The Billionaire Class vs. The People - What Comes Next

Hinzugefügt: 2026-05-26

[00:00:04]All right, folks. Happy happy Saturday to you.

[00:00:09]Today, I want to talk about something that came up this week that I thought was worth talking about, which was uh Jeff Bezos coming on the news and making some statements about what he thinks about the tax code in the United States.

[00:00:23]So, we're going to break down, look at what Jeff Bezos was saying, talk a little bit about labor versus capital and how uh the world is shifting right now, especially in the United States.

[00:00:35]We're seeing a lot of uh tension over the past, I guess I'd say a few years here where it's uh starting to get a little bit uh dicey as far as um the relationship between labor and capital, the people that are working and uh and talk about this from a systems perspective, right? Uh taxes, right?

[00:00:56]Taxes. Taxes are an interesting concept in a world where we have fiat money.

[00:01:01]It's like, okay, so you work, you pay your taxes. Those taxes are then used to uh fund government programs, but then on top of that, the government when it needs uh financing, it can sometimes uh essentially finance itself through the Federal Reserve. And so I just wanted to touch on some of that today and uh what that can sometimes look like. So, I'll start off with the specific situation regarding Jeff Bezos and his comments that he made on the news. So, welcome in everybody. I hope you're doing fantastic. Let me know if you can hear me. I'm going to go ahead and uh check the chat here. But with all of that said, uh also I do want to make it very clear that today's live stream is actually sponsored. We have a sponsor for this live stream and that's Caleb and Brown which is a full-ervice crypto brokerage and on Caleb and Brown and the beautiful thing about Caleb Brown what makes it unique is that you actually have someone that you can speak to when you're making decisions about what you want to do with their digital assets you know most platforms they don't really uh care that much you just kind of sign up connect your bank account give them your money and uh kill and brown is a little bit of a different service um like I It looks much more like your traditional brokerage accounts, right? Where you get to talk to someone who can help you and learn uh also how the stuff works. And that's why I really like Caleb and Brown because this is a complex space. There's a lot of things in the world of crypto that like you might have questions about, you might have doubts about. And if you have someone that you can actually speak to, right, right at the the level at which you're making decisions, I think that is a very beautiful thing. So, you can find the link to Caleb Brown in the description of this video. If you haven't already, I highly recommend that you sign up for an account with them. They are fantastic people. And if you have any extra questions, Jim Bazani is my contact over there. He came on the channel a few weeks ago. And his email is in the description of this video as well. So, you can go ahead and give him an email and say, "Hey, Keith D sent me. Would love to hear more about what you guys are doing." Cool. So, with that said, let's dive into this piece from Jeff Bezos and what he said. Uh, I think that this is a fascinating topic at the moment because it's definitely becoming more mainstream. We had the mayor in New York City come out and talk about how he was going to essentially um try to tax uh Kim Griffin out of his property. Let me see if I can find some of that as well. Um, that was like about a month ago, maybe a couple months ago. Um, and so anyways, the topic is continuing to rise. So, let's watch Jeff Bezos.

[00:03:50]>> Why? So, people talk about, you know, making the tax system more progressive.

[00:03:54]How about we start by having the nurse in Queens not pay taxes?

[00:04:00]>> Why is somebody at all? Why is some Why is a nurse in Queens who makes $75,000 a year paying more than $1,000 a month in taxes?

[00:04:10]That's $1,000 a month that could help with rent or groceries or anything. And so, and and by the way, do you know what that all adds up to? The the bottom half of income earners in this country pay only 3% of the taxes.

[00:04:26]>> It's only 3%. We can find 3%. So, we don't have it's it's it's a small amount of money for the government, you know, that >> and really it's and the more I thought about it, to me, it's kind of absurd that we're doing this. You know, we shouldn't be asking this nurse in Queens to send money to Washington. They should be sending her an apology. It really makes no sense.

[00:04:54]So, imagine that, right? The bottom 50% of taxpayers or excuse me, the bottom 50% of income earn Let me let me run that back so that I say it properly.

[00:05:03]>> So, people talk about the the bottom half of income earners in this country pay only 3% of the taxes. the bottom half of income earners only pay 3% of the taxes and yet right for these people that is a very significant amount of their income and so it's taxing people right at that level uh is obviously going to create a lot of uh pain in their lives and then the question becomes then let me say not pain but sacrifice right for society is the idea Yeah. Uh, but then the question becomes, okay, what's happening with the tax dollars?

[00:05:44]I was in the gym the other day. This guy had on a a shirt. It was the Nick Shirley shirt. And that was an interesting conversation that I had with him. Nick Shirley is the guy who's going out and exposing all the fraud in California and stuff like that. And uh uh he was just like talking about how he felt like, you know, he's all for taxes um but it's just about where is the money um actually going toward. And on top of that, when you even zoom out a little bit further and you look at the fact that the US government in the United States gets to kind of just print its own money anyways, uh why exactly is it that people are having to pay income taxes to the US government when once again when there's a deficit in the budget? When there's more money that the government is spending than they are actually uh making in terms of tax revenue, they go out and they borrow money from the public. They go out and issue bonds, right? to fill the gap between how much they need to spend versus how much they've actually made from taxes. So, US government and any government has income, right? And then they have their expenses and most of the time in the United States in particular, their expenses are way higher than their income. So, they borrow money in the term of US treasuries, US bonds are then issued and that's how they fill the gap between how much they're spending on all these different programs versus how much they're making. And so when they do that, the the real critique here is that well that's all fine and dandy that if you need extra money you go out and borrow it. But one of the things that can also happen and this doesn't necessarily happen like all the time but some things that that do occur is the Federal Reserve which is technically a quasi governmental organization. It's not directly with uh uh the US government per se. there's technically a separate institution uh but they uh buy bonds right and this is uh depending upon uh the length of the maturity of the bonds there's different names for what this is called but for when the the Federal Reserve goes out and buys long-term US government bonds you call that quantitative easing okay and then buying long-term bonds suppresses the rates on those bonds and allows the government to be able to issue longer term bonds at lower rates because the the the Fed is stepping in to provide more demand, right, for those bonds.

[00:07:58]Otherwise, the less demand there is for the bond, the higher the yield on that bond has to be because essentially people are saying, "Look, I'm not willing to lend my money to the government over this longer time frame."

[00:08:09]And so, in order to compensate me for the risk that I'm taking on, I'm going to demand a higher rate on that bond.

[00:08:15]So, when the Fed comes in and says that no matter what the risk is of the situation, they're going to buy those long-term bonds anyways, well, that provides enough demand that can provide enough demand to keep the rates of those long-term bonds lower. Okay, so hopefully that was somewhat helpful in thinking about like some of the the controversy about, well, will we pay taxes and yet the government can kind of just get its own money printed anyways?

[00:08:42]If they are at a deficit, they can borrow. So why are we even paying taxes anyways? You might as well just let the the the Federal Reserve buy all the debt and and just print money into oblivion, right? Cuz also when money is being printed when when the Federal Reserve is creating money in order to buy these bonds, well, they're also now creating inflation, right? Because now there's more money in circulation than there was beforehand. And so who pays the price for that? Guess what? The average American citizen. Anyone who's holding US dollars now has to pay for the fact that there's more dollars in circulation. Prices of of goods and services are going to get higher and the actual value of each and every dollar that you've already acquired is worth less. And mind you, this is money that you've gone out and worked for. This is money that you spent your time trying to earn and your energy to earn. And when the value of that is essentially being stolen away from you through quantitative easing, well, that becomes a little bit of a problem. And so the so that's the conundrum of this whole thing, too. It's like, okay, well, not only is there a problem with the fact that, well, wealth inequality in the United States has continued to explode, but there's also this reality that when you look at the fact that we're people are paying taxes, it's not moving the needle for the US government in any way. Yet, for the individual who's paying these taxes, it absolutely crushes you. Right? So, um let's see. So, one of the things that I want to look at here is like, well, what is the US government actually spending money on? But before that, I also wanted to touch on Eden, who had some statements about what he thought uh in regards to Jeff Bezos's statements uh the other day. So, let me play that from Eden. Shout out to Edson as well. Would love to have you on Memes and Markets.

[00:10:22]He's a host over at Professor G Markets.

[00:10:25]>> I thought the interview was fascinating, but to me, all I saw was a whole lot of misdirection. I mean, Andrew asked him why the 400 richest Americans are paying a lower tax rate than the average American, which is true, by the way.

[00:10:36]It's 24% versus 30%. And his response was, "Oh, I do pay a lot of taxes." But of course, that doesn't answer the question of the tax rate. He also asked him this question about this buy, borrow die strategy where these billionaires never sell their assets. They borrow against them instead, never triggering a taxable event. To which Bezos says, "Oh, well, I don't do that." Which again doesn't answer the question. And this is the problem that we have with these billionaires right now. They don't want to have the conversation. They don't want to talk about the fact that wealth inequality is reaching a breaking point or the fact that the top 1% now controls more wealth than the entire middle class. They just want to keep kicking this can down the road. And that's what he did in that interview. And I can tell you right now, there's only so much more kicking that we can do because I do believe, and as Ry has pointed out, we're reaching something of a tipping point here.

[00:11:28]What do you guys think of that? What do you guys think of Ed's assessment?

[00:11:31]Obviously, there's a whole interview here, right? So, we're only looking at today the the context of that specific clip that we looked at from Jeff Bezos, but um there is a full interview that was done with Andrew Ross Sorcin. Um so so in yes um the double tax someone said um yeah and then true facts said something really important too. He said but the government likes inflation because it lowers the debt in real terms and this is an important uh thing to think about as well. So very good observation very good point. So the thing about having uh inflation is that well when you borrow money, if you have an inflationary system, then the value of all of the dollars that you've borrowed in the past continues to go down, right? And so it gets easier essentially to be able to pay that debt back. Now, the way that I like to think about this is in terms of if you were looking at like a an international level of borrowing, right?

[00:12:39]So if I'm borrowing US dollars, but my major currency is euros.

[00:12:49]If I go out and I buy or excuse me, if I borrow US dollars, let's say I borrow $10,000 US and in my economy uh in in my euro based economy, if the value of the euro gains let's say 10% versus the US dollar, then I can now right buy back the dollar. I can I can essentially go out and buy US dollars at a cheaper rate than I did before and then pay back the debt, right? Because now those dollars are worth 10% less than they were in the first place. So, it's kind of a weird not not a super clear example of what I was trying to do, but hopefully you get the point of like as you have inflation, right, as the value of the dollars that you've borrowed and goes down, it actually becomes easier to pay back the debt.

[00:13:43]Now, that's a flaw that comes or you could say it's a flaw. It's it's a feature rather. It's it's it's a feature of an inflationary system, right? That's kind of how it works. It's how it's how it always is going to work. And it gets a lot harder because now, okay, what about a deflationary system where you have a bunch of a debt based system. If you were to go into deflation, then you'd have the opposite effect where it become harder and harder to ever pay back the money that you've borrowed. And so that becomes a nonoption in a debt based system if that makes any sense.

[00:14:16]So um yeah and so in TA 3655 said the double tax right so you get taxed on your income you get taxed in the terms of inflation right when the government prints money to go out and buy US government bonds and then you also get taxed when you pay for stuff right you've got the the the taxes that come from consumption uh we had uh Freddy Smith on memes and markets uh not too long ago and he proposed And you know he's there's other people that have proposed this idea in the past as well, but just this idea of having a flat consumption tax, right?

[00:14:55]And that way uh there's that's let me go ahead and just play the clip actually.

[00:14:59]So uh this is a clip from uh memes and markets Freddy Smith who's an actor as well as someone who talks about finance and economics. Let's hear a little bit of what he had to say about a tax reform that would change everything. How do you think about improving the overall system and where money goes in the first place?

[00:15:17]>> Well, I honestly this is um where I'm at right now. There there's many things that have changed over my my research and this this will get hate. I understand. But I like it. Um I I just don't think the cost of living will go down in a meaningful way in in a way that we all just go, "Oh, look, apartments are 800 bucks again." I just don't see that being true. So again, when you hear politicians saying, "We're going to bring down the cost of living."

[00:15:45]Both sides. No, you're not. I'm glad eggs are $2 cheaper. Fantastic.

[00:15:51]Rent still $2,000. Like, that's the problem, not the eggs.

[00:15:56]>> Um, and then wages. We're going to bring up wages. Wages have been on the rise.

[00:16:01]We need a 50% raise for everyone to actually get back to where we were. Is that going to happen?

[00:16:10]probably not. So, this put me in a position where I'm just like, okay, well, if the cost of living is not going to come down and wages aren't going to go up meaningfully. Individuals can figure out how to make more, but that's again 10 20% of people will figure that out. Everybody else, unfortunately, is just going to be working jobs that aren't paying enough. So, what's left?

[00:16:26]It's taxes. This this is my favorite thing that I think would solve all these these problems. Um, imagine scrapping federal income tax, capital gains tax, payroll taxes, which is FICA on people's paycheck, and then the corporation pays FICA as well. So, that's the payroll tax. Um, and get rid of corporate taxes for the companies. Get rid of all federal tax completely and replace it with a 10% gross revenue tax. So, anyone who runs a business, you pay 10% of your gross revenue in taxes. There's no write-offs, no loopholes, no paperwork, no IRS code book, nothing. It's just all gone. You do a million dollars, you pay 100 grand in taxes, you operate on the 900,000.

[00:17:13]That would raise the exact same amount of money we need to run the government.

[00:17:17]Welfare stays, social security stays, disability stays, everything stays. And we'd even have some left over to start universal basic income for $3,000 a year with people making 50k and under in case prices were to go up 10%. To make that up, but imagine how simple that would be. Amazon comes out next year, record sales, great because 10%'s going to fund the government and now we all get to keep our money. And where would we spend our money? At these companies, where would we invest at these companies? So, it would be this thing that we'd be cheering for these companies again.

[00:17:55]Everyone would be spending more money at these companies, making more money, more money, more money, paying more in taxes.

[00:18:01]But I think as bizarre as that is, I understand all the problems with it, but I feel that's more realistic than trying to get eggs down to a dollar.

[00:18:14]>> So, that was Freddy Smith's take on a potential solution for uh the tax reform in the United States. And that was actually uh a revenue a flat revenue tax rather than consumption I think is what I said. Uh but that was his idea there.

[00:18:29]What do you guys think of that as a way to think about going about taxes versus the system that we have today? Or even versus the concept of the consumption tax where it's actually paid upon the purchase. Uh Pter said, "Wasn't the BIS teasing an idea of an 18% flat tax on everything?" I haven't seen that in particular. Haven't seen that in particular.

[00:18:48]True fact said, "How would this tax address corporations passing on the tax to consumers?" Um, I mean, I think that's a great question.

[00:18:58]I think that that would be a very uh potential way of going about it. And so, and so, and so maybe that's why people propose a consumption tax instead um because then it is immediately being paid by the consumer instead. you know, yeah, that there tax policy is very very interesting, right? Because the thing about tax policy is that it's it's designed, right, to create incentives, right? It it it is an incentive mechanism built within it. And so, for instance, um capital gains taxes is an easy one to to grasp. It's like, okay, you have long-term capital gains taxes versus short-term capital gains taxes.

[00:19:45]And so, obviously, if the long-term capital gains tax, meaning if you buy something, let's say at $100 and then you sell it at $200, your gain, your capital gain is $100.

[00:19:59]If you've held that thing that you bought for more than one year, then you'll be susceptible to long-term capital gains taxes, which are lower than short-term capital gains taxes. So, let's just give an example. You made $100 because you sold something for 200 that you bought at 100. If you had a long-term capital gains tax at 15% and a short-term capital gains tax at 20%.

[00:20:26]then your short-term capital gains tax would be $20. So if you sold that thing, if you bought and sold that thing in under one year's time, then you'd pay $20. But if you had held that thing for more than one year, then on that $100 gain, you'd pay $15. And so what does that incentivize?

[00:20:47]Well, that incentivizes the long-term holding of an asset at least for one year.

[00:20:54]And so, you know, imagine if the tax policy was like, okay, and if you hold it for two years, then you pay 5%. Or if you hold it for uh 3 years, you pay 2 and a half%. Right? It would then even further increase, right, the the the incentive for you to hold on to this thing and to invest into the future of your country in some ways or invest into the future of the enterprise of the private sector within the country. And so, uh, so anyway, so that's something that's I don't spend a ton of time doing, but imagine that that's littered throughout the tax code, especially in real estate. There's a ton of stuff in the real estate tax codes in the United States that is designed, right, to specifically incentivize certain types of behavior. For instance, you have the what is it? The the 1099, not 1099, 1031. 1031, excuse me. A 1031 exchange.

[00:21:45]I've been dealing with 1099s more than 1031s, folks. I'm not going to lie. So, a 1031 exchange is a tax strategy that allows real estate investors to sell a property and reinvest the proceeds into a new like kind property. And when they do so, the investor can defer paying capital gains and depreciation recapture taxes. So, let me give you an example of what this looks like.

[00:22:11]When you buy a home, let's imagine let's say you bought a home for $500,000 and you then sold that home for a million.

[00:22:20]Well, you've got a $500,000 capital gain that you've got on that home now. But if you were to sell that home, um, if you were to take the proceeds, that million dollars that you now have, and you immediately push that over into another property, then you actually don't have to pay capital gains taxes on that particular transaction. You get like I think it's like a 90-day period, or maybe it's a little bit longer than that, to immediately take the proceeds from that sale and push it into something else. And when you do that, once again, now I don't have to pay uh taxes on that $500,000 gain that I had.

[00:22:58]Now, eventually you will have to, but you don't have to now. And what this allows you to do is to compound your gains a lot more quickly. And then let's say by the end of um you know, you've done this five, six, seven, eight, nine, 10 times and technically you could kind of do it forever and never really technically pay taxes. And maybe there's something in the code rather that does prevent that.

[00:23:21]But let's just imagine, right, you do that 10 20 times. Now you've built up a real estate portfolio that's worth, you know, 50 million, $100 million, and you never had to pay any taxes because you constantly were using these 1031 exchanges. And so what this incentivizes is that well, people continue to buy real estate, right? And that they do it quickly. If they make money, they should very quickly be moving that money into other real estate projects and investing into uh the the land in America essentially. So now I'm not saying this is a good thing or it's a bad thing or whatever. I'm not passing a judgment on it, but I'm trying to paint the picture of the fact that tax policy, right, is something that's designed to create incentives within society. And so with the tax policies that we have in in place today, right, um these are things that uh are going to like you you want to spend a lot of time thinking about what it is exactly that you're incentivizing.

[00:24:13]Um, for instance, some people look at a progressive taxation. Okay, let's talk about what that means. This came up in in the speech. Progressive taxation, meaning that essentially the more money you make, the more you end up paying on the incremental next dollars that you're making. So, a progressive tax is a system where the tax rate increases as a taxpayers's taxable income rises. Under this structure, higher income earners pay a larger percentage of their income compared to lower income earners. This is designed to reduce the tax burden on those with a lower ability to pay, right? And so my my the thing to think about here, right, is okay, so you're you're getting taxed more the more money that you make. Well, some people would argue that sure that's great because it means that people who aren't making as much money aren't having to pay as much of a percentage on their taxes, but some people might look at that and say, "Oh, well, that's not necessarily great for incentivizing people to want to make more money." Like, doesn't that mean that technically I shouldn't want to make as much money because even the more effort that I'm putting in, it means that I'm going to make less for the extra effort that I put in. Now, to be to be clear, something about taxes that a lot of people might not always understand or always hear in the United States is that in this progressive tax system, it's not just that like uh the more money you make, the more taxes you pay on all of that income, but instead it functions like a I don't know how to put that. There's there's like a a step function for each level that you hit.

[00:25:50]So, let's I don't I don't I'm not a tax person. This is tax advice. I'm just trying to paint some pictures, right?

[00:25:56]Um, and uh, up to $100,000, you're still going to pay whatever you pay for that tax bracket. So, up to $100,000, let's say you paid 20%. So, up to that $100,000, even if you made $10 million this year, that first $100,000 you're going to pay 20% on. And then, okay, but you get to the next tax bracket and it's for a half a million and you're going to pay 30% on that. Okay. Well, between 100,000 and 500,000, you're going to pay 30% on that income that's in between that bracket and then the next and so on and so on. So, it's not just that, oh, I made more money and therefore all of my money is getting taxed more because that could actually kind of be discriminatory, right? It's like, oh, I'm getting taxed more just because I made more. But no, no, no, no, not necessarily. You get taxed more on the incremental amount more that you made above the previous tax bracket from what I understand.

[00:26:52]And so, uh, anyways, just wanted to kind of paint that picture as well. Um, um, this has been coming up a lot. It came up on the the All-In podcast as well.

[00:27:02]The like countries even in states in the United States are trying to propose and mount Donnie, I I'll pull up his clip in a second here, talking about uh, like a wealth tax, right? So, like, you know, the wealthier that you are, the more that you get taxed and and you get taxed on your actual wealth and the assets that you own versus the income that you're you're creating. And that's something that's uh very fascinating. I want to try to keep up with the chat because I'm I'm yapping away here.

[00:27:30]But I do find this stuff to be absolutely fascinating to think about.

[00:27:34]Thomas Wilson, my guy is uh up in the Canada and he said, "Honestly, it's a major bummer, but I don't see any way forward other than one world government or a very cohesive agreement between nations." He followed up and said, "Because when you tax the wealthy too much, they just move it along." So, this is so this is perfect. Actually, this is exactly what I was going into. So, in California, right, they've been trying to get a wealth tax implemented for quite some time. And all the billionaires who saw that coming were like, "Okay, well, we're going to Texas or Florida or whatever." Uh, and that's been a big part of what's happened, right? So, and then what happens? Well, now that country, excuse me, that state or country just loses that tax base that they were going to earn from this person who was making money in that state and who was providing jobs to that state and all of this economic activity. Now, you know, Tesla went from California to Texas and they've taken an entire, you know, one of the largest companies in the world and uprooted them and all the taxes revenue that that that state was making from that is now gone. Right? So, uh uh this was um and part of that is just just tax policies in general, right? Uh obviously taxing uh wealthier people can lead to this kind of activity, but also when you start to come after their wealth and that's a very different thing. It's a different thing to tax someone on their earnings than it is to tax something tax someone on something that they've already earned. And so Jason Freedberg on Allin was talking about this and he was like that's discrimination. That is a discriminatory thing to do. You've now taken someone's like demographic data their their their wealth that they've built and you're saying that that is something that's going to be targeted as a way to be taxed. Well, what if someone did that for someone's age? What if someone did that for someone's race? What if someone did that because of their zip code, right? You pay higher taxes because of your zip code, which in some ways you kind of do in your property taxes and so on. But point being, uh, you know, just thinking about what is the precedent that's being set through the law by being able to target someone for their for demographic information such as the wealth that they've built, not the income that they've generated on a yearly basis.

[00:29:43]Some people think that that's a better approach. Some people don't. Some people don't think about these things and just say that that sounds great, right? So here we're always going to be thinking.

[00:29:52]We're always going to be asking questions, posing them, thinking through these things. Uh but at the end of the day, let me keep reading what Thomas Wilson was saying. So to back up, he said it's a major bummer, but he doesn't see any way forward other than a one world government or a very co cohesive agreement between nations. And then he said because when you tax the wealthy too much, they just move it along. Then he said, if you're being taxed too much, you go somewhere you aren't.

[00:30:16]Um, I absolutely don't want that. I'm just saying if we are looking to make the tax system more equitable, it doesn't work when the rich have so much influence over the government. And they have the option to move where they pay less taxes.

[00:30:31]Oops, I lost some goods. Yeah. So, yeah.

[00:30:35]So, I think the point that you've made there is totally real. Um, I do think that's a real thing.

[00:30:41]Uh, and then pter 103 pter said 1031 funds the machine with fees and keeps things illquid.

[00:30:51]It's a good point because uh obviously if you're if you're keeping the money moving around, if you're hot potatoing the money in the real estate space, then you are uh then you are uh having to you're do transactions and keep the fees going through the system. And then the the idea that it keeps things illquid. I got to think a little bit about that because basically what you're saying is if I if I sell then now I've got to make sure that I've got somewhere else to go to buy and so I'm not going to sell until I know somewhere else that I can buy.

[00:31:20]Maybe that's how that shows up. Pter you can tell me I'm not uh deep into real estate.

[00:31:39]Yeah, people are saying that these things are happening in Canada.

[00:31:48]Duval said, "Bro, I seen you in the gym." I was laughing because I knew that's why you wore the packy clothing.

[00:31:59]Um, yeah, definitely appreciate the chat today. For sure, folks. I'm going to have to hop off here in about 10 minutes. Um, IQ tax is what TA Taylor Teo 3655 said.

[00:32:14]IQ tax. That's an option, right, guys?

[00:32:16]So, just thinking about, you know, what's the option? And that was another thing that I was trying to say a second ago is uh like the the precedent that gets set. If a if a state makes a law that says that they can tax you based upon your any any demographic information, then well, there's a chance that what ends up happening is that the law will allow you now through case law to be able to do that for other things.

[00:32:38]And so case law is not the same as uh written law. I forget the other term. uh like yeah it's not the same as legislation because legislation is passed through a process where you actually have law that's written okay and that is passed through Congress in the United States or in your state Congress in the state and when you have a law that's passed through legislation right it is the law it's in writing this is the law but then you have case law and case law comes about when basically you have applications of these laws that have been written or maybe that have not been written and so what happens is You go to court uh there's a judge gives an opinion on the case and in that opinion of the case there is an argument that's being made about why the decision that was made was made and that becomes the precedent. This becomes the the thing that is now in case law and now exists as an example of what happens in this particular kind of a situation. And so now what what lawyers essentially are always doing is they're looking back at these previous cases that have passed and saying, "Hey, this is how this went down in the past." And because of that, I think that this right here, this situation, and this case applies directly to the case that we're working on today. And so case law is essentially when uh you don't have an actual written law or you don't have specifications for how to apply a written law that's in that's in the legislation and you're taking that and now you're saying this because of the way that the judge ruled on this and and the opinion that they gave this is now how this can be looked at moving forward. And so precedent means it means look this happened in the past. And so now in in when we're talking about law having this in as a precedent in terms of the law means that there is an actual argument to be made based upon the cases that have happened in the past that allow a judge to be able to make a decision on cases moving forward.

[00:34:37]Not a lawyer but hopefully that was uh helpful in thinking about why this concept of precedent is so important.

[00:34:44]When Ripple went through the lawsuit that they went through, they set precedent for what it means because there were no laws about digital commodities and digital assets. And so, so that case serves as case law for looking at how can a judge make a decision on whether or not something is a commodity or a security moving forward. Right? So those moments become really important because once again if there's no laws in place about this then we have nohere else to go other than to look back at that Ripple case and now any anytime the SEC tries to sue a company that looks anything like Ripple that the lawyer in that case is going to be able to point back to Ripple and say look look at this court case these are all the things that applied these are the ways in which this applies to our situation and because of that we um we should be exonerated from whatever it is that we're being uh uh exonerated. We should be we we should not be prosecuted or whatever based upon the things that you they're accusing us of. So anyways, so that yeah, so hopefully that makes some sense. Um yep, appreciate you guys all being here.

[00:36:04]What's up, Yay 303?

[00:36:08]What up, Dave Washington?

[00:36:15]Jonathan talked about opportunity zones.

[00:36:17]Yeah, that's another tax code. Um, oh, and then Matthew corrected me. For the 1031, you have a year from the time that you sell to buy. Thank you for that, Matthew. Um, Jonathan said opportunity zones as well. Yeah, that's another part of the uh the real estate code that is a um a very particular thing where essentially uh it's wild.

[00:36:42]They identified opportunity zones that were drawn up. I think I don't remember the exact process for how you draw up the opportunity zones, but I think it's done through like a local system that's like people vote on it and then when you create the opportunity zone then this is a place where people can go and build and they can build in these places and then when they sell the property they can sell the property for uh without having to pay taxes on it after they built it or whatever. I'm pretty sure that's how the opportunity zones work.

[00:37:09]It's been a long time since I've uh been a part of all that stuff. But um so that basically what it was was like going into poor neighborhoods building right and then selling uh uh the building without having to incur a tax liability for doing it. Now, the thing about it, a mentor of mine was walking me through some of the things that were kind of like the downsides of that, which is that they also like these opportunity zones, if you are renting property out in those opportunity zones, there's like caps on how much you can charge for the rent, I believe. Um, all of that is supposed to be set by like the market like market based kind of things. I please correct me if I'm getting any of this wrong, but the point here is is that like what ended up happening is is because you can't charge as much as you'd like for rent, people don't maintain the buildings very well, right?

[00:38:02]Because when you cap the rents, well, now there's no extra money to be reinvested into the building, right? And so, uh, and so, yeah, and so what what could end up happening a lot of times is that you've gone into these neighborhoods, you've built new building, new places to stay, but because you've capped the rents, the landlord isn't reinvesting into the building, and you have maintenance that isn't happening. And so, that the actual quality of of the living experience in those places isn't necessarily actually improving. You've just got another building in place. So anyways, just I'm not saying that there's a a right or wrong thing to that, but just tax policy, right? And the way that it impacts the way that it has an impact on the things that people actually do, the incentives that are created through tax policy, it's fascinating stuff at the very minimum.

[00:38:46]Um, uh, Oric 37, I don't know the answer to that question, gonna be honest. Thomas, have I listened to Iceman? I actually haven't listened to any of it. There was one song I think on Iceman that I've listened to so far, but I haven't. And Matthew said actually you get 180 days on the 1031. So updating ourselves in real time here. Yeah, I haven't been in that world, so I couldn't have told you.

[00:39:21]All right, folks. I've I've got a super tight schedule today. Um, Pter said, "My uncle set a precedent for criminal law in Canada." That's awesome.

[00:39:31]That's super cool. Lee Entertainment Rode. Yeah, that's a perfect example, right? And then when that Supreme Court case got overturned, right, that um just through precedent alone, there's no law in place about that, it it set off a whole, you know, cascade of different situations that now had to go through case law again, right? and and that's I imagine been an absolute mess. Um so anyways, let's see. I'm going to try to catch up to the chat, but I do got to run.

[00:40:12]Okay, Mr. Dub99, do you think there'll be some changes with our bank accounts regarding stable coins within a year, assuming the Clarity Act is in law by July? I mean, I think we'll see tokenized deposits probably within at least the next year or two. Um, stable coins is interesting.

[00:40:34]I don't know if we'll ever really see stable coins in our bank accounts the same way. I mean, it's possible, but I think the tokenized deposit will compete with stable coins for quite some time.

[00:40:43]And stable coins will be more of an institutional slash like corporate product. That's kind of how I look at it at least. But I could be wrong.

[00:40:51]I just imagine a world where the blockchain layer gets abstracted away.

[00:40:55]Right.

[00:40:58]So Dave Washington said, "Zack FA did a good job explaining Palunteer's goals in Honduras."

[00:41:08]Thomas Wilson said, "Neita memes and markets Icemen review boys heard, man. We'll get it. We'll get after it." Yeah. Thank you, Thomas. and have an incredible weekend as well. For any of you who did not know, uh we are actually I am actually taking a challenge called Novice. And this challenge is a part of an app that Ben and I just launched. And essentially what Noise is all about, it's two things in one. Primarily, it's an opportunity to see how disciplined you really are.

[00:41:44]And uh I'm super pumped about this because I'm on day six of Node Dice 45 and uh I'm doing pretty good. I'm actually super happy about it and I'm like passing I'm I'm actually changing like my life is changing and that means everything to me and it's happening at a perfect time. I'm about to be moving around again and going to different places and I know that I'm now preparing myself for that to be uh as social as I can be while I'm doing that. And so no dice 45 is a challenge where every day you open up and you get to pull your challenges for the day and you get five different challenges that you have to complete. So for me I'm on day six of the challenge. You guys aren't going to be able to see that because of the stuff, but I'm on day six of the challenge and I've got to do a 45minute workout. I've got to say hi to five people. Did it before I even open my challenges because now I'm just in the motion of doing that. I've got to document my journey. I'm pumped about doing that. And then I've got to do some breath work. Uh, and then no gambling.

[00:42:42]Okay, so that's another part of this challenge is basically just using this as an opportunity to address the gambling epidemic. There's this spider in here. He's all over the place, man. Um, and how people are gambling and how gambling is being shoved down people's throats. So, uh, we launched this app both to address that, but also to give people a challenge, to see how disciplined they really are, and to see exactly, um, what happens when you just try to make a change in your life for 45 days. So, like I said, this has already affected me in a very major way. I've been meeting tons of people.

[00:43:16]I've been having really cool conversations. I've been creating content as well that's like super valuable to me and to the brand and everything that we're doing. So, that's been super cool as well. and um and hopefully you know having some impact on everyday pe on other people as well. And so um the big thing here is like a lot of people might have a friend who has a gambling problem but don't have a way to like bring it up or be like hey like have you been thinking about this? Like this kind of seems like it's consuming your life. And so No Dice is a cool way to be able to bring it up to someone without having to bring it up at all without having to sit them down and make it some weird thing. It's like instead all you do is you do the no ice 45 challenge and if you do the challenge then it's going to be really hard for them to what you can do what you can say hey like do this challenge with me I bet that you can't do this challenge with me and you turn into a little bit of a competition you make it a little bit of a thing but you don't have to you know this is one of the hardest things if you have a friend who has a gambling addiction is being like dude you have a problem or any addiction you know what I'm saying it's like instead of doing that it's like bro I bet like let's try to do this for 45 days and let's see what happens And at the very minimum, you know, they start working out, they start saying hello to people and being more social, getting out of their bubble, they start documenting and start to build a a following on social media.

[00:44:32]And all of a sudden, right, you just got someone who's just improving their life.

[00:44:36]And that's the beauty of the No Dice app. And you can find the link to No Dice in the description of this video.

[00:44:41]Like I said, I'm on day six and I would love to have you joining me. In fact, if you guys join the challenge, I'll be giving you guys shoutouts and whatnot on um on social media, right? So, that's another thing, like you've got us here doing this challenge with you. Ben and I are doing this with you. So, I'm happy to give you guys shout outs. I'm happy to like make you a part of the journey with me because we're doing this together. And so, uh, and that's another thing is like at the end of Noise 45. If you finish, if you get through the 45 days, then you're going to get to come on a podcast, you're going to have a chance to come on the podcast with Ben and I to discuss what it was like going through the challenge and the things that you did and the changes that you went through, whatever. Um, and I'm also strongly strongly considering if you get through the Node 45 challenge, finding a way to also incorporate some one-on-one mentorship. Now, I haven't defined exactly what that's going to look like yet, but we've got 45 days to figure out exactly what that's going to look like.

[00:45:37]So, uh, if I were you guys, what I would do is download that app and join me for no eyes 45. It's just a really fun challenge at the very minimum and you get to raise awareness for things that really matter and be a part of a trend before it even happens. Like you guys are sitting here at the ground level of something that's going to end up being a really massive thing. And all the people who do this in the beginning are going to be the people that build the biggest followings and like that do you know the most cool fun stuff from it because you were here and everyone who comes in after you is going to have seen what you were doing as well. So I highly recommend that you download the app.

[00:46:13]It's $10 a month.

[00:46:15]Take a second to spend $10 to bet on yourself and I promise you it's going to be a lot of fun. So, let's see right here what we got going on in the chat based upon this. And thank you, Robbie J. Davis. It's also in the chat. You can click that link to download No Dice. Get in there.

[00:46:33]Retain the gain said Brandon Carter weaponizes saying if you ain't tracking, you're slacking.

[00:46:39]I love it. I love it. Thomas Wilson said, "I'm betting the farm on you being successful in the no dice challenge on Poly Market." Keith, don't let me down.

[00:46:48]That's hilarious. That's hilarious.

[00:46:50]Definitely don't put that on Poly Market, but definitely put it on yourself, man. Uh Jonathan Neil said, "That's what's up. On your video, you state the app is on Apple but not Android plus old folks." Yeah, it's not on it's not on Android just yet. It'll be there in just a couple of weeks. So, definitely bear with me on that. Tail 3655 said, "No dice. I'm restarting because I fied out for Instagram res. Oh no, that's hilarious. Oh man. Yep. Yep. Yep.

[00:47:20]Jonathan Neil said, "I need that for corn and being social." 100%. 100%. And things like this will absolutely be built into the challenge. And in fact, you can already block the apps on the challenge. So that's the thing about No Dice right now. It's it's essentially an app blocker. Okay. So, when you go on No Dice, when you log into the app, you can block whatever app you want. You don't just have to block gambling apps. You can block anything. And when you do so, um obviously it's a part of the um the challenge as well, really. Like, if you unblock anything, then you'll have to restart because that's kind of just how the system is built in for now.

[00:47:56]Um yeah. So, Ben Levit says, "Plenty of awesome updates coming soon to No Dice."

[00:48:01]Yeah, 100%. It's going to be super cool.

[00:48:03]and you guys who are here on the ground floor. Uh like I said, like I'm going to give you guys shout outs. I'm going to do this with you. Like this is just an opportunity to also just get closer and like, you know, spend some time collaborating and um so yeah, definitely check out the challenge.

[00:48:19]Isn't it about the current income that the established wealth earns?

[00:48:23]Um yeah, that's an interesting thing, Jim. All right, guys. I totally got to go. I I hate it because I love hanging out with you guys. Ben Levit said, "Uh, Android version should be live next week."

[00:48:34]Ben Levit said, "Thomas, that's crazy."

[00:48:39]Uh, Thomas Wilson, unfortunately, I won't be able to do that in particular.

[00:48:44]Um, but if you guys join me on the challenge, okay, we can do some cool stuff. It's 10 bucks. It's 10 bucks. It's 10 bucks a month, right? So two months maybe you spend 20 bucks and you change your own life and because of the things that are built into the challenge you also start to have an impact on other people too.

[00:49:07]Um but yeah folks uh that's that's it from me. The final thing, uh, as always, this live stream is sponsored by Caleb and Brown, which is an incredible crypto brokerage, a full-ervice crypto brokerage where you can actually have your questions answered when you have questions and concerns about what is going on in the world of crypto and anything that you might think about doing within it. So, click the link in the description of this video to sign up for a free account with Caleb Brown.

[00:49:39]It's totally free. Uh, you can learn from them. You can also reach out to Jim Bazani, send him an email, say, "Hey, Keith D sent me and, uh, he'll answer any questions that you have and hop on a call with you uh, in that case. Um, but other than that, be sure to join me for Node Ice 45.

[00:49:57]Stop gambling, stop throwing your money around, stop doom scrolling, and bet on yourself." Okay, so this is the the website here already. You can block any apps that you want. Uh, if you hit the pause button, it'll have some you'll have my voice coming up telling you, hey, or if you try to, excuse me, if you try to unblock something, you'll have this thing that allows you to say, hey, wait a minute. It's my voice just trying to calm you down, like, are you sure you want to do this? Also, you have an accountability partner built into the app. So, you can actually have someone who will basically get notified via email or however you guys choose to do it uh every time that you break your uh your if you try to unblock something.

[00:50:38]So, uh, let's see here. Uh, track your wins. Going to have more of that stuff built in in the very near future as well. And the most important piece of this is the Node Ice 45 challenge. So, it's a 45day program. Daily task and milestones. Things that are designed to help you be more social. Things that are designed to help you be more confident speaking and also meeting people and building an audience online. Uh, as well as getting fit as well as taking care of your mind, meditating, doing breath work. You know, all of those things are built into the challenge and are specifically designed to help you live a better life. So, go ahead and check that out at the link in the description down below. Join me for no dice45. I'm super excited to like shout you guys out. You got to use the hashtag noice45 hashtag and I'll see your post and I'll I'll be commenting. I'll be liking. I'll be putting you on my story and then we can do this together. So, uh super pumped for it. Other than that guys, I'm Keith D here to talk everything money and markets.