Barn Talk - The New Age Of Economic Disruption

Episode Date: August 13, 2021

Welcome To Barn Talk! In today’s episode, We discuss three major disruptors to the economy as we know it. We deep dive into the massive changes coming into the American workforce and the financial system. Strap in it’s gonna be a bumpy ride!  SUBSCRIBE TO THE PODCAST ➱ https://bit.ly/3a7r3nR  SUBSCRIBE TO THIS’LL DO FARM ➱ https://bit.ly/2X8g45c  ADD US ON: INSTAGRAM ➱ https://bit.ly/3gaobdN  TIKTOK ➱ https://bit.ly/3eJfftr  -------------------------------  ***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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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And sometimes, a smooth, silky latte just wins. It's exceptional but effortless. Like actually effortless. Simply press, brew and explore. Nispresso, what else? Keep exploring at nespresso.com. we make the switch to electric vehicles, you're looking at probably one of the greatest fundamental transitions of the labor force in the United States you've ever seen. And the

reason for that is because you don't need car dealers because they deal them direct. And the car dealers aren't going to do it anyway because they don't make money on service because these cars don't need serviced. They don't need oil change. They don't need transmissions. They don't need any of that stuff. Your batteries can go bad over time. Tesla comes to your house and fixes it. Right. They have their own service. So you're going to need mechanics, but you're not going to need as many because they don't need as much maintenance. So you're not going to repair shops yeah stations auto parts stores uber and this is where it gets into full self-driving if you get a car that'll drive itself you get a robotaxie taxi and people go that'll never happen it's going to happen

it's it's so close to happen go on youtube watch the guys that are on version 9.2 they can show you waymo's trying to do it apple's trying to do it everybody there's so much money there it's going to happen even if it's not tesla and i think it'll be Tesla but even if it's not somebody's going to do it Lyft, Uber, all those drivers, not going to need them. Truck drivers. So Tesla semi, guys saying, I'm not going to drive a Tesla. You may not for a while, but eventually it's going to get to the point where the long runs, going from warehouse to warehouse, you might not need a driver.

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. the barn. But not anymore. We've kind of let it all out, and we're going to continue to do so. This is a solo, this is a solo version. No guest today. It's just me and my sidekick. Sawyer, I'm Torque son. If you haven't known that already, if you're not a faithful listener. It's a son and dad duo. We're taking the world by storm as far as podcast go. And all I want to say is if you get any value from the show, share it out.

that's all we asked from you guys that's the ticket to admission we don't run any ads on the show yet so we're just here for you guys we're here to drop value we're here to do some good in this world so share it out to your friend share it out to your family share it to your co-workers whoever if you like the show and get anything from it so dad and i've been really thinking about this about you know just how the direction of this show is going to go and since we live in southeast Iowa it's kind of hard to get guest every single week. So I think we're going to come up with three different kind of shows, three different kind of shows inside of one show. So one's going to be, one's going to be us just kind of doing it solo, dad and I talking in a single podcast. Another one's going to be,

I think, dad and I answering questions. So we're going to ask for next week's episode, we're going to do a Q&A episode where we just answer your guys as questions, all your thoughts, what you want to know about us, what you want to know about what we think about things, whatever, drop it down below. And next week's episode, we're going to answer all your questions. So whatever you want to know from us, drop it down below. And then the third kind of concept of a show will be, we'll have a guest on and we'll interview them. So I think that's a good direction to go, you know, spice up the content a little bit and make it so we don't have to rely on having a guest here. Because like I said, we're not in New York City. We're not in California. Thank God. I'm not

complaining about it, but just harder to get guess. So that's all I wanted to say, Dad, what's the, what's the markets look like? First of all, I'll say, shout out to our friends Zohettis, even though, even though Draxon went off patent, they still scrounged away enough money to get us some nice Zos T-shirts. So thanks to. Yeah, I'm not reping, but I did get a Zohettis hat and shirt, so thank you. Shout out to Amos Griner. Amo. If you know Amo, which a lot of people do, he's the man he should be the de facto CEO of zoettus just out of longevity yeah he's a he's a he's been there a long long time and shout out to chip my buddy chip intern chip he got an internship he got an internship at zoettis this summer he goes to iowa state he's a good good buddy i've known for a long

time and he kind of helped us get these t-shirts because we've been we've been bugging amos to get us some free merch so he finally just sweeten the deal i don't know he just finally got him here because Amos is a little like a squirrel. He runs all over. He's driven. He's got a lot to do. He is a busy man. Okay.

Well, so the sun's still shining. So we're actually a little ahead of the game for once. So the Friday, the market update sponsored by nobody is the close of Friday. And I don't know. The markets have been kind of trading sideways up and down. People can't decide whether the board can't decide if we've got enough rain or too much rain or whether the crop is good, bad, or indifferent. So corn at ADM and Cedar Rapids is 678, and that doesn't make a whole lot of difference

because nobody wants to drive up there and sit in line anyway. And around here local, it's 655 is about the best bid among the mills, the local market. But soybeans closed 1413. And that was, that was, I think that was the, I think that's the Burlington bid. Meekers is just a hair higher across the river. And locally like 1397. Hogs are 108. They've been floating around there.

Haven't changed much in the last couple of weeks, to be honest. Cattle 123. But Bitcoin, Bitcoin has, it's coming back, baby. It's coming back. It's coming back hard. Last I checked, it was right around. It was hovering right around 43,000. So it hasn't been very long ago.

It was about 28,000. Right when we had Grant on the show. Yeah. And he was like, I don't know. I haven't figured out when it's going to go into a bull run, but it might be going into a bull run again. Who knows? Well, that's the thing.

Nobody knows. A lot of people are speculating. It could hit 100,000 by the end of the year, but they were expecting it to hit 500,000. Yeah. In January. So Ethereum's had a big run too. $2,900 is where it was at the last time I checked it,

which it had a fork. I think a new, we're not going to get into that, but it had an update in its language or how it operates, and that's kind of gotten a boost to it. And Tesla had a real good week. It backed off a little bit here on Friday, but it had had a big run this week. I think it got up about 725 maybe.

They had good earnings here, what, a week ago, and I think people are kind of starting to figure out that they got a lot of ways that they're going to make a lot of money, and so the volumes up, so people are getting into it. So with that said, what we're kind of thinking about today, they're, in a year's time, or not even a year's time, the amount of change that is coming and continues to come is kind of

crazy. And we were just going to spend the day to day talking about our thoughts on the future and what it looks like, kind of like we did it a long time ago, about, I don't know, was it two months ago or so? Yeah, it's probably been two months. Since we talked about it last, but we didn't really get into everything we wanted to talk about. And we probably won't get into everything today either. Yeah, we're going to try to keep another thing I forgot to mention, when it's just dad and I, and we're doing Q&A or we're doing a solo episode, we're not going to keep it as long as when we have guests on, because we want to get the most out of when we have guests on,

but we want to try to keep it short and sweet when it's just us. So we're going to try to cram as much information as we can in the short 45 minutes to an hour. Yeah, so when I was throwing this around and we were talking back and forth, Sawyer was like, what are you going to call it? And my de facto name for this podcast is the death of money. and by that I kind of mean the dollar the dollar fiat currency

and how the economy physical money yeah because I feel like there's a lot of there's a lot of things that work that each piece by itself you just kind of look at and go well yeah that's that's interesting but we're gonna we're gonna stitch together a pattern and maybe it's a way that you guys haven't thought about this

and see what you think when we tie it all together. We'll put a bow on it at the end and see whether or not it's a good present or if you want to throw it in the trash. Yeah, right. We're just going to share what we think. So kind of what got me thinking about this subject this week was so Square, just about anybody knows Square is the company that has the card readers that just a lot of merchants, a lot of local shops in your town might have. It's a white little box. you put it on your iPad, your phone, and then you scan the card and all that good stuff. And they also own Cash App, which is like Venmo, so you can send money back and forth between people.

And so they made an announcement about two weeks ago, maybe it's been three, that they've actually started their own bank. Now, they used to offer services through another company, through another bank. they were kind of piggybacking off them, but they've actually got their own bank. Their own bank. Facility. Yep. And so they're offering checking accounts and savings accounts to business owners

that use the Square software. So like this will do farmhouse, aka my wife, she has a brick and mortar store in the little town. Shout out to the mercantile. I got her, I got a t-shirt on. Representing. Representing you, mom. She'll be proud of that.

Heck yeah. So she used a square and she actually just set up her savings because all the money goes to Square and then it gets transferred to her bank. But she's going to use the savings to save her sales tax so that it automatically goes into that account just for sales tax on Square. Right now she's using her bank account in our local town. Yes. But she's going to use a savings account through Square.

so she can put the sales tax in the savings account. Gotcha. So the other money will still go into her. Did they just come out of that feature recently? Yes. In the last 10, two weeks probably. So why did she want, so she's doing savings over a checking account? No, she, well, she has a checking account at her brick and mortar bank.

Yep. And all of her, you know, all our credit cards, all of her accounts that are on terms, all go through there. And if you, you know, she doesn't like, she doesn't like technology that well. and so she didn't want to make the jump to having it all come out of there. I feel like eventually they're going to make it. So the advantage is that savings account pays a half a percent interest, which that's not great, but it's a lot better than what you're getting most banks.

And it's real easy. So it's one, we've talked about this before. They make it so simple to set up the savings. And she can have, she wants five savings account, she can have five savings account. Basically, they make it a folder system where within that, savings account you can you can department departmentalize is that a word compartmentalize oh compartment yeah my girlfriend be proud of me because i mess up that word every time i try saying it but i just nailed it so there you go heck yeah um so you know she can have her sales tax in one she can have

something else yeah i saw i actually saw tic talk the other day of a business owner that said you should have a bank account for all the payments to come in that you know all your revenue you need to having a bank account. Then you need to have a payroll bank account, your profit bank account, and then a taxes bank account. So he just gets it all through one, puts the money in the payroll, takes 10% out of the revenue, check account puts it in the profit, 10% into the taxes. And that's, I was like, wow, that's a really good system. I didn't even think about doing it that way. But you could easily do it that way on square. Yeah, and they'll automate it. So what there's a, there's a way in there. So every sale, you can just say that a percentage of every sale goes to

this, this and this. Yeah. So, oh, that's nice. And then you don't physically have to transfer. It just does it. Right. It'll do it automatically. Yeah. So that's pretty cool. Yeah. So that happened, like I said, that happened here a couple weeks ago that they started doing that. But then here, just a few days ago, maybe, well, maybe it was Monday. Square announced that they bought a company called After Pay. And After Pay is based out of Australia. But over half their revenue comes from the United States. And what that is, and many of you may have seen this, if you've been on a website that sells probably bigger items,

like if you're talking furniture, you're talking electronics, I know Apple does this in-house. Like if you get on Apple's website and you're looking to buy a computer, they'll have a deal where you can buy it, you buy it today, and then they automatically bill you at no interest, 12 payments or 24 payments or whatever. So that's the company that does that. So after pay is a company that does that.

And the reason that it's growing so fast is because among younger people, they do not like traditional credit card companies. They're not, you know, they're not big on carrying the American Express card. I think that they have grown up with parents that have credit card debt and they don't want credit card debt. Well, yeah, you're told credit's bad, credits bad, credit's bad, credit's bad. It's actually not bad. It's really useful if you can pay your damn credit card off or you build credit. If you pray off your credit, you know, and you get good credit while you grow up,

then it's a lot of leverage that you can use for yourself. It's a tool if you use it correctly. Right. But if you use it incorrectly, it's not so good. You're responsible. You'll be all right. Yeah. What Square is doing is, and they paid a buttload, they paid $29 billion for this. However, it was an all-stock deal. and the crazy thing about it is,

I don't know where square stock was when they purchased it, but I saw somebody talking about this, and basically, you know, if they paid $29 billion for it and the stock was at $260, let's say it was at $260, I don't know what it was at, and it goes to $300 a share, well, you basically cut the cost of that acquisition by, I don't know if you cut,

at 10%, but the number gets smaller as the stock goes up. Now the reverse is, if they screw up and if the stock market goes to pot and square stock goes down, the cost of that gets a lot greater. But basically they didn't use any money. It was all stock. So everybody that owned, it was an owner and afterpay, and I think it was a privately held. I don't know if it was public. I don't know. Anyway, it doesn't really matter. Well, I think it's, they'll learn their money back whether it goes down or up. Yeah. I mean, I think it's a smart play for the future. It is because, um, that is a growing, that's growing exponentially.

And you're seeing all these other credit card companies, Visa MasterCard, American Express, Discover, they are all scrambling to offer that service. But all of those, that whole system is anchored in brick and mortar banks. And that is where Square, and I'll even say PayPal, it really got me rolling about it because as I read up about it, they are in direct competition with all these old the the brick and mortar banks the jp morgans um u.s bank wells fargo all of them and their cost of doing business is way less um the average cost

of a bank to acquire a customer yeah is somewhere between 1200 and 2,000 dollars a person and the cost for square is between $20 and $40. And so they don't have all these locations. They're not paying all these tellers. They're not, they're. Right. So it gives them an advantage. And the speed at which transactions are done,

which for your generation, that's a huge thing. Everybody in my generation, we've grown up in our, I don't know what our attention span is now. I thought I saw something maybe a couple years ago that said our attention span is about the same as a goldfish. It's that low. So I don't know how that makes you feel, but it just tells you our generation, my generation especially, we want it now. We want it now. We don't want to wait a week to get a loan approved. We don't want to, we want to do it.

And the next business day, it drops into our bank account so we use it. I mean, that's a great thing with Square. My brother, my mom, they run their businesses through Square. And we talked about this on the other episode, but, you know, they own the data. They know how much revenue is coming in on your business since it's on their platform. So they are literally, they know how much money you're making. They know if you're profitable or not. So they're willing to email you and say, hey, we see that you're making money. We want to loan you up to this amount of money at this interest. And here you go, take it or leave it. And Clay says he gets my brother Clay, who runs his business through Square, he gets emails all the time he has a profitable business and square just keeps asking him hey we'll loan you we'll loan you

this amount we'll loan you this amount we'll loan you this amount so they're going to the customer the customer isn't coming to them yeah and we'll get into that we're going to tie this we're going to tie this in the other thing i wanted to share was they also are they also are thing i wanted to say that oh go ahead so you said that it cost them 20 to 40 bucks to get a customer not only do they it's easier for them to get the customer, but also they do a good job keeping the customer. That's a huge part of the business because they go to the customers that they already have and say,

hey, so you're being doing good, here's this amount of money, we'll give you more money to keep your business going. Where banks aren't going to be like, we gave you this loan, we're not going to come to your door and say, hey, you know, you got to come to us to get another loan. Right.

You know, they just do a good job getting them and then keeping them. Yeah. And I was going to also say that they're also into the stock trading. So like Robin Hood just went public this week. Stock went up hard. I thought the trolls were getting after it. I don't know. Clay, my brother bought a little bit of it.

And he, I'm like, oh, man. He sold it. Oh, he did. Yeah, he sold it. He doubled his money. It was up 100%. Yeah, see, I think the trolls were trying to get after it because what they did for AMC and GameSstop, and they were all butt hurt.

So I bet all the trolls out there. They were pumping it and dumping Robin Hood up just to troll them because they're like, well, screw you for what you did to us. Yeah. And that could be. And he got nervous because I asked him last night, we were having dinner. And he's like, yeah, I sold it. And I'm like, wow, that's surprised.

He's like, well, I double my money. And then I got to thinking, are they going to pump it and dump it? So anyway. But so Robin Hood is kind of the big name in that space. And Square offers stock also. and it's the same kind of platform. The way they do that is the way they offer commission-free trades is the information on who's buying and how much they're buying.

They're sharing that with the big brokers, and the brokers are basically paying them to have that information. And because of the delay, which we're not going to get into all this, but there's some money to be made by the big, by the big frequency traders and the, and the big, um, the big brokers by having that information.

That's why they're doing it. But for the guy that wants to buy, you know, he's set up that every two weeks he wants to buy, you know, three or four hundred dollars worth of a stock or three or four hundred dollars worth of a mutual fund, they can do it and they pay no fee. And it's super,

it's quick, it's easy. You don't have to call somebody, um, all that. Yeah, I saw Fidelity. Uh,

Fidelity is trying to, you know, top, I think they're trying to compete with Vanguard. If you guys know anything about ETFs, Vanguard's been the ETF, you know, that's where you go if you're going to start ETFs and index funds and mutual funds or whatever, you go to Vanguard. But Fidelity is offering these insane, low-fee ETFs because I think they're trying to top Vanguard. Yeah, I think that's... It's for young kids on Robin Hood and, you know, Cash App and all these other platforms that you can do in on now, that's really, that's really intriguing because we're trying to get the lowest fee we possibly can. So I think Fidelity is doing a good job on that. It's demographics. They're seeing because the boomers

are getting older and they're not trading as much. And they're not on these platforms as much as the young kids are. So the people that are creating the momentum in the market are getting younger. I mean, that's just how it goes because people as they get older, they want to take on less risk and they move towards income. They move towards dividend-paying stocks and income-producing stocks, and they aren't trading. The frequency of trading is less. And traditionally, that trading has been pretty consistent in that you got a job,

you got a 401K, you got, you went and found a financial rep if you were on your own, and he told you put your money in a mutual fund, and you had it set up, and you went and got your advice from them. These younger people, they don't do that. They're making their own decisions. doing their own research. And so Square is all about that. The other thing that they're doing is they are allowing people to buy Bitcoin through their platform and full disclosure. I mean, that's where I've bought just about all of my Bitcoin. Same here. I bought all my Bitcoin on

Cash app. Yeah, that's the other thing, Dad, forgot to mention. Cash app's just like Venmo where you can send money to your friends, but you also can invest on there too, which is pretty cool. Yeah. And something Venmo doesn't have, which I think maybe they're trying to work towards that. Yeah. I mean, everybody is because the market's getting so big. And we should have had the David Lee disclaimer on the front of this. This is not financial advice. No financial advice, guys. We're just talking about, you know, what it's our opinion. Yeah, what excites us and what we want to, what we are high on in the future and all the good things. Don't do what I do because that, that track record's not very good. But anyway, so they're doing Bitcoin now and they're probably going to get into a

Ethereum. And Jack Dorsey, who is the CEO, and he's kind of the founder of Square. And Twitter. And Twitter. He gets a, he's, he's equally hated by about everybody because of the whole, the whole Twitter deal. Yeah. But they are, they are moving towards a platform where they're going to be able to trade Ethereum. And then the other thing that they're working on is developing their own hardware wallets. And we're not going to get into hardware wallets, but basically where you can store your cryptocurrency off, off the internet, off of the platform, off the platform on. Because in the early stages of crypto and Bitcoin, people would buy on these trading softwares or whatever.

And then the owners stole their Bitcoin because they didn't get them off the platforms. So I don't think that's going to obviously happen with cash hat because we're so far along now. There's so many people invest in it and they'd be stupid to do that. You know, Jack Dorsey isn't going to just take everybody's money that doesn't have a wallet and obviously they're working towards getting wallets. Yeah. But you got to put it in a hardware wallet so it gets off the... Basically once you have, so they say if it's not, if you don't, what is it? Own your keys and own your crypto or... If you don't own your own keys, you don't own the crypto or something like that. Or if it's not your keys, it's not your crypto. Yeah, not your keys, not your crypto. That's what people say. So...

The other thing that I thought was really interesting is if you go on and you look at Jack Dorsey and you look at him when he was at Twitter and they actually fired him off Twitter. And then they brought him back because Twitter was in trouble. And when they fired him, when they threw him out, they let him keep his stock. So he's still a huge shareholder in it. And then they brought him back and he made a lot of changes and Twitter, you know, became what it is. But if you look at him there, he is your typical corporate three-piece suit, fits in, you know, talks to talk, walks to walk.

But you can see the evolution of his thought process. And he was just on a podcast about Bitcoin with Elon Musk and the Kathy Wood, Kathy Wood, Arkin West. And he was wearing a tie-dye, he was wearing a long-sleeved tie-dye shirt, and he has a Foo Manchu beard, and he was wearing board shorts and flip-flops. And he's let his beard go gray, and he doesn't look corporate at all. And people, people were kind of chastising him about it. And people were talking about this, too. And I follow this opinion. He, he sees himself and he sees Square as a, as a, an equalizer. His goal and Square's goal is to make the financial world work for everybody. even the least the least afforded people,

the people to have the least advantage. And I think he just doesn't care. I think he's to the point where he does not, he does not, he's not corporate at all. He doesn't give a flying F. He does not care at all. And so I think the financial world. I think all this new technology,

like you said, it's good. Yeah, I do too. I think people are trying to figure out how to get everybody involved so they can invest for the future. which I think is a good. Yep. And we figured out to rely on other people with our money is not a good idea,

especially the government. And so, yeah, anyway, that was my final thought on that. And our second point is just Bitcoin and what has happened and what has changed in the short time that it's kind of come to the forefront of the conversation with the financial markets. and, you know, today the price, the price is not back to the high that it was. It was up, you know, it was 60. I think 65, some around there was its highest. And as we speak, it's 43 something. But the price is strong and the supply, the amount of supply that's actually on the exchanges is down. And that means that a lot of people are buying. And I was listening to Pomphe yesterday. Anthony Pappliano, he's a really good big. Bitcoin experts. If you're looking to learn about Bitcoin and you're watching this podcast,

which we're, he's, he's good stuff. He has a new podcast and YouTube and it's called the best business show, period, I think is what it is. I literally think it's the best business show. And it's him and his brothers. And it's pretty interesting. But I think he gave the statistic that over 50% of the Bitcoin that's in existence hasn't moved in over a year. And if you add in what hasn't moved in the last last 90 days, I think. It's like 63%. So there's a pile of people that own it. And just stacking it. This stacking it. I think why it went down, and this is just my personal opinion, is all those people that were invested really early. When it hit the peak, they sold. Because they've been holding it way, way, way, way, way long. Yeah, I mean, you could have bought it for a dollar. Right. And I think those people

are the ones that got out and that's why it kind of went down. But with that stat, it just tells you all these young people and all these other people are getting in it, leaving in it, and they're holding it now. Yeah, it kind of coincided with the IPO of Coinbase. When Coinbase went public, then from there, it kind of sold off. And I think there were a heck of a lot of guys, people involved with Coinbase that held a lot of Bitcoin from the very beginning. And it's awful tempting when it gets to 60-some thousand to be like, you know, I think I might take a little list. You look at your cash app and it says $5 million, and you can sell and make it. It's like, oh, I better do that. The mining revenue, so there's more people mining

moved out of China. It's moving to other place in the world. A lot of it's coming to America. Just in the last 24 hours, and this is 24 hours old, there was over $36 million made mining Bitcoin, which is just boggling. I saw an article. I didn't read it, but I saw the title of it and it said Bitcoin mining might become the most profitable business in 2021 because yeah that whole china thing is just completely changed the deal if you're in it in America yeah it's like if you're already established like our guest grant Hilbert here he has a little

bit of a Bitcoin mining operation going he's here he's already got it going he's in a good spot he's in a good spot for sure good guy on an average day there's over eight million dollars worth of transactions on on the Bitcoin blockchain on the network which is and it's growing all the time it's up over 250% in the last 12 months and gold's actually down 11% over the last 12 months. A lot of people think that in uncertain times people go to gold and that kind of has been true throughout past history, but as of recently it isn't and there's a lot of people trying to explain that away as to why. But I think part of it has to do with people that traditionally have gone to gold that are younger, they see Bitcoin as a better version of gold.

Yep. And I think it's hurting, I think it's hurting the gold market in the fact the volumes aren't there like they happen in the past. Well, it's everything that's good with Bitcoin is everything gold, all the good things about gold and then some, you know, we always talk about it. You can't go to the supermarket and throw gold on the table and say, hey, I want to pay for this, but you might eventually, in the future, maybe it be able to pay with a little bit of Bitcoin. Well, you actually can if you want to, but you shouldn't do that.

Right. You should hold your Bitcoin, but it's just faster and everything else. It's easier to use. Over that same 12 months, the S&P 500 is up 35%. We can argue about how much of that is real and how much of that is due to inflation. But that's the numbers. The five-year return on Bitcoin is over 6,000 percent. Let that sink in. Where was I five years ago? Why didn't I?

Yeah, what were you doing? I don't know. I was probably just trying to keep you out of trouble. I don't imagine. We're fighting with your brother. It was a lot. It took a lot out of me. So September 1st is when El Salvador

switches over officially to they're going on the Bitcoin standard. And that was kind of the first country that was going to go wholehearted adoption. But recently, a lot of crazy stuff going on in Africa. And I think there's a lot of people that are speculating that Nigeria may actually be the first country that goes to full-blown They'll beat El Salvador? Well, not officially.

Here's the thing. The government of Nigeria has tried very hard to crack down on Bitcoin. And the reason they did that was because they're not real honest players. And they were extracting a lot of tariff, tax, and fee money from people doing import, export out of Nigeria, just about everything they consume for finished goods are imported. Right. And they export, I don't know if they export cotton or if there's minerals they export. I don't know, but they export raw materials.

And they import more materials than they probably do X. Probably. And they've been, you know, they're running on the dollar because that's what everybody trades in. And all of the banks, the government stepped in and they were, I want to say they were tariff. They were putting tariffs on stuff coming in. into the country and taxing the people as far as the income they were making that we're doing it and so what people started doing and a side note is they have one of the youngest populations in the

world so the people boomers are there's fewer boomers yeah more younger yeah I mean the life expectancy I can imagine in Nigeria is not as not as great as it is other place in the world Africa is a tough tough place and so their population is younger and they have a lot of young people those people, you know, just like everywhere, they embrace technology, they're on their phones. And a lot of these people involved in that, they started trading through Bitcoin, using Bitcoin to pay. They were converting their money to Bitcoin, and then they were using that to pay for the goods that they were importing in the country. Without the government's... Right.

And so the government couldn't extract their pound of flesh. And so their first effort was to, they made all the banks, shut down converting money into crypto. Oh, okay. They froze all that. So they basically outlawed Bitcoin. So you couldn't transfer from your bank account to... And that didn't work.

Because then what people... Well, they just withdrew their money. Oh. And then they went to... I don't know if they were using Binance, Coinbase. They were using some kind of an exchange, and then they were converting their money there to Bitcoin. So were they just writing a check to themselves?

I don't know how they were doing it. Whether they were taking it out through ATMs going every day and getting whatever the minimum was to do it. I mean, you got to understand this is probably, these aren't big companies. These are a lot of individuals that are, you know, doing this. Right. And so basically it didn't work. And the government panicked, and they tried to crack down harder.

And that made it even worse. And so I want to say that the amount of money used through Bitcoin in Nigeria over a one month period, I want to say it went up like 80%. Like it just exponentially grew. And now it is, the government is kind of backing off because now then they feel like they've lost control. And if they don't take all of these restrictions off, they're not going to get any income.

They're not going to get any sales tax. Yeah, right. They're not going to get nothing. And so there's a lot of speculation that by the end of the year, Nigeria may actually be ahead of El Salvador. Because the people are already doing it. Because the people are driving it, not the government.

Now, the difference is in El Salvador, the government, they want it. Right. Because they believe in it. Right. And that goes into fiat currency, basically. So if you're a country and you're trading in the U.S. dollar, but you're not the U.S.

and the U.S. prints money like they're printing and you inflate the currency, if you're using that money you can't do shit about it right you get all the inflation but you can't print any more money because you're using dollars so your economy just suffers and that's why

El Salvador has decided you know what screw you we're going on the Bitcoin standard and ironically Moody's which is a big rating company they they drop the rating for El Salvador's debt because they went to the Bitcoin standard

well Moody's is is well is well greased by the World Bank and by the Fed and so they're not going to you know their rating in that case if you're not using the dollar biased the rating means nothing so anyway another thing that I thought was really interesting is just as early as December Jamie Diamond who's the president of JP Morgan he basically said I got his quote if you're stupid enough to buy it Bitcoin, you'll pay the price for it. And that was in December of 2020. And today, J.P. Morgan is offering Bitcoin and Bitcoin Greyscale Trust, Bitcoin to their wealthiest customers. So their whole...

She knows. How? Did you blouse? No. The devil wears Prada, too. He's the movie event 20 years in the making. Honestly, can't with the secrets anymore. So I think we just should tell her. Will you two please spit it out already? This Friday, be the first to experience it only in theaters. In light of the recent scandal, I'm sure to restore your credibility. Oh, because we're a team now. That's a nice story.

The Devil wears Prada 2 in Theatis Friday. His premise is completely true. Yeah, he's decided, oh, wait, we better get on this. And so basically, I think banks are scared to death of what can happen. And it goes back to what we talked about a little bit with Square in the fact that Bitcoin is going to simplify the financial world an awful lot to where you're not going to need nearly as many banks and the banks aren't going to be as big a part of financing as they are today.

Right, because the blockchain and Bitcoin and everything. Yeah, it's funny that you bring that up. There's so many people at the beginning of this that just were hating on Bitcoin, so many people. And then you just slowly see it just people are just turning their opinions. Yeah, I think you're right. They're getting scared because they know if they don't jump on it, they're going to be screwed for the future. When did he announce that he was doing that?

Just a few weeks ago. Just so like three weeks ago. Is that what you said the other day when you told me that they're not real, they're not, it's like a secret. It's like you've got to ask your financial advisor for a Bitcoin or a cryptocurrency ETF or what was it? So that wasn't, that wasn't J.P. Morgan. I think that that was U.S. Bank. They said, I don't know if it was, if it was J.P. Morgan or whether it was, it could have been, but it was one of the big banks. And what they said was that they told all their representatives that they can't recommend, they're not allowed to recommend Bitcoin. Their advisors.

But if any of their, if any of their customers ask for that, they will offer them Bitcoin ETF, or, well, there isn't a Bitcoin ETF in the United States yet. There is in Canada. but gray scale trust is traded and it's basically a Bitcoin ETF that they just formulated a little differently. And so, yeah, on the one hand, their public thing is that they're not recommending it, but if anybody asks them, they'll do it because they don't want to miss out on that business. And it's growing exponentially. Another interesting thing that came up this week, it's hard to get it all in.

I've got more thoughts written down than what we should probably try to get through because we're going to try to keep it. I think we're flying through pretty good. Okay. What are we at for time? 40 minutes. Oh, we're good. Okay. So Saudi Arabia, a few years ago, Saudi Arabia, they made a publicly traded company for their oil

business, and it's the third largest business in the world, and their supply of oil is greater than the next two people in the oil business, I think, combined. Like, I think, I think Exxon and Shell, if you combine their oil reserves, it's not even half of what Saudi Arabia has. I mean, what's the company called? It's Saudi Aramco. Saudi Aramco. Yeah. And they produce a heck of a lot of natural gas. They call it flare gas because they just burn it off because, well, because they don't care because all they wants the oil. And they are in talks with Bitcoin mining companies. They want to capture all of that flare gas and use it to power generator to make electricity and mine Bitcoin.

Partner with the Bitcoin miners or do their own thing? Just do their own thing. Start mining Bitcoin from themselves and using that method so they earn zero power, their power bills. Yeah, so it's green power, basically. Completely changed the narrative on it and you're not going to have shit for power bill. On the surface, you look at that and you go, oh, yeah, what's the big deal about that? Well, the big deal about that is anywhere in the world that you trade oil, you buy oil,

you sell oil, it is settled in U.S. dollars. If Saudi Arabia, who is the largest producers of oil in the world, start mining Bitcoin, why would they trade oil in U.S. dollar? And somebody's going to comment this. They're going to say because the U.S. government tells them that that's what they got to do. And you see they tried this back, I think, in the 70s when the U.S. went off the gold standard. So 50 years ago this month, the United States went off the gold standard. and we've been on what they call fiat currency ever since.

So in other words, a dollar is backed by anything. Pre-71, a dollar was backed by gold. Basically all world currencies were on the gold standard, I think. After that, it's based on a promise. And ironically, what's the oldest, do you know what the oldest surviving currency in the world is today? The end? Nope.

Nope. I don't know. Peso? No. No. The British pound. British pound. So the British pound has been around since 1694 or 1696.

1690 something. And so the British pound was based on a Troy pound of silver, which I think is roughly 12 ounces. So a pound was worth 12 ounces of silver. Do you know what a British pound is worth in silver today? Uh-uh. 120th of one ounce of silver. And that depends on the exchange rate because it's not based on anything. So it has survived in name only.

I mean, it isn't, it's, yeah, it's not, it's worthless. It's not backed by anything. But so you at, so in that, when we did that, we went off the gold standard, OPEC, they didn't want to trade oil in U.S. dollars. And the U.S. government basically told them that either they were going to do it or we were going to, I guess, march in there, sail in there, whatever, and make them do it. And, you know, the oil embargo went on.

I don't know. I was one or two years old, you know, or I was two years old in 72. But today the difference is if they're mining the Bitcoin and you get enough countries that start to go to that standard, I think the U.S. will have a really hard time. Yeah, because if everybody else is like, yeah, we're down with it, Saudi.

We're going to whirl rocking with you. And then U.S. isn't. Yeah. You're going to be like, screw you. So that makes for interesting, interesting times. Yeah. And it's going to, that could be, that could be completely reversed. They, Saudi could put their boot on our neck and say, well, we're not doing business with you unless you do it our way.

Because everybody else is going to do it our way. Well, and that's right. And we were at a point of oil independence. The problem with our oil independence was the cost of production for most shale in the United States is above $40. And I want to say even for deep water, Gulf of Mexico, is close to $40. Do you know what Saudi's cost for a barrel oil is? Somewhere around $10.

A little less than $10. Why is there just so much to get that it's just... Basically, you shovel the sand out of the way and you can start pumping oil. I mean, it's very close to the surface. It's very easy to get. Labor's cheap. Cost of production. Very low.

and you offload it right into the Suez Canal and off you go. So is U.S. their biggest customer? That's why they... So why do they back down to the U.S. then? Like, if they're the biggest one, why do they back down? They pretty much control the oil market, don't they? Well, they do and they don't because... And not to get political, but when Trumpy was in,

he had us down to where we weren't buying... Basically, we weren't buying any oil overseas. We produced... We actually were exporting oil. Yeah, from the United States. So we really didn't need to buy any oil. Now that's not to say that we maybe didn't buy oil. We may have bought oil from the Saudis just because, just to be, because we're tight with

them, because the enemy of my enemy is my friend. And so you got the Saudis who aren't real nice players in the Middle East, but compared to Iran, their Boy Scouts. So we've got very strong relationships with Saudi Arabia. You just wanted to keep the peace and buy a little bit, but not rely on them completely. but are we back to now where we're just relying on more buying all the oil. I think we're buying oil from all kinds of people. In fact, somebody, I read an article, we're buying oil from Russia.

I don't know if that's true or not. Did we stop production, a lot of production in the United States? Well, I think we have because the price of oil got down to where they couldn't make it work. So like your shale, your fracking, I think that has tailed off because it's not as profitable. And, you know, you can't afford to pump it if you're losing money. So, but anyway, that's kind of off the subject, but I think that's a really big development that if it plays out, will change the game not only on Bitcoin, but the world economy. So the last thing, and this isn't at, on the surface, this is not nearly as tied to what we're talking about as what you would think,

but it is because it just shows you the amount of change that is coming and, nobody's really sure how quick any of this is going to happen. And what I'm going to talk about is Tesla. Dun, don't, don't. Don, don't. So this week, the White House had a, they had a summit. They had a summit. Ev summit, pretty much.

Yep. And they had all the best and brightest companies that are in the EV space. Oh, wait, no. No, they didn't. They didn't. they had GM Ford and Chrysler who are not anywhere near the best and brightest in the EV space, and they didn't invite Tesla. And that got a lot of press.

And Governor Pete Buttigievich or whatever his name is, Clay told me how to say his name, and I don't know. But he was a former governor of Illinois, which if you're a governor in Illinois and you're not in jail, that just means you're really crooked because I think, I don't know, I think like the last four of them have been in jail. I don't know, something like that. but they didn't invite Tesla and they're talking about that they want the United States to be at 50% of the vehicles sold to be electric by 2030 and the company that owns 74% of the EV market wasn't invited why is that I don't do you have a theory well I you told me your theory so I better let you just tell you tell them As to why that is.

So here's my theory. If I was to channel my Joe Biden and Governor Pete said, we're going to have this. And should I invite Tesla, Joe would be like, did they donate to my campaign? And Pete B. No. Did they give any money to the Democratic Party? No.

Did they give any money to any of the lobbyists? No. Are they union? No. Did they spend any money advertising on CNN or any of? of the big media? Nope. Oh, well, screw them.

We're not having them. I mean, I think the biggest thing out of that was they're not union. But the really funny thing about it is, this administration talks a lot about made in America. And do you know who has the most made in America vehicle? Tesla. The model three, either the model three or the model Y is the most made in America car. And the Mustang Mach E, which is Ford's fantastic electric vehicle,

It's made in Mexico, so it doesn't even qualify. And Tesla is, by rights, the most made in America auto maker right now. Tesla not only owns that market, but they're more profitable. They are more profitable on their EVs than your traditional automakers are selling regular gas cars. So the most recent quarter we've got is the second quarter of 2021, and the gap profit per auto delivered for Ford, $734 a car. And I'll just say, if you look at Ford's annual report, and I haven't looked at 2021, but I looked at 2020 when I was really digging down the Tesla rabbit hole,

they lose money on every vehicle they sell except one. Which one's that? Ford F-150. Ford F-150. The Ford F-150 is the, basically, if you take the Ford F-150, out of their lineup, Ford loses piles of money. They pretty much, every other vehicle they sell, they lose money on, but they make a fortune on the Ford F-150.

But when you average it all out, they make $734 a car. GM is at $1558. Tesla, $5,673. For every car they sell. For every car they sell. And every car they make, they sell. They have no inventory. Yeah, there's no dealership.

You don't buy Tesla in a dealership. No. They send it to you. They're not overproducing. Right. Every car they make, it is sold. I think the nice thing about that White House deal is it makes a lot of people realize that one, Tesla.

Well, it just kind of goes. The thing with it is his whole idea was to get this, you want TVs, he wants green energy by 2030. Well, that kind of just defeats the whole purpose of your summit, your thing, because you're not going to have the number one player right now. Right. I think that just kind of shows the hypocrisy of government. And it's not just the Biden thing. Politics in general, politicians in general, it's all about money. Yeah.

It's money and power. It is. It's follow the money. Follow the money. Dig and follow the money as to why they're doing the things that they're doing. And you'll find out the reason. And the other thing about Tesla is they're ahead of everybody, technology-wise. They spend more money on R&D.

They have real scientists. They have real material scientists. Well, you know what comment we're going to get. What? And this is the comment I get from most people that don't know, shit about Tesla. You can really tell when someone doesn't know anything about EVs when they say, well, I saw some commercials and I saw BMW coming out or Volkswagen coming out with something, and Ford's coming out with something, and GM's going to be coming out with something. I don't know

if that Tesla's going to hold up. What do you say to those people? Because that is, I think that is a number one thing and reason why people aren't believing in Tesla 100%. I see it when I look in on Twitter and I see somebody saying, are you somebody that believes in Tesla in the comments or something like that? The comments are always like, nope, because Ford and GM and Volkswagen, they're catching up. Just wait. They're coming.

What do you say to that? Because I know that's what people are thinking. So what I say to those people is, I ask them, do you know how many kilowatt hours of battery supply GM has? No, they don't know. Do you know how many kilowatt hours of battery supply? Volkswagen has? They don't know. So if you're going to sell EVs, you have to have a supply of batteries. The limiting factor to how many cars you can sell is how many... It and produce.

Is how many batteries can you get? And by that, how many kilowatt hours, or if you're really good, how many gigawatt hours? The only car company out there today that has a plant that's actually making their own batteries is Tesla. And they have patents on it, the technology that helps them produce the batteries. But then they also have relationships with every other battery manufacturer. All-G-C-A-T-V, Panasonic, uh, Samsung. Maybe.

Samsung, Panasonic, C, I don't know. Anyway, all the ones that are doing it, they got relationships with them. So GM's building a battery factory, and they figured out that, it's not big enough and they need to build another one. And the first one they got, I think, has barely started. Volkswagen, the company they were going to partner with to build all their battery factories, that already fell apart and they're going somewhere else. And if you watch them, they tell you that they're going to have this many kilowatt

hours of batteries by this date. And when they say this date, write that down the next time you see that on a clip and then wait a year and they'll say the same thing and then see what that by this year. year because that year just keeps getting further. I can go find you on on YouTube the head of GM talking about by 2025 they're going to have 30 vehicles and they're going to have this many that they're selling and they're going to have this much battery. And if you watch the most recent, now then they're talking 2030 because they know by 2025 they ain't going to have it. Meanwhile, Tesla is already doing it. Yeah, they're buying all the batteries from all these battery

manufacturers. They're building their own batteries right now and buying all the batteries, most of the batteries. And they're buying the raw materials. So they have contracts with Piedmont lithium. They have contracts. MP materials. They have contracts with mining companies for nickel in Australia. They have contracts. They're buying the raw materials to guarantee that the manufacturers that they work with or themselves have the raw materials to make the batteries. Nobody else is doing that. They're doing the Henry Ford. They're doing the Henry Ford model.

Yeah, they are. And the other thing I thought that was really interesting is on this last earnings call, production among all the automakers has been restrained because of this chip shortage. You've seen that there's some video of like Ford has just rows and rows and rows of F-150s sitting because they're missing this chip. So basically they make the truck, and then they're missing the chip, and when the chips come in,

they go out to get the trucks to put the chips in, and then they ship them. What Tesla did through this was, and I think it's 15 different ones, they have their own in-house coding software department, and they were rewriting the code

on chips that were available. So, you know, there's chips that weren't directly built for the application that they needed them for, but that would work if they wrote the code to make them work. So they were rewriting code software for chips so that they could use them instead of the chip that they traditionally got.

So this year, there are Teslas with 15 different chips in them doing the same. Just rewrote the code. They rewrote the code. So they could get them going. Nobody else is doing that. Everybody else is like, well, we'll just park until we get the right chip. Yeah.

One other point about it. Ford, GM, Volkswagen, all got to convince you to buy a gas combustion engine car, truck, so that they can turn around and take that money and then fund their electric vehicle production. Yeah. While Tesla is already convincing you to buy an electric vehicle, all the money they're making is from electric vehicles. Well, they do more than just electric vehicles, but they don't have to convince you to buy a gas combustion engine vehicle. They're selling you electric vehicles now. and they're already way ahead of everybody in production now.

Yeah. And what are the stats on the, on the Tesla's vehicles? You told me the other day. What I was trying to find was where the Tesla Model 3 or the Model Y, whichever one sells the most, where it can, where it ranks compared to a Toyota Camry. Because obviously the Ford F150 is the best selling vehicle in the United States. And, but Tesla doesn't make a pickup yet.

uh, cyber truck will be coming the end of this year, beginning to next, whatever. But, um, like where a model three compares to a Toyota Camry or whatever, and I couldn't find that. Um, I know that they are the best selling in the, in the EV, um, market, um, they are the best selling. And they own 74%. But I could not find, I heard, I heard what they were, but I wanted to make sure it was right and I couldn't find it. But to what your point was, traditional auto, they're going to have eat their own because currently all the vehicles they sell their EVs they lose money on. So the only thing they make money on is gas cars and diesel trucks. So they've got to convince you to keep buying those.

And then at some awkward point, somewhere, and I don't think any of them have any idea how they're going to do this. At some point, they have got to switch and they've got to all at once tell you, oh, I wouldn't buy one of those. And what they're trying to do is they're trying to get the economy of scale to where they can actually make money on the EVs. And when they do that, then they'll drop the gas like it's a bad habit. Yeah, right.

But the whole time, they're pumping you. They're pumping you that, yep, do this, do this, do this. And then over here, they're trying to get it. And I don't think it's going to work. I think, I don't know who will go bankrupt, but somebody will. And the other thing is, that's where the government, you don't know what the government's going to do because the union's very powerful. And as, you know, up until now, Tesla is not union. And I'm not for union against union. I don't have much experience with union.

I just know that all of your legacy automakers are union and that's a powerful lobby. And they want to preserve those jobs. But the truth is the other side, and this is a dirty little secret that they don't want to tell you is you don't need near as many people to build an electric vehicle. as you do a gas vehicle. Yeah. People don't get that. And they don't understand. What's in a,

what's in an EV? What's in an EV? A fucking battery. A chip. Battery and the motor. And the motor. So much is happening. You know,

there's two plants coming on, Austin and Berlin and Tesla semi. So they're not sitting, you know, they're not, they're so far ahead and they're just, they're just going. They're just,

they're just continuing to innovate. They're so ahead of everybody and they're not stopping for nobody. No. so and yeah let's hit on the semi a little bit what what does forward produce a semi does GM produce a semi no both of them used to wagon produce a semi well yeah used to but they don't do it they used to they spun all that off and I don't know where it's at you know semi truck drivers will be like I'm never driving a Tesla Tesla semi well shit they probably won't you won't even probably have to get in the truck there probably won't be

a driver to drive in a Tesla semi so it doesn't really matter that is a good tie So, you know, they're all trying to, they all say that's a lot big thing that I think truck driver's like, I'm never buying a Tesla semi. Well, they don't need you to drive one. Well, the thing is you will because the cost ownership is going to be so much lower that you'll get to the point where you can't afford it on to. And this, and the other thing is we're not talking about Tesla solar, you know, Tesla solar, they're trying to put Tesla solar tiles on everybody's, you know, house. You know, they're trying to sell you a Tesla power wall so you can charge your Tesla in your garage and you might as well put the solar tiles on your house if you got the freaking. I sold a Tesla's power wall. And we're not talking about the, you know, autonomous driving and what that could lead to.

And we're not talking about the boring company where he's boring tunnels under cities. And, you know, if I was Elon Musk and I owned a car company and I was boring tunnels that could make everybody's life a little bit more convenient, I would only make people drive my cars in that tunnel. And I wouldn't let any gas combustion engines in there.

So the neat, this is off, a little off subject, but talk about boring. So the Austin plant, they're actually boring underneath the plant because it's so large that they decided rather than try to move the raw materials to the different parts of the plant through it, they're just boring underneath of it. Boring tunnels.

And so the freight and all of the raw materials that they need will come, the coils of steel will come to a central area and then it'll actually go underneath the plant floor through tunnels and come up exactly where they need it. And then the other cool thing that I'm pretty sure that this is official like it's going to happen is they're planning to bore two tunnels from kind of downtown Austin out to the plant so that the people that work there don't have to fight the traffic they can just take the tunnel from the plant back to downtown to go home wherever they

live so their commute will be much less and and that's you know that's something that's to happen a lot of other places. It's just how long it takes to roll that out and, and, you know, how it goes. I don't know, but it's going to happen, I think. That is a real quick, I feel like I talked really fast, and a lot of you are probably scratching your head a little bit and asking me what's in that cup, and I'm not going to tell you what's in there. But the conclusion to this, and this is where I wanted to get to, when you sit and you think about these, and these are just three examples. There is a lot of stuff happening with technology and automation, and where it goes ties into where we're at as far as with what's happened with COVID. And when we

shut down, and now we're still trying to recover, one of the most common, I know all of you that are watching this or listen to this, you are either a business owner, or or a farmer, or you work for a company, and if I ask you about labor, you're going to say, we can't find anybody to work. You know, we can't get employees. I know a concrete company, not very far away from us, that needed to hire 30 concrete drivers for this summer, and they were paying something like 26 or 28 bucks an hour plus overtime, they can't get anybody hired to drive a cement truck. And I know contractors and contractors can't get anybody to work,

but there's restaurants that are cutting hours because you can't get work. Well, you know what's happening? These large companies, and you've seen at Walmart, I'll use Walmart as an example, but you go to Walmart, and I don't know what yours is like, but ours, there's fewer and fewer checkers, fewer and fewer checkout lanes. They want you to check out yourself. They want you to do self-checkout.

And the reason they're doing that, it isn't i i don't think it's honestly it's not the convenience for the customer it's for them so they don't they can cut labor costs and they know because they don't have the labor anyway right right they like to do it because they want to cut labor costs but the truth is they can't get enough people to work anyway i'll use the i'll use the packing business because i understand that a little bit you know the government when covid came they they wanted to shut this line speed down and they've done it at these packing plants um because they claim it's for safety but it's also because they can't on the on the Packer's side they can't get enough people to work anyway well what do you think they're going to do they are going to try to automate every job that they can and the reason they're going to do that is because they can't get enough people that want to work okay so we've talked about the technology that Squares using and how they they're basically displacing the traditional banks we're

talking about Bitcoin changing the financial business. We're talking about Tesla changing manufacturing. But let's take that a step further. So if you streamline the financial system, you don't need vice presidents, a vice presidents, because if you go to a bank and you're not a teller, you're a vice president, it seems like. I don't know how that it works, but everybody's a vice president. president of something. You don't need all them. And if you can get an instant loan approval, you don't need all those people. And if your paycheck is automatically deposited and dispersed to all your other checking accounts if you want. You don't need all these tellers. So then you don't need all these brick and mortar buildings. You don't need the landscapers. You don't need the janitors.

You don't need the window washers. You don't need any of that. And if you're a financial planner, if you're working for fidelity or you're working for this or you're working for that, I don't know what all of them are. And you get a generation coming that is going to do their own research and they're going to buy what they want on Robin Hood or Cash app. Need a vehicle that isn't afraid to make a splash? That's the Volkswagen Touse. Capable and confident, the Volkswagen Taos is fit for everyday life, nimble in traffic, agile and tight spots, and still spacious enough for weekend getaways. While available 4-motion all-wheel drive gives confidence in rain and snow, The capable Taos.

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Sci-fi vision calls it the best show streaming right now. We're running out of time and we still don't know the rules. Don't miss what the movie. blog calls something you need to watch saving those children is how we all go home from binge all episodes exclusively on paramount plus yeah and they don't need those guys they can they can do the research themselves why would they pay you to do it for them if they already you know they want to make their own decisions and then you know bitcoin and the rest of the the the crypto one thing that's coming that people don't know much about we don't talk about it very much is what they call smart contracts and smart

Part of that is just another name for loans. I want to buy this. I want to buy this piece of real estate. I want to buy this boat. I want to buy whatever. Instead of doing a traditional loan with paperwork and lawyers and accountants, you can do what they call a smart contract on the blockchain where everybody's credit, everybody's funds,

the physical items are verified on the blockchain to where everybody knows it's on the up and up. And everybody knows that the blockchain verifies whether the payment's been made, so whether the transaction can happen. And that is, I don't know near enough about it, but what I do know is if you get to the point that you can do that, you don't need all the paperwork we have today. So your traditional loans are going to go away.

You're not going to have all that paper to sign. You're not going to have title opinions. You're not going to have lawyer fees. because a title opinion is somebody going in and looking and making sure that there's no liens against the property, that there's nothing murky about it. Well, when it's all done on the blockchain, the first time it has to be done that it moves to the blockchain, you have to do that title opinion. But if it was clean when you put it on the blockchain, you could sell it 50 times, and it's still going to be clean because the only way the transaction closes is if every node on the blockchain okay is and says,

yep, that's right. That's legit. So you're eliminating all that. So the first time you put it on a piece of property on the blockchain, you got to do all the stuff. I would assume you. Well, yeah, but then after that, you can just sell it on the blockchain and you don't need all that stuff anymore. Right, because it's all verified and there's no way that you can encumber it. The only way you could encumber it, the only way you could put a lien on it is if somebody basically did a smart contract saying, you know, this can't be sold until this is cleaned up, which it would be verified on the blockchain and everybody knows it. It's all out there in the clear. Yep.

So that's on a performance. professional side and you look at these large banks, these huge banks, the number of people, the number of real estate, all the stuff they own, what are all those people going to do? Don't know. But then let's go a step further. And this is where Tesla comes in, and I think Tesla could be, and I'm not just Tesla. I'm EVs in general. When we make the switch to electric vehicles, you're looking at probably one of the greatest fundamental transitions of the labor force in the United States you've ever seen. And the reason for that is because you don't need car dealers because they deal them direct.

And the car dealers aren't going to do it anyway because they don't make money on service because these cars don't need serviced. They don't need oil change. They don't need transmissions. They don't need any of that stuff. Your batteries can go bad over time? Tesla comes to your house and fixes it.

They have their own service. So you're going to need mechanics, but you're not going to need as many because they don't need as much maintenance. Right. So you're not going to need repair shops. Gas stations? Auto parts stores.

Uber, and this is where it gets into full self-driving. If you get a car that'll drive itself, you get a Robo Taxi, and people go, oh, that'll never happen. It's going to happen. It's so close to happen. Go on YouTube, watch the guys that are on version 9.2. They can show you. Waymo's trying to do it, Apple's trying to do it. Everybody's, there's so much money there, it's going to happen. Even if it's not Tesla, and I think it'll be Tesla, but even if it's not, somebody's going to do it. Lyft, Uber, all those drivers, not going to need them. Truck drivers. So Tesla semi, guys saying, well, I'm not going to drive a Tesla. You may not for a while, but eventually it's going to get to the point where the long runs

going from warehouse to warehouse might not need a driver. What are all those people going to do? Oil companies, if you displace, say, two or three percent of the, of the consumption of oil for gasoline. You know what that does to the price of oil? And yes, the Saudis have the lowest cost there is. But if they didn't think, if they weren't worried that the consumption of oil whirl over

was going to go down, they wouldn't be interested in Bitcoin. Yeah, that's right. They would have zero interest in it. They're smarter than what, you know, they're smart. They know that it's a little concerning that the CV thing's coming. So my point to this,

and this is where, you know, somebody might think that I'm in here with a tinfoil, hat. And it isn't going to happen tomorrow. But my point is, I think that our government knows a lot more about what's coming than what they let on to. And where this is all headed, I think, is universal basic income. And the reason for that is because nobody's going to have jobs. Well, half the people aren't. Yeah, right. Well, just more. I think that any industry that has, that has positions that you can automate, that you can AI, they are going to be replaced.

And so what do you do? Well, I think the first thing that you have to do is I think you have to take your blinders off and you have to realize that just because in your lifetime, everything has been a certain way, that is no guarantee that it is going to be a certain way from here on out. And the second thing is,

you need to not rest on the skill set that you have. You have to be willing to learn new things. And the other thing is, don't listen to me. If you listen to me today and Sawyer and you're like, those guys are freaking nuts, there's no way that's going to happen. I am totally good with that. But you need to not just accept that and say,

I'm not going to worry about it. I'm not going to worry about it. You need to go figure out why I'm wrong. You need to figure out why is Torque wrong. Why is what I'm saying today? Why is that wrong? Do your own research. And I think what you're going to find is I could be wrong, but what isn't wrong is the fact that tomorrow is not going to be like today. So even if I'm wrong, the reality that will be, will still be nothing like what the reality is today. Well, I'm just going to say, I don't think you're going to be wrong. I don't think you're wrong. I mean, you could be wrong on a few things, but I think you're wrong on everything.

But yeah, I'd agree, Dad. I think you've got to get some skills outside of your, the world we're heading is just absolutely, it's exciting, but it's also, you know, people are going to have to figure out new, new ways to work and new things to do. And you're going to have to learn to, you're going to have to learn some new skills because it's either get on the train or get ran over. And you've seen it with the rise of the internet. You've seen it with the rise of social media. Not too long ago, you had bag phones in your car. Not even 100 years ago.

My 1993 Chevy S-10 Blazer. Not even 100 years ago. You had a freaking bag phone. Look at where we are now. I feel like I've read it somewhere that the technology ride, this is the fastest humans have ever, you know. The fastest adoption rate. Yeah, of

technology and history. Like, we have just grown and made our society better faster than ever before. Yeah. It's just going to get faster. It's the adoption. If you look at the adoption of the telephone and then like the adoption of television,

the adoption or the adoption of radio, the adoption of television, the adoption of the PC, I think there's, I think that's a really good one. If you look at the adoption rate of the personal computer and then you compare that

to the adoption rate of the smartphone. It's exponentially fast, or I don't know if I like to use it, exponential is such a good word. It's a lot. lot quicker. People move to smartphones a lot faster than they move to PCs. And I think as we go, the adoption, I didn't say this in the thing, but when it comes to Bitcoin, the adoption of Bitcoin will be from necessity, not from like innovation. People will not adopt it because, oh, that's cool

and it solves a problem for me. Some people will, but it will be like, the people in Nigeria and other places, it will be out of necessity because as it happens, some people will try to stifle it because they're scared of it and they don't know what's going to happen. So they'll try to stop it. And people that are, people that are desperate, they will go to it faster because it is their life preserver to either sustain their life or a better life. And that's what you're going to see. So that, you know, going from a regular flip phone to a smartphone, that's not a matter of like life and death and feeding my family. But there are places in the world that I think you're going to see the change to Bitcoin will be

a matter of life or death. Life or death. And then the ripple effect of that throughout the rest of the world, that will be, that will make it happen that much more not really life or death. It's poor or wealthy. Poor or, well, kind of. You're going to feed your family. It's life or death. Right. And I think, I mean, that's what you're seeing in Nigeria. And I think you're going to see that other places. Yeah, that was kind of a lot. That's a little another, that's another look into our head. But yeah, I just think, yeah, like dad said, if you think he's wrong, he thinks he's absolutely lost his shit. Go, go prove, go see, go see for yourself. You don't have to prove me. I have lost my, there's days I totally feel like I lost my shit. But if you get anything out of this,

what I want you to do is go do your own research on what you think things going to be. And, just start digging. That's the best. thing that's the best thing that happened is you start learning for yourself don't just take what other people especially me heck i don't know anything it's going to change it's just like you said it's going to change so figure out what what it what that change is going to be yeah because the whole point is the future's coming what is what's the future going to look like and the fact that you got the internet and you got youtube and you got google to be able to research like you've never been able to research before i mean look at us we're farm kids and we're farm kids in southeast iowa oh he ain't really a kid but we're oh i'm a kid

at heart. We're farm, we're farm boys in southeast Iowa, and we're talking to you about Bitcoin, Tesla, and Square and technology and everything. You think, how do you think we learn that? You think we talk to Jack Dorsey? We would like to talk to Jack. That podcast, when we get Elon on here, maybe we can get Jack too. Yeah, we didn't talk to Jack Dorsey. We didn't talk to Elon Musk. We didn't talk to, you know, Michael Saylor, that's a huge Bitcoin advocate. We research, we listen to interviews with those people on there, you know. It's all out there. Yeah. Go, go. Go. Go. go look at it. Yeah.

So my dad tells a story about how he remembers one of the last guys in our neighborhood that was farming with horses would not buy, would not buy a tractor. Pretty much everybody around here had, and this is way back, this is pre, you know, like John Deere, these are people that had like a Twin City. A Twin City was a big tractor that several. people had. I can't remember any of the other ones. But anyway, he never did. And you know what? That didn't age very well. And I think that the truth of the matter is that technology doesn't stop. It keeps moving forward, good or bad. And there is good in it. There is bad, though,

too in the fact that if you don't if you don't learn to adapt to it and use it for good it can it can come to be it can come to be a bad a bad deal so that's really i think i'll just leave it there um to go back to the beginning if you have questions so our next our next podcast which we'll do next Friday, we'd really like to have some Q&A. So if you guys, and we'll put this out on, on Insta and on Facebook too, as far as asking for questions, but we'd love to sit down and do an episode where we're just answering what people want to know. Yeah, I think that'd be awesome. I think that's a really good, I think it'll be good for you guys and it'll be cool for us because we really haven't done like a Q&A before. I think it'll be interesting. But yeah, we covered a lot today. Just another look

into our head. We really appreciate sticking with us. If you watch this, far. Send us some questions either on Instagram, either in the comments, email us, whatever, DM us on Instagram, whatever. Go research for yourself, figure out why torques wrong or right. Well, I did some talking today, but I didn't do all the talking. Dad's, Dad's well. I monopolized the conversation. Yes, humor. Yeah, right. But you guys have a great rest of your week, and we'll see you back here next Friday. Thanks for listening.