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[Music]

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Hey Joe. Hey. "What's this all about then? Well 
we have a problem and it's a very big problem,  

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and unfortunately most people aren't aware of it. 
It doesn't matter what your personal views are,  

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your politics, your religion or where you are, 
and once you see the problem you can't unsee  

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it. It's like a one-way door. But thankfully we 
also have the solution and it's this solution  

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that I'm so passionate about sharing and it's 
what makes me just so optimistic for the future.

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The challenge I find though is how can anybody 
fully value a solution unless they understand what  

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the problem is. And so, I put this presentation 
together for some friends and it assumes no  

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knowledge other than just being a human being with 
some life experience and they encouraged me then  

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to make this presentation into a video so I can 
share it with everyone. So, I hope you enjoy.

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Welcome to 'What's The Problem?'. So, what is the 
problem? Too many unfortunately. I probably could  

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have written twice as many things down on this 
slide. I think we all have that sense of unease;  

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we all feel internally that things are not 
moving in the right direction in our lives,  

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in the world. Things are becoming harder not 
easier, and I think for most of us we would  

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recognize some elements of these things on 
the screen as touching our lives directly,  

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or indirectly, and what I'm here today to 
show you is that all these things may seem  

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unconnected but they're really not. The primary 
cause of all of these is the quality of our money.

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Now, we're going to do this through a story. 
So, imagine there's this far off world where  

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you have hundreds of smart people traveling on 
a ship and this ship gets wrecked on a deserted  

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island. This deserted island is so far from 
everywhere else they're effectively cut off,  

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but the island is resource rich - it has 
everything they could possibly need to  

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rebuild society. Because these people have come 
from an advanced civilization they know exactly  

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where they're ultimately going to get back to 
but now, they're starting again with nothing.

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What's also clear is that they need some way 
of trading with each other once they start to  

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rebuild so they prioritize deciding on what 
to use for their new money. And suspend your  

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disbelief slightly further, in that they have, 
despite not having anything, the ability to create  

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whatever monetary system they want with whatever 
characteristics. So the first question they need  

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to answer is - what makes good money? There are 
seven things. So these guys have the ability  

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to create whatever they want so instead of just 
creating good money they create the perfect money.

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The perfect money is scarce which means it 
has a fixed Supply forever and is instantly  

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and costlessly verifiable by everybody. 
So if everybody can check it whenever  

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they want at no cost then you can verify for 
yourself that nobody's creating any extra.

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It needs to be portable so you can effortlessly 
move and store it with negligible costs.

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It needs to be divisible, and the perfect 
money would be infinitely divisible.

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It needs to be durable - it can't rot or go off.  

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It can't deteriorate. So the 
perfect money exists forever.

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It's fungible which means every piece is 
forever the same as every other piece.

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It needs to be acceptable so everyone 
anywhere can both send and receive.

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And the really important one 
is it needs to be censorship  

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resistant - you hold it yourself. 
Nobody can take it away from you  

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without your permission and no one 
can stop you sending or receiving.

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So this is great, they decide on perfect money. 
But then there's a disagreement. Two leaders  

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emerge from within the population. The first, 
Satoshi, he says, "Well, given these are the  

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characteristics of perfect money, that's going 
to be true today, true tomorrow and true forever,  

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so we should lock them in, and you should 
never change. Whereas Fiatello - he says,  

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"Well I get that. I get these characteristics of 
perfect money and I totally agree *but* what if  

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there's an emergency? What if we need to change 
something? What if the people we put in charge of  

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our money feel like it's not working and need 
to make an adjustment? I think we should have  

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the perfect money, but we should also have a Big 
Red Button which allows someone to press it and  

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change any of the characteristics if we need to. 
Of course, no one ever will, but just in case."

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This becomes an irreconcilable 
disagreement so a fairly drastic solution,  

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but they build a huge wall right 
down the middle of this island. On  

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one side they create the currency called 
Satoshis, which is perfect money always,  

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and on the other side are Fiatellos, which is 
perfect money but with the option to change it.

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Now this wall is so big it cuts off the 
communication and the trade between both  

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sides on the island so effectively 
they're cut off from one another.

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So to begin with nobody has anything on either 
side of the island so everyone's starting from  

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zero. Initially people have to be self-sufficient 
- each person is fishing for their food,  

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cutting down trees for their wood to make fires 
and also for houses, and they're also building  

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their own shelters. Now even though they have 
perfect money there's very limited trading here  

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because people are working hard just to satisfy 
their day-to-day needs across all of these goods.  

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But people are different. Some people are better 
at some things than others and so people quickly  

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realize that if I spend my time focusing on the 
things I'm good at and reducing the amount of time  

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I spend on things that I'm poor at then I can 
contribute more to society. I can increase the  

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amount of goods I can provide to society in the 
same amount of time as the average person. So the  

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wood cutter spends all his time now cutting down 
wood. He stops fishing, he stops building shelters  

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and because he's spending his time cutting down 
wood, he increases the quantity of wood available  

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to everyone else versus three people spending a 
third of their time each because he's good at it.

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Not only does the increase in the quantity 
of wood available reduce the price of wood  

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for everybody on the island the quality 
is also higher - he's better at doing it.  

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He produces a higher quality output, so prices 
fall and quality increases. And not only that,  

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he's not the only wood cutter, there are 
multiple wood cutters, so they're all  

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competing to supply wood to everybody else 
and they're competing on price and in terms  

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of quality. And now what happens is because 
the wood cutter needs other goods to survive,  

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he has to sell the wood to buy fish, he has 
to sell the wood to pay for the services of  

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the home builder. So now everybody is 
actively trading in this perfect money.

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Because processes continue to improve the wood 
cutter can now satisfy the needs of the rest  

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of the population for wood in a smaller amount 
of time. He can then take that time and think  

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about his own processes, his own Innovations, 
maybe he can make cutting down wood even more  

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efficient and if he does that it drives 
prices lower, it drives quality higher.  

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Maybe he reaches the end of his Innovation within 
his wood cutting and then uses the excess money  

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and excess capital he has to invest in other 
people. Maybe he lends it to the fisherman  

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who then builds a boat to increase the amount 
of fish the fisherman can catch for everybody.

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So, what happens over time in a 
free market with perfect money:  

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*prices go down forever and 
quality goes up forever*.

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So what people see on both sides of the island is 
that the purchasing power of their money starts  

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to increase. Goods cost less tomorrow than they 
do today so the price of tomorrow is lower. The  

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purchasing power of both currencies is increasing 
at about 3% a year and this lifts the quality of  

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life. Life becomes cheaper and cheaper over time 
for everybody, not just those people who are most  

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productive in society. But the key thing is *the 
money itself is becoming more valuable over time*.

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That is, until these guys come along. 
So now because the society is growing  

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and the population's growing both sides 
of the island elect a government. Now it  

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doesn't matter if the government 
is left or right, big, small, up,  

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down doesn't matter they are all 
the same - when it comes to this.

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However well-run the government is, inevitably it 
will hit a deficit at some point and that means  

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it's spending more than it's receiving. 
That could be through mismanagement,  

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but it could just be through external circumstance 
like a natural disaster, or something like this.  

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The causes are not important, but it will 
happen over the course of time, inevitably.

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But now we see a divergence across both 
sides of the island. Satoshi - he only has  

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two choices here. To balance the budget, he 
needs to either raise taxes or cut spending,  

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or maybe a combination of 
the two. Whereas Fiatello,  

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he has exactly the same choices... 
but he also has a Big Red Button.

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The important thing here is they're both 
up for re-election and Fiatello knows that  

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if he raises taxes or he cuts spending it's 
going to cost him votes. So, just this time,  

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he decides to press The Big Red Button and print 
a little bit of extra money for the government.

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Okay, so what are the consequences? Well, 
for Satoshi - not great. He cannot hide  

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those changes from the population because they're 
paying more in taxes or they're getting less back  

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from the government from its spending, so he 
loses the election. But government reduces in  

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size naturally so now overall the efficiency in 
the economy has increased but not only this - the  

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social balance is improved within the economy 
because people now realize there is no free money.  

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Taxes need to balance spending. But the important  

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thing is prices continue to fall 
and quality continues to increase.

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Now for Fiatello - great news, he gets re-elected  

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and to start with it's consequence 
free. He thinks this is the greatest  

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thing ever - I get re-elected and there's 
no downside... but something's changed.

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So, what's happened? Fiatello's 
pressed The Big Red Button  

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which has printed some money for the 
government which has debased the currency.

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So, what does that mean? He's increased the 
amount of money in the economy overnight,  

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but he hasn't increased the amount 
of goods and services available in  

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the economy overnight so now there's 
more Fiatellos washing around compared  

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to yesterday for each piece 
of the goods and services.

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This has three major impacts; the first is 
a distortion of price signals, the second  

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is that increases input costs for businesses, 
and the third - it leads to asset inflation.

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That first one, distorting price signals, 
well, prior to Fiatello pressing The Big  

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Red Button here all price changes in the 
economy were purely a function of demand  

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and supply because this was a free market 
with perfect money. But what's happened now  

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is that money has entered the economy, not to 
everybody equally or even in proportion to the  

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amount of money everybody holds. The money 
has entered the economy via the government.  

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It enters via the government into the accounts 
of companies and people connected directly or  

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indirectly to the government. So, what Fiatello 
starts to see is price increases in certain parts  

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of the economy. The the signal to everybody else 
in the economy is that there's an imbalance of  

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supply and demand just in these sectors. So 
you see a misallocation of capital by the  

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entrepreneurs in the market caused by the money 
printer but not only that, it's human capital,  

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it's smart people, it's active people who 
are trying to be productive - they get  

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sucked in closer to the government and 
not servicing the rest of the economy.

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The second is that business input costs increase. 
Now every single business in Fiatello's country  

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has at least a human being and some raw 
material inputs like energy or even some  

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harder raw materials. Because the costs of 
these things have gone up these businesses  

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now need to try and change something about 
their product to maintain the small profit  

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margins that ensure that they can continue in 
business. The first and most obvious one is  

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just to pass on the price increase to the 
customer. The second is to keep the price  

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the same and the quality the same but just 
shrink the product so instead of having 100  

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grams it's now 90 grams but for the same price. 
Or the third one is to reduce the input costs.

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This is where consumer inflation 
comes from. This is the only source of  

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consumer inflation - is the money printer, 
causing businesses to make these changes.

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But if a business passes on the price increase 
outright, or it shrinks the product and the  

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customer now just needs to buy more of it to 
satisfy the fact that they needed 100 grams not 90  

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grams, both of those things reduce affordability. 
So the population is becoming poorer. They're  

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going to have less disposable income despite 
buying the same as what they bought yesterday.

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If instead, the business chooses to keep 
the price the same, the size the same,  

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but just reduce the cost, the most obvious 
thing to do is just to fire people which leads  

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to unemployment. Now there are fewer people with 
jobs which reduces the overall affordability for  

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the population in Fiatello's world. But not 
only that, now the government's got a second  

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issue it needs to solve - how does it help support 
all these people who are recently unemployed?

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But the most insidious way is for companies 
to reduce their input *quality* and so what  

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Fiatello starts to see is there's a rise 
in obesity across the population because  

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the food that was previously fresh and had high 
quality ingredients is replaced with ever lower  

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quality ingredients and more industrialized 
sludge. This leads to obesity; it also leads  

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to a myriad of secondary health issues which 
causes a Health crisis and now the government  

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has to step in and figure out how it needs to 
support all these people who are now unhealthy.

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The third is asset inflation. Since 
Fiatello pressed The Big Red Button  

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asset prices have been going up. The stock 
market goes higher and higher and higher,  

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house prices go higher and higher and higher. 
He thinks, "I'm some sort of economic genius".  

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But they're going up in price because he's just 
created more Fiatellos, so anybody who knows that  

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there are more Fiatellos in the system of course 
wouldn't sell their asset for the same as they did  

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yesterday. They would take into account the fact 
that there were just more Fiatellos in the system,  

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so this is what is driving these prices up. But 
this asset increase is good for the people who own  

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the assets but not for the people who don't. He 
has a wealth inequality begin to emerge across the  

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economy and not just that, because house prices 
are now more expensive the rent is more expensive.  

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So he sees increased levels of homelessness 
and this increased levels of homelessness,  

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guess what, requires more government intervention 
to try and deal with. Now asset prices are flying,  

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the stock market's on fire, the prevailing 
perception across the population is,  

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"Why would I not invest? Why would I just keep 
the money? I should be buying the stock market,  

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I should be invested, I should be buying a second 
home to rent out, I should be buying speculative  

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assets because they never go down, they just 
go up. If I don't invest, I'm a fool." Because  

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the assets are going up the banks are pushing 
ever more leverage for people. Pushing bigger  

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and bigger mortgages to individuals, loans to 
companies but now that house prices have gone up  

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and now that everyone has more debt, at the same 
time as families are struggling with affordability  

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of day-to-day life, it's now much harder to 
buy a house. So families where previously  

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they could have one main earner and afford 
to buy a house with a mortgage can't anymore.

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You now need both parents working. Both parents 
working to afford the mortgage and afford to live,  

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and when that happens people spend less time 
together. You start to see the breakdown of  

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the nuclear family. They spend less time with 
their children. They can afford to have fewer  

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children. now because you have declining 
birth rates Fiatello starts to see a change  

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in his demographics across the population. 
Fewer children are being born whereas the  

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older generations are living longer, and he 
now starts to realize that the promises he  

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made to these older generations about being 
able to retire at a certain age or having a  

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good quality of life, or defined income, in 
their retirement can't be delivered upon.

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For those not lucky enough to be able to 
buy a house who are maybe stuck renting,  

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whereas before they could think about renting 
the same place for 3 years or 5 years - because  

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00:18:12,320 --> 00:18:16,560
the rent goes up too much every year, now 
they're thinking about one year maybe two  

192
00:18:16,560 --> 00:18:21,440
years. You're planning less for the future 
maybe you're putting off getting married,  

193
00:18:21,440 --> 00:18:27,960
putting off having children. You start to 
prioritize today at the expense of tomorrow.  

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00:18:27,960 --> 00:18:31,760
People see that saving their Fiatellos never gets 
them anywhere because the asset prices are going  

195
00:18:31,760 --> 00:18:35,680
up too quickly - they'll never be able to buy a 
house. So if you'll never be able to buy a house  

196
00:18:35,680 --> 00:18:42,760
then prioritize 'living your best life' and going 
on holiday and spending more, enjoying yourself.

197
00:18:42,760 --> 00:18:47,200
But for those not fortunate to be in this 
position for those that every day has a struggle,  

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00:18:47,200 --> 00:18:52,160
feeding themselves and their families, housing 
themselves and their families - they're stuck  

199
00:18:52,160 --> 00:19:00,200
on a treadmill of decline. Every day is 
harder which leads to a growth in addiction,  

200
00:19:00,200 --> 00:19:04,000
various forms of addiction, including 
opioids across Fiatello's Island which  

201
00:19:04,000 --> 00:19:09,600
leads to yet more of a Health crisis and 
yet more intervention from the government.  

202
00:19:09,600 --> 00:19:14,960
And all of this leads to a mental 
health crisis across the population.

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00:19:14,960 --> 00:19:19,760
Now the government finds itself in a position 
where because it pressed The Big Red Button it's  

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00:19:19,760 --> 00:19:26,960
created a whole range of secondary issues that now 
it needs to step in and try and solve. Because it  

205
00:19:26,960 --> 00:19:32,240
has to step in and try and solve these things it 
means the government needs to divert more capital  

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00:19:32,240 --> 00:19:37,280
to these areas of the economy which, again, is a 
greater misallocation of capital which pulls more  

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00:19:37,280 --> 00:19:42,160
entrepreneurs into the wrong parts of the economy 
through the distortion of the price signals.

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00:19:42,160 --> 00:19:45,280
Between the increased leverage in the 
economy driven by the Banks and the  

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00:19:45,280 --> 00:19:50,360
misallocation of capital it sows the seeds 
of the next emergency... and Fiatello has  

210
00:19:50,360 --> 00:19:55,280
only one choice - and that's to 
press The Big Red Button again!

211
00:19:55,280 --> 00:20:00,160
Now he's starting to realize that 
actually this wasn't consequence free.

212
00:20:00,160 --> 00:20:05,000
Now he's lurching from crisis to ever bigger 
crisis. He presses The Big Red Button which  

213
00:20:05,000 --> 00:20:11,000
debases the currency, which leads to bigger 
government and more involvement in everything.

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00:20:11,000 --> 00:20:15,080
And now not only is the government bigger 
but the government has spawned a series  

215
00:20:15,080 --> 00:20:21,120
of parasitic Industries attached to 
it. Big Pharma who are increasingly  

216
00:20:21,120 --> 00:20:24,000
involved with the government to 
try to deal with the symptoms,  

217
00:20:24,000 --> 00:20:29,560
but not the causes, of the various Health 
Crises. Never incentivized is to actually  

218
00:20:29,560 --> 00:20:36,720
cure a patient just to treat them long term 
because a healthy customer is a lost customer.

219
00:20:36,720 --> 00:20:40,920
Big Food pushes for ever lower 
food standards across the economy.

220
00:20:40,920 --> 00:20:43,360
The Military-Industrial Complex pushes for ever  

221
00:20:43,360 --> 00:20:48,320
greater spending on defence both 
at home and on foreign shores.

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00:20:48,320 --> 00:20:53,760
Wall Street are up to their eyeballs in debt 
and now so leveraged that the government wants  

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00:20:53,760 --> 00:20:58,760
to protect them. They can't be allowed 
to fail - because if the banks fail,  

224
00:20:58,760 --> 00:21:02,680
the population loses their 
money, the government falls.

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00:21:02,680 --> 00:21:06,440
The government also continues to 
make unproductive investments.  

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00:21:06,440 --> 00:21:10,800
Investments trying to deal with the 
secondary issues it's created but  

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00:21:10,800 --> 00:21:16,320
also investments driven from whatever 
political ideology the government has.

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00:21:16,320 --> 00:21:21,280
All of these things are effectively now *crony 
corporatism*. It's very hard to see where the  

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00:21:21,280 --> 00:21:27,920
government ends, and these industries begin. The 
success of the government is deeply intertwined  

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00:21:27,920 --> 00:21:32,160
with the success of the industries. These 
industries start to ask the government to  

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00:21:32,160 --> 00:21:37,440
become regulated. "You need to regulate us to 
protect the public". But this regulation all  

232
00:21:37,440 --> 00:21:43,160
it does is make competition harder. The one, 
two, three companies in each of these areas  

233
00:21:43,160 --> 00:21:46,520
and now very very close to the government. 
They supply the people for the regulator,  

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00:21:46,520 --> 00:21:51,680
when the regulators end their tenure, they go 
back and work for these companies. It stops  

235
00:21:51,680 --> 00:21:56,560
smaller companies coming in and competing with 
them to then supply the government on better  

236
00:21:56,560 --> 00:22:04,000
terms with higher quality product. So quality 
starts to decline and prices start to rise which,  

237
00:22:04,000 --> 00:22:09,360
of course, is great news for these 
companies because profit margins go up.

238
00:22:09,360 --> 00:22:15,400
What happens then is the media gets captured. 
The government is teetering to maintain social  

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00:22:15,400 --> 00:22:20,880
stability. It's now protecting these industries 
at the expense of the population rather than  

240
00:22:20,880 --> 00:22:28,840
the other way around and because of this social 
balance that it needs to maintain it can't allow  

241
00:22:28,840 --> 00:22:33,640
Free Speech, dissent, alternative 
opinions or questioning of anything  

242
00:22:33,640 --> 00:22:37,680
that undermines the legitimacy of the 
government in anyway. Not only that,  

243
00:22:37,680 --> 00:22:42,480
the biggest advertisers for the media companies 
are companies connected to the government,  

244
00:22:42,480 --> 00:22:46,520
so the media companies increasingly 
don't want to upset their advertisers.

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00:22:46,520 --> 00:22:51,680
When you have a captured media and a military 
industrial complex fomenting strife on foreign  

246
00:22:51,680 --> 00:22:58,680
shores you get the creation of the Forever 
Wars. And the wars themselves are actively  

247
00:22:58,680 --> 00:23:00,960
supported by the Fiatello 
population because all they  

248
00:23:00,960 --> 00:23:06,440
see in their media is that "we have to do 
this because it's the right thing to do."

249
00:23:06,440 --> 00:23:11,560
And, between the Forever Wars and the banking 
system bailouts and the excessive debt it leads  

250
00:23:11,560 --> 00:23:17,520
to the next emergency but this time it's just 
so much bigger, and the only choice he has is  

251
00:23:17,520 --> 00:23:22,160
to press The Big Red Button again. But this 
time it's different. It's a massive erosion  

252
00:23:22,160 --> 00:23:28,760
of trust. Every time he presses the button more 
and more people become aware of what is happening,  

253
00:23:28,760 --> 00:23:33,360
and this goes round and round 
and round until something breaks.

254
00:23:33,360 --> 00:23:36,880
And now Fiatello is starting to get quite worried.

255
00:23:36,880 --> 00:23:43,480
So what's happening to the money? Well, instead 
of increasing 3% a year in purchasing power he's  

256
00:23:43,480 --> 00:23:49,640
now losing 7% a year because he's printing 
10% a year of extra money. Not only that,  

257
00:23:49,640 --> 00:23:54,880
he's undermining the productivity in the 
economy by distorting all the price signals.

258
00:23:54,880 --> 00:23:57,400
So what happens to the Fiatello island population?

259
00:23:57,400 --> 00:24:01,840
Well, the poor who are on fixed 
wages, have very low-income security  

260
00:24:01,840 --> 00:24:08,200
and no assets - they can't win. They 
just get poorer every single year.

261
00:24:08,200 --> 00:24:14,000
For the middle earners, who have fixed salaries 
and mixed income security - they're not the  

262
00:24:14,000 --> 00:24:18,680
first to be fired - they often have a home, 
but they can never sell the home and realize  

263
00:24:18,680 --> 00:24:21,960
any gain because you've got to live somewhere, 
if you sell one home you've got to buy another  

264
00:24:21,960 --> 00:24:28,840
home. You might have some Investments, 
but they are becoming the new poor.

265
00:24:28,840 --> 00:24:32,640
Well surely the wealthy are doing well? 
Their income is largely from asset yields  

266
00:24:32,640 --> 00:24:39,080
from operating businesses or investing. Their 
income security is high because they can't get  

267
00:24:39,080 --> 00:24:47,400
fired but for them it's death-by-a-thousand-cuts. 
They see their wealth as a number continue to  

268
00:24:47,400 --> 00:24:53,600
increase but they feel like they're getting 
poorer. Life continues to get harder and  

269
00:24:53,600 --> 00:24:57,480
that's because the rate at which they're 
earning money, their yield on their assets,  

270
00:24:57,480 --> 00:25:02,480
is below the rate which Fiatello is printing 
money so they're slowly having their wealth  

271
00:25:02,480 --> 00:25:09,200
siphoned away by the politically connected. 
Those that are government funded and have fully  

272
00:25:09,200 --> 00:25:14,800
insulated income security and, perversely, 
their income goes up and becomes even more  

273
00:25:14,800 --> 00:25:22,240
valuable as society continues to decline because 
the government needs more and more intervention.  

274
00:25:22,240 --> 00:25:28,480
It's really just industrialized theft at 
this point from everyone else in society.

275
00:25:28,480 --> 00:25:33,680
But now so much time has passed that the wall 
down the middle of the island starts to crack,  

276
00:25:33,680 --> 00:25:37,120
and it starts to crack in such 
a way that both people and money  

277
00:25:37,120 --> 00:25:39,960
can start to flow from one side to the other.

278
00:25:39,960 --> 00:25:44,400
So, on the one side you've got the Satoshis 
increasing their purchasing power at 3% a year,  

279
00:25:44,400 --> 00:25:49,760
on the other side you've got the Fiatellos 
that are losing 7% purchasing power every year.

280
00:25:49,760 --> 00:25:53,400
So, what happens and why?

281
00:25:53,400 --> 00:25:58,240
What Fiatello starts to see is that 
money and people start to leave  

282
00:25:58,800 --> 00:26:05,360
because they don't trust their ability to 
save using Fiatellos, they want Satoshis.

283
00:26:05,360 --> 00:26:10,840
Okay, so this sums it up: on a Fiatello 
standard your money is stealing from you  

284
00:26:10,840 --> 00:26:20,000
whereas on a Satoshi standard the whole world is 
working 24/7 to increase your purchasing power.

285
00:26:20,000 --> 00:26:24,520
But now the Escape valve is open. People 
realize they can't save in Fiatellos so  

286
00:26:24,520 --> 00:26:29,280
they start selling Fiatellos to buy Satoshis, 
so the Fiatellos decline further in value,  

287
00:26:29,280 --> 00:26:33,920
triggering yet more budgetary and currency 
crises for Fiatello to deal with... and the  

288
00:26:33,920 --> 00:26:38,960
only choice is to press The Big Red Button 
again! But this time printing money is not  

289
00:26:38,960 --> 00:26:47,080
enough because value is leaking out of Fiatello's 
side of the island. He needs to change another  

290
00:26:47,080 --> 00:26:54,480
characteristic of perfect money which is to 
remove the censorship resistant nature of it.

291
00:26:54,480 --> 00:26:58,240
The Fiatello population used to be 
able to hold the money themselves,  

292
00:26:59,280 --> 00:27:04,480
now Fiatello says you're no longer allowed to hold 
it yourselves. You have to put it in the banks.  

293
00:27:04,480 --> 00:27:10,240
The banks are going to hold everybody's money. 
The population now feel that they are guilty  

294
00:27:10,240 --> 00:27:16,200
until proven innocent for making any transaction - 
the banks will check every transaction to 'protect  

295
00:27:16,200 --> 00:27:23,320
you' which means when people are trying to 
buy certain things, including Satoshis the  

296
00:27:23,320 --> 00:27:27,200
banks now say "No... it's because of this, 
it's because of that, it's because of the  

297
00:27:27,200 --> 00:27:33,960
other". He restricts the flow of capital out of 
Fiatello's side of the island. He may even just  

298
00:27:33,960 --> 00:27:40,280
create explicit capital controls - "You're now 
no longer allowed to buy Satoshis at all". But  

299
00:27:40,280 --> 00:27:44,240
people always find a way and more and more people 
are waking up to what is happening, and the cycle  

300
00:27:44,240 --> 00:27:52,640
continues. The important thing is the wealth, 
and the people flee to the uncorrupted money.

301
00:27:52,640 --> 00:27:56,680
Now Fiatello is beginning to really panic

302
00:27:56,680 --> 00:28:04,360
So where does it end for Fiatello? Well, if 
he's lucky, with sustained inflation allowing  

303
00:28:04,360 --> 00:28:10,520
the government to inflate away its debts and 
slowly siphon away the wealth of the public.  

304
00:28:10,520 --> 00:28:16,320
This may even border on hyperinflation. 
I say "lucky" because it's very hard to  

305
00:28:16,320 --> 00:28:22,360
do that and maintain social cohesion 
and something is likely to go wrong.

306
00:28:22,360 --> 00:28:27,800
It will *definitely* be asset seizures. Now 
that all the money is held in the banks one  

307
00:28:27,800 --> 00:28:35,160
day Fiatello will decree that "we're all in 
it together" and the banks will hand over a  

308
00:28:35,160 --> 00:28:41,160
proportion of that capital to the government. 
Just like in Cyprus in 2013 - if you held over  

309
00:28:41,160 --> 00:28:46,680
€100,000 in the bank, overnight 45% of 
that went to the government. The public  

310
00:28:46,680 --> 00:28:54,680
was effectively bailed in to bailout the banks 
and the government from their own mismanagement.

311
00:28:54,680 --> 00:29:02,880
It also happened in the US in 1933. They made 
gold holdings for the individual illegal,  

312
00:29:02,880 --> 00:29:07,840
and this lasted for almost 40 years. If you 
held more than $100 of gold and you were caught:  

313
00:29:07,840 --> 00:29:15,720
$10,000 fine or 10 years in prison, and this 
was when $10,000 was a *huge* amount of money.

314
00:29:15,720 --> 00:29:21,200
Fiatello sees a rise in political extremism 
on both ends of the spectrum. The government  

315
00:29:21,200 --> 00:29:25,680
never explains to the population where these 
problems are coming from. They don't tell  

316
00:29:25,680 --> 00:29:31,040
them it's because of the money printing 
via The Big Red Button. They control the  

317
00:29:31,040 --> 00:29:35,760
media. The government is protective of 
itself. They don't tell the population  

318
00:29:35,760 --> 00:29:40,920
the truth. They don't help the population 
join the dots. They don't explain the link  

319
00:29:40,920 --> 00:29:45,400
from The Big Red Button to the issues. They 
blame it on the 'greedy businessmen' or 'the  

320
00:29:45,400 --> 00:29:51,440
billionaires' or 'that foreign dictator' 
or this or that. Then what happens is,  

321
00:29:51,440 --> 00:29:56,200
people ask for more help and more support from the 
government to deal with all of these issues and so  

322
00:29:56,200 --> 00:30:02,320
the only solution is the government's involved 
in everything. At every step of this journey  

323
00:30:02,320 --> 00:30:09,600
the solution to all the problems has always been 
*more government involvement* and so the people  

324
00:30:09,600 --> 00:30:20,040
see these problems and vote for more government 
involvement to solve them... or something worse.

325
00:30:20,040 --> 00:30:25,480
But in all scenarios people want 
to hold Satoshis and not Fiatellos.

326
00:30:25,480 --> 00:30:32,040
So if we go back to that list of seven 
characteristics of perfect money - Fiatello  

327
00:30:32,040 --> 00:30:38,920
only changed two of them. The other five are 
still exactly the same and look where he ended up.

328
00:30:38,920 --> 00:30:42,200
Now the reveal (and some of 
you may be slightly ahead of  

329
00:30:42,200 --> 00:30:51,200
me here). The US Dollar is just a 
terrible version of the Fiatello.

330
00:30:51,200 --> 00:30:56,080
The US Dollar is corrupted on 
the same two key issues that  

331
00:30:56,080 --> 00:31:01,080
the Fiatellos were but on the other 
five it's materially worse as well.

332
00:31:01,080 --> 00:31:04,120
In terms of portability - it's easy to carry,  

333
00:31:04,120 --> 00:31:09,600
easy to pay but it's not great for merchants. 
You pay instantly but the merchant doesn't get  

334
00:31:09,600 --> 00:31:15,000
the money for multiple days and that's 
if there was no fraud or chargebacks.

335
00:31:15,000 --> 00:31:20,480
It's divisible but only to a point and removes 
the ability to do microtransactions which will  

336
00:31:20,480 --> 00:31:24,800
unlock potentially completely 
different economic models.

337
00:31:24,800 --> 00:31:32,560
It's durable, in digital form, but we have a cash 
component, and that cash component is constantly  

338
00:31:32,560 --> 00:31:38,160
undermined. The notes are reprinted in terms 
of design every 15 or 20 years so there's no  

339
00:31:38,160 --> 00:31:44,240
ability for an individual to save outside the 
banking system. If you put notes under your bed  

340
00:31:44,240 --> 00:31:49,720
or under the floorboards and leave them 25 years 
they're worthless. Those types of notes have  

341
00:31:49,720 --> 00:31:55,360
gone out of circulation, so you need to take the 
notes every 15 or 20 years to the bank hand them  

342
00:31:55,360 --> 00:32:03,000
in and get new notes. They recentralize 
everything periodically, out of choice.

343
00:32:03,000 --> 00:32:07,600
They're fungible which means every dollar is 
the same as every other dollar... until it's  

344
00:32:07,600 --> 00:32:11,320
not. Some countries around the world 
have already introduced what are known  

345
00:32:11,320 --> 00:32:16,720
as CBDCs - which is central bank digital 
currency, but effectively it's programmable  

346
00:32:16,720 --> 00:32:21,400
money. A specific dollar may have an expiration 
date - you need to spend it before this period  

347
00:32:21,400 --> 00:32:26,960
of time elapses or else it disappears. 
Or a dollar may have only specific use  

348
00:32:26,960 --> 00:32:34,280
cases - you must spend this dollar on X or 
Y, or you must not spend this dollar on ABC.

349
00:32:34,280 --> 00:32:40,360
The Dollar is very acceptable around the 
world, but you can't pay with it everywhere  

350
00:32:40,360 --> 00:32:46,200
and typically most national currencies 
are only acceptable in their own country.

351
00:32:46,200 --> 00:32:48,880
And the US has a major Fiatello problem.

352
00:32:48,880 --> 00:32:55,560
This is the budget for 2024 - the budget not the 
actuals which of course were worse -a deficit of  

353
00:32:55,560 --> 00:33:03,040
almost $2 trillion on a spend just over $6 
trillion. That's a loss in one year. Now to  

354
00:33:03,040 --> 00:33:06,960
put that in context they'd have to double 
the amount of individual income taxes for  

355
00:33:06,960 --> 00:33:12,160
everybody in the US just to balance that 
and on the cost side they can make some  

356
00:33:12,160 --> 00:33:20,000
improvements but there are some key things there 
you just cannot remove like the debt interest.

357
00:33:20,000 --> 00:33:27,160
And the consequences? Well, this is a chart of 
the amount of money in the system in dollars  

358
00:33:27,160 --> 00:33:33,320
and the amount of debt issued by the US government 
over time. Now I've labelled 1971 on here because  

359
00:33:33,320 --> 00:33:40,080
that's when the US came unilaterally off the 
gold standard. Prior to 1971 you could give  

360
00:33:40,080 --> 00:33:46,600
your dollars back and receive gold in return. 
Nixon took the US off the gold standard and  

361
00:33:46,600 --> 00:33:52,840
every currency in the world followed and since 
then it's allowed the US to print unlimited  

362
00:33:52,840 --> 00:33:59,320
amounts of money to satisfy its own needs. The red 
chart on the left-hand axis shows that amount of  

363
00:33:59,320 --> 00:34:06,440
money is now $22 trillion and on the right hand 
side you've got the US government debt which,  

364
00:34:06,440 --> 00:34:11,160
even a month later, this chart is now 
out of date - it's now $36 trillion!

365
00:34:11,160 --> 00:34:14,880
And this doesn't include the unfunded 
liabilities - the amount of money the  

366
00:34:14,880 --> 00:34:19,600
US government has committed to pay at some 
point in the future through Social Security,  

367
00:34:19,600 --> 00:34:24,360
Medicare, Medicaid etc but it hasn't had 
to write the cheque yet. Now depending on  

368
00:34:24,360 --> 00:34:31,160
how you calculate that it's between $50 and 
$200 trillion, on top of 36 trillion of debt!

369
00:34:31,160 --> 00:34:35,520
The only way to solve that is more 
money printing. The money printer  

370
00:34:35,520 --> 00:34:41,040
is systematically destroying the 
purchasing power of the Dollar.

371
00:34:41,040 --> 00:34:44,440
Now you may think I have something against 
the Dollar. I absolutely don't! The Dollar  

372
00:34:44,440 --> 00:34:48,360
is the *best* that we have. I would love 
to be able to use the Dollar, as would the  

373
00:34:48,360 --> 00:34:54,760
vast majority of people around the world but 
unfortunately most people just aren't as lucky.

374
00:34:54,760 --> 00:34:57,920
This is the performance of all the 
other currencies versus the Dollar  

375
00:34:57,920 --> 00:35:03,120
over the last 10 years. Some have near enough 
disappeared completely and some absolutely have,  

376
00:35:03,120 --> 00:35:06,280
they've ceased to exist. The 
people who saved their economic  

377
00:35:06,280 --> 00:35:12,200
energy in those currencies have seen them vanish.

378
00:35:12,200 --> 00:35:17,720
The unfortunate reality here as the 
wonderful Lyn Alden repeatedly says  

379
00:35:17,720 --> 00:35:21,800
Is "Nothing Stops This Train". There is no way out  

380
00:35:21,800 --> 00:35:27,640
for governments. The only solution is 
to keep pressing The Big Red Button.

381
00:35:29,200 --> 00:35:37,080
And so, the conclusion is a quote from Hayek 
who was an economist of the Austrian School,  

382
00:35:37,640 --> 00:35:41,920
"The history of government management 
of money has except for a few short  

383
00:35:41,920 --> 00:35:51,000
happy periods been one of incessant fraud 
and deception." And he said this in 1988.

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00:35:51,000 --> 00:35:57,640
Now, that would all be pretty depressing if 
there wasn't a solution but thankfully there is.

385
00:35:59,200 --> 00:36:03,040
The only solution here is *the separation of money  

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00:36:03,040 --> 00:36:10,640
and state*. The government cannot be 
allowed access to a Big Red Button.

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00:36:10,640 --> 00:36:16,240
And Hayek again and this time the quote is 
from 1984. "I don't believe we shall ever  

388
00:36:16,240 --> 00:36:19,880
have good money again until we take 
it out of the hands of government,  

389
00:36:19,880 --> 00:36:25,200
we can't take it violently out of their 
hands. All we can do is by some sly,  

390
00:36:25,200 --> 00:36:31,720
roundabout way introduce something 
they just can't stop". Brilliant quote.

391
00:36:31,720 --> 00:36:37,240
So, I hope now with these links 
between The Big Red Button and  

392
00:36:37,240 --> 00:36:42,480
the money printer and all of these 
issues that we see in our lives today  

393
00:36:42,480 --> 00:36:49,200
that it's now much clearer that if we 
can fix the money we'll fix the world.

394
00:36:49,200 --> 00:36:52,440
The good news here, and this is the best news,  

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00:36:52,440 --> 00:36:57,520
is that Satoshis are real and 
even Fiatello is now a convert.

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00:37:00,600 --> 00:37:04,920
The solution is Bitcoin.

397
00:37:04,920 --> 00:37:13,320
One Bitcoin is 100 million Satoshis 
in the same way that $1 is 100 cents

398
00:37:13,320 --> 00:37:15,640
Now, you may feel you know about Bitcoin already  

399
00:37:15,640 --> 00:37:20,160
because of something you've been told 
by friends or you read in the media.

400
00:37:20,160 --> 00:37:24,040
I would encourage you to start again.

401
00:37:24,040 --> 00:37:30,120
When we derive our information from the 
media or from people who have derived  

402
00:37:30,120 --> 00:37:35,720
their information from the media, and that media 
is connected to the people who own and benefit  

403
00:37:35,720 --> 00:37:41,000
from the money printer, it tends not to be 
necessarily the most accurate information.

404
00:37:41,000 --> 00:37:43,800
So don't trust, verify.

405
00:37:45,200 --> 00:37:49,400
Come to SatsVsFiat.com - we've set up 
a website which helps people get up and  

406
00:37:49,400 --> 00:37:54,360
running. If you're just getting started, 
maybe even never heard of Bitcoin before,  

407
00:37:54,360 --> 00:37:58,320
come sign up and we'll send you some 
information so you can learn about  

408
00:37:58,320 --> 00:38:02,040
it for yourself and make your 
own decisions about Bitcoin.

409
00:38:02,040 --> 00:38:07,200
If you're further along and maybe even call 
yourself a Bitcoin already then amazing.  

410
00:38:07,200 --> 00:38:12,040
This is not a commercial enterprise 
for me, this is a charitable one,  

411
00:38:12,040 --> 00:38:16,800
and so any support from within the Bitcoin 
Community, or from further afield, I would  

412
00:38:16,800 --> 00:38:22,680
love to receive. If people want to give this talk 
themselves to their friends or just share it more  

413
00:38:22,680 --> 00:38:27,440
broadly or even volunteer to give a presentation 
as part of our group, then just get in touch.

414
00:38:28,280 --> 00:38:32,360
And the third one is inviting us to 
speak - we want as many people as  

415
00:38:32,360 --> 00:38:36,880
possible to see this presentation because 
the information contained within it about  

416
00:38:36,880 --> 00:38:41,680
what the problem is is so important. So 
we'd love to speak, if you'll have us,  

417
00:38:41,680 --> 00:38:45,560
at schools, universities, 
industry conferences, events,  

418
00:38:45,560 --> 00:38:51,200
even at workplaces if people are interested 
to learn more. So please just get in touch.

419
00:38:51,200 --> 00:38:57,640
Here's the QR code which will take you directly 
to the website. Alternatively, if you are on  

420
00:38:57,640 --> 00:39:05,200
X and want to come and say hi and join the 
conversation with us then please, please do.

421
00:39:05,200 --> 00:39:11,400
Firstly, thank you for watching. I hope 
you enjoyed it. Please share this with  

422
00:39:11,400 --> 00:39:16,760
anyone you care about. And, if there's 
one thing that you take away from this is  

423
00:39:16,760 --> 00:39:27,818
I hope you will remember that: if we fix the 
money, we'll fix the world thank you [Music]