It’s a Wall Street Government.... until Satoshi

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Transcript:
https://app.podscribe.ai/episode/61542979
Speaker 0 (0s): And it's hard sometimes to remember everything that happened. It's a wall street, Government the financial crisis rock wall street. It's a wall street. Government some of the largest investment banks in the world. Failed stock markets. Plunged banks stopped lending to families and small businesses. It's a wall street Government 

Speaker 1 (27s): Of the past few weeks. Many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple digit swings in the stock market. Major financial institutions have teetered on the edge of collapse. 

Speaker 0 (42s): Yeah, it's a Wall Street Government 

Speaker 1 (45s): And some have failed. As uncertainty has grown. Many banks have restricted lending credit markets of frozen and families and businesses have found it harder to borrow money. 

Speaker 0 (57s): Yeah, it's a Wall street. Government three of America's five largest investment banks failed. It's a wall street. Government yesterday wall street suffered it's worse losses since just after nine 11. It's a wall street government. We are in the most serious financial crisis in generations. It's a wall street. Government 

Speaker 1 (1m 23s): We are in the midst of a serious financial crisis. 

Speaker 0 (1m 25s): Yeah, it's a Wall Street Government 

Speaker 1 (1m 28s): Potentially driving down stock's for their own personal gain. 

Speaker 0 (1m 32s): It's a wall street. Government the philosophy, but says we should get more and more to those with the most joy and hope that prosperity trickles down. It's a wall street. Government, it's a philosophy that says even common sense. Regulations are unnecessary and unwise it's a wall street. Government, that's a philosophy that lets Washington lobbyists shred consumer protections and distort our economy. So it works for the special interests instead of working people. 

It's a wall street, Government that some of the most damaging behavior on wall street, in some cases, some of the least ethical behavior on wall street, wasn't illegal. It's a wall street. Government that is so wrong on so many levels. Oh, what they did was illegal. I mean, I don't tell the justice department, what they do is just a wild coincidence. They have prosecuted almost no one, its a wall street Government among the top banks who happened to be in a wild coincidence. 

Some of my top donors in 2008, it's a wall street. Government Goldman Sachs' in fact was his number one donor. These are all wild coincidences. But when he actually says, Hey, you know what? They did nothing illegal. Well that just isn't true. It's a wall street. Government Obama spoke of the need to reform the financial industry. We want to have systemic risk regulator increased capital requirements. We need a consumer financial protection agency that we need to change Wall Street's culture. But in his first year, the Obama administration did not enact a single major financial reform, addressing Obama and quote regulatory reform. 

My response, if it was one word would be high. There's very little reform. How come it's a wall street? Government there's very little reform. How come it's a wall street? Government 

Speaker 2 (3m 38s): $700 billion to rescue the country's failing banks weeks later. And with the economy still in turmoil, many are wondering what happened. So now we were talking about sort of trying to put the toothpaste back in the two, we were trying to say, wait a minute, Okay the money is gone. Where did it go? Does he have to press contacted 21 banks that received at least 1 billion in Government dollars and ask four questions? How much has been spent? What was it spent on how much is being held in savings? And what's the plan for the rest? 

None of the banks responded. We didn't get one answer. Now one straight answer. If got a lot of where trying to meet the intentions of the law, we were trying to boost the economy. We're trying to lend more money, but no numbers, no bank would tell us exactly what was being done with the money as a spokesman for JP Morgan chase, which I got $25 billion responded with this, we've lent some of it. We have not lent some of it. We have not disclosed that to the public. We're declining to SunTrust banks, which got three and a half billion dollars is simply said, we're not providing dollar in dollar out tracking. 

Speaker 3 (4m 46s): I am convinced that this bold approach, low cost American family is far less than the alternative, a continuing series of financial institution, failures and frozen credit markets, unable to fund every day needs and the economic expansion. Again, I'm frustrated. The taxpayer is on the hook that the taxpayer was already on the hook. So the taxpayer already is going to suffer the consequences. If things don't work the way they should work. And so the best protection for the taxpayer and the First protection for the taxpayer is to have this work. 

Maybe the world would be a better place. If the engineers ran the monetary system, instead of the politicians ran the monetary system. Now on the left hand, you have the domain of politicians and on the right hand, you have the domain of the engineers and you know, like what, how would you feel if you had a nuclear power plant and a politician showed up and started telling you how to set up that, you know, the rods, like nobody would think that they would never consider allowing political interference and most complex engineering systems because you know, any, any third grader would say, you don't do that. 

You're going to have a meltdown, right? You're going to kill a soul. And so in the domain of engineering, engineers submit their decisions to the laws of nature and conservation of energy. And there are rules and then all I have to break them up. And if they break them right, the, the engineering systems fail. But in the, in the domain of politics, politics, right, there are no rolls. And so it's all relative and a Bitcoin represents the singularity where engineering finally, finally they impinges upon economics. 

It's, it's the first engine neared monetary system in the history of the world right now. And I think we underestimate the engineering element here in the meetings and in the metaphors, people try it. First engineers. I mean you do every time you get on an airplane and you find the seven 47 halfway a crown around the world, I am an aeronautical engineer. I, it's a miracle that you can take off in an airport and in New York and you can land and alive in London or Paris. 

So I think that the reel, the magic of Bitcoin is that right. And engineering is arriving to economics for the first time in human history. And the challenge of gold, you know, to your point is his number one, it's a corruptible monetary system because it's centralized. And number two, it's not a clue closed monetary system is an open monetary system and a closed engineering system would have 21 million things in it. 

And only heat can come in and go out the mass can't come in and go out. And Bitcoin is a closed system because there's 21 million Bitcoins and you can heat it up. You can call it down. All close thermodynamic systems are like that. That's the definition of a closed system. Closed systems are pretty good idea, right? An open system is when I can put more mass in or take mass out ...