1) is concerned about the dangers of CBDCs 2) doesn't (openly) own bitcoin 3) thinks the government is likely to 'ban' BTC 4) holds dollars to 'protect himself' 5) seems to trust the fed to do what they say re rates despite their track record Great interview but Fed Guy has some catching up to do!
I really like the way you interview. Using simple words and using simple examples, still getting profound answers. Keep up doing the good job. This is how interviews should be done ! And the great explanations from Joseph Wang too.
This is a terrific episode exploring the case for the Fed. Kudos to the channel's creators for explaining money in an understandable and entertaining way.
This is weird. Joseph understands the Federal Reserve is not doing a good job, understands the corruption in the government, understands that the Fed has an infinite supply of dollars, and understands their policy to backstop failures means people and companies don't need to take responsibility with what they have. But he doesn't understand (or at least acknowledge) that the Fed is a net negative, and removing it would push for healthier markets. The way he describes the Fed solving problems is "people don't learn when they make mistakes, so we're just going to hide the problems so they don't have to learn." When asked straight questions about this, he'll always take a moment to think and lean a different direction like "let me answer it this way," which you shouldn't need as a justification if you're just giving honest answers. Sooner or later, we will see undeniable realities in markets and economies around the world. One of those will be just how much damage central banks do. Another will be just how little guns and tanks matter in enforcing a bitcoin ban. It might be humbling at that point to see that you identified half of the lies you've been told, but placed your bets on the other half holding up as true.
bog standard cognitive dissonance - otherwise intelligent people who know and can even articulate that decentralization is essential (it is) while also believing that centralization is inevitable (it isn't).
I learned from this that the root problem isn't the FED. The root problem is fractional reserve banking. If you allow for fractional reserve banking, a FED is a net positive.
I think he gets it more than you let on, he just doesn't want to get too graphic or gloomy about what we're really talking about here, which is violence. Even Ray Dalio has alluded to this before when discussing BTC. If BTC ever becomes a real threat to the government's corrupted monopoly on creating and doling out money - like if a grocery store chain were to accept it for payment - the government will send in their lawyers first. Failing that, the strong arm of the police state will be used to enforce their claims. If you don't think so, watch some recent war footage to refresh your memory on how governments handle threats to their power. Spoiler alert: They don't GAF
enjoyed this interview throughly. Always think that Joseph provides a very concise view and unbiased view on whether the market is bullish/bearish and explains complicated concepts well.
I worked for a very wealthy man for nearly two decades. He was very generous in my opinion. But i learned through my interactions with him that he thoroughly believed that in the world you have the "Haves" and the "Have Nots" and thats just the way it is. He wasnt judging poor people as lazy or bad but simply felt that, "thats just the way it is"... Joseph strikes me as having that attitude/belief... the fed is not good or bad - it has a purpose because humans will screw up and we have to kind of keep the world order and prevent chaos because "thats just the way it is"
Heard this guy on Breedlove's show... To me, he just underlines how very UNREMARKABLE and UNTHOUGHTFUL you have to be to work for the Fed or other super powerful government institutions... That's precisely WHY government is full of these people... people that just keep the game going and don't wonder why the game is this way.
Credit to Joseph for coming on and having a real chat. I think he’s just missing the game theory part of Bitcoin when he suggests governments will ban it.
We often only refer to people by NYMs and stick with it. He was just Fed Guy to me. There are plenty of guests who I don’t know their name and just their NYM.
The Cantillon Effect. The closer to the money printer you are the more benefit you get from money printing. Big bank, big corps, politicians+ are cantilloniares.
Joseph seems sincere but does not appear to understand that by creating the Fed, a group of bankers avoided being regulated (and possibly shut down) directly by the market (that is, by their competitors and consumers) by becoming the regulators of the banking system themselves.
Good interview, but I'm disappointed that you didn't press more on the Fed's power, namely its (1) ownership of MBS (millions of people are indebted to an institution which "bought" their home/mortgage with newly created dollars); (2) ability to indirectly extract tribute from foreign nations (including the UK!) which use Eurodollar system, via inflation; and (3) promotion of moral hazard and corruption through bailouts and debt monetization. Still, a good interview. Hope you have him back on again soon!
The problems that centrals banks solve is to provide funding for unpopular things (e.g., bank bailouts, wars, commercial business failures). This idea that central banks are designed to stabilize and control inflation/unemployment is just propaganda talk. Governments should have to pander and convince their populations to buy, for example, war bonds. If the population doesn't buy the war bonds then the people have basically voted with their money to not fund the war. However, what actually happens, is that central banks act as buyer of those unpopular things and funds the governmental/political pursuits. This debased the population, goes against their "money voting" and creates the inflation they say they are here to control.
In 1907 there was a big banking panic. JP the person(and other people, but everyone loves a hero) stepped in and lent his own personal funds to avert the crisis. So he’s just clarifying that it was literally JP the individual and not the bank as an entity.
I’ve only made it a third of the way through this episode so far, but basically this guy hasn’t explained how, or if, the Fed actually contributes to society and produces valuable goods and services. Basically, he’s mentioned them being the lender of last resort, but they have the ability to lend so much money because they have the ability to literally *create* new money by typing in digits into a computer. That’s not a valuable service, that’s called CHEATING. STEALING. I expect Peter and Danny to call this guy out for not admitting that the Fed effectively steals value from the public. If they don’t, then shame on them. This is a macro/Bitcoin podcast. What did Satoshi write? “The root problem with conventional currency is all the trust that's required to make it work.” But the central banks (cartels) have broken that trust time and time again. Is Peter gonna call this guy out, or not? He told Michael Sonnenshein to his face that he doesn’t believe him, effectively calling him a liar. Is he gonna be that confrontational with a guy representing the OG of liars, crooks, and thieves?
17 minutes in and my brain is hurting trying to make sense of this. It just feels mob-like - "ohh! you shouldn't go to the FED unless you really need to or else everyone will think you're in trouble." A game of pretending to care, but in the end they can always go to the printer.
I enjoyed that... it's still perplexing why doesn't see the purpose of bitcoin against what he fears. Great Idea to bring him on.. please find more to challenge the bitcoin team.
Buy dollars, avoid BTC, support your Central Bank (which are essential!) Disgusting lack of push back from the WBD team, this was a Fed publicity skit. He's still in the club is your clue.
I think that, given that he was talking about something as contentious as the central bank, he presented himself extremely well. I enjoyed this interview.
I just wanted you to ask "if the fed is so helpful in preventing crisis, why have all the worst monetary crises happened since it's creation, under its purview?"
From the comments I learned that many bitcoiners refuse to face the fact that the government owns the law, the hardwares your system relies on, and the state apparatus. Don't get pissed at people who are kind enough to warn you about them.
us bitcoiners are like the annoying kids in the back seat of the car who want dad to explain the way the world works but we just keep asking "why?" over and over
I feel like you guys dropped the ball on talking about debt spiral. It was refreshing to hear about the demographic issues. In chinada the government is just stuffing rich immigrants into the country.
The US demographic is not in the same position as other countries. Immigration is offsetting substantially the impact of demographic retirement. Peter Zeihan has outlined this clearly.
42:07 again this guy knows the straw man, we were turned into chattel and are under the per view of statute law or commerce. They trade our bc on the open market and have life insurance policy on every human born. We are the creditors
To improve or get better as an individual, a company, a nation or other entity, you have to get feedback somewhere on the spectrum from internal thoughts or friendly advice to pain or suffering. This is why the consequences of Bitcoin are so revolutionary.
Everything was great until the end. It felt a lot like he had to say certain things like "stacking dollars"... look unless you are sorted for life with some inflation adjusted life contract, you are definitely looking for an asset to invest in. The fact he chose to say "dollar" has to be a strategic white lie at best. He definitely has lost a couple of cold cards in a boating accident.
Wow. Buy dollars, avoid BTC, support your Central Bank (which are essential!) Disgusting lack of push back from the WBD team, this was a Fed publicity skit.
This guy studied/worked at school of monetary quackery and black magic economics, why has he been given a spotlight? Where losses are socialized and gains are privatized under the central bank. They had there chance and failed, the seed of dissent has been planted.....Game over!
Weak questions on the interviewer. Shallow questions, you had the chance to pin him down. He's basically telling you their crime right in your face. If Lyn Alden did the interview, this guy is checkmate! You had the chance, you let it slipped. 🤦🤦🤦
Our Bill of Rights is not given to us by the government as he states, but rather it is recognized by the government that the rights are given by God. And that's a key distinction of the US
30:16 This is why the US is allowing immigrants to come into the country because of low population growth, we need people to work at a low wage to justify the printing of $$ so that retired people can continue to receive $$ without too many questions. Look, all these jobs are being filled there is very low "unemployment". :)
If only our grandfathers knew this before coming to the New world.... Basically humanity has been lied to from the birth of Christ and Mohamed to the goal of 'progress' of society to pay these Taxes..... thats why Indigenous people are whipped out from these groups... they were too hard to collect taxes from. Go to a church or mosque much easier to collect the money. And then there were Banks !!!
![COLOMBIA vs. CHILE [4-0] | RESUMEN | ELIMINATORIAS SUDAMERICANAS | FECHA 10](http://i.ytimg.com/vi/TDjN4W3yy1k/mqdefault.jpg)
1) is concerned about the dangers of CBDCs
2) doesn't (openly) own bitcoin
3) thinks the government is likely to 'ban' BTC
4) holds dollars to 'protect himself'
5) seems to trust the fed to do what they say re rates despite their track record
Great interview but Fed Guy has some catching up to do!
Wow, an interview with a former Cartel member, awesome
😂
I really like the way you interview. Using simple words and using simple examples, still getting profound answers. Keep up doing the good job. This is how interviews should be done ! And the great explanations from Joseph Wang too.
This is a terrific episode exploring the case for the Fed. Kudos to the channel's creators for explaining money in an understandable and entertaining way.
This is weird. Joseph understands the Federal Reserve is not doing a good job, understands the corruption in the government, understands that the Fed has an infinite supply of dollars, and understands their policy to backstop failures means people and companies don't need to take responsibility with what they have. But he doesn't understand (or at least acknowledge) that the Fed is a net negative, and removing it would push for healthier markets. The way he describes the Fed solving problems is "people don't learn when they make mistakes, so we're just going to hide the problems so they don't have to learn." When asked straight questions about this, he'll always take a moment to think and lean a different direction like "let me answer it this way," which you shouldn't need as a justification if you're just giving honest answers.
Sooner or later, we will see undeniable realities in markets and economies around the world. One of those will be just how much damage central banks do. Another will be just how little guns and tanks matter in enforcing a bitcoin ban. It might be humbling at that point to see that you identified half of the lies you've been told, but placed your bets on the other half holding up as true.
Nailed it. My thoughts exactly. The cool-aid is strong.
bog standard cognitive dissonance - otherwise intelligent people who know and can even articulate that decentralization is essential (it is) while also believing that centralization is inevitable (it isn't).
I learned from this that the root problem isn't the FED. The root problem is fractional reserve banking. If you allow for fractional reserve banking, a FED is a net positive.
I think he gets it more than you let on, he just doesn't want to get too graphic or gloomy about what we're really talking about here, which is violence.
Even Ray Dalio has alluded to this before when discussing BTC. If BTC ever becomes a real threat to the government's corrupted monopoly on creating and doling out money - like if a grocery store chain were to accept it for payment - the government will send in their lawyers first. Failing that, the strong arm of the police state will be used to enforce their claims.
If you don't think so, watch some recent war footage to refresh your memory on how governments handle threats to their power. Spoiler alert: They don't GAF
Marry me!
Lol
Excellent response.
enjoyed this interview throughly. Always think that Joseph provides a very concise view and unbiased view on whether the market is bullish/bearish and explains complicated concepts well.
I agree mostly, except that he is 'unbiased'.
He is heavily biased in favour of central Banks
I worked for a very wealthy man for nearly two decades. He was very generous in my opinion. But i learned through my interactions with him that he thoroughly believed that in the world you have the "Haves" and the "Have Nots" and thats just the way it is. He wasnt judging poor people as lazy or bad but simply felt that, "thats just the way it is"... Joseph strikes me as having that attitude/belief... the fed is not good or bad - it has a purpose because humans will screw up and we have to kind of keep the world order and prevent chaos because "thats just the way it is"
Great to see Joseph on your show, nice work
I reconsider the necessity of every purchase after I started using store of value money. That's a feature in my book.
Nooo you need to spend, you filthy hoarder! Youre ruining our economyyyy
Illuminating & credible from an insider. Nice 1 Pete
Heard this guy on Breedlove's show... To me, he just underlines how very UNREMARKABLE and UNTHOUGHTFUL you have to be to work for the Fed or other super powerful government institutions... That's precisely WHY government is full of these people... people that just keep the game going and don't wonder why the game is this way.
Bingo. They are absolute NPC institutions
Credit to Joseph for coming on and having a real chat. I think he’s just missing the game theory part of Bitcoin when he suggests governments will ban it.
Talks about decentralization of states and then says the fed will ban bitcoin. Good luck with that. The fed can’t even ban weed.
Less game theory and more so the inherent security model of decentralization
Oh they will ban it
Excellent interview--great clarity on the Fed
Joseph in proper form here. I bet he owns BTC, but just doesn't want anyone to know.
I like Joseph! Very chill guy-calm, cool, collected, smart. I'll be interested to see if his sentiments towards Bitcoin change in the near future.
We often only refer to people by NYMs and stick with it. He was just Fed Guy to me. There are plenty of guests who I don’t know their name and just their NYM.
The Cantillon Effect. The closer to the money printer you are the more benefit you get from money printing. Big bank, big corps, politicians+ are cantilloniares.
you guys ask really good questions.
Nice... awesome interview. Good stuffs.
Very interesting to hear another perspective. Good show.
Great discussion, thanks guys 👍
Joseph Wang makes some extremely good points for why Bitcoin!!! Hopefully he buys some soon, he is so close!😊
We need to orange pill him
what a great interview
Interesting. I think the problems with central banks are greater than the problems without central banks.
57:54 The Fed also said they weren't 'thinking about thinking about raising rates' so ... don't be so sure Fed Guy
23:50 way to pass the buck of inflation onto everyone else’s actions. Fuckin classic
Super informative
Very interesting macro contents!
Great information, very important, thanks
Joseph seems sincere but does not appear to understand that by creating the Fed, a group of bankers avoided being regulated (and possibly shut down) directly by the market (that is, by their competitors and consumers) by becoming the regulators of the banking system themselves.
"It is difficult to get a man to understand something when his salary depends on his not understanding it" -Upton Sinclair
Good one Pete !
Good interview, but I'm disappointed that you didn't press more on the Fed's power, namely its (1) ownership of MBS (millions of people are indebted to an institution which "bought" their home/mortgage with newly created dollars); (2) ability to indirectly extract tribute from foreign nations (including the UK!) which use Eurodollar system, via inflation; and (3) promotion of moral hazard and corruption through bailouts and debt monetization.
Still, a good interview. Hope you have him back on again soon!
why don't you guys interview the writer of The Creature from Jekyll Island?
that's probably the best book on this topic
Really wish you guys would have pushed back a little on some easy points like why central banks were created or about governments banning Bitcoin.
This guy reminds me of the crooked Chinese banker in The Dark Knight Lau.
Joseph is cool, have him back
Yes people with assets are insulated. Guess who doesn't have assets... Poor people.
The problems that centrals banks solve is to provide funding for unpopular things (e.g., bank bailouts, wars, commercial business failures). This idea that central banks are designed to stabilize and control inflation/unemployment is just propaganda talk.
Governments should have to pander and convince their populations to buy, for example, war bonds. If the population doesn't buy the war bonds then the people have basically voted with their money to not fund the war. However, what actually happens, is that central banks act as buyer of those unpopular things and funds the governmental/political pursuits. This debased the population, goes against their "money voting" and creates the inflation they say they are here to control.
Actually States have the power to decide what shall be used as currency
I like Joseph
Thanks JW
This would be good if it were Fed Guy and Saif.
At minute 57:45, "...the FED 'is' cutting rates next year." 🎉🥳
What dose he mean the bank not the person? Is he saying the actual managing director had noting to do with it?
In 1907 there was a big banking panic. JP the person(and other people, but everyone loves a hero) stepped in and lent his own personal funds to avert the crisis.
So he’s just clarifying that it was literally JP the individual and not the bank as an entity.
I’ve only made it a third of the way through this episode so far, but basically this guy hasn’t explained how, or if, the Fed actually contributes to society and produces valuable goods and services. Basically, he’s mentioned them being the lender of last resort, but they have the ability to lend so much money because they have the ability to literally *create* new money by typing in digits into a computer. That’s not a valuable service, that’s called CHEATING. STEALING.
I expect Peter and Danny to call this guy out for not admitting that the Fed effectively steals value from the public. If they don’t, then shame on them. This is a macro/Bitcoin podcast. What did Satoshi write? “The root problem with conventional currency is all the trust that's required to make it work.” But the central banks (cartels) have broken that trust time and time again.
Is Peter gonna call this guy out, or not? He told Michael Sonnenshein to his face that he doesn’t believe him, effectively calling him a liar. Is he gonna be that confrontational with a guy representing the OG of liars, crooks, and thieves?
Some entity has to create the money. It needs to be fixed.
It's not a very long show. You could have listened to all of it in the time it's taken you to stop listening and write this.
13:11 If The Fed could actually print money what would they be able to buy?
Gee, what did I just learn? Get rid of Fractional Reserve Banking and we can get rid of all central banking.
17 minutes in and my brain is hurting trying to make sense of this. It just feels mob-like - "ohh! you shouldn't go to the FED unless you really need to or else everyone will think you're in trouble." A game of pretending to care, but in the end they can always go to the printer.
I enjoyed that... it's still perplexing why doesn't see the purpose of bitcoin against what he fears.
Great Idea to bring him on.. please find more to challenge the bitcoin team.
Buy dollars, avoid BTC, support your Central Bank (which are essential!) Disgusting lack of push back from the WBD team, this was a Fed publicity skit. He's still in the club is your clue.
I think that, given that he was talking about something as contentious as the central bank, he presented himself extremely well. I enjoyed this interview.
I just wanted you to ask "if the fed is so helpful in preventing crisis, why have all the worst monetary crises happened since it's creation, under its purview?"
CBCD already exists >__< It’s called the US Dollar
Government gave JPM the person 25 million to bail buddies out 1907ish
From the comments I learned that many bitcoiners refuse to face the fact that the government owns the law, the hardwares your system relies on, and the state apparatus. Don't get pissed at people who are kind enough to warn you about them.
The government doesn't have all the guns. That's the point of the 2A.
us bitcoiners are like the annoying kids in the back seat of the car who want dad to explain the way the world works but we just keep asking "why?" over and over
I feel like you guys dropped the ball on talking about debt spiral. It was refreshing to hear about the demographic issues. In chinada the government is just stuffing rich immigrants into the country.
The US demographic is not in the same position as other countries. Immigration is offsetting substantially the impact of demographic retirement. Peter Zeihan has outlined this clearly.
"I think the Fed is a really good place to work", then literally 8 seconds later "it's a really bad place to work" 🙃
Pete didn't even know Joseph's name. That's so disrespectful to bring a guy on your show and not do a shred of preparation.
42:07 again this guy knows the straw man, we were turned into chattel and are under the per view of statute law or commerce. They trade our bc on the open market and have life insurance policy on every human born. We are the creditors
Actually their guest from the fed was pretty cool.. I thought he was gonna be an a hole
The fed.. the lender of last resort.. able to print money with the push of a button. Yeah what could go wrong?
Sounds very professional . In elaborate system of corruption.
To improve or get better as an individual, a company, a nation or other entity, you have to get feedback somewhere on the spectrum from internal thoughts or friendly advice to pain or suffering. This is why the consequences of Bitcoin are so revolutionary.
So this guy is a professional criminal, basically 😂
You keep using this word risk-free but I'm not sure you know what that means. There is no such thing as risk free.
The start of the show is somewhat embarrassing for the host. BJ did very little prep for this interview.
Well done exposing this Guy.
The more he talks, the worse he becomes.
This guy talks about the fed like it's not causing huge economic issues by just printing money...hmmm
LOL he’s so uncomfortable
Everything was great until the end. It felt a lot like he had to say certain things like "stacking dollars"... look unless you are sorted for life with some inflation adjusted life contract, you are definitely looking for an asset to invest in. The fact he chose to say "dollar" has to be a strategic white lie at best.
He definitely has lost a couple of cold cards in a boating accident.
Bottom line it’s hard to resist the devil
Turned it off as soon as the guest said getting rid of central banking is not a good idea. Definitely not interested in banker propaganda
Wow. Buy dollars, avoid BTC, support your Central Bank (which are essential!) Disgusting lack of push back from the WBD team, this was a Fed publicity skit.
This guy studied/worked at school of monetary quackery and black magic economics, why has he been given a spotlight? Where losses are socialized and gains are privatized under the central bank. They had there chance and failed, the seed of dissent has been planted.....Game over!
great interview, but the sticker its the other way around
Sounds like money laundering with extra steps
Not a fan of this guy can't listen.
Weak questions on the interviewer. Shallow questions, you had the chance to pin him down. He's basically telling you their crime right in your face. If Lyn Alden did the interview, this guy is checkmate!
You had the chance, you let it slipped. 🤦🤦🤦
This made me none the wiser. This guy has been stuck in a bureaucracy too long. He only speaks in euphemism.
This guy is trippin 😂
Peter, you're great. This guy is a stooge. Can't make it past the 21 minute mark
Our Bill of Rights is not given to us by the government as he states, but rather it is recognized by the government that the rights are given by God. And that's a key distinction of the US
Which god?
Quote: “It always comes down to how it’s managed” …Sounds like a commie to me. Can’t taper a ponzi. They all end the same way.
30:16 This is why the US is allowing immigrants to come into the country because of low population growth, we need people to work at a low wage to justify the printing of $$ so that retired people can continue to receive $$ without too many questions. Look, all these jobs are being filled there is very low "unemployment". :)
If only our grandfathers knew this before coming to the New world.... Basically humanity has been lied to from the birth of Christ and Mohamed to the goal of 'progress' of society to pay these Taxes..... thats why Indigenous people are whipped out from these groups... they were too hard to collect taxes from. Go to a church or mosque much easier to collect the money. And then there were Banks !!!
The illegals serve many purposes, that's the nice excuse