Ancient Roman architects were required by law to stand beneath their monolithic arches when the scaffolding was removed, often with their families.

This deadly disincentive to mal-performance worked wonders, as some of the oldest arches constructed in this way are still standing at over 2,000 years of age.

So what if central bankers were subjected to the devastation they inflict on economies should their decision-making not work out.

Perhaps the world would still be on a gold standard, and the dire need for Bitcoin today would be

drastically lessened. Without skin in the game, your interests are inherently conflicted,

and you suffer from an agency problem anytime you're managing other people's money, and this

includes central bankers. And this is why most asset allocators prefer to invest in hedge fund managers that have a substantial amounts of their own

net worth tied up in their funds because that is skin in the game and it's also why central

planning always causes moral hazard because the overlords are not exposed to the depravity they

inflict on their people fiat currency is a pyramid scheme with central banks at the top who hold the only real money

today, which is gold, that generate profits by making loans to successive layers of banks below

them, with each layer profiting from the loans it makes to the subsequent layers of banks

below them.

So the people at the top make the most.

The people under them make the second most. The people under them make the second most.

The people under them make the third most, etc. Yeah, and the people using the currency at the bottom of the scheme get stuck holding the bag, so to speak. And those are the everyday citizens in the bottom 50%. Everyone using fiat currency. It's a leverage-based business that requires steadily more debt accumulation to remain functional. And it inevitably breaks down when the debt load becomes unserviceable,

which I would argue is happening in the world today.

I have found the second person that makes an incredible argument, and he happens to be sitting here with me.

So thanks so much for coming to New York and doing this.

Thanks, Pomp. Appreciate you having me.

Are you ready?

I'm ready.

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