So we can't let the collateral fall. Once you understand that, you understand what they discovered in 2008 is when you print money, you lower the denominator and the price of collateral goes up.

China led the way— was a massive explosion in solar. So China produced more solar last year than all of the rest of the world's entire existing solar stock added together. And that's just going hyper-vertical.

look at sports teams. Just keep going like this in price, outpacing the rate of debasement... Because they're human experiences.

I don't think recessions are possible anymore. So my thesis is there's no recessions, but we'd have a huge slowdown.

That is really disruptive for everybody from Fidelity through to every hedge fund in the world. So that's all going to change.

they don't want to use the, the central bank balance sheet as much if they can avoid it... You're better off to run it through the banking system and let them provide the liquidity because then it goes via lending.

let's go to that software stocks thing. I think it's a false narrative. And the reason being is it's exactly the same chart of Bitcoin. So why would that be? Bitcoin going to get disrupted by AI?

I woke up one morning, I thought, fuck, the TAM of everything has gone to infinity... there's 8.5 billion humans. But there's gonna be 8.5 billion AI agents. Maybe doing microtransactions.

all data becomes a token. We're going to have vast token marketplaces because the agents will need data... that's another gigantic marketplace we don't even think about