Dr. Jeff Ross: Bitcoin Is the Separation of Money and State x.lingyaoai.com/i/broadcasts/1RJZzBmvo…

Regular gas at $7.19 a gallon. That's the cash price. @q_liketheletter drove past this station and assumed the photos online were a glitch. AAA says September was the most expensive September at the pump on record: $4.33 nationally. Jeff's (@FormerDrJeff ) first answer on the war is the right one: "basically all war is terrible." His second is the one that gets missed. Allies who import fuel pay in dollars, and to raise dollars they sell Treasuries. That includes Japan, America's largest foreign creditor. A war gets paid for twice. Once at the pump, and again in the money printed to keep it going. Bitcoin can't be printed for anyone's war.

Your dollars can be used to pay off the government's debt. Your bitcoin can't. This week the President told TIME: "certain levels of inflation will also pay off that debt very rapidly. Very rapidly." He's right about the arithmetic. Inflation doesn't pay a debt. It moves the bill. Every dollar Washington owes gets cheaper to repay because every dollar you hold buys less. Nobody votes on it and nobody sends you an invoice. The day the 2008 bank bailout became law, Treasury's own ledger showed $10.19 trillion of public debt. On Wednesday it showed $40.17 trillion. Both parties built that number. Mises called inflation a policy, not an accident. This week it was described as one, out loud. A money with a fixed supply can't be quietly volunteered to pay the tab.

Who (or what) finally convenced you to buy your first sats?

This morning we posted the 2008 law that let Treasury buy up to $700 billion of banks' bad assets. Dr. Jeff Ross (@FormerDrJeff) thinks the next one is already being set up, and it isn't for banks: "The government in the United States is setting the AI industry up as too big to fail. And when I say the government, of course, I mean, we, the people." A backstop is a bill that gets written before the crisis does. It's paid in new dollars, which means it's paid by everyone holding the old ones. Bitcoin is the one thing on your balance sheet a rescue can't dilute. Full conversation pinned to our page

Bitcoin has a birth certificate, and it's a bailout. Eighteen years ago today, on October 3, 2008, Public Law 110-343 gave the Treasury Secretary authority to buy up to $700 billion of troubled assets from banks, "on such terms and conditions as are determined by the Secretary." That's the clause. Not Congress. Not you. The Secretary. The House had voted it down four days earlier. It passed anyway, and your taxes stood behind it. 28 days later, Satoshi published the white paper. 92 days later, block 0 locked a newspaper headline into the chain forever: "Chancellor on brink of second bailout for banks." The rescues never really stopped. They just stopped making headlines. Bitcoin is the money whose terms no Secretary gets to determine.

A new NBER paper found that when World Bank aid lands, new bitcoin wallets light up. Two to six cents of every aid dollar. The crowd's conclusion: bitcoin is how they steal aid. Except the World Bank's own researchers found the same pattern back in 2020, in offshore bank accounts in places like Zurich. Around 7.5% of aid to the most aid-dependent countries. The thieves didn't change. The vault did. And this vault keeps a public receipt. The line nobody's quoting is from the paper itself: "Capture carries no funding penalty." The sectors where they caught it still got half of the next round of World Bank money. The leak isn't the scandal. The refill is.

UK YouTuber Mark Tilbury put £10,000 into NatWest. The next day he asked for it back. NatWest's own rules: "ideally" 24 hours' notice for £5,000 or more. Over £20,000, three business days, "or we'll have to decline your withdrawal." And even with notice, "we may need your answers before we can authorise your withdrawal." Your withdrawal. Their authorisation. That's not a glitch. Under English law since Foley v Hill in 1848, the moment you deposit cash it becomes the bank's money. You're left holding an IOU. Bitcoin in your own wallet has nobody to ask.

The first time @thekylehuber spent bitcoin, he paid more in fees than he did for the tacos. Since then he's spent it in circular economies on four continents this year: Kenya, Indonesia, Prague and Colombia. That includes Kibera in Nairobi, one of the biggest slums in the world, where bitcoin is a daily tool, not a tourist thing. His argument: HODL got us here. Now it's holding us back. The Deep Dive is premiering right now.

HODL Got Us Here, Now It's Holding Us Back w/ Kyle Huber x.lingyaoai.com/i/broadcasts/1dGYlaAwo…

Glenn Beck on Canada's big six banks: "Any rule that can say go can also say stop." He's right. Here's what the banks actually announced. On Sept 22, RBC, TD, BMO, Scotiabank, CIBC and National Bank unveiled a shared tokenized deposit system for "programmable payments." Twelve days earlier, OSFI said a tokenized deposit is "not legally distinct" from a regular one. Same deposit. Same bank. Now the rules ride along with it. And in January, the Federal Court of Appeal confirmed the 2022 Emergencies Act order, the one that had banks freezing accounts, violated the Charter. Programmable money is only as free as whoever writes the program. Bitcoin's rules were written in 2009. Nobody gets to add one to your coins.

Hmmm. Let's see... @grok Create a pie chart of what our X content consists of, but deliver it in the form of a video of a cabaret dance staring our CEO @adamobrien and make the pie chart in the video using our company's branding colors and style.

Judy Shelton, a longtime sound-money economist, just joined the Treasury as Counselor to the Secretary. Her big idea, from a column last October: a U.S. Treasury bond you can convert to gold when it matures. Not the whole national debt backed by gold. One bond that pays in metal, so the dollar finally has a benchmark nobody can inflate away. It's a good instinct. It's also been tried. During World War I, the Treasury sold Liberty Bonds that promised repayment in gold coin. In April 1933, Americans were ordered to turn in their gold. That June, Congress voided every gold clause in the country, including the ones on its own bonds. The next year, gold was repriced from $20.67 to $35. Then in 1971, the dollar's last link to gold was suspended. "Temporarily." Now why would we trust the government to keep any of these promises? Well, we shouldn't. Which is why we just keep stacking bitcoin.

Whitney Webb (@_whitneywebb) is right that a stablecoin can be frozen just like a CBDC. Now the Senate wants to make it tax-free to spend. Under Sen. Daines's new crypto tax bill, buy a coffee with a dollar stablecoin from a list Treasury keeps: no gain, no loss. Buy the same coffee with bitcoin: still a taxable sale. The tax break goes to the money its issuer must be able to freeze. The money nobody can freeze keeps the paperwork. Washington doesn't have to ban what it can't control. It just has to make spending the money you actually hold cost more. (shout out to @tragedyandhope for this clip)

Robinhood just announced weekend stock trading. Coming early next year. Bitcoin has traded every weekend since January 2009.

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