A duck and theyll stop throwing bread comes at you and heres the video clip this is the key thing to understand and to never forget wall street was this close to selling you. We work out a 50000000000. 00 they were ready to go they were locked and loaded the road shows planned everything fell apart at the last minute and now there are headlines out of them and might step down as c. E. O. Theyll be called chairmen and theyre going to clean things up but theyre going to try to do what oprah did a year before it went public but the point is not that the point is that we works underwriters wall street banks with Wealth Management divisions were this close to selling it to you at a 50000000000. 00 valuation and now we dont know if it will even get 10000000000. 00 we dont know if itll even get an i. P. O. It all remains to be seen. They have to i. P. O. Will default on a whole bunch of debt so i. Think so in the hope that theyll find a way to get it done but this is the part you should never forget they were ready to go right and it was laid on the writer j. P. Morgan of course you know because the 2008 crash because of the 987 crash because the dot com crash all these different regional brokerages all got consolidated and taken over and theres only like one or 2 left and one of them is thinking jamie dimon the tapeworm of wall street the parasite and he almost took this bag of garbage this colossal multi 1000000000. 00 bedded fecal matter public put it into the pension accounts in the iras and the brokerage accounts of people all over america for a quick buck as he always does josh brown is correct to point this out and as he points out it came very close to happening but lets not forget that right now things are happening and they have not been stopped the whole repo scandal is ongoing the whole d negative Interest Rates are the same as we work in the federal in the bond market these things are happening or experiencing a breakdown in markets all over the world so what we have dodge one bullet call the we work and i. P. O. But were getting gunned down and i have a financial bullets from financial bad guys shooting at us with impunity and very well put you know back shooting at us with impunity for the new major Motion Picture ill be starring in by the photographer of this show i forget this thing but i dont like those magic tricks like i do. Yes patrick is a great film. So you know what the repo market is yes its continuing its going to worse the situation is getting worse thats where were going to have to fly back to the east coast to deal with that because i want to turn next to another article this is a Business Insider we doesnt work on the deposing of its c. E. O. I wrote in Business Insider not about adam newman salacious and. But about the prank that is we works Business Model itself and how it has adversely skewed the Office Markets in new york and london i dont really care so much about the commercial Real Estate Market he goes into any talks about how its going to impact that because of that because of the fact that we work as weve covered is the largest tenant in new york and london so i want to look at the part that is relevant to the Monetary System and what weve been talking about because the long term liabilities of course in the last episode we were talking about the fact that the banks in europe as j. P. Morgan pointed out in their report the banks in europe are unable to make money anymore because the business of banking is very simple they borrow short and lend long so they can always match their liabilities and their risk theyre meant able to manage their risk until negative Interest Rates here we have a system whereby this company has 34000000000. 00 in long term liabilities a rent they owe for the next 15 years and short term income streams these are temporary like offices and theyre relying on this this is like a no go this is that what youre taught in Business School not to do this is like a disaster zone but because time no longer has value because of negative Interest Rates because of this machine gun sort of situation youre talking about fraud everywhere this is the new Business Model and also on top of this hes in the sector with actual real sharks like king ping of the commercial real estate sector so the very landlords who actually own the space from which we work is plying its wares can set up and are setting up their own lemonade stands as he calls them in the form of short term flexible occupancy coworking spaces copious support services and tie ins so we work is renting from huge commercial landlords in new york and theyre renting a floor 2 or 3 floors in the building and then the same course the Real Estate Agents are saying wait were going to do the same model we own the building and were just going to do like. Were going to offer a short term lets just well its remarkable predatory behavior within a predatory nation within a predatory company that was going public thanks to a Predatory Bank j. P. Morgan so its a parasite rather than a predator or wrapped in a neural disease and diarrhea pretty much is how you would sum this up and. Remarkable to the point you just mentioned theres only one cardinal sin you can make in business. If you just fill it down to its essence and that would be to have your long term liabilities and in such a way a mismatch and this is taking that cardinal sin and packaging it as their value added so it would be like satan going public on the New York Stock Exchange and guaranteeing eternal damnation for everyone and everyone applauding this and giving him 56000000000000. 00 valuation we work is kind of trying to pitch themselves as that of commercial real estate sector of the office space sector so the problem is that this form of is one that has guaranteed all its drivers pay at least multiple fleets of cars for the next decade in a half and then some long term liabilities against short term income streams would make no more sense of that right hail industry than they do to the commercial real estate even less so for the latter as real say its far more expensive and rigid a commodity than cars and yet people landlords can provide a small fraction of their inventory for coworking shore occupancy without carrying their Business Model in risk for we work apparently under taking risk is the Business Model risk as a service has a risk as a service because it all just talk about a company and say well they lose money on every unit they sell but they make it up on volume ha ha ha thats impossible if youre losing money on every unit but here you have taken that idea in a world where Interest Rates are negative remember youve gone through the looking. So i getting a guaranteed loss in obama seen as an asset thats worth buying and and engendering a premium so the Us Government bonds that are guaranteed losers are trading at a premium to their face value so a company that takes losses as a service thats guaranteeing a wipe out in your in your account is now supposedly trading at a valuation as an i. P. O. Its arrive all of the biggest corporations in America Josh Brown over there were every is now going to be saying i think you know he put out this viral video and he you know it is it is a lunacy but its not an isolated case its within the system as weve been reporting for years that takes lunacy as a service we see as a service risk as a service of course the fed the other Central Banks around the world what theyve been trying to induce is more risk taking so course it would be natural that within this paradigm post 2008 we now have risk as a Service Business is popping up because this is what theyre trying to sell. And youve already talked about that how you know options trading in the volatility former allowed the separation of risk and reward so they get to dump all the risk on everybody else and the wall street gets to keep the reward now of course jamie dimon and j. P. Morgan by the way here they were going to sell their investors this turkey which was valued at 50000000000 now its down at 10000000000 in my not even be able to i. P. O. So we dont even know if its worth anything right he of course has called big point a fraud and got caught not only with their Precious Metals manipulation but now this china this is as bad as any ice you know that ever happened in this space right hes been caught dozens of times committing fraud and hes paid hundreds of billions in fines yet and thats called moral hazard because marilee you would go to jail for that but he pays a fine and so he interprets that as a green light to commit more fraud famously in congress when he was pointed out. To him by congressman mr diamond youve committed a crime any you know smile and look at them and so will find me right because i told her under obama crimes are not prosecutor in america youre committing a Financial Crime with a lot of money youre considered a hero if you introduce a negative Interest Rate considered a god if youre trying to take a sack of garbage public j. P. Morgan youre considered an immoral. Unfortunately its going to lead to a dire and. The Financial System now i want to turn to ed harris and he tweeted this story from the Financial Times and again so they were going to dump we work on to 50000000000. 00 valuation with this company with a Business Model that makes no sense at all and these wall street guys knew it had a Business Model that they know because its fundamentally unsound they know that this is what they teach you in all Business Schools when when banks used to actually do some lending to businesses j. P. Morgan would have never aligned to anybody with this Business Model right insider stock sales rise to decade high in the u. S. Executives across the u. S. Are shedding stock in their own companies at the fastest pace in 2 decades amid concerns. That the long bull market in equities is reaching its final stages so the highest 2 decades in writer sales of their stock. Sales are recorded every quarter by Services Made public how insiders are c. E. O. s the. People who run the companies that theyre selling their own stock and so we can see this record stock price on the dow jones and if the people the people who actually run these companies are dumping their dumping as fast as they can and that obviously is not a good sign and usually is a precursor to an event of some type of crash. They have very big doubts in the stock market and i want to turn to one other crazy story kind of like in the we work thing because after we work the next highest valued unicorn was jewel j u u l which was this beeping company you know theyre being sued left right and center the federal regulators actually saying like dont they that this might kill you. The day it plowed 13000000000. 00 into super unicorn jewel jewel a San Francisco start up dominates the east Cigarette Market in the u. S. It research in point 6000000000. 00 during its fund raising round of this amount 12800000000. 00 was invested by cigarette giant algeria last december in return for a 35 percent equity stake the deal gave jewel a valuation of 38000000000. 00. Going well for them which it couldnt have happened to Better Company right already like kill millions of people around the world with their Business Model like speaking of a bad Business Model like like half your customers die right in the cigarette making business so then they got into another business where theyre going to like kill those who didnt die from the last of cancer as a service yeah and you know tray of course is the rebranding of fillmore you know bill morris the Cigarette Company but after it was determined they were selling cancer they decided we need the rebranding and so they became about 3 and then they decided oh you know theres a new way to get cancer its called baby thing lets put billions of dollars into that oh wait a minute maybe theres going to be a markdown wow well now weve got to take a break and when we come back im going to be continuing dont go away. So many years ago this week china started down the path of communist rule over the past few decades china has emerged or rather really emerged as a leading world power. Rivaling the u. S. Communist party can rightly claim a string of stunning successes but challenges remain whats next for chinas extraordinary revolution. Ambani and by north korea and so many people because they call freedom is so good that even such a bad copy is sending. Im not killed to kill anybody. On the field to find the next guy. Who looked up live on canyoning being done the in feltham phaedra god she even dumped the attempt. To deflect some of the seo flavor of the depiction of what is happening to say. That is the god that night i got off the mini answer. That he and others are going to going to hear a lot about that. That you can bank on you probably get nothing like a. Long long while running you know as along the bottom theres a bonus which i live on controlled not only. Handle one new person and they are knee move 100 gandhi the new normal gunned. Down the phrase christ being needed to go to you then go to mock you then damon join you. Welcome back to the report im. Been hearing about it. Basically to figure out the best way. To do it. With. The knowledge that theyre going to. Feature. People. People. Actually. Indoctrinate can give them a little bit of. Minimum maximum 5 years in the 1st year we give you know. Basically teach. People that. We know for sure. Theyre going to have a really good shot at understanding what about. The yeah i mean its a combination of a couple things i was given. January 24th and i was super busy working on. At the time and it just didnt take. I was trying to drag my parents. Trying to get my dad to. March of this year. It would have been given him but i didnt want to trade it for. So how can i. Give to his audience. Because he felt that. The government. Work with. The advisors. Great. Of course the big. So what do they have in common this group of. Helping out making connections and. Yeah i think i think its important to make. We think of it like a scale. And i think what that means is you need to make sure that it sort of. People as they like but its actually kind of a rocky road to get into it because its still a mess in technology so the business itself tell me a little bit about that because it is a business sure its a for profit business absolutely so how does that work for you guys in the how do you scale it what you like and i mean really were just taking transaction fees on the way and so we as im sure is right in line with the way you think about things we dont let people give their own bitcoins we want everybody to hold their bitcoins out of them so you can only liquidate for a beautiful orange point and put that in your friends account another really important aspect of the business and we suspect this will be a big use cases you can actually sign up to get the client so if you want to sort of you know go fund yourself for your birthday or a wedding or christmas or whatever you can sign up and then tell your friends that you want to get the coin for president thats a cool marketing line will fund or sell also for imagine baby showers you know you may be coming along and 18 years youve got that big expense everyone is freaking out about it you can set this up and hopefully some of that funding will be offset by. Absolutely yeah were really excited to have the bitcoin rabbi involved because we think well do a lot with bar and bottom its because we love that 5 year window between turning 30 and then being an adult and having a bunch of bitcoin waiting for you i say this often that you dont change because pickling changes you absolutely and so that means you well. A rallying cry for us and a phrase we use a lot is basically the gift of bitcoin giving the gift of bitcoin not just big clients and were actually in the early process of writing a book called the gift of bitcoin which is going to be a collection of stories from people around the world about how bitcoin actually changed them for the better or made them think about things more of a low time preference way and improve their lives you know ive been thinking about Different Things like the way that the foundation in. Bangladesh forget the name exactly but they made micro payments of bell ball for. Are. Women and they really transformed the green bank. And this was using finance and capitalism in a new innovative way and to make these micro loans and its also cycled i think the name is people are giving. Small amounts to small producers in different regions of the world and so money in capitalism is being transformed before our eyes in the case of her main interesting lee enough they kind of ran up against the establishment the big banks came in and they started to raise the rates and it became more predatory and so its big wayne curious what your thoughts are on this because the same that rather states now where its doing battle with the big guys now futures contracts derivatives theres some concern that the price will be manipulated that theyve seen Precious Metals you know after years of reporting that j. P. Morgan manipulate the price of gold and silver and having them denied having regulators deny even though the irrefutable proof was. Right in front of their nose and finally came out that its fact they have been manipulating the market and we know why they manipulate those markets so in the case of big oil were only on that curve we had a we just entering now the bigger battlefield we prepared for that battlefield. Well you know im im a finance m. B. A. From university of chicago whos been in startups and i you know when i decided last august to spend my career going forward. The 1st thing i thought about was how do you get institutions involved and i spent last fall trying to work on getting a closed end fund listed for the g. S. Could get in and i basically was just completely uninspired by that and i think the reason why is because i just didnt think that that would move the dial nearly as much as getting millions of individual humans involved getting like you know one percent of some portfolio that somebody manages for somebody else like. Not invest they have no soul in the game theyre right as i saw a friend over at morgan creek capital of palm so we know very well they have that message get off one percent. You know just get the institutions just begin that path and thats thats what theyve taken as their way to move the ball forward youre saying you look at that and decided maybe instead of getting one billionaire to own a couple of bitcoin im going to get a 1000000000 people on a fraction of a big climb yeah well i think they in particular are actually more aligned than you would think just because their network has always been a lot of Family Offices theyre not usually going to try to make good blackstone into big its much more likely that its going to be on a road show with a lot of Family Offices so its kind of just like the high end of what im talking about. And you know obviously pop spends a lot of time talking to hundreds of thousands of people with this podcast and things like that right youre going to be saying right exactly and talking the language of the n. B. C. I mean i dont mean to digress into talking about it completely so youre not going to completely suffer. But it was you guys are here and youre part of the ecosystem are stronger because it is just stronger. Based on absolute numbers of people that care about that point its more decentralized its more powerful and you know there are fewer choke points and theres fewer opportunity for you know regulatory interference or Government Action or whatever the case may be we just you know we want more miners and more full nodes and more people doing self sovereignty and we want more people owning decore and however we can get them down because it takes a service like this artists National Service they do share a common need for custodial service right right so it springs and in the Opening Statements by malcolm to mirrors she was talking about kind of a loss of innocence in the industry moving away from the cypherpunk era to what you call the eternal september and there are. Kind of turning this whole thing into a plain vanilla commodity boring instrument if i can summarize it in that way. What do you think about this idea where having a big client custodial services is not necessarily a great match with that cypherpunk thought process you know cypherpunk being like Everyone Needs to be going to burn everything down and were going to encrypt everything and everyone can go to hell you know to study all services are like we want to be part of the big the big club how do you reconcile but i think its symbolic i think that quinn is way more powerful when there are enough people that are doing a totally private self sovereign totally fine with picking up stakes and moving to another jurisdiction and fighting this fight till the bitter end but obviously number goes up when a lot of people even if its custodial at coinbase or wherever crack and holding onto a number goes up price goes up it is as someone once described it cloying a Movement Toward universal acceptance of hard money and peace this as a get rich scheme yes. It is so that is rising price so weve been trying for decades now to look at rising price equals good like in the case of the we work i. P. O. Even though its complete garbage the fact that the price went up for 3 years on the Venture Capital markets again its a good so thats our mindset thats our lizard brain thats right somethings going hacks that lizard brain and says keep looking at the price going up but by the way were going to turn you into self sovereign individual whos doing battle with the centralised nefarious warmongers am i just putting words into your mouth. Your words but i agree with you i think i think recruits recruits and creates passionate individuals you know as effectively as anything that ive ever seen got a cover up that you go and thank you thats been the company is give thanks they have guys report it to mexico thats going to do it for this definitely has a part they mac address they have and i think i guess one only couric less than if they want to reach us on twitter. Guys report archives report dot com lxi bio. In 2040 you know bloody revolution of you tube clips of the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it still or here i mean you are liz put video through me in the new bill is that i mean you split needle the former ukrainian president recalls the events of 24. Of those who took part in this today over 5000000000 dollars to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. Politicians to do something to. Put themselves on the line to get accepted or rejected. So when you want to be president im sure. Some people want to. Have to go right to be precise its like the full story of the whole cant be good that im interested always in the waters about how. Things should all. Round up with a lot of that comes out of the cold war you get out of the set up one among what i would. Find out from 80 way to high is not the high i my staff and i mean. Some of the said on months when. I dont sense on. Some thought it was almost an image a lot of the. And then some when we did aboard. A huge beijing protest in hong kong turns ugly with live rounds fired by police and demonstrators throwing acid at offices. Going to join to us president ial hopeful joe bidens team demands News Networks stop giving out time to Donald Trumps lure. Of spreading lies about the former Vice President so we asked new yorkers if Rudy Giuliani should be banned from the t. V. Giuliani should be able to