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Dec. 14, 2022 - Lionel Nation
14:21
FTX: What to Watch For
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This morning I was watching a little bit of the house oversight, whatever this hearing was regarding SBF and FTX.
And there were some things which I wanted to point out to you which were absolutely...
Fascinating to me.
And the first thing that was fascinating to me was the number of congressmen, congresspeople, congresspersons, who said repeatedly, I don't know what Bitcoin is.
I don't understand blockchain.
I don't understand Bitcoin, but cryptocurrency.
I don't know what this is.
This is from the Oversight Committee.
This is from an investigative committee who said repeatedly, I don't know what this is.
I don't know who you are, what you're doing, what your plans are.
It was simply, as the kids say, amazing.
Amazing!
What I was hearing repeatedly from individuals who were charged with investigating an individual who, by the way, Mr. SBF, happened to be arrested Right before these hearings occurred.
Isn't that interesting?
So now, nobody can ask him anything because, of course, he has a Fifth Amendment right to remain silent and everything is suspended or is on hold.
Don't you find that fascinating?
I do.
Among other things.
Let's go into that, shall we?
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To reiterate, to perorate, to remind you again, the number of Congress people I heard this morning in this investigatory review, this House investigation, was, I don't know what cryptocurrency is.
And there's nothing that I can say enough to put into a framework.
Not, I don't know where this money went, or I don't know how it was evaporated, but what is it?
And then the questions were, this was also the most tepid.
Well, do you think there should be some kind of regulation?
Well, I don't know.
Maybe.
Do you think we need some type of oversight?
Well, it could very well be.
He reminded me a bit of the CEO who was speaking this morning.
He reminded me a tad of Bill Barr.
That same kind of review.
Yes, the FTX hearing, the FTX group CEO, John, I'm looking right now, I'm so sorry, forgive me, I just, John Ray, who apparently was trying to compare or looking at this in terms of Enron and others.
I mean, I just found this to be right off the bat fascinating.
Almost a polite...
Now, what people are going to suggest is that because he was such a strong, democratic, and progressive contributor, that they're going to go light on him.
Perhaps that's going to be suggested, certainly.
But what's even more interesting is where we've come and how...
There seems to be the most quiet call for not only an investigation, but perhaps criminal sanctions and penalties, if indeed warranted.
It's the strangest thing.
Now, when he is in custody, where is he going to be in custody?
Is he, and please do not take this the wrong way, Will he be afforded and accorded and given complete and total protection and actual physical oversight?
And I don't want to bring up Mr. Epstein.
I'm not in any way trying to imply or insinuate any similarity twixt or tween the two.
I do ask the question, and this is to me the most interesting.
Do you think, in terms of what we have learned before in the past, and especially when you have somebody who perhaps might be of a fragile demeanor and psychological wherewithal and composite by virtue of his youth,
and by virtue of what seems to be almost A disconnect in terms of the degree and the severity of this.
When he was speaking before the New York Times deal book or what have you, he spoke of this sad and unfortunate kind of an oops oversight and accounting in the most unique of ways.
I found it nothing short of fascinating how he spoke in a way and in a style and spoke with criminal charges, theoretically.
His parents are esteemed Stanford lawyers, law professors.
Who let him even talk?
None of it makes any sense.
None of it.
When criminal charges are pending, you have the right to remain silent and should, not because you're guilty, but because people might have the tendency, the inclination to maybe take something out of context and to read into it differently, to impute liability when none was really there or should have been imputed.
Now what this is, and what I want you to watch, Watch the tenor of this.
Compare it to Bernie Madoff.
The style.
The way when Bernie Madoff was talked about.
He talked about the greed.
And he talked about his lavish lifestyle.
Now Mr. SBF had a unique lifestyle.
He sported the usual t-shirt, which we love t-shirts.
He had a kind of a bohemian, a very classy and very well-paid-for bohemian lifestyle, living in his Bahamas Mance with his girlfriend.
They talked about polycules and polyamory, and that's beside the point, but that certainly made this more interesting.
And he talked about these wonderful, idealistic, altruistic...
Terms and conditions and desires on his part when in fact none of that seemed to pay or connect in any way to the individuals who basically had their monies vanished.
Now, what is going to happen next in terms of world governments and others insisting upon a world digital currency?
How does this bode?
So to speak, for individuals who are proponents of such.
This is what's going to happen.
By virtue of the arcane and rather recondite aspect to this storyline, by virtue of that, people are going to be not necessarily as tenacious, as tenacious, With this, as one would think.
When we speak of matters that are economic, when we talk about finance and money and currency and markets, we have a kind of a detached, dare I say, ennui, nonchalance, kind of an intellectual torpor, where we just sort of We don't have time for this.
Watch carefully the reaction.
Will there be a decisive and decided difference between the way the Republican inquisitors and the new House majority handles this?
And if not, if Democrats and Republicans handle this in terms of the volume and the severity and the tone of their collective voices, if they are similar, what does that mean?
Now, I don't want to, in any way, read anything into this.
It's very easy for people to sit back and say, aha, I know what this means.
Well, we don't know what this means.
It's too early to find out what's happening.
But, I've never, ever, Caught myself thinking as much as I do now, that's an odd way to react, or that's a unique way to react, or that's strange.
Then again, what news story have you heard where you haven't thought that?
It's fascinating.
That's strange.
And what's interesting also is that by virtue of the absolute deluge, the avalanche of information that you have, In terms of just all the news platforms and digital platforms that you might be privy to, it's very difficult sometimes to put everything into perspective.
So what I want you to do is that only you can do this.
Watch the reactions.
Watch the attitude.
Listen to the volume.
And see how long this stays around, so to speak.
Because, remember my three-day rule.
After three days, if you don't grab the attention and the heartstrings of the public, after three days, it's forgotten.
It's, for all practical purposes, moot.
Think about this, my dear friend.
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