Welcome to The Dellingpole with me, James Dellingpole.
And I know I always say I'm excited to have a special guest but I really am.
I think this is just going to be the most amazing conversation and it's going to answer a lot of The questions that you're asking at the moment.
My special guest this week is Dan Tubb.
Dan is... I met you, Dan, through Dick's Libertarian Drinks.
Yeah, your brother's third Wednesday thing, yeah.
And one of the many things I liked about you was the fact that you were a massive fan of my podcasts.
I mean, it's not that I crave affection.
But it instantly marks me out as somebody of sound mind.
Absolutely, absolutely.
And just tell me a bit about your background.
I mean, you were in the city, weren't you?
Yeah, so I spent 20 years in venture capital and most of that was looking at emerging technologies and digital trends.
I left the city a couple of years ago because basically I wanted to get out of London.
I mean, you've been through that whole process yourself.
You just get to a point where you think, I want something else.
So I moved down to Winchester and I've spent the last couple of years really digging into crypto, cryptocurrency, and the reason for that is basically I think that the financial sector as it exists today is going to be obsolete.
So what happened to the travel agents, for example, in the early 2000s?
That's about to happen to the finance institution.
Oh, so that's buggered my next career move then.
I was going to become a travel agent, and you think that won't... Yeah, you might have missed the boat on that one.
Right.
I was thinking maybe of having a kind of hand looms and weaving cloth.
Would that be available?
We're an artisan business.
I mean, actually, yeah.
Actually, wouldn't it?
Oddly enough.
Because all the mass-produced things, I mean, that's just going to be sold through Amazon.
So yeah, you've got to go artisan.
Why not?
Yeah, now I'm not really going to set up a weaving industry, although I quite like the idea.
I think England, in the era of the wool trade, must have been quite an interesting and prosperous place.
You think about all the Cotswold villages, where one would like to live.
The fact that there are so many big houses in these villages is a product of the tremendous affluence that spread across England and that area.
Well, certainly the local communities must have counted for a lot more back then.
Yeah, exactly.
Well, I asked you before we started this podcast, which we could have done on Zoom, and here we are doing it actually face-to-face, we could have done it on a computer and actually it might have avoided this awkward thing where we're not sure where to look, whether to look at each other or to look in the camera, my new Logitech camera thing that I've got to try and improve the picture qualities slightly.
But I think it's actually quite nice to do that.
Well, I quite like it because we've breached the social distancing regulations.
Do they still exist?
I don't know.
I never paid any attention to any of that stuff in the first place, so I wouldn't know.
No, I didn't.
But this is the thing.
You're not jabbed.
You're not going to get the clot shot, the death jab as I call it.
And that's good.
There are lots of... I think that most of the kind of... the normies who are not on the same page as me have probably stopped listening to the podcast because I've cut loose from normie world.
I've taken the red pill.
But there's going to be lots and lots of people who are wondering how the hell to protect themselves In the coming shitstorm, financially.
Tell me a bit about your take on that.
I think the first and most important question to ask is, what is money?
Because, look, you're talking about individuals protecting themselves.
I think that there's another level of game being played here.
I think that potentially some of the richest and most powerful people in the world realised a couple of years ago that the financial system that we're in is going to die.
And it's going to die fairly soon.
They have abused it for too long.
And I can demonstrate that.
And I think they decided that it was probably better to have some sort of controlled demolition Or at least hijack the next crisis that came along and use it to push their agenda.
Or even create the next crisis, which I think would be... Yeah, possibly.
I don't have enough information to know whether they created the crisis or whether they simply hijacked one.
But frankly it doesn't matter because after the first five minutes you're in the same place.
You are dancing to their tune at that point.
Do you remember in the first few days or weeks of the corona panic, suddenly we started having all these stories about a cashless society.
And it's like, where did that come from?
That just got artificially shoved in there.
A bunch of journos have been handed it out and saying, look, you know, you should be talking about this.
But they didn't really understand why they were talking about it.
So it got circulation for a couple of weeks and then it all sort of disappeared because nobody really knew what to do with it.
But also, I noticed that independently or seemingly independently, everywhere, every establishment you went to to buy your stuff was suddenly saying, actually, we'd rather you didn't use cash unless you absolutely have to.
And this was this was sold as a kind of, well, we don't want to touch your your dirty money.
We don't want to get infected with all this coronavirus crawling over over your your notes but I smelt a rat, in the same way I smelt a rat, over the fact that whenever you went to a service station, a garage, to fill up with petrol, there were these signs, these pre-printed signs, obviously pre-printed, professionally done, saying things like, God bless the NHS, NHS saviours and stuff.
This was coordinated.
This was clearly pre-planned.
By whom, I don't know.
Yeah.
But there were departments.
Shadowy departments.
Either planned or hijacked.
I don't know.
Have we got the ability to pause?
I'm getting a massive dry mouth.
Can I grab a glass of water?
Yeah, you know, that's part of the charm.
I'll... Yeah.
Oh, okay.
Look.
Go and get some water.
And I will... Do I like this new camera or not?
People who are listening to the audio won't care either way.
I've got this new... It's got a thicker wire.
And Dan says that if it's got a thicker wire it probably means it's a better... Anyway, Dan's back with his water.
Oh no, he's... You're... Yeah, I just grabbed the easiest thing.
Yeah, yeah.
We're ready to add that out in post, obviously.
No, we won't.
People like that shit.
So, let me...
Let me tackle the point.
So what is money?
Because if we understand why the money has gone wrong, why that has become so corrupted, then you'll understand why the incentive systems throughout the entire structure have been corrupted and why therefore everything else has been corrupted.
So what is money?
For thousands of years money was gold, gold or silver.
It was a hard money, you can't cheat it.
Empires stuck to that and empires really went wrong when they decided to try and debase it, when they started trying to add lead or copper into their coinage in order to make it go further.
That's the sort of thing that brought down the Roman Empire.
Now, we used to have that system here.
In fact, let me grab a prop.
So this is a £10 note.
Under Bank of England, what does it say there?
I promise to pay the bearer on demand the sum of £10.
Was that £10 worth of gold?
Yeah, so there was a time that you could have walked into a bank.
And you could have slid your £10 note across the table and said, I want my £10 please, and they will give you that equivalent amount of gold.
Yeah.
I've tried doing that these days and they just look at you a bit strange.
But then you could show them that writing and they would honour it, wouldn't they?
Yeah, I don't think they'd understand.
I sort of doubt it.
So what happened is, World War II, cut a long story short, the US ended up with all the gold.
Now the rest of the world thought, well hang on, look, war's ended now, you guys have got all of the gold, we need money, what are we going to do about this?
And somebody, probably an American, came up with a clever idea.
And the clever idea was, I'll tell you what, we get to keep all the gold, and what we do is we supply you with pieces of paper with the President's face on it, And that'll be just as good, won't it?
And look, if you're concerned, we will promise that you can, at any time you like, you can transfer these pieces of paper in for gold.
And that's why we've got that sort of writing on the note.
What happened, though, is come 1971, that sort of hit a crisis point.
People started to notice that there was probably far too many pieces of paper with the President's face on it, and maybe they didn't have enough gold to back all this up.
So I think it was the French who prompted the crisis.
They said, look, we want our gold back.
And the president at the time, President Nixon, he did one of the most permanent things you can ever do.
A temporary government measure.
So he said, for 10 days, we're going to pause the converting of notes into gold.
We hit the 50th anniversary of that 10 days about a week ago, so we're now on 18,260.
Something like that.
That's good math.
Yeah, so, and then things got interesting, because at that point forward, money was purely paper.
And in fact it's a bit worse than that, because actually money became debt.
So if I gave you £100, James, you would be indifferent to whether that £100, the source of it was, I've been saving up for two months to get that £100, or if I borrowed it from the bank.
From your point of view, it spends the same.
So we now have a purely paper-based system, which is effectively a debt-based system.
Now these figures are out of date, because I remember reading this a couple of years after 2008, but it goes to show the scale of the problem.
In the US economy, they've got real money of about 3 trillion, and credit of about 57 trillion.
So the level of the debt is just hugely disproportionate to the amount of money.
Now, what does that mean?
Well, that means that you cannot pay off the debt.
Of course, obviously you can't.
If you've got 3 trillion to pay off 57 trillion, it cannot be done.
But it's worse than that, because you can't even pay the interest.
on the current amount of debt, unless you create more debt, unless you permanently increase, constantly increase the amount of money in the circulation, you can't even pay off the interest on what you've got.
Now, how does this affect us?
Well, it affects us by constantly eroding the value of money.
You see this most clearly, you'll see it in your lifetime.
I mean, you'll meet baby boomers who bought a house for two grand 40 years ago and now it's worth 800 grand.
Yeah.
Something like that.
Now the house hasn't got 400 times better.
No.
During that period.
All that's happened is the value of the money itself has declined quite precipitously.
But the powers to be that have made other mistakes as well.
So the credit cycle.
The short-term credit cycle.
We know that as boom and bust.
Now the theory that central bankers follow, it's what it's supposed to be, is when you're having a boom, because like I said money and credit is interchangeable, when you're having a bit of a boom you raise interest rates to lower the amount of credit being generated and therefore slow things down a bit.
They don't tend to do that because they enjoy the boom.
Yes.
When you have a bust you're supposed to lower interest rates which increases the amount of credit and therefore the amount of money that's being circulated.
Yes, because... Just pause a moment.
Because if you raise interest rates, it means that money gets more expensive to borrow, and therefore people are more reluctant.
Yeah, fewer projects pass the bar as being viable.
Yes.
Okay.
Right.
Fine.
Now, what you should do when you have the recession is basically let it play out.
And what that will do is it will eliminate all the businesses that have taken on too much debt that isn't particularly viable.
And also it will force government, because governments borrow a lot as well, to cut programs that they don't really need.
They don't do that.
What they do is they lower those interest rates, they pump the economy up.
And you're left with a lot of malinvestment, effectively.
You're left with a lot of government programs that shouldn't exist.
A lot of government jobs that shouldn't exist, but still do.
That's probably all of them, though.
I mean, in my view.
Yeah, probably.
So what that does is it lowers the sustainable rate of interest rate that you can have in the economy.
You cannot put it up above a certain level every time you go through one of those.
Because you just get even worse.
Because you've accumulated too much debt.
So, I mean, think about this.
In the 80s you could have walked into any high street bank and you could have opened a savings account and got 8 or 9% on your money.
Liquid gold.
Exactly.
Half a daily.
Yeah, half a daily, that's the one.
You know, you try getting 8% in a high street bank these days, you don't even get No, I'll tell you where you can get 8%, you can get 9% and this is a facet of the problem you described.
If you invest in a wind turbine, in a wind farm, You are guaranteed, I think, 9% return.
Now, they're not generating value to 9%.
Well, they are if you include the subsidies.
That's what I mean.
They're not generating any value.
It's pure subsidy.
Yeah.
So I briefly looked at renewables as an asset class a long time ago.
It would have been sort of 2010 or something like that.
And I stripped out the subsidies.
And I think I found that solar pretty much covered its costs at about the same time that the equipment was on its last legs and wind was nowhere close.
So you have to add in the subsidies in order to make it viable.
Yeah, which is what Warren Buffett said.
Yeah, so that's not a genuine level.
Okay, so that lowering of interest rates and pushing it down to the point where you can't push it down anymore, we hit that in 2008.
At that point, Because interest rates are zero, when you have a recession, like we did then, and we recently just have, if you want to create more money into the economy, you literally have to just print it.
Well, they don't literally print it.
I mean, they go to a computer, press the buttons, and they generate more money.
But as I described, that amount of money in the economy must always grow.
And so once you start doing this, you're basically starting a clock running.
You are going to kill your economy.
You're going to kill your monetary system when you're at the stage of just printing more and more money.
But they can't get out of it.
If they stop now, then it implodes now.
Or they can try and print the least amount of money that they can get away with to stop the system collapsing.
But already you're starting to see.
So I think the Office of National Statistics came out a couple of weeks ago and said that the house prices had risen by about 15%.
Now I believe that.
That sounds about right because the balance sheet of the central banks have increased by about 15%.
People are not getting 15% pay rises.
Yes.
So it will affect hard assets first, things that can't be printed, then the prices in the shops will go up, and many years later people will see a pay rise, but that pay rise will be nothing like the increase.
So effectively what's happening is imagine a conveyor belt.
The conveyor belt starts at the central bank, it goes through the financial system, It goes for everything else, and then eventually it ends up at the worker.
And when that money comes out, first of all the government grabs fistfuls of it, then the finance sector grabs fistfuls of it, and then everybody else takes their slice.
And there's like one penny wedged in the side that the people earning a wage get right at the end of it.
So it is grand theft on a massive scale.
Now, like I said, when you get to that point, you know that your financial system cannot last much longer because you're basically going to inflate all the way away and you're going to lose faith in it.
The debt has got so high that we have to default on the debt.
We have to.
It is a mathematical certainty.
Now, how do you default on it?
Well, you could do a nominal default.
So you could just say, we are not going to pay the bonds.
What would that look like?
It would be like saying to pension holders, you're not getting your pension.
Tough luck.
They're not going to do a nominal default, so they're going to do an inflation default where they basically render the money less and less worth.
We're going to get to a point where five years down the line the cost of your weekly shop is going to be at least double where it is now.
Now, all of the stuff that I'm describing, none of this is new to financial people.
All financial people know this.
The people who attend Davos, they would have known that this is coming.
They know that they've used up the interest rate tool, any other tool that they had.
They know they can't have a recession, they can't clear out the debt that way.
They knew that a great reset, a big reset of some sort, was going to be necessary to flush away all of this debt.
Now, they would have come to this realisation sometime after 2008 and before 2020.
And they're going to be asking themselves a question.
How can we transition to a new financial system and maintain all of our wealth and power?
Yes, that's their priority, isn't it?
How can we save our own arses?
Screw everyone else!
And how do we get away with it?
Yeah, I mean, even if they think they're doing it for the right reasons, even if they're not malevolent, and most of them probably are, but even the ones who think they're not doing it, they will be saying to themselves, well, we don't want pensions not to get paid and, you know, government wages not to get paid.
Yeah, right, they're thinking like that.
Maybe some of them are.
What I'm trying to describe is, how could All of the people who attend Davos be convinced of the need to do something like this.
If it was purely for corrupt reasons, and for a lot of them it will be, even for those that that's not the case, they could have been convinced on altruistic reasons that you have to do this in order to... Yes, I see.
So if one wanted to, because a lot of people say to me, well, what about the, yeah, why are governments on board with this plan?
They're not...
They're not part of the cabal.
They're not part of the Davos elite.
Why would our elected representatives do this to us?
But you've just explained that they're doing it because, well either because they're evil and they think they're going to get a seat at the table with the cabal, or they've been persuaded that this is the kindest way.
So I've heard second-hand that for years now Davos has been showing their attendees videos of riots and cities in breakdown and warning them this is coming.
Right.
I didn't get the context as to why it happens but it's almost certainly going to be because they can see a breakdown of the financial system.
Yeah.
And no one should hope for that because it would be horrendous.
It would be... if we lose faith in the currency And there's nothing underpinning paper money.
It's backed purely by the promises of politicians.
It has value because we all believe it to have value.
But if we all woke up tomorrow and decided that didn't have any value, well, why would people deliver stuff to the shops?
Why would the Middle East sell us oil?
They wouldn't.
They would instantly demand some sort of hard money, something like gold.
But we wouldn't be able to deliver that.
Especially not in Britain, because we sold off our gold reserves for next to nothing.
Thanks, Gordon Brown.
Did he sell off most of our reserves?
I'd imagine he probably kept a bit, but the bulk of it he certainly got rid of.
And he did it in the craziest possible way.
So he announced to the market in advance on which day he was going to be selling it.
All the commodity traders pushed down the price to next to nothing.
And actually you can manipulate the price of gold very very easily.
And the reason is because the physical market is a tiny slice of the overall market.
Most of it is derivatives.
So you can bully the price of gold a lot.
Without the need to actually interact with the physical stuff at all.
So that's whenever people tell me that they're investing in gold.
And then sometimes they tell me I've got an ETF or something.
Or I've got a fund.
It's like, no, don't do that.
Buy the physical metal.
Because that's the important stuff.
So, governments could have been persuaded that it was necessary to have some sort of a reset.
Well, they have to.
They have to have a reset and deal with this debt burden because we're very close to the point where, in order to pay off the interest on any given year, we're going to need to print so much money that the currency is going to inflate away.
So what can you use to replace this system?
Well, you've basically got three options.
The first option is you could have a new patent currency.
So you can let the existing one inflate away and you start adding zeros to the banknotes all over the place.
So Zimbabwe style?
Zimbabwe style.
And then you come along with a new version, the new dollar or whatever it is you want to call it.
Or maybe they do a basket of international currencies or something like that and they knock a whole bunch of zeros off and they start again.
The problem is that would be such a disastrous and chaotic way of doing it, it would have all the social strife that I talked about.
They could revert to some sort of harder money, which traditionally has been gold, but obviously that collapsed the previous go-round.
Because they continue to cheat on it, and also the City of London is never going to go for that, because we sold all of our gold.
And when it comes to the international club of big banking groups, London isn't going to go for that.
And I don't think even the US would go, because even though the US has got quite good gold reserves, it's still nowhere near enough to maintain the need for a global currency system that gives them a lot of their power at the moment.
So if a new paper money's out, and going back to some sort of gold standard just isn't practical and viable, they now have a new option.
And that is a central bank digital currency.
And this has been made possible because of the revolution in crypto we've had.
I think the revolution in crypto is ultimately a good thing, but only the decentralized version.
So Bitcoin, for example, is not controlled by any one individual corporation or government.
It's purely a free market money that exists out there.
But what the Chinese have done, is they've created this CBDC, the Central Bank Digital Currency.
And the way that works is, well for a start you don't need the banking sector, that goes.
You have a digital wallet held at the central bank and you can access it.
Maybe you access it through your phone or you could even link it to chips on cards like you have at the moment.
And they directly manage the whole monetary system.
It's not really your money, you just have access to tokens on it.
What could that look like?
What could that do?
And this is where it starts to get a little bit nightmarish.
Because they can control it to any extent that they wish to.
So for example, they could decide that you're only allowed to spend £30 a week or a month on red meat.
Because it's bad for the environment.
So they will set a flag on it to say you cannot buy more on this.
Net zero.
They can say you can only fill up your car so often.
You can only buy plane tickets a certain number of times.
Maybe you can fly more than once a year but the tax doubles every single time you do it.
You can do things like... They decide they don't like you, James.
Yeah.
So you get a different tax rate to somebody else.
You get a different interest rate.
And again, you know, it might not be directly malicious like that.
You know, you can see governments doing something like saying, oh, there's too many people living in the Southeast.
So if you live in the Southeast, you get a higher tax rate or you get a lower interest rate on your savings.
And if you live in a part of the country that they want to economically regenerate, they change the tax rates.
But actually it's even worse than that.
The most insidious thing they can do is they can introduce money that burns.
So this would be, you get paid on a Monday morning, and you have a week to spend that money, and if you don't spend it, it ceases to exist on midnight of Sunday.
So go out there, be a good little consumer, stimulate the economy, you know, we're having a rough time at the moment, go out there and spend, consume, and if you don't the money will cease to exist.
Now do I think they will do all of these things on day one?
No.
The point is, if you have a central bank digital currency, all of those things they can turn on at any time.
Now China will do this.
Because they have a much more... I say they have a much more authoritarian system.
They used to have a relatively more authoritarian system.
Yeah, but Australia.
Yeah, exactly.
So you can see Australia doing that, exactly.
So Australia, if they had a central bank digital currency now, it would be your digital wallet doesn't work outside the house.
That only works if you're making online purchases at home from your own IP address.
Yes, they would, wouldn't they?
Yeah.
Oh, totally, yeah.
starve the unvaccinated?
Yeah, well I don't think the Chinese care that much.
The Australians do, yeah.
So they could say the unvaccinated are placing a bigger burden on us and therefore their tax rate is going to be 30%.
Whereas if you've taken your two vaccine shots, your eight boosters and whatever, your flashing collar, whatever it is we get to by that point, then you can have a 2% tax rate.
And this is, I think, the scarier side of, really, technocracy.
Because what that would be, is it would be digital communism, through the money.
It would be, effectively, technocracy, expressed through this way.
But it would be so subtler than a policeman with a baton.
And they don't really want to do that.
I think Australia is messed up.
Australia has got itself into this sort of crazy, hysterical doom loop.
But I can't really see them going quite that far in this country.
But you can totally see them using a central bank digital currency to constantly nudge people.
Every single time a minister thinks that he has a problem, He would be like, okay, how can we use behavioral economics to nudge people in the right direction?
And that it will become incredibly addictive for them.
Yes.
And they will just spend all of their time thinking, okay, you know, I've got this particular policy objective, how to make people cycle more or eat less sugar or whatever the hell it is.
Yeah.
And they will directly imply incentives to you, depending on where you live, what you buy, how you spend your time, all that kind of stuff.
Now at that point, do you really need to batten people?
It's surely game over at that point.
How do you row back from that, unless I suppose you have... I imagine we're going to talk about solutions in a moment, but...
I suppose you could have, for example, community networks where communities have their own trading token, agreed trading token, and it's like a more sophisticated barter system.
Yeah, you could do, but that's hard work.
We're talking about Armageddon here.
If you've got central bank digital currency, you've got to get around it somehow, and that seems to be a... Yeah.
Hopefully other alternatives will exist.
So it would be nice to think that they would allow something like Bitcoin to exist on the side.
But why would they?
The reason why they might is because at this point so many wealthy people, hedge funds, institutions are buying into it and these people bribe politicians that they might tolerate it to exist outside the system, much in the same way that gold has since 1971.
They've allowed gold to exist outside the system.
They tried to make it difficult, they manipulated the price, but they have tolerated it because they've had so much power with the paper money system that that's been enough for them and they've allowed it to exist.
But yeah, it certainly would be a very bleak future.
It would be a future of significantly less freedoms.
Which is not good.
But they need something in order to get to that point.
So first of all, you need to take for the digital wallet.
And people in the Bank of England and the Treasury, they are definitely working on it.
But you also need a digital ID.
It would be handy if it was a global digital ID, but you definitely need a digital ID.
Fortunately, it seems like we're getting one.
You know exactly what I'm talking about, do you?
I cannot think, because aren't they lucky that just by spooky coincidence, just when they need to create a digital ID, this disease comes out, Which enables people to have a thing called a vaccine passport?
Yeah and all that is, well it's obviously a digital ID because it ties to you as an individual and at the moment it's only got one flag on it which is vaccinated or unvaccinated or you know eight flags for how many boosters you've got or something like that but it's a fairly simple digital ID.
There's nothing whatsoever to stop them adding more flags to that tech.
Sure.
So it could be, you know, have you behaved yourself online?
Have you consumed a low enough amount of red meat or carbon credits?
They can start toggling that thing up and down as they want.
You link the technical ability to produce a digital wallet, you link it to a digital ID, or you repurpose the Vax Passport, and you're up and running.
China's already there.
So China did ban Bitcoin a couple of months back because they already had a social credit system.
And that was a very well-established technology.
And they'd already been using some... They had got the population used to making electronic payments.
So if you go to Beijing, you can't get a taxi paying paper.
Right.
You do it through, I think it was WePay or something like that that they use, it was all electronic.
So they had a social credit system, they had their population used to electronic money, and it was very simple to make that switch.
And all of those authoritarian things that I've described that central bank digital currencies can do, of course being China, they probably will roll out a whole suite of them straight away.
In this country, they don't have the digital ID, but they're working on it.
They don't have a digital wallet, although they're working on it.
And if they can get the acceptance, they can get people to go over to it, then they've won.
And they will sell it in a way that makes it sound good.
So they will say, it's much more convenient.
So for example, you won't need to do a tax return anymore.
Because they see absolutely every purchase that you make, every income that you get, they can be taking the tax out on a minute-by-minute basis if they want to.
So that's more convenient, you don't have to do a tax return.
Let's say you drive through a speed camera.
Before the flash has even faded from your retinas, they can already have taken the money out of your bank account.
So again, that's more convenient.
You don't have to fill out a form and send it off to them.
But they will also say other things to try and sell it.
So they will say, look, every time there's a recession, rather than just pumping money into the finance sector like we do now, we will be able to pay money directly into your account.
Or they might go down the UBI route.
They might say, we're introducing a UBI, a universal basic income of £200 a month, paid directly into your account.
But it's only possible if you sign up for one of these new central bank digital currency wallets.
Yes, yes.
So people will go along with it.
And then they ramp it up.
Before long it will be five, six hundred pounds a month or whatever it is they push it up to.
And they're bribing you with your own money because on the other hand they will be clawing it back through a whole bunch of other taxes.
Taxes which you can no longer avoid.
You can't get somebody around to do a bit of work in your house and pay them cash.
Basically anything they want to tax at any time is perfectly viable through this system.
Not good.
No!
I think that's a very good way of explaining the coming horror in a way that the normies can relate to.
Because a lot of people are saying, you hear it every week on London Calling, you know, Tobes and I have an argument, you know, Tobes thinks I'm a crazy conspiracy theorist and he says, look, what possible motivation Would these people have for destroying the world economy?
Yeah, I think I've heard some of those discussions.
He says, you know, why would they destroy the economy?
What benefit would it give them?
As if the economy is a single dial up and down and it affects everybody equally.
Look, I'll explain how it works.
If you're a wealthy individual, You are not normally getting your income from working really hard, putting in the hours every week.
It's because you own a lot of assets.
And those assets will throw you off a yield or they go up in value.
What does crushing the economy mean?
It means what we've basically just been through, what we went in 2008.
And the response is always the same.
It is to flood the system with money.
What happens is all financial assets rocket upwards, so the stock market goes up.
So I think Microsoft, I can't remember over what period, but its profits went up by 25%, its market cap went up by 300%.
You know, that's the sort of effect that takes place.
So look, say you're Bill Gates and you own lots of stuff that can't be printed.
So no matter how hard they print money, they can't print another Microsoft.
They can't print another Google, they can't print land, they can't print buildings, they can't print farmland, you know, whatever it is.
So, let's take the Bill Gates example and run this through for your friend Toby.
So there's a crisis, they print all this money.
His net worth rockets upwards because he's got all these financialised assets.
And really what's happening is the value of the money itself is going down, but it's expressed that way.
Whereas real people, they really suffer because they don't own a lot of financialised assets or whatever else it is.
All they're finding is that they can't make their farm work anymore.
The cost doesn't work.
So the value of their assets, their land, at least in the short term, goes downwards.
So if you're Bill Gates and you want to buy a lot of farmland in America, you can do it straight up before the crisis and you'll get whatever proportion you get.
But if you have a crisis like this, your liquid wealth rockets up and the value of what you're doing shoots downwards and so you get a massive multiplier.
You get to buy far, far more land than you would have done beforehand.
So that's the answer to Toby's question.
That's why they would want a crisis because they know that it's going to be responded to by printing money.
It's going to have this wealth effect.
You've depressed me enough.
What can we do?
I've just come back from the supermarket.
And I made sure that before I paid, I went to a cash machine, I took out 200 quid and I paid for my bill in cash.
And it's this thing that Katherine Austin Fitz has suggested.
I think it's a very good idea.
We should all buy things in cash.
I mean, ideally every day, but at least on a Friday.
I don't know why the Fridays.
It's something to do with messing up, making more of an impact on the banking system.
I'm not sure about that, actually.
Yeah, I don't know.
No, but anyway.
Everyone listening to this should do that as a bare minimum, just as a kind of... to try and hold on to cash as long as we possibly can.
But what else can we do?
Look, the main thing is that they're not ready to go with this yet.
Yeah.
They... China is, and China... Oh, it's fallen down, look.
It's really annoying.
It's just a bloody... You were saying it's a sign of the lack of justice in the world.
Oh, hang on, there's a man at the door.
Wait.
Oh, OK.
Yeah I tell you what I'm going to show a visual to the camera while you're gone.
So I don't know how many of the audience are listening to this as opposed to watching the video but normally I love charts and I would show more of these but this is the one that I really wanted to get across.
So for those of you that are listening I'm holding up here a chart with two lines on it and the axis runs from about 1950 to where we are now.
And up until about 1971, the two lines are touching each other.
They're barely distinguishable.
And then in 1971, the blue line starts to go up a lot more.
It goes up at about, I don't know, a 10-15% gradient.
It starts to go up.
But the red line, which is the debt, that goes up at about a 45 degree angle.
So the blue line is the underlying economy and the red line is the debt level.
And look, here's the problem.
The blue line is what's generating all the interest to pay off the red line.
And there is now so much clear air between those two lines that this has become completely unviable.
And that's why it would have been incredibly obvious to anyone who attended Davos, to central bankers and to politicians, that the system that we've got at the moment is going to die sooner or later.
Thank you for sharing that interesting thing that I didn't see.
What do we do?
Well, they're not ready to go now.
They don't have... That's good news.
That's what the market sniper says as well.
There is still time.
And that's almost the best news of this podcast, isn't it?
Yeah.
We can still save our arses.
It's not too late.
Yeah.
So, I mean, basically, because I've just described to your viewers that the system is going to collapse by itself sooner or later.
Yeah.
Basically, we basically string them out until it does that.
Because if we all cooperate with the Vax Passport, they've got one ingredient.
If they can keep the printing game going in the background for long enough, it will give them time to arrange an alternative, and then they launch it.
Once it's launched, I think it's game over.
Yes.
You know, coming back from something like that, Could possibly take decades.
Or centuries.
Yeah possibly.
Once they've established the slave system, which is what it is, I mean we needn't go far down the rabbit hole except I will say that the people who are responsible for this and they've been doing this OK, definitely since 1913, which is when the Federal Reserve was created.
A monstrous affront to everything that we believe in.
It's a predator class feeding on ordinary people.
And they do view us like cattle.
They want to recreate ancient Babylon.
That's where we are.
They want to create a kind of elite.
Well, they don't need to create the elite, they're already there.
But they want to create a slave class.
I remember when I used to work at Telegraph, we used to call ourselves Wade Slaves.
But we really would be slaves of the system.
And I've got to say, having watched how the general public have responded over the last 16 months, I'm slightly sympathetic to their view that we're all a bunch of sheep.
Yeah, you could argue.
But then you think about, actually, we've all got members of our family who've been compliant, who've got their death jabs.
I've got family members who did it probably like everybody else they said oh I'm gonna take it so that I can travel and then they find out they can't travel anyway and they've got to have a booster and that's just the start of it yes but should one should one feel You stupid bastard, you deserve everything you get.
I don't know, I mean, I... I suddenly have days when I sort of react like... Because look, the way I think about it is, if you haven't woken up to what's going on at this point, not necessarily all the deep financial stuff that I'm talking about, but if you haven't worked out that there's something wrong... Are you talking about Toby now?
Well, Toby can see there is something wrong.
He's just asking the wrong questions.
Do you think he can see there's something wrong?
Well, I guess he started lockdown sceptic, so he must.
Unless, of course, Tobes is controlling opposition.
Unless the whole purpose... No, I'm not going to run with that one.
But, here's the thing.
Obviously...
Being a journalist of sorts, I've followed the whole political and socio-economic process since the beginning.
When the first rumours started coming out of Wuhan, I was briefly taken in.
Shit's got real.
This is our Spanish flu.
We need to... Anyway, I got over that very quickly.
What I did notice was very, very early on, very early on, the government's position became...
We've got to get a vaccine out.
We've got to rush out of the vaccine.
It wasn't like, hello, let's look around for things that might cure this problem, like ivermectin and HCQ.
No, there was none of that.
There was a remarkable consistency.
It was not, we've got a crisis, let's search for the solution.
It was, Straight to the solution.
Problem, reaction, solution.
It's the Hegelian dialectic, and this is what's happening now.
And more than that, because I think in the terms that I do, I was saying very early on, what will happen is this will lead to a vaccine passport, a digital vaccine passport.
And you were right.
Well, yeah, and look, everything that I've described today, my theories are falsifiable.
They're very predictable, they're very false.
So look, if in six months' time Boris Johnson turns around and says, you know, we've beaten it, we no longer need the vaccine passport, that can go away.
Then you can dismiss everything that I've said.
I say on the Central Bank Digital Currency, Rishi Sonic has already officially denied it, but that kind of means that they're definitely working on it.
Because that's how the government works these days, they officially deny it and then they just get you used to the idea of it.
Yeah.
So there was those stories that came out a few weeks ago talking about Bitcoin.
Yes, yeah, yeah, yeah, I remember.
Yeah, but if you look at what The central banks are doing what the Bank of England and the Treasury do.
Mark Carney is going to international conferences and saying, you know, this is definitely the future.
All the central bankers are doing this.
They're all saying that this is definitely the future.
They are working on it.
But they don't have the ingredients.
So if we resist the Vax Passport, for example, and the system collapses in the meantime, they won't be able to roll out their new alternative.
Yes.
And this is why I think that they haven't banned Bitcoin yet.
Because that's their life raft.
That's their emergency backup option.
They don't want to go to Bitcoin because they don't control it.
Yes.
But it's probably better than the Chinese digital yuan.
Which would be the only other alternative at that point.
Unless they wanted to try and make a gold system work.
But for the reasons I've discussed, that's not going to work.
That's very bullish for Bitcoin if that... Yeah, so look, I'll tell you what.
Why don't I give you the blackest of black bills and then the whitest of white bills.
And we'll do them in whichever order you want.
Which one do you want first?
Oh, let's go black first.
Black first, okay.
So what I'm describing would be a technocracy future.
The Black Bill says that we're already in it.
We're already into the lobster pot, we just don't know.
And the reason we're already in it is because we've already handed over all of our privacy and data, but we've just done it to Google and some of the other big tech firms instead.
So one of the things that I noticed probably a couple of years ago now, and on the face of it it looked quite odd, Google bought, was it Nest?
The thermostat people, the smart thermostat people.
Right.
And you think, why the hell does Google care how hot your house is?
But it's not that at all, is it?
So, you go outside and you're carrying your phone around, and they're tracking you all the time, where you go, how long you spend in the shops, every time you come home you get a little review pop up, you know, how was Waitrose today, and, you know, started out in, well, I haven't got around to disabling it, I really bloody should.
But they're tracking you whenever you go somewhere.
But you come home, and you put your phone down, and Google can't track you anymore.
But if you've got a Nest thermostat, they know which room of your house you're in.
They know when you wake up in the morning.
They know when you go to bed.
They know when you're on holiday.
So they have access to all of his data.
I mean, it's the same with the Apple smartwatch.
Yes!
Again, you know, they're tracking you down to the... Which idiots think is... Ooh!
My dad's got one!
He doesn't realise that he's carrying around the mark of the beast on his... Yeah, it's just a way for them to harvest vast amounts of data on you at all time.
So look, the Black Pill is, you know, stop worrying about technocracy because it's already arrived.
We've already given all our power, all our data over to it.
And we did it because it was convenient and easier.
And all that's happening now is government is catching up.
And if we're already in it, we're already in it.
And, you know, this is going to be our future for decades.
Right.
Unless we go Amish.
Yeah, but that's less convenient.
So you'll end up just going down the No!
I'd much rather live Amish than... Yeah, you might, but probably 99% of people will just go along with it.
Yeah, sure.
So that's the black pill.
The white pill is that they are losing control over this hyper-financialised, excessive debt system faster than they can respond to it.
You know, government are incredibly bad at doing basically anything.
So trying to build out a new currency system, which is itself, you know, the cryptocurrency space is itself a, it's absolute cutting edge stuff.
You know, the best minds are going into it and they're working on it.
And, you know, from the finance side, I'm seeing people in top positions in head funds, leaving their jobs to go and work for cryptocurrency projects.
I'm sure it's the same in the software space and the engineer space as well.
So they're innovating incredibly fast.
Government can't catch up.
So the white pill is, what will happen is we will all start to perceive that our money is increasingly losing value.
And it will no longer be on the timescale of decades.
It won't be, oh look, my house has gone up double since I bought it 10 years ago.
What it will be is, hang on a minute, I've just done my weekly shop and it cost £400.
I remember a couple of years ago it cost £200.
What the hell's going on here?
Oh yeah, I saw it today.
The price of those expensive brown eggs that I buy, they've gone up about, I'd say about 20%.
Yeah.
20%!
I mean, what they do is they trick you by, they'll put it on offer for a time and then they'll, instead of putting it back at the at the regular price.
The regular price is becoming-- - Right, it's the inflated pre-operable.
- Yeah, it's extraordinary. - Yeah.
Because the system is unraveling so quickly, because financial assets are suffering, because there is that huge counterparty risk of if the system collapses while you've got money in the banking system, it will be wiped out.
It doesn't even matter if a relatively small bank is the first to go, because they all own each other's debt.
So one of them goes, and then suddenly a whole bunch of positions held at a slightly bigger bank are then wiped out, which wipes that one out, and then it dominoes across the entire system.
So because we're aware that something is very very wrong what we're going to do is we're going to take our money out of the system and then depending on your level of optimism or pessimism you're going to put it in unprintable assets.
So if you're incredibly pessimistic you'll be buying tin food and ammo.
If you're slightly more optimistic you'll be buying a cottage in the middle of the countryside surrounded by farmland.
If you have a bit more faith, you'll be buying physical gold and silver.
And if you're at least somewhat optimistic that we can navigate a path out of this, you'll be buying crypto.
Things like Bitcoin.
And those are sort of rocketing up at the moment.
Well, they're not rocketing up, but they're steadily appreciated.
And more importantly, the institutions are coming.
The big family offices, the insurance companies, the big money managers, the hedge fund guys are already there.
So some of the biggest names in the hedge funds, you know, the Ray Dalio's, the Paul Tudor Jones, a whole bunch of them, they're saying, you know, you need to have somewhere between 5 to 10% of your wealth in this.
So the white pill is that what happens over the next 3, 4, 5 years, is everybody starts to migrate across to this decentralised, open money system, this alternative, and then just as the old system is collapsing, it doesn't actually matter that much because so many of us are already over here, in this new world, that the pain of it is not too bad.
So do you think that's why, because I think everything happens for... I don't believe that sovereign states are actually sovereign.
I think everything is planned on a much higher level.
Do you think that Nicaragua's... Is it Nicaragua?
It's El Salvador.
Sorry, El Salvador.
El Salvador's move into the Bitcoin is now a legal tender.
Do you think that that didn't happen just because somebody in El Salvador thought whoop-dee-doo?
I don't know.
El Salvador had abused its paper money system so excessively that they've lost all faith in it.
Nobody in El Salvador has any faith in whatever the hell their currency is.
They probably use dollars.
For the most part.
So adopting something else probably made sense to them.
And I think increasingly that's going to be happening.
So all the time now I'm having conversations with people.
And look, maybe it's worth quickly sidetracking, just talking about Bitcoin for a little bit, about how that works.
We like that, yeah.
So I dismissed it for a long time.
Doing what I was doing, looking at emerging technologies and digital trends in the VC world.
I spotted it quite early, really back in 2010 when it first launched.
And I did what everybody else did, apart from a small handful of people, was look at it and think, oh this is stupid, isn't it?
This isn't going to work.
And promptly ignored it.
Wish I hadn't.
Wish I'd bought a bit.
But more recently I started taking a proper look at it.
And I realised that it has Most of the advantages of gold, with the exception that you can't physically hold it in your hand.
It is very scarce.
In fact, it is scarcer than gold.
You can always dig up more gold.
Maybe in the future there'll be a land and asteroid ridden with gold.
With Bitcoin, there will only ever be 21 million Bitcoin.
That is a hard limit.
You cannot go beyond it.
Now, it doesn't matter if you can't afford a whole bitcoin, because each bitcoin is divisible into 100 million units, called satoshis.
At the moment, I think it's something like 3,000 satoshis per pound.
For one British pound, you can buy 3,000 satoshis.
So you can buy whatever division you like, but there will only ever be 21 million whole bitcoin.
Look at that in context.
There are about 52 million millionaires in the world.
So if every millionaire in the world wanted to have one bitcoin, they couldn't.
How many millionaires are there?
About 52 million.
So the stats I'm looking at are dollar millionaires, somebody did a report a few years back, there are 52 million millionaires in the whole world.
That's quite a lot, isn't it?
Yeah, it is.
I mean, in the Western world, I mean, I guess a lot of them are going to be because they've got property.
Yeah.
Yeah.
So that's going to carry a lot of them over the line.
But at the same time, it's not a huge amount, is it?
I mean, it's as a proportion of the world.
Yeah.
But you know, that's the numbers.
So look, every million in the world cannot have a Bitcoin.
I've got some.
Oh have you?
Okay, right.
So I'll put it to you.
So if any of your audience, through virtual property or assets or whatever, if any of your audience are millionaires, you should probably have at least half a Bitcoin.
And what you're doing is you're essentially buying, you know, whatever it is now.
a 15 grand insurance policy, that if this current system collapses and we move over to a new open source system, you will preserve your purchasing power going from one to the other.
And you don't actually need much. - Well, half of Bitcoin will cover your million.
- Well, that would put you at the level that if everybody ended up adopting it, if that became the new gold, - I see what you mean. - That would be sufficient.
Obviously the more you've got, that's better, but you could maintain your purchasing power and relative wealth position by purchasing a fairly small amount.
Right.
Interesting.
Now increasingly, because we've got these money problems that we have and we can see the system collapsing, you're going to have more and more people doing that.
I suspect a lot of people aren't going to be comfortable with it.
They're going to want to go to physical gold.
And that's fine.
You know, I've got physical gold as well.
I think, you know, everybody should probably own a little bit of that.
But if you're going to get a little bit of physical gold, why not get a little bit of crypto as well?
OK.
Yeah.
So you make the transition.
And Bitcoin would be a sort of libertarian's dream alternative to money.
You know, the reason being, as I've described, under the current system, Government can effectively create as much money as it wants by just running up debt.
So what we've had for decades now is politicians will think to themselves, okay I've got this much amount of tax coming in but I want to spend more, I want to buy votes.
So they create the debt and paying that debt is somebody else's problem because the debt is normally 30 year debt.
So the guy who has to pay that off, the guy who's sitting in your chair is probably still at university.
You know, possibly hasn't even been born yet.
Yeah, yeah.
So you just spend more than you want.
But actually, the next guy, he doesn't mind either.
Because, yeah, he's got to pay off all your debt.
But he can just create more as well.
Yeah, yeah.
So that's why you get this system where government becomes far too large.
You get, I mean, the amount of non-jobs that exists in the government sector.
And it's all because they can grant themselves money.
Yeah.
But even the finance sector, so I think in the UK 1.2 million people work in finance.
That's crazy and disproportionate.
It should be a small number of people looking after the old pension pot here.
It's nothing like that.
The thing is, we don't want people putting their money into Vanguard or Blackrock because they are the belly of the beast.
Yeah, you saw that story recently, didn't you, about Blackrock buying up... Blackrock and Vanguard and everything, but Blackrock are buying up property at something like 20% above the market rate as part of the move towards the Great Reset.
I mean, it's scary.
So, I mean, that again is part of the whole broken system.
So what Blackrock are is they're not principal investors.
They're not investing their own money, really.
What they are is institutional money managers.
And what they tend to do is run money for the big pension funds.
Yeah.
And these guys are absolutely desperate for yield.
Nobody can get yield anymore.
One of the few places you can get yield is by property.
So they've got commitments to pay out vast amounts of pension contributions every single month.
They desperately need yield.
The only thing that gives it is property.
So what in effect is happening is people are having their homes bought off them by their own pension fund.
And look, it's probably worth talking about this because you do get some baby boomers and some older Gen X who think that they're terribly clever because they bought a house and it went up so much.
It doesn't actually help them.
And it doesn't help for two reasons.
First of all, you've actually got to live in the house.
So what if it goes up?
Yes, you could sell it and go and live in a tiny flat and have loads of money.
Brilliant.
But you probably don't want to do that.
But the way it screws you over is in two ways.
First of all, your kids probably want a deposit for a house.
Yes.
And where the hell are you going to get that money from?
Yeah.
And the second thing is, it's not just houses that have gone up.
All hard assets have.
No more Googles are being created, no more factories, no more gold miners.
People who do real stuff.
So the basket of assets that you want to buy a pension income from at the end of the day, that's also gone up.
So you're living in a house which is worth a lot of money.
But your kids can't get houses and you can't buy an annuity even though you've spent your entire life building up this pension pot because the annuity that buys you is going to be a little dribbling stream of income.
Yes, that makes sense.
It's a bit like, I suppose the sort of equivalent is when rock stars sell their back catalogue And they get a chunk of money.
This is apparently quite a big thing if you're a rock star.
You've got the back catalogue.
And you sell it to an investment firm.
Because they want the yield.
There was a famous example of the drummer of one of the big bands.
I can't remember which one it was, but he was one of the quite famous ones.
And he had a best-selling album.
Phil Collins?
No, I don't think it was him, but he was one of the big ones.
Anyway, so he got a royalty check for something like $1 after having an album that sold hundreds of millions.
And that's because there's so many middlemen.
It's a bit like in finance.
In the music industry, there's so many middlemen taking a cut out of everything.
And actually, I'm going to give a quick side track.
So one of the interesting things that's being built in the crypto space.
So crypto is more than just Bitcoin.
That's essentially the base layer.
That's the store value.
But there are other projects being built on top of that that do particular jobs.
And it might be something like smart contracts is a big area of this.
And NFTs, that's the thing that a lot of people are talking about at the moment.
Have you heard of that?
Yes, I have.
Non-fungible tokens.
Exactly.
Is it tokens or trading?
Non-fungible tokens.
So, look, here's one of the cool things that it could do for music.
You may have had this effect where you find a band that's really early.
And then they become really popular and you'll be annoyed.
Yes!
So you mean you buy into them early?
Yeah, so what you could do in the future is they could basically set themselves up, they could tokenize themselves.
You could buy into them when they're early and then actually you're really pleased when they go to a big level because the value of your tokens has gone up or you're getting a percentage of their yield.
And also they can push their stuff out over the blockchain And they no longer need all of those middlemen, those distributions.
So you'll be able to sign into whatever service, Audius or whatever it is.
And you'll have a bit of money in your digital wallet.
And you'll be able to pay them directly.
So they get basically 100% of the royalties as opposed to going through those intermediate chains.
Property will be able to be tokenized.
Art will be tokenized.
Technically possible in the future, if you tokenize the Mona Lisa, You know, you could hold it in your pension fund.
You'd hold a very small percentage of it, but you could hold it.
And at the moment, only the wealthiest get to buy assets like that.
You know, property on, you know, the top addresses in London or New York.
Only the very, very wealthy buy them.
Fine wine, art.
It's a whole series of asset classes that are essentially closed off to normal people.
If you tokenize everything, anybody can own it in any small proportion.
Interesting.
It might work for your thing as well, so journalism.
Take the Telegraph for example.
Do we have to?
Obviously I don't read the Telegraph, but every so often I see one article pop up on Twitter and I think that one could be quite interesting and then you click through to it and you can't read it unless you pay £13 a month or whatever the number is.
And you think, no, I'm not doing that.
It's only one article.
I'll probably get through the first three lines and decide I don't like it anyway until I get rid of it.
So they're closing themselves off.
If you tokenize an article, you can do microtransactions and each reader might only pay you a few pennies.
But if it's a few pennies, you don't care.
But if you have an article that does really well, that goes viral and gets out there, actually that can add up to be quite a significant amount of revenues coming through.
So it gives you an easier way to trade value.
So cryptocurrencies, I think, have a lot of potential.
It is an emerging space.
Think of it like this.
The internet in the early 2000s was growing at about 63% a year.
Cryptocurrencies are growing at 119% a year.
So the adoption rate of people moving over to it is incredibly rapid.
It's even faster than the internet.
And that's why I got out of finance when I did.
Because I thought, you know, I don't want to do that anymore.
I just want to focus on understanding this thing.
Because I think it's going to revolutionise.
I think it's going to be as significant as the internet was.
You're a very good ambassador because I was onto the cryptos being a good thing before you were.
I've known you long enough to remember when you were all Tesla and no cryptos.
I still like that one.
Where are you on Tesla?
Tesla is very interesting, but it's completely misunderstood.
So let me be very clear.
I'm not an investor in Tesla because of the hippy-dippy green shit.
I don't care about it.
I think CO2 is a good thing.
It's plant food.
We should have more of it.
And even if it does kill the polar bears, well, if I ever met one, it would kill me.
It would.
It totally would.
Yeah, so I don't even care about it.
And David Attenborough likes them, and David Attenborough is... Yeah, and anything he likes, therefore you have to... Yeah, exactly.
No, Tesla is misunderstood, and I'm going to explain it by explaining Amazon instead, but you'll get what I mean to this.
So, I think that Amazon is going to take over GP surgeries.
They're going to replace them.
That sounds a bit weird, but let me break down my logic and you'll see where I'm going with this.
So, obviously, GPs have not covered themselves in glory over the last 15 months.
That was their time to shine.
And they failed.
They had one job.
But beyond that, I mean I did a poll on Twitter not so long ago and I just asked my followers, how many of you can remember a time when you went to your doctor and they tried to cure you?
They tried to cure the underlying condition.
Never.
Yeah.
Never.
When do they say, you know, you've got these lifestyle things going on and if you change them We wouldn't need to treat you, we can cure you.
Right.
All they do is basically write permission slips to acquire pharmaceutical products.
That's all they do, is they medicate you.
So look, if that's all they do, you can go on Amazon and you can start chatting to an AI bot describing your symptoms.
And then it will deliver the next day the appropriate medication.
You're just swapping out one system for another.
And look, Amazon have not said that they're going to do this.
The reason I think they're going to do this is because the framework that I think of Amazon is... and this goes back to, say, 2010.
In 2010, people thought they were overvalued because they said, look, the market cap of Amazon is something like more than the value of every book in the world.
So therefore it's ridiculous.
But the way I look at them is they're actually a logistics company.
They are an AI and logistics company.
What they do is figure out what you need, or what you want, or at least what you will respond to, and offer it up, and then offer to get it to you very quickly.
If that's what they're doing, then why does anything I've said about GPs and replacing GPs, why would none of that?
It wouldn't.
Well, there is a flaw but you've just got to be a bit further down the rabbit hole and that is basically that the The medical industry, as it currently exists, does not want you to get better.
Allopathic medicine is an offshoot.
It's a Rockefeller offshoot of the oil industry.
Big pharma.
Big pharma don't want to cure your cancer.
Well, actually... Well, they lose a customer.
Yeah, I'm not sure that... You see, we haven't got onto the depopulation agenda.
I think that the tendency...
In the world over the last decades has been for us to be poisoned by Various means through the water supply through the chemicals and food through through the move to things like veganism Veganism is in itself an assault on the human race.
It's designed to make people get a diet which weakens them, which takes them away from meat, which puts pressure on meat producers.
It's all... But yeah, I like the optimism of your theory and I can see that from a business sense it makes... Yeah, so let me continue explaining.
I think Amazon will move into this space.
And so what do I do with that information?
Bear in mind, they haven't announced this, I just think that it follows logically from the process.
Because their AI bot will be speaking to hundreds of thousands of people an hour.
So it will very quickly get better than even a good GP at spotting what your problem is.
So Google, for example.
You go onto Google and you ask the wrong question, you get the right answer.
Yes.
And that's what Amazon will be able to do if they move into the space.
So how do I value that?
Okay, what I say is, what is the total value of the healthcare space?
What do I think Amazon could capture out of that space if they did this thing?
And that's basically the market that they could achieve by doing that thing.
So then I option it in my mind, okay, so how likely is that to happen?
And therefore that option value I add to the current value, the current fair value, what I think the company is, and that's what it could be worth.
And whether I trade on that today or not, it doesn't matter.
What I might do is I might just mentally park that model, and if in a year's time I see an announcement from Amazon that they're looking at getting into the healthcare space, I will already have the mental framework in order to And that's why there are some people who saw Amazon in 2010 for what it could be.
They saw it for an AI and logistics business, not a bookseller.
I went down that rabbit hole to explain why I like Tesla.
From my point of view, Tesla is not a car manufacturer.
I mean, it is in the same way that Amazon was.
It's a bullshit manufacturer, isn't it?
I think of them as having options over a number of different industries.
So the car thing by itself...
is actually pretty good by itself.
But they've got options over the autonomous driving, over energy technology, and potentially even over robotics is the latest thing they're getting into.
And each of those are enormous markets by themselves.
If they were to crack any one of them, then you're looking at a $10 trillion company if they were to crack two of them.
So it's the value of the car business, which it is today, plus option value over absolutely enormous markets should they achieve them.
And actually, I just like the cars because they go incredibly fast.
Have you got one?
No, I'm one of these people who will drive my existing car into the ground.
So I've got a 20 year old car and I'm going to wait until it doesn't start up anymore and then I'll probably get a Tesla then.
But look, if I want a car that can do 0-60 in 2.5 seconds, it's either got to be a performance Model S or it's going to be a Gatti Bayron at half a million quid.
And I'd rather keep my money invested in something else.
I think you've given us a pretty good overview.
Any other tips?
It's a bit grim if we do have to buy ammo.
Yeah, that's the low end of the optimism scale.
If they truly lose control and we get into Hyperinflation.
Nobody wants that.
It will be good to see them get their comeuppance.
Yeah, that's almost worth any amount of suffering.
So the white pill version that I described to you before, where people are going to slowly transition over to cryptocurrencies.
There is a downside to that.
Let's say that happens.
Bill Gates absolutely hates Bitcoin.
He thinks it's junk.
And he can do that.
And if Bitcoin goes to 500,000, he can continue to think that.
And if Bitcoin goes to 10 million, he can continue to think that.
And then he can change his mind.
And he can buy a huge amount of it.
Yes.
So the danger of the white pill is it is a potentially smooth transition over to a new system.
Yeah.
But all of the rich and powerful and despicable people.
Yeah.
They can wait until the last minute and they can transfer over and they will still be obscenely rich and powerful.
So the downside of even the White Pill is it avoids potentially a lot of violence and chaos.
But it doesn't see justice.
But they do not get their comeuppance.
I think most people are more concerned about survival than seeing Phil Gates' Heavenless Fight.
Yeah.
Yeah, so yeah.
Okay, so say no to Vax Passports as if your life depends on it, which it does.
Yes.
Buy Bitcoin.
And NFTs?
Well, get a little bit of Bitcoin.
You don't need a lot.
Or ETH?
Well, the other ones, they are doing a different job.
So Ether, which you referred to, they're building a technology on top of the blockchain that does something else.
So you can imagine Bitcoin to be like the internet of the early 2000s, whereas all of the other ones, they're trying to be a tech platform on top of it, like a Facebook or Google or something like that.
I mean, you've got other cryptos?
Yeah, so the ones I get, so I'm something like 80%, 70% Bitcoin and then I've got a little bit of Ethereum, Solana and Cardano.
Those are just the ones I like.
You haven't got any Sheba in you?
No, that one's a bit weird.
There's that one and then there's the... The dog?
Yeah, Dogecoin.
Dogecoin, yeah.
Now, funnily enough on that one, okay, so, you know, it is a joke and the guy who set it up He did say in his white paper, if they buy this they will buy anything, and he deliberately designed it to be a joke currency.
But so many people bought it, and so many people have it now, so many retail users have it, that if somebody came along and built a payment rail to sit on top of it, it would actually be quite functional because it's already got that adoption.
So paradoxically, it could end up being a part of the solution of the future.
Look, don't not shitcoin.
You know my eldest son?
He bought Shiba Inu for $2.50 and sold it for $10,000.
Wow.
That's quite good returns.
He's now a billionaire.
No, he's not.
No, no, because you got...
Trading cryptos is quite a rollercoaster.
Yeah, there's a...
Yeah, there's a lot of volatility in it but that volatility is going to start to go down significantly because what's happening now is the institutional buyers are coming along and retail works on a different basis.
So the way the retail works is when the price is going up everybody rushes into it because they don't want to miss out.
And when it starts going down, they panic and they sell.
So you get these massive, accentuated swings.
Whereas institutions, they work on a completely different basis.
They have lots of investment committee meetings when they eventually decide, okay, we're gonna put 5% of our balance sheet into this.
And if the price goes up, it goes above 5%, so they sell.
And if it goes below 5%, then it's no longer 5%, and so they buy a bit more.
So that starts to become a stabilising mechanism.
Oh, I see.
Interesting.
So as we transition, and I think that this is the cycle that it happens, It transitions from being a retail-led investment to an institution-led investment.
Oh, okay.
And as you make that transition, the returns will start to come down, but the volatility will start to come down as well.
Right.
Okay.
I want to go and make a cup of tea now, and I want to show the church if it's still open.
Dan, that was really good.
Thank you.
Yeah, well, hopefully it ties together some of the threads of, you know, if they're going to do the tenocracy thing, I like the fact that you manage to inject a bit of optimism.
White-pilled, technically, is God.
Red-pilled is the devil.
I think White Pearl is the stage you reach after the Black Pearl.
Right.
But it's almost like we are so stuffed.
Only God can save us at this point.
But it's actually, you know, speaking for myself, I think it's a very good position to be in because it means you get to live an eternal life.
You've hit bottom on the optimism scale.
And you don't fear death.
So I definitely recommend that one.
But yeah.
Everyone, everyone, hello everyone!
Don't forget, support me on Patreon or Subscribestar or go to dellingpoleworld.com where you can buy your special friend badge.
Yeah, and thank you for support and thank you for listening and thank you Dan.