Who polices the police? – The Fifth Estate

In Policing the police, we examine the aftermath of a shooting in a small Ontario town after one police officer shot another. In a surprising twist, the officer who was shot was the one charged with assault. The Fifth Estate takes a closer look at the Niagara police officer’s past and the system that allows officers disciplined for misconduct to stay on the job. The documentary comes at a defining moment in our history when people are publicly protesting and demanding a better way of policing the police.

Police Axe Through Door Of Indigenous Leaders As NDP Enable It

Footage has been released of the RCMP breaking through the door of a pipeline blockade, arresting journalists and Indigenous leaders who were simply defending their land against the construction of the Coastal GasLink Pipeline.

Previous video with more details on the pipeline itself: https://youtu.be/jFISKy_azBc

2 Canadian Journalists Arrested at Indigenous Protest Are Freed on Bail

Journalist groups denounced the arrest of a photographer and a filmmaker covering an Indigenous pipeline protest in British Columbia.

OTTAWA — Two journalists arrested at an Indigenous protest against a pipeline last week in western Canada were released Monday on bail, but journalism groups in the country condemned the decision to continue with contempt charges against them.

Amber Bracken, who is a photographer, and a filmmaker, Michael Toledano, were arrested Friday as they covered a protest by Indigenous Canadians against construction of a natural gas pipeline.

Heavily armed members of the Royal Canadian Mounted Police took them into custody along with 13 protesters, accusing them of violating an injunction granted to the company constructing the pipeline through a remote region of British Columbia to a ship terminal being developed by several large energy companies, including Shell, Petronas and PetroChina.

The arrests followed two recent court decisions that upheld the rights of journalists to work unimpeded at protests, particularly ones involving Indigenous people.

“I’m cognizant that the charges have not been dropped, and so, in that way, I think it’s still very much fasten your seatbelts,” said Brent Jolly, president of the Canadian Association of Journalists. “This ultimately has an effect on chilling media freedoms.”

David F. Sutherland, Ms. Bracken’s lawyer, said that while she had agreed as a condition of bail to follow the long list of rules laid out in the injunction meant to prevent actively obstructing construction, the photographer will not have to stay out of the exclusion zone set up by police, allowing her to continue her work.

Mr. Sutherland said the submission to the court from the police made at the request of the pipeline company does not demonstrate that she violated the injunction. Nevertheless, she must appear again at a hearing on contempt of court charges on Feb. 14.

There’s no allegation at all against Amber Bracken which would indicate a breach of the injunction,” Mr. Sutherland said. “We absolutely categorically deny any breach.”

Mr. Toledano’s lawyer did not respond to a request for comment, but Mr. Sutherland said that he had been released on the same terms.

Ms. Bracken, a freelance photographer, was on assignment for The Narwhal, an online magazine based in Toronto. Last year, she was recognized by the Canadian Association of Journalists with an award for pushing back at earlier attempts by the police to exclude journalists from reporting on demonstrations against the same pipeline. She reported on that dispute for The New York Times, among other publications.

Mr. Tolendano was at the site to make a documentary for some of the Wet’suwet’en First Nation who have established a checkpoint to keep pipeline workers off the disputed land.

The exact circumstances of the arrests remained unclear.

In a statement, the British Columbia division of the Mounted Police said that on a forest road near a drilling site for the pipeline, officers had found “obstructions, blockades, two building-like structures as well as a wood pile that was on fire.”

After the people inside the buildings were told to come out or face arrest, “officers broke through the doors, entered the structures and arrests were made without incident,” the police said.

Jennifer Wickham, the producer of Mr. Tolendano’s film and a spokeswoman for the group at the checkpoint, said in a statement that the two journalists were in a “tiny house” with several of the Indigenous protesters “when police broke down the door with an ax and forced their way inside with guns drawn, attack dogs in tow, and assault rifles trained on the doors and windows.”

She said that the two journalists identified themselves as members of the media “and were clearly photographing the events, but were arrested nonetheless.”

The arrests were swiftly condemned by a variety of groups, including the Canadian Civil Liberties Association.

“The Canadian public has a right to know what is happening on the site, and journalists have the weighty responsibility to tell these stories,” Cara Zwibel, director of the fundamental freedoms program at the association, said in a statement. “Their arrest and ongoing detention have no place in a liberal democracy.”

While politicians in Canada cannot direct police investigations and activities, Marco Mendicino, who as federal minister of public safety oversees the mounted police, challenged the arrests in a series of Twitter posts.

“I am aware of and am concerned about the fact two journalists remain in custody under a civil enforcement proceeding,” he wrote, adding, “As the courts have held, it would be wrong for any journalist to be arrested and detained simply for doing their vital work on our behalf.”

This year, the Supreme Court of British Columbia has twice rebuked the Mounties for blocking journalists from covering protests against the logging of old-growth forests on Vancouver Island.

In 2019, three justices of the Court of Appeal of Newfoundland and Labrador unanimously reversed the conviction of Justin Brake, a Canadian journalist who was arrested in 2016 for violating an injunction against protests by Indigenous groups against a hydro electric dam project in Labrador. They found that injunctions restricting access to protest areas should not apply to journalists and emphasized in the decision the need for reporting on Indigenous issues.

While Canada’s Constitution guarantees freedom of expression, the laws governing the news media are not entirely clear, said Allan Hutchinson, a professor at the Osgoode Hall Law School at York University in Toronto.

“We’ve had grave problems in trying to carve out where people can exercise that freedom of expression,” he said. “The prospects look reasonable that the court will side with media, but nothing is guaranteed in these classes.”

 

Why Bitcoin Will Be The Next Global Reserve Currency

there but remember this
09:20
in 2006 you could buy default protection
09:24
on lehman brothers
09:25
for nine basis points what that meant
09:28
was
09:29
you could pay nine thousand dollars a
09:32
year
09:33
to protect 10 million dollars
09:36
of lehman brothers debt against default
09:41
so if that 9 000 premium think of it as
09:43
an insurance premium
09:45
two years later it was worth 6
09:48
million dollars okay hey that’s not a
09:52
bad
09:53
purchase of protection and that’s the
09:55
way i think about
09:56
these things with respect to countries
09:58
as well i’m not
09:59
calling for the default of the united
10:01
states although it’s happened
10:04
in the past whether explicitly or
10:06
implicitly like
10:07
the 1971 going off the gold standard
10:10
the end of the day these insurance
10:12
contracts are traded by
10:14
very sophisticated counterparties and
10:17
evaluators of risk
10:18
so i look to that market i sum all the
10:22
exposures up
10:23
and it gives me an intrinsic value of
10:25
bitcoin
10:26
which today i value at over 150
10:30
000 u.s per coin
10:33
and as you know it’s trading i don’t
10:34
know right around 30 000 a little bit
10:36
higher today
10:37
the point is it’s stupid cheap on that
10:39
metric that’s what the intrinsic value
10:42
is to me
10:43
and that value will increase as
10:46
the credit default premiums increase
10:49
when countries go into financial
10:51
distress
10:51
which happens on a regular basis just
10:53
not with g7 nations
10:55
canada is a g7 nation canada will be
10:59
the first g7 nation to default

11:02
if in fact a g7 nation does default and
11:05
that’s unfortunate because i’m a proud
11:07
canadian well why do you think that
11:08
canada is the first one
11:10
firstly our cds rates are wider than any
11:13
other g7 nation
11:15
we do not have the backing of a european
11:17
central bank
11:19
which italy and uh uh
11:23
you know other middle european countries
11:26
have
11:27
now italy is a g7 nation at the end of
11:29
the day
11:30
listen the the most important thing to
11:32
understand is
11:33
canada has the population of california
11:37
canada just printed more money than any
11:40
other
11:41
g7 country by a by long shot
11:44
and canada is extremely dependent on
11:48
things
11:48
that contagion and other countries
11:52
could flow through to canada
so i don’t
11:54
want it to happen i’m not predicting
11:57
with a hundred percent certainly it will
11:59
happen in my lifetime but here’s the
12:01
problem in
12:02
the here and now canada currently has a
12:04
triple a
12:05
credit rating by s p
12:08
that happens to be one credit notch
12:11
higher meaning it’s
12:12
in the eyes of s p it’s actually a
12:14
better credit
12:15
quality than the united states of
12:17
america now that’s asinine
12:19
but it’s true s p you can never predict
12:22
you know you can never rely
12:24
on them to properly predict something
12:25
like oh gosh you know the subglos of the
12:27
subprime
12:28
loan crisis for example right at the end
12:30
of the day s p
12:31
still has canada rated as triple a
12:34
that’s one
12:34
notch higher than usa the funny thing is
12:38
credit insurance on the usa trades at
12:41
about 10 basis points
12:43
per annum and canada is more than double
12:46
that
12:48
canada trades like a single a rated
12:51
credit
12:51
in the cds market right now and our
12:54
politicians have
12:55
no clue they’re like oh well canada
12:58
still has this coveted triple a credit
13:00
rating
13:00
garbage do not look at s p credit
13:03
ratings i wouldn’t wrap
13:04
fish in their reports so uh
13:08
if canada or one of the other g7
13:10
countries has potential default risk
13:12
right just
13:12
let’s say put it at a potential your
13:14
argument essentially is
13:16
just like you could have bought an
13:17
insurance premium on uh a defaulting
13:20
corporation
13:21
uh that is what bitcoin is to you your
13:24
bitcoin is that defaulting
13:26
kind of insurance uh and so you’re able
13:28
to kind of back into the pricing of what
13:30
you think the value is based on what you
13:31
think the default risk actually ends up
13:33
being
13:33
for these various countries 100 great
13:36
way of explaining it and don’t forget
13:38
it’s not my opinion it’s the market’s
13:40
opinion
13:40
i’m just using this as the metric that i
13:43
come to evaluation i i start my
13:46
evaluation there and i say well this is
13:48
stupid cheap
13:49
and you’re supposed to close your eyes
13:50
and buy it based on that metric but i
13:52
think bitcoin goes to prices that exceed
13:55
uh you know a couple of million dollars
13:57
u.s per
13:58
coin i could run through the mathematics
14:00
on that very simply bitcoin
14:02
is the best asymmetric trade opportunity
14:06
i have ever seen in 32 years of trading
14:08
risk
14:09
okay i’m not 100 certain but i’ll just
14:11
tell you
14:12
anyone who worries about the price of
14:14
bitcoin whether it’s thirty thousand
14:16
forty thousand or sixty thousand dollars
14:18
a coin
14:18
is missing the bigger picture it’s all
14:20
stupid cheap
14:21
and if you’re overthinking this you
14:23
deserve to miss out on the best
14:26
asymmetric trade opportunity of your
14:28
lifetimes as well
14:29
hey guys what’s going on before we
14:31
continue with this awesome episode i
14:32
want to quickly talk about our sponsor
14:34
kraken
14:35
for the last 10 years kraken has built
14:37
one of the best platforms to buy and
14:38
sell cryptocurrencies online
14:40
they’ve got a brand new mobile app the
14:42
kraken app today you can go on and buy
14:44
bitcoin
14:45
or up to 60 of the most popular
14:47
cryptocurrencies in the world
14:48
and you can do that on the go 24 7.
14:51
all you have to do is simply download
14:53
the app connect your bank account
14:55
and you can get started investing with
14:57
as little as ten dollars
14:58
it only takes a minute to get started
15:01
with the new kraken app you’ll have your
15:03
portfolio
15:04
in your pocket you can track your
15:05
portfolio see who the winners and losers
15:07
are every day
15:08
track your favorite project or just
15:10
simply look at the trading volume for
15:12
your favorite assets it has all the
15:14
features you need without any of the
15:15
complexity
15:16
it’s simply the best place to buy and
15:18
sell cryptocurrencies
15:19
so go to kraken.com bang bang to learn
15:22
more
15:23
or go to your favorite app store and
15:24
simply search the word kraken and you
15:26
can download the mobile app there
15:28
kraken’s been a long time supporter of
15:29
this show so to say thanks it would mean
15:31
the world to me if you would go
15:32
and download their new mobile app all
15:34
right let’s get back into this episode i
15:36
hope you’re enjoying this one
15:37
walk us through kind of sequentially how
15:40
that happens right so let’s say that
15:42
uh uh we end up with a couple of million
15:45
dollars per bitcoin
15:47
um being the uh kind of end state if you
15:50
will right so yeah
15:50
much much more valuable than it is today
15:53
do we get institutions to adopt then
15:55
you know kind of developing nations and
15:57
then there’s a default and there’s an
15:58
inflection point like how do you think
16:00
we sequentially get there what does that
16:01
like order of operations almost look
16:03
like
16:03
so great question so firstly i’ll i’ll
16:06
detail how or not detail it’ll be a
16:08
quick explanation of how i get to my two
16:09
thousand dollars
16:10
at two million dollars or greater per
16:12
coin very simply
16:14
today total global financial assets in
16:17
the world
16:18
today are over us
16:21
900 trillion dollars now that includes
16:24
all equities all debt
16:26
all currency all fine art all gold
16:29
900 trillion us dollars all real estate
16:32
sorry i forgot to mention real estate
16:34
globally i think that bitcoin
16:37
has a chance of becoming the global
16:39
reserve
16:40
asset of the world why because i think
16:44
oil and natural gas will shortly
16:47
and when i say shortly within the next
16:49
10 years become
16:50
priced in bitcoin why is that well i’m
16:53
an engineer
16:54
the rule of conservation of energy
16:56
you’ve certainly heard michael saylor
16:57
say that
16:58
oil and natural gas if you’re russia do
17:01
you actually want to sell your valuable
17:02
natural resources
17:04
for this thing called the us dollar
17:05
which is a
17:07
programmed 2d base fiat currency
17:10
or do you want to hold us treasuries
17:13
which is a fiat contract
17:15
that’s also programmed to debase or
17:17
would you like to sell
17:18
your natural resource energy for
17:22
bitcoin which is digital energy i think
17:24
yes
17:25
i think over time there will be enough
17:27
people or nations that want to price
17:29
bitcoin or energy and bitcoin when that
17:31
happens that becomes
17:33
the reserve asset of the world so what
17:35
percentage of the reserve asset does it
17:37
make sense
17:39
that 900 trillion dollars could capture
17:43
would it be 5 i think that’s pretty low
17:45
but let’s assume it’s
17:46
five percent of 900 trillion us dollars
17:50
five percent of 900 trillion is 45
17:53
trillion dollars
17:54
45 trillion divided by 21 million
17:59
bitcoin that’s over two million dollars
18:02
of bitcoin
18:02
okay it’s that simple now could it go
18:05
higher than two million
18:07
abso freaking lutely okay but let’s just
18:09
use two million dollars
18:11
per bitcoin as a base case scenario how
18:13
does it get there
18:14
it gets there something like you know
18:17
you have what happens in
18:18
el salvador a little bit and then it
18:21
gets there because michael saylor the
18:22
genius of wall street
18:24
figures that every single corporation
18:26
should actually issue debt
18:28
in order to capture a certainty of
18:32
debate
18:33
contract in trade for this thing called
18:38
bitcoin at the end of the day you’ll get
18:40
institutions you’ll have a combination
18:42
of countries
18:43
institutions um hedge funds
18:47
all of this will add to a higher price
18:50
we’ve seen it happen before
18:52
the the reality though pump is when
18:55
energy is priced in bitcoin that will
18:58
remove the petrol dollar focus it will
19:01
become the de facto reserve asset of the
19:03
world
19:03
and you will see a gap up in price that
19:06
will blow your socks off in my opinion
19:08
does it have to happen no but run some
19:11
probability analysis
19:12
on what a two million dollar and that’s
19:15
in today’s
19:16
dollars what a two million dollar price
19:19
of bitcoin on an expected value basis
19:21
needs to be
19:22
versus bitcoin potentially going to zero
19:25
which i also
19:26
don’t think is like even a price that
19:29
it’ll ever return to but
19:30
assume that you have only two outcomes a
19:32
binary outcome
19:34
one is a price of bitcoin of zero
19:37
and the other one is a price of bitcoin
19:39
of two million dollars a coin
19:42
i’ll ask you this question would you
19:44
give me a ten percent chance that
19:46
bitcoin can go to two million dollars a
19:48
coin if i gave you the 90
19:51
chance it goes to zero and most people
19:53
would say yeah
19:54
you know that sounds about fair and the
19:56
reality is well on an expected value
19:58
basis for that
20:00
one calculation ninety times zero is
20:02
zero and
20:04
ten percent times two million bucks a
20:06
coin is
20:07
two hundred thousand dollars a coin hey
20:09
there’s another example of why you
20:11
should be buying bitcoin today with your
20:13
eyes closed
20:14
don’t overthink this okay it’s a game of
20:17
probabilities it always
20:19
is a game of probabilities no one is
20:21
ever a hundred percent
20:23
certain about anything in investing
20:25
except this
20:26
i am a hundred percent certain that
20:29
fiats will continue to debase
20:31
because they cannot possibly stop
20:33
printing money
20:34
due to the debt debt spiral
20:38
that all fiat countries are in today it
20:41
is a hundred percent
20:42
certain mathematically that fiat
20:45
currencies will continue to debase and
20:47
will continue
20:48
to debase on it on an accelerated basis
20:52
pure math pure simple mathematics
20:55
grade 11 type of math is what i like to
20:57
say
20:58
grade 11 you’re you’re doing higher math
21:00
than i can do so i think it’s actually
21:02
more like grade four or five uh one of
21:04
the things that
21:05
um you’re talking about is uh kind of a
21:08
very
21:09
macro view of the world uh nation state
21:11
defaults etc and i think that that is
21:13
uh ultimately like a tailwind um and it
21:17
really will drive global adoption but
21:19
we’ve also seen adoption
21:21
on the micro scale or in smaller
21:23
communities i know that
21:24
you spend a lot of time kind of paying
21:25
attention to what’s happening in el
21:26
salvador
21:27
and you’ve got some friends in guatemala
21:29
maybe tell us a little bit about what’s
21:30
happening in more of the
21:31
microeconomics standpoint uh on a local
21:34
scale versus just the macro side
21:36
sure so thanks for bringing that up so
21:38
yes when i was down in bitcoin miami
21:40
um i happened to i was lucky enough to
21:42
be on stage with three uh
21:44
uh you know legends including your and
21:46
i’m not even sure how you you and mark
21:48
uh use go you know that relationship
21:51
anymore but i was on stage with him i
21:53
was on stage with jeff
21:54
booth and i was on stage with preston
21:56
fish all right so we gave a
21:58
uh uh a uh talk on that but
22:01
when i was in uh miami i did meet these
22:03
kids from guatemala who had
22:05
seeked me out and said foss you know we
22:07
got to talk to you we like your stuff
22:08
but most importantly this is what we’re
22:10
doing
22:10
boots on the ground in guatemala and i
22:13
gave them a shout out on stage
22:15
without knowing that about six hours
22:17
later jack mahlers was going to make the
22:19
announcement of
22:20
the uh conference as far as i’m
22:22
concerned so i
22:24
shouted out these guys guatemala they
22:25
have this exchange going
22:27
uh called ibex ibex
22:30
exchange or ibex mercado to be more
22:33
exact and they’re on boarding
22:36
guatemalans hand over fist
22:38
and i gave them a shout out because they
22:40
wanted to start something in guatemala
22:42
called bitcoin lake based on a lake in
22:45
guatemala called lake atatia
22:47
which would be based on the same uh
22:50
concept that
22:50
bitcoin beach was based on in el
22:53
salvador lo and behold two
22:55
six hours later jack mullers on boards
22:57
an entire country which
22:59
blew my mind well hold on i said
23:01
corporations are now being leapfrogged
23:03
by
23:04
countries six million people onboarding
23:06
under decree i’m like this is
23:09
unbelievable now the guys in guatemala
23:11
live
23:12
three hours away from el salvador and
23:14
they’ve been on the phone with me foss
23:15
and zoom calls
23:16
foss you wouldn’t believe what’s
23:17
happening we’re getting calls from
23:19
merchants in el salvador they’re begging
23:21
for our
23:22
services and these guys in guatemala
23:25
have five of the top 100 because i think
23:29
there’s only 100 ish
23:31
in total according to them excuse me
23:34
lightning coders
23:36
in the world they have five of them
23:37
working at the same spot
23:39
and they’re being uh engaged by the
23:42
merchant community in el salvador to
23:44
help them
23:45
on board the merchant uh the merchants
23:49
who have been uh
23:50
told to accept within 60 days right the
23:53
uh the bitcoin so that’s a real life use
23:55
case we know the mathematics why it’s
23:57
great
23:58
because el salvador will increase their
24:00
gdp
24:01
by 4 annually just because they’re
24:05
getting rid of the remittances
24:07
and the fees on excuse me they’re not
24:08
getting rid of the remittances they’re
24:10
getting
24:10
rid of the fees on the remittances that
24:13
western
24:14
union charges when an uh
24:18
worker uh from el salvador who’s working
24:21
let’s say in the usa
24:22
sends money back home not to mention the
24:25
danger of doing that but also
24:27
the 20 fee essentially door-to-door that
24:30
is charged
24:31
that increases el salvador’s gdp by
24:35
four percent annually like it’s just so
24:37
simple to do it with a beautiful
24:39
beautiful
24:40
uh well in my opinion the most beautiful
24:43
technology i’ve ever seen
24:44
um and that’s a really life use case so
24:47
yeah shout out to these guys in
24:49
guatemala pump they are
24:51
boots on the ground in el salvador real
24:54
life solutions to
24:56
uh all the problems that bitcoin solves
24:59
and
25:00
uh and the beauty of the network itself
25:03
yeah it’s awesome to kind of see people
25:04
doing this uh before that my brothers
25:05
asked a couple of questions
25:06
um help us understand just the
25:09
institutional investors
25:10
uh folks who trade credit on a
25:12
day-to-day basis kind of your old
25:13
colleagues people
25:14
that you used to work with um and that
25:16
entire kind of highly sophisticated wall
25:17
street driven world
25:19
what’s their take on bitcoin what are
25:20
you hearing what are they uh missing
25:22
uh are they excited about it how are
25:24
they entering the market just kind of
25:25
give us an update
25:26
so like everything there’s there’s uh
25:28
there’s a uh a distribution of
25:30
understanding i’ll admit to you when i
25:32
was introduced to bitcoin in 2016 my
25:35
first thought was
25:35
okay well i’ve read it’s a ponzi so it’s
25:37
got to be a ponzi
25:38
and so i did the work and uh and i’m
25:41
like
25:42
holy and and and showed it to a guy that
25:44
you’ve interviewed before his name was
25:46
fred pie
25:47
all right and now fred i i fred
25:50
grew up in montreal i grew up in
25:52
montreal i happened to own a pub in
25:53
montreal and
25:54
he met me at my pub and goes fast you
25:56
gotta look at this thing
25:58
and i go okay i’m intrigued but he
25:59
showed me one thing he showed me the
26:01
blockchain in action on tradeblock.com
26:04
and i’m an engineer i’m visual and i go
26:06
what the heck this is not a ponzi this
26:09
is a thing of
26:10
absolute beauty and i said
26:13
yes first of all i said fred i love
26:15
bitcoin it is the solution to the fiat
26:17
ponzi that i’ve been looking for at that
26:19
time
26:20
of you know over 25 years um
26:23
and i said well thank you for for
26:25
introducing me to this
26:26
i did invest in in helping him fund a
26:28
company that
26:29
uh uh launched canada’s first exchange
26:33
traded closed in bitcoin fund okay so
26:35
very proud to be part of that but here’s
26:37
here’s
26:38
what happens like everything there is a
26:40
curve or a distribution of understanding
26:42
and
26:42
in the hedge fund community you’ll have
26:44
really smart people like ross stevens
26:46
you know he came from goldman sachs uh
26:49
you have novogratz who worked at hedge
26:51
funds you you’ll have that
26:53
tail part and then you’ll have a
26:55
distribution of people who are
26:56
knuckleheads who are like
26:58
it’s a ponzi and i was a knucklehead for
27:00
a long time it’s a ponzi until you
27:01
actually have to do some work
27:03
and anyone who outright rejects bitcoin
27:06
because they’ve done
27:07
two hours of work on bitcoin they’ll
27:10
never get it
27:10
and you should never have them manage
27:12
your money because they are stupid
27:14
okay first of all you need to do
27:16
hundreds and perhaps even more hours of
27:19
work
27:19
even to grasp the beauty of bitcoin but
27:23
it’s more like anything if you don’t
27:25
learn about this in school you don’t
27:27
learn that it is a certainty because of
27:29
total global debt
27:31
being four times total global gdp
27:35
it is a 100 percent certain that they
27:38
have to continue to print
27:39
money to solve that debt overload
27:43
the numerator which is your total global
27:45
debt
27:46
is growing organically just because of
27:48
the coupon on
27:49
that debt at about a 12
27:53
rate and your denominator which is your
27:56
global gdp is it going to grow at 12
27:58
not in a month of sundays yet people
28:01
don’t do that math
28:03
and they don’t know that they have to
28:04
solve the fact that the debasing of the
28:06
currency is a certainty
28:07
so they’ll say like peter schiff well
28:09
you’ve got to go towards gold you’ve got
28:10
to go
28:11
and peter schiff was right about 2 000
28:14
years ago but he’s been wrong ever since
28:16
okay because bitcoin is so much better
28:20
than digital or than gold we all know
28:22
the reasons why
28:24
but it’s the same principle you need
28:27
store of value so who gets it well you
28:29
got the guys to get it you get
28:31
you got the me the the uh the the middle
28:34
of the distribution the bell curve
28:36
they will get it those people will get
28:38
it and then you got the stupid part of
28:39
the curve which is the peter shifts of
28:41
the world
28:41
that he probably gets it he’ll never
28:43
admit he gets it
28:45
and therefore won’t get into it unless
28:47
he gets his son into it which
28:48
you know we could argue is a different
28:50
uh
28:52
bowl of potatoes anyway so there is a
28:55
an adoption that occurs like in any
28:57
market the network effect
28:59
you’ve heard them all um and it it’s
29:02
like anything it’s like
29:03
what happens on the institutional side
29:05
is a
29:06
reflection what happens on the small
29:09
retail investor site as well
29:11
right it’s it’s an adoption and 71
29:15
of fidelity’s clients just recently i
29:18
read
29:18
71 of his institutional investors plan
29:21
to allocate money to crypto
29:24
i prefer to focus on bitcoin only just
29:27
because of the things it solves which
29:29
is the fiat conundrum or the fiat ponzi
29:32
if you will
29:33
um no other coin does that in my opinion
29:36
and it’s all because of the beauty of
29:38
bitcoin being decentralized
29:40
math encode 21 million fixed supply for
29:44
ever and ever
29:44
the most pure store of value ever
29:47
created by man
29:48
and i want some of that so do other
29:50
institutions and it’ll just be a process
29:53
i want some of that too i you can never
29:55
have enough of that joe john what
29:56
questions you guys got
29:58
greg thanks for doing this first off
29:59
really appreciate it um
30:01
so my question is we have a kind of a
30:03
wide range of people that watch this
30:04
show i think some are probably in their
30:06
20s and have little to no
30:08
financial investments and some are in
30:09
their 30s and 40s and have a diverse
30:11
portfolio but when it comes to kind of
30:13
financial investments in general and
30:15
more specifically bitcoin
30:16
how do you think about personal
30:18
allocation right how has that changed
30:19
over time as you’ve gotten older and how
30:21
do you think about it for kind of
30:22
younger people who are just starting to
30:23
invest
30:24
outstanding questions so it’s all about
30:28
your risk tolerance
30:30
um let’s start with uh someone who’s a
30:33
boomer like me so i’m 58 years old
30:35
obviously i’ve traded credit my whole
30:38
life but i
30:39
been exposed to the traditional asset
30:41
classes and let’s say that traditional
30:42
asset class
30:43
is 60 equities or weighting rather 60
30:47
equities 40 bonds all right um
30:51
according to yale university which has
30:53
done a study on
30:54
reducing risk and increasing returns on
30:57
a diversified portfolio
30:59
you should have six to eight percent of
31:02
that type of portfolio allocated to
31:04
bitcoin
31:05
in order to increase portfolio returns
31:08
as well as decreasing the volatility or
31:11
risk
31:12
of that portfolio it’s a beautiful thing
31:14
so six to eight percent is what
31:16
yale university says is the proper
31:18
waiting for
31:20
uh you know anybody with a 60 40 uh
31:23
weighting in uh equities versus fixed
31:26
income now i’ve traded fixed income my
31:28
entire life
31:29
and this is the first time in my entire
31:31
life i own zero
31:33
in fixed income fixed income right now
31:36
is for absolute morons
31:38
okay and they’re going to say well i’m
31:40
going to make all this money by trading
31:41
the tenure and it’s going to go up and
31:42
down in
31:43
50 basis point increments and duration
31:45
times convexity i’m going to make this
31:46
much you might
31:47
stop it you fn tools okay
31:51
this is about mathematics and it’s no
31:54
longer about
31:56
interest rate risk in bonds it’s about
31:58
credit risk and
32:00
no one has no substantial institutions
32:03
have made that leap of faith except who
32:06
rey dalio okay
32:10
read between the lines probably the
32:12
smartest risk
32:14
manager in the history of the last 40
32:17
years has made that leap of faith
32:19
he isn’t buying it for his funds because
32:20
it’s probably not big enough yet
32:22
bitcoin under a trillion dollar market
32:24
cap ray dalio
32:26
needs you know big big markets but he
32:29
said it himself
32:30
i’d rather own bitcoin than a bond so if
32:32
you’re not 60 40
32:34
what is the right weighting for me i’m
32:36
higher than
32:38
six to eight percent but i don’t have a
32:39
hundred percent in there because you’re
32:41
never
32:42
certain guys i’m not saying to people go
32:44
out there
32:45
and own a hundred percent bitcoin what
32:47
i’m saying is get your ass
32:49
off zero i think that was your line pomp
32:52
get off zero
32:53
get up to let’s say a five percent
32:56
portfolio weight
32:57
then you can talk about managing risk
32:59
but until you get to five percent
33:01
you are taking far more risk by owning
33:04
zero bitcoin
33:06
than if you own a proper portfolio
33:08
allocation
33:09
and that again is just pure probability
33:12
analysis
33:13
okay so you get someone off zero they
33:15
own five percent
33:16
they still have ninety five dollars of
33:19
every hundred dollars
33:20
allocated elsewhere which one do you
33:22
think they look at every single day
33:24
every single take of the market
33:27
their bitcoin allocation stop buy it
33:31
hold it and i’ll talk to you in 20 years
33:34
don’t
33:34
overthink this get off zero get up to
33:37
five percent
33:38
i’m higher other people are way higher
33:42
god bless them they’ve done their
33:44
homework and
33:45
people will say oh they were lucky no no
33:48
people who work hard
33:49
tend to be lucky and there’s been an
33:51
awful lot of bitcoiners who have done a
33:53
tremendous amount of work
33:55
in this area they will be lucky
33:59
in my opinion because bitcoin is a
34:01
rounding error
34:02
at these prices john yeah greg
34:06
thanks for doing this uh you’re clearly
34:07
very knowledgeable about credit bitcoin
34:09
financial systems everything like that
34:11
uh i’m curious what you think about how
34:13
people go about storing their bitcoin
34:14
right so you talk about how it’s going
34:16
to appreciate over time
34:17
where would the average individual go to
34:19
sort like there’s cold walls hot wallets
34:21
you can they have those banks now right
34:23
um where would people in your mind keep
34:26
their bitcoin
34:27
great question too these are these are
34:28
lob balls for me guys um
34:31
the the reality is this uh i own it in
34:34
three
34:35
different ways you gotta own it on your
34:37
wallet
34:38
on your smartphone to experience the
34:40
beauty of being able to send money to
34:42
new zealand which i have i sent money to
34:44
an aboriginal group
34:45
in new zealand and it settled in 10
34:48
minutes if you’ve ever
34:49
tried to send an international wire
34:51
transfer money anywhere
34:53
it is a painful painful process and for
34:56
me to have the ability to send
34:59
store a value over
35:02
uh around the world that will settle in
35:04
10 minutes was a thing of beauty so yeah
35:06
i own some on my phone
35:08
i also own more of it in cold storage
35:11
because i
35:11
don’t want my phone to get hacked and
35:13
lose that so i own it in cold storage
35:15
but in canada and soon to be in the us
35:18
we have bitcoin etfs that can be
35:20
put in or invested in
35:23
tax advantaged savings accounts
35:27
in canada all right those tax advantage
35:30
savings accounts
35:31
allow you basically to buy a dollars
35:34
worth of bitcoin for 50 cents
35:36
because of the tax advantage darn right
35:39
i’m going to take advantage of that even
35:41
if it’s not your keys not your coins
35:44
type of argument
35:45
full stop all right you need to
35:47
understand that not your keys not your
35:49
coins
35:50
works in an arbiganon scenario that i’m
35:52
not sure
35:53
anybody in the world really wants to get
35:55
to okay you’re gonna have two parallel
35:57
systems
35:58
working you’re gonna have fiat which is
36:01
good
36:01
for uh circumventing the use the need
36:06
for barter
36:07
trading three chickens for a cow you
36:09
just do
36:10
currency that’s like your checking
36:12
account as nick zabo says and
36:14
bitcoin is your savings account so we’ll
36:17
have two parallel systems working
36:19
bitcoin being your store of value own it
36:23
outright own it on a wallet own it in a
36:26
gbtc which currently is trading at a 12
36:29
discount to nav
36:31
i own it in various ways why
36:34
well some are financial markets some are
36:36
disaster scenarios and one which is the
36:39
most important way
36:40
of owning it on your wallet you
36:42
experience the beauty
36:44
of what that technology is and i’ll
36:45
share a story with you guys
36:47
frequently i go to restaurants and i ask
36:49
the waiter
36:50
you know what bitcoin is waiter waitress
36:53
and oh yeah i’ve heard a lot about it
36:54
you all have a bitcoin wallet
36:56
no i don’t i tell them and i’ve done
36:58
this over you know
37:00
five times if you can download a bitcoin
37:03
wallet by the end of this dinner i will
37:05
give you
37:06
twice the amount of tip in bitcoin that
37:09
i would have given you in fiat
37:11
and so far five out of five times
37:13
they’ve come back
37:14
in within that meal have downloaded a
37:16
bitcoin wallet
37:18
and sure enough i give them a bitcoin
37:20
and it makes their day
37:22
and sometimes i go back i’ve been back
37:24
to the same restaurants i’ve seen people
37:25
and they’re like
37:26
you know that x amount of bitcoin that
37:28
you gave me well it’s now worth 2x
37:30
and you you know you’ve onboarded
37:32
somebody that way
37:33
i’ve done it not just with waiters and
37:35
waitresses i’ve actually done it because
37:37
i’m involved in a company that
37:39
trades a lot of energy we are one of
37:42
canada’s
37:43
uh foremost experts in energy
37:46
and bitcoin mining i’ve done it with
37:48
ceos
37:49
of a tomato uh greenhouse
37:52
who said what am i going to use your
37:53
turbine for uh
37:55
in the summertime if in the wintertime
37:57
you know because i need it in the winter
37:58
time to heat my greenhouse and we say
38:00
you’re going to mine bitcoin with it and
38:02
they’re like what’s bitcoin
38:04
or or it’s too expensive and i say
38:06
download the wallet
38:08
you’re done by the end of the meeting 45
38:11
minutes later the entire conversation
38:13
had switched from
38:14
heating their greenhouses with natural
38:16
gas
38:17
and the turbines that we sell to hey i
38:20
can do that in the winter and in the
38:22
summer i’m going to be mining bitcoin
38:23
with these same turbines
38:25
and creating a follow-on revenue stream
38:29
okay so our company’s called
38:30
validuspower.com
38:32
pomp i’m going to tell you we are a
38:35
flare gas solution
38:36
that is greening the environment
38:40
using bitcoin mining we are taking out
38:42
pollutants
38:44
and we are mining bitcoin and
38:45
stabilizing the grid
38:47
and it’s like what marty bent does and i
38:50
love
38:50
everything with marty bent in uh great
38:52
american mining we do it with
38:53
35 megawatt jet engines
38:57
okay this is like this can power a small
39:00
data center
39:01
all right and this is a thing of beauty
39:04
as an engineer
39:05
seeing a 35 megawatt jet engine
39:08
wheel up on the back of a trailer truck
39:10
and attached to
39:11
a formerly wasted gas supply
39:14
rock and roll baby you are creating
39:17
bitcoin
39:18
revenue stream using wasted natural gas
39:21
energy the financial incentives
39:23
to do this are off the charts eventually
39:27
people will realize i’m tired of talking
39:29
about it because i’ve been saying it
39:30
over and over and over again
39:32
is the most profitable thing you can do
39:34
as a energy producer
39:36
is to mine bitcoin and the
39:40
best can i say one it is the most
39:43
profitable until the grid
39:44
needs the power more and you just flip
39:47
the switch
39:47
and you’re you’re mining bitcoin for 90
39:50
of the time but then the
39:51
grid needs peaking power so you flip the
39:53
switch and you’re giving it to the p
39:55
to the peakers at a kilowatt hour rate
39:58
it is better than mining bitcoin but the
40:00
combined
40:01
business model is a thing of beauty and
40:04
it stabilizes the electricity grid
40:06
completely agree and i think that what
40:08
people are going to start to realize is
40:10
this is the single greatest contribution
40:12
to society you can make
40:14
is to free billions of people
40:17
from what ends up pushing the most
40:19
amount of people into poverty
40:21
if you’re in a philanthropy you should
40:22
be into bitcoin it’s that simple right
40:24
and the reason why you should be into
40:25
bitcoin is because
40:26
bitcoin as a decentralized
40:29
automated central bank that is
40:32
programmatic monetary policy that’s
40:34
fully transparent can be audited by
40:35
anyone in the world
40:36
is going to completely reverse the
40:39
effects
40:39
of that fiat currency and i think people
40:42
just haven’t woken up to that yet and so
40:44
if you are mining bitcoin and running
40:47
the network and validating transactions
40:49
you are contributing in an immense way
40:52
to the independence and freedom
40:55
and liberty of billions of people around
40:57
the world if you hold bitcoin you’re
40:59
doing the exact same thing
41:00
and so if you are involved in this
41:02
industry whatsoever i
41:03
fundamentally believe bitcoin will do
41:05
more for society than
41:06
all philanthropy combined because the
41:09
greatest
41:10
contributor to wealth inequality in the
41:12
world is central banks devaluing the
41:14
currencies of which
41:15
majority of the world holds their wealth
41:18
in and it’s just
41:19
at some point people are gonna wake up
41:20
to that right i think you you’ve done a
41:22
great job articulating
41:23
uh kind of how that happens but to me uh
41:26
it’s kind of a foregone conclusion at
41:27
this point in terms of
41:29
the problems in the legacy system and
41:31
then here is
41:32
a solution um it’s just how long does it
41:35
take for the rest of the world to kind
41:36
of understand
41:37
and uh and get comfortable and and you
41:39
know really kind of
41:40
uh be in a position to start to allocate
41:43
to it and hold it
41:45
it’ll happen might happen in a year
41:47
might happen in 20 years but
41:49
it’ll happen i agree 100 look us up at
41:53
validuspower.com
41:54
all right my business partner the ceo is
41:57
100
41:58
indigenous canadian all right not only
42:01
is this going to change lives of all
42:02
canadians this could absolutely reshape
42:06
the destiny of the indigenous population
42:08
in canada
42:09
all right so so many good things
42:11
happening with bitcoin
42:12
do your homework don’t overthink this
42:15
and for god’s sakes don’t listen to
42:17
steve hanke
42:18
professor of idiots at john johns
42:21
hopkins university okay
42:22
that is a conflicted individual that is
42:25
a disgrace
42:26
to mathematics as well as economics greg
42:30
you said peter schiff was right 2 000
42:31
years ago which everyone appreciated
42:34
uh you then said that uh steve hanke is
42:36
the professor of idiots
42:37
i think that you may get the biggest
42:39
round of applause from the audience
42:41
because they are appreciating your
42:42
colorful uh descriptions
42:44
uh but before i let you go um i always
42:46
ask
42:47
people uh a couple of the same questions
42:49
first being what’s the most important
42:50
book you’ve ever read
42:52
oh man uh jeff booth my fellow canadian
42:56
the price of tomorrow and i’m going to
42:57
be giving a i’m going to be driving with
42:59
him from montreal down to
43:01
new hampshire uh bretton woods new
43:03
hampshire
43:04
in a couple of weeks and the guy is uh
43:07
wrote the most
43:08
incredible book in my opinion the best
43:10
book i’ve ever read now i need to
43:12
couch this with the fact i probably
43:14
think it’s so good because
43:16
a lot of the statistics he came up with
43:18
in his book
43:19
i use in my paper as well the difference
43:22
is i wrote my paper before i wrote i
43:24
read his book and it was like
43:26
confirmation that i wasn’t off on a
43:28
tangent
43:29
using the statistics that i used so he
43:31
and i have the same conclusion
43:33
based on mathematics and research that
43:37
we did
43:37
independently so maybe a little biased
43:40
but the price of tomorrow is a great
43:42
book
43:42
uh one that you need to read about how
43:44
stupid our financial system is is
43:46
when genius failed okay the story of
43:49
long-term capital management and two
43:50
nobel
43:51
prize winning uh academics who took
43:55
90 to 1 leveraged bets on volatility
43:58
in the market and they were selling vol
44:01
which is a dumb ass
44:02
strategy but they were selling ball
44:04
based on
44:05
oh a full six years of info of
44:08
uh data uh god lord this was
44:11
1998 10 years after i started uh
44:14
studying or
44:15
trading professionally and uh they
44:18
almost brought the financial systems
44:19
down then
44:20
so read long-term capital management or
44:23
when genius failed just to realize how
44:25
stupid wall street can be sometimes
44:27
and then read price of tomorrow by jeff
44:29
booth which
44:30
forecasts where we are going because of
44:32
technology and
44:33
of course he has one or two pages and
44:35
i’m serious not more than that dedicated
44:37
to bitcoin
44:39
i couldn’t agree more on the on the jeff
44:42
booth uh
44:42
recommendation uh last question most fun
44:45
one aliens believer or non-believer
44:48
it’s only math i believe
44:51
big math guy i appreciate you not a
44:53
professor of idiots professor of math
44:55
that’s what uh that’s what we need more
44:56
around here in this world all right greg
44:57
listen thank you so much for taking the
44:58
time to do this we really appreciate it
45:00
uh everyone uh really enjoyed the
45:02
conversation uh in the comments and
45:03
stuff so
45:04
we’ll have to do it again in the future
45:05
i’m a big fan of what you do and the
45:07
education you put out there pomp and
45:08
we’ll talk offline sometime i have a
45:10
young kid from canada that’s working for
45:12
you that
45:13
used to play hockey with my son so small
45:15
world everything you’re doing is so
45:17
so so important so god bless america
45:20
one final shout out when i did go to
45:22
cornell uh
45:23
my roommate died in 911 okay so i
45:26
appreciate everything you’ve done as
45:28
service for your country
45:30
uh my grandad was uh was a a veteran of
45:33
two world wars
45:34
bitcoin is freedom you guys bitcoin is
45:36
everything
45:37
that makes america great do not fear it
45:40
embrace it and canada has handed this to
45:43
us on a platform
45:44
on a platter and if our government is
45:47
too stupid to realize that
45:49
then get a new government okay because
45:51
this
45:52
is the opportunity of a lifetime to
45:54
define
45:55
the future of money and have it
45:58
native to north america and south
46:00
america okay
46:01
full stop i love you guys thanks for
46:03
having me on
46:04
greg you’re a legend appreciate you
46:07
thank you
46:08
thank you pomp see you bud thank you
46:09
boys thank you thanks rick

The theological reason why the Catholic Church is reticent to apologize for residential schools

Jeremy M. Bergen is an associate professor of religious studies and theological studies at Conrad Grebel University College, University of Waterloo. He is the author of Ecclesial Repentance: The Churches Confront Their Sinful Pasts.

The Catholic Church seems to be tripping over itself to avoid issuing a clear and definitive apology for the church’s role in Canada’s residential schools after the remains of 215 children were reportedly discovered outside a Catholic-run school in Kamloops. While concerns about liability may be a factor, one significant barrier is theological.

In traditional Catholic theology, the church can act collectively, but as the Body of Christ it cannot sin. Only members, including leaders, sin. When Catholics do something good, this may be ascribed to the church. When Catholics harm others, it is the action of individuals.

Pope John Paul II is perceived to have apologized for many church wrongs, but he did not claim the church itself was the agent of sin. In a highly public “Day of Pardon” in 2000, he asked God’s forgiveness for thousands of years’ worth of sins committed by members of the church, but not by the church as an institution.

The shame of residential schools must be worn by us all – not just historical figures

In the wake of the findings at a Kamloops residential school, Catholic bishops must pursue a papal apology – now

Consider this 2013 statement to the Truth and Reconciliation Commission (TRC) by Vancouver Archbishop Michael Miller: “I wish to apologize sincerely and profoundly  for the anguish caused by the deplorable conduct of those Catholics who perpetrated mistreatment of any kind in these residential schools.” Note that he apologized for harm done by individual Catholics, but not by the church itself.

This logic surely shaped Pope Francis’ deeply inadequate statement, released this past weekend, about “his closeness to the Canadian people who have been traumatized” by the recent shocking discovery in Kamloops. The statement places the church as an entity on the side of the shock, but not as the entity responsible for causing it. An actual apology was notably absent.

A church that is sinless by definition is a problematic abstraction, unmoored from history and experience. Statements premised on this assumption will not speak to the church’s deep complicity in a destructive system. Indeed, unless the church openly and specifically acknowledges its own culpability, why would anyone believe that the church itself may be an active agent in reconciliation?

For all churches, there is a temptation to speak to, but not to take, meaningful action to demonstrate a commitment to make amends and develop structures that promote truly just relationships. But truthful words are also actions. An apology is never sufficient, but it certainly is important and necessary.

Catholic theology does develop and the tone can change over time. One key precedent was set in the 1997 Drancy Declaration by French Catholic Bishops regarding complicity in the Holocaust. They said that the church itself, not just individuals, failed to educate the consciences of its members, and failed to protest the persecution of Jews. Their statement also showed that a national conference of bishops can indeed take action to speak definitively about its own past and commitment to a future. And as further evidence of gradual change: Archbishop Miller, whose 2013 TRC statement is cited above, released a statement shortly after the Kamloops discovery stating that “the Church was unquestionably wrong in implementing a government colonialist policy.”

Nevertheless, churches often dwell on distinctions that are only meaningful to insiders. Technical distinctions about jurisdiction involving residential schools, which the church has made in the past, are not irrelevant, but also come across as attempting to control the narrative and deflect responsibility. For theological reasons, Pope John Paul II did not use the words “sorry” or “apology,” but his Day of Pardon actions were reported and judged as if they were apologies.

My advice to the Canadian bishops and to the Pope is to acknowledge what happened. Do not be vague or use a passive voice. Name the sins committed by the church as an institution. Take responsibility on behalf of the church. Commit to future actions and forms of accountability.

Make a public apology in a ritually appropriate and solemn way. Pointing back to previous statements by bishops or religious orders will not be adequate. The present moment demands more. Do not ask former students or their families for forgiveness. This can shift the onus and public pressure on survivors to immediately grant it. Take seriously the many voices calling specifically for an apology.

Recognize you are not in control of how the statement will be received and what further actions you will be called to make. This very recognition is one of the amends the church needs to make.

A public apology – a real one – is only one step, but in this case, it is essential.

Haiti: Canada & U.S. Support Coups and Dictators

In Haiti, President Moise refused to leave when his term was over, and hundreds of thousands have protested in the streets demanding his resignation. Canada and the U.S. have supported dictators and coups in Haiti for decades. Joining Paul is Jafrik Ayiti, an author, radio show host, public speaker, activist, artist; and Yves Engler, a Montreal-based activist, and author. He has published 11 books, including his latest “House of Mirrors: Justin Trudeau’s Foreign Policy.”