Barn Talk - Barn Talk Hot Topics: Downfall of American Banks, Government Sneakiness & A Digital Dollar

Episode Date: March 29, 2023

Welcome to Barn Talk! What happens at the barn, stays in the barn, but not today! We’re letting it all out! The topics are hotter than a  bank melt down, A deep dive into banks, Government sneakiness and one coin to control us all!  All this and more in today's hot topics. But first pay the fee! Barn Talk Merch! 👇🏻 https://www.thislldo.co/  SUBSCRIBE TO THE PODCAST ➱ https://bit.ly/3a7r3nR   SUBSCRIBE TO THIS’LL DO FARM ➱ https://bit.ly/2X8g45c  SUBSCRIBE TO BARN TALK CLIPS ➱ https://bit.ly/3BlZnqq   LISTEN ON: SPOTIFY ➱ https://open.spotify.com/show/3icVr4KWq4eUDl7Oy60YMY  ITUNES ➱ https://podcasts.apple.com/us/podcast/barn-talk/id1574395049 Follow Behind The Scenes👇🏻 ● This’ll Do Farm Instagram ➱ https://bit.ly/30KPBNk   ● Barn Talk TikTok ➱ https://bit.ly/3qciekS   ● Sawyer’s Instagram  ➱ https://bit.ly/3BtX0n4   ● Tork’s Instagram ➱ https://bit.ly/3LGZJxS    ------------------------------- ***PLEASE NOTE*** Barn Talk is a significant break from the typical content viewers have come to expect from This’ll Do Farm. Please be advised that we will be exploring a wide variety of topics (some adult-themed) and our younger viewers (and their parents) should be advised that some topics will be for mature audiences only. ⚠NO FINANCIAL ADVICE / DISCLAIMER⚠  The Information discussed and shared on Barn Talk is provided for educational, informational, and entertainment purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or success for any particular purpose. The Information contained in or provided from or through this podcast is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice. The Information on this podcast and provided from or through our content is general in nature and is not specific to you, the user or anyone else. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented on this podcast without undertaking independent due diligence and consultation with a professional, professional broker or financial advisory. Understand that you are using any and all Information available on or through this website at your own risk. RISK STATEMENT– The trading of Bitcoins, alternative cryptocurrencies, NFTs, individual stocks, etc. has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

All of the food we eat and much of the clothing we wear comes from plants and animals that are raised on farms. Farms are different in type, in size, and even in name. Welcome to Barn Talk. What happens at the barn stays in the barn, but not today. We're going to let it all out for you guys. Today's episode is going to be a hot topics. And the topics today are hotter than a complete and utter bank meltdown. We're going to talk about the whole bank's, the whole bank system and how shit's hitting the fan a little bit. We're going to be talking about government sneakiness and what they're trying to do with a one coin to control us all.

Dut, duh, duh. So before we get into it, though, pay the fee. You guys know the drill. If you get any value from the show, shared out with your friends, family, coworkers, employees, team members, whoever, we're trying to grow this thing. The more you guys do that, the better content we can make, the better guests we can get on. And we really appreciate everybody that's been doing that because we do it. see your Instagram stories. We have people come up to us and always tell us. We're sharing it.

We're sharing it. We're letting everybody know that we know. So we appreciate it, guys. We see it. For the size of the show we got, the amount of reviews, the amount of social media posts that we see, the amount of people that come up to us, we feel the energy from you guys. So we appreciate it. And we don't run any ads to promote the show. It's all organic and word of mouth. So thank you, thank you, thank you for everybody that does that. Leave a review on Spotify or Apple. We're up to like 660. on Spotify, and we're up to 270 on Apple. So we're getting up there, guys. And if you want some Barn Talk merch, you can buy it in the link in the description if you're watching on YouTube,

or if you're listening on Spotify or Apple, you can get in the show notes. So, wow. I know. I'm inspired by you. I know. I'm up. I'm up in, I'm up and Adam today. I got my chore boots on. My outfit of the day is a little, you know, I was telling dad, it's pretty casual today. You know, when you got your own podcast, you can kind of wear whatever you want. We don't have a guest, but kind of just rocking the at home look today. I haven't gotten to the pajama pants and crocs yet. Well, I'm not that, I'm not that casual, but maybe one day I will. Well, I felt that I needed my smart guy glasses on, and these are not bifocals, so you may see me go back and forth.

But I got some, I got so, there's so many abbreviations and acronyms in this podcast today. that I figured I was going to need my glasses because I probably couldn't even understand what I wrote on the outline. But before we get into all that, we got a hot market update today. And I was gone last week. I went to Florida. I went to the Commodity Classic, which kudos to the people that put that on. That was an excellent deal. My only advice to you would be to why ever move it from Orlando, Florida. because that was like perfect weather, easy to get around, just all around great times. I geeked out a little bit. Clay and I went to Disney.

We went to the Star Wars universe at Disney. I didn't build a lightsaber, though. I wanted to, but I figured I probably wouldn't be able to get it on the plane, so that'll just have to wait for another day. But I talked to a lot of great people at the Commodity Classic, and I even ran into a few fans from the show, and that's just, that is a really neat experience because when you're walking down the aisle

and you come up on somebody and they're looking at you, and you're never sure, it's like, are they looking at me because they think they know me? Are they looking at me because they think I look like some guy that hit on their sister at a bar last night? You know, what's going on? And then they're always nice enough to be like, hey, like your stuff, we share it out.

and that is awesome and we love you guys for that. But I had a really good conversation with a couple different people down there and I was talking to this guy from Indiana that was talking about land prices and, you know, their prices there are as high as ours are here. And he was saying that with interest the way it is that, you know, he thinks these land prices are probably going to level out. And the guy sitting across the table was pretty quiet. And then all of a sudden he said, oh, no, they're not going to level out.

And he said, they're going to go a lot higher here. And, you know, we said, well, why do you think that? And this guy was from Canada. And he said that good ag land in Canada is going for basically $50,000 Canadian with the exchange rate. That's like, $36, $38,000 an acre. And I was like, U.S. Yeah, U.S. I said, I'm like, you've got to be shitting me.

And he's like, well, he goes, everybody in your country talks about, you know, the devaluing of the dollar and your banking system and worried about whether the stock market is going to crash. He said, Canada's already there. Our Canadian dollar is not worth anything. We got no faith in our government. And everybody that has any money, they're all flocking to real estate and land. And that's driving up the land prices. And he said, you guys aren't, you're just getting started. I was like, holy cow.

I mean, it's got a point there. That's kind of crazy. So I don't know. I guess, you know, we're all going to find out, but it doesn't sound like, at least with his opinion, that land's getting any cheaper. So you better figure out a way to pay for it. Might not be the time to try to pay for it.

You should have sold all your corn last fall. However, corn on the board is 632, but locally 655. And I want to say yesterday, you could have hauled corn, or you could have called and sold corn to ADM in Ediville and hauled it. And I want to say they were like 681 because they must have decided they really needed corn. And you're going to find that commercial use of corn just dependent on the day, there's somebody out there that's going to need it. So these bids are going to fluctuate a lot.

Beans 1485, 1514 on the Illinois side of the river in 1492 in Burlington. Wheat 687. Hogs have gotten a snobes. not beat out of them again. We just cannot get this hog market to go. And I did for comparison. I was listening to Jim Long the other day and shout out to our good friends at Swineweb because they put out a lot of good information that people like me can find real easy when I'm looking for info about the hog business. But Spain set a new record live price for hogs at 87 cents a pound. And that's live weight. So that's like saying hogways 285, full-sized hogways 285, you get paid

87 cents a pound. So that's not meat price. So you kind of have to convert that. But I converted that off of like a 75% yield, 77% yield. And the difference is basically between $90 and $100 a head. So here in the U.S., a 280-pound hog is probably bringing you about $150 off the meat price. if you're selling a cash meat price. And in Spain, that same hog is bringing about $247. Wow. You want to move? Well, all I can say is somebody is making,

somebody's going to be making a shitload of money because you can bet, I mean, there's got to be, our export, you would think our exports would have to pick up because if that's the price you're paying in Europe, somebody's exporting a lot of pork to Europe, I would think. I'm surprised people aren't export and pork to Europe and repackaging and sell it to the Chinese. I don't know. But anyway, that's just an example.

Cattle 162, crude oil, 6855. So crude oil's heading south, which I'm kind of surprised at. I think they're worried mostly about worldwide demand if the economy slows down. Gold, as you would imagine, has been on a run up. When the banking thing went off last week, it was up about every day. Backed off a little bit. silver $20. What's gold at? Oh yeah, gold is $1953 last time I checked. And the last time I did a market update, it was $100 less than that. So it was $1845 or something like that. So it's easily

moved up $100 here in the last week or so. Bitcoin, $28,200 last time I checked. It's coming back. It's funny how nobody wants to talk about Bitcoin when it went, you know, it's done nothing. basically what the last year six eight months yeah um but all the uncertainty that's going around uh people are starting to talk about a lot of interest in it a lot of buying in it a lot of people now coming in as it's gone up wanting to short it going back the other way but i don't i think it's going to i think it's going to build right here because um the whole conversation we're going to talk about it today of sound money and monetary policy policy and money printing and uncertainty in the banking world, all of that stuff plays into

Bitcoin. Ethereum, 1817, I think that's the highest Ethereum's been in quite a while. Tesla, 194, it's been working its way up, it's having a hard time swimming against the stock market, but one thing to watch out, Tesla is introducing 48-volt electrical architecture in all their new vehicles and the standard today is 12 volts. 48 volts is much more efficient and much cheaper to produce. The problem is that all your legacy auto, they buy all their electrical components third party, so it's much harder for them to make that change. Tesla makes all their stuff predominantly in-house, and that's why they're able to do it.

And it's really just one more advantage that they've got going forward, that the rest of the automotive world is going to be at a disadvantage. but we already know that if you listen to me, ramble very long. Meta 199 hasn't changed much since last week and Amazon 99 bucks. That is the market update. That was on fire.

That was a lot of good information, I feel like. You got a lot of good insights on some of that. I know, I dug a little deep on some of that. You dug real deep on some of that stuff. So, yeah, it's scary, it's scary times, man. It is. A lot of uncertainty in everything, and we're not going to help you out any on any of that.

In fact, we're probably going to make you question a little more today because there's some news that has come out that is, if you don't know any better and you don't listen, you don't kind of read between the lines, you wouldn't know anything is going on. And shit. You brought up a great point. So as we're recording this today,

I don't know if this has happened, but there's a lot of speculation that... Donald Trump's going to get arrested for speculation on, I think it's the whole Stormy Daniels thing about lying under oath and paying people under the table about keeping people hush hush and stuff like that. He paid her a large settlement and that's public knowledge, but now they're saying that that was hush money. But the really interesting thing about it, we're not going to go into all of it. The really interesting thing about it is the federal government, federal prosecutors,

they passed on this. They weren't going to touch this with a 10-foot pole because they didn't think they had a case and the New York state prosecutor, they went after him and then they stopped because they didn't think they had a case. And now that all of a sudden they've decided they are going to go after him. And I'm very curious how a state prosecutor can go after him, basically in federal court. I don't know. It's all very curious to me. But you brought up great point because it's like all this stuff is going on with the banking and Ukraine, Russia, China relations. And what do we do? We come up with a social something for all of us. Trump, Trump, baby. Yeah. Because that's what gets the ratings. Fight about. And it's like, oh, don't look at

what we're doing over here. And I don't even know what they're doing over here. But it is curious that this is even news because it's really the grand scheme of things with everything going on. It's really not that important. I mean, compared to the other shit that they got brewing behind the scenes, it's like a dust particle compared to the shit we got going. So, well, your, your banking system's on fire. Yeah. I mean, that's, that's way more important than Trump, as far as I'm concerned at this point in the ballgame. For the American people, yeah. I mean, I know some people believe that Donald Trump's the only person that can get us out of this can drain the swamp because that's what he ran on. And then the other half of people think that Trump's the one person that will burn the entire

nation of the ground. Exactly. So, but I mean, I think for every American, what's a little more concerning is, yes, the banking system. If any of you've seen any of the articles, any of the headlines, you've seen it probably at least one or two banks has gone under. But there's been a total of four banks that have gone under, major banks that have gone under. Silicon Valley bank. That was the first real big one. And wasn't that the second largest bank? Eighth largest bank to fail in the United States. In the United States history, which is crazy. And you go ahead. You know. No, you're right. I misunderstood you. So it is the second largest bank to fail. Yeah. Because the biggest one to fail was the one during, in 2008. It's the eighth largest bank in the United

States currently. But you're right. It was the second largest bank failure. Yeah. And then the other one that failed right after. Signature bank. It's signature bank. And nobody's really talking about that. And I was just looking up before we started. So signature bank, they put out a, or they put up a deal. Some bank out of New York bought, bought them out, bought the assets and assumed it. And everybody that was a customer of signature bank is now a customer of this other bank. but Silicon Valley Bank, I couldn't get a good read on whether or not. I want to say that HBSC bought them, but I don't know, I don't know for sure. I don't know if that's settled or not.

But then we had Credit Swiss, Credit Suisse. Credit Suisse bought, it's been managed by, or it got purchased by Union Bank. of Switzerland. Yeah, so UBC. Yeah. So I always thought that UBC was United Bank of Scotland, but it's not. It's the Union Bank of Switzerland is what it is. And First Republic, is that the last one? Yeah. First Republic has not failed, but it's, but it's in very bad shape and it actually got a loan of like $70 billion, I want to say, by a conglomerate of other banks, gave them. a handout and said, here, we're going to back it. Save yourself. Because what they're trying to do,

and this analogy has been made a lot, but any of you that, you know, around Christmas time, you watch, it's a wonderful life. So a wonderful life, that movie was made, and it's basically about a run on a bank because it's set in 1929 right when the stock market plunged and no that's not true it's not because somebody's it's set later i think but it's a run on the bank everybody comes wants to get their money out of the bank and old uh george bailey is like well your banks you know your money's not here your money's in billy's house and you know how much do you need to get by remember that whole scene well that's what happened at silicon valley bank so the rumors had been floating around for quite a while. In fact, some investigative column, blog, whatever,

came out with a story like, I want to say like three months ago that was speculating that Silicon Valley Bank was underwater as far as liquidity. And here's what, here's what's hard to understand about how these banks are structured is you know it's very hard for them to make money when interest rates were as low as they were so you know that's why when you put money in a savings account you get crap for interest because when you're loaning money out on houses at 2.9% interest the difference between what they're getting money for and what they have to pay that margin is what they can make by loan and money out. And it's hard to make good money. And these banks that are corporate, in other words, they are, they sell stock in the bank and that people have shareholders,

shareholders want to return on their money. And so the pressure on these banks to turn a profit has driven them to make riskier investments. And I'm not going to get into the whole derivatives market and all the different things that they invest in, but it's not as simple as they just take your money and loan it out to people for business loans and commercial real estate and home loans. They get into derivatives,

they trade. There's a lot of things they do. But just, I don't know, not very long ago, a month or two ago, Moody's, which is one of the rating agencies. And a rating agency, what they do is say your hometown wants to do a big sewer project, and to do it, they need to fund it by selling bonds. Well, Moody's is a rating agency, and they rate all kinds of stuff. but they would rate your town as to how good of a credit risk they are,

and that would determine, their rating would help determine what interest rate they would have to pay on those bonds. So obviously, the higher level the rating is, the less interest they would have to pay on those bonds, and the more desirable those bonds or that debt is because it's a lower risk. So if, you know, it's just like you, have if your house is paid for you need to go borrow $20,000 to fix the cap on your roof,

you're going to get a pretty good interest rate because to the bank there's very little risk involved. Now, some of that plays into how much you borrow. You might not get the best rate because you're only borrowing $20,000. But for the sake of argument, we're going to say the better credit risk you are, the better rate you're going to get. Well, it's the same way with municipalities, with businesses, with other banks, whatever. So Moody, Moody, had just given SVC, SVB,

they had just given them whatever they do every so often for banks and they'd given them I think it's different on banking because I don't think it's like AAA rating or whatever, but they hadn't changed their rating from where they were.

Pretty good rating. Yeah, they said they were fine. And they were fine as long as not too many people wanted their money too soon. But what happened was people started pulling their money out because the rumor started flying. And pretty soon, they did not have enough liquid assets on hand to pay the depositors. So then the money that they had invested in treasuries, like 10-year treasuries,

if you invest in a 10-year treasury, you can't get out for 10 years. If you have to sell that treasury early to get out, you basically get penalized for it. You have to sell it for less than face value to get somebody else to buy it. So you aren't even getting the full interest rate that you were promised by buying it. So you're kind of taking a loss. And that's what they had to start doing. And when you're on that thin of a margin, the loss just kept rolling up and rolling up. you know, they're completely upside down. That's when the FDIC stepped in and started this whole

conversation about whether or not we should bail out these banks. Now, the problem is, if you have money in the bank, you're insured by the FDIC up to $250,000. But if you're a small business and say you've got 40 people working for you, and you've got, you've got, you've got, $1.5 million in the bank, but you got to make payroll on Wednesday, and the FDIC steps in on Friday. Your money's frozen. You can't get any. You can't make payroll. And if you're a fiduciary for a corporation, it is your responsibility to be able to pay those people, and if you can't pay them, you're criminally liable. It's a really bad deal. So then what happened? So the Fed step in, take over the bank, panic sets in, and people are trying to get their money out.

But then news of this spreads and people that are invested in other banks, people that have money in other banks that are through the rumor mill unstable, well, what are you going to do? You're going to go withdraw money as much as you possibly can. You damn right, you are. and so that is what the federal government is the most afraid of is you can have a bank run on one bank and then that that it just spreads that panic spreads to everybody that's what happened that's what happened in 1929 is people panicked everybody started pulling their money out of the banks and none of the people none of the banks had enough cash to pay all these people and not only that banks today probably keep less money on their books as far as liquid than they ever have

because they can't get a decent return. So it's like damned if you do and damned if you don't. But it's a big problem. And so many of these banks are what I'd say, over leveraged. So did Silicon Valley Bank kind of start the trickle? of everybody panicking and then like signature bank and Swiss bank and Republic's credit. Did they like, is that why they collapsed too? Is because everybody came and tried to deposit or withdraw money? So they all collapsed because of the same reason. Well, and here's the other problem.

So what's that called First Republic? Yeah. So First Republic, they haven't, they haven't like collapsed. but they have two problems. And a lot of these banks have this problem. So not only do you have a problem with people withdrawing money from your bank, but if you're a publicly traded bank. So this is a key difference. So my local town bank, it has stock, but it's not publicly traded. It's private stock. In other words, people who have money in the bank, a lot of times, banks will issue stock, where you can invest in the bank, but you're a local stockholder of the bank. It's not publicly traded.

And basically, if you want to sell your bank stock, I think you can sell it to another individual privately, but usually a lot of people, if they want to sell their bank stock, they'll sell it back to the bank, and then the bank, there's people, because there's a limited amount of bank stock, obviously. So there's people in a lot of towns that are actually kind of on a way. waiting list to buy stock in a bank. And so if you sell it back to the bank, then the bank has it available and somebody wants to buy it. Okay, if you're a publicly traded bank and people start, you start having a run, people start to withdraw, then the other side of the coin is people start selling your stock because people like, I don't want to own this thing because I don't want to

go through all that. So their stock price collapses. So First Republic, their stock price was down 60% one day, and then they hold a trading on Friday. So you had a mix of people coming and taking their money out of the bank, plus their publicly traded stock price took a shit at the same time. So when they sell that stock, you know, it's just, so it's just like Tesla. So Tesla issued stock. They sell it, initial public offering, and they sell it, and they get X number of dollars per share.

And then people speculate on that, that share price. And if the share price goes up, and now then a share is worth $200, well, the company still owns a large amount of the stock. Well, they can turn around and they can take that stock, and that counts as what the value of the company is, because if they went and sold more stock, it would be worth this. So as long as that stock price is going up, the value of your company, the value of your assets, up, up. First Republic, same way. So if they are worth easy math, they're worth $100 million. Their stock price gets cut by 60%.

So now then their value goes down. Their borrowing power goes down to go borrow money, and people are pulling money out. And then this just rolls. And so the Fed's biggest fear is that this just rolls. And the next thing you know, you got a run on all these banks, and it's too big for the Fed to do anything about.

And so the Fed steps in and they kind of fumbled this deal as far as that goes because I think if they would have been proactive to start and said, all right, we're going to backstop the investments because here's the thing. If Silicon Valley Bank was allowed to hold the assets they had to maturity, they had enough assets to pay all their creditors and their depositors. It's just that their depositors wanted their money now. So if the Fed would have come in and set up some kind of a facility that backstopped it and allowed Silicon Valley Bank to hold their assets to maturity, I think everybody probably could have been made hold, but they didn't do that. They took over the bank and they fired management.

I mean, I don't know what's going to happen with all the people were there, but they obviously didn't manage it the way they should have. And one of the biggest issues that I heard, and I got this from All In Podcast,

and the boys from All In Podcast, they are intimately familiar with the VC crowd. Venture Capitalists and Silicon Valley, specifically. Silicon Valley Bank was one of the biggest venture capital banks. Okay, well, here's one of the biggest problems that they had. And I don't know how this, to hear this, you wouldn't think this is possible, but this is basically what they are doing,

and it was completely legal. So when I deposit money in the bank, if I'm a business and I deposit money in the bank, and I'm doing everything right, I'm not leverage, I'm making a product, whatever, I'm paying my bills, I don't have, you know, I'm doing everything right. But I'm deposition, depositing this money at Silicon Valley Bank. They can take that money, obviously, and they can loan it out for people buying commercial real estate, people buying equipment for their business, people buying houses. However, on their balance sheet, they were taking money and they were loaning it out like they were a venture capital firm. In other words, they were making bets on startup companies and loaned in that money like a line of credit or whatever. And on their balance

sheet, they were valuing that like it was a commercial loan. So the same quality as if they had loaned money on a building, well, that's not the same value. It's not as secure. That's not nearly as secure. And it's very speculative. And in their business, in their financials from the private the last year, they had lost money on, I don't know, like 30% of those loans, and it might be a bigger number than that. However, the rules of those loans, the ones that paid off, the ones just like venture capital, the ones that worked, they got stock options, the bank got stock options, and they made way more money. And so they made, enough money off of the loans that worked to offset the ones that didn't work. However, as interest

rates rose and the VC world, as you know, it's very tight because those guys have been operating on borrowed money because you have to go so long before you get a product or you get bought by somebody. So interest rates really affect them. Well, they were looking at having a lot greater losses this year in their startup. And that was part of the reason. That was part of the rumor mill that got started as to why there was run on the bank. Startup culture, they started to hear the buzz, and that's why they were pulling money out. And they should have never been allowed to do that.

And they also had the pressure from the investors in the bank, the shareholders in the bank, that want to make money. And so they were like, the best way that we can make money is get stock options from these startups probably. I bet that was probably some of their best return. It went on the stuff that work. It was. But it was, you mean, you're like gambling pretty much there.

It seems like you're kind of gambling there because I know when you win, you win big, but how many startups actually work. Right. And the problem is you're gambling with other people's money. You're right. That's the key difference because, see, they were acting like a venture capital operation. And if you're a venture capital deal, you know the risk because you're risking your money. And like if you're a VC fund where you're soliciting money,

everybody that gives you money, they sign a disclaimer that says, I know exactly what I'm getting and I can lose all this money. So the people that are in that, they know the risk, but they're putting in there because they know the reward. Okay, that's my point. The businesses that are just putting their payroll money in Silicon Valley Bank thinking that they're going to be able to write a check to Bob, Sally, Tim, and Molly, when you find out that they're loaning your money out

like they're a venture capital firm, that to me is bogus as shit. It shouldn't be allowed. But to my knowledge, from what I understand, from what I read and listened to those guys, that was legal. And the FDIC and the Fed,

they definitely need to rewrite some shit. Correct some shit. And I had a short but really interesting conversation. I was having lunch and a local banker that had just retired in the last year, guy that I respect a lot. I saw him at a restaurant and I asked him how he was enjoying retirement. We chit-chat and I said, well, it's a good time not to be in banking anyway. And he just chuckled. And then he stopped. He looked at me and he said, those guys deserve to hang for that. He said, there is no reason.

that they were leveraged that hard. He said, that is the difference between a local bank that wants to consistently make a return for its shareholders over time and a bank that is just out to try to make as much money as they possibly can and don't give a shit about as fast as they can. Right. He said that is the difference. And I was just, I was really, like, I was not, This guy's very, you know, never, never gets very agitated about anything. And I was just very surprised by his pointed reply to that. And it makes sense. I mean, that's my biggest takeaway of the whole thing is support your local banks, guys.

Support your local banks because I don't trust these big banks. And I don't want to, you know, instill more fear into people if you're banking at a big bank. a big bank, but I know with all our real estate, all our loans, all the stuff that we do, we do it locally because we have a good relationship. It's not very, it's very, it's like a friendship. It almost feels like, yeah, we do business, but we're doing things inside the community that are better in the community. They see that. They value that. They value our relationship. And I feel like they're more likely to work with you as far as when times get tough, they're going to help you get through those times.

They're not going to be loaning your money out to really, really risky startups, you know. And they just, I think having a relationship with local bank is something that's very, very important. And I know that I value my relationship with our local bank. And dad has a stat on here. 60% of all commercial loans here in the United States are done through local banks. So that tells you there's a large chunk of people that buy all their shit, loan all their shit, buy houses, buy equipment, buy business loans, all that shit. A lot of it's done through local banks. And that's a promising stat to hear. That's a good thing because I think local banks,

for the most part, are not out to fuck people over, which is good. They're the backbone of America in the financial world. So that's really good. But that's kind of my big takeaway. And I think, guys, not to be a Debbie Downer, but I think times are going to get harder before they get better. I think times are pretty shitty right now, but like it might have to get a little bit more worse before it gets a little better. So I would say budget and don't be taking a lot of loans out for dumb shit. And just be cautious. Be conscious of what you're doing. This isn't the time to be really risky. This isn't the time to go buy Starbucks every day. This is the time to budget and have some cash on hand because in a recession, when there's, you know, when there's blood in the

streets, that's where opportunity is and cash is king when shit goes sideways. So yeah, that's all I'd say. Yeah. So what you were talking about there with as far as the amount of money that's, that runs businesses in America running through small banks, You don't realize that. And here's the sad part. Credit Swiss, as an example, what happened to them, that was a very poorly run bank. They barely got through 2008, and UBC is a much stronger. The reason that they set that up for them to be bought by UBC is because UBC is very well run. And if you remember, in 2008, the Swiss government basically bailed out UBC. However, they fired everybody at the top of that company that was not doing a very good job,

and they brought in a brand new management team, and UBC has been very well managed, and they've made really good money. They have great liquidity, and that's why they took over Credit Suisse. Credit Swiss has been poorly run, and they were poorly run 2008, and they haven't gotten any better since. but you've just taken two large banks and made them into one bigger bank. And that is the pattern. We see that.

We see that over and over and over. These governments around the world, they keep driving consolidation. Consolidation of the banking industry. And don't kid yourself. And that's what they want. That is what government wants because it's simpler. It may not be anything as insiduous that like, there's some master plan around, although there could be.

I wouldn't put it past them, though. But it's easy, and when you have big problems, you bring a bigger bank in that can take over those big problems and make it happen. So what you see is a consolidation in the banking industry, and don't kid yourself, these big banks, there's nothing that they would like more than for them to make 60% of the commercial loans and small banks to make 40, and then make 70 and 30. They want to eat up as much.

as they can. Every small town in America that has three banks or four banks, you very easily could see the day where you've only got one bank, or you don't even have a local bank. Your local bank is a branch of U.S. bank or, well, let's face it, it won't be because they'll make you bank online because they're not going to have a local branch. They're just going to close it and you're going to have to do it all online. But you follow me. I mean, no matter what happens, don't take.

your money out of your local bank. And another thing going with what you said is, you know, if you're somebody and you're farming or you've got a small business or whatever and you see that things are going to get tough, your traffic is down or your cost of inventory is going up or whatever it is, talk to your banker because bankers are the kind of people that if they know what's going on and they know what's coming, they can do a lot of shit to help people weather the storm. But when you walk in there after everything's hit the fan and said, hey, if I don't get, if I don't get $100,000, I'm out of business and this, this, this, I got this, this, this, this, and this, that's kind of the wrong. You should have been in there three months ago

instead of coming in there after the fact. So anyway, just. Yeah. support your local banks and they'll support you. I just wanted to say, and this is just our opinion, guys, you can follow this or don't follow this, but I'm just saying from my experience and from dads, our whole family's experience, banking with a local bank has only served us well through the good times and the bad times. Yep. I haven't done much business with a big bank, but I just feel like with everything going on, seems like big banks don't always have your best interest in mind.

and local banks haven't really failed me yet. So that's just my experience and take it as much as you want or as little as you want. Sorry to interrupt, but if you think this is good, you should check out our YouTube channel. This will do farm. Like and subscribe.

All right, let's get back to it. One thing we missed, though, so in 2008, the highest draw from the Fed discount window was $115 billion. Three weeks ago, it was $1,15 billion. billion and last week it was 158 billion and no one has said shit it's just like the coverage on all these banks i think people really only heard about like the only one i really heard about was silicon

valley bank the rest of these i didn't know unless you dig to find out same thing with this and dad was explaining me kind of what that meant because this is a lot a lot of this shit i i don't know a ton about so that's why dad is doing a lot of the talking in this one but the fed discount window when everybody's shit in their pants, right? And they're withdrawing money out of these banks. These banks have to prepare for that because they don't know how enough liquidity in their banks. And so they have to go to the feds to get to pretty much loan them liquidity for their bank to handle the storm of all these people coming to withdrawing money out. Right? Is that what it is? So it basically is just that. It's a, they call it the discount window because you can go borrow

money from the Fed and it's a discounted rate over what, say if I'm U.S. bank, I can go borrow money from the Fed discount window cheaper than I could call up Citibank and say, hey, I need to borrow $10 billion from you. So it is just basically that. And the Fed has, that's not the only program they have, but it just floored me. So I heard this. I just heard a blurb about this on somebody just had a blurb that $158 billion have been. borrowed from the discount window and I thought for some reason like I thought man that seems like a really big number so I looked it up and yeah so if you remember in 2008 I mean it was like this huge deal because all these banks needed liquidity because the same thing people were scared they were

pulling money out of banks and plus these banks were leveraged because they had all this they had all this debt that they could not get it out of what they were in fast enough to satisfy the liquidity. And there was story over story about the Fed had increased the amount of money it had. And that one week, and I mean, it was, they were taken, it wasn't just that one week, but it was high numbers every week. But the highest week was like $115 billion. And people are like, holy shit. Well, now then this, this all happened. And there's no news story about it. Nothing's being said. And like it's not, nobody's even asked the Janet Yellen hasn't talked about it. Jerome Powell hasn't talked about it. Nobody's talking about it.

Well, obviously we have a fucking liquidity problem. Yeah. I mean, it's pretty obvious that these banks are stretched tight. And you know, the thing is, the scary thing about that is that might not even be the highest draw for this time period. It may not be. 158 might be one of the low end. Well, yeah, because so the week before that was $5 billion. Yeah. And so that tells you about where it, you know, it's been, I should go back and look what it was for an average over the last month. I just saw that number. But, well, that just tells you the fear, though. They know that there's people that are shit in their pants and they're coming to withdraw money. Yeah. And what is it? You can, you can withdraw

how much percentage of what you got in an account? Oh, I don't know what that is. Well, you said before we got on here, if you had $350,000, you could borrow. Oh, no, this is what I'm saying. So here's how that, here's how that works. Um, so if you're an individual, FDIC insures your bank account to $250,000, per individual per account. So say I'm a retired person and for whatever reason, you know, I don't trust anybody and I got all this cash. I got $350,000 sitting in the bank. Well, what are you going to do? I'm taking $100,000 out because if my bank fails, I know that I'm insured to $250,000. Well, you don't have to have very many people do that.

Do that. And then the other side of that is if you're a business, if you're a decent-sized business, and you're running hundreds of thousands of dollars or millions of dollars through a bank every month because you've got to pay vendors, you got to pay employees, you got to pay insurance, to pay all this stuff. And that bank fails? Well, you're just like Silicon Valley Bank. What do you do? What do you do?

So what you're seeing is, oh, and I should back up. Here's another really shitty thing that happened with SVC, SVB, but also I think this happens with a lot of banks. So businesses that had loans for commercial property or whatever, they went to them and said, hey, we'll give you a lower rate, when they were taking out their loans, we'll give you a lower rate if you give us all your business. So we want your checking, we want your checking account, we want your credit card processing, we want everything, and we'll give you a little better rate on your loan. So what you have is,

instead of somebody being like, okay, well, I'm going to run, my checking through this bank, but I'm going to have all my credit cards processing ran through here, and I'm going to have my loan through here. No, they incentivize people to have everything in one place. And that's what all banks want. You know, they want your business. It's a business at the end of the day. But when things are uncertain, it's just like what people talk about stocks. It's a good idea to diversify. Well, so people in banking, they're doing the same thing. People that are getting nervous, they're like, well, I'm taking part of my money out. I'm going to this other bank, and I'm going to spread it around. Which is smart. It's smart, but then that all hurts

liquidity within banks. So you have people freaking out, but you also have people that are just trying to diversify. Right. Yeah, you know, when this kind of shit starts to happen, it really shows you that the banking, banking world is very essential to, like, everything. And very fragile. And very fragile. And very fragile. Yeah, it is truly the backbone of America because you talk about all the businesses, all the individuals out there that have loans, that have money in banks, that are paying payroll, that are doing all this shit. Yeah, bank goes tits up. What do you do? What do you do?

Yeah, and hey, full disclosure, we were talking about small banks. So, you know, I do have money borrowed from the farm credit system. but the farm and so that's not that's not a small town bank and i do too yeah farm credit is not a small town bank but farm credit for people that don't know that're outside the ag world farm credit is basically like a credit union in the fact that everybody that borrows money or has money in it is a is a shareholder of it and so like we get a dividend check if if farm credit makes money you get a dividend back based on the amount of money that you have borrowed, basically out of the money that you, the interest that you

have paid. So if you have a lot of money borrowed, whatever the interest rates, if they made money, they give part of that interest money back to you in a dividend. They are not, they don't speculate like a regular bank. And I would say they're a very safe organization. I feel, I feel very confident in them. And they operate a lot like a local bank. in the fact that I can give you many examples when I've wanted to purchase things or we've decided to do something that wasn't even, it was, you know, it was involved, it was part of the farm as far as we were using collateral that was in the farm, but we were using it for maybe something else where they wouldn't have had to have worked with us, but we found they're really good at finding ways to make things work, and they've been super to work, super flexible.

much like a local bank but we also have money borrowed in our local banks too and have relationships with them and those are the kind of people you want to work with. Do not work with U.S. Bank with, you know, Wells Fargo. I mean, there's just, if you are, examples. If you are with those banks,

just be aware. Just be aware and be, I think it'd be a good idea if I was in your shoes to diversify a little bit. Did we say this is not? investment advice. Yeah, well, I got it in every single description on every single episode. That way, if anybody ever comes, it's in there. So we're good. It is not financial advice, but I think it's important to tell people because nobody's saying shit right now on the mainstream media. They're not saying shit. They want to talk about Trump

potentially getting arrested. Meanwhile, the banking system is slowly deteriorating and nobody wants to say shit. Yeah, just, just be, just be conscious. And, you know, I'm not, tell you you go to hoard cash but you know what and do your own research if you don't believe us go look up this shit guys it's out there you just got to dig you got to dig for it i i'm actually keeping a little cash around that i've i've never really worried about keeping cash but like i'm just like well it wouldn't be a bad idea to have enough cash on hand that if something happened and and all the banks quit processing because the fed says hey we're going to stop everything for two days or three days I got cash to go get gas or go get groceries or whatever.

And I've never thought about that. I've never worried about that. But I'm worried about it now. Yeah. So, and speaking of things that are worrisome, that's enough, that's enough on the banking deal. Yeah. Yeah, I do. I think it's enough.

But it kind of ties into our, this is kind of a financial crisis episode a little bit. It is. It's involved government. It's involving the banking. It's involving something that I think a lot of people might be pissed about if they find out that it's happening. So the universal commercial code, UCC, governs all commercial transactions across the U.S. and it's not a federal law, but it's uniformly adopted state law, right? And so South Dakota Governor Christy Noam. Yeah. Noam? Noam, I think. Noem. Vote vetoed a bill updating the UCC because of language that defined money as a medium of exchange that is currently authorized or

adopted by a domestic or foreign government. It excluded pretty much all digital assets except CBDC Central Bank Digital Currency. Digital dollar. Digital dollar, essentially. So every three years or every three to five years, the UCC comes out with a new, like, policy update for these states. And like all the states here in America have pretty much. much adopted. They've said yes to the UCC, right, and they update it. And so just the new update of

their, what do you call it, their bill, their code, they threw in there in small writing maybe, or they threw it in there kind of nonchalantly like, hey, if the government wants to come out with a digital dollar, if you, you know, say yes to this, when it comes out, you like, that That's what we're going to do, and we're going to introduce it, and you can't use any other digital currency besides the U.S. dollar. U.S. digital dollar. That's a little worrisome. And so the South Dakota governor,

she was the first one to really come out and veto it, and now Ron DeSantis in Florida, he's coming out, and he's saying he ain't about that shit either, because, I mean, we all, when we all hear digital dollar, you all, we all are like, that's a little worrisome. If you, if you dig deep enough. So it's not. So it's not because nobody talks about.

Nobody talks about this. This is one of the most, like, if we were to adopt the digital dollar in the United States, so China has a digital currency. And you pretty much pay for everything off your phone. and they track your ass, and if there's something there that they don't want you to buy, they just disable it. Because the entire thing is digitized to where they know they're consuming huge amounts of data. I mean, the amount of data that the Chinese track is absolutely insane.

And they know how many cans of pot, if they want to. I mean, so they're passively taking all of this information. information in and they're not checking every single person. But if you happen to do one thing that flagged you, then they have all your data. They can go back and see how many cans of pop you bought, you know, what, all kinds of stuff. Well, nobody's talking about this. And the language, what, what I said in here, or what I, what I kind of realized is most law makes, so in South Dakota, she vetoed this. And there was a bunch of legislators, legislators, that they're pushing back against it and they're saying that she's being way over the top and that the language that's in

that bill does not mean what she thinks it means. I read the language in the bill. And you can go online. and see exactly what it says. And the problem with it is that it is not very clear, but you can definitely see where the language that it uses would have you believe that if the US was to start a digital dollar, the only currency that would be allowed for trade inside that state is, that digital dollar. I mean, it's not, she didn't pull that out of her ass.

That's, you could say that. You could argue that it, that's not 100%. However, if it's not clear, I'm not putting my faith in, uh, the U.S. government. Well, or in a court. Yeah. In a court with a district, uh, judge that might or might not be liberal as hell. but anyway the ramifications of going that way

see that's what I don't think people understand because what you're giving up by using a digital currency put out by any government is freedom 100% think about all the shit that they would legislate and

veto and like I just think like one one example like obviously one thing that would be really scary is guns if if the if the president or the administration that's in power is left leaning and they want to get guns out you know gun control gun control well if the whole government's on that on that wave eventually in the future and we have a digital dollar and you go purchase a gun well now you're probably going to be flagged and what if they just say well fuck it we're not going to allow people to purchase guns anymore and so we're just going to shut it down you can't buy guns you can't you can't make investments you can't do political donations i mean there's so many things that like it's just it's scary to think about and i thought about one other thing like

cancel culture is so prevalent nowadays so prevalent so if you say something you say something on a podcast like Joe Rogan with Ivermectin and they want to cancel you what's one way to stop you from doing anything shut down your bank account not allow you to buy shit not allow you to do anything with your with your wealth with your money pay your employees if they don't want you if if you say something they don't like and you don't think the way that they think well we'll just shut down your bank account we'll just shut down what you're what you're doing with your money because you're not with us. So we're going to punish you for it.

And I think, truly, I think that is what the world economic form wants, it's part of the game. It's totally part of the game plan. They want a digital dollar for fucking control. That's what it all comes down to. They see what's happened in China. Social credit score, having a digital dollar, and like we've talked about the social credit score here on,

on Barton talk before. but in China they have 5G cameras everywhere that are face recognition like crazy and if they see you do something and break the law or do a terrible act or say something that they don't want you to say it brings down your social credit score which doesn't allow you to go to certain restaurants go to certain hotels take public transportation if it's low enough right and so that's scary but also if it probably gets low enough you can't buy certain things you can't you can't buy you can't buy stuff that they don't want you to buy so it's just you want to talk about freedom and keeping our freedom and keeping our rights if we let it go this way where we can

only use the digital dollar here and do business with the digital dollar here in America and nothing else and the government's behind that digital dollar that's scary that's the one thing that bitcoin has that the digital dollar cryptocurrency, Bitcoin, there's no government behind it. It's for the people, right? Nobody can control it. Nobody can control it. That's the beautiful thing with Bitcoin. When you have the digital dollar come out, the U.S. government controls the digital dollar. And that's fucking scary because there's a lot of corruption. There's a lot of shit that goes on behind the scenes that we all are starting to see and recognize. And that, I just don't trust that at all.

that's just my opinion. Hey, this is going pretty well. I've only stumbled my words about two times, so that's good. If you've gotten this far, leave a review on Spotify or Apple. It really helps us out, guys. That's all I ask. Now, let's get back to the podcast. So if you look at this, so when we said that, you know, the government is by design or not by design driving consolidation in the banking world. So you get down to where you have a handful of banks. Then you are backdooring by updating the UCC to all these states where so many of these legislators, they don't know anything about digital currency. They have so much stuff that they have to do and they've got so much work that they have to get done that a lot of these bills. So one of the points that Chrissy Nome made

was they asked her why did it, why did it pass? You know, if this is in there, why did it pass? And her simple answer was, she said, I don't think most, I don't think most of these people read it. They just assumed, because it gets updated every once in a while. And it's one of those pieces of, like, really mundane legislation. So the universal commercial credit commercial code, the universal commercial code. It's been around, I don't know when it was first passed, but I mean, it's a good, it's a good code. In other words, it streamlines interstate commerce between all the states, and it makes a universal set of standards that if I sell something in California or I sell something in New York or they sell something to me, you, as a business, you know what your rights are and you

know what's going to happen. That's good. That's why when something like this gets slipped into it, people don't even realize because they just assume that this is like the last update that got voted on. Like all the new people that are in the legislature, they go, what's this about? Somebody that's been there for 30 years goes, oh, yeah, they just update this every once in a while. It's all good. They have, you know, a board that does it. Yeah, I just vote for it because they don't pay attention. And most of those people don't know anything about digital currency or no very little. Okay. So you get a consolidation of the banks. You get the credit code updated that we, that all of a sudden, nothing, so nothing happens. Nothing happens. Nothing happens. And then we

drop a digital dollar. We drop a digital dollar and all of a sudden everybody, it's like, holy shit, we shouldn't have that. They find out that the universal, universal commerce clause code has this law in it and you voted for it and your state ratified it and hello everybody's going to use the digital dollar and you ain't got you can't say shit about it because that was done and everybody's like well how the hell of that happened well it happened because nobody took enough time to read the fucking law and that's why when they're parading around they're setting up barricades at the DA's office in new york and everybody's talking about Donald Trump whether or not he paid off a porn star or not. And then over here, they're changing the law that's going to

control your life for the next 30 years or the rest of your life. It's a big deal. And it's just another example of how we just, we just give up our rights. We're fucking cheap. Yeah, because we're not paying attention. You have got to pay attention. Am I saying that a digital dollar is going to happen tomorrow? No. Am I saying a digital or is going to happen at all? It may not. I don't have any idea. But you sure as hell don't want language that is not clear that opens the door that if they could do that, that's how it would affect you. And there's going to be people, don't you kid yourself, there's going to be people that are going to tell you all of the positives of having a digital currency. And the biggest example is, because this is something that people don't like, if you've

ever been in line in a grocery store and somebody comes in and they've got a food stamp card, and they're buying, they're buying 10 pounds of shrimp, or they're buying junk food, or they're buying whatever, and somebody's like, you know what, they shouldn't be able to do that. If you're on food stamps, you should have to buy like good food, like real, you know, food to feed your family that's high quality, not freaking sugar cereal and all that. I hear, you know, that's just something you hear. Okay, a digital currency for anybody that's getting assistance from the government, you could program that money. You could program that money to where they couldn't buy alcohol, they couldn't buy cigarettes, they couldn't buy candy bars. But let's be fucking real, would they

actually do that? They want you. They want you. Yeah, they would outlaw the fucking people getting the government assistance to ban cigarettes so they can't buy fucking cigarettes? Well, hell no. I don't think you can do that now. I think if you're using the eB, I think if you're using the card, you can't buy. But I'm just saying. But that would be the sales point. Yeah, right.

And then here's the other thing. When 2008 or when COVID happened and everybody got COVID checks, there were all these people that got COVID checks that didn't need $500, obviously. and but the government, they're just throwing money out there. If you had a digital currency, you could program that to say, okay, if you make over X number of dollars, you're not getting that $500. Or if you're a business and your profits were this last year, you're not getting that corporate money. So they're going to roll out as this gets going and it is coming. The debate will happen on this, whether or not it actually gets implemented, no idea. But there will be a debate. about it and at some point they will try to do it it's just a matter of when and all of the positives

are going to be rolled out but don't you kid yourself the end goal of all of this is control 100% control because think about all of the things that the political parties have been fighting about they fight about guns they fight about this they fight about that well And it's a stalemate. Half the people in this country think everybody should own a gun. Half the people think nobody should buy a gun. Half the people in this country think that if you want an abortion, you should be able to get an abortion.

Half the people believe that you should not be allowed to have an abortion. And I could go down the list. So rather than fight it out, fight it out, fight it out, fight it out. You come out with a digital currency. Control the money supply. And you control what people can spend their money on because if you control the money, you control. You don't have to pass, you don't have to pass any loss.

No. You could just tell people how it is. This is what it is. And that is no freedom. Your freedom's gone. Your rights are gone at that point. That is the scary part of it all. So I'm just going to say,

I'm very glad that we have governors in this country that did read the fine print, that did, like, actually read the bill and are not allowing that shit to pass because they're seeing what is, trying to be done. Yeah. Robert DeSantis and Governor Christie Nome, thank you.

And I hope that if it comes here to Iowa. And it will. Every state will get this at some point. The reason that South Dakota got it as soon as they did, my understanding is that South Dakota has one of the shortest legislative sessions of any state in the union. So it came to them sooner than a lot of other states. So it rolls out.

But I'm assuming there have been states probably voted on it. And I don't know. I should have looked that up, but I don't think that data would be out. I bet you there are states that have already signed it. They just signed it and said, yep, fuck it. Yeah, that's how it is. Exactly right. Now, I would about guarantee you that some of your Western states and Wyoming comes to mind because Wyoming is very pro-Bitcoin.

I bet you that they have read it. But if you're listening to this and you know your legislature or you know who to call, call and ask them. call your local political operative and ask them where they stand on this because I'd be curious if any of them know about it because I didn't know shit about this and I just happened to see and I guarantee you that that didn't make the national news I just happened to see it in a in a Twitter post is the only reason I saw it and then I was you know I was crazy enough to go down a rabbit hole one night and look it all up but that's the kind of shit that

you have to say vigilant or vigilant on because it is don't know and i hope kim reynolds is yeah i was just going to say him if you're listening and i hope you are um yeah foito that shit please that would be you know yeah but and that makes you know there are some good governors out there there are some damn good governors out there and we have one of yeah we do we do have a damn good one i don't care what you say about Governor Reynolds. She did a damn good job during COVID. She's doing some damn good shit. As of recently, we were going to throw it in here, but we don't think we have enough time. And I think that Rhonda Santis is great. South Dakota governor's great. You keep going. But there are also some really radical socialist, crazy motherfuckers governors out there that are just lost, like, what's the one in California?

yeah everybody knows newsome gavin newsome holy shit he's off his rocker nuisance yeah right yeah he's just off his rocker so anyway guys that's all that i think we got for today it's all the hot topics we got they were pretty hot and i know that if finance bores the shit out of you you probably didn't listen to

this one all the way through but if you did get this far we really appreciate it and just do your own research guys do and i will say this even if you are a even if you are of moderate interest in this. Over the next few weeks, as this banking thing muddles through, keep an eye on the price of Bitcoin, because I think it's going to be really interesting to see where it goes. And my personal guess is it's going to move a lot higher

because this is exactly the kind of situation that favors Bitcoin. Mm-hmm. limited supply, decentralized control. No government. No government. And there's a lot of people out there that they want their money someplace where they don't have to worry about it being taken or devalued or whatever.

Or being monitored. Being monitored. And remember, not your keys, not your crypto. So if you are going to get it and you are going to buy some crypto, buy some Bitcoin. Get it off the exchange. Get yourself a digital hardware wallet. Get it off the exchange. Yeah, I think that's a last thing.

I think that's why some people don't like Bitcoin because they feel like, well, I don't ever want it to go digital. Well, they're going to try to go digital no matter what. So it's just what kind of digital do you want the future to be? Do you want to have control or do you want the government to control it? Because one, you know, that's the one thing that if you're a hater of digital currency, because you don't like the idea of everything going digital. I get it, but it's either going to get controlled by the government

or it's going to be one of these cryptos that is decentralized, that nobody has, no government's involved. Well, the example that we gave you about guns and digital currency, that's already happening. That doesn't even have to be with the digital dollar because look this up. I want to say it's Wells Fargo. And if it's not Wells Fargo, I'm sorry, Wells Fargo. you suck, but this isn't you, but I think it is.

One of these large banks, they said that they were going to start encoding any transaction that was made at a gun store separately so that if the government ever needed to know who was spending money on guns or ammunition, they would have that data easily gotten to because any purchase they were going to code differently. And that's not even on a digital platform. That's just in your everyday master's a woke. That's a woke corporation right there. Absolutely.

Andy, we should avoid them at all costs. So they just go broke. Or if you are banking there, just take all your money out so that they don't have any liquidity. So that kind of shit's already happening. Digital currency would just make it that much easier. Yep. So yeah, I think that's it, guys. If you got any value from the show,

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