Fake $30 Billion Fraud Found Guilty! - Patrick Bet David On FTX Collapse & Upcoming Market Crash

Tom Bilyeu's Impact Theory

Impact Theory

Business, News Commentary, News

4.7 • 5.2K Ratings

🗓️ 6 November 2023

⏱️ 126 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, we dive straight into the recent FTX verdict that is sending major ripples though the financial world with the announcement of a potential 100+ year sentence on the horizon. Patrick Bet-David, founder, creator mentor and highly successful serial entrepreneur joins me to explore the concept that only the paranoid survive. This isn't about living in fear, but rather about being alert, aware, and ready for any curveball life might throw our way. It's about realizing that paranoia can be a powerful tool in taking precautionary measures to safeguard your future. The FTX case is a stark reminder of the importance of vigilance and the critical need to stay informed. This episode is not just about facing the hard truths, but also about developing resilience and adaptability. It's about equipping you with the tools and mindset necessary to navigate the turbulent waters ahead. So buckle up for an enlightening journey into the realities of success and economic landscape. Check out Patrick’s book, Choose Your Enemies Wisely: https://www.amazon.com/Choose-Your-Enemies-Wisely-Audacious/dp/0593712846 Follow Patrick Bet-David Website: https://www.patrickbetdavid.com/ Twitter: https://twitter.com/patrickbetdavid Instagram:https://www.instagram.com/patrickbetdavid/ Follow Me, Tom Bilyeu: Website: https://impacttheoryuniversity.com/ Twitter: https://twitter.com/TomBilyeu Instagram: https://www.instagram.com/tombilyeu/ SPONSORS: Get 5 free AG1 Travel Packs and a FREE 1 year supply of Vitamin D with your first purchase at https://bit.ly/AG1Impact. Right now, Kajabi is offering a 30-day free trial to start your own business if you go to https://bit.ly/Kajabi-Impact. Head to www.insidetracker.com and use code “IMPACTTHEORY” to get 20% off! Learn a new language and get 55% off at https://bit.ly/BabbelImpact. Try NordVPN risk-free with a 30-day money-back guarantee by going to https://bit.ly/NordVPNImpact Give online therapy a try at https://bit.ly/BetterhelpImpact and get on your way to being your best self. Go to https://bit.ly/PlungeImpact and use code IMPACT to get $150 off your incredible cold plunge tub today. ***Are You Ready for EXTRA Impact?*** If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you. Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness. This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day. * New episodes delivered ad-free * Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more * Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list * You’ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more: *Legendary Mindset: Mindset & Self-Improvement *Money Mindset: Business & Finance *Relationship Theory: Relationships *Health Theory: Mental & Physical Health *Power Ups: Weekly Doses of Short Motivational Quotes *****Subscribe on Apple Podcasts: https://apple.co/3PCvJaz***** Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If you want to be successful, you've got to be paranoid.
0:04.0	Think about the fraud verdict that was just handed down in the FTX case.
0:08.0	A lot of paranoia during the due diligence process would have gone a long way.
0:14.0	Also, there are just so many warning signs in the economy right now that people really need to be paranoid about what comes next.
0:21.1	Right now, 86% of executives believe a recession is coming.
0:25.7	Seven stocks alone account for 28% of the S&P 500.
0:30.2	Debt has reached just absolutely dizzying heights.
0:33.3	And here to discuss all of this and more and what you should do about it is Patrick Bet David.
0:41.5	FTX, Sam Bankman-Free just gets convicted on all seven counts. Absolute madness, uh, obviously
0:49.0	fraud at the deepest level. As I look at what's happening, it feels like yet another one of these pieces
0:56.4	of instability on an economic chessboard right now that is all over the map with a whole
1:03.6	lot of things going on. I'm curious to get your take, not only on FTX, but how you think
1:09.6	this ultimately fits into a landscape that feels very unsustainable with the amount of debt and printing that we have going on right now.
1:18.3	So one, that's great news as accountability.
1:21.3	As long as accountability is being done, that's good.
1:23.9	This guy stole $8 billion on people's money.
1:26.3	We're not talking $8 million or 80 million dollars eight billion dollars and he was
1:31.9	practically buying politicians what he was doing left and right second biggest
1:37.1	donor behind uh George Soros George Soros gave I don't know what his number was but
1:42.6	this guy was in a 29 million range is what he was.
1:45.0	He one time offered Trump, how much do I have to give you to not run? I don't know if you're aware of this or not. I did hear that, yeah. And Trump jokingly said a billion dollars. He said, I would give you money for you not to run. Think about what he wanted to do behind closures. behind closures. He literally looked at everybody as a pawn as a way to move them. So the guy getting 100 years, we're going to see
2:05.6	obviously what happens when this thing ends. But did you, did you ever see the paper that
	...

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