Mark Yusko explains why the U.S. government is ruining its economy | Interview

Why would we trust the governments? Well, we shouldn't because we know since 1913 the plan, right? Everybody says, oh well, wealth and income inequality are all time highs. Why is that? What do we do? Like idiots. That was the plan.

All right, we have. Mark Yusko is the founder and chief investment officer of Morgan Creek Capital. He's also the managing partner of Morgan Creep Digital, which is an early stage investor in blockchain technology, digital currency and digital assets through the firm's venture capital and digital Asset Index Fund. Mr. Yusko has been at the forefront of institutional investing throughout his career. Thank you for joining us today. Mark, how are you?

No thanks. And I apologize guys. I have no idea what is happening with my video, although I have a face for radio. So maybe this is better for your viewers.

So Mark, on a Scott melker interview on YouTube, you said that fiat money will continue to exist via cbdc, but in a free and competitive market, why would anyone continue trusting governments to handle their money?

Oh, such a great question. Absolutely incredible question. Guns, right? That's the reason. And here's the thing. I will continue to opt out with a portion of my wealth, an increasing portion of my wealth. But for now, I will live in the United States and I will pay my taxes in fiat and I will buy my groceries in fiat and I will be a good happy citizen. But you're absolutely right. Every government in the history of mankind has eventually destroyed their currency through profligate spending. So what happens is governments are formed. They start democratically, they start in a robust kind of friendly, we're here to help Wei. And they migrate to absolute power. Corrupts absolutely. They migrate to despotism, ultimately to dictatorships and cronyism. And so everybody says, well, capitalism is bad. No, capitalism is awesome. Capitalism is the best ism that there is. Cronyism is bad. Dictatorships are bad. But over the history of time, whether it was the Roman Empire, the Ottoman Empire, it all ends up with cronies at the top dividing up the assets and then devaluing the currency to make their assets go up and impoverish the masses. So the masses are dependent on them. It's happening right before our eyes in the United States. Nobody likes to talk about it. And it is the dictator playbook. And that's fine, but you don't have to play along. So to your point, why would we trust the governments? Well, we shouldn't because we know since 1913 the plan. Everybody says, oh well, wealth and income inequality are all time highs. Why is that? What do we do? Like idiots that was the fucking plan. That has been the plan all along to siphon the money to the top of the pyramid. And I don't mean to get so excited about this, but it makes me crazy that it isn't about whether we should trust the governments. No, of course we should not. Because governments don't exist to make our lives better. They exist to make their lives better. Right. If you go back to the founding fathers, right, it was a voluntary position. You spent two years, then you went back to your farm and you ran your farm. Now it takes $100 million to get into a Senate seat. Most people don't have $100 million.

So.

So how do they do that? They make promises to people who give them money and then they have to actually fulfill those promises, like approve freaking drugs that kill people, okay? And all kinds of other things that they shouldn't do. And it's so frustrating because on top of it, they're in control of fiat currency. And everybody says, oh, the Fed and the government, they're separate. Bullshit. They are one. And the goal is to concentrate the wealth at the top, devalue the currency and boil the frogs. And we're the frogs in the water thinking, oh, this is a very nice hot tub. And then we're paralyzed and we can't jump out anyway.

You bring up some great.

I don't feel strongly about that, though, guys.

I couldn't tell. I couldn't tell. Go ahead, Marcel.

My question is, do you see any way, any solution that governance could do to make the CBDC better than fiat, maybe? Oh, God, no.

CBDCs are evil incarnate. They are the worst of everything that we've worked so hard to create in technology. I'm sure you guys have seen the giant dude from the Biscuit, right? Talking about this. If you haven't seen it, you gotta see it. I mean. I mean, the dude's 500 pounds if he's an ounce. And to sit there and say, of course governments have to be in control of the currencies because we need to determine who and when and how you spend your money. So think about this dystopian, okay? You work all week, you get paid, and this fat guy says, no, if you don't spend your money at these four places by the end of next Friday, it goes away. Or worse, this nominee to be the head of the occ, okay, who's an avowed communist, first of all. Problem. Second says, no, we should abolish the banks, which might not be the worst thing in the world. And we can all go to Bitcoin. But then we should make the Fed the only bank, and people should be forced to put their money in the Fed bank so that if I, and she said this, if I want to confiscate it in the future to stem inflation, I should be able to do that. Are you freaking kidding me? I mean, seriously, that's how you want to manage, command and control the people in the economy, the people that create the wealth. So I think I forgot the question.

If there's a way out, the good CBDC.

Okay, no, no, no. There is no good CBDC. CBDCs are evil incarnate. They are surveillance tools used to exacerbate all the negative aspects of fiat. Because you can turn, you can pro. You can program money. Programmable money at its root can be good, like Bitcoin at its most evil. CBDC can be again, the worst possible form of money. Vanishing money, inflation or inflation ruled money. That can be. Imagine this, right? You jaywalk and your social score goes down. And now you can't use your money until you do something to get your social score up. Absolute insanity, right? And look, if you do something wrong and you break a law, you can be punished, you can go to jail, but no one should capriciously be able to take your wealth from you for no good reason, at least in my view.

And I, I've said that in the past, like, CBDCs are crypto in disguise. It's a facade. It's a fugazi, like.

But they're not crypto. No, they're not crypto. They are electronic fiat. They are not crypto. They are not decentralized. They are centralized. They're evil. And look, we're gonna have them. And then I say, that's why I say, I live in the United States now. If there comes a point where the CBDC has, has the ability to confiscate my wealth, I will. May find some other place. I mean, crazy.

Yes. And so I, I do have one last question for you here. And we're going to kind of wrap things up. So, like, as somebody who keeps a close eye on the evolution of the Internet, Web 1, Web 2.0, now Web 3.0. Like, where do you see this evolution going? And what is that role of cryptocurrencies inside of this evolution?

All right, crypto will run everything. Everything will work with crypto as the fuel, right? So imagine a world where we sit in the back of our autonomous vehicle. You won't drive. It'll actually drive you. It Pulls into the charging station. It doesn't take two hours. Takes two minutes. You won't get out of the freaking car and put a plastic card in the machine. Are you kidding me? The car will pay the machine. Then the car will pull away. You get stuck in traffic, you want to go in the fast lane. It won't take a picture of your license plate and send you a bill for $4.10. The car will pay the and then I will be a member of Waze Premium and it will tell me the fast way and it'll send all the rest of y' all on the slow way and I'll pay with crypto. So crypto will drive everything. Web 1.0 was big. Microsoft, Intel, Cisco big. But that was the area under the curve. Think of a parabola going across the x axis to the y axis in the upper northwest quadrant of an XY chart. The left hand side is parallel to the X axis. The area under the curve doesn't even look like anything.

But.

But that was huge. Microsoft, Intel, Web2 is the knee of the curve. Now that area is bigger than the area to the left. And that is Apple and Netflix and Amazon and Alibaba. Much more wealth. But now we're going parabolic. Now we're going parallel to the Y axis. That's web three. This will create more wealth than any technological innovation in our lifetime. It is the greatest wealth creation opportunity I will see in my lifetime. And I'm 58. I got a 10 year old. I'm going to be around a long time. But this is so big and so profound. And it's why I went from spending 0% of my time on this in 2013 to 100% of my time today. And people look at me like, mark, you're an idiot. Why are you doing this? Why are you risking your career? I'm like, I'm not risking it. I'm making it anyway.

Love it. And we love your enthusiasm about the crypto space and we appreciate you sharing that enthusiasm with our viewers. Today. Us was a great conversation. We appreciate Mark Yusco coming on today. Love having you on, man. Would love to have you on.

And next time I'll fix the video problem again. Although I do have a face for video and I don't want to stand next to you three handsome guys. I don't know, it be be bad for me.

We appreciate you jumping on today. Thank you so much, Mark.

All right, take care, Gu.