Bitcoin And . . .

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Join me today for Episode 960 of Bitcoin And . . .

Topics for today:

- China Folds Like a Cheap Suit
- Durov's "Wealth" Used Against Him
- SAB 121 in the Crosshairs Again
- Daily Hit of Hopium
- Germany Eyes Bank Accounts

#Bitcoin #BitcoinAnd

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Articles:

https://www.reuters.com/world/china/china-unveils-broad-stimulus-measures-revive-economy-2024-09-24/

https://www.therage.co/german-government-plans-expansion-of-bank-account-surveillance/

Durov's Telegram: https://archive.ph/2nKKu

https://thinglishlifestyle.com/thinglish-lifestyle/home-garden/permaculture-and-the-8-forms-of-capital/

- https://www.cnbc.com/futures-and-commodities/
- https://dashboard.clarkmoody.com/
- https://mempool.space/
- https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI
- https://geyser.fund/project/thebitcoinandpodcast

https://www.cnbc.com/2024/09/24/september-consumer-confidence-falls-the-most-in-three-years.html

https://decrypt.co/250846/republican-lawmakers-urge-sec-rescind-controversial-crypto-rule-again

https://www.theblock.co/post/317824/cathie-wood-ark-invest-sells-spot-bitcoin-etf

https://bitcoinmagazine.com/business/bitwise-cio-says-most-powerful-people-in-finance-are-buying-bitcoin-and-crypto

https://cointelegraph.com/news/chinese-bitcoin-miners-control-55-of-network

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[00:00:00] David Bennett:

Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture,   podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems.   It is 8:57   AM Pacific Daylight Time. It's the 24th day of September   2024.  

In fact, we got 2 20 fours. Gotta be some kind of numerology going on there, right? Am I right? This is episode 960   of Bitcoin and   China.   China did something.   They always do something.   Germany's doing something because, you know, Germany is just gonna German. Right? And we got some Telegram news, Durov,   all of that.   But,   you know,   woke up this morning to consumer   index or consumer   consumption and   consumer confidence numbers, and they were, you know, basically not good. And we're gonna talk about that when we get to the market section or a little bit after the market section   because that leads into a couple of other things   that's going on. But   the theme of the day   is wealth.  

I've titled   this episode   What is Wealth?   Now, clearly, I'm not going to do the entire episode. But the first half,   before we do the weather report and get into the market numbers and doing all that,   is I want to have a discussion about what is wealth.  

[00:02:06] Unknown:

And, honestly, this this started this morning when I woke up.   Because let me tell you about what happened when I woke up this morning.   I woke up,   and then   my wife was, you know, taking my arm   and putting it around her.   And then like, you know, cuddling up.  

[00:02:29] David Bennett:

And it was in that moment   that   I understood   something   very critical.  

[00:02:38] Unknown:

That was real wealth.   That was being rich.   That's what wealth is.   And there's other forms of wealth, right?   But   what I'm trying to impart here before we start out on this journey today  

[00:02:56] David Bennett:

is that I believe that wealth for the great guts and feathers of the citizenries   of all the governments   around the world   as of today   is not what they think wealth is. It is their perception   of what they've been told   wealth   is. And when we get to the Durov story you're going to understand   how it is not wealth   at all.   It's a weapon.   The perception   of wealth that we've been given   by governments.   We might as well have been given a gun   and told that pointing it at our own head is in our best interests   but we've got to wait for the government to tell us when to pull the trigger   and that that   also is in our best interest.  

If you don't understand what the hell that I'm talking about,   you will.   But first,   we do really need to talk about China.   Okay? The wealth thing this is a theme of the day. Okay? So I want you to keep what is wealth in mind. What is wealth to you?   What does wealth mean to your neighbor?   What does wealth mean to your most trusted and loved   family member?   Keep all of that in mind throughout the entirety of today's episode. Let's start with China.   China's central bank has unveiled   the most aggressive stimulus package   since the pandemic.  

Ryan Wu and Lingping   Gao is writing this for Reuters   of all things.   I don't normally use Reuters but today we're gonna use Reuters because China's Central Bank on Tuesday   unveiled its largest stimulus package since the pandemic to pull the economy   out of its deflationary   funk   and back towards the government's growth target.   But analysts warned more fiscal help was vital to hit these goals.   The broader than expected package,   offering more funding   and interest rate cuts,   marks the latest attempt by Chinese policy makers to restore confidence   in the world's 2nd largest economy after a slew of disappointing data raised concerns   of a prolonged   structural   slowdown. But analysts questioned how productive   the People's Bank of China's liquidity injections would be   given extremely weak credit demand   from businesses and consumers. That means nobody's getting loans.  

And noted the absence of any policies aimed at supporting   real   economic activity.   Keep in mind the question,   what is wealth?   And you might as well extend that to   what is real economic activity, anyway?   Is it a perception that we've been fed?  

[00:05:53] Unknown:

Or is this real?  

[00:05:57] David Bennett:

This is the most significant PBOC stimulus package since the early days of the pandemic, said capital economist or economics analyst, Julian Evans Pritchard, quote, but on its own, it may not be enough.   He added, saying that more fiscal stimulus may be needed to return   growth to a trajectory   towards this year's official target of roughly   5%.   Chinese stocks and bonds rallied, and Asian stocks hit 2 and a half year highs as Governor Pan   Gan Sheng announced plans to lower borrowing costs.   Read that as, we we want you to take loans and inject more funds into the economy.   Read that as we want you to take more loans because that's how money is injected into the economy.  

As well as to ease households mortgage repayment burden burdens.   The y'all the yuan currency   jumped to a 16 month high against the dollar. And Pan told the news conference that the central bank will, in the near future, cut the amount of cash that banks must hold as reserves.  

[00:07:02] Unknown:

You want me to read that one again?   I mean, honestly, By  

[00:07:12] David Bennett:

50   by 50 basis points, in fact.   Freeing up about   1,000,000,000,000,000   or about $142,000,000,000   for new lending.   For new lending. To inject that cash. Gotta get that cash in there. You gotta have a reason for people to take loans because that's the major mechanism that cash is created in not just the United States, but everywhere. Depending   on the market liquidity situation later on this year,   the RRR   or the reserve requirement ratio may be further lowered by another 25 to 50,   basis points, Pan said, in a rare   forward looking remark.  

The PBOC will also cut the 7 day reverse repo rate, its new benchmark, by   0.2 percentage points to 1.5   percent   as well as cutting other interest rates.   The People's Bank of China said that it will cut the 7 day repo rate by 0.2 percentage points, while the interest rates on medium term lending facility   will drop by about 30 basis points and loan prime rates by 20 to 25 basis points. Quote,   the move probably comes a bit too late. But, you know, it's better late than never, said Gary Ng, n g is the his last name, senior economist at Natixis.   Quote, China needs a lower rate environment to boost confidence. Where does that sound familiar from? Pan did not specify when the moves will take effect.  

But the property market ah, let's get into the property market in China. The property market support package included a 50 bps   reduction on average interest rates for existing mortgages.   And a cut in the minimum down payment requirements to 15%   on all types of homes, among other measures.   What does that tell you? It tells you that the real estate market in China   not doing well. And it's not like we don't know this.   This is not a secret.   We've known for at least 2 years that the real estate market in China   is in is a dog with fleas.  

Empty buildings   that they like their whole towns being dynamited after they were built 10 years ago because nobody's getting into the apartments that were built.   This is a horrible situation for China, by the way. I mean, it's clearly not good for the rest of the world either, but directly   affecting the Chinese people. Yeah. This shit is not good to the point that now they're going to cut the minimum down payment requirement.   Wow. That's just signaling that shit's bad. China's property market has been in a severe downturn since peaking in 2021.   A string of developers have defaulted,   leaving behind large inventories of unwanted apartments   and a troubling list of uncompleted projects.  

Beijing has removed   many home purchase restrictions and sharply lowered mortgage rates and down payment requirements in response,   but has so far failed to revive demand or arrest slumping home prices, which fell at the sharpest pace in more than 9 years in August.   The property crisis has weighed heavily upon the economy and crippled consumer confidence given that 70%   of household savings are parked where?   Real estate.   Even the Chinese are making this mistake. Analysts remain unconvinced that the latest measures will have a significant impact. Quote,   households who are uncertain over their income prospects in a weak job market may not be willing to take on higher leverage,   Gavikal D'ragonomics   analyst said in a note on the latest measures. The PBOC also introduced 2 new tools   to boost the capital market. 1st, a swap program sized at an initial 500,000,000,000   in yuan   allows funds,   insurers, and brokers easier access to funding in order to buy stocks.  

That's right. Equities.   Like buying Texaco stock. Right? Stocks.   And the second   provides up to 300,000,000,000   won in cheap PBOC loans   to commercial banks to help them fund other entity share purchases and buybacks.   We've got we I'm going to come back to that. If I can if I can get my   brain cells to rub together and and spark a fire, I'm gonna come back to that.   But ending this, there's no bazooka.   The August economic data broadly missed expectations adding urgency for policymakers to roll out more support. On the fiscal side,   local governments   have been quickening bond issuance to help build or fund infrastructure projects, but analysts say that more is needed.  

An aggressive fiscal policy is required to inject genuine economic demand.   A fiscal   aggressive fiscal policy   is required   to inject   genuine   economic demand. What word in that sentence does not belong?   The word that I'm thinking of is genuine.   There's no way you can have   genuine   in this sentence.   When your fiscal policy,   it has to be   aggressive. It's required to be aggressive   to inject   economic demand. Yes. I can see that. But genuine?   Fuck no. It's fake.   It's fake economic demand. It's the same bullshit we've been dealing with for decades decades decades. Anyway,   investment banks including Goldman Sachs, Nomura, UBS, and the Bank of America have recently cut their 2024 growth forecasts.  

China's latest measures comes after the Federal Reserve in the US last week delivered a hefty rate cut allowing the PBOC to ease their monetary conditions without putting too much pressure on the yuan.   Quote, there is still room for further easing in the months ahead, said Lin Song, chief economist for Greater China at   ing, I n g. If we see large fiscal policy pushes as well, momentum could recover heading into the Q4. Oh, yay.   Let's go back to this. That's the end of the article. Let's go back to this this paragraph.   This is   being swept under the rug by Reuters   the PBOC has introduced   2 new tools   new tools these are brand new these were not in existence   prior to what the PBOC   has just done.  

And there are tools to boost the capital markets.   The first is a program   150,000,000,000   won that allows   funds   and insurers and brokers   access to funding in order to buy stocks. They're going to just print money to buy stocks. They have to prop up their stock market.   But as if that wasn't enough,   and it's not, a second   new tool provides   another 300,000,000,000   won in loans. Just   general   fucking loans   to commercial banks. Remember,   the first group was brokers,   insurers, and funds. But now they're saying,   the hell with it. Let's give $300,000,000,000   to commercial banks to help them fund   other entities.  

Share purchases and buybacks. So they're going to loan money through the commercial banks. The PBOC is   basically loaning   commercial banks money so that they in turn can loan that money to Chinese companies so that they can buy back their stock.   This is   800,000,000,000   yuan   specifically designed   to prop up the Chinese   stock market.   What could possibly go wrong?   What could possibly go wrong?   I don't know.   But I'm hoping that you remembered   to think of the sentence   what is wealth? It sure as shit isn't this this issue where,   an aggressive fiscal policy is required to inject genuine economic demand. There's nothing genuine about it. There can't be. By definition,   genuine economic demand is me needing to go buy a chicken because I'm going to have chicken   dinner with my family because we're hungry, and we would like to eat dinner. That's genuine economic demand.  

Building 10,000,000   apartment complexes   in China   is not genuine   economic demand.   That was just a false front.   They needed somebody to buy the cement. They needed somebody to pay the laborers   they didn't they didn't have any intention whatsoever   of really needing those apartments to be rented it was a short term fix   for China's economic   downturn   And there was never a downturn that anybody in the world could actually see because the numbers all looked good. Why?   Tons of cement,   reinforcement   rod, steel, glass were being bought, and a whole bunch of wood was being bought. A whole bunch of raw materials were being purchased   month over month year over year and the labor market was booming because it was like they needed people to actually build these things but there was never a time when anybody building these things   thought that anybody was going to buy the apartment   or if they did,   actually inhabit that apartment. Because it wasn't about building apartments.  

It was just about building for building sake.   That is not genuine   economic activity.   That's not genuine economic demand.   What China is doing is fake.   The Federal Reserve what they're doing is fake.   We've got numbers. The consumer confidence   index   is not good as of this morning. And we can see it because a whole bunch of red dildos   showed up in Bitcoin and equity markets and oil markets. I mean, you name it. And it was the after the immediate   immediately after the release of those numbers,   red dildos.   Everybody flying to cash.   Everybody's flying to cash. And what are the people in Germany doing?  

Well, the people in Germany should be looking back behind them.   Because the German government is planning an expansion   of surveillance.   Surveillance of what, you ask?   Bank account surveillance.   This is Lola Leitz.   She writes this rag called the rage. And I don't mean rag in a bad way. I like Lola Leitz. She's very good. So when I mean rag, I mean that   in, let's say,   something that's not mainstream media, which basically means that I trust it almost immediately a lot more than I trust CNN.   She writes that the proposed security package discussed on Monday includes a draft law to improve counterterrorism,   which outlines a provision to alleviate banks of the requirement to cancel the accounts of customers under suspicion of terrorist financing to enhance the German Federal Police's   capabilities   of surveilling transactions and accounts.  

They made a trade. The banks don't want the German banks are going, we don't wanna do this. And the police said, sure. That's fine. You don't have to close them, but we want the surveillance.   We wanna know what's coming into those accounts. We wanna know every transaction going out, everything coming in. We wanna know who holds it, where they live, what their   any personal identification numbers that has been given by the German government. We want those too. They want everything. And as of now,   banks often choose to suspend the accounts of individuals subject to suspicious transactions and activity reports to subvert   possible legal risk. Under the proposed security package though, the BKA,   the police, would gain the capability of increased surveillance by enabling the police to operate   undetected.  

Undetected.   You will never know that your bank account in Germany is being surveilled. That's what that means. The provision intends to subvert the premature notification of suspects   and thus possibly   interfere with police work.   They don't want them closing the accounts so that the people get wind that they're that, you know, like if they're doing anything wrong at all.   Right?   Or anything that even or might remotely be considered wrong. They don't want   anybody understanding   that they made that the jig is up.   Right? But this is really about normal people. It's not about the terrorism. This that's all bullshit and you know it. But if there's like, if I get my bank closed down closed down, then I might be going, uh-oh.  

What did I do?   Maybe I might be, you know, I don't know, involved in a little bit of skullduggery or something like that, and clean up my act almost immediately.   But the police don't want that.   The police want to arrest them.   In 2023,   the German Financial Intelligence U Unit   received   337,000   reports on suspicion   of AMLCTF   violations which of which roughly 63,000   had little or nothing to do with money laundering or or or terrorist financing according to a proposal to modernize the FIU.   That's the Financial Intelligence Unit. Under the proposed law,   close to 20% of the individuals under investigations for,   anti money laundering and know your customer or CTF stuff, violations would thereby unjustly fall victim to prolonged surveillance of their financial activities via the German Federal Police.  

In the Monday hearing, the proposed security package was met with skepticism speaking to possible infringements   on fundamental rights.   The law is proposed on the basis of increased hold on. Increased. Yep. Okay. The law is proposed on the basis of increased risks of terrorist activity in Germany   following October 7th.   It seeks to expand police access to relevant data in counterterrorism   activities and includes the use of biometric   surveillance software and search and seizures without suspicion   in public spaces. That means they can just grab you off the fucking street.   That's the end of the article.  



[00:22:06] Unknown:

I don't know what to tell you. What's   what has happened to Germany?   What has happened to Germany?  

[00:22:14] David Bennett:

You know, and guess what?   The majority of the influx of the immigrants into   Germany right now, which the German people have a lot of problems with,   what you know what they don't have? They don't have German bank accounts. They're not gonna be under any kind of surveillance whatsoever, but the German people themselves, the people that were born there and live there, yeah, they are.   What if people had enough? You know what we should do? We should stage a protest because, you know, that always works.   Yeah. Right.   Well, let's move over to Durov and Telegram.  

And remember,   what is wealth? And this story in particular,   you really need to keep asking yourself   that question.   What have you been taught wealth is? Is it a fuck ton of money? Is it 12 Lear Jets? Is it 50 houses in the south of France? Is it Lambos and Porsches and Ferraris?   Is it like big titty bitches on either side of your arm everywhere you go when you're eating like $1,000 plate meals and buying $1500   bottles of champagne?   Is that wealth?   I wonder what   the CEO of Telegram, Durov, says about wealth now.   Because   he is basically telling us that he is going to provide   even more data to governments.  

Remember when I first started telling you about Telegram   and that Telegram was already gone and you just don't know it yet?   I was right.   By the way, this is out of Bloomberg. Jeff Stone writing,   messaging app Telegram   will provide   users   IP addresses   and phone numbers   to the relevant authorities in response to, quote, valid legal requests, according to chief executive officer Pavel Durov.   The platform changed its terms and service to deter criminals from abusing it, which is bullshit and we all know it. But Durov said in a post on Telegram on Monday that that was in fact the fucking case.   The move comes less than a month after his arrest in France,   where he faces charges of alleged complicity   in the spread of child sexual abuse material,   or CSAM.  

The move represents a marked difference from Telegram's approach to government requests for data   and its reputation for lax moderation.   The United Arab Emirates based platform has been notoriously non to takedown requests from governments around the world and often ignored requests for information about suspected criminals.   The app, using artificial intelligence and a team of moderators,   has now begun.   This isn't going to start. It already has. Has now begun to conceal problematic content   from its search results as part of its effort to prevent misuse, Durov said.   French prosecutors in August charged the Russian born   Durov in connection with alleged crimes committed on the app.  

The case portrays the billionaire   what is wealth? What is wealth? What is wealth? Portrays the billionaire CEO   as the head of a company that refused to provide law enforcement with data to assist legal wiretaps on suspected criminals.   Well, Durov,   who's been ordered to remain in France during the investigation,   denies the charges.   And under Durov, Telegram has drawn the ire of governments   ranging from European Union to authoritarian   regimes in Russia and Iran. It's been used by protesters seeking to organize against the authorti   while also becoming a hub for conspiracy theorists   and extremists. I'll bet they're all right wing, right?  

While white supremacists in the United States for years have used Telegram to coordinate   their attacks on power infrastructure.   Wait, what?   What?   I see no string of power infrastructure problems.   There was a couple of reports where some big badass transformers got hit by a high powered 308   at distance   and kind of basically screwed it up. But I see no widespread   white supremacist   attacks on power infrastructure in the United States. That is a lie.   But the Kremlin in 2018 attempted to block Telegram   only to reverse course 2 years later   after failing to shut down the service. And when the ban was dropped, the Russian regulator said that Durov had signaled that he would help counter extremism and terrorism.  

Durov's arrest   has led to a number of policy changes at Telegram. And earlier this month,   Telegram disabled new media uploads, which Durov said was aimed at stopping bots and scammers.   What is wealth?   This is the gun to the head.   This is exactly the gun to the head that I was talking about when we first started talking about all of this stuff.   Dharov is a billionaire.   And he was a billionaire before he started Telegram.   He's this man that is used to the finer things in life, ladies and gentlemen. He's used to being a billionaire. He's used to flying to France to go party down in Paris or whatever on his private jet because, you know, that's perceived   wealth. Except what he didn't count on is getting his ass taken into custody the minute that he hit the tarmac   with his Italian shoes.  

That's a signal of wealth, too, is it not?   Maybe the Rolex.   Maybe he was about to get into a Bentley or a Rolls Royce before he was   absconded away with, you know, at the Paris airport or wherever the hell this was.   Right?   And now all of a sudden Durov,   over the last two times that I've presented what he's been saying about Telegram and what they're going to do on this show,   is basically being   exactly the opposite of what Durov has always been. And the question becomes why?   Well, I don't know Durov   professionally.   I don't know him personally. I've never spoken to him.  

Understand that. I'm being completely transparent. So all I have is straight up conjecture.   But his enormous the enormity of his wealth   was   how to say this?   Everything   Durov has as a billionaire   is structured around fiat money, which means that that fiat money carries with it the ire, the toxicity,   the malfeasance,   the misfeasance, and the fucking malice   of the governments of the world who created that currency.   And therefore, everywhere that currency goes to   infects the recipient   and basically makes them a slave of the state.   That's what I'm saying.  

And I'm I'm no different.   Do I have a bank account in the United States? Yes, I do Does it have United States fiat currency in it? Yes, it does   Do I also have Bitcoin? I've got a little bit Yes, I do   His wealth   is being used   it's being held hostage.   And Durov knows it.   He knows it.   His   extreme wealth is now the gun that he is holding against his own head.   And unless he does exactly   what the authorities in France wants and do you think that it's just the French authorities that want this? No. No. No. They themselves are being held hostage by higher powers.   And they are being told to tell Durov exactly what he needs to be told. And that is that Telegram   is no longer ever going to be a safe space for any private discussions amongst any individuals   at all forever   and yon.  

And his own wealth is being used to ensure that.   His own wealth is the insurance policy.   Does that mean I'm asking everybody to be poor? No, of course not.   But unless we really look at what fiat currency   really is   what it was always meant to do   then we're not going to figure out a way to have a different   kind of wealth.   What is wealth to you?   What does   capital actually mean to you?   I mean, I have $100   I have $100 worth of fiat money. Well, I also have $100 worth of capital   that I could possibly go, I don't know, start a lemonade stand for my daughter. It's not gonna do much. We all know what lemonade stands do. It's a waste of money, but it's good. They're good training grounds for children. I'm just saying that I have the ability if $500 in fiat cookbooks, I have $100 in deployable capital, and I can become a capitalist.   And maybe maybe you never know. Maybe my daughter does something like spectacular with the lemonade stand   and does and and kicks complete ass and makes that $100 back plus another $100 That's what capital is supposed to do.  

But   when everybody was taken off of every physical commodity backing   asset that there was for fiat currency like gold, silver,   anything. If it was if it was, like, generally speaking, gold is a commodity. Alright? It's classified as a commodity, at least by the CFTC and the SEC in the United States. But gold is an asset that is,   generally speaking, a commodity.   It's rare. It's hard to get.   It does cool   stuff. It doesn't oxidize,   you know, so it's really good in jewelry and damn fine performance in electronics.   Right? That's why because it doesn't oxidize.  

That that's the thing.   That's   why.   And the fact that it's malleable and you can form it into   you can work with it. It's really a great material. Gold   is a fantastic   material, does all kinds of magic shit. It's like a magic rock, right?   So some people will say,   well, they took us off the gold standard. In 1971,   Nixon took us off the gold standard. And many people say that always the same thing, and I've been guilty of this as well, that they did it to fund the war because they just couldn't print they just couldn't print money for the Vietnam War,   because it was backed by gold. So the only way to really get around that shit was to take us off the gold standard and put us on a fully fiat standard, and then we could fund the Vietnam War. No. I call bullshit.  

It was to do   what's being done to Durov.   His wealth is polluted.   His wealth is toxic.   His wealth is under the full control   of everybody other than Durov.   Okay. Well, not his neighbor. His neighbor doesn't have any control over his wealth. But the people that actually can make other people's lives miserable   forever and ever and ever, they're the ones that have control. It's like it's like having   remote access.   That's what fiat   creation was all about.   It wasn't as much about being able to fund wars. That was a side bonus.   The ability was for governments to control the individuals   that became wealthy.  

Now I want you to think of Elon Musk and Bill Gates   along with Pavel Durov.   Now, I don't want Pavel It's not that I hate Durov. That's not what I'm getting at. He's a sucker.   And you'll go well, he's eating duck l'orange.   Yeah,   at by permission.   His all of his money is permissioned money.   All of his capital is permissioned capital.   It's all remote control.   Now, what's not remote control? When my wife spun over,   grabbed my arm, and threw it over her, and started cuddling, that was wealth. And, yes, you'll say, well, they can take her away, but they can't take her love for me away.   And while it would be horrible   to have my wife taken away from me or it'd be horrible for my wife and kids to have me taken away from them. And, yes, that physically can happen. My love for my kids   cannot be subjugated.  

It is non remote controllable. It is everything that is not fucking fiat.  

[00:35:02] Unknown:

That's wealth.   But it won't feed you, David.   Other kind of capital that also   has   the ability   to be kind of non confiscatable and I'm not just talking about Bitcoin here they exist.   And in fact, there's 8 forms of capital   as defined   by Bill Mollison's permaculture.  

[00:35:27] David Bennett:

Now, I'm going to read you this from thinglishlifestyle.com.   Thinglish, like think English, but, you know, things. Like, you know, having this thing and that thing. Thinglishlifestyle.com.   And it gives a definition of permaculture and it goes through a couple of other things. But I really just want to center in   and read these small captions about what the eight forms of capital is. And we're gonna begin   with human capital.   No, I'm sorry. Let's begin with financial capital. I'm sorry. I misread that. The first form of capital in Bill Mollison's permaculture   is financial capital,   which is the money we have available to invest in our permaculture systems and projects.  

Financial capital allows us to purchase land, tools, materials, and other resources that we need to establish and maintain our permaculture systems. It also allows us to pay for professional services and support such as consulting, design, and education.   Financial capital   has been wrecked.   Look, I'm not I'm not just like gonna say all that stuff that I said and then read that this definition of financial capital and then say, well, this time it's different. No. Financial capital has been thoroughly wrecked by the powers that be across the world in all nations in the land.   Alright?  

Financial capital is toxic,   at least the way it's structured right now. Bitcoin is the only thing that I can see that is not   toxified   by governments of the world.   However, that doesn't make it completely safe.   I mean, if every if all 175   nations in the world decided that Bitcoin was going to be illegal all at once, we've probably got some problems.   But those problems would be a lot more   a lot bigger   and would need immediate solutions by the populace of the of the world, not just the United States. And it would be an immediate reaction. That's why it's never been done. It's that's why that's never going to be done. So Bitcoin is still a way out. But human capital is the second form of capital   and its knowledge   can't be taken away from you.  

Skills, they cannot be taken away from you.   Experience   that people bring to their projects and communities   cannot be taken away from the person.   Human capital is what allows us to design, implement, and manage   systems.   And is what makes us valuable to other   practitioners in things like permaculture.   Investing in our own human capital through education, training, and hands on experience   can help us become more effective and successful   and   cannot be taken away from you.   Social capital is the 3rd form of capital.   And it is the networks   and the relationships   that we have with other people who are interested, in this case, in permaculture,   but interested in anything.  

People that are interested in bitcoin   people that are interested in figuring out a way out of this mess   these are the the social capital is your social graph   the people that you know   it can be informal like connections we make with other permaculture practitioners you You gotta understand this is a permaculture blog, so we we're gonna have to deal with the permaculture,   words here. But it can also be formal like the relationships that we have with permaculture organizations and groups. Social capital is what allows us to access resources,   information,   and support that we might not otherwise have access to and a very good portion of that cannot actually be taken away from us because it's more like the human capital.  

Then there's cultural capital and that's the 4th form of capital in permaculture.   These are the shared values the beliefs   norms that shape our spaces and behaviors and guides our decisions   in whatever context you choose.   Cultural capital is what defines permaculture communities   and gives us a sense of belonging and connection.   It's also what allows us to understand   and communicate with other permaculture practitioners.   And it helps us navigate the complexities   of sustainable design   and implementation.   And then there's natural capital   the 5th form of capital.  

It's the earth's natural resources the soil the water the air the biodiversity   that we all rely on to establish and maintain   all of our systems, not just permaculture.   It's what allows us to grow food and medicine and other useful plants and animals   in our systems. And it's what provides us with a rich array of ecosystems and habitats   to support our well-being.   Investing in natural capital through conservation   restoration   and regenerative practices can help us create more sustainable and resilient permaculture   systems.  

And then there's intellectual capital, and that's the 6th form of capital.   It's the knowledge and information that we create   and accumulate   through our experiences and practices.   Intellectual capital includes things like design plans,   what kind of plants you might put into a permaculture system,   whole animal lists and how they work together soil testing and other technical information that we use to manage   our permaculture systems it also includes the expertise and know how that we develop   through research and experimentation   intellectual   capital is what allows us to innovate and adapt to changing conditions   we need that right now more than ever and it's what enables us to improve and optimize   organic systems over time   spiritual capital   7th form of capital   values beliefs and principles that guide our actions   and inform our decisions in the context of permaculture   It's what gives us a sense of purpose   and meaning in our work.  

It's also what allows us to connect with the deeper significance and beauty of the natural world.   And then we come   to the 8th form of capital.   Physical capital.   Buildings, structures,   tools, and other tangible assets that we use to establish and maintain our systems. It's what allows us to turn our permaculture designs into reality. It's what enables us to create the material infrastructure that supports our permacultural   practices.   Investing in physical capital can help us grow and expand our ecological systems and it can make our permaculture practices more efficient and effective.   Okay.  

That's the 8 forms of capital.   And 2 of them  

[00:42:14] Unknown:

2 of them   can be toxisified  

[00:42:17] David Bennett:

by governments.   Which ones do you think those are?   It's the financial capital which is the first form   and the last one the 8th form   the structural capital or the physical capital buildings   land   these kinds of things   these can and will be taken away from us   if we are on government radar and we end up being bad little boys and girls,   right?   So   outside of those 2, though, we've got 6 forms of capital that   almost nobody can lay their hands on.   And I'm not saying don't buy land.   That's not what I'm saying.   I'm not saying   don't invest.  

I'm not saying don't use fiat currency if you can use it to do something   that   will not   get you   in Pavel Durov's position.   The constant need to be rich as shit   has just taken so many people to the point that all they've done to themselves   is put themselves under the yoke of masters who understand   true wealth   are the things that you do not own.   You control them? Sure.   And those people are fucking evil, so don't don't get me wrong. The people that are in control of Bill Gates, the people that are in control these are the people that we we they are the people without names.   Can I prove it? No.  

Am I going to try? No.   You this one, you you take it with a grain of salt if you wish. You believe me if you wish. You tell everybody else that I'm a tinfoil hatter if you wish. Completely up to you. I feel in no way, shape, or form   beholden to anybody   to tell you what you can clearly see with your own eyes.   Bill Gates is not the master of the universe.   Elon Musk is not the master of the universe.   We don't know who these people are.   But   I'll goddamn guarantee you this:   whatever wealth they hold   they don't actually hold it themselves.   And I'm talking physical   capital. I'm talking financial capital.  

1,000,000 of dollars, 1,000,000,000 of dollars, 100 of 1,000,000,000 of dollars in banks.   Their names are not on it.   They control   it and because they can do that nobody can take it away from them because nobody knows where to go   besides they're the masters of the universe anyway they're pretty much calling the shots from on high   But Pavel Durov   is a pleb   You go God you're an idiot Dave he's got 1,000,000,000 of dollars Yeah, 1,000,000,000 of dollars that are ammunition   inside the gun pointed at his own head as he's being told what to do because   if he pulls that trigger,   there's only 2 things that can happen if he pulls that trigger. He pulls that trigger and realizes that he's going to lose his wealth,   but he's going to save his life and his soul.  

That's not the death of Pavel Durov. That's the death of the person that swore up and down that it would work if they put this gun in Pavel Durov's   hands.   Sadly, I don't think that's going to be the case. I think it's going to be the second case. If he pulls that trigger, he's going to blow his brains out.   But either way   either way   it's the capital it's this financial   toxicity   that has been generated by the governments   as a means of control   and not the carrot at the end of the stick. This is not a carrot and stick situation.   This is straight up toxic bullshit. They've turned the money into a drug and they've addicted everybody on the planet. Even the people that don't have the money, they do have the desire for that money. And, therefore, they're just as addicted as Pavel Durov to his 1,000,000,000 of dollars which he   technically,   quote, unquote, physically owns.  

It's all bullshit.   What is wealth?   Let's run the numbers.   CNBC   Futures and Commodities. They've got oil. West Texas Intermediate up 1 and a half points to 7137.   Brent Norcea up 1 and a half to 7498.   Natural gas is down a quarter.   Gasoline is up 2.15   percent to just over $2 a gallon.   Gold doing well today. 0.81 percent to the upside.   2674,   I do believe. That's an all time high.   Silver is up 4 and a quarter points to $32.   Actually, 32.50   almost.   Platinum is up 2.5%.   Copper is up 3.   Palladium is up 1 and a half.   Ag, who's the biggest winner today? It looks to me like it's gonna be sugar.   2 and a third to the upside. Biggest loser is wheat. 1 point no. No. 0.86   to the downside.  

Live cattle up a quarter. Lean hogs up 0.17.   And feeder cattle up 0.16%.   Now the equities.   Nobody knows what the hell is going on, so that explains these numbers.   The Dow in the red but basically moving sideways, 0.01%   to the downside.   S and p is up 0.1 6%. Nasdaq is up just over a half, but the S and P mini is moving sideways but in the red, 0.06   to the downside. Now   Bitcoin's no different. We had a little bit of a tumble this morning. $63,270.   That's 1 and a quarter $1,000,000,000,000   of market cap.   23.9   ounces of shiny metal rocks might be had with our 1 Bitcoin of which there are 19,000,000,758,183.62   of, and average fees per block have risen, but only slightly   back up to the median   0.06   BTC on average on a per block basis. And how many blocks are there, you ask? Well, there's 92 of them. And they carry   165,480   unconfirmed transactions   waiting to clear it. My god. The high priority rates are   3 satoshis per vbyte. Low priorities,   3 satoshis per vbyte.  

Hash rate, what's it doing?   It's at 642.9   exahashes per second. So we've,   dropped   almost a full 100 exahashes per second from the all time high that we had a couple of days ago, which always makes me wonder how the hell do you how the hell do you turn off a 100 exahashes   of mining per second?   What? That's   that's a lot. I mean, that's that's a whole lot. Okay, from   chocolate payment cookies,   which was episode   959 of Bitcoin and   Aggie Chute with 5,000 says we need to become the fungus.   From how I understood Renee Aaron's explanation,   the Nostril Wallet Connect enables exactly these kinds of recurring payments that you want for software use.  

I'm a big fan of Albi and the Nostra Wallet Connect. Because Nostra Wallet Connect   came out of the folks that were building Albi. So please understand that.   Everything the guys at Albi and not and and and the the position they've taken on being able to build this Nostril WalletConnect   is everything   that is right about the direction that the lightning network is going in the hands   of a third party. Somebody who's building on top of the lightning network protocol. I want to see more of it. I agree, Aggie Chute. Okay. So the bitcoin potter with 5,000 says, keep the sats. Oh, thank you, brother. Let the people know that if anyone would like bitcoin themed pottery like mugs and bowls and plates, etcetera.   Find me on noster@bitcoinpotter.  

That's bitcoin potter. Bitcoin potter is all one word, p o t t e r.   What's up,   Potter?   Sorry. That's my terrible English accent for the Harry Potter series.   Or on the dead bird site at BTC   Potter.   BTC   Potter over on dead bird. All items are handmade to order. Website coming soon.   Keep sending the signal. I will. Slosow with 21100   says, a la carte cookie menu. Yum.   God's death with 537 says, thank you, sir. No. Thank you. Pies to play before 20   says, thank you, sir. No. Thank you. War time with a couple of pizza   and some beer emojis with 333   sats.  

I appreciate it, my brother. Nostra Gang a 100 says, I'd go back to Windows 98   in a heartbeat.   Yeah. I   I understand that.   I want to say something about old operating systems.   They're not as toxic as the new operating systems.   And everybody who looks at me like, for instance, if if I were to go and, I don't know, apply for a computer job, they'd say, well, how much do Windows 10 do you know? I'd be like, I don't know. I'm on Windows 7. There's no way I'm getting break fix. Even break fix IT positions where, you know, somebody's mouse stops working and I gotta go restart their driver or some shit like that. Won't even get that because I'm on an old operating system and they think I'm an idiot. And when they say that they would require me to have all this knowledge about Windows 10,   I kinda don't want to be in the same room with people that are that fucking stupid.  

And I'm not saying that if you're running Windows 10 that you're stupid. I'm just saying that we need to start understanding that what's being done to our infrastructure as far as computers and servers and,   you know, corporate corporate based software is the exact same thing that was done to the fiat currency.   Since it's not backed by, you know, any morals and ethics because clearly Bill Gates has none and his cadre over there at Microsoft probably have none either,   then it's going to do the exact same thing. It's a method of control,   not of productivity.  

Just like the turning   of gold backed currency into fully formed fiat currency   was not to fund wars although that's again side effect that I'm sure did them very very well   but in fact well   what can I   say? Method of control   The new operating systems   that are being released by Apple   that are being released by Google that are being released by Microsoft   They're methods of control now.   They're just like fiat currency.   Took them a while to figure out how to do it, how to make it toxic, how to inject it in your lives on an everyday basis so that we have no choice but to fucking use it.   But as long as you're aware   that that's what's occurring,   you're in a much, much better position than somebody that just blindly trusts anything that Microsoft releases.  

Always question. I tell my kids this all the time.   Always question authority   somebody tells you something ask how do you know that   I expect the same kind of behavior   I say something people go how do you know that and I'll be forced to say well I'm not exactly sure that's why I say a lot of times on this show it's a gut feeling   Ask the weather report.   Welcome to part 2 of the news that you can use. And in today's news, the September consumer confidence report   has fallen the most in 3 years.   Wow, CNBC   Jeff Cox is writing this one. We'll pick out the the major points.   Consumers' views on the economy tumbled in September,   falling by the largest level in more than 3 years. Count them. Not 1, not 2, but 3 full years as fears grow about jobs and business conditions,   the conference board reported on Tuesday.  

The board's consumer confidence index slid to 98.7.   And that means it's down from 105.6   back in August,   the biggest 1 month decline since August of 2021.   The Dow Jones consensus forecast was for a reading of 104.   By contrast, the index had a reading of   132.6   in February 2020, a month before the COVID pandemic hit.   Each of the 5 components   the organization   samples fared worse   on the month, with the biggest fall coming from those aged 35 to 54 demographic and earning less than $50,000   Quote,   consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further.   Consumers were also more pessimistic about future labor market conditions and less positive   about future business conditions and future incomes,   said Dana Peterson,   chief economist at the conference board. The last time the confidence index dropped more   came as inflation was just beginning to climb to what ultimately was the highest level in more than 40 years.  

Stocks saw some brief losses following the relief   while treasury yields move lower. And in addition to the steep drop in the confidence index,   the present situation   measure   that's actually a measure. It's a measure of quote and this is in, like, there's capital letters here present situation   measure   worsened by 10.3 points to 124.3   and the   expectations   index was off by 4.6   points to 81.7.   On the expectations measure, a reading below 80 is consistent with a recession.   And we are 1.7   points away from that number 80.   On inflation,   the 12 month outlook rose to 5.2%   with concerns over price increases topping the list of economic concerns.  

Quote the proportion of consumers anticipating a recession over the next 12 months remained low but there was a slight uptick in the percentage of consumers believing that the economy was already in recession.   Understand that.   We just had a 50 basis point cut from the Fed because inflation was under control. Yet, the 12 month outlook rose to 5.2   percent on inflation.   Does it sound to me does it sound to you   that they were ready for the 50 basis point cut because inflation was under control?   It certainly doesn't to me. Here's the way I read it.   Jerome Powell sitting with all his buddies,   you know, and Janet Yellen's probably there. They're probably eating lobster   or some other hoity toity highly expensive dish for lunch at Tavern on the Green in New York City or so or the French Laundry in California, wherever these fuckers go to to eat their food.  

And they say,   inflation's not under control,   but everything in the world is looking really bad because we've basically broken the system to the point that we can't fix it. What do we   do?   We'll drop   the Federal Reserve rate by 50 basis points,   allowing all the countries in the world to also reduce   their interest rate so that money becomes cheap again. And then somebody says, but that won't work. That's just going to raise inflation. To which the reply is, we've already broken the system beyond repair.   If you don't want to be put up against a wall and fucking shot,   then you will raise and rather lower your interest rates because these people are gonna be pissed.  

And the only way that we might be able to get out of this with our teeth intact   and retire to some farm that nobody can find us on   is if we give them cheap money right now. That's the way that I read this.   That's the way that I read it.   What are the Republicans doing? Well, the lawmakers are urging the Securities and Exchange Commission   to rescind   the controversial   crypto rule named   SAB   121   again.   Yes. SAB 121 is in the news again. This is out of decrypt.   This Maya v is writing on Monday.   A group of over 40 Republican lawmakers   sent yet another letter to US Securities and Exchange Commission chairman Gary Gensler   once again urging the agency to rescind its controversial crypto custody rule.  

The letter, led by House Financial Services Committee chair Patrick McHenry,   senator   Cynthia Lummis, and 40 other bipartisan lawmakers,   comes after congress passed a bipartisan repeal of staff accounting bulletin number 121,   SAB 121,   which president Joe Biden later vetoed. Remember that? He vetoed it. Every it passed the house, passed the senate, went to Biden's desk,   veto.   Bam.   And the SEC's   lack of clear crypto rules has become a central issue among critics who argue that the agency is pursuing the regime of regulation via litigation.   SAB 121, meanwhile, has been under fire since its implementation in March 2022   with critics stating it disrupts traditional accounting standards   and puts unnecessary   pressure on financial institutions.  

And lawmakers also argued that SAB 121,   which requires   crypto custodians to recognize digital assets as liabilities on their balance sheets, could increase consumer risk,   weaken financial innovation,   and discourage banks from offering custodial services for cryptocurrencies.   SAB 121   deviates from established accounting standards   would fail to accurately   reflect the underlying legal and economic obligations of the custodian   and place consumers at greater risk of loss, the politicians wrote in that letter.   It was originally designed to address the risks associated with holding digital assets, but its detractors argue that it has the very opposite effect.  

They claim   that it stifles innovation by pushing crypto custody into the hands of non bank entities,   which they believe could lead to a more concentrated risk in the industry.   The critics have also accused the SEC   of bypassing the Administrative   Procedure Act, which requires a formal notice and comment period for new regulations.   The letter noted the lack of transparency surrounding   121's   implementation   stating that the SEC reportedly worked with certain institutions privately   to help them avoid compliance.   And the regulator did not immediately return a request for comment on that son of a bitch. I'll tell you that much. Although president Biden vetoed a previous resolution to repeal   SAB 121 in June, citing concerns about financial stability and investor protection,   the issue remains contentious.  

The house of representatives attempted to override the veto   on July 10, 2024, but failed to reach the 2 thirds super majority that they needed.   The vote saw a 100 no. 207 Republicans and 21 Democrats in favor of the repeal.   Ultimately, a 183 Democrats voted against the measure preventing the override   and making   a marking, rather, a major setback for the repeal effort.   That has further angered those already at odds with the regulators perceived stance against the industry. And in a recent federal court hearing,   a panel of judges   skewered   the SEC's attorney   over the leg the agency's refusal   to issue   rules for crypto tokens, raising concerns about the SEC's long standing approach of   regulation   by enforcement   through sporadic   lawsuits.  

The judges expressed frustration   over the SEC's inability to clarify whether major cryptocurrencies like Bitcoin and Ethereum fall under securities regulations.   In a separate case, cryptocurrency exchange Kraken has also responded to an SEC lawsuit suit by demanding a jury trial arguing that the SEC   has failed to provide clear regulatory guidance on which crypto assets   qualify   as securities.   Ethereum qualifies.   Bitcoin does not. That's all you need to know. Now,   Cathie Woods,   here's here is   your daily hit of anti hopium   because I'm gonna give you a hit of hopium right after. And without balance,   we don't know where we're at. We've always got to be zen with this kind of shit, right? So Cathie Woods,   Ark Invest,   has sold   another $2,800,000   worth of its very own spot Bitcoin ETF.  

She's getting out. That's what it looks like to me. James Hunt, out of the block, writes   it. ARK Invest sold 44,609   shares of its ARK B Spot Bitcoin exchange traded fund worth 2,800,000   from its next generation internet ETF   on Monday.   This comes   after the firm   previously offloaded shares in its own spot Bitcoin ETF on August 1st, selling yet another $6,900,000   of the very same arc b Bitcoin ETF.   Ark Invest has now offloaded a total of $17,500,000   worth of the Bitcoin ETF. Its very own Bitcoin ETF   having also sold 7,800,000   of Ark b shares in July. The firm's strategy involves letting no individual holding take up more than 10%   of an ETFs portfolio.  

This is to maintain diversification   within its funds, meaning it is likely to continue rebalancing   its asset weighings if ARK b gains in value relative to arc's other holdings and fund. And I'm just that's all you need to know. So what what just happened there?   Right?   Well,   if you if you believe what I say,   then Cathie Wood is basically trying to figure out a way to get out of the amount of position that she has in Bitcoin   because she's selling her very own   Bitcoin ETF.   Now, if you read the last paragraph and believe it,   she's just doing it because that's the rules that ARK Invest has   for how much they hold in any particular ETF.  

I'm going to say: okay, I'm going to take the tinfoil hat off and I'm going to believe this last paragraph.   That this is actually   the way that Cathy Wood has to operate given her own rules.   Rules that she put in place a few years back.   I still don't think that it's the greatest   look in the world   where Cathie Woods, a   self made, staunch   Bitcoin supporter,   has these rules in place where she can't just allow herself to ape into bitcoin   and she still has to play with all this toxic bullshit that people think is wealth. Again,   don't forget to ask yourself the question,   what is wealth?  

I I don't think she's doing anybody any good. But it's her rules. It's her game. She can do whatever the hell she wants. I can't say shit about it. Now,   bitwise,   here's your daily hit of hopium. I mean straight up hopium. So take it with a grain of salt. The bitwise   CIO   says that the most powerful people in finance   are buying Bitcoin   and   crypto. Well, whatever, dude. Bitcoin Magazine   Vivek Sin says that Matt Hugan,   chief investment officer   of Bitcoin and crypto asset manager Bitwise Investments, claims that the most powerful people in finance   are allocating to Bitcoin and shitcoins.  

In a memo, Hogan   or Huygen   described a telling moment   at a recent financial advisor summit hosted by Barron's Magazine.   That's a pretty respectable publication, I suppose. When asked, nearly every attendee said that they owned bitcoin and shit coin assets   personally.   Bitwise   is a major Bitcoin and crypto index fund managing a lot of money and doing all this and all that, and they have an exchange traded fund. Whatever. Huygen said when he asked the same question   at past adviser summits, only 10 to 20 percent would raise their hands.   Approximately   70%   said they owned Bitcoin and shitcoins   this year, which represents   a sea change.  

While fewer said that they had allocated Bitcoin and crypto in client accounts yet,   Huygen expects that to follow within 6 to 12 months based on past trends. He called it one of the most powerful signs of the time. So let me get this straight as I pause here  

[01:07:32] Unknown:

to reflect.   These guys,   these  

[01:07:37] David Bennett:

financial   advisors   personally hold Bitcoin,   but they're not really getting their clients into bit coin yet. No. No. No. No. That comes 6 to 12 months later.   You see where I'm going with this?   I'm gonna buy it first and have my have my plebs pump my bags. Anyway, believes that the launch of the Bitcoin ETFs this   year opened acts Bitcoin access to more investors and sparked the shift. But he says,   when advisors buy Bitcoin personally,   it breeds familiarity   and opens a path to later client allocations.   Pump my bags. The anecdote   reveals surging Bitcoin ownership   among influential   financial professionals firsthand.  

As these elite   Jesus Christ.   Fuck these guys. As these elite advisors and money managers embrace Bitcoin, it validates   and likely foreshadows a larger wave of institutional adoption.   Again, pump my bags.   If anybody wanted a regulation it should be this,   If you're a financial advisor, you're you you have the you have you're by law required   to release what you're investing in   personally.   You're required.   If anybody if anybody out there is listening to me says, we we need more laws.   We don't have enough laws. By God, what new law could we have? Well, put this one in place.   Of all the things in the world that I find repre fucking hintsable,   it's the ability of a financial advisor to get into an asset class and then 6 months later be able to tell their clients, you should buy this.  

How is that not just laughable?   Pump   my bags, motherfucker. Pump my bags.   And here, this one, I'm gonna laugh my ass off at this because I don't buy this shit for a second. It's out of Cointelegraph   and written by Zoltan Vardy. And here it is,   China still controls 55% of Bitcoin hash rate.   Do you believe that?   I call   100%   bullshit,   but instead of just saying it, let's read it. Chinese Bitcoin miners still control the lion's share of the global network   despite the ban on cryptocurrencies.   And over 55% of the Bitcoin mining network   is still controlled by Chinese mining pools according   to Ki Yong Ju, founder and CEO of CryptoQuant.  

Ah, now we get into a little bit of the meat and potatoes of what   they're saying. A little bit of a shock and awe headline to grab attention, I suppose.   Bitcoin mining dominance is slowly shifting to US mining firms. However,   Zhu wrote in a September 23rd Twitter post, quote,   Chinese mining pools   operate 55% of the network,   while United States pools manage 40%.   US pools primarily cater to institutional miners in America, while Chinese pools   support relatively smaller miners in Asia.   The surprising dominance of China over the network   because of mining pools   not actual physical Bitcoin mining itself but whatever   comes despite the country's blanket ban on Bitcoin.  

China is planning a significant amendment, however, to its anti money laundering regulations next year, expanding them to cover cryptocurrency transactions in response to growing demands for stricter oversight.   Prominent scholars   and financial experts who participated in the discussions on the revised draft of the AML regulation said   that the AML law involves a relatively broad scope, making it difficult for the draft to be comprehensive.   The most urgent content can only be reflected in a framework   first.   China imposed a blanket ban back in 2021.  

However, with technological advancements   and the decentralized nature of cryptocurrency,   mainland users have found ways to access the crypto market anyway, leading to money laundering risks. Oh, of course, because that's all we do as a population of the world is we launder money.   Do you ever ask yourself why we might be laundering money?   You ever I mean, really. Think about it.   If you're selling drugs,   you want to launder that money so that it looks like it's clean. But what caused it to be dirty?   The stigma of illicit   drug sales.  

What if drugs were legal?   You wouldn't need to launder   it. Because it would just be your business. You'd sell I'm a drug dealer.   That's what I do. I've got giant bags of cocaine over here. I've got huge bags of heroin over here. And if you wanna kill yourself,   then by all means go right ahead. But before you do,   you better pay me some money.   That I mean,   sure. Is it evil? Is it unethical? Is it immoral? Those are questions only for you. I don't think that I would ever engage in that kind of business,  

[01:12:37] Unknown:

but I don't think it should be illegal either.  

[01:12:41] David Bennett:

Now think of all the other things. There's really not a whole lot. Now, here's the one thing, like, if you're selling children into sex slavery or something like that, you should just be shot.   And making money on that is not anywhere anything that at all where I think should be legal at all.   But aside from just, like, like, murder for hire,   you know, child sex slavery and sex trafficking of minors, and either just other humans too.   Okay. There's a there's a very small amount   of things that humans do to each other   that should actually result in the fact that if if you've got money from that activity, that it should actually be considered dirty. Very few   things in the world are that way. The majority,   the majority   of what people make money on, that they need to launder the money for, think organized crime,   actually   shouldn't be illegal at all. And therefore the money shouldn't be considered dirty.  

So   we end up with these AML   and know your customer   KYC and CTF or whatever the hell that stands for. All these things,   they're made up.   They're the sidecar   to the motorcycle that is taking fiat or turning money   from something that was backed by something like gold into pure   fiat money and thereby   issuing a measure of control over the population. This anti money laundering, that's the sidecar to it. It wasn't enough that they just said, you know what? We're gonna make this fake money that's not backed by anything and therefore we're going to be able to literally remote control   what we want the citizens to do simply by saying, we'll take it away from your ass. We'll close your bank accounts down.  

Now we didn't know this control was occurring in the late mid seventies, late seventies,   eighties, nineties. We didn't know about any of the we didn't start seeing bank accounts of people being closed by federal agencies in the world until well into the 2000s.   Right?   AML is the sidecar to the toxicity that is the fiat currency that was created on purpose   not to fund wars as much as to fund control   over you. What is wealth?   What does it look like? How does it act?   What does it do when you deploy that capital?   Actual real wealth   After you've determined what real wealth is to you   does deploying that capital make you feel good?  

Does it make you feel bad?   Are you neutral about it?   How do you feel about holding real wealth?   And in some cases, let's say, sure, I'll include Bitcoin in that. That, to me, that is actually real wealth. But when you're holding your wife or your  

[01:15:47] Unknown:

children, when you tell these people that you love them,  

[01:15:52] David Bennett:

you know, after you fight and you got, you know, get makeup sex or something like that,   you realize that this person is the only person that could bear to stand your ass and you're the only person that could bear to stand them. And, therefore, you end up being a really great team.   And you have wonderful children together, and you have other family members that you go and spend Christmas with.   That's a type of capital that can   sure, they can take my kids, but they can't take my love for my kids.   They can take me, but they cannot take my kids' love for me. They cannot take my wife's love for me. They they can't steal the memory of me.   Sure. Can I buy chicken with that? No.  

Well, maybe. What if one of my kids   raises chickens?   And they love me and they know that I need a chicken.  

[01:16:48] Unknown:

What?   And they give me that chicken. So now I mean,   did I do a transaction?   Was love part of that transaction?   I  

[01:17:02] David Bennett:

sure as shit, especially in today's times   and in the very near future, I wouldn't depend on that.   But if we don't if we just dismiss what I'm saying today   as impossible forever and yon,   then you're going to live a very very sad life.   And the rest of us that start thinking, maybe I'll apply a little bit of, you know, electricity and chemical stimulation   inside various sectors of my brain to think on this issue   and and really come up with my own personal definition of what is wealth.   And you might say,   I got a farm. I got 50 acres. I got a 100 cows and rotational grazing. Sure. And men with guns will come take it away from you is one argument.   My other argument is,   can they find you? And that goes into my don't own anything,   but make damn sure you control it.  

So that if I   control a farm   and I have 100% say so of what happens on that farm and those 100 cows on that 50 acres and when they get butchered and where that meat goes and all of that and all the chickens and all the hogs and whatever it is that I'm doing on that farm that I   technically don't own,   if I get to call the shots from fence row to fence row,   then what's the difference?   Now   if somehow or another me   divorcing myself from the technical   paper   ownership   of that property, does that mean that it's completely safe? No.   Because something owns it,   and you may control that something.  

And even if they never find and by they, let's say, like, I don't know, county officials that want to,   they want that farm   because they're gonna then they're gonna do that whole,   not civil seizure but, imminent domain.   They're building the road. They need the entire farm to build the road and they're gonna pay you fair market value which is about, you know, 20% of what's what the farm is actually worth by thereby basically stealing   the land out from under your foot. Even if I don't own that land,   technically,   but I control it, I could still lose it. Right? Does that mean never buy any land anywhere ever? No. That's not what I'm saying.  

That I think is a very dumb attitude to take.   But we need to start thinking about how how do we think differently about everything? I've already given you one major fucking way that I started thinking about this morning   at 6 am,   I woke up with a thought in my head that, my God,   fiat money wasn't about funding wars.   It was about projecting the control of the government decades into the future when they really needed it because they knew that they broke the system in the sixties   even though we were still under the fiat   the gold standard.  

They knew they broke it back then. They probably knew that they broke it in in 1913.   They probably knew that they broke it before that, which is why they needed the Federal Reserve Act in 1913.   And all of a sudden, they slowly and surely figured out a way to get us off of gold until finally in 1971,   the last of the gold window was eventually closed by Nixon.   And now we're seeing why they really did it all the way back before 1913. Let's say let's say that they knew that they broke the system   way back before then, that there was no recovery from it, that all they could do was continuously patch it and put Band Aids on it.   Now we see what they really meant.  

Now we see what the families,   the people that are in control, and they are families.   It's just like the mafia.   It's like the Gambinos.   Only you don't know these families names. You think it's the Clintons.   That's just enforcers.   That's just low level street fucking junky enforcers.   We don't know the names of the real families.   Oh, it's gotta be the Bilderbergers. Well, that's not even a family name. Oh, well, it's gotta be the Rockefellers. No, not   really. Well, then surely it's the Morgans.   No, probably not. I don't know who they are neither do you and we're never gonna find out and it doesn't matter.   All we have to do is figure out a way   to break the perception   of what   we think wealth is   as having been defined by somebody   who does not have our best interest in mind.  

They've given us an illusion.   And that illusion   is controlling us.   It certainly is controlling Pavel Durov.   If you're still using Telegram,   stop.   This is when you get on Nostr. And you might bitch, and you might have problems with the UX and the UI, and you might have a problem with the fact that you can't send a DM. Well, then fucking fix it.   And stop sitting there bitching about it because we don't have much more time left.   And with that, I will say I will see you on the other side.   This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.