TrueLife - It’s a Wall Street Government… Until Satoshi: Bitcoin, Power, and the Rebellion of Decentralization

Episode Date: February 1, 2021

One on One Video Call W/George https://tidycal.com/georgepmonty/60-minute-meetingSupport the show:https://www.paypal.me/Truelifepodcast?locale.x=en_US🚨🚨Curious about the future of psychedelics? Imagine if Alan Watts started a secret society with Ram Dass and Hunter S. Thompson… now open the door. Use Promocode TRUELIFE for Get 25% off monthly or 30% off the annual plan For the first yearhttps://www.district216.com/Wall Street became the new Washington — a regime of invisible power run by numbers, speculation, and control. But then came Satoshi Nakamoto, a ghost in the machine who rewrote the rules.In this episode, George Monty explores how Bitcoin and decentralized technology challenge the legacy of financial empires. This isn’t just economics — it’s mythology in motion. The system that once enslaved us to debt is now being rewritten in open code, one block at a time.In this episode:How finance replaced democracy as the real governing powerThe philosophy behind Bitcoin and decentralizationWhy Satoshi’s creation represents a turning point in human autonomyThe parallels between financial collapse and digital awakeningThe spiritual and cultural revolution of cryptographic freedomTranscript:https://app.podscribe.ai/episode/61542979Speaker 0 (0s): And it's hard sometimes to remember everything that happened. It's a wall street, Government the financial crisis rock wall street. It's a wall street. Government some of the largest investment banks in the world. Failed stock markets. Plunged banks stopped lending to families and small businesses. It's a wall street Government Speaker 1 (27s): Of the past few weeks. Many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple digit swings in the stock market. Major financial institutions have teetered on the edge of collapse. Speaker 0 (42s): Yeah, it's a Wall Street Government Speaker 1 (45s): And some have failed. As uncertainty has grown. Many banks have restricted lending credit markets of frozen and families and businesses have found it harder to borrow money. Speaker 0 (57s): Yeah, it's a Wall street. Government three of America's five largest investment banks failed. It's a wall street. Government yesterday wall street suffered it's worse losses since just after nine 11. It's a wall street government. We are in the most serious financial crisis in generations. It's a wall street. Government Speaker 1 (1m 23s): We are in the midst of a serious financial crisis. Speaker 0 (1m 25s): Yeah, it's a Wall Street Government Speaker 1 (1m 28s): Potentially driving down stock's for their own personal gain. Speaker 0 (1m 32s): It's a wall street. Government the philosophy, but says we should get more and more to those with the most joy and hope that prosperity trickles down. It's a wall street. Government, it's a philosophy that says even common sense. Regulations are unnecessary and unwise it's a wall street. Government, that's a philosophy that lets Washington lobbyists shred consumer protections and distort our economy. So it works for the special interests instead of working people. It's a wall street, Government that some of the most damaging behavior on wall street, in some cases, some of the least ethical behavior on wall street, wasn't illegal. It's a wall street. Government that is so wrong on so many levels. Oh, what they did was illegal. I mean, I don't tell the justice department, what they do is just a wild coincidence. They have prosecuted almost no one, its a wall street Government among the top banks who happened to be in a wild coincidence. Some of my top donors in 2008, it's a wall street. Government Goldman Sachs' in fact was his number one donor. These are all wild coincidences. But when he actually says, Hey, you know what? They did nothing illegal. Well that just isn't true. It's a wall street. Government Obama spoke of the need to reform the financial industry. We want to have systemic risk regulator increased capital requirements. We need a consumer financial protection agency that we need to change Wall Street's culture. But in his first year, the Obama administration did not enact a single major financial reform, addressing Obama and quote regulatory reform. My response, if it was one word would be high. There's very little reform. How come it's a wall street? Government there's very little reform. How come it's a wall street? Government Speaker 2 (3m 38s): $700 billion to rescue the country's failing banks weeks later. And with the economy still in turmoil, many are wondering what happened. So now we were talking about sort of trying to put the toothpaste back in the two, we were trying to say, wait a minute, Okay the money is gone. Where did it go? Does he have to press contacted 21 banks that received at least 1 billion in Government dollars and ask four questions? How much has been spent? What was it spent on how much is being held in savings? And what's the plan for the rest? None of the banks responded. We didn't get one answer. Now one straight answer. If got a lot of where trying to meet the intentions of the law, we were trying to boost the economy. We're trying to lend more money, but no numbers, no bank would tell us exactly what was being done with the money as a spokesman for JP Morgan chase, which I got $25 billion responded with this, we've lent some of it. We have not lent some of it. We have not disclosed that to the public. We're declining to SunTrust banks, which got three and a half billion dollars is simply said, we're not providing dollar in dollar out tracking. Speaker 3 (4m 46s): I am convinced that this bold approach, low cost American family is far less than the alternative, a continuing series of financial institution, failures and frozen credit markets, unable to fund every day needs and the economic expansion. Again, I'm frustrated. The taxpayer is on the hook that the taxpayer was already on the hook. So the taxpayer already is going to suffer the consequences. If things don't work the way they should work. And so the best protection for the taxpayer and the First protection for the taxpayer is to have this work. Maybe the world would be a better place. If the engineers ran the monetary system, instead of the politicians ran the monetary system. Now on the left hand, you have the domain of politicians and on the right hand, you have the domain of the engineers and you know, like what, how would you feel if you had a nuclear power plant and a politician showed up and started telling you how to set up that, you know, the rods, like nobody would think that they would never consider allowing political interference and most complex engineering systems because you know, any, any third grader would say, you don't do that. You're going to have a meltdown, right? You're going to kill a soul. And so in the domain of engineering, engineers submit their decisions to the laws of nature and conservation of energy. And there are rules and then all I have to break them up. And if they break them right, the, the engineering systems fail. But in the, in the domain of politics, politics, right, there are no rolls. And so it's all relat...

Darkness struck, a gut-punched theft, Sun ripped away, her health bereft. I roar at the void. This ain't just fate, a cosmic scam I spit my hate. The games rigged tight, shadows deal, blood on their hands, I'll never kneel. Yet in the rage, a crack ignites, occulted sparks cut through the nights. The scars my key, hermetic and stark. To see, to rise, I hunt in the dark, fumbling, fear. Hears through ruins maze, lights my war cry, born from the blaze.

The poem is Angels with Rifles. The track, I Am Sorrow, I Am Lust by Kodak Serafini. Check out the entire song at the end of the cast. And it's hard sometimes to remember everything that happened. It's a Wall Street government. The financial crisis rocked Wall Street. It's a Wall Street government. Some of the largest investment banks in the world failed.

Stock markets plunged. Banks stopped lending to families and small businesses. It's a Wall Street government. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse. It's a Wall Street government.

And some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen, and families and businesses have found it harder to borrow money. It's a Wall Street government. Three of America's five largest investment banks failed. It's a Wall Street government. Yesterday, Wall Street suffered its worst losses since just after 9-11. It's a Wall Street government.

We are in the most serious financial crisis in generations. It's a Wall Street government. We are in the midst of a serious financial crisis. It's a Wall Street government. Intentionally driving down stocks for their own personal gain. It's a Wall Street government. It's the philosophy that says we should give more and more to those with the most and hope that prosperity trickles down. It's a Wall Street government.

It's the philosophy that says even common sense regulations are unnecessary and unwise. It's a Wall Street government. It's a philosophy that lets Washington lobbyists shred consumer protections and distort our economy so it works for the special interests instead of working people. It's a Wall Street government. that some of the most damaging behavior on Wall Street, in some cases some of the least ethical behavior on Wall Street, wasn't illegal. It's a Wall Street government. That is so wrong on so many levels. Oh, what they did wasn't illegal.

I mean, I don't tell the Justice Department what to do. It's just a wild coincidence that they prosecuted almost no one. It's a Wall Street government. Among the top banks, who happened to be in a wild coincidence? some of my top donors in 2008. It's a Wall Street government. Goldman Sachs, in fact, was his number one donor. These are all wild coincidences.

But when he actually says, hey, you know what, they did nothing illegal, well, that just isn't true. It's a Wall Street government. Obama spoke of the need to reform the financial industry. We want a systemic risk regulator, increased capital requirements. We need a consumer financial protection agency that we need to change Wall Street's culture. But in its' world, first year, the Obama administration did not enact a single major financial reform.

Addressing Obama and quote regulatory reform, my response, if it was one word, would be, ha. There's very little reform. How come? It's a Wall Street government. There's very little reform. How come? It's a Wall Street government.

$700 billion to rescue the country's failing banks. Weeks later, and with the economy still in turmoil, many are wondering what happened. So now we're talking about trying to put the toothpaste back in the tube. We're trying to say, wait a minute, okay, the money's gone. Where did it go? The Associated press contacted 21 banks that received at least $1 billion in government dollars and asked four questions. How much has been spent?

What was it spent on? how much is being held in savings, and what's the plan for the rest? None of the banks responded. We didn't get one answer, not one straight answer. We got a lot of, we're trying to meet the intentions of the law, we're trying to boost the economy, we're trying to lend more money, but no numbers. No bank would tell us exactly what was being done with the money. A spokesman for J.P. Morgan Chase, which got $25 billion, responded with this. We've lent some of it, we've not lent some of it, we have not to. disclosed that to the public, we're declining to.

SunTrust banks, which got $3.5 billion, simply said, were not providing dollar-in, dollar-out tracking. I am convinced that this bold approach will cost American families far less than the alternative, a continuing series of financial institution failures in frozen credit markets unable to fund everyday needs and economic expansion. Again, I'm frustrated. The taxpayer is on the hook. The taxpayer is already on the hook.

The taxpayer already is going to suffer the consequences if things don't work the way they should work. And so the best protection for the taxpayer, and the first protection for the taxpayer is to have this work. Maybe the world would be a better place if the engineers ran the monetary system instead of the politicians ran the monetary system. On the left hand, you have the domain of politicians. and on the right hand, you have the domain of the engineers. And, you know, like, how would you feel if you had a nuclear power plant and a politician showed up and started telling you how to set up the, you know, the rods? Exactly, exactly.

Right? Like, nobody would think they would never consider allowing political interference in most complex engineering systems because, you know, any third grader would say, you don't do that, you can have a meltdown, right? You're going to kill us all. And so in the domain of engineering, engineers submit their decisions to the laws of nature and conservation of energy,

and there are rules and they're not allowed to break them. And if they break them, right, the engineering systems fail. But in the domain of politics, right, there are no rules. And so it's all relative. And Bitcoin represents the singularity where engineering finally impinges upon economics. It's the first engineered monetary system in the history of the world.

And I think we underestimate the engineering element here in the memes and in the metaphors. People trust engineers. I mean, every time you get on an airplane and you find a 747 halfway around the world, I'm an aeronautical engineer. It's a miracle that you can take off at an airplane in New York and you can land alive in London or Paris. So I think that the magic of Bitcoin is that engineering is arriving to economics for the first time in human history. And the challenge of gold, you know, to your point is, is number one, it's a corruptible. monetary system because it's centralized. And number two, it's not a closed monetary system. It's an

open monetary system. A closed engineering system would have 21 million things in it and only heat can come in and go out. The mass can't come in and go out. Bitcoin is a closed system because there's 21 million bitcoins and you can heat it up, you can cool it down. All closed thermodynamic systems are like that. That's the definition of a closed system. Closed systems are pretty good idea, right? Right. An open system is when I can put more mass in or take mass out. Open systems have problems. You can't solve, you can't solve for a solution in an open system because of the question of what mass is coming and going. And in gold, right, the openness is I can mine more gold.

I don't know how much gold will come and go. And so if I was building a monetary energy network on gold, it's corruptible and it's not close. If I built, then I rebuilt the monetary energy network on Bitcoin and it's closed system. And it's hopefully not corruptible, but certainly a lot less corrupt. It's crypto, you know, resistant to corruption. It's the best anti-corrupt system we could come up with in the history of the world. And I think that's a really important idea to spread for people to start to grasp. Because I think you'll win over all the engineers in the world.

world to Bitcoin, when they start to understand that somebody engineered a monetary system for the first time in human history. So micro strategy's average purchase price was a little less than 16,000. And right now, you know, the price is about 33,000. So you've more than doubled your investment. And most likely by the end of the year, we're probably going to be in some kind of bubble, I imagine. So the return will be even higher. And you've said that you didn't. buy the Bitcoin to sell it. But would micro strategy ever take some off the table when you sense the market is at a top and then just buy in later when there's another correction? Or do you just plan to hoddle through all the cycles, you know, and whether those, you know, whatever 80%

downturns when the crypto markets are in a bear market? Yeah, again, I just disagree with your characterization. I don't expect an 80% downturn. I don't think it's a speculative asset. And I don't think you can, you can quote unquote, take money off the table. You know, you're speaking like a crypto trader right now, right? Yeah, I mean, maybe you've been maybe you're doing it just to represent their interest, but I don't see the world that way. I think that Bitcoin is sound money. it's the technically superior asset class compared to the dollar, the euro, the peso, the peso, the bolivar, compared to a stock index, compared to gold, compared to silver, compared to everything you can conceivably buy, it is technically thermodynamically superior as an asset.

So when you say things like that to me, and maybe you just do it just to see what I'll say back, I just imagine you preaching to me in Argentina while you're asking me if I'm I'm going to sell the dollars and buy pesos back again as the pesos leads from 20 to the dollar to $40 to the dollar to $80 to the dollar. Or if we're in, you know, Venezuela. I mean, you think of Venezuelan company is going to like, quote unquote, take some money off the table by selling their, their U.S. stocks and their U.S. dollars to buy back into local currencies or then, you know, in Zimbabwe, you think they would take money off the table, right? Like, the point. is if you have the superior asset, it's going up forever, Laura.

Forever. Right. I mean, right. But I mean, we can all look, Bitcoin sort of, as numerous investors have talked about it, kind of like breathes, you know, after having the next like year and a half after it tends to go up. And then after it reaches some kind of bubble, it kind of sighs a little bit. And then after the next having, we see it go up.

But, you know, so it's this kind of like. up and down cycle, but the overall trajectory is up. So, and it's not, you know, these are, like I, on Twitter, people were asking me to ask you this as well. I think it's a perfectly, you know, natural question to ask. I think, I don't think Bitcoin is volatile if you're an investor. If you're a hoddler, if your, if your time horizon is one year, or if it's one year, you're a short-term investor. You can find like two or three times in the, the last decade when it wasn't great, but it wasn't awful. If you're a time horizon is four years, you can't find a time when it wasn't working. So I think, I mean, just a normal,

ordinary, responsible investor with a four-year time horizon, we're looking to say, this is very boring, right? It's exciting if you're a trader or a journalist. And if you're on Twitter, and if you want the news to change every day, like people, and I feel like on Twitter, we've got a hyper inflammatory hyper like a high speed short time preference like i have to have an opinion every day or every week or every month and that means everybody's always generating news and if i if i take anybody on the world and if i take a micro what a microscope and i zoom in and i magnavifying glass and i i i zoom in by a factor of a thousand i'll eventually find a blemish like if If you look at Bitcoin trading every week, you'll find a blemish.

If you look at it every day, you'll find more. If you look at it every hour, you'll find more. If you look at it every minute, you'll find plenty. But if you zoom out to a decade or five years, then you'll have a different view. I really take issue with everybody that attempts to apply some statistical model. I'm not a trader. I, by the way, to be clear, trading is, is. speculation and traders see the world in short-term moves and they're all way and and maybe traders

love volatility and traders love controversy and you know traders love this debate because it creates that volatility but this is an engineering issue for me this is the years 1910 people are wiring their houses with electricity and you're asking me at what point I'm going to turn my electricity off or or you're telling me how eventually people are going to get tired of electricity. And then you're telling me that wouldn't I really want to convert back to horse and buggy and manual labor to take some off the table because electricity is a scary speculative thing? And I'm like, no, it's running water. It's electricity.

It's automobiles. It's not a fad. It's the future. It's it's not a bubble. It's capital flow. when all the money is leaving the peso going to the dollar, that's not a bubble in the dollar. That's capital flight from a collapsing asset or a collapsing currency that people have lost confidence in. Just like the stampede to the internet.

Like, would you ask a company, when are you going to stop using the internet? Are you going to stop using it in a quarter because you've used too much electricity and internet? And I say, and you're like, well, you know, I noticed that your Facebook or your, your Twitter hits were going down or they weren't as high. So you just have to turn off your thing. And my view is, is this is all just short-term technicality. And by the way, I don't think there's a single trader with all the data in the world that can predict the future. Like, for example, you're going to go and pull every line of data of every, every, If you knew every trade of Bitcoin since 2010 to today, how would that be a better indicator

of the future if the future is based upon things that are changing? It's like, this is the thing I said to Keith McCullough. Keith wanted to like talk about quad models and correlating Bitcoin performance to the CPI and inflation and deflation and he's crunching numbers. And just like the Fibonacci retracement is not going to determine the future of Bitcoin. Any more than the Fibonacci retracement is not determining the future of electricity. Right. Okay.

And inflation is not going to determine the future of running water. And if it's stopped, if the economy stops inflating or if the CPI goes up by three or goes down by two, it is not going to stop a tidal wave from blowing into your beach. If you're standing on the beach and there's a tidal wave coming, the first. order issue is that's a tidal wave. And you're going to tell me, well, you know, in the last decade, all of our statistical models didn't predict the tidal wave and there's, or something, it's like, it's irrelevant because it's an engineering phenomenon. So a trader that wants to preach to me about what they think should happen based upon 2017, in my opinion is irrelevant, right? And let's come back to a key point. If 10 billionaires,

choose to buy $5 billion or a billion or $2 billion worth of Bitcoin each, all of your models are irrelevant. If 10 billionaires choose to buy $5 billion or a billion or $2 billion worth of Bitcoin each, all of your models are irrelevant, all of your history is irrelevant. It's like everything you, like, you think you know how things are going to work out. And like, how about all the statistics of New York City for the past decade? How relevant are they to predict what happens in New York City this month? Right.

Not relevant at all. Right. So traders, I can't predict the future. The only way, trading is not a way to make money, by the way, in my opinion. The people that make all the money are people that predict the future. Henry Ford, right? John D. Rockefeller, right? Andrew Mellon.

What did they do? They invented aluminum. They invented oil. They brought us cars. They brought us electricity. Andrew Carnegie brought us steel. Mark Zuckerberg, not studying some statistical model. How did he get rich?

He kept Facebook stock. He didn't sell it. Jeff Bezos, he kept his stock. So at the end of the day, none of this statistics matters. none of the trading matters, none of the volatility matters. These, you know, people that are living in their little world studying their Fibonacci retacements and preaching with like incredible conviction about the upcoming expected 60% retracement or 80% retracement, they're overlooking this fundamental issue, which is

if Bitcoin is a digital monetary network and if enough people with money and power, to adopt it, it's going to go up and increase by a factor of a hundred or a thousand, and there's nothing you can do to stop it. And its past is completely irrelevant to its future. Right? So looking back makes no sense. The only question you've got to ask yourself, Laura, is, and here's the question you ought to ask, how much Bitcoin is Square Cash going to sell in 2021 on the mobile app?

That's the question. Right. How much is PayPal going to sell? Yeah. Because PayPal and Square are going to obliterate everybody else's opinion about what they think should happen, right? Yeah. And so, like, I think that too many people in this industry have been around too long, and they're captured by their past. And they, and everybody wants to draw on their past because they own it.

You know, we're an uncharted territory.