
[00:05:37] Lawrence Lepard: Yeah. Good questions. I mean, look the feds an unmitigated disaster, right?
I mean, it's a wealth cartel. You know, their lone occupation truly is to look aft their owners, which are the banks and Wall Streeters. And you know, they, they tally this roar bust rhythm and you know, they you know, I mean, it's unclear. I mean, there's, we cognize what they bash and it's unclear what their motives are.
I mean, immoderate accidental they cognize precisely what they're doing. Others accidental they're anserine and they don't truly cognize what they're doing. I, you know, I'm betwixt those 2 camps somewhere. I deliberation there's a definite constituent of stupidity. I mean, Jay Paul's a lawyer. I don't deliberation helium truly understands oregon has studied economics oregon markets.
So I deliberation he's benignant of coming astatine this with a precise simplistic constituent of view. But having said that helium besides is simply a governmental carnal and he's doing what helium has to bash successful airy of the circumstances. And so, you know, helium thinks helium tin bash it. You tin go different canvass Volcker, which is ridiculous. He can't.
And so, you know, arsenic I've said successful the past, what I spot them doing arsenic they're benignant of driving this clown car betwixt the 2 defender rails, I mean, erstwhile you, erstwhile you got a recognition expansion, akin to the 1 we conscionable had erstwhile you had arsenic overmuch casual wealth arsenic we conscionable had, I mean, you know, ZIRP zero involvement complaint argumentation from 2009 to 2015 oregon 16 was conscionable an tremendous transgression and led to tremendous misallocation of resources.
And created what we present each telephone the everything bubble and the everything bubble has burst. And so, you know, there's, you can't truly enactment the genie backmost successful the vessel erstwhile a bubble burst, it's going to illness each the mode to the basal and you know, and, and by the way, what they're doing close present is helping velocity up that collapse.
So, you know, I'm not definite again, if it's stupidity oregon its intention, I mean, 1 could reason that their volition is to velocity it up, person everything collapsed, past reset with a CBDC or, you know, affluent radical volition get by each the assets for 10 cents connected the dollar. I'm not rather sure, but, but the constituent is that, you know, if they proceed the policy, they're going to proceed the banal market's going to implode.
I really deliberation it's, timer's going to astir apt implode either way. One happening that everyone's missing is that you know, you can't person a bubble of the proportions that we had, which I don't deliberation anyone would disagree that we were successful a bubble and everything bubble based connected escaped money. And you can't interruption that bubble which was intelligibly broken, right?
There's nary going back. Crypto is the starring edge. You tin spot each that workload, but it's, it's flowing done to everything now, including, you know, tiny countries similar Sri Lanka, not small, but periphery countries similar Sri Lanka. And you know, erstwhile you, erstwhile a bubble bursts you know, it's gonna take, it's gonna, you're gonna spell from massively overvalued to fair, valued oregon undervalued.
I mean, successful the lawsuit of the ohio 8 bubble oregon the 2000 bubble, the S and P went down 50% successful some cases close now, the SMP is down astir betwixt 15 and 20%. It needs to spell a batch little and it's going to spell a batch little astir apt soon. You know, my prediction connected contiguous is really going to daze the market, spell a 100 and beryllium a pugnacious feline due to the fact that that's successful choky with what he's been doing precocious and helium wants to marque the constituent and effort and get ostentation nether control.
And there's besides a nationalist information facet to it. I mean, they're hoping that doing this tin truly termination capable request to get lipid prices. So that Putin makes little wealth selling oil. And of course, you know, truthful there's this full geopolitical ramification. I deliberation their presumption is, well, if we've got to person immoderate unemployment and sacrifice each the speculators and banal marketplace people, truthful beryllium it, you know, pals affluent and it's like, well, whatever.
So it's a really, truly screwed up system. And sadly we're each forced to unrecorded with it and we're forced to, you know, it's similar I was going to tweet this morning, similar it's, it's similar watching the, you know, the you know, the, erstwhile they changed Pope's and, you know, expect to spot the antithetic colour fume travel retired of the chimney of the Vatican.
I mean, and that's what this is like. I mean, our grandkids are going to accidental what, you know, you guys fto the, you fto the full satellite system stroke up due to the fact that you had, you know, the astir important terms of the world, which is the outgo of wealth acceptable by committee that was, you know, tally by a banker cartel and the.
What the fuck were you thinking? I mean, that's similar the, that's similar the dumbest thought since everlastingly and you know, so, truthful that, I mean, that's, that's, that's coming, you know, but, but sadly, we got to get done this. Right. I
[00:09:41] Q: emotion that analogy of, you know, we're conscionable waiting for the fume to travel retired of the chimney for a caller Pope.
Larry, I privation to, I privation to unpack thing you said where. If Powell really does travel done and support going astatine the rate, he's going to beryllium raising rates and continuing to effort to crater the banal marketplace and perchance the broader system with rising unemployment, his different enactment would beryllium to reverse people and reintroduce liquidity into the market.
But would that not besides conscionable person the aforesaid effect? And if so, which 1 bash you deliberation present we're gonna speculate a small bit. Which 1 bash you deliberation would successful crook origin the illness of the dollar quicker?
[00:10:24] Lawrence Lepard: Boy, I don't know. I mean, it's, again, it's very, precise hard to cognize which, you know, we're successful this play of unthinkable volatility, you know, everyone's seeing the murmur tin illustration connected Twitter.
I mean, you know, erstwhile monetary systems stroke up, you know, it's, it's similar look retired due to the fact that there's just, there's a batch of volatility successful some directions. And truthful if helium continues down the path, he's continuing down the market's going to look similar 1920. I mean, we are going to bash it retired and out. Credit illness is going to, there's going to beryllium contagion and, you know, 1 feline can't wage his debts.
So, you know, the idiosyncratic who holds those debts loses wealth and you get laid off. I mean, it's just, it's going to beryllium a spiral. It's going to look similar 1929 and cipher was live during 29. My grandparents were alive. I heard a batch of stories from them. And, you know, the information of the substance is, I mean, determination were houses, I mean, houses that were selling for $40,000.
Like the 1 my gramps bought, you know, successful 1928 were selling for 7,019 33, you know, I mean, and you know, radical felt fortunate to person a job. They felt fortunate to person immoderate benignant of income, you know, they, they were all, you know, surviving connected just, you know, reduced ration, ration, truthful to speak. When you work past of the depression, I mean, parts of the state where, you know, radical would've starved, if they hadn't been capable to sprout tiny animals, I mean, it was truly beauteous damn bad.
And so, you know, that, you know, that's wherever we're headed. If helium continues. Blow up the system, the mode he's blowing it up. I don't deliberation helium volition proceed each the mode through. I deliberation yet erstwhile the enslaved marketplace goes, which it will, helium volition beryllium forced astatine that constituent to pivot and enactment it. And you know, this adjacent peculiar pivot volition pb to a overmuch larger magnitude of money.
I mean, 1 thing, you know, property the pitch. So the site's a truly superb analogy. So the contractions are getting person and we've all, well, not each of us, but I've, I've been astir erstwhile my woman gave birth. And, you know, arsenic the contractions get closer, you're person to having a baby. And so, you know, successful 2000 we had a contraction successful 2008, we had different 1 and 2020.
We had one. And present I deliberation we're astir to person different one. Things are getting, you know, things are getting person and you see, you know, the parabolas person a batch of these lines. I mean, you know, prices successful a batch of areas are already starting to interaction connected the borderline of a hyperinflationary environment. So things are, things are happening.
Things are blowing up and arsenic to which makes the dollar neglect faster, I've ever said, and I truly powerfully judge this. The dollar is going to fail. When a bulk of the radical recognize that you can't spot the national reserve to power the printing of wealth and that they're trapped and that they volition ever spell to the default information of printing much money.
And erstwhile they bash that, everyone who has immoderate savings and that's not everybody due to the fact that a batch of radical are conscionable nett successful debt, but anybody who has immoderate savings volition nether assertive law, similar scenarios, admit that they person to enactment their savings into thing that cannot beryllium debated. And that's not the dollar.
And the 3 starring candidates are Bitcoin golden and silver, but existent property qualifies due to the fact that you can't people existent property and nutrient and commodities and adjacent cars. I mean, things suffice and you know, those, that's each portion of a crack-up boom. If everyone starts spending their money, the infinitesimal they get it you know, that creates much inflation, much demand.
And that's the crack-up boom. So it's, it's just, I've ne'er seen thing similar it. And I can't judge they ran it this way. I can't judge they fto it get this far. And I can't judge however disfigured it's astir to get and however fewer radical afloat recognize however disfigured it's astir to get. And whether that is successful the signifier of monolithic deflation oregon monolithic ostentation oregon both.
I mean, I deliberation there's a accidental that everything you ain volition person deflated prices origin cipher volition person the wealth oregon the recognition to bargain it. You know, banks' owe rates volition beryllium higher and banks won't beryllium capable to marque loans. They won't privation to marque loans. They'll beryllium acrophobic of the risk, et cetera. So, you know, your house, your boat, your car with.
The worldly you ain volition beryllium going down successful value, but each the worldly you request to live, the nutrient and the gasoline, the heating, you know, et cetera, that'll each beryllium going up successful terms due to the fact that I mean, the happening that the fed doesn't recognize is that this wrecking shot argumentation of swerve 1 mode swerved the different way.
I mean, you're destroying demand. You're, you're destroying businesses. I mean, how, however bash businesses exist? I mean, we already cognize determination are a batch little restaurants origin similar a batch of them got wiped retired erstwhile we had COVID right. And so, you know, if you're a concern idiosyncratic and this situation is highly pugnacious to cognize what to do.
I mean, location builders, six months ago, couldn't get workers, couldn't get lumber, couldn't get anything, were having a hard clip getting houses built. They didn't cognize whether they should commencement the adjacent project. You know, precocious determination was a large Twitter thread that showed that they're each like, Hey, who turned retired the lights?
You know? W we got nary demand. You know, we got plentifulness of workers. We got each kinds of things. You know, and I mean, it's precise simple. What happened, right? The 30 twelvemonth owe went from 3% to 6%, astir 6%. So it's, it's conscionable an incredibly EFT up system, incredibly person to up. And truthful arsenic investors successful participants and truthful on, I mean, you know, what we've got to bash is, you know, you've got to marque definite you got a occupation that you deliberation is going to beryllium around, you know, adjacent successful a downturn.
So the much indispensable your occupation is, the amended disconnected you are. And past you gotta marque definite that you're not levered due to the fact that you, you know, particularly with respect to dependable assets, due to the fact that if you've got hard assets, which are levered and they spell against you, you tin get carried out. I've seen that happen. I'm going to each the radical that were pursuing the program B nonsense, you know, they levered up their Bitcoin reasoning it was going to 150 and they got blown out.
You know, that's truly sad. I mean that's so, you know, I, which makes the dollar neglect faster. I don't know. And, and, and 1 happening is for sure, I mean, I did thing with Brent, Brent, I'm forgetting his past name, but I did immoderate of the brand, you know, San Diego capital, Ron Johnson yesterday. And you know, however accelerated this happening fails?
I don't know. I mean, you know, it should, it should person failed years ago. I can't ideate they're going to support it agelong live for much than a fewer much years, but they've got a batch of tricks up their sleeve and they'll, they'll effort and usage them. I mean, I've seen them, they'll bash immoderate they can. I mean, they've got a batch of privilege.
They've got a large strategy and they've got a batch of wealthiness tied up successful it. So they're going to bash everything they tin to effort and tilt the array successful their favor. I mean, Roosevelt meal was confiscating golden and, and they'll, they'll bash akin things. I mean, I tin see, I tin spot atrocious worldly coming arsenic times get worse.
But I besides cognize that, you know, if we Hoddle dependable assets connected the different broadside of each this, these dependable assets, I deliberation would beryllium the things I deliberation we'll beryllium precise gladsome we did it. And we've got the champion accidental of getting done this with our wealthiness and TAC oregon perchance adjacent truly increasing your wealth. I mean, if you really look astatine the depression, you know, determination were a batch of large fortunes made retired of the depression.
I mean, if you, if you had, you know, if you had currency oregon you had the quality to bargain assets cheap, you know, determination were radical who got affluent and and the aforesaid volition hap this time. But you know, it's going to beryllium tough. There's nary uncertainty astir that.
Th determination are a fewer antithetic directions we tin spell from here, but I benignant of, I would emotion if you could actually, for like, I I've spent antagonistic magnitude of clip knowing bonds.
I'm, I'm much of an equity guy. I recognize the value of them. So erstwhile you said earlier astir however the enslaved marketplace whitethorn unit Paolo's hand, what, what are you looking for successful the enslaved market? Is determination a definite level you privation to spot yields get to, oregon are expecting to earlier Palo pivots oregon what does that large
question?
And that it's truly important. I don't deliberation capable radical absorption connected the enslaved market. Greg FOSS talks astir this. A batch of maine bonds are really much important successful immoderate ways than the equities they're smarter than they pb it. So here's the deal. I mean, the 10 years successful the 29, 2 0.9, 5 oregon 3% country erstwhile inflation's past sprint was, you know, nine.
So that's an enormously unspeakable woody to ain a 10-year bond, right. You know, and, and 1 could reason the 9 one's understated, but immoderate the bonds suck. And yet there's a certain, you know, category, a definite fig of definite investors retired determination request to bargain bonds, security companies, others request to bargain bonds.
And, and of people they do, but as, arsenic it becomes much and much evident that buying a enslaved is simply a atrocious woody that you're going to get paid, repaid the principal. Cause the authorities tin ever people the wealth to wage backmost the principal. The question is what's that wealth going to buy? And so, is that becomes much and much obvious?
I judge the fed volition really punctuation unquote, suffer the enslaved market. And by the way, they benignant of did successful March of 2020, you know, erstwhile we had the COVID situation earlier Paul came successful with his draggy, similar imitation, wherever helium said, we're going to bash immoderate it takes to get. The system and the strategy going the enslaved marketplace went nary bid for awhile and they adjacent commented connected the fed minutes and said, you know, determination were, you know, concerns that determination were nary bidders for the bonds.
And it was, it was truly effectively, nary market. Well conjecture what I mean, the U S authorities needs to person the enslaved marketplace relation without the enslaved marketplace functioning, U S authorities can't, you know, it's just, it doesn't beryllium and nary 1 volition get paid and, you know, nary wealth tin beryllium printed. None of it. And the full happening lone collapses.
I mean, this benignant of is the 2008, you know, were wherever they said the ATM's won't enactment if we don't, if we don't support the marketplace stable. And so, what could yet happen, I judge volition yet happen. It goes backmost to what I said earlier astir Gresham's instrumentality and capable radical travel to spot that, you cognize what?
These bonds are a atrocious deal. I'm not buying them anymore. And you've already seen that foreigners were nett buyers of bonds each the mode up to 2014. And that's shifted astatine the extremity of 2015. And truthful present the foreigners person not been nett buyers, but successful fact, they're nett sellers. Russia's taken those down, you know, successful Japan due to the fact that they're having their ain troubles.
They're having to merchantability them. China has been letting those tally off, et cetera. So if the U S enslaved marketplace goes nary bid, oregon it goes person to nary bid and the lone purchaser for america bonds is the fed. Well, that's benignant of, you know, emerging country, banana Republic, you know, Argentina, Venezuela. I was progressive with benignant of stuff.
I mean, if we are printing wealth to marque our involvement payments and to marque our enslaved payments. And it's precise evident that we're doing so, and it's, it's comparatively evident we're doing that to a grade now, though it, that waxes and wanes, and they person a batch of ways of disguising it. I mean, arsenic they say, and they assertion they're not printing money, but they make reserves to the backs of the banks efficaciously lend against them.
So that truly is increasing the wealth proviso and creating money. I mean, determination are a batch of peas and shells here. They determination astir and effort and confuse america all. But, but the bottommost enactment is that what they're trying to bash is. Keep everyone from realizing the enslaved markets successful trouble. And arsenic the enslaved marketplace gets successful trouble, and you asked the question, however precocious could rates go?
Well, rates astatine 3% are somewhat problematic, but if you see that our indebtedness is $30 trillion astatine the authorities level approaching 31, and you instrumentality him to accidental 4, 5, 6, I mean, truthful 5 10, let's instrumentality 5 arsenic a, arsenic a tenable number. I deliberation it's a longterm mean that, you know, 10 years been astir there.
So 5 times, truthful that's 1,000,000,000,005 successful involvement payments alone. As against past year, they were similar 660 oregon something. So, truthful that would adhd different trillion dollars toward deficit. And it, you know, enactment plot ran disconnected of survey that written books astir it. It's implicit the abstraction to beryllium shown. Anytime a authorities gets this upside down.
I mean, similar successful 20, retired of the past 20 cases, erstwhile you person this overmuch indebtedness and you were moving a negative, you're moving a shortage of accidental 10 oregon 11% oregon more. We're not determination yet, but we volition beryllium with this downturn. You effectively, you're guaranteed that you're either going to spell bankrupt successful default, oregon you're going to person to inflate it.
And, and the, truly this successful some cases, they're the aforesaid thing. I mean, what I, what I deliberation volition hap is I deliberation they volition fundamentally person to spell to output curve control. I mean, Japan has already done it and you'll Kirk power means that they'll say, okay, these bonds, you know, we're not letting them spell immoderate higher than 3 and a fractional percent due to the fact that if they did, that would beryllium a problem.
What that means is anybody who wants to merchantability america your bonds for 3 and a fractional percent, you'll, we'll bargain them. And yet the enslaved market's going to look astatine the fed and go, you know, what sold to you? You tin person each of them. And truthful the fed equilibrium sheet, which is present astir $9 trillion, it's going to spell to 10, 15, 20, 20, 5, 30, that's each conscionable wealth retired of bladed aerial that they've created oregon credit, I should say, retired of bladed aerial that they've created and enactment connected the slope equilibrium sheets.
So, you know, and astatine that point, everybody, I deliberation comes to the decision that they can't ever stop. And truthful retrieve that wealth is wealth is simply a corporate delusion successful the consciousness that wealth has worth due to the fact that we each agree. It has value. I mean, successful the U S lawsuit it's due to the fact that we person a subject and a large state and a productive, we get 200 twelvemonth history, theoretical regularisation of law, blah, blah, blah, which has each gotten precise debased.
But, but inactive there's a batch of resilient resiliency determination connected immoderate radical deliberation the dollar has value, but you know, it's, it's not beyond the realm of imaginativeness that yet everyone could travel to the decision that, you know, the U S authorities and the U S dollar they're, they're not, they're not recognition worthy, they're conscionable not recognition worthy.
And truthful radical volition yet get to the constituent wherever they say, I've got to support myself and that's, that's the rush. That's wherever everyone makes that that's the change. So, truthful it's a intelligence phenomenon. It's, you know, radical person to travel to the presumption that their dollars aren't going to clasp immoderate worth and they want.
And erstwhile that occurs, it's, you know, it's each over, it's each implicit for the dollar and we'll person to bash a monetary reset and we will, you know, that's, that's what volition hap next. We'll person you know, we'll astir apt bash the close happening aft everything other has been tribal reset to a dependable wealth standard.
Hopefully it'll beryllium a Bitcoin standard. It mightiness be, they mightiness effort golden successful the interim due to the fact that of the past of golden and each the boomers judge successful gold, but, you know, it's it, you know, oregon it could beryllium a handbasket of commodities. There are a batch of ways of doing it, but you know, we'll person to spell backmost to a dependable wealth modular due to the fact that this unsound wealth has efficaciously ruined the fiscal world.
And the, the lawsuit we're astir to acquisition is going to beryllium worse than what we saw successful 2008, by, by an bid of magnitude. And it's astir apt going to beryllium worse than what they saw successful 29. So, you know, it's, it's it's not, it's not a large situation, to beryllium honorable with you. You know, they, they painted america into a country and oregon they painted themselves into a country and, and we're each gonna endure arsenic a effect of their stupidity and and a breached system.
[00:24:41] Q: So I'm going to play devil's advocator and I person to caveat it by saying determination is not a azygous thing. Lauren, you person said that I disagree with I've, I've agelong believed that the adjacent iteration of the dollar is immoderate benignant of a handbasket of handbasket of dependable money, astir apt golden with thing other similar Bitcoin involved, and God knows immoderate other they privation to premix into that cookware to dilute it.
I privation to, however, get your thoughts connected conscionable the. You brought up the information that the U S dollar is truly backed by our military, but there's different happening successful my opinion, that truly gives the dollar it's strength. And it's the information that connected the planetary lipid market, we, we usage the petrodollar system. We started to spot Putin, truly poke a spread successful that and saying like, don't springiness maine immoderate dollars, springiness maine thing but dollars.
And however did the ruble respond to that? Hit a five-year precocious aft this announcement. So what's to halt these different lipid producing countries from not accepting dollars anymore from saying, I privation golden present instead. And what effect would that person connected the dollar connected a planetary stage, if that were
[00:25:48] Lawrence Lepard: to happen? Well, nothing's to halt it and we already spot it.
I mean, you know, the, the the Russians are taking rupees Indian rupees successful speech for oil. You know, they're accepting. There was thing each currencies, really, different than the dollar and that's going to continue. And it has to proceed due to the fact that the U S has utilized the dollar arsenic a weaponized, the dollar.
I mean, we grabbed their reserves and, you know, we've made it precise wide that you know, that the dollar is, is our currency, but their problem, and they're going to accidental fine, you know, w we're not going to judge your currency anymore. You know, you privation to bash commercialized with us. You've got to springiness america thing real.
And that's, that's truly what Putin's determination was helium just, helium recognized that helium had a portion of the puzzle and helium recognized that we had fiscal aid. The U S has financialized the satellite for its ain payment for many, galore years, and has been passing atrocious checks. You know, these, these, these diluted dollars.
And helium had, you know, helium had the existent stuff. He has the physical, and everyone thought, well, you know, we tin inactive bully this feline around. Cause you know, what bash they, what bash they say? It's, you know, you know, it's, the spot is simply a state station, right? I mean that's much oregon little what Russia is. And, and it's not you know, it's, it's, you know, the, the resources they person are severely needed by the world.
And he's fundamentally conscionable said, I'm not going to play by your rules anymore. And you know, if you privation the worldly I've got, you've got to wage me. And thing that I cognize volition proceed to person worth due to the fact that I'm not going to proceed to judge this, this insubstantial that you've been putting retired there. He besides knows however retired implicit our skis, we are successful presumption of however overmuch paperwork created and however undervalued lipid is and however undervalued golden is.
And truthful he's, he's got some of those. This state produces gold. His state bruised a ton of lipid state produces a ton of earthy gas. And truthful he's, he's conscionable said, you know, I'm not playing by the rules. And, you know, everyone, I mean, America being arrogant thought, oh, this is nary problem. I mean, you know, he'll autumn quickly.
I mean, I, I retrieve the partition street, I talked to immoderate guys connected partition thoroughfare and they're like, ohio yeah, no, they're, they're, they're grabbing each those yachts truthful that the oligarchs are conscionable overthrowing. Well, he's got large information and, you know, and they were like, he's not going to past and he'll autumn isolated each of a abrupt the other, well, you know, he's been doing reasonably well.
And I'm not saying I similar the guy. I don't deliberation he's a peculiarly bully guy, but successful presumption of the mode he's played his manus here, you know, his cards you know, he's not, he's not losing you know, Germany's successful a shitload of, you know, I was feeling a crap load of symptom and they're going to consciousness a shitload more, you know, if they don't start, you know, playing by his rules.
And so, you know, that he's pointed retired the cracks successful the Fiat's system. And arsenic a effect of that you know, he's going to he's going to change. He's going to alteration the mode concern is done and he's already changed. It's going to alteration more. So your constituent about, you know, the dollar being, you know, the, the king and, and, and being the reserve currency of the satellite shore, I mean, 10 years ago, I deliberation it was 95% transaction to the world.
No substance wherever you were, it was denominated thousand. I got down into the sixties now. I don't person the nonstop statistics, but it's fallen rather a bit. And I deliberation it volition proceed to fall. I mean, they're talking astir trying to bash a bricks currency. I mean, look, they haven't done it. It's going to beryllium hard to bash this.
You know, determination are each kinds of problems associated with this, but I deliberation it's precise harmless to accidental that, you know, there's been a precise large question, people thrown into the, into the planetary system astir the soundness of the dollar and whether that's truly the close ground connected which to beryllium doing. And truthful I deliberation you're going to see, you know, I mean, conscionable our, sir, our grabbing his reserves was an tremendous deal, right?
I mean, what bash you deliberation the Saudis are going to do? I mean, we wanna deliberation of Indians are gonna do, what bash you deliberation Brazil is going to do? I mean, immoderate state successful the satellite that, you know, runs a commercialized surpluses, you know, and, and leaves it successful the Western strategy is going to accidental to themselves, tin they bash that to america too?
If they don't similar our politics? You know? So, truthful there's a batch of, there's a batch of reasons wherefore the dollar is dilatory but surely losing its position, but these things don't hap overnight. I mean, it's going to instrumentality a fewer years, I think, to wholly unfold. You know, the adjacent 2 large trigger points successful my presumption is Gold's got to get done 2000 with authorization and enactment there.
It's been determination 3 times. It was determination successful 2011. It was determination successful summertime of 2020, and it was determination and fto earlier this year, and present it's taken a large wetback. But erstwhile it comes backmost up and goes done that again, it'll beryllium crippled on. And past I deliberation it's fishy erstwhile that happens. Bitcoin volition travel soon thereafter.
And Bitcoin volition spell to a caller all-time high. And I deliberation those 2 things doing it volition beryllium your champion indication. And successful the same, successful the aforesaid breath, I deliberation what volition person happened is the enslaved marketplace volition person rolled implicit involvement rates volition person continued to spell up. That'll enactment the fed successful a precise pugnacious presumption wherever they're astir apt forced to instrumentality output curve control, and the system volition person rolled implicit and the banal marketplace volition person rolled over.
And truthful each that mislaid wealthiness volition abruptly beryllium making 1929, you know, precise comparable to the concern we're successful today. And you know, astatine that constituent successful time, you know, it's each bets are disconnected who knows what happens. I mean, sadly successful the past erstwhile these kinds of things person happened, these benignant of 4th turnings and things of this level, that's led to a warfare I'm hoping that won't hap this time, but it's astir apt not unrealistic to deliberation that it would occur.
So what makes you accidental that that golden volition benignant of leave. That charge. Why, wherefore would golden pb the complaint versus 'cause it's, it's bigger and it's much afloat distributed. You know, it's interesting. I, I deliberation there's thing that Bitcoiners don't truly spot due to the fact that I had a, I person a mates of bully friends that are, I mean, I'm precise heavy Bitcoin don't get maine wrong.
I deliberation the paper wins. Okay. But, but I'm besides successful the golden concern arsenic well. And golden banal investing and 2018 was erstwhile golden started to determination and it started to enactment and it could benignant of odor what was coming. And truthful I, my money had a truly bully twelvemonth successful 2019 erstwhile we were up 97% oregon something. And past successful 2020, we were up 120%, but successful 20, you know, but passim that full timeframe, if you look, spell to the illustration of the terms of Bitcoin from 2019 and 2020, it was benignant of stuck betwixt 500.
You know, it conscionable benignant of bounced around, backmost and forth, backmost and forth. And past arsenic you recall, successful precocious 2020 it truly took disconnected similar a, you know, similar a bat retired of hell. And it went from, you know, 5 oregon 10 up to 50 quickly. And, but astatine that constituent successful time, golden had already made its determination and golden benignant of stalled retired astatine 2050.
So my constituent is I think, and this is true. I've observed this. Having been an capitalist successful Goldmark 20 years, golden tin look astir the golden smells was coming and it looks astir the corner. Even earlier thing happens. If the terms of golden is going up, you know, something's gonna happen. And truthful it conscionable tends to beryllium much afloat distributed and it tends to benignant of beryllium a bully starring indicator what's going on.
And if the terms of golden is going up, there's occupation determination coming. It's astir a guarantee. And so, and what I deliberation is with the Bitcoin case, it came aft the fact. So, you know, golden worked for 2 years, it went from 1365 into the 19 hundreds. And past 2000 successful 2019 to 2020 Bitcoin was stuck for each of 2019 and the archetypal 3 quarters of 2020.
And past it exploded to the upside. So I just, you know, based connected Mac, you know, marketplace patterns and the mode things hap person happened successful the past, I thin to deliberation that golden is going to pb this adjacent upturn successful the dependable wealth category. And it's going to radical successful the Bitcoin assemblage are going to go, Hey, what the hellhole is going on?
Gold's moving successful are things not. And past yet Gold's going to commencement to dilatory down and go, and Bitcoin's going to travel successful and conscionable benignant of stroke it away. And you know, truthful successful my presumption successful this adjacent limb up golden volition astir apt spell up to 2,500 to 3000 and Bitcoin was astir apt going to spell to 200,000, but I don't deliberation Bitcoin is going to bash the 200.
I deliberation Bitcoin's going to find a level astir 30 oregon 40 sometime successful the adjacent twelvemonth oregon 2 and bounce astir successful determination for. As golden continues to March. And past astatine immoderate point, Bitcoin is going to spell from 40 to 200, conscionable the mode it went from 10 to 50, due to the fact that that's the signifier that seems to travel it. It you know, fundamentally it'll, it'll commercialized sideways for rather immoderate time.
And past suddenly, you know, everybody realizes what it is and it conscionable takes disconnected similar crazy. And you know, there's a fixed supply, right? That's the bottommost line, there's a fixed supply. So that's benignant of however I spot it.
[00:34:10] Q: Interesting. I conscionable privation to, atrocious to chopped you off, Pete. I privation to punctual everyone. I spot a batch of radical asking the chats.
We are 5 minutes distant from the fed minutes being released, and past we volition get the authoritative connection connected what these complaint hikes are. Please, if you are not already consciousness escaped to subscribe, property the subscribe fastener down below. Lawrence, I privation to airs unless you person much thoughts connected the golden of it all.
I wanted to airs a question present conscionable astir the anticipation again, playing devil's advocator here, not my idiosyncratic belief, but the anticipation that someway the fed really gets this right. That, you know, a breached timepiece is right. Twice a time and someway drum howl. Got it. Right. And successful my opinion, I benignant of deliberation this scenario, they request to get it right, is really a satellite war.
Like we request to participate a full, afloat blown warfare to ramp up each of our accumulation capabilities and successful turn, revitalize the system nary antithetic successful the aforesaid mode that we benignant of got retired of the large slump by getting truthful heavy progressive successful satellite warfare II. Do you deliberation that's a morganatic thing, Disney discuss?
[00:35:18] Lawrence Lepard: I don't deliberation that's, I wouldn't telephone it getting it right. I deliberation that And I think, but I bash deliberation a warfare is simply a possibility. Yeah. It's yeah. I, I wouldn't, I wouldn't, I, I deliberation there's astir nary accidental the fed gets it close present due to the fact that I don't deliberation they cognize what they're dealing with. And I don't think, I truly don't think, I mean, the lone mode that they could punctuation unquote, get it right.
And the likelihood of this are zero is they could, they could confess to what they've done incorrect and they could bash what Roosevelt did. And they could bash a monitor. They could effort and person similar a Plaza court. They could bash a monetary reset, right. And person different Bretton woods and say, okay, look, we built up excessively overmuch credit.
We've we've levered the happening up mode excessively much. You know, the money's connected sound. We each cognize it. It's each gonna autumn to shit. You know, here's what we're gonna do. We're gonna, we're going to have, you know, 5 aged dollars equals 2 caller dollars. And the caller dollar is going to beryllium backed by a handbasket of golden and Bitcoin and lipid oregon whatever.
We're going to pick. We're going to make a dependable wealth modular connected a go-forward basis. And we're going to migrate to. And determination would evidently beryllium winners and losers successful that, but connected the different broadside of it we'd person a dependable wealth which would pb to this benignant of a problem, this benignant of, you know, unsound wealth and swings and recognition instauration and everything that we've had.
It wouldn't hap again. And so, truthful that's the close solution. The likelihood that they take that, I mean, there's zero. They're gonna, they're gonna tally the happening into the ditch, you know, 1 mode oregon the other, either done hyperinflation depression, oregon astir apt immoderate operation of some and past possibly yeah.
We person a warfare to get america retired of it oregon to, oregon to extremity it with finality who the hellhole knows. I deliberation warfare is simply a small harder. I mean, I, so, you know, determination are psychopaths successful the satellite and there's nary uncertainty that, you know, successful a centralized satellite You know, psychopaths tin bash a batch of damage. I mean, you know, take, you know, mile oregon Hitler, Stalin oregon thing else.
I mean, I deliberation we've evolved beyond that a small spot and successful the consciousness that we person atomic weapons, you know, and adjacent psychopaths don't privation to stroke each different up, you know, and the satellite is, we cognize it. So I, I thin to deliberation that, and we each request each different successful presumption of proviso lines and truthful connected and truthful forth.
I mean, we couldn't truly adjacent person a warfare with China close now, due to the fact that fractional the worldly we'd request to combat it, they produce. So, and I deliberation the Pentagon knows that. And successful turn, I think, you know, they cognize that they they've got 1 hellhole of a societal problem, you know, if they don't, I mean, they've fixed their radical a, a big, you know, I've been to China galore times and they've fixed their radical successful an tremendous summation successful surviving standards implicit the past 20 oregon 30 years.
But those radical are truly appreciative of it enjoy. And if abruptly that starts to spell away, you know, they're not going to beryllium blessed campers either connected the communist enactment is not going to person arsenic overmuch powerfulness as. The happening we're seeing going connected successful my presumption is we're going from centralized systems to decentralized systems.
I mean, that's, you know, we reached highest centralization successful the 20th century, right. Or 2 was the culmination of, you know, we tin termination 50 cardinal radical successful 5 years. Wow. Aren't we great. And, and since then, you know, everything is w w you know, we we've seen the diseconomies of centralization and decentralization was large erstwhile Henry Ford figured retired however to enactment radical successful a enactment having bash the aforesaid happening implicit and implicit again, I tin nutrient a ton of cars, precise cheaply, right.
So, you know, centralization is atrocious when, you know, it gets truthful big. So sclerotic, truthful governmental that, you know, and truthful disposable to maltreatment that you tin get a feline similar a Hitler who tin get power of a large concern system and determine to commencement sidesplitting radical connected mass. And so, you know, fortunately we've got these 2 decentralizing trends, which I deliberation are going to prevention the world.
The archetypal is the. And the 2nd is Bitcoin. The net is going to prevention the satellite due to the fact that it's made Joe Rogan much almighty than web quality and the you know, the full you know, the full you know, mainstream media and, and it's allowed america each to stock information. And then, you know, Bitcoin is important due to the fact that it's, it's dependable wealth that the authorities can't fuck with, you know, and, and golden money.
Gold was dependable wealth that the authorities theoretically couldn't fuck with it due to the fact that it was, you know, centralized and kept involved. And due to the fact that they created a insubstantial golden you know, they, they learned however to fuck with it beauteous well, due to the fact that if, if golden were priced today, the mode it was priced successful 1971, it would beryllium $80,000 an ounce.
And it's two. So they've got a beauteous bully occupation of suppressing the golden terms successful bid to keep, you know, their Fiat strategy going. And by the way, they're going to effort the aforesaid happening successful Bitcoin. I mean, there's a, there's a futures marketplace processing successful Bitcoin. There's no. That determination are projects wrong each of the governments that are successful the theatrical concern to fig retired however to, however to drawback and enactment arsenic overmuch arsenic imaginable successful that futures marketplace to discourage radical from, you know, from buying Bitcoin.
So, you know, it's, it's tricky, it's tricky, but I, but I think, I think, you know, the happening that the radical who tally the strategy person is they've got a batch of the power. They got each the levers, they got a batch of wealth and they're going to cheat. But the happening that we person is, is we've got information connected our broadside and determination are a batch much of america than determination are of them.
And, you know, the pitchforks are gonna travel out. I mean, erstwhile things get beauteous tough, you know, I wouldn't privation to beryllium them I I'd overmuch alternatively beryllium us. So, you know, it it's, I, I, I deliberation determination is simply a bully solution to this problem. But that's not to suggest that it's conscionable going to beryllium a locomotion successful the parkland for the adjacent 5 oregon 10 years arsenic we lick it.
I deliberation it's going to beryllium beauteous fucking cool. Oh, absolutely.
[00:40:28] Q: Yeah. Sorry to interrupt you guys. I privation to marque this as, arsenic timely arsenic possible. It is present made authoritative that the fed is going to rise rates 75 ground points. So this is successful enactment with the marketplace expectations. I'm keeping an oculus connected just, you know, the broader indices and it's been a greenish day.
And my anticipation rather frankly, going successful contiguous into contiguous was to agelong arsenic the marketplace is not shocked, it volition respond positively. And past tomorrow, erstwhile everyone wakes up and realizes what really a, what a 75 ground constituent complaint hike really means I expect much humor successful the streets tomorrow. So, Laurie earlier you mentioned a anticipation of a 100 ground constituent complaint hike.
I was benignant of hoping for that, rather frankly. Where, wherever bash you think, what are your archetypal thoughts proceeding that it's present
[00:41:14] Lawrence Lepard: for sure, I'm surprised. I thought helium was gonna, I thought helium was going to spell a 100 arsenic well. You know, you conscionable don't know. I mean, these guys, they, you know, and what, what volition really substance much excessively is, is, is the property the property conference.
So you know, that's gonna travel retired fractional an hour. We're going to get a small spot much colour on, connected what he's thinking. I mean, if he, if helium says they go information dependent, helium mightiness arsenic good person said, you know, they're gonna portion her precise soon. In which lawsuit everything's going to rip to the upside gold, silver, Bitcoin, you know, the market, you sanction it.
You know, we'll see. I mean, the, the thing, that's the happening that's truthful tricky astir this full occupation with this full contented is it's each iterative. I mean, they, you know, conscionable similar we do, they ticker the markets and if th if they don't get the absorption they privation retired of each of these antithetic statements and moves and they nonstop guys retired a time aboriginal to commencement making statements, you know, that serviceman dovish to effort and, you know, they're, they're trying to effort to negociate the markets too.
I mean, it's each successful narrative. Yeah. To your constituent about, you know, tin they instrumentality the landing? I mean, yeah. I mean, look, it's, it's theoretically imaginable that they tin proceed to footwear the tin down the road. I mean, they, you know, I thought it was each implicit successful 2008, so, you know, I mean, they've, they've done a batch of canned kicking and, and they'll astir apt bash immoderate much canned kicking.
I mean, we cognize they're going to effort but you know, with, with every, with each footwear and every, you know, each occupation that gets somewhat larger and cognize arsenic the recognition gets bigger and bigger, I mean, look, we started disconnected backmost successful 2000 with the fed equilibrium expanse of $800 billion, and present it's 9 trillion, you know, and, and the adjacent large mistake oregon stroke up, they're going to have, I mean, when, erstwhile thing occurs here, the marketplace falls a batch or, you know, Japan goes tits up oregon thing else.
I mean, you know, I mean, there's a anticipation we're going to commencement buying Japanese authorities bonds to forestall Japan from failing. So, you know, the 9 trillion is going to go 13 and past the 13 is going to become. And, you know, yet it's going to beryllium a 100 trillion dollars and, you know, gasoline is going to beryllium $15 a gallon, not five.
So, you know, you tin benignant of spot wherever this is going. What you don't truly cognize is the slope and the steps. I mean, that's you know, they, they, they bash their champion to, you know, to effort and, you know, similar I say, the driving a clown car connected an icy road, and they've got the 2 defender rails. One's highly inflation, the other's utmost deflation, and they're conscionable trying to support the car connected the road.
And truthful they'll, you know, they'll leap connected and bash immoderate they have. If it looks excessively deflationary, you know, they'll person a Plaza tribunal oregon they'll bash a Shanghai tribunal similar they did successful 2016, erstwhile lipid was 30 bucks successful U S ammunition was gonna spell under, tin you,
[00:43:56] Q: what was it specifically? What was the accord?
[00:43:59] Lawrence Lepard: Well, the Plaza tribunal goes backmost adjacent further, but the 1 I'm the 1 that's truly much applicable arsenic the.
Accord successful 2016. I mean, successful 2016 they had superior deflation, golden was down, everything was down. And determination was a real, it was truly a deflationary clip and they knew it and they realized that if they didn't get immoderate ostentation going get the carnal spirits going that, you know, they were going to the full full america shale manufacture was going to fail.
And so, you know, they, they fundamentally went out. So, you know, we got a weekend, the dollar and they took each kinds of actions successful the FX markets to bash truthful collectively. And that's the thing, the happening that we don't see, and we don't cognize is we, you know, and, and, and they have, you know, they person a batch of tools and they person a batch of disconnected enactment counts and they person each the large banks to bash their bidding for them.
And so, you know, they, they fundamentally volition instrumentality steps arsenic indispensable to effort and power the markets if they deliberation they've gone excessively far, 1 mode oregon excessively acold the different way. And so, you know, we tin number connected that.
[00:45:02] Q: I privation to work a mates much statements coming retired of the minutes. And conscionable a reminder pal has not yet started his property conference.
That volition beryllium astatine 1130 Pacific, 2 30 Eastern clip mounting up for September meetings that further involvement complaint hikes volition beryllium needed. As ostentation inactive runs high, the quotas, and they expect that ongoing increases successful the people scope volition beryllium appropriate. So it looks similar these complaint hikes are not going to beryllium slowing down.
There were immoderate expectations. I cognize yesterday we had a speech with Ansul lender astir the anticipation that they whitethorn conscionable pause, complaint hikes. They whitethorn not increase. They whitethorn not alteration from the sounds of this from their ain minutes. It looks similar we're going to spot a, different complaint hike. We don't request to speculate connected that, but I privation to conscionable get your consciousness of what, what these repeated complaint hikes could mean.
I mean, the past clip they truly tried to bash thing similar this was 2018 The president astatine the clip done a small spot of a hissy acceptable and they reverse people precise quickly. So what, what bash you deliberation is going to happen? We're starring up to midterm elections September year, 2 months retired from said midterm elections.
So bash you deliberation there's going to beryllium immoderate power by the president oregon conscionable Congress successful wide to spot immoderate changes by the fed stance?
[00:46:15] Lawrence Lepard: Yeah, so, truthful yeah, they, they are governmental and I judge that, and I bash deliberation that there's a accidental that they're going to consciousness unit to bash thing earlier the predetermination you know, to pivot oregon to spell the different direction.
And yeah, they say, you know, they person to say, they're going to bash much complaint hikes due to the fact that the ostentation occupation truly hasn't been afloat addressed, whether that truly means they volition bash much complaint hikes oregon not, who knows. You know, arsenic we've seen, they can, they tin alteration beauteous rapidly connected a dime. So, you know, 1 of things you alluded to is that thing could break.
And you know, that to maine is the absorbing question, is thing going to break? I mean, you know, you're already benignant of seeing things break. I mean, the Italian yields is blown out. You know, the ECB had to person an exigency gathering to woody with that. Japan has had to walk immense amounts of wealth to bash QE, to support their bonds successful a fixed place.
You know, they privation to person the tenure astatine 25 ground points, which is ridiculous. I mean, the ECB conscionable rise rates from minus rates to zero, you know, it's is nuts. And the committed that they're going to bash unlimited QE is necessary. I mean, there's truly nary slowing down worldwide successful the printing of money.
It's conscionable antithetic countries instrumentality antithetic leads astatine antithetic points successful time. I mean, close now, successful theory, the fed has started to person their equilibrium expanse tally off. We'll see, there's a hold successful the closing of the mortgages. So arsenic it started afloat amusement up yet, but, but successful turn, you know, the ECB and Japan are printing similar crazy.
So, truthful there's ever an, the Euro marketplace Euro dollar marketplace is simply a immense market. So there's ever much wealth coming into the strategy to support the strategy okay. So it's, it's highly hard to see, you know, what they're going to bash next. It's just, successful information it's intolerable and that that's what makes it truthful hard for concern radical and others to efficiently allocate superior and bash the close thing.
I mean, we unrecorded successful this, you know, this matrix, which is simply a hallway of mirrors created by them. And so, you know, to me, you know, the faster the strategy fails, the better, due to the fact that we privation to get to the different side, the other, side's got a amended system, but guys, I deliberation I told you earlier, I've got a hard stop. I got to spell for different telephone and I'm moving a small spot precocious on.
So
[00:48:11] Q: nary worries astatine all, Lawrence. Do you privation to conscionable rapidly fto everyone cognize wherever they tin enactment up to day with you connected social? Yeah, so,
[00:48:16] Lawrence Lepard: I'm connected Twitter. So astatine Lauren four-part connected Twitter and I tweet a lot. And past if you spell to my website E M a to EMA the fig 2 dot. There's a batch of escaped worldly connected there.
Quarterly reports, Bitcoin papers, macro stuff, it's each conscionable free. It's you know, I tally a money that invests successful dependable wealth things. So, you know, if you privation to spot what's going connected you know, successful the money oregon our views connected things, it's, you tin spell to the website and cheque it retired there. So. All right. Thank you truthful overmuch for joining us.
Hey, acknowledgment guys. Really enjoyed it. I'm sorry. I couldn't enactment longer, but we're going to ping you
[00:48:50] Q: to person you travel back, but convey you and support doing each that you do, man.
[00:48:54] Lawrence Lepard: Take care. Bye-bye adios.
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