Reaction to China Banning Bitcoin & Crypto Currency
Everybody took a hit uh with that, so uh china, central bank, has announced that all transactions of cryptocurrencies are illegal effectively. Banning digital tokens such as bitcoin fluctuations, there often impact the global price of cryptocurrencies, and the price of bitcoin fell by more than two thousand dollars in a week of chinese announcements. It is the latest in chinas national crackdown on what is what it sees as a volatile speculative investment at best and a way to launder money at worst, trading cryptocurrencies has officially been banned in china since 2019, but has continued online foreign exchanges, but last weeks announcement Is the clearest indication yet that china wants to shut down cryptocurrencies trading in all its forms is what they want to do so. Freedom, barry is um barrys, not a death. You know hes got a track record and people thought he was crazy when he said that the housing market was gon na crash. I think when you have that much credibility and you just look at the evidence when you look at inflation, you look at the situation in china with evergrande the debt ceiling, inflation, global shipping shortage. I mean theres just so many things that are stacked up against the stock market continuing to boom and china. At the same time, theyre, showing their cards theyre also kind of telling the world look, you know heres the direction were going. If you, there was a girl that was a star social media star with like 40 50 million followers overnight, she disappeared like what the hell happened to her like a huge star, the guy that was worth 38 billion dollars overnight.
His 38 billion dollars is gone. Jack ma says one thing in front of uh. You know talking against china, hey whens the last time you saw jack ma doing an interview with cnbc or msnbc, or anything that was a year ago, and that was a year ago. You talked about on rogan, about capitalism and communism and about lifting up individuals, but also like the team, the collective and thats kind of what chinas doing is they dont want superstars, they dont want superstars yeah, and this is shining a spotlight on. Basically what china wants. They want to um, they want control, they want to. You know have regulation all over crypto, but something that were not talking about is because theyre banning crypto and banning bitcoin part of the reason is they want to develop their own digital wand and and do all that so they they. You know we talked about the social score on rogan. You talked about that. China is basically trying to control your whole life and they dont want superstars thats. Why the people like jack ma, you know, yeah, they go to re education camps. Well, we we talked about it on the last podcast guys that um, you know wheres the epicenter of power in america. It used to be new york. He used to be dc, maybe la its its all san francisco. Now all tech right, we talked about it and hes betting against america, not once twice hes, saying treasury bonds are going down.
Thats betting against america, youre betting, the country is, is about to be in big bad shape, but youre betting on facebook and google. So if america is going down, but tech is going up, i think that that kind of tells you where, where the power within tech really lies, and we we talk not to get too crazy with it guys. But i mean if anybody out there wants to spend the rest of their day, going down a fun rabbit, hole check out the frankfurt school check out. What critical theory is we hear a lot about critical race theory today, critical race theory is the latest incarnation of something called critical theory. Critical theory was a way that hegelians and marxists decided that they would try to implement communism in society and basically, you have to break the wheel in order in order to implement a communist revolution, all right worldwide communist revolution now, im not saying this is whats happening. Im just saying if you want to do some fun reading: okay, antonio gramsci, who the president of ireland just stopped and paid respects to at his grave on the way. This is not a good man here. You know, antonio, graham, not not a good man. I dont know what kind of a man he was. His philosophy is very dangerous. So, in order to bring in a global communist revolution, you have to break the wheel all right in times of prosperity. Nobody wants revolution.
So in order for them, if you believe in in build back better, if you believe in a future where you will own nothing and be happy uh in order for that to happen, a crash is, is, is absolutely necessary and they talk about it at length. At the frankfurt school to talk about cultural hegemony, this is guys if youve studied kind of you know political theory, if you, if youve studied this stuff. A lot of this is like youre, seeing a slow motion. Train wreck its its kind of nuts but just enjoy check out the frankfurt school. I think you guys will get some value and some payment out of that. Even if there is this crash that theres a crash. So how many crashes have we experienced time so lets say 10. boom im saying in the last 20 years.com boom lasted a year or so 2008 lasted a couple years 20. I mean covet lasted like six months as far as the the market goes, so its gon na crash its a crash. The housing crash, the market crash, if youre, young and youre in the stock market you have crypto is. Are you really that worried theres? One thing more older people did, i tell you. One thing concerns me heres. What concerns me. I agree. You know how its like its cyclical. It happens, its cyclical it happens. This is no different, its cyclical, it happens. This is no different, its cyclical.
It happens right. Okay, fine lets say it is only cyclical and it happens. Theres one thing: thats, not normal, um, 40 plus percent of the currency, was printed last 18 months right thats a lot of money was sent free to people. Bro weve not sent like money like that to people were just people are sitting on the sidelines saying. No, if you pay me this ill come and companies like this guys only worth 18 bucks an hour at best. I have to pay this guy 28 bucks to come back to work. What the hell do. I do. Okay ill, give you 28 bucks and okay and you better not let me go out 458 and then its like a very weird dynamic thats going on today. Right, like employers are begging, and this is what they want. Employers are begging, people to come back to work and people say no im good man, im playing video games, im chilling playing netflix. So how long? When that goes, do you get the person want to come back and really give their best? I dont know so thats one thing that leads to fake success. Now theyre talking another three and a half trillion dollars, which i dont know if youve looked at whats in the three and a half trillion dollars again, a bunch of other that theyve added to the three and a half three and a half trillion dollars. Well, the senate just struck it down, and you saw what biden just said.
You know what biden just said with the money when no americans are not going to pay for it. This is not going to go to the death effort. This is not going to go to our deficit, will not pay anything for it. Its going to pay for itself. Pelosi is saying its going to pay for itself its going to pay for its sales job right, and you know what she said again: heres. What she said, look lets just pass it, so we can find out whats in it same line shes used in the past before this is not a new thing that these guys are doing. So. Are you saying that – and i gave you three examples – 2001. 2008. 2020, that this potential crash would be worse, go to each one go to each one yeah. What is a one? Oh one was just you know: dot com boom box. Oh one. What youre talking about nine eleven talking about no well? It was 99 yeah. 99. 2000. 2001, all that free money, yeah private equity, got into the game. Okay and they started putting money to people that really didnt have the best idea, and it was just like it flapped, just as long as that, calm behind it, and then that was the market and then obviously 911.. So it was a lot of fake money there. But it was created by who the market created fake money. Okay in 98.99, the more were evaluating companies, thats right, the market, so thats cool.
If the market creates fake success, guess what youre going to take youre going to lose billions and youre going to have to come back and treat it in different ways? Thats the correction go to osa thats, a correction go to o7. What was what was the deal with 07. housing housing? A program comes from australia called no income, no ass, its nina okay, where its a pick: a payment and everybodys buying a million dollar house, michael murray, everything, thats right and the big short. And then what happens there fake success more fake success so who takes a hit? A 330 billion dollar company called wamu, gets bought by a chase for 1.9 billion dollars. There were some victims. Bear stearns had to go down sure um, but who else? Okay? Well, thats? A lot about theres a lot. A lot of victims – i mean country wide – you forget, countrywide, was like all over the place. Fremont invested its a little big mortgage so but then you go to today. So you said: 0. 1 right 08. Today today. What was today? 2020, exactly well. 2020 is a co kobe, because if kobe doesnt hit trumps getting re elected, the economy was doing, great people were working, people were talking, just talked about, the median income had increased for the first time. In 20 years it had increased to 60 000 from 55 000 under his watch. Unemployment for everybody was fine record low, blacks, hispanics women.
In every way, everything was good. China was having to kind of change back and kind of see what theyre going to do with u.s. You know isis, you didnt hear a single thing about isis, all that stuff sweets pat, but but but i will tell you, though, theres a part of that that he he is his own enemy, theres theres, nobody thats a bigger enemy than himself on what he did, But his his policies, very effective policies, then covet shows up and kobe becomes a great opportunity to do. What impose any ideas that you want. We could have been united and the enemy would have been china, but no, instead of creating the enemy, because, like right now lets just say, uh uh lets just say: something happens in this building: okay and the building uh uh is on fire. Okay, when a buildings on fire theres a couple things, the building could do like. Remember that one day the car was on fire everybodys running im on a board call theyre telling me pat, you got to go downstairs all this other stuff. I dont remember this. It was like four weeks ago, yeah, okay, told me not to come in that day. So guess what happened? Wait they tell you not to come in every day watch what happens that day. What happened that day when they told us its a fire? Do you actually remember no were going? Oh you werent here, so we ran downstairs were holding doors for each other.
Come on folks lets go come on lets go too because the enemy was what the fire right makes sense. Now. Imagine if somebody said he did it its his fault, this guy did it hes doing it its because of him and were like who him hi its good. So so the point is rather than using covet to unify america. The left saw this and say perfect opportunity to make trump the villain ding ding ding ding ding, you win hes out, but the reality was china caused the great divorce. China is the one that caused the fire thats, the challenge that we have and now fast forward to today. You give all this money to people for a while, and you get employers to go against employ. Everything right now is against against employers against employees. Men against women, parents against kids, okay, republicans against democrats, police versus that constant against is whats, causing us to be yeah and its becoming the new normal, which is whats, which is what they want and which is really really so. This is a very different thing, so if you enjoyed this little short segment from the podcast that we did heres another short segment to watch or if you want to see the entire podcast click over here, take care.