#556: How To Hold On To Generational Wealth with Will Tanner
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The percy family had owned this estate since William the conquer, since any of the plant patent king castle, which is where her part was filmed in that castle for a thousand years.

Today's guests, wilt aner, writer at american tribune, reveals the hidden patterns of how old money families maintain wealth for generations and why americans keep fAiling at IT.

Oh, I like this coin. I think it's really good as a store of value. I think the problem with that is a currency you see under trump a return of what is under machining, which is american prosperity, when capital gains and dividends are tax to deliver rate than income that makes IT impossible. Ever catch up with the wealthy, no matter how well you use can.

You've had a dynamic .

where money become freer than free. Let me talk about a fed just gone that all all the central banks going that so .

it's all acting like safe haven. I believe that in a world .

where central bankers are tripping over themselves to devalue the currency, bitcoin wins. In the world of fiat currencies, bitcoin is the Victor. I mean, that's part of the bulcke for bitcoin.

If not paying attention, you probably should be, probably should be, probably, should be, probably be.

What a day? Ah, yeah, i'm going on two hours sleep right now, not about you.

Four four.

I'm very happy. I mean, I didn't even think about IT when we origin scheduled this. That would be the day after the election. Even if I was cognition. I think up until ten P M central last night, I was pretty sure was gonna days of not a week to figure out the results of the election but as a stand today, one P M central, november six, twenty twenty four, we have a clear winner. Donald trump will be the forty present of the united states and I don't know about you a modesty shocked with heller swift of a Victory once last night yeah.

I mean, I saw they called michigan like an hour ago and I thought that was gonna. One of the states were like a month from now theyd still be finding baLance in mailboxes or whatever. IT is just shocking. IT happen so quickly. I really wasn't expecting .

that to go that way. So I mean, i've been following you on witter, I think for the Better part of a year now, the work you're doing, american tribute in the ideas you have particular decision and trying to uh, make people aware that we should not allow the south african ization of the united states to to occur and IT seems like the election yesterday was this point of a fork in the road, if you well, where we could continue down over wk socialist politics or of wait the board clean, or at least create the potential to wait the board clean to go down a path, build a merok acy in free markets. And so what do you think based off of all the work that you've done in the topics you've focused on the the implications in the gravity of the decision that that americans made in the last twelve hours has on the future of this country?

Yeah, I think this was a much bigger decision than I would have been in twenty twenty. That whole election was just a mess. But in the end, that might have been Better that he lost.

Discuss, I think the past four years really put things in relief. Or even if you're not a particularly paris in person, which I think few of us are now, then perhaps in the nineties, on one hand, you just have the race, communism of south africa. It's not a particular racial and its participants.

There's all sorts people on both sides. But just in the outlook of things, I think camera is really the standard bear of that in the same way that mandela got they were. But then on the other side, it's really interesting because you have people like you on musk, and I think that was one of the bigger stories of this election, was that iron from south africa grew up there.

So how everything turned out in that country, he pretty strongly took a stand just all the sudden in a couple months ago where he said that you were not doing this anymore. AmErica isn't just drowning in this. He calls the equity, which is another correct word system of the sort camel.

Once we're going to fight back and we're going to make IT to mars. And I really do think mars is the best example of know where things will go if you get the mitotic dic capital system you're talking about because on one hand, one side, you have the people who want the global favilla just everywhere completely leveled. Yale, italian, a mess.

There's nothing good about IT. There's no achievement is a squaller. But then on the other side, you have the opposite, you have hierarchy, which create great things. As we've seen, I think the greatest thing that will do in the near future make IT to mars. And I think the american people pretty resoundingly in this election chose mars over the favela.

Yeah I mean, last night was an envelopment, not only of the incubate policies or the policies, the incubate administration and the trend that we've going down when I would say for for many decades, but really accelerated post COVID um with B L M riots and the bell out and a the hand out to be given p loans and not only was less than in the statement of the income administration in their policies in where they wanted take, the country seems to be like a natural revulsion to that um but it's an additional ment of the media to which tried to master d and put a assad on that widespread revulsion that many americans have about these policies and they try to use their platforms to project that that simply was not the case in that people that had these natural reversions are simply racist in are part of the patch, are trying to hold back progress, if you will and that's, I mean trump getting back in office as a big corner.

Somebody who focus on bitcoin runs a fund investing ambiquity companies from a regulatory perspective. The trump incoming trump administrations way more favorable for for my industry compared to kala's administration, which has attacked the banking industry that is supporting the big quin industry. And the fact that the media has been completely delegitimizing to mean the propaganda campaign the american public has has been subjected to for but the Better part of one hundred and fifty days since kala was out of place in the position of of canada aca um IT was one of the strongest pushes ever and last minutes results show that had essentially no effect public perception.

If anything, IT was negative. I mean, I can't think of a mainstream media interview for either candidate that was positive. I came all, had a few that we're just other disasters.

Trump had a few that didn't really matter, but he was really the alternative media that made a positive difference for candidates. Camel is hammered for not going on, rogan. I'm interested in seeing exit polling and how many how many people's opinions changed because you didn't go on there. But then I think rogan advance got a huge boost, not even because of what they said when they went on, but just because they went on and able to have a three. Our conversation think people are surprised politicians could do that since, you know, everyone for the past couple decades has been so awful more than.

I mean, j events, particularly the zoning in on some propaganda. I mean, he became vice president, uh, candidate right after july thirteenth. Character, the assassination attempts, and they came out with, they all this guy's weird and tried to like, say that that he was banging in cultures and stuff like that.

And I think not only that interview, but many other interviews is done. What there on all in or storm speeches, if if you actually take the time is down, listen to him. This seems like a pretensions articular smart individual. The whole weird label that they try to thrust out and completely fell flat, especially when you consider the voice president that the commodified with ten offers. Yeah object vely, one of the winter candidate i've seen on stage in my life.

Yeah, he wasn't brought up how walters anniversary is the tannen square massacre. I think one media outlet reported on IT. He said it's because he wanted a day to remember, which they never followed up on. And you know, that's objectively weirder than having a german chapter d like dancers or just being a otherwise I advanced seems like a Normal even if they think speech veterans are weird, which I don't think they are, but walls just has a lot of engaging. And so this camera, but of course, that was never brought up, which is another big and ditech of the .

mainstream media yeah, what you think do you think we avoided are we are in the process of avoiding a color revolution that has been attempted american public for some time now.

Yeah, I think they more less succeeded with one and twenty twenty. If you look at what happened there, there are all the rioters for months, jump point IT to call IT in the national garden army, and there are a number of generals who, behind the scenes, just told trump that the army wouldn't follow waters if he told them to put down the riots, which I say what you will about the policy of sending a national guard.

But I think when you have generals refusing to follow orders, and then the media are praising them for IT, as more revolts are happening across the big cities, that's more or less a color revolution. And I think with this, they are trying to slit fy IT. Because if people talk about the lion and fox decade or I want, and you have people like Richard the lion heart, who are just able to influences things with their strength and bigger.

But then nowadays you have the foxes, the people who try minute, delete things behind the scenes and are reversed using force openly. And so they don't want to do that. And they wanted to solidify by saying, you know, see the american people back camera in equity in gay commission, which they didn't.

They voted against that. And I think that really put the brakes on the solidification of the coal revolution. And is onna start rolling IT back because they don't want to use force and force IT. And since they're not going to do that, if they can manipulate things behind the scenes, it's just kind of over an .

unraveling yeah is there something unique about americans and american culture that enabled the stopping cover color revolution happening good to happen somewhere else? Or there's something unique to our identity in our culture that that sort of was ignited in the bEllies of american citizens that that LED to .

this decision? Yeah, I think it's a weird thing. One advantage or weakness has the europeans over amErica against amErica is that it's its countries are generally of one people, whether it's the checks or the germans or the polls.

So if you get the ball drolling there like they did in ukraine with the color revolution there, it's pretty easy to kind of get things to pick up steam because if the message strikes on with one person, it's probably gona strike on with the remaining thirty million or how f many there are is in america. I mean, you have some english, you have Scott irish, you have some actual irish. And then just, you know, all the different people from central europe beaten eua africa.

So there is a great deal of ethnic diversity there, which has its poses. And minus is. But one of the poses for this is there's not really a message that strikes home with that many people other than the blenders to things or just generally positive things like, I think deregulation and low taxes tend to do pretty well with most groups, but you know over through your government and go ride in the streets and your local macy, and that doesn't really strike home with seventy percent of the population, whatever you need to get a big ride type thing going.

Where is with the arab spring? If it's in syria, you're just getting syrians going. You're just getting egyptians going as a much different calculus and I think a good bit easier.

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So what do you think we go from here and what the potential past we have or be? Another way to frame IT is where where would you like to see us go from here? And seems like the administration making some pretty quick moves.

I mean, I don't think the votes even done being counted. I just saw a tweet come across my tweet deck that joe salton been tapped on the shorter to Operate within the U. S.

D. A. And so that seems like there there aren't moving them to place people of to make the systemic changes that they promised are doing their their campaign.

Yeah, I think the first thing you're going to see is a repeat of twitter or remember either and bought IT and everyone said all this is gna fail and then he just fired like eighty percent the workforce and said, go home because you're awful and they went home and they were awful ful. And now twitter works as well or Better.

Is that did beforehand? But IT, you know ten percent of the cost or some just, you know, a scene number because you get get rid of all the dead way. I think that one of the first things you see from them, h he's putting iran in charge of the department and government efficiency.

And they have people like joe salad and her used to being not part of the mainstream, even if they're really popular or night one of the big beef producers like G, B, L or times or you know anything like that, he's a Normal guy who just run or anch. So I think what you're gonna see is a cutting out of a lot of the dead word of centralization, at least that's what i'd like to see. And then you'll see people who are are competent do the things that need to be done well.

So instead of having the pentagon flail around in the middle ast for two decades and lose, you have eric prints, do IT in a year and do IT well, and then either remain and make IT a profitable venture or just get out if if you need to stay or you need to get out depending. It's hard to predict what exactly what happened because you never know what wars are going to break out or and what economic condition is going to present itself. But think generally, what you'll see is the people of that mold who are quite competent people, start to take over some things and to get rid of the dead wood under them because they don't need large parocco ies to get done. What they want to .

get done now would be good to see component people, positions of power, dictating policy in helping to cut cost.

It's like I could do space things instead of just putting rain .

both egs outside of buildings. cool. It's I don't. Do you have the sense? Like I have the sense now have had even in the lead up to the election yesterday.

Like there's got to be a moment where we get rock pulled. And do you think cases is this going to affect actual change? Or are we getting our hopes up? Because that's one thing I was um a long time stage. Many would define as lobar talian. I was like going to vote doesn't a decision but this year I have two Young children now and I think becoming a father and um looking out of the world and trying to project but IT will be like when they grow up has really forced me to look internally and and think about the decisions of how are affecting change in the world that they're growing up in and felt compelled to go out voice my opinion, with a vote yesterday in support of trump in the sort of a vision of the future that he and the team assembled represents um but that laboratory in the back, my mind is like that I just vote in for eventual bug pole you know I think .

if he what had won in twenty and twenty, that would have just been another rug poor. And if you look at the people around him, then it's all people. There was no one in his administration who can try stab him in the back other than maybe Steve ban.

Non the ban. Nan was also just an attention hound who wasn't really doing large IT works. Now, if you look at the people who have surrounded, the drama is no longer the old r ency establishment people like this for this. It's instead yan beech, vance teal, eric prints, which is a really different set of people.

And I think the difference there is that not only you are they compete and can get things done as opposed to having been political approach, rics other lives, but they also have a vision, that of things they want to achieve, like you on wants to get to mars and cut the dead wood to get there. I think vans kind of wants to restore the all thousand nine hundred and eighty america. I'll see how successful he's in that.

And prince really wants a decentralized government with a lot of privatize arms that do interesting things and have the power to do interesting things abroad. So how well that will turn out, I think well, but we will see. But I do think we'll actually achieve things this time rather than IT just be a continual mess that only results and tax cuts for corporations that donate to democrats.

Yeah and I think that's why I was drawn to the message in the vision would fourth by this coalition, like meaning in maha specifically, like make amErica healthy again. Like that's not something you do overnight. I think rf k and everybody pushing the maha movement has this recognition that this is gonna um something that happens overnight, like if you gonna fix the health of an entire nation is going to take time. And so there's this inherent lowering of time preference that comes along with A A goal like make amErica healthy. And and that is what i've been focused on a bitcoin for over a decade now, is I believe we need sound money in the digital age so that we can allocate capital appropriately and have a money that actually stored value over time, so we can lower time preference and aim to achieve harder goals that take more time, inevitably lead to a higher quality of life, higher quality goods, higher quality services for for individuals in the long term.

Yeah, I had totally great. I think one thing that head credibility is when the people pushing something obviously live out themselves in Kennedy, for whatever his earlier drug problems, is now a very healthy person for audio and he's still like he does that funny video where he's doing the uh that the bench press and genes ever and he's out on the beach and it's like a Sunny day and he looks good so he's just a healthy person, is a Normal guide, lives lights and you know opposed to whoever would be running the government health democracy in past years like the belgian has the health inter mean know he actually is healthy. So that makes sense that you .

make amErica health again and that is the the yeah the others like going to take american culture like was this even though the propaganda was strong, but did they get to a point where he was just so again, repulsive, literally ugly at Rachel levine is the head of department of health who is a little man protection to be a woman that does not look healthy at all. That is the image of the person that is controlling the health care system in america. And it's like IT only this feels like there's just like, I mean, nobody says vibe shift.

but just .

like like many people independently came to the conclusion without even articulating IT. Many people were articulating and publicly, but I think many people in the silent majority were in their heads like, this is goten. So one seemed so ugly.

We need, we need A A vision of strength and beauty and vitalities that we can move towards. And that's obviously become a big up culture on twitter over last years as a vitality movement. Anti c oils, sun steel on your balls saw that stuff.

yeah. And you know one thing, like ever since world war two, the buildings have been getting ugar clear. Uh, the guy who wrote James bond inflaming famously made the bad guy named gold finger, because or no gold finger was a brutalist architect who was making london ugly and flaming, hated IT so much that he made the big guy named after time.

And it's only got worse since then. But around the two thousands maybe or late nineties, the people started getting ugly as well, unlike a large scale, whether that was because of c oils or lifetime in the water atacinus climate. Have no idea, but they did.

And I think that when I just came in and I kind of hit critical mass with the like clock downs of twenty twenty were all these people who aren't healthy at all or telling you you're not allowed to have a social life for go to bars and after we ask because they're scared for their health. And I think people just couldn't do IT anymore. It's too much.

The buildings are ugly. The people are ugly. The people wear just off for clothes. Marvel t shirts instead of suits are places. Ers, it's just that ugly world we live in now.

And I think people really hate IT in trump, in Kennedy, and the others really stand against that. Trump dresses like a successful business men. He had that, uh, executive order where all federal buildings had to be designed in the new classical style.

Vance dresses pretty well and awesome weight, were in nice beard or OK, like I said, lives weight and is pretty healthy. Guy, so a very different movement. And like, is, is a vital one. And I think the idea of beauty is important, I think also, have you heard the term bio ennis? M, yes, yeah, I think spend your pointing that term and just promote ating. IT helped people put their finger on IT and describe what's going on in a way that was very helpful cause IT sounds bad to be like all everyone of the government's fat, which is true, but not particularly helpful whether to say, yeah, we're Operating on a pretty bioenergy stem. I think that is a more accurate description and people are a little bit more comfortable saying IT that.

I mean, because that only is IT visually ugly and physically ugly, but the the ideas are ugly as well. Go back to equity and commission the device of nature of the the politics um of the left recently is every there's a buggy man. They're taking money from you.

They're taking opportunity from you. We need to level the playing field and basically prevent people from succeeding and the world is shit. It's because of these people who have success. And it's just not a good it's an ugly mental framework from which to Operate into sort of plant that mental framework into the minds of the masses, which has been done prety successfully by the mainstream media apparatus over the course of last three decades.

Yeah, IT has and it's it's a weird thing because you asked earlier if there's some resistance in amErica has to these core revolutions. I think one thing that does have abused to have a resistance to any form of socialism, u gene debs, was never, never pretty popular. F, D R clock as socialist reforms and the guys of being patriotic, we've had an ownership culture, not a socialist wan.

And I just think that kind of changes, this sort of thing around where they've tried to push these messages. But because people own their houses on their cars, jet used to have kids. There is a just a little bit more resistance to these things were, like you said, these ideas are ugly.

And I think people are a little bit easier able to say, this is awful, just an ugly idea and really, really bad because they don't want to see their house taken away. The house some migrant family know whatever the social policy would be that I think england was temporarily doing that. They just don't want that here.

Yeah I mean, that's a third wrote today about how do we what are the low hanging fruits that this administration can go over go after without um with relatively in terms of having to get through red tape and pushing through um the house and the senate.

And immigration is one of those that has obviously been one of the bigger topic leading to the election last night was immigration to diametrically opposed views of what to do on open borders body. The other we're going to close to booters and we're if you going to send some of them back. And the sending back part is but IT was used by the media um as a buggy man of I mean you mentioned in your thread the exciting visions of rounding people up, putting them on buses and in sending them back. But I think your thread was pretty insights in the sense of a highlighted to some very low hanging fruit economic policies that could institute to regulations they can institute in terms of verifying um the whether not a worker is actually an american citizen that can lead to people self deporting themselves yeah at the it's .

one of these things where a lot of people want something that happen, but that have not really ever thought through how they get there. The illegal migration things, the big example, because pretty consistently when paul americans say they don't really leave migrants either here or getting into the country, which is probably true, they don't want them here.

But then as soon as anyone tries to fix that, the media are just dangers up, like you said, images of train cars and camps, which no one once either, even though that's never what's happening. So you have to look at ways to get these people in self to poor and just decide that it's much Better off for them to be in quatomac under as or hate or ever instead of america, which understand that hate is a pretty tough cell, but the others, I think you could get through. And so it's you can cut off their access to welfare programs, which most people not know, but illegal immigrants can access a large su of the welfare programs, particularly if they, the child on american soil whose encounter as american citizen, a lot of the health welfare style stuff, therefore eligible for.

Similarly, you can pass, identify and make IT Mandatory across the states for any hiring. Once soever, whether to contract or an employee temporary position, you can just force them to do IT and pair. That was stiff penalties for employers were then it's never worth IT for an employer to hire these people.

So at the point where they can access welfare and can access the job, they pretty much have to leave. You can also tax, for instance, payments, which really gets rid of the reason for being here because a lot of money is sent out on on that basis. It's about one hundred and fifty billion dollars here.

So you can not text the bit coin transactions have ever figure that out. But generally they just use western union. So be pretty easy to tax.

So there are just a few things you could do that would be very simple, probably would even require a congressional approval or impression lawmaking. E verified, maybe be the one that did, but others you could just do anyway. And you would just get people in self.

The port where there is no train cars is is just people living in the problem can solves itself. And I think could be helpful for a wage growth, be a spiral wage growth because there are no longer be the depression of probably around thirty million people here legally right now, as best i'm able to tell. And I would also reduce the cost of housing, just a major issue for americans right now, because there thirty million people that don't need housing anymore.

month close to ten percent of the population, which is materials, probably tween seven and eight percent. That's nothing. The Scott that IT has a material effect on the economics of individual citizens. And I think the the housing costs because I was the big worry um in Jerome said this explicit a few months ago, don't think he should have set IT, but he essentially said that we're letting these illegal immigrants come in because IT IT leads to lower wage growth, which take tapers inflation a bit.

And I guess that's the big worry from an economic perspective as if um you have the illegal immigrant workforce population moving back to their homes and in windrows is allowed to naturally rise as americans overtake those jobs. How do you counteract that? And I think you made a very good point. The thread is that if you tens of millions of people living areas where the renting houses or buying houses, um that's not going to lead to lower cost of housing, which should negate that that rise and wages from inflation perspective.

right? In one issue with the inflation argument, which I totally see what they're saying there is accurate in summer next is like the problem with inflation is generally that you're then able to buy fewer things on your salary, which makes sense, of course, but IT for salary people where their wages are going up. But I think generally wages would rise faster than the cost of most kids.

And even then, very particularly for the long term, I think that would happen. And also what you get is when more people are working and more is being produced in, less money is being remitted. There's just a lot more money flowing into the economy, whether is savings or consumer purchases that I think would be a spur of real economic growth is opposed.

What we have now or a lot of people are either on a government check or working some sort of a service job as legal immigrants do the things in the real world economy, whether to meet packing or house building or whatever. I just think you need some of these spurs to get back to the real world and real world goods and real world economy. We can restore, sell each other like substate subscriptions and hotel reservations.

Someone has to do something in the real world, I think could be much Better if I was american citizens. Making a living wage is opposed to something approaching slave labor that's just brought in and abused from various places abroad that should have those people. They are working hard and making those countries Better so they're more pleasant place to live.

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That's another when that comes to the immigration discussion, like a lot people, they can go back to the country. The country is terrible. And like. We have that I think else salad or is perfect example where you had to key come in a few years ago and now they have reversed the aspera people are going back to the side door because b ki has given individual salvadoran citizens the confidence to go back, because he created a stable environment, crime is down, went from the most dangerous to the safest country in the world in a very short period of time. They have very lack economic policy, that is, trying to spur growth and job creation within the borders of elsa or and that that is a perfect model and it's like we should be going to every other countries they do what else aboard was doing and um create a safe environment. And the tax environment where people actually want to grow the economy, create jobs and IT creates environment where people don't want to leave, feel compelled to go to amErica to work and send money back home.

Yeah, it's interesting. There's a really good book called A L norte or bus, everything, the author's name, but he describes of the debt bubble that ensues when a large number of people are going, two united states, one of these communities, and how I just ends in disaster. I think his focus was on the O A recession and how I just obvious arted.

Remember what country from the Oliver, okay, yeah. And just a total rack, which none of IT needed dab. And they go to just stay there and focused on building a business there.

If the policies were right, there's the soda, I think wrote a book about property rights in south amErica and how you could tweak some things to make a Better. I forget the book's name now, but there's just, you know why you could make policy tweak in amErica to solve the illegal migration problem. I think you could make some pretty easy policy tweet and some of these central and south american countries spur business.

And you know, one of the problems with mass democracy is that really has a hard time looking at the day after tomorrow that has trouble making these long term investments in a way that the pre reform, at least pre one thousand fourteen or so one thousand nine eleven restorative governments did in, I think, with buk eli and male in orban. And I think it's liked in time that's real about king again because they're got tired of democratic squabble. Ah you're seeing a return to someone as long from thinking where you Kelly says, you know yes, it's can be painful for a month as we lock up these thirteen gangs sters but on other had they other hand that they behead people and they worship sad and it's gonna be a spur of every good aspect bell overall.

If we locked them up so made, we should spend about twenty million dollars or whatever was to build a large prison and just locked them up instead of having the deal with just these continual problems of trying to lesson, just present amount of pain you're feeling. And so I think l svd was really saying that, which is great. Some of these other countries, you could ably spur them into IT.

The big problem is you need to get amErica to start taking that way, which perhaps you on T O prince, that crowd will be able to. But I think that can be one of the chAllenges for the trump administration is you you need this change mindset that is willing to do long term investment because that's what build america. And the guilty day, just people like corneae willing to invest, forge sums of money in the real world.

What you haven't gotten since, I don't know, the fifties or sixties and it's starting to buy IT. So we need that again. And how they get there is, I think, going to be one of the problems or one a big chAllenge for them to focus on.

What do you think in regards of as IT pertains to having these long term oriented goals that require big up front investments, what are some of the areas you think we need those most pressingly right now.

a material science is a big one. If one thing, if you look at like golden jets, they used to make pretty big advances. And since it's a private market for very wealthy people, you can just expect them to produce the best thing for, I think there was the transition from the five to the six.

They spent hundreds of millions of dollars trying to make IT more feel efficient, longer range. They made marginal changes at best. So there wasn't really anything they could do in.

The problem was that material sciences has had an advanced whatsoever. They couldn't do anything. So it's some this corporate R N D, just long term investment inside corporations like bill lab used to do or like edicson was known for doing. You need to bring that back. Uh, and I think that's one of the big examples of the material science we can do that.

I think also the shift away from software service companies may be, with the exception of plentier, back into hard tech, whether it's what's that defense started up that doing well, I was forget its name but and yeah Andrew or haji an, which is doing the same thing with machine tooling, I believe, and uh, small nuclear reactors or small module reactors for nuclear plants, I think that sort of thing or it's some someone knew and has a tech flavor. So IT gets people excited even though really just iteration of some pretty old technology. I think that be pretty cool.

It's going to require a lot of capital investment in a lot of kind of long term, just money pits. But I think I will prove profitable in the end. And I think also it'll be was large enough steps forward that people are comfortable or get more comfortable with pouring money into something. I think also, though, like you mention, you needs something approaching a harder money, at least compared other world currencies to get people to do that. Because otherwise college going to be here constant round against perceived inflation, which yet.

I mean that I was just going to highlight buying as a perfect example, the combination of U S G D, E, I and the perverse incentives that have been introduced in the market. We are money putting in that expansion, which is bowing had essentially the the triple threat of adopting all three. They fire the engineers in the sea sweet, and brought in the kinsey consultants who had never built anything in their lives.

And um they just became beholding to quarter financials and stock Price appreciation at all cost. Um and so instead of investing their cash ounces and long term R N D that would produce um Better Better um Better products, airspace products, uh decade on decade they insert of that cash, bought their stock back to lower the denominator of flooding share Price so that the stock Price will go up and they'd be able to get the bonuses. And that is resulted in planes literally falling out the sky and action ots getting stuck in space. It's like a perfect microcosm of the lack of long term investment incited by easy money in perverse incentives because of the monetary system leading to terrible outcome.

Yeah, it's one of these weird things that starts happening with easy money at corporations, of course, behaved badly on the gold standard. There's credit mobile in the railroads and all that.

IT was a different types of behaving badly though because they still actually don't railroads that did things you can screw around with the financials of the steel plant, but if it's still producing steel and IT doesn't matter that much, which they had to do, I had to produce worse. Now there are so many of these tech companies bowing the playing no logger or which is horrible. But I think of any software companies have never made a profit, never will.

And they've just been evaporating this easy money because periodical Spike, they can sell IT. It's a big problem. And IT also shows I like there's something about the current iteration of mass democracy where the institutions under IT will just start wearing the skin suits of their former selves for completely different public companies are great example of that.

And in public companies use, really produce what american wealth in the real economy and do things, whether is the railroads of the shipping companies, just, you know, the things you think of, you think of the good date, railroads, s steamships, steel plants, coal mines, IT was had their issues, but they did stuff. Where is now? Public companies pretty much exist.

So late to push D. I on the workforce and my host to stop an pizza ties for remaining employees. It's really weird. And a boings. The perfect example.

What is this company that should be a prime american company and probably would be if IT was a private company like space ex. But instead, they are just dedicated to corner financials. So they do absolutely nothing except trana pese, the yest people in yeah like you said by the shares back to fitter with the financials.

It's a mess. The whole skin suit thing is one of the bigger problems. And that's another thing we're going have to get past. But I think for that, this just private companies are probably .

a lot Better at IT. Yeah, what do you thought? Some billing.

Oh, I like bacon. I think it's really good as a store of value. I I think the problem with that is a currency as if you look at the way nineteen century with William jennings, brian and the silver movement when the gold supply had expanded for a while, because this was post foreign miners, but free the gold mines in the round in australia, people were getting pretty fed up without tight money was IT might have been good for them.

But IT created an unstable vivement in the constant depreciation and goods Prices, particularly agricultural goods. IT caused a lot of problems for the farmers and for the parts, the economy related to that. So I think you being able to save your money and store wealth, which bitch coin in a ables in a way that, you know, h etf and publicly traded shares don't, is a great thing.

I think the problem there is for currencies and really a society in which you did is involved. You don't need inflation, but deflation is a serious problem just because that makes dead so expensive and somewhat and predictably expensive if Prices followed in increasing rate. So I think that's the hurdle you'd have to get past. I don't really know enough about economics to solve that. I wish I could that just you know, Williams jennings, brian really didn't win only because the rand mines were opened up and just produced the barge amount gold, released the social tension and solved the issue, which I think is a similar problem you d get to a bitcoin actually became a currency people used and debt was dominated in.

Yeah, that's the IT particularly. Well, bitcoins monodist ing. You're going to go to ominous debt at one point five trillion dollar market cap. Now many people think a mult hundred trillion dollar market cap at some point. In the future, be extremely liquid market is liquid market all on the planet.

But yeah, you have to take up big dominated debt now and trying to head that back as big when monitise ing between now that multiple million other market cap. That would be insane. I guess that's one of the ideas that big winners definitely recognized that. And I think the big winners, many um bitcoin focus on the economic impact of a bitcoin as a monetary good in the economy that i've thought about this. He just has a big question like what would that just be limited to a certain level? And you'll basically be engaging equity best, economy where people investing in companies um or if you're going to a give money to somebody essentially getting equity in that project and getting dividends on that verses is showing debt to get paid back in the future。

Yeah the um whether its dividends or interest on debt. I think the problem is that even though the society we've largely moved to capital gains as a marker of success rather than the income generated by the capital, which for a long time, if for british tes, for example, if you ever read pride and prejudice, see the movie, people are treated in terms of like the value of the state.

But the value is the income generated by of ten thousand pounds, which would now be like three hundred thousand dollars, five hundred thousand dollars. Income was a large amount, obviously, but that wasn't the capital value value that was income generated by. I think you still need that because people on't really like selling assets to fund lifestyle, because that just introduces hot creep of all.

I can sell on more share or one more bond and IT won't a big issue, but then soon gone worse if those incomes sustainably generated by as much Better situation because the last definitely and never have to sell the asset and you're not attempted to sell the asset. I think that's another problem for bitcoin as I really like IT as a saving, saving mechanism for wealth. But when there's no income generated by IT, you can never rely on IT to live on unless you're planning on selling IT, which if it's going up in value, seems like a bad decision.

So just the the income issue in the deflation issue. I think turning the issues or once it's monetized fully and things are settle, it's not so much a problem. But as it's going up, it's just hard to generate income on something like that, that doesn't .

involve selling the asset. Yeah that big a big theory or thesis that many big winners i've been going back to government ways waste to building the the the stop um pizz parties. I was wasting money that is available because of the way in which the feet monetary system works.

I mean, just look, the federal government, we other jobs report last week came in well under expectations, expected one hundred thousand jobs, twelve, twelve jobs were added to the economy. If you took out government jobs, that would have been negative. Sixty three thousand jobs were lost or sixty three thousand jobs were lost um last month.

I think highly in the fact that government jobs are the leading cause of job growth in recent months. In recent years. I mean that that is little as people aren't doing anything productive, not the idea. And one of the theses is that if you bring back sound money, people be force to go out and be produced throughout the economy and obviously not producing income um the acquin the asset itself but go use the quin capital accumulation to start a business, figure out how to get an income stream by selling goods and services that funds a lifestyle that hopefully allows you to build a bit bigger big coin stack over time.

Yeah, we'll see. I just on a lot of people, I think, record with the idea of being able to retire, whether that's the conventional retirement in the sixties or and the new thing is trying to work hard enough to be able to do IT just when you want to do IT when you're financially free. I think it's hard to be financially free really ever on a non income producing asset because you can have to sell IT what you never know how gna turn out ah.

So I just the whole dividends issue or interest issue, I think is an interesting one. I just guess whether or not it's good or bad is a separate issue, but is a matter of the psychology of successful people. I think people like being able to rely on something that's coming in rather than than involves clicking the cell button.

Yeah, I agree there. I mean, we're getting into the integrity of the topic why I originally reached out to have you on the show, which is idea like wealth accumulation and passing along um three generations and something that many big winners of thing about myself. I personally thinking about this and building this business, the venture fund and um watching bitcoin go up in Prices and it's in art and a practice that I think has been been lost throughout time, particularly as fear money is corrupted things and we have this ugly society where the inheritors of wealth um don't have a the correct mindset taxi steward grow and pass that that wealth down through through multiple generations into the future. And you send me paper and I was just really interesting to see how wealth accumulation and the passing down on that wealth has evolved over time and the factors that really perturbed the ability for individuals to do that and families to do that over time. yeah.

So it's just a little bit background because it's a very odd specific subject. I just finished law school and the last little bit of our schools really boring because you're not doing much. So I just since I still have a school account was poking around on jay store trying to figure out of there any papers on what the old families in england that have survived put their money in.

Because IT is, I think, of interesting subject of how, say, the percy family has been powerful in england for a thousand years, and reminded that way the growth in her family, similar you are the man or family. They all came across the William the conquer and ten, sixty six or sixty seven with the purchase in this al wealthy, which is interesting. And if you look at this paper, I think it's called trajectories of herstal tic wealth.

What you find is that the only families really in england who survived to the death tax regime of the nineteen century, which was introduced in a large way by boy George and western churchill in in one thousand hundred and nine people's budget, and then became a big issue with the parliament bill of nineteen nine eleven, which took away the power of the house awards to vat legislation. Then robot one, robot two things to get expensive. So death tax to shut up to.

In the sixties, that was ninety percent under held. Wilson, so when you died, ninety percent of the estate which should be configured that really destroyed a lot of families. But if you look at the ones who survived the proceed, the growers, the markets of bute IT, wasn't the ones who had been created as peers by Edward this event, or queen Victoria, those families died out within a generation or two.

They just spend all the money. IT was gone on immediately. However, a certain number families didn't survive. And they were the ones who might have been considered, except for the growth ers, a kind of poor in the late nineteen hundred ds. Early nineteen hundred ds because they mainly on land rather than stacks or bonds.

But what that did is that encourage never sell because if you have in a state of one hundred thousand acres, really it's only valuable and maybe ten thousand acre blocks, but it's toured to sell three hundred acres because the legal costs just now or you don't get anything out of IT, particularly with the capital against tax. So then sold, they just built on to IT. And now because land to shot up in value with, I think the problem is land being somewhat monetized as masa just make farming too expensive.

But ignoring all that, they have gotten wealthy and they start income streams from the land. So these families still kind of act like noble families. Um a good example is that marketers of sales bra or sales bri was famously the prime minister for queen Victoria, his great grandson.

I think the current lord salisbury is still the leader of the house of words, at least laws until recently, and is one of the more conservative writting members of the words. So it's interesting they survived in the study wealthy and there's still acting like a restore rats rather than having the ground around for work doing yeah whatever. So if you look at why they survive t when the others failed, it's really because that an asset that they had a reason told onto IT was difficult to sell.

So while others could just sell stock in a business that was once the family business, but the attachment to the percy family had owned this estate since William the conquer, since any of the plan pageant kings, so that I gonna sell an agree, and I can sell on on with castle, which is where her potter was filmed, because they wow that castle for a thousand years close or seven hundred. So they're going to stay. There are gna figure out a way to make this work, and there are going to have some degree of family continuity and historic continue with the land.

They encourage them to work hard to make IT work as a thing which takes a lot of money. The duchess of rutland was talking about a beaver castle where they live every year at cost half million dollars just to keep the lights on. Probably more now with the cost of energy so that you that takes a lot of kind of figuring things out quickly with the high taxes they have there.

But they did IT and they succeeded and they overcame the death taxes. And I think the reason is this just idea of purpose and continuity in the idea that selling is probably a bad idea. You're never going get IT back.

So you need to find a way to make IT work without doing that. So it's an interesting paper. And they succeeded in IT, which I think is it's very wrong.

When did I have been talking? But the the americans are really bad about that. Americans, I sell stuff.

My great, great grandparents were in new york on the guilt age and were in the new york four hundred, lost everything in the dressing to legislated and spend IT. Now now i'm working, so I know, but is jack. But yes, so americans are bad about that in the way that the british armed.

So I think now that people are making a lot of money, a bit coin is just a great example because it's the sudden wealth that really people accumulated particulate tive in holding for while now. And so the question is like, how do you act once you do that in addition to no blessed lives, which is, I think, of related but somewhat different subject. Uh, there's this idea of family purpose and family continuity and connection with the past that they were able to build the island of families. So if the question is, how do you build that as america? Because IT seems to have worked for them in fighting a pretty .

tyrannical social government yeah no as um in irish american with a press ong irish cathos family from the northeast, some fulfilled of origin inits. My mom was one of eight. I've got dozens of cousins and we like brothers and sisters and that's um one thing I hold near near to my artist.

Every summer we all get together and down the shore we have this sort of culture with our family of always go to the shore in the summer you hang out. Now we're at the point where between myself, my cousins, we everything twenty kids under the age of ten and they're growing at the same that we did. And um it's something I think about a lot is a how do we continue that and um being successful having certain mental wealth probably is necessary.

And let's see the other thing I can't remember with you or another paper was reading but um sorry, whether the rest cracking, the rest cracking or uh airstrikes y exes me or on four hours to sleep, right? Or just like wealthy families and generally like what they should try to do, like you get wealth and believe of as you or another. Maybe if somebody was on your podcast recently.

the hunt is like .

founding fathers and how they we're able to strive for higher um higher goals because they had the the wealth of the land and um their family wealth that have been accumulated of the course of many generations and they were able to go seek out the higher purposes starting the revolution, being statement, being diplomats, if you will, or investing in city parks in in monument. And um when you accumulate, that else is like how do you not only preserve IT but then when you're able to preserve IT, what do you do, what you strive for?

Yeah, it's some. I think stormy waters might be the person you talk. You're thinking of his talk about this a good bit with the guilty age american aircraft.

Y one thing americans also do differently is split up the wealth when they die. And pass IT on was the british pass IT in one entity. Whether it's to a trusted person through premier agent, nature is in the law anymore, but they still more less act on that principle.

And what that does is if you're avoiding the taxes which they try to do through dynasty trust, the money never gets split up. So there ends up being a large screen and income off IT, whether its land or stocks or whatever. That ends up being in a point that ran off churchill, the son of winston churchill, makes and his bag for favors.

Father is that winston was really only, only able to do what he did as a politician and writer because of the support granted him by his cousin, the duka Barbara is ran off puts IT the the benefit of premium annual is that improvers cutt branches can always reach out her cousins for help. It's a funny line like that, which winston was shameless and doing just constantly. But IT really is a benefit because because the money never split up, IT creates a surplus that can be used for Better ands whether that's helping family or yourself, serving in the government without drawing a salary or whatever brand them think.

That is why there's military service, political service, helping your family, helping your community. A large amount of money is a great thing and jacked ing. But in the income and wealth, I think, generated by one large pot, rather than a defused, kind of a spread out thing among the people who don't really know or care why they have IT h ends up creating Better outcomes.

Because carnage, for example, built pretty much all the libraries in america, at least all the pretty ones and brutalist ones. He's not responsible, but the pretty ones he is. And he only did that because he had a huge amount of money from selling american steel.

And he thought that be a good thing to do. Or rock fellow did a similar thing with churches. Just examples like that of these men who were able to do that. Where is, if you think about the money, if theyd been Operating on them a wherever it's called now, where the employees insist that the owners of the companies make them shareholders just for existing, you're never gona get that because they don't care. We'll just spend IT on another truck or whatever, which might be good for them because I like my truck, but you're not gonna get the societal benefits from a defused thing that there is no real attachment or connection to h that you do from having purpose and h creating something and using IT IT towards an end, rather than just for mere existence. And h that's a problem with our many of our modern alarcos and model rats is, you know, bill gates doesn't how .

would how would you disease bill gates when he's done with his wealth?

Yeah, it's a the problem. Philanthropy is really like, will bill gates and buffet deal or i'm sure they're good guys and summer specks, but there's never a connection if you say anything like a hundred million dollars to africa, to by mosquito, to ads or whatever, the what's the ultras thing, effective altruism.

They always think about mosquito that the problem is the native ended using mosques, so killed off all the fish and other, starving again. It's a huge problem. And if you look at White that amand, it's not just because it's the stupid idea that they spend too much money on.

It's also that there is never an actual connection to the locality in which the money was being spent in the person who was spending IT. So bill gates, this is just a tax right after him in some positive breast because he used, to be honest, the worst to first blue cats. Now he's the phantom st. But he doesn't have a connection to the village in nigeria or the buying this internet.

So he doesn't care what's happening, whether if he was in english, the word in eighteen fifty and was like lord Russell was known to do, spending great amount of money building Better housing for his workers or agricultural workers, he'd really care how the houses turned out because he reflected poorly on him if they're bad, and well on him if they did well and actually mattered. Both of the people in the community. And to ever found out about IT, or as bill gates is detached enough from his philanthropy, IT doesn't matter not and not only is not his locality, is not his people, it's not his community, he's just attached from IT doesn't matter to him other theoretically, something good happened.

So I think that's really the problem with modern panthry py. And the plutocrats were known for their philanthropic adventures. They're not really doing good even if some of the things they do turn out well because there's no purpose to IT.

It's not it's not community building. It's not people building. It's just up spending of money for a tax right of at the end, the death.

What do you think drives that? Just a natural of disconnection from community that has proliferated in recent times or a recognition of we need to figure out our tax strategy and this is the easiest thing to do or a combination of the two.

Maybe I think it's a long term. I think that particularly angle societies are known for. There is a famous line and dicks, a telescopic telescopic for anthropy.

There is some woman who at a church and all her children are starving, and all the children around who are starving, but she's going on and on about, like the poor natives and sumatra. You do wherever holly around the world and dicks finite as well. Maybe you should get a shirt for your, like freezing to death boy, because that's a, that should be a bigger deal to you.

Then the theoretically natives and so much might be Better off if they had british tea. Whatever is that, I forget the story at some ridiculous example, but so that I think the impulse for philanthropy, a world away where you don't have to deal the consequences or implementation, has really been this weird aspect of wealth building in the england world for a while. I think the impulse to do on a massive scale is partly tax policy, but then partly also just the liquid nature of the way wealth is in modernity.

I used to be like bill gates. If head built, microsoft in eighteen seventy would have sold IT and invested IT in a state and become a landmass of land, general and structure, and then focused on doing stuff in village with the remaining wealth, which is just a different mindset and leads to different things, then microsoft stock is highly liquid. He could sell how many shares he wants tomorrow if the organized IT shaping more again, if IT was large block shares.

But could you do IT a IT just creates different impulses. And I think you see these things play out. The bad habits of yesterday year still exist. There's just on a much grander scale now.

yeah.

So I guess so what you're getting as like you need to invest a good portion, roll off into somewhat illiquid, illiquid assets that force you to become grounded and connected to these assets and the locality in which they exist.

Yeah the whether IT has to be in the physical world, I think, is a question. For example, I think I have a treasure ledger, whatever it's called. I got a while ago, I guess of course, I just for bitcoin and I put when I had like a full bitcoin, I put IT on the thing and said, well, i'll just keep that on there and never touch IT.

That's a very different impulse that when is resting your coin base account or whatever. And you can say what I wanted, sell IT. I want to take up debt.

They start this bitcoin, which is probably a horrible idea of, but you can do IT in the impulses, do IT because the button there you can do IT if you want or is if it's on a thing where there just even any friction between the asset existing in your possession and your ability to sell IT. Probably for a consumer good of some sort, it's a much Better impulse because it's gonna. I do think to some extent least the connection between wealth in the world in which you live is probably a good thing.

Um you know a great example is rats first is actually owning houses in your neighbor od bitcoin is probably a Better asset of doing either of those things. But if you're a read, you do not really care about its practices. If it's screwing over people in maricopa account, you might on a general of all dislike that, that you don't really care as long as the returns good and the dividends good, you are too attached from IT.

Whether if you look at, say, you own four rental homes, ten minutes from your house, same amount of money, same amount income, there's a little bit more friction. But if you're dealing with the people in those homes, like you're just cold harder of the most, cold, harder to cold, harder people. You know, if your kid get sick and they have to miss half of rent for month, you're probably not onna throw them out almost certainly are not going to and you're probably care about them and you follow up the other kids doing potentially trying to help them.

It's a completely different thing that creates a different world view. You're tied to the community and the people in IT. Again, you're just called hearted and you're probably eventually get your money back.

Money back. That can be a huge deal. A where is a large corporations never going to do that and particularly a shareholder of a large corporation doesn't going to care. So it's just a very different perspective. And I think the connection of a large amount wealth where you have the ability to ford some degree of a blessing to at least just create Better impulses in people and end up leading to just Better back and forth between the rich and the poor because they don't end up being quite as disconnected.

Yeah, do you think we can back to A A culture build around these practices that seems like we're pretty far away from this, would you agree?

Yes, yeah. I think one of the biggest are the two biggest problems, probably our inflation and taxes. Like for example, if you you know owner asset that produces a pretty steady amount of income in inflation is climbing up and forty percent of IT is being tax away, you can be a bit harder edged and harder nosed with what happens then if our taxes and inflation is a problem, you're just probably gonna be Better set.

It's not gonna impact you as much. Handle a bit more room to be nice and charitable. I I just think IT ends up creating, even if you're not intentional about IT, a Better mindset. So I think if you get rid of those two things, a lot of the bad impulses in private wife would be a military to some degree. The problem though is, even if you get rid of that, you know, the idea of the gentlemen has died out almost completely.

Like if you read the jane Austin books, just the world view of the people in that world, from the daylings our's to the dukes, was completely different because they understood social duties and social responsibility, ie. S back and forth, what they could expect from the world and what they are expected to do for IT. I don't think you really have that now.

Some people might either still a great number of great people out there who care about this stuff and do IT and live buy IT. But you know IT would warn buffet you ever build you know how Better housing for labor s in? Where does he live at home? Maha a, maybe I don't really dislike one about IT, but it's just not the same mind said, and no one ever told him to live in a certain way. So I just think of that sort of thing. You need a lot more propaganda, really just about IT, about widest good thing, and social education about why it's good thing to get IT back.

So yeah, I was going to ask, how do we bring back the gentlemen? I think subari is dead right now. We need to rely IT. Do we do we need to like spin up caton in every, in every state, every city around the country.

Yeah, if I don't think I would have died, but for social conditions, a taxes, inflation or big thing. The other thing is that a lot of this was meant for serving the state.

Whether I was like being nice to the people in your village, they won't revolve, you didn't have to do the i'll get on a horse and fight the peasant or something on the like is end of things or just, you know, if your states going to war and you're fighting the a sudanese or the board, you should sign up to be an officer because your privileged person. How well that all work is a different question. But he was the impulse, and I generally lived up to IT a the duke of westminster, for example, was the wealthiest person of the day.

And he was serving on horse back in the bar war, somewhat expecting vely, but he is still doing a bit being shot at. That only happens when people see the state worth serving as if the state is constantly like putting out videos like those horrible I don't if he's all the military videos works like in the corporate cartoon style and it's the air defense SE female officer talking about how our two moms taught her to like go to gay pride parade and that's why SHE joined the air force. You that it's insane.

It's so when when you do that, no one can be like, well, i'm wealthy so what I should really do is like go defend bakari in afghanistan so that like kind of unclear what they are means doing in this thing and not and not going to do this. I'll just pass and now live in the crude and or whatever. I the whole like just get out of society.

You really see IT, and I know i'm jumping all over the place, but the whole on like move to the words in the subsistance farmer home stead movement is absurd. And abc, that's just a horrible decision. But for most people at least you're you're not can be happy, you I can make any money.

But the I the impulse behind that, I think because people just want to get away from society because they see IT is even able and people in the state of doing staff ful. So I think people with wealth do, on the whole, generally want to do good things with IT, at least some extent, maybe not all the time, you know, like the prayer lord make me no longer last for, but maybe not tonight. 嗯， i think that's really impose a lot of people have, but you're not onna get that if the state is evil and awful. So we talked earlier about restraining the state and giving people the ability to do cool things without just being the evil tyrannical force that's invading iact for nuclear reason or bombing will be a for nuclear reason. I do think you need a restraint state that acts on some degree of moral principle to get people to start acting like the gentleman officers of the century or two ago again, because people aren't gonna do that if they just see what they are fighting for or serving in any degree, whether it's an administrator and officer or politician, they're going to do IT if they see IT is evil, cropped and particular good people.

Yeah, that's why i'm optimistic. C I mean, the policy, particularly on the tax side, that trump is floating high terrorist, no income tax that would necessary that you need to cut a large wah of the federal government administrative bureau tics state, unless you want crazy inflation, if you want echo inflation like the seventies, you're going to do that and not cut any of the spending or the agencies within the federal government.

And I think I think that naturally leads to the environment that you just described. You have all these busy bodies in the federal government working at these agencies that are getting paychecks, I would argue, are not really deserved, but they feel empowered. And um they they just interrupt peer peer to peer economic activity and ad friction that doesn't IT less appealing to to want to go out and do things really like why I try to deal with this fucking annoying agency.

Use use my language. yeah. And that, again, cautiously optimistic, preparing for the rug. But if you can thread this needle of bringing back terabits, eliminating the income tax and bring him wrong pony laus to completely mate the administrator of state, like I, extremely optimistic for the future of american prosperity, quality of life and hopefully a bridging of the gap of the social in cohesion that exit now.

oh yeah, it's it's hard to do see if he's doing IT intentionally but really trump, in his retorted particular the time around mr. h. Williams inly to great deal great extent a mckinley famously, perhaps less famously than deserved, came in the office when labor relations with capital at a median.

There is the whole gold issue that we talked about a bit ago. And american industry was just being destitute by relatively free trade policies, and the government was getting every bigger. And we dealt with a lot of that, the government probably a little bit bigger because of the spanish american more, but he did put on terror and there was no income tax.

And the both funded the government and protected american industry where you could get a good job s american again. He was really good at handling labor and handling capital. So labor relations very well actually.

He was greater handling both groups and people kind of went back to there is less socialist bombs throwing and there had been a few years before. And and the owners of capital aren't just quite as in transient. He got killed, but he did a good job.

And trump models himself, I think of of makinen least in his policies. And so I think if trump rought IT back, you'd see under trump but a return of what is under machinery, which is american prosperity and just general positivity. And key to that, people miss this.

But really key is the no income tax proposal when capital gains and dividends are tax to deliver rate than income that makes IT impossible. Ever catch up with the wealthy. No matter how well you do, you just can because their tax and a little rate and their stuff grows at a higher rate, where is when there's no income tax?

If you're uh, intelligent or successful, each person is willing to go out and work hard and do things. You can make a good bit of money pretty quickly and just I put IT in assets, the producing income and like we talk a minute o of the gentlemen thing enable you deserve. And no one serves one almost no one serves when they're poor bull staff to death.

If they're not drawing salary, they're onna demand. They are burek rac rights. They want to pension, they want to they went everything. Where's one at someone like a harbert hover who never took the government service? You know anyone before in british parliamentarian run paid until around one hundred ebulis or even you know it's a different type of person.

And the people who are there, many of them just do IT because they built wealth and are able to, but they wouldn't have built that wealth if IT was tax away with an income tax as they were trying to build a fortune. So it's just a IT create a very, very different world. And i'm caucausian ously very cautiously optimistic that that I happen because would be also, if you get even half of the .

turn that is insane. When you go and understand the history of the income tax, I go to specially a temporary one percent tax for, I think like two years and it's turned into this monstrosity that eats up half your income. You're in in your out and then you're text mean, there's a famous sure you've seen at the tiktok video of the girl is like, so let me get this street like I get paid in.

My company pays taxes on that money on the way in. I pay taxes as IT comes to me. I go spend IT. I pay taxes on that.

And the person receiving the money is paying taxes on the fact that they receive, like how does this work? And IT is truly astonishing that we've gotten to this point in history where this has just been so Normalized, and people just expect this is the way the world works when IT really isn't and was never meant to. Again, that was specially temporary like one hundred and thirteen is probably the worst year in U. S. History in the sense that you had the federal reserve of the income tax both introduced into the american economy at .

the same time when i'm not in economist. So take this with many grains of salt. But one of my personal pet theory is it's really hard to have saying interest rates and an income tax because if you have, say, seven percent or whatever, the natural rate of interest on money is whether to five or seven percent or somewhere around there, it's really hard to do that and have an income tax because you're not gonna get any economic growth.

People aren't going to have the money. You talked about the chain of every little which way it's tax. So then by the time I gets the people who would be reinvesting in in the economy is really hard for them to have enough to make a profit with.

Like seven percent rates was, if you look at amErica before the income tax, american, american economic growth in real terms, in real assets, in the real world, instead of dollars, phantom nonsense was pretty solid, pretty steady. And IT came with significant, I think, reason, interest rate attached, but made money real instead of just easy money. So I think if you want the sanity that is enforced by having rates around where they are now a little higher, really, really, really hard to do that. I think with an income tax that's just widdle things down as people try and reinvested in the economy.

yeah. And with the income tax and the debt, you're forced inevitably always to lower those interest rates down. I mean, now towards the zero bound, probably headed.

I should have finished the thought, yeah, yeah, yeah. But I was getting out and lost in my trend. Yeah, sorry. Yes, you have a level to zero, which just creates all these just a horrible things over time, all the ridiculous companies money you're literally .

ripping opportunity cost out of the economy of any economic decision rates are zero money free. You know, to think about winning the the consequences of allocating capital here is opposed to here. It's like I do i'll do both and IT doesn't because cost me anything.

You literally need to introduce a natural rate inflation that isn't corrupted because because of the income tax or whatever IT may be the federal reserve so that people are actually forest to make wise decisions from a capital allocation perspective. Or if I make this allocation and I will make five, seven percent back in income, uh hopefully more than that so I can get a profit and fuck um zero percent rates. You don't have that decision. So that's why you have this zombie economy filled with a bunch of useless widgets and and tech products.

And if you think about all the army companies that have been kept around by a very low interest rates, IT is so much economic and efficiency in wasted capital and wasted human potential that result from there, whether it's A D I.

Inside companies that just funded by money being cheap or its companies sticking around that shan't be sticking around the I think you have a much Better world that's more productive and more innovative, when the consequences attached to money and people actually have to do something with the instead of IT just being some Carry trade， where all the food so we can get money to one percent rate is always going to use the money we loan from the fear from blackrock that's read, attach to IT to buy back our shares. And then when our shares go up, because we book the back, i'll just sell them again, pay the feed back and it's just nothing happened. There is a complete waste money. Just some is just a waste. And there's a lot of inefficiency and stuff that should get done isn't getting done because they're everything is financially, zed, they're just tinkling with IT.

Yeah well, we keep saying in out on economist, but I think you have a very good grass one. How all the stuff interacts with each other and how to affects us as a society is been faster. I love your work.

I 不能 i like your follower for some time now。 I think think the idea is that you're putting out there very important. I think like you said, we need to that's one thing.

I think big winners have phoned in on other people um in different communities, run in parallel tracks um have really honed on is is learning how to control the propaganda and put our own propaganda there to get these ideas out there. I think I think you're doing good job of that. Thank you.

And we need to really embrace that. That's another terrible thing at the last fifty years, is the the definition of propaganda. The understanding of the word propaganda by the masses has been completely corrupted.

IT is um something that uh, every days ago, propaganda is bad. So yes, there are certainly bad propaganda. But propaganda is a means by which you effect change by getting your ideas out there, making convincing arguments for a via effective propagation. And yeah, the worst regimes used IT.

But that doesn't mean that virtue wasn't invoiced by IT. I come, how much of the british empire e would have existed if I had describing how was generally enforced for good in the world, but riding IT of slavery, or is spreading to civilization and western medicine to these places, they really wouldn't happened without propaganda. I think what you said, people must understand the term where are useful yeah .

when you Better profit and out there thank you for Better again out there. Well, it's been a pleasure. Anything any final thoughts? But I think we talked about before rap up here.

This was great. I think bitcoins definitely very new world thing, a new economy thing. But I think there's a lot that people who've gotten wealthy through IT, who are planning to get wealthy through IT, should learn about the old world. Because what do we do this, if not for children?

The point tradition isn't a bad thing. It's a essential to actually survival and making sure that we live in a world that is worth living in, in the future.

right right.

that's what we got today for expired ce in love kay