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Basic Cryptonomics 101: #Tariffs And The Long Game
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Basic Cryptonomics 101: #Tariffs And The Long Game
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Episode
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April 02, 2025
•
00:26:09
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Episode Transcript
[00:00:01] Speaker A: Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the web@CryptoTalkRadio.net and now here's your host, Leister.
[00:00:13] Speaker B: Thank you for that, Bailey, and welcome everybody out there. And Crypto Talk radio found@CryptoTalkRadio.net while crypto.
[00:00:20] Speaker C: Continues to go down, down, down, the.
[00:00:22] Speaker B: Weather seems to can't make up its.
[00:00:24] Speaker C: Mind going up and down weather without any sort of pattern or logic to it. Such cannot be said about cryptocurrency, which seems to simply only go in the downward direction.
[00:00:35] Speaker B: Frustrating a lot of people listening to CryptoTalk FM as well as other garbage people out there and YouTube and other podcasts.
[00:00:42] Speaker C: There were some bright lights and some.
[00:00:44] Speaker B: Bright stars, which I'll talk about, but.
[00:00:46] Speaker C: Unfortunately you didn't get the positive news you might have wanted to on the cryptocurrency side.
[00:00:51] Speaker B: Now, to be fair, as I repeatedly.
[00:00:54] Speaker C: Said so far for months, I'm not.
[00:00:56] Speaker B: Staring at cryptocurrency because I've learned staring at it does no good. It's part of the trap. It's part of the FOMO trap.
[00:01:03] Speaker C: If you're listening to me, you're smart.
[00:01:04] Speaker B: Enough to recognize what it is and.
[00:01:06] Speaker C: Hear what your Uncle Lyster is telling.
[00:01:08] Speaker B: You that you shouldn't really stare at this stuff.
[00:01:10] Speaker C: You should kind of step away and do something nice, do something separate, do something productive.
[00:01:14] Speaker B: I'll share what I'm doing. Productive because it may inspire you. I just got my door ordered for the front.
[00:01:21] Speaker C: My front entry door is getting fully replaced.
[00:01:23] Speaker B: It's one of those swank high end type doors. It's got the keypad deal to get in. I have my front windows with the mirror tint, fancy windows that are super secure on that. Love what I've got there. And I just had H Vac work. They're going to clean it all up, make it pimped out, as the kids like to say. So that's signed. The fence contractor allegedly is going to.
[00:01:47] Speaker C: Start either next week or the week following.
[00:01:49] Speaker B: So mid April.
[00:01:50] Speaker C: So the H back allegedly is going.
[00:01:52] Speaker B: To be either this week or next week. Fence will be sometime, you know, next week or the week following.
[00:01:59] Speaker C: Doors probably near the end of the month. Ish.
[00:02:02] Speaker B: Then the plan is to get things like the flooring and other stuff. So I'm making progress is the point.
[00:02:07] Speaker C: I'm finally making progress to getting this to be what the house should be.
[00:02:11] Speaker B: And I was realizing if I can get all this stuff done, it will.
[00:02:15] Speaker C: Truly be a house for me.
[00:02:17] Speaker B: That rhymes so that's what I'm focused on. I'm focused on getting the house where it needs to be. I've already got the power set up. I want to go even further. I want to get all sorts of power, independence and crazy stuff. This house is going to be worth a mint. And then I'll have to decide if I want to sell it because I.
[00:02:33] Speaker C: Surely don't want to live here. I can't stand this location.
[00:02:36] Speaker B: I like the house. I don't like the location at all. So that's what I'm thinking of. That's what I'm focused on.
[00:02:42] Speaker C: By the way, my lawn is the only lawn on the street that's turned back green. It's just as green as it was prior to winter.
[00:02:49] Speaker B: And everybody else's is still brown because I'm like that, straight up, nice and fat.
[00:02:53] Speaker C: I have skills to pay the bills with respect to landscaping because that's what.
[00:02:57] Speaker B: I do as a hobby. I didn't ever tell that story, but that's what I do. So I got a pimped out lawn, I got a pimped out house. Now I'm working towards. Everything's good and golden. That's my focus. It's not crypto.
[00:03:08] Speaker C: While I say that, we're going to.
[00:03:10] Speaker B: Talk about it today and see what.
[00:03:12] Speaker C: We can figure out with some of the movement.
[00:03:13] Speaker B: This will be a short episode. Me thinks coindesk.com and we're going to.
[00:03:22] Speaker C: Zoom out to the month chart starting.
[00:03:24] Speaker B: With bitcoin Simply because it's EZB thinks.
[00:03:27] Speaker C: Bitcoin, currently hovering just shy of the 86,000 mark.
[00:03:31] Speaker B: It actually trended slightly down as I started recording, getting closer to the 85,000 mark over the past 24 hours. A low of 82. 5, high of just shy 86. That's why I say a downward trend directive. And then over the month, we saw.
[00:03:48] Speaker C: What appeared to be an upward climb.
[00:03:50] Speaker B: At a point, but then we lost it. We didn't sustain. And some people speculated that with respect.
[00:03:55] Speaker C: To liquidity availability that we were headed.
[00:03:57] Speaker B: Down, down to the 70,000 mark.
[00:04:00] Speaker C: I can't say that that won't happen because I do see a downward trend happening on the month chart which seems.
[00:04:05] Speaker B: To indicate that we're in for some.
[00:04:07] Speaker C: More pain in the short term. You might be curious how that's happening.
[00:04:11] Speaker B: Or why that's happening. Tariffs seem to be playing a big part.
[00:04:15] Speaker C: Seems to be there's uncertainty in the economy and uncertain in the industry and.
[00:04:18] Speaker B: A overreaction to a lot of what the terrorists imply.
I'll talk about that briefly, but let me get through the rest of the bits for today. Ethereum, currently about the 1900 mark over the past 24 hours. A low 1800, a high of 1920.
[00:04:34] Speaker C: Nowhere near as volatile as Bitcoin. However, it has the same downward trend.
[00:04:38] Speaker B: Which again told me Bitcoin's pump might have been artificial and not sustainable.
[00:04:43] Speaker C: And that's what we seem to be.
[00:04:44] Speaker B: Seeing is that basically Ethereum is not going anywhere. Some people think it'll happen in the long term, but at least right now it's not going anywhere and there's not strong interest in buying into some of these mainstream assets like we might have expected. Speaking of a lack of interest, Bybit is killing its NFT marketplace. Allegedly I talked about this some years ago. I said I think people are tired of NFTs. I said this rush to NFTs is.
[00:05:11] Speaker C: Killing the business because it's oversaturated.
[00:05:14] Speaker B: They're a bunch of junk art. They don't do anything other than the Dolce Gabbana.
People said I was wrong. People said I was crazy. Well, by bit shutting down this marketplace they had allegedly that it's a couple.
[00:05:26] Speaker C: Reasons but allegedly the volume is just down. Kraken had a one day I didn't.
[00:05:31] Speaker B: Even know Kraken had an empty marketplace. That's how non marketed it was. I didn't know they had one. They shut theirs down, you know lg.
[00:05:40] Speaker C: Which I didn't know they had one.
[00:05:41] Speaker B: They shut theirs down.
[00:05:43] Speaker C: So all these different marketplaces are shutting down.
Some of these like that bored ape crap used to run the game, they used to run the business and then they're crapping in price. NFTs are down because of validating what I said to be the truth, which.
[00:05:58] Speaker B: Is I suspected people are tired of NFTs and we saturated the market and.
[00:06:03] Speaker C: As a result when there's over saturation you're going to kill interest in the.
[00:06:06] Speaker B: Spirit of what it's trying to do. I also felt gaming remains the killer.
[00:06:12] Speaker C: App with NFTs and not a single.
[00:06:14] Speaker B: Game mainstream game seems to want to leverage it and I don't know why.
[00:06:19] Speaker C: Think Genshin Impact and if you don't know gaming, Genshin Impact is a role playing game. It's free to play on the mobile.
[00:06:26] Speaker B: Side as well as some consoles and Steam. But it look at the art. You have really beautiful art. Apparently people really like the game. You could commingle this with NFTs and make a mint.
[00:06:37] Speaker C: No pun intended.
[00:06:38] Speaker B: I, I don't know why we're not.
[00:06:40] Speaker C: Leveraging NFTs for some of these free.
[00:06:42] Speaker B: To play games Gotcha Mechanics.
[00:06:44] Speaker C: I don't know why, because it seems.
[00:06:46] Speaker B: Like it's low hanging fruit.
[00:06:47] Speaker C: None of them are capitalizing on it when they really should.
[00:06:51] Speaker B: So I suspect there will be a resurgence of NFTs when we get some.
[00:06:57] Speaker C: Of these developers smart to the business.
[00:06:59] Speaker B: Where they turn NFTs into that conduit that simplifies Gotcha Mechanics by way of the NFT as a return. Instead of having to just pay money.
[00:07:08] Speaker C: Off your credit card, you get some.
[00:07:10] Speaker B: Digital something that doesn't mean anything. How about you get a digital asset that does mean something that you could.
[00:07:15] Speaker C: Also trade or sell or something else.
[00:07:17] Speaker B: And so I'm simply sharing the feedback that Bybit has allegedly made plans to shut down the marketplace.
[00:07:24] Speaker C: This is taking effect April 8, so a week from now.
[00:07:28] Speaker B: And if you are in the NFT space with Bybit, you are advised to get your stuff out of there really quickly because if you don't, you might get your NFTs took. I can't say for sure.
[00:07:39] Speaker C: Separately from NFTs, one of the theories around the decline of NFTs was around.
[00:07:44] Speaker B: The potential that people were simply nervous.
[00:07:47] Speaker C: They're hesitant, they're not sure about cryptocurrency and they're stabling out, they're putting their money into stable coins in the short term to decrease the volatility that we.
[00:07:56] Speaker B: See with a lot of these, you know, peaks and valleys that keep occurring.
[00:08:00] Speaker C: On the price movement.
[00:08:01] Speaker B: So stablecoins have become a desired destination. Specifically USDT as in tether and USDC as in circle and dai. Unfortunately, as dai, all the stable coins are getting attention. But what we missed is strong regulation.
[00:08:18] Speaker C: Strong adoption and a clean plan forward.
[00:08:21] Speaker B: And of course away from algorithmics, something that's backed by fiat. Speaking of fiat based stable coins, Wyoming, the state of the United States State.
[00:08:30] Speaker C: Of Wyoming unveils its first state issued stablecoin called wyst.
[00:08:36] Speaker B: WY of course is the abbreviation for Wyoming.
[00:08:39] Speaker C: ST likely mean state planning to launch in July on multiple blockchains using layer 0 interop. This is huge news because it's the first time any of the United States.
[00:08:52] Speaker B: Have not only embraced the concept of stablecoins but decided to issue their own quote.
[00:08:57] Speaker C: Our forward thinking approach to blockchain and.
[00:09:00] Speaker B: Digital asset legislation is positioned Wyoming as.
[00:09:02] Speaker C: A model not for only other states.
[00:09:04] Speaker B: But the federal government as well.
[00:09:05] Speaker C: This is true.
[00:09:06] Speaker B: This is a factual statement.
[00:09:08] Speaker C: We also see not only adoption from a cryptocurrency side, but also as an.
[00:09:13] Speaker B: Alternative for assets and asset management.
[00:09:16] Speaker C: Quote, there's no clear signal of where finance is heading that a United States state putting the dollar on chain, unquote. So look at the strategy here. The strategy is to basically capture. It's essentially tokenizing fiat.
[00:09:32] Speaker B: If you think about what a fiat.
[00:09:34] Speaker C: Based stablecoin is, you're tokenizing fiat currency, placing it on the blockchain, which gives.
[00:09:40] Speaker B: You ledger capability and keeps you accountable. And it gives. This is.
[00:09:44] Speaker C: This is kind of the vision that stable coins try to do and failed.
[00:09:49] Speaker B: When they went algorithmic. Because when you back it with fiat, it's irrefutable.
[00:09:54] Speaker C: Now here's the challenge, here's where they're.
[00:09:56] Speaker B: Going to struggle a little bit.
[00:09:58] Speaker C: Part of the problem with trying to.
[00:09:59] Speaker B: Put fiat on chain and create this ledger strategy is if it's not implemented right, it's going to fail.
[00:10:06] Speaker C: Simply because we know the government is.
[00:10:08] Speaker B: A nightmare with respect to the management of money. They don't seem to be able to.
[00:10:12] Speaker C: Manage the books very well.
[00:10:13] Speaker B: The whole point of having a ledger.
[00:10:15] Speaker C: Blockchain is, is that you should have.
[00:10:17] Speaker B: Accountability and manage the assets more effectively. But it still depends on humans doing it correctly and being competent enough to do it. If they're not competent enough to do it and they don't do it correctly, it's still going to fail. Thus we have to give some time.
[00:10:31] Speaker C: And see how it pans out. However, one starting it gives optimism for all the rest of them following suit. So we should watch carefully, watch patiently and see where it all goes.
[00:10:43] Speaker B: Because I do.
[00:10:44] Speaker C: I am optimistic in it.
[00:10:46] Speaker B: I just hope they do it correctly, they get the right people on it.
[00:10:49] Speaker C: So it doesn't turn into a crash and burn. Let's spend the remainder of our episode talking about the tariffs in this whole.
[00:10:56] Speaker B: Business of tariff impacts and overreactions from tariffs. I briefly explained in a past episode what was really going on with the tariffs. I don't know that people fully understand.
[00:11:07] Speaker C: How they work generally speaking and the.
[00:11:10] Speaker B: Intent to a deeper degree with respect to economy and cryptocurrency in the secondary.
[00:11:17] Speaker C: So I thought this is a good.
[00:11:18] Speaker B: Opportunity for another basic Cryptonomics 101 episode to do my best to simplify tariffs.
[00:11:24] Speaker C: And the impact and the perception as.
[00:11:26] Speaker B: Well as the downstream.
[00:11:28] Speaker C: Let's start with understanding what a tariff is. Simple form the generic simple. This is the explain it like I'm.
[00:11:36] Speaker B: 5 simple form of what it means.
[00:11:39] Speaker C: Let's take Germany.
[00:11:41] Speaker B: I'm going to pick on Germany because why not?
[00:11:43] Speaker C: If you have something that's manufactured in Germany and You want to import it into the United States, you're doing it.
[00:11:50] Speaker B: For one reason, it's because you want.
[00:11:51] Speaker C: To sell it, or to a secondary degree consume it.
[00:11:56] Speaker B: I should better say consuming is probably a better way to state it than.
[00:11:59] Speaker C: Sell it necessarily, that it's intended to.
[00:12:01] Speaker B: Be consumed in some way.
[00:12:03] Speaker C: So let's say you're doing computers. Let's say you want to build a.
[00:12:06] Speaker B: Computer company from scratch, you've designed the.
[00:12:09] Speaker C: Perfect computer, you think that you've perfected computers and you want to compete with Apple and HP, etc.
[00:12:16] Speaker B: And so you decide to create your own computer brand.
[00:12:19] Speaker C: You do research, you find out logistics, that in Germany they can source the parts on the cheap, they can provide.
[00:12:26] Speaker B: The labor on the cheap, and then they're willing to ship it over to.
[00:12:29] Speaker C: You so that you can sell it.
[00:12:30] Speaker B: To United States customers.
[00:12:31] Speaker C: So you create this agreement.
[00:12:33] Speaker B: You say, yes, I want to manufacture a hundred thousand to start with of these computers and we're going to set up the business and I'm going to start a marketing strategy and get this thing going.
If there's a tariff applied on Germany.
[00:12:45] Speaker C: For certain of those parts, it means.
[00:12:49] Speaker B: You'Re going to have to pay more money in order to get those cross over here. So you might only Pay, you know.
[00:12:55] Speaker C: $0.50 per widget, but if they're applying a tariff that $0.50 turns into effectively $2 in order for that same part.
[00:13:03] Speaker B: To come in, because you're a tariff slapped on it for the import, that's.
[00:13:08] Speaker C: Not even accounting for all the overhead.
[00:13:10] Speaker B: Necessary for logistics of shipping, for handling.
[00:13:14] Speaker C: For storage, everything that goes into getting that product here. You then might be asking, if it's such a pain, why are so many companies doing it? I've said, and I maintain this, and I'm the only one, it's my show and I'll do so.
[00:13:29] Speaker B: That rhymes.
[00:13:30] Speaker C: I say it's not even about the products. It's not about the physical, tangible products.
[00:13:35] Speaker B: It's really about the staff.
[00:13:37] Speaker C: In the United States, we have a lot of regulations around how people get paid. Now we know full time employment is a scam. We know this.
[00:13:45] Speaker B: Why is it a scam?
[00:13:47] Speaker C: Why am I so aggressive and abrupt with it?
[00:13:49] Speaker B: Because it's a scam.
[00:13:50] Speaker C: Think about what full time employment implies.
If you're on the blue collar side, your only hope is you're with an ethical union.
[00:13:59] Speaker B: I'll say that first you have to assume there's a union available.
[00:14:03] Speaker C: Two, you have to assume that union.
[00:14:05] Speaker B: Is ethical, meaning they're not in bed with the Employer. I speak as somebody who was part.
[00:14:10] Speaker C: Of a union in a past life and the union was in bed with the employer.
[00:14:14] Speaker B: There was a situation.
[00:14:15] Speaker C: The union didn't side with me.
[00:14:17] Speaker B: The union basically said, you can either.
[00:14:19] Speaker C: Quit or be fired. We're not going to help you out here.
[00:14:22] Speaker B: When I didn't do anything wrong and.
[00:14:23] Speaker C: They had no evidence of anything that.
[00:14:24] Speaker B: I did, they were just trying to.
[00:14:26] Speaker C: Cut staff and they made an excuse. So I made them fire me so.
[00:14:29] Speaker B: I could collect unemployment. I made them fire me. I was not going to quit. Because if you quit, you do not get unemployment. This is a perfect example of how full time is a scam.
[00:14:39] Speaker C: If you quit a job, you are no longer eligible for unemployment benefits in the vast majority of states.
[00:14:45] Speaker B: As one example, on the white collar side, they have what's referred to as.
[00:14:49] Speaker C: Flsa, Fair labor and Standards Act.
[00:14:53] Speaker B: Now, the problem is with this act.
[00:14:56] Speaker C: What it says is if you are.
[00:14:59] Speaker B: A certain category of worker, the company does not have to pay you hourly, they do not have to pay you overtime.
[00:15:06] Speaker C: So they'll just simply price you at.
[00:15:08] Speaker B: Say, 30,000 bucks a year.
[00:15:10] Speaker C: 30,000 bucks a year is nothing.
[00:15:12] Speaker B: We know it's nothing.
[00:15:13] Speaker C: You might get a piddly raise.
[00:15:15] Speaker B: When they introduced compa ratios, it allowed them to make your title generic, which means that your title pay range is vast. And now you have to take your.
[00:15:25] Speaker C: Little 3% and stay there for 10.
[00:15:28] Speaker B: Years to get a decent pay, by.
[00:15:30] Speaker C: Which time the cost of living has.
[00:15:31] Speaker B: Already advanced past you.
[00:15:33] Speaker C: This is what it is. So what you have to think about.
[00:15:37] Speaker B: As a full time employee is whether or not you're going to get cut when you're getting cut, what benefits you may or may not get while you're there, what benefits you may or may not keep when you leave, how you're treated if you get injured, how you're treated if you get pregnant, how you're treated if you get sick, how you treat it if somebody dies. The employer is not interested in taking.
[00:15:59] Speaker C: Care of you, despite them telling you that you're a valuable asset, you are.
[00:16:03] Speaker B: A number to them.
[00:16:04] Speaker C: That's the reality of how work is. So what these companies have to do in order to support certain of these.
[00:16:11] Speaker B: Regulatory things that have been applied is they have to absorb that cost. They absorb that cost by way of salary, meaning that in order to pay people, you have to do all these, you know, things like you have to.
[00:16:27] Speaker C: Pay part of the Social Security and part of all these things on behalf.
[00:16:30] Speaker B: Of the employees that you employ because they're American citizens.
[00:16:33] Speaker C: You must do these things. It's required.
[00:16:36] Speaker B: They don't want to pay the extra money. So a lot of these companies will turn to contractors. Contractors, you are not required to pay anything. But they try to find contractors from.
[00:16:48] Speaker C: Outside the United States.
[00:16:50] Speaker B: Number one, if they can.
[00:16:51] Speaker C: Number two, if they cannot, they underpay.
[00:16:53] Speaker B: Those contractors for jobs where a receptionist. I've had times where a receptionist was put in a position as a contractor simply to avoid paying benefits because the contractor is not eligible for benefits because.
[00:17:07] Speaker C: The company doesn't want to pay the.
[00:17:09] Speaker B: Extra 30% that is comprised of your benefits package.
[00:17:14] Speaker C: So all I'm putting together, the company.
[00:17:16] Speaker B: Doesn'T want to pay the overhead for benefits. The company doesn't want to pay the regulatory overhead.
[00:17:22] Speaker C: The company doesn't want to pay to retain you.
[00:17:25] Speaker B: The company wants to easily be able to fire you.
[00:17:27] Speaker C: The company wants control of you as.
[00:17:29] Speaker B: A widget because they don't care about you.
It's hard to justify doing that when you're an American business and you have over a thousand employees, I believe is the threshold. There's a lot of regulatory scrutiny that starts hitting you.
[00:17:42] Speaker C: And then of course, there's the court.
[00:17:43] Speaker B: Of public opinion, the state.
[00:17:45] Speaker C: A lot of these things start coming.
[00:17:47] Speaker B: Down on you if you make these rapid moves. Disney cut all their staff, their tech.
[00:17:52] Speaker C: Staff, and they had their Indian worker.
[00:17:54] Speaker B: Replacements, the people who were still there.
[00:17:57] Speaker C: If they wanted to get their severance package, they had to train their Indian replacements.
[00:18:02] Speaker B: And it was a whole big fiasco. And it never got really resolved because those people just. They were stuck. There was nothing they could do because the United States didn't care about them either.
All of that comes back to tariffs in one key way.
[00:18:15] Speaker C: Suggest those companies go to Germany where.
[00:18:19] Speaker B: The parts are, and find the people.
[00:18:21] Speaker C: There and hire them there.
[00:18:22] Speaker B: So you set up a satellite office. Let's say I'm making up a scenario. Set up a satellite office. You hire a bunch of Germany workers. Now, they're your employees, but they're local.
[00:18:31] Speaker C: To the parts, they're local to the supplies. You don't have to pay all these.
[00:18:34] Speaker B: Benefits as American workers. You don't have to claim as American workers. There's no unemployment, there's none of the social.
[00:18:40] Speaker C: You are absolved from all this extra cost and you're only subject to the.
[00:18:44] Speaker B: Regulatory scrutiny of that country, which in.
[00:18:46] Speaker C: Many cases is low, such as the.
[00:18:48] Speaker B: Philippines, for example, and India.
[00:18:51] Speaker C: So what they do is they're purposely trying to stage people outside of the country.
[00:18:57] Speaker B: The reason they don't go full throttle, that way is because they're trying to.
[00:19:01] Speaker C: Pitch to American citizens, and the American citizens want to work with Americans.
[00:19:05] Speaker B: They don't want to call a call center with somebody saying, my name is Bub, and you know, that's not his real name. They don't want to have that smoke. So they set up tiny little footprints.
[00:19:15] Speaker C: Or admin offices here where there's like.
[00:19:17] Speaker B: A hundred people or a thousand. You might say, yeah, but what about.
[00:19:20] Speaker C: Microsoft or Google or any of those.
[00:19:22] Speaker B: Other ones that have hundreds of thousands of employees? Of course they do. But where are the vast majority of their employees? They damn sure are not the United States. They know what the game is.
[00:19:32] Speaker C: So the whole point of the companies doing outsourcing, as an example, hiring in other countries, as an example, is really.
[00:19:40] Speaker B: To get away from having to pay that staff cost inherent to having United States employees.
[00:19:46] Speaker C: The tariff does not apply to the people. It applies to the parts and supplies. So they do the outsourcing of the.
[00:19:54] Speaker B: People to get away from having the overhead so that they can absorb the cost of importing these goods under a tariff situation.
[00:20:02] Speaker C: What Trump's trying to do is get him to simply move everything back here, manufacture it here.
[00:20:07] Speaker B: If you manufacture it here, you're going to need American workers, set up the.
[00:20:11] Speaker C: Software, build the software, build the parts, build the cars, build the tables, build.
[00:20:15] Speaker B: Whatever it is, do it here. Thus, by virtue of that, you'll have.
[00:20:19] Speaker C: To hire American citizens. And he's right in that regard. Those are things, certain of these, that you cannot outsource.
Some of these companies are coming around.
[00:20:28] Speaker B: They're starting to pull some stuff back that, hey, privacy, you know, like Mexico with cars. Previously, those were manufactured across the seas here. They're trying to call it back and.
[00:20:39] Speaker C: Say, we should probably do it here.
[00:20:40] Speaker B: Because we don't know how to pay these tariffs.
[00:20:42] Speaker C: Meanwhile, the other countries are doing counterterrorists.
[00:20:45] Speaker B: Because they're trying to get back at Trump. And that's what you get into a trade war. So then, now it's our side. You have people where they're trying to manufacture it here and they're trying to market it and say Canada, and Canada wants to put up their own terrorists.
[00:20:58] Speaker C: To import those goods and services.
[00:21:00] Speaker B: Most American businesses are not going to.
[00:21:02] Speaker C: Balk at doing it because they understand the vast majority of wealth is in.
[00:21:07] Speaker B: Two places, Dubai and United States. By and large, that doesn't mean there's.
[00:21:13] Speaker C: Not wealth in those other countries. It says the vast majority of wealth.
[00:21:16] Speaker B: Is United States and Dubai.
[00:21:18] Speaker C: So they're going to go where the money Is Trump's betting that most of.
[00:21:22] Speaker B: These countries, or companies rather, are not going to bow down to these other reverse tariffs and they'll just say, okay.
[00:21:28] Speaker C: Fine, then we just won't pitch out.
[00:21:29] Speaker B: There and you'll end up with kind.
[00:21:31] Speaker C: Of this stovepipe design where companies that.
[00:21:34] Speaker B: Are United States companies are largely marketing to United States citizens, which in theory.
[00:21:39] Speaker C: I say theory should help steer back, no pun intended, to a world where.
[00:21:45] Speaker B: The cars are no longer but ugly. Is he going to succeed? I have no idea. But in the short term, the, the.
[00:21:51] Speaker C: Very economy, the money movement, everything is.
[00:21:53] Speaker B: Nervous because there's a theory that it's going to harm jobs, it's going to harm the availability of goods and services, and it's going to raise prices, all.
[00:22:02] Speaker C: Of which are valid concerns. Certainly in the short term, tariffs traditionally have increased prices. It's a short term pain. Trump's going after the long game.
[00:22:11] Speaker B: He's trying to set up for long.
[00:22:13] Speaker C: Term because he believes that doing so.
[00:22:15] Speaker B: If we don't do it, let's think the negative. If we don't do it, it's going to keep us in a weakened position that we may never get out of.
[00:22:22] Speaker C: Especially if you're just shipping money freely.
[00:22:24] Speaker B: Overseas and people in Americans are hurting. So it's kind of laughable, and that's why he laughed at it.
[00:22:30] Speaker C: It's kind of laughable that people are freaking out over $7 dozen of eggs.
[00:22:35] Speaker B: Is it a ridiculous price? Yes.
[00:22:37] Speaker C: But we have to think of the other impacts.
[00:22:39] Speaker B: If you have where you can't even get a job, what good is that? Seven versus two dollars.
[00:22:44] Speaker C: It doesn't do any good. So if our job market is crap.
[00:22:46] Speaker B: It doesn't matter what the price of the stuff is.
[00:22:49] Speaker C: And in theory, if you need more.
[00:22:52] Speaker B: Jobs, if you have more demand, it.
[00:22:53] Speaker C: Should increase salaries and it should have.
[00:22:55] Speaker B: A long term benefit. But the short term pain is there and the financial markets are reacting accordingly.
[00:23:01] Speaker C: It's going to pass. Who knows how long it takes.
[00:23:03] Speaker B: And that's what makes people sketchy and nervous.
[00:23:05] Speaker C: So that's the big picture of tariffs and the trade war.
[00:23:08] Speaker B: As I perceive it and as I describe it from my opinion.
[00:23:12] Speaker C: I'm optimistic because I felt, and still.
[00:23:15] Speaker B: Do, that America has been struggling and having a hard time with its financial situation. And I think we needed to try something different.
[00:23:22] Speaker C: I believe the media has done a.
[00:23:24] Speaker B: Good job at lying to people about the damage that the damage that we.
[00:23:29] Speaker C: Incurred in the Biden administration wasn't as bad.
[00:23:32] Speaker B: But now they're starting to see actually it was that bad. And Trump has a lot to do.
[00:23:36] Speaker C: Which I think is why Congress has.
[00:23:38] Speaker B: For the most part kind of gone along with it, because they understand the waste needs to be.
[00:23:43] Speaker C: We have to deal with it.
[00:23:44] Speaker B: We can't just sit on it and.
[00:23:45] Speaker C: Keep sitting on it and sit on.
[00:23:46] Speaker B: It while taxing our citizens. By the way, tax season is upon us. I'm going to have to sit down and start knuckling under those numbers here in a couple of weeks and that's not going to be fun for myself. That's the other reason I'm optimistic, because I want to get to a world where we don't need to do that. We should not need to sit and fill out copious paperwork to justify how.
[00:24:06] Speaker C: Much we have to pay under a scenario.
[00:24:08] Speaker B: We shouldn't have to pay it where we're taking money out of people's mouths.
[00:24:11] Speaker C: And pockets that could be better served.
[00:24:14] Speaker B: Just by simply rethinking the system, getting.
[00:24:16] Speaker C: Rid of waste so we don't need.
[00:24:17] Speaker B: As much money and it certainly doesn't get burned and wasted. I, I'm optimistic in the big picture. Do I know for sure?
[00:24:23] Speaker C: I don't.
[00:24:23] Speaker B: But I'm optimistic that it can be a better world. But it was never going to be a better world under the Biden administration. It certainly wasn't going to be a better world under Obama. So I, we have to give the man time though, because a lot of damage was done. Biden did a lot of damage on his way out the door and we don't know what that means in the big picture other than everything we have to do is short term burn, short.
[00:24:44] Speaker C: Term pain, ideally for long term, positive.
[00:24:48] Speaker B: This includes cryptocurrency because it's going to react if the larger world markets react positive, cryptocurrency is going to go on a major run and it just takes.
[00:24:57] Speaker C: Time and some people don't have the patience for it.
[00:24:59] Speaker B: And I would stress to you, if you're one of those that don't have a patience for it, get out of.
[00:25:03] Speaker C: It, don't stay, you don't have to.
[00:25:05] Speaker B: But you're going to have the FOMO reaction if you get out and that's fine. I think if you're not comfortable in.
[00:25:11] Speaker C: Your situation and again, don't throw as much money where it would bother you.
[00:25:14] Speaker B: But if you're not comfortable in your situation, don't stay, you know, get out for now and go on, do something else. Take a walk, exercise, go on dates.
[00:25:21] Speaker C: Do something else and distract yourself from this stuff.
[00:25:23] Speaker B: It's not worth getting stressed over because it's going to be a long play no matter what you do. It doesn't matter if you do nothing or you do something, it's going to be a long play.
