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Truth with Vivek Ramaswamy

The Dark Side of Crypto with Lee Reiners

Truth with Vivek Ramaswamy

Vivek Ramaswamy

Business, News, Government

4.71.2K Ratings

🗓️ 2 May 2023

⏱️ 48 minutes

🧾️ Download transcript

Summary

In this episode of The Vivek Show, host Vivek Ramaswamy and guest Lee Reiners, a Duke University lecturer and financial regulation expert, discuss the aftermath of the 2008 financial crisis and its impact on American capitalism. They delve into the world of cryptocurrency, exploring its origins, security vulnerabilities, and philosophical implications. From the role of intermediaries to North Korea's use of cryptocurrency to fund its ballistic missile program, this conversation provides valuable insights into the complexities of the crypto ecosystem and the future of the financial system.-- Donate here: https://t.co/PE1rfuVBmb For more content follow me here: Twitter - @VivekGRamaswamy Instagram - @vivekgramaswamy Facebook - http://facebook.com/VivekGRamaswamy Truth Social - @VivekRamaswamy Rumble - @VivekRamaswamy --Time-codes: 00:00:25 - Negative impact of 2008 financial crisis on American capitalism 00:01:47 - Learning from past crises to prevent long-term damage 00:03:30 - Introduction of guest Lee Reiners and his background 00:06:58 - The polarizing nature of cryptocurrency 00:07:57 - Students becoming crypto regulatory experts 00:08:36 - Cryptocurrency failing as a store of value 00:10:35 - Blockchain technology as the backbone of cryptocurrencies 00:11:20 - Crypto as a peer-to-peer payment system 00:11:47 - Why people prefer intermediaries in crypto transactions 00:14:27 - Security vulnerabilities of cryptocurrency 00:15:33 - North Korea's exploitation of crypto vulnerabilities 00:16:14 - Cryptocurrency funding North Korea's ballistic missile program 00:18:18 - Complexities of regulating crypto exchanges 00:20:54 - Philosophical debate on property rights in cryptocurrencies 00:22:07 - The high-profile 2016 DAO hack on Ethereum blockchain Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

So one of the remarkable things after the 2008 financial crisis was the supposed restoration of the financial system that we created in its aftermath

0:18.9

actually just created and sewed the seeds for even worse in the future, not in the form of financial crises,

0:25.8

but in the form of financial policies that permanently I would say gutted, or at least since then,

0:31.1

ever since then, have gutted the essence of American capitalism itself.

0:35.6

The first thing we did was we ushered in an era of easy money in this country, money

0:40.4

raining from on high like Manna from heaven from the Federal Reserve that was supposedly a short-term stopgap measure to pump liquidity into the markets on the back of the

0:50.3

08 crisis in the middle of that year became Q-E-1 and then Q-E-2 and then operation God-know-what that

0:57.5

actually continues year after year to create what really was a culture in this country that disincentivized work that resulted in a

1:07.4

maldistribution of wealth. You don't get trickle down economics from Ronald Reagan's

1:11.6

era when economic growth is really just driven by

1:14.3

artificial paper being printed from the top, only planting the seeds for possibly the next financial

1:19.1

crisis, which as we have this conversation today, maybe in the early stages of unfolding,

1:25.2

in part because of self-inflicted behavior

1:27.4

from the Federal Reserve

1:28.3

on the back of the 2008 financial crisis.

1:30.7

You saw the rise of the ESG movement, the politicization of capital markets, a sort of dowry that was paid for the arranged marriage between big business and government as effectively a price, a delayed price for the 2008 bailouts on the back of the

1:45.2

08 financial crisis.

1:46.4

So what do we learn?

1:47.8

We learn that these crises are occasions to actually plant the seeds for quite possibly far more damage done over a longer period of time that follows,

1:58.0

but as a justification for a response to that crisis. So let's learn that lesson now as we enter the modern banking instability

2:07.5

that we appear to be entering right now. What are we going to see on the back of potential bank failures in the United States of

2:14.5

brokered marriages between large banks absorbing small ones? We're having this conversation

...

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