From Forever Wars to AI: The New Elite Wealth Extraction Model | Simon Dixon PT 1

You know those moments when the world feels like it’s spinning out of your control and the only thing growing faster than AI is your mortgage rate? Or when you’re looking at the news and thinking, “Why does it feel like the rich just keep getting richer…and the rest of us are running in circles?” Buckle up, because THIS is the episode where we smash the facade, crack open the financial control grid, and show you the hands pulling the puppet strings behind the global economy. I sit down with Simon Dixon—a renowned financial commentator and advocate for financial reform, whose track record in demystifying the monetary system is as legit as it gets. In this power-packed conversation, we break down the rise of AI as a tool for wealth extraction, the merging of military, technical, and financial complexes, and why the game might be more “rigged” than you think. If you’ve ever suspected that inflation, debt, and your own pension contributions are part of a larger, carefully played system—yep, Simon is here to make sense of the chaos. What's up, everybody? It's Tom Bilyeu here: Want my help starting a business? Join me here inside Zero To Founder https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show Sign up for my AI Masterclass: AI Masterclass https://tombilyeu.com/ai-masterclass?utm_campaign=Live%20Masterclass&utm_source=podcast&utm_medium=evergreen Follow Me: Instagram:https://www.instagram.com/tombilyeu/ Tik Tok:https://www.tiktok.com/@tombilyeu?lang=en Twitter:https://twitter.com/tombilyeu YouTube:https://www.youtube.com/@TomBilyeu Follow Simon Dixon: Twitter: https://x.com/SimonDixonTwitt YouTube: https://www.youtube.com/@simondixon21 Thank you to our sponsors: Tailor Brands: Check out Tailor Brands to get started with your business today: https://bit.ly/TailorBrandsSept Quince: Free shipping and 365-day returns at https://quince.com/impactpod Quo: ​​Try for free PLUS get 20% off your first 6 months at https://quo.com/impact Pipedrive: Get more leads and grow your business. Go to https://www.pipedrive.com/impact and get started with a 30-day free trial. Surfshark: Go to https://surfshark.com/TOMBor use code TOMB at checkout to get 4 extra months of Surfshark! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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  Their dashboard tracks what comes next based on what your business actually needs. So EIN number, registered agent, licenses and permits, bookkeeping, business banking. I tell every founder the same thing. Just make it official. Click the link in the show notes to check out Tailor Brands and get started on your business today. This is a paid advertisement. Simon Dixon, welcome back to the show.

• 1:42Speaker 02

  I'm so glad to be back.

• 1:44Speaker 01

  Brother, every time I research you, it is a rabbit hole that really pulls me in a direction of making sense of some of the things you can feel, but can't quite put your hands around. You've said that the global elite have used the forever war model as a way to extract wealth, but that's shifting now to AI. What on earth makes AI the better wealth extraction model?

• 2:08Speaker 02

  Well, so when our last thing, we talked about these three complexes. The main one, FIC, Financial Industrial Complex. Underneath that, a bunch of public companies, the Military Industrial Complex and the Technical Industrial Complex. Now, they're kind of all merging into one.

• 2:25Speaker 01

  On purpose?

• 2:26Speaker 02

  If you think about how COVA operations under the Military Industrial Complex used to work, you know, there was an element of proximity and nationalism to the MIC associated with the country. The MIC is historically been very nationalistic because its physical location, it's a manufacturing base. But now we're going fully technical. And so the one feature of what's been happening across all these war zones around the world for at least the last decade or so, particularly accelerated with the Russia-Ukraine war, is that they're becoming technology. Artificial intelligence has been beta tested in all these war zones,

• 3:10Speaker 02

  and it's being rolled out more and more and more. The wealth extraction exercise that we're seeing right now is if you think about it, what is the current environment since the closure of the Strait of Hormuz? So right now, we've got very high energy prices. We've got oil prices. We've got a diesel shortage, which is the fuel important for the whole jet fuel industry, as well as the trucking industry and the fabric of what keeps prices, you know, reasonable in terms of like the cost. The technical side, a lot of this energy is being, is obviously one of the key inputs for these artificial intelligence data centers.

• 3:53Speaker 02

  And the key feature of the FIC is that those that are the closest to the money printer that we talked about in our last episode, they get to create the money. They get to acquire assets at cheaper rates, and they get to create the money for free in order to collateralize and purchase these assets. So the reason that we're now hitting the stage where approximately, I think the latest data said 88% of the stock market is controlled or owned by 10% of households.

• 4:24Speaker 01

  Yeah, that's wild.

• 4:25Speaker 02

  And 50% of the stock market value is owned by the 1% of those 10%. Is because whenever the value of these assets are going up, while people are simultaneously being burdened with debt, think about the two trends. We've got, the interest rates have been going up as a result of oil prices going up. So you've got oil prices going up. That means that the FIC, which is all the bondholders, as well as the Fed. And so the Fed controls those short-term interest rates, and bondholders are the ones that demand what interest rate you need to pay in say like the 20-year auction, the 10-year auction, the 30-year auctions of government debt. Both of those are pushing rates up. So we had the Fed come out.

• 5:10Speaker 02

  You had, you know, you had as a result, oil prices going up. The Fed just recently increased the short-term rates. And all around the world, this is across the West, with the exception of China at the moment, the cost to, you know, the FIC is demanding in order to roll over government debt is just going up and up and up. So we've got about 5.63% on the 30-year. We've got about 5.3% on 10-year at the moment. And so what does that do? When you combine increasing energy prices with the FIC demanding higher and higher rates, well, that puts everybody's mortgage up. That puts everyone's credit card debt up.

• 5:53Speaker 02

  That puts everyone that needs to refinance their debt. They're now gonna either just not refinance or have to refinance at a significantly higher rate. How are they gonna finance that? Well, they're either gonna lever up whatever assets they have, or they're gonna sell their assets. And those assets are being transferred to those that are purchasing them, which is those that control the money printer effectively.

• 6:18Speaker 01

  Okay, so let me, let me just put a flag here. So it sounds to me like it's less that AI is the, is going to replace the forever war machine. Because as I look at the increased budget to the Pentagon, when I look at the projections for next year, like that's healthy. It's doing better than ever, much to my dismay. So that keeps going. It's AI becomes an additional tool that we're using, or the Technical Industrial Complex becomes an additional attack vector, if you will, on people to put pressure on their wealth so that they're getting in a, they're getting in over their heads from a debt perspective. They're being forced essentially to sell because they can't handle the debt at the higher rates.

• 7:00Speaker 01

  So now, the people waiting to swoop in and snatch up the assets are the traditional global elite.

• 7:08Speaker 02

  Yeah, and remember, everyone's contributing to their pension, so they don't really care about the price because they're just pooling together everybody else's money while they get to create money. And they get commissions off all of this, the assets. Since the closure of the Strait of Hormuz, BlackRock's assets under management have gone from 14 trillion to 15.3 trillion. So they've, they've gone up.

• 7:31Speaker 01

  What's the mechanism? Is it just what we were just talking about? It's just debt is going up, and so people are selling and they're buying?

• 7:36Speaker 02

  No, I mean, increased value of the, of the assets. At the same time as more and more wealth being, you know, if you, the wealthy people, whenever they have spare money, they're gonna be investing it. At the same time, everybody paying into their pension is just creating this constant flow of buying volume at the moment. Plus, the deficit and the government debt. So a lot of this government debt being spent into military contracts, which boosts military share prices. Banks, since the closure of the Strait of Hormuz, their share prices are up on an average of about 25%.

• 8:19Speaker 02

  Most of the volume that they're receiving is trading fees, mergers and acquisitions. So that means they're buying small businesses and concentrating them into larger public companies. They're making money through additional volatility. And this is accelerating FIC profits at the moment. Now, those that own this AI infrastructure, they're kind of, if you own enough of your wealth is tied up in these assets, then you're kind of riding along with it. And so any increase in price, it is, there's kind of two, two different types of people, right? There's the average person that's contributing to their pension.

• 9:02Speaker 02

  Now, their wages aren't going up at the same rate as inflation, so they're getting further and further behind, but they're contributing to their pension. But those assets can't be touched until they retire. It's in their 401K. Now, those that have excess wealth, they buy assets outside of their 401K. When you buy assets outside of your 401K, you're able to lever it up, borrow against it, and you have access to it prior to retirement. And so this creates this, you know, just this big, big transfer of those that are connected to the FIC, those that are able to borrow against their assets that sit outside their pension, being able to rig the game or take advantage of the game. I mean, they may not be the riggers, but they, they know the rules, and so they're playing the rules.

• 9:47Speaker 02

  Whereas everyone else is kind of waiting for their retirement. So what are they doing? Their wages are kind of not catching up with inflation, so they're kind of getting in a worse situation every month. But they may have their real estate, and so their real estate may be, you know, increasing at a faster rate than inflation. And so all they end up doing is borrowing against it, waiting for retirement. And once they retire, they can obviously like access those assets. But in the meantime, they've been a debt slave for their entire life. And those are the ones that are playing the game well. The rest don't even have a pension, or they're, they're in debt to consume. They're not in debt to buy assets.

• 10:24Speaker 01

  Right.

• 10:25Speaker 02

  And so in the AI side, what we're seeing, I think, is This massive productivity increase, which, you know, if you've got a, if you've got a business, then this is like AI is like the best time for your business.

• 10:41Speaker 01

  So amazing.

• 10:42Speaker 02

  Like, you know, you're, you're thinking, wow, you know, all of your team, they're accelerating their capabilities. Um, nobody's wasting time answering emails. Those emails are being managed in a way that was better than humans were managing them. You know, um, you're integrating all your different, so you're, you're contributing to the control grid, no doubt about it. Um, however, like, you know, this is probably the most productive time you've ever been. And mo- and most of those small businesses are on hiring freezes. And they're thinking about what, how can we do more with our existing team? You've got a few, you know, invaluable people that are being accelerated by these AI capabilities. A bunch of them are thinking about, well, maybe I could just create my own business. And so, you, you know, we're, we're getting to this stage where people can create

• 11:27Speaker 02

  one person business genuinely with a team of agents. Um, and, and really accelerate what's possible. Now, um, think about what that means to the large companies. You know, to the large companies, they're going to have the biggest productivity increase, which accelerates, again, the same types of trends. Um, and so all of this is businesses, um, are going to be doing significantly better than, than the workers. The job data hasn't really demonstrated that there's this massive amount of unemployment or anything. There's no evidence that that's happening yet. I expect it to happen, but the data's not really backing that up. Those that own the AI assets and are utilizing the AI,

• 12:11Speaker 02

  you know, they're having the best time ever. Um, and those that aren't utilizing the AI or aren't owning the, the, the, the ownership layer. They're effectively most likely the ones that are going to be losing their jobs. And when they're losing their jobs, I don't see any alternative as this accelerates, like, what we're about to hit the stage where taxi, you, you lose all the taxi jobs, you lose all the, the, the trucker jobs, like, that's just around the corner, right?

• 12:41Speaker 02

  And so all of these big sets of jobs, they're, they're about to go. Um, and depending where you sit on that, you know, this is, um, whether you're going to be on this universal basic income. Um, I do think that the cost of goods, like, there's like these, is very confusing because you've got a lot of this money being printed, which is creating inflation. But at the same time, by nature, productivity increases is, is, is disinflationary. Um, so you, you, you, it's kind of like, you've got to really split, split down where this inflation, um, sits. Um, but asset price inflation is really what's being pushed. Um, AI kind of puts you on one of the, you know, whatever side you're going to be on that.

• 13:25Speaker 02

  That will be determined from today in the next five years. You're going to know which side of this, this trend you're on, and everybody needs to adjust.

• 13:33Speaker 01

  All right. One of the things that I get when I research you is the sense that there's a lot of coordination by global elites. You're pretty good at naming those people and the companies and things that they run. But the global elites, just to keep it easy. And I look at it and I think the global elite's quite antagonistic towards each other. And so I'm curious in terms of when I look at what's going on with the rise in interest rates, for instance. I see the primary thing is probably not the energy shock, but rather the fight for the dollars going into AI trying to raise debt. So you've got the entire AI industry sucking up all the money from bond vigilantes,

• 14:16Speaker 01

  uh, instead of it just automatically going to US debt.

• 14:20Speaker 02

  Yeah.

• 14:21Speaker 01

  So that feels to me like you've got a collision point where the government's going to be in a bit of a frustrated position where it's like, listen, motherfuckers, like, I'm over here trying to do my $2 trillion a year in deficit spending. You guys, and I have to roll over, God knows how many trillions of dollars in the next 12 months. So now you guys are creating a problem for me. So help me understand, do you see this as these global elites are all like in a club together with compromat on each other? Like, hey, we're just yay, we're doing this all to steal from everybody? Or is this just more of a chaotic thing where everybody's pursuing their own interests? There's collisions and misalignments all the time. And it isn't quite this sinister, like coordinated effort to steal from the everyday person.

• 15:06Speaker 02

  I think it's best understood through aligned incentives. And so we were just talking about the game, right? And so you listen to a podcast like this, you're thinking, okay, I agree with some of that analysis. Um, how do I adjust? And so how do I adjust? Well, I say, well, I've got a, my business has to adjust and we need to contribute to the control grid. You know, um, if we're a regulated financial service provider, we by, uh, by prison sentence have to give all that data. Um, so the incentives are codified in, by the financial system to end with this result. Um, so you don't necessarily need to coordinate. Um, what are you? If you're the FIC, um, you know, in the asset manager side, you have 20,000 board seats.

• 15:52Speaker 02

  Um, you've got most of the largest pools of capital in the world are using your technology to scenario plan, like a BlackRock's Aladdin. You've got all of the people contributing to their pension. That creates this passive flow that always goes into the stock market. Uh, you get a fee on all of the different assets under management. When the markets crash, you get to scoop up through your private equity. Um, you're simultaneously long and short through your hedge funds. Um, you get to create money which is driving the real estate bubble through your banks. You get to financialize and securitize every single company through your investment banks. Energy goes up, you're fine.

• 16:36Speaker 02

  Um, you drive people to renewable energy, your renewable stocks, you know, they are fully diversified across every set of outcomes, um, that can possibly have, that they could possibly have. So wherever they go, they can, you know, it can be, you can just simply have the fact that, okay, 60% of the world's trades through markets are done by bots. Now everyone's plugging into AI. Uh, the most, the biggest database of artificial intelligence in financial markets is controlled by BlackRock. Um, so everyone's scenario planning using the same data. Uh, the data that they can push out and they know, you know, um, they can front run.

• 17:17Speaker 02

  Um, and, uh, and the bots are going to be, um, you know, uh, making trades based upon that data. So you don't necessarily need this level of coordination as specifically, now that we're building the whole control grid in silicon through the tick.

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• 21:08Speaker 02

  You know, these data centers are really host have the capability to host more and more data, which allows for more and more, as we get more and more centralization, more and more ability to benefit from these aligned aligned incentives. So, right now, AI companies need to raise over the next year. We've got Anthropic that wants to go public for two trillion. We had the SpaceX at 1.75 trillion. We've got OpenAI coming up. We've got a number of companies that are, they're even, even the ones that have got free cash flow, like Apple and Meta, that are paying out of their actual revenue, they're still raising

• 21:51Speaker 02

  debt financing because the valuations are so high. You use that opportunity to raise more and more debt. And so, you're looking at, you know, trying to outperform inflation right now. You're like, should I lend to the US government or should I lend to Google? And you're looking at the yield markets and there's this competitive market between corporate debt, government debt, and you're also looking at the foreign debt as well because everyone else outside America, they've got, they don't have world reserve currency. They've got to pay a higher interest rate. So now, UK, you can get about 6%. Japan's now offering about 3%, you know, when it was 0% previously. So now you've got this

• 22:32Speaker 02

  upward pressure. The Fed is putting rates up in the overnight lending between banks. So everything's pushing up these interest rates. But whoever raises the money, if you're, if you're the FIC, you've got $7 trillion of money market funds that receives all that yield. So you're earning more and more yield as a result of this. And then that money, if it's going into Google, Apple, all these different magnificent seven tech companies, you're benefiting from the valuation increases as a result of that. And any of the companies that you can load up with a lot of debt, say Anthropic, OpenAI, you can get them leveraged to the kilt, where they have to simultaneously keep, keep raising finance at higher and

• 23:16Speaker 02

  higher rates. And if they mess it up, then, you know, put them in bankruptcy. And the ones with the free cash flow, Apple will buy it, Amazon will buy it, you know. So whatever happens, they're just perfectly hedged for all these different scenarios. So yields are going up because everyone's saying, you know, in this ultra competitive market for debt, you would imagine that yields would be going down. But, you know, because the government are so levered up with debt, and then you're competing with the AI companies that have got about 800 billion to raise, the government imminently has about 1.2 trillion over the next year, 10 trillion to roll over. You know, most of that will be rolled over

• 24:00Speaker 02

  in these money market funds that just continually buy these things. But the world is saying, you know, you know, I've got options. And so, you know.

• 24:11Speaker 01

  When you say the world is saying that.

• 24:13Speaker 02

  Well, the FIC is saying, I've got options.

• 24:15Speaker 01

  Right, global elite. Okay, so when you look at this from an end game perspective, the line that we're all used to hearing from the WEF is you'll own nothing and be happy. Is this really just the expression of the reverse side of that same statement, which is we'll own everything and keep you happy?

• 24:31Speaker 02

  You will either become a compliant person that has the optimum amount of debt, with the optimum contribution to your pension, that you're kind of in the boomer situation right now where they're just waiting to retire, they want their real estate to maintain value, they want their stocks to continue going up. And they're like, okay, you know, I've, I've got my 2 million, 3 million portfolio. You know, you're fully compliant in that sense because you just want the system to continue. Then you've got those that don't own the assets, and they're like, just burn this shit down. I'm tearing down data centers. I want real estate to crash. The system is just not, is not for me. They're getting

• 25:16Speaker 02

  more and more frustrated, they're getting more and more, you know, despondent with where they fit into, into the system. Now, those ones are probably the ones that will be on the universal basic income and hit the stage where, you know, they, they don't mind. You know, maybe it's.

• 25:34Speaker 01

  So you think they'll stop wanting to burn the system down because the system will just start cutting them a check?

• 25:38Speaker 02

  Well, I think the point of the surveillance state is that no one has a choice. And if you can manufacture the optimum amount of civil unrest, then you can do what's happening in the UK. And the UK is the more protests, the more pre-crime arrests we can do, the further it goes into civil unrest, then the people that are okay, they're going to opt into a surveillance state because they want to be safe. And so, just as, I mean, that's always, people can moan and whinge about it, but most people want safety. And so, when they're installed, when things get rougher and rougher and rougher, they want cameras, they want the surveillance state, they're happy to opt into that. So you kind of, again, aligning incentives.

• 26:23Speaker 01

  Now, is the, the desire for control just a personality type of people that get to positions of power and they just want to control the populace? Or is it tied to the extraction of wealth, where I need you compliant so that I can inflate you into oblivion, get you to sell your assets, buy your assets? Because these guys are putting themselves in a different game. Like, if I even think about myself, I'm trying to watch what the global elite do and go, okay, I see how you've rigged the game. I'm going to play to win because I understand the rules. I yell into this microphone literally all day, every day, trying to get people to understand the game is rigged, but like, they have to broadcast how it works. And so, the question becomes, are you going to avail yourself of that or not?

• 27:04Speaker 02

  Yeah.

• 27:04Speaker 01

  So, these guys, my core thesis goes, they have an agenda for themselves. Like, they're trying to get rich off this system. So is it as simple as, we're just trying to own all the assets and you guys, the plebs that are going to take the safety path and just get your UBI, like you're suckers and you're falling for it because the real wealth is still ownership? Or is this resetting a game where nobody owns anything and it's just something totally new?

• 27:31Speaker 02

  No, I think it's peak centralization. So it's concentration and centralization.

• 27:35Speaker 01

  Meaning BlackRock owns all your shit.

• 27:37Speaker 02

  No, Black, BlackRock is the personification of like a decentralized structure.

• 27:42Speaker 01

  Decentralized?

• 27:43Speaker 02

  Well, it's more decentralized than previous empires. So I think last time we talked about, you know, the, the previous iteration of this is you had the central bank, which is designed to socialize losses and privatize gains. So they guarantee the system, which means anytime something goes wrong, socialize it through government debt.

• 28:03Speaker 01

  And to be very clear, they print money, which is an inflationary tax, and that's how they're socializing the losses. They spread it across everybody through inflation. And then only asset holders get the wealth that's generated through that process.

• 28:20Speaker 02

  Yes, you need three things to make this work. And so, it was the Dutch Empire, then the British Empire, and now we've got the American version, which.

• 28:26Speaker 01

  I just want to, is what I just said wrong or just missing a piece?

• 28:29Speaker 02

  Slightly, slightly out there because most central banks don't print the money. They just guarantee the system and the private banks.

• 28:35Speaker 01

  How do they guarantee the system?

• 28:37Speaker 02

  Well, when the, so banks create money every time they issue a loan.

• 28:40Speaker 01

  But they're subordinate to the Fed or the central bank.

• 28:43Speaker 02

  No, they own the Fed. So the Fed is owned by the banks. And so, the shareholders of the Fed are the banks. And so, the Fed is, you know, 12 people that sit around a room and say what the, the cost of borrowing should be, based upon their government mandated, you know, what they need to look at in terms of employment data and inflation.

• 29:04Speaker 01

  Doesn't the Fed create the balance sheet for the banks though?

• 29:07Speaker 02

  They can.

• 29:09Speaker 01

  And can the Fed boot a bank out of the system?

• 29:12Speaker 02

  The Fed is owned by the 12 other feds, which is connected to each state. The most important one is New York. And then if you have a bank account with the Fed, so when I was trying to create a non- fractional reserve bank, I was trying to get a bank account with the Bank of England, which we couldn't get, because they wanted us to create money and we wanted to do something different. But the, the shareholders of those member banks, those 12 member banks, are the ones that have bank accounts with the Fed. And to get a bank account with the Fed, you have to get a banking license. And if you get a banking license and bank charter, you then become a subscribing shareholder clearing bank. And your job is to create money. And if you become what's called a primary dealer,

• 29:54Speaker 02

  then you have to guarantee that whenever the government is auctioning off their debt, you come and buy it. And so, the Fed is just a mechanism for effectively using this balance sheet that's controlled or owned by the banks in a quasi-private-public partnership.

• 30:13Speaker 02

  But the banks are the ones that actually get to create the money and they're the primary shareholders and they receive a 6% dividend based upon the size of the Fed's balance sheet. The rest of it goes to Treasury. Now, what are these three components? So Treasury, the government, has a bank account with the Fed as well as the banks. And so, within that system, you have the banks that own the Fed, that have bank accounts and Treasury. Okay, so the job of the central bank is effectively to allow banks to create as much money, purchase all of the government debt. The government has to find mechanisms for spending that money, i.e. war, social programs that are managed by the FIC.

• 30:58Speaker 02

  So it doesn't matter whether it's capitalism or socialism, both sides. When it's Democrats and there's social programs, they're all managed by the FIC and the asset managers. When it's extreme capitalism, it's the investment banks, you know, that make all the money through securitization and financialization in free markets. And under both, the banks get to create money every time they issue a loan. That's essentially the FIC in simple form. The Fed doesn't actually create that much money, but when the system is over-leveraged or feeling stressed, they can come along and then they can do quantitative easing. Now, if you look at the history of this battle between the Fed doing quantitative easing,

• 31:41Speaker 02

  Treasury can actually issue its own money if it chooses. Abraham Lincoln did that. JFK actually implemented that as well, where the Treasury actually issued its own currency. But they don't do that.

• 31:54Speaker 01

  Its own currency or just printed US dollars?

• 31:56Speaker 02

  Yeah, so in Abraham Lincoln, there was a bit of... So you had the first central bank, which was like the Hamiltonian-Jefferson kind of debate.

• 32:04Speaker 01

  Gets put on a clock, goes out of existence in like 19 years or something.

• 32:08Speaker 02

  Correct. Yeah, about 20 years, then the charter expires. Then we move to the second central bank. Andrew Jackson paid down the debt and, you know, wanted to close down and shut down the second central bank. And Abraham Lincoln, because Andrew Jackson had paid off the debt, Abraham Lincoln decided to issue what's called the greenback. And that was the Treasury just literally printed its own currency. And it was different to Federal Reserve notes. And so Abraham Lincoln funded some of the civil war using this greenbacks, because they wanted to fund the war without the central bank.

• 32:44Speaker 01

  And did they just by fiat mandate this is accepted anywhere?

• 32:47Speaker 02

  Yeah, you can do it by Congress executive order. In fact, JFK did an executive order where the Treasury issued currency that was fully convertible into silver. And so that was already, the ability to do that exists. You could do that today if they wanted. However, because most governments and Congress are kind of intertwined into this mix-fictic hierarchy and power structure, and because they're lobbied and because most policy happens through corporate-sponsored think tanks and, you know, non-governmental organizations, you have this revolving door. So this is where I was trying to say the three parts here. So the central bank socializes losses and privatized gains. Where do they put the losses?

• 33:32Speaker 02

  They put the losses on the government. Now, the banks actually buy all that debt, so they receive all the yield, they get to create the money, they get the profits from the more and more debt that the government takes on. So you dump all the debt onto the government and then you privatize it into the stock market. And so what the Dutch system created was a central bank with the stock market and the bond market. That was the invention of capitalism as we know it today. Now, eventually, the Dutch government went bankrupt and could not... How it was defined back then is people asked for their gold because their currencies were convertible into gold. And when everyone wants their gold, then the system's kaput.

• 34:17Speaker 02

  And so then that transferred over to the Bank of England. The British East India Company was effectively the stock market at that time of all the colonialism. And then you had the government debt. And so you go to war, you raged debt. That gets you the resources you want that go back into the stock market. And then anytime you take unnecessary risk, the Bank of England guarantees the system, which means socialize the losses and privatize the gains. And if the whole thing goes kaput, which happened in 1971 after the Vietnamese War, you just come off the gold standard and say, you know, it's no longer convertible. But the reason I said it's more of a decentralized structure is because

• 35:00Speaker 02

  the Dutch had the Dutch East India Company, the British had the British East India Company. And those were dissolved and many of the British wealth was transferred over to the monarchy and the shareholders. And a more decentralized structure came. And in America, you had the Federal Reserve. And it wasn't until the, I'd say, in 1980, after the 71 come off the gold standard, 73 to 75, you have the creation of the petro-dollar as a replacement for the gold standard. And then around about 1980, you had BlackRock. And this was the invention of the mortgage-backed security.

• 35:44Speaker 02

  And the mortgage-backed security was a mechanism for saying, "Right, we need to roll over this debt. We need to keep rolling over this debt. We need to keep rolling over this debt."

• 35:54Speaker 01

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• 39:14Speaker 01

  Thanks for sticking around. Let's get right back into the action.

• 39:18Speaker 01

  And just for people that don't know rollover debt, it means that we're never going to pay back the balance. We're just going to keep paying the interest payments and sell the old debt to somebody new.

• 39:29Speaker 02

  Correct, yes. The debt has to roll over. There's no concept of paying off the debt. If you want to pay off the debt, you either have to do something very radical, like the Treasury creates money and replaces the central banking system with money created by a government, which many people, I mean, the last person that did that was Hitler under fascism. And so the government prints its own money and spends it into the economy, but it's not created as debt. Whereas in the central banking system, it's all created as debt, where there's not enough interest to pay the debt. So you have to keep rolling over, roll over. The dollar is debt. And so the concept of paying off the debt means there's currently 21 trillion

• 40:12Speaker 02

  dollars in the Federal Reserve system. America has 40 trillion dollars, or the government has 40 trillion dollars of debt. There's about 15 trillion dollars of what's called Eurodollars, which is dollars created from the city of London and various other, outside the Federal Reserve system, a massive chunk of money is created through Eurodollars and different central banks. That's all the dollars in existence. So if you combine the Eurodollars plus what's known as M2 money supply, money in the Federal Reserve system, it equals approximately the government debt, about 40 trillion. If you take out 40 trillion, the entire US economy

• 40:52Speaker 02

  is no more. The value of all real estate goes down to zero. The value of all the stocks completely crash. There is no concept of paying off the debt in the current, the dollar is debt. And so the only option, the only thing is what they're doing now, which is what's called fiscal dominance. And fiscal dominance is that the government just keeps spending, keeps rolling over, keeps rolling, pumps all the value into stocks and assets. And eventually, you're kind of in this transition phase right now, where the banks, there is no liquid market like US Treasuries, where you can liquidate trillions of dollars of

• 41:33Speaker 02

  assets. So it's still the backbone of the banking system, real estate and US Treasuries, still the backbone of the banking system. But the moment they start hedging away from that, and what we saw throughout this war, is that it created more and more demand for the dollars, and more and more demand for dollars, as dollars get stronger and stronger relative to other currencies, you end up in this hyper, you know, centralizing system that we're going through right now, at the same time as pushing out this global control grid. But the reason I said that America created a more decentralized version is because this financial industrial complex was not as centralized as the previous, you know,

• 42:17Speaker 02

  central banking, a few banks, a predominantly one major company, government debt. The whole, you've got BlackRock, you've got State Street, you've got Vanguard, and they kind of divvy up the different, the different roles.

• 42:34Speaker 01

  So it's a bunch of people competing to own all the assets?

• 42:37Speaker 02

  Yes. But they've all got the same rigged game. And so if you can persuade more and more people to manage their pensions and buy their ETFs with them, then you get all the flow of capital, and you can knock people off. So what I wanted to actually say is, I like to say selection rather than conspiracy. So selection is, you create a set of incentives that ensure compliance. And if you don't comply, you don't progress. And so in the case of a business, right? So you've been through business. The normal cycle for FIC compliance in a business is you go out there and you come up with something, you go raise

• 43:19Speaker 02

  some money, your friends and family, you raise some angel investment, and then the angel investor and the friends and family want some returns. You're either going to just be paying them out of revenue or dividends or something like that. But normally, you end up in a game where you've got to keep selling the stock at higher, higher valuations. So you hit the next phase where venture capital comes along. And so you try and sell your shares to venture investors, and then venture investors come along and say, well, we want sophisticated terms, we want preference shares, we want, you know, priority on dividends, we want a board seat, and you, a bunch of executives, now work for that board. And so now you've got a shareholder structure that used to be you, now it's a bunch of other

• 44:02Speaker 02

  venture capital investors, there's a board you have to be accountable to, and then you hire an executive because they don't want to invest in a company with one person. They want like five people in case one goes rogue. And then they want their returns by you going public. So then eventually you become a fully public company. Then you have a full committee over all decisions, you have a full board, the founder becomes a minority shareholder, and the financial industrial complex says, if you comply, we'll load you up with more and more debt. You can do corporate bond issuers, issuances, you can borrow against your assets, we'll give you share options. So if the share price goes up, then you get more and more, you know, you get more and more value that you get to unlock. But effectively,

• 44:47Speaker 02

  by the end of it, you're fully subordinate to the FIC process. Now, that's not a conspiracy. That's the natural cycle of a business. But by the end of it, you're subordinate to FIC. By definition, there's very few companies that manage to keep like a block of shareholder voting rights, preference shares. And even then, they can destroy your wealth by sending the hedge funds, the derivatives market, pushing out media stories, you know, through control of media, and they can destroy your share price until you comply. And so you get lots of people that talk about these bond vigilantes and hedge funds that can

• 45:28Speaker 02

  use media to push out all the reasons why all the hedge funds should be shorting. But remember, they get to create the money as well. So they've got a rigged game in this whole process, until you're optimally subordinate to the FIC. And that is the same across everything. You want to progress your career, there has to be no conspiracy that says you go to college, you're trying to increase your wages, you end up inevitably doing it on student debt, unless you come from wealth. Then you end up supplementing your income on credit cards. Then suddenly you get a job. Once you got a job, you then want a nice house, you do that through a mortgage. Then as you progress, you're keeping up with the Joneses, you want a bigger and bigger mortgage, and you're just like this optimum product for it. Now,

• 46:12Speaker 02

  or you could be completely on the other side, where, you know, you're just moaning and whinging on social media, you're feeding the algorithms, you're completely despondent from the system, you're providing the labor, you are the product.

• 46:27Speaker 01

  Providing the labor or the data?

• 46:29Speaker 02

  Well, you have a job, and you're providing the data. So think about the half of the world that is in debt, and most of their debt is actually not to purchase assets, is to consume, is to meet, is to meet their groceries, is to meet higher energy crises, is to put gas in the tank. They're the products, and they have two purposes. One, you know, they're, they're kind of like a smaller, you know, a smaller, less profitable product for the FIC. But also, if they're moaning and whinging and providing all the data into this, this control grid, they're very useful tools for, for when you're pushing out different

• 47:13Speaker 02

  narratives in this, in the tick structure as well. It's all about incentives and selecting for compliance. Now, if you want to make it in politics, then immediately, as soon as you come in having a good idea for what you want to do for your state, and then maybe you start going at the federal level, and maybe you want to start, you know, getting higher and higher up in politics, be more impactful. Well, at the very first instance, you'll be met with financing needs. And you'll be like, right, okay, in order to market, to get my role, I need to raise this amount of money. At that point, you try and network your way into lobby circles. You're not going to be going bankrupt with your own money, you know, for politics. You're going to be, you're either going to have wealth and be influential and try and do that. But even the wealthiest of the wealthiest, all the

• 47:58Speaker 02

  politicians, they're multi-billionaires, many of them, you know, but they're not spending their own money, they're extracting, you know, they're trying to take as much as they can out of the system, because the incentive structure drives you there. And so you immediately look for a policy that you can implement to be useful to the lobby. And they say, well, why don't you try and get this through? And you think it's policy that comes from a think tank, but then inevitably there's covert financing, it comes from non-governmental organization, and at the end, it tends to be lobby financing from one of these complexes.

• 48:32Speaker 01

  That's working through an NGO.

• 48:34Speaker 02

  Yeah, I mean, there's vast NGO network. And you can have lots of different, you know, policies, competing policies to go, to go through these networks.

• 48:43Speaker 01

  All right, really fast, before we put too many things on the table, I want to make sure I understand what you're saying. So basically, the business world and the political world work in a similar fashion. There's a set of incentives, they are looking for compliance and control. They're looking for, if I'm lending you money, I basically want to make sure that you're a person who's going to do the things that I want. And so if you do, then your business career is going to keep going because you're going to be able to keep raising capital.

• 49:10Speaker 02

  Exactly.

• 49:11Speaker 01

  If you're a politician and you do the things that I like, then you're going to keep getting money for the next election cycle and you're going to have a nice, long career. But ultimately, the thing that I really want to understand, I think you've already answered it, and so we're just sort of putting the pieces together slightly out of order, but is you've got the big companies, what you're calling a more decentralized version of old empires. Companies like BlackRock, Jane Street, et cetera, et cetera. And they are trying to control companies by getting your average person paying into their pension to buy things through them, they get their board seat, they're able to then aggregate, I think you said 20,000 board seats.

• 49:51Speaker 01

  They're able to aggregate those board seats and get the cash flows of people that are just kicking money over into their 401k. They leverage that to get control over somebody like, I don't know if you're going to be comfortable with this, but like an Elon Musk, who's trying to raise unimaginable amounts of capital across multiple different companies. They've got to see, all right, does this guy play ball or not? And if he plays ball, then we're going to keep letting him grow companies and making sure that he has access to the capital that he needs. But if he doesn't, then we're going to have a problem. And he's, though he's maybe a little bit weird because some of the deals that he's structured. But your average CEO of a large company or founder of a large company

• 50:32Speaker 01

  is along the way, becoming a minority shareholder in their own company and ultimately dancing to the tune of the FIC.

• 50:40Speaker 02

  Yeah. And compliance is rewarded, and by the time you got to public company status, it's codified by law. You know, you've got fiduciary duties. You know, you can get sued if you're, if you try and go off. And Elon, Elon's a good example at the extreme. You know, if he goes too far off board, like talks about how Trump's in the Epstein files.

• 51:06Speaker 02

  Suddenly, something settles in the background and we're no longer talking about Trump being in the Epstein files.

• 51:12Speaker 01

  I think that every time they're hanging out, I'm like, hmm.

• 51:15Speaker 02

  Yeah, because, you know, this is not good for business, this is not good for shareholder value, I've got fiduciary duties. And so this is where this, the selection, not conspiracy and compliance with the network, you know, I'll, I'll give you my own example. You know, I tried to originally create a bank as a non fractional reserve bank. We couldn't get the account with the Bank of England because they said we had to build it on top of a fractional reserve bank.

• 51:43Speaker 01

  Were they able to say why? Because that, from where I'm sitting with my value system, that's like, if somebody's trying to do the right thing, why you wouldn't let them? I can't even understand what words they would say.

• 51:55Speaker 02

  Yeah, once, once you're at those levels, so there's only, in the UK, there's only five banks that have clearing accounts into the Bank of England. Everyone else has to build on top of them. And so if you want to build a financial technology company, or you want to build some kind of bank. What they said to us is, they said firstly, you've got to put 60 million as a deposit to continue the application in the Bank of England. Then.

• 52:20Speaker 01

  Why wasn't it a ratio of the amount of money, like, hey, if you put in 10 million, you can loan out five or something?

• 52:26Speaker 02

  Yeah.

• 52:26Speaker 01

  Why just 60? Were they just trying to fuck you up?

• 52:29Speaker 02

  That's just like, are you serious? You know, are you like someone that's actually going to be seriously making this application? I don't know why they picked that number, but that's what they said, we have to, that's our starting capital.

• 52:40Speaker 01

  Okay. So we didn't say you capitalized?

• 52:43Speaker 02

  Yeah, the next thing they said is, and have you created a bank before? And I said, no. And so they said, well, you need an experienced team that has created a bank. And so we actually went out and recruited, there was a US bank called Metro Bank that came over to the UK. There was previously only four clearing banks. And Metro Bank came over to the UK and the lady that actually got the license for Metro Bank in the UK, the first clearing bank in 100 years that got a license.

• 53:11Speaker 02

  We managed to recruit her onto our board, and so we said, right, we've now got someone that's, you know, actually been through this application process. And then they said, well, explain to me your business model. I said, well, we just want to, you know, charge a fee for storing people's assets. And we want to give them access to an account at the Bank of England. And so we'll have an account, they'll put our money in, but we're not levering it up, we're not doing anything with the money. If they want to invest it, then they can allocate their funds. But it is guaranteed by the Bank of England system, they have an effective account with the Bank of England. They said, well, no, you have to build that on top of one of our four clearing banks. And so they said, go, you had to build it on top of Barclays. So I was like, okay, so we get to have non fractional reserves.

• 53:56Speaker 02

  But their effective bank account is with Barclays and Barclays gets to lever up all our customer money. And so it was impossible, you can't, you can't create a non fractional reserve bank. Why? And we're seeing this right now, which is why Genius Act happened in the case of the US. Because imagine if you, so right now, there's these things called stable coins we talked about. Now, those are actually fully full reserves. It means that every time a unit of a stable coin is created, it buys in effect a treasury, you know, a unit of a treasury.

• 54:30Speaker 01

  Right.

• 54:30Speaker 02

  And so it's backed by government debt. So now, in itself, that is a monetary reform, it's similar to Abraham Lincoln saying, you know, let's issue our own greenback currency. But this is a technical, technical version issued by a tick company, you know, and is backed by government debt. So it's not quite what Abraham Lincoln did, but it's, it's a competing force. Now, if you could, the stable coin then came along, and this is why Genius Act happened and said, well, I'm going to share the yield. I receive all this government from, all this money from the government and treasuries. I'm going to share it with you and I'll pay you a daily dividend or something, or yield, daily interest on the coin.

• 55:13Speaker 02

  I mean, how many people would withdraw their money from a bank and say, I'll have some of that?

• 55:17Speaker 01

  A lot.

• 55:18Speaker 02

  Yeah, now, if you do that, you break the entire system, that's, that's called breaking the banking system. That is a run on the bank, if you can easily take your money that was created as debt and convert it to a stable coin, the whole system tumbles. And so Genius Act was effectively saying, well firstly, you can only get that if you become a bank, so apply for a banking license. And once you've got the Fed account, you know, there's, you're able to offer the yield, but there's very, very strict requirements on transfers because they can't break the whole system. So again, it's, it's all codified. And compliance with this, you know, you don't need a conspiracy when effectively

• 56:01Speaker 02

  the lobbies have put the laws which are protecting moats. We're seeing a lot of this with AI right now, right? There's, there's a call from the large AI companies, Anthropic, Dario, in order to regulate. Now, regulation is moats, again, you're, you're building the moats that protect the incumbents that already have the capital advantage that are compliant with the FIC. Anthropic is at that stage, you know? And so when you get these regulations, now it seems to everyone else like a normal thing, yeah, you'd want regulations on this. But no, it's, it's protection of moat and it's codifying the rules through covert policymaking in order to protect these, these monopolies.

• 56:45Speaker 02

  And the monopolies that get to have a share price and get access to this passive income flow and get access to the debt markets at the corporate level are the ones that comply with FIC. Otherwise, they'll regime change you and wipe out your share price. And, you know, that is, there's many executives that will tell you about naked short selling and, you know, attacks on their, on their value.

• 57:10Speaker 01

  That's it for part one, make sure you are subscribed so you do not miss part two, coming up soon.

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• 59:09Speaker 04

  Investing involves risk, performance not guaranteed. Betterment does not provide tax advice. TLH may not be suitable for all investors. Learn more at betterment.com/TLH-terms. Paid client ad, views may not be representative. See App Store and Google Play reviews. Learn more at betterment.com/ambassadors.