00:01.230 --> 00:03.780 Sean Murray: Hello, and welcome back to deBanked. TV. I'm Sean 00:03.780 --> 00:04.110 Murray. 00:04.110 --> 00:05.890 Johny Fernandez: And I'm Johny Fernandez. Thank you guys so 00:05.890 --> 00:09.250 much for joining us. We have a couple of topics to discuss 00:09.250 --> 00:11.410 today that it's gonna be very interesting. But first and 00:11.410 --> 00:18.100 foremost, I want to draw your attention to my here. Co host, 00:18.160 --> 00:21.850 Sean, do you see something different? Something that's 00:21.850 --> 00:26.110 gonna keep on going for the rest of the month? Going and growing. 00:26.200 --> 00:28.060 Sean Murray: Yea okay, you're talking about my mustache, 00:28.060 --> 00:31.660 right? It's growing. It's in the early stages right now. Okay. I 00:31.660 --> 00:36.550 am participating in a Movember fundraiser currently as of about 00:36.550 --> 00:41.800 an hour ago. Okay. To make all this official. Okay. I am going 00:41.800 --> 00:45.160 to be growing a mustache for all of November. We'll see what 00:45.160 --> 00:48.820 happens. I've never grown one before. Okay. It's for charity. 00:48.910 --> 00:52.060 Okay. It's not for style. Yeah. So if you're looking at me and 00:52.060 --> 00:55.780 you like, you know, Sean, that looks absolutely terrible. Yet I 00:55.780 --> 00:59.290 understand I'm doing this for for, you know, the public good. 00:59.380 --> 01:01.450 The public benefit at the end of the day, I've already put in 01:01.480 --> 01:02.380 $100. 01:02.590 --> 01:02.830 Johny Fernandez: Oh, nice. 01:02.830 --> 01:04.300 Sean Murray: For the fundraiser you to get started. 01:04.390 --> 01:07.930 Johny Fernandez: Okay. And then all the causes will go to? 01:08.140 --> 01:10.450 Sean Murray: It's like Men's Health, like prostate cancer, 01:10.480 --> 01:13.270 you know, testicular cancer, all the different things that affect 01:13.270 --> 01:16.120 men, you know, mental health and all that stuff nowadays. Okay. 01:16.150 --> 01:19.600 So we actually have a fundraiser or I have a fundraiser page, I 01:19.600 --> 01:21.910 can put a link to it online, if you'd like. Go to my Twitter 01:21.910 --> 01:24.550 account. And you'll see I've already posted a link to it. And 01:24.550 --> 01:28.450 if you'd like to participate in all this, what's happening here, 01:28.480 --> 01:31.120 you know, feel free, you can also grow a mustache yourself. 01:31.120 --> 01:34.480 If you'd like to Johny, you can if you want to, today's the 01:34.480 --> 01:37.930 first day, you can start. You can start fresh. You're supposed 01:37.930 --> 01:40.240 to start fresh. So I cheated. I cheated this. 01:40.240 --> 01:44.650 Johny Fernandez: I literally just shaved today. So. 01:44.650 --> 01:47.500 Sean Murray: We'll do a delayed a delayed entry. We'll get you 01:47.500 --> 01:51.610 in on the second. We'll see how long you can go. Oh, oh. Have 01:51.610 --> 01:52.480 you ever grown one before? 01:52.480 --> 01:54.940 Johny Fernandez: No, no, I've never I my beard just connected 01:54.940 --> 01:55.630 last year. 01:55.900 --> 01:56.740 Sean Murray: It just connected? 01:56.740 --> 01:58.150 Johny Fernandez: Yeah. So I'm proud about that. 01:58.180 --> 01:58.750 Sean Murray: All right. 01:59.500 --> 02:01.150 Johny Fernandez: I'm a little bit of a late bloomer. That's 02:01.150 --> 02:04.840 okay. You know, but I'm also old inside. So, you know. 02:04.870 --> 02:07.300 Sean Murray: Well, that's a perfect age then for a stash. 02:08.890 --> 02:10.720 Johny Fernandez: I love it. All right, so we'll talk a little 02:10.720 --> 02:13.720 bit more about that later on. But let's get to the topics of 02:13.720 --> 02:17.140 conversation today. We're going to start off with money, Money 02:17.140 --> 02:20.650 20/20 about the lockup now we did talk about this last week, 02:20.650 --> 02:25.540 our reporter Adam was out over in Vegas. And he saw this happen 02:25.540 --> 02:28.330 firsthand. But now we were able to get a little bit of more 02:28.330 --> 02:32.320 information regarding the person that was taken away by the Feds. 02:33.520 --> 02:37.570 This man has multiple aliases. And we have posted this story 02:37.600 --> 02:42.760 online on deBanked.com. So something one of his alias 02:42.760 --> 02:47.260 names. Is Morgan shy, she shy? 02:47.440 --> 03:55.090 I don't know how to pronounce. Yeah, I've only seen it written. 02:50.090 --> 02:53.746 And we were able to get a little bit of more information 02:53.813 --> 02:57.416 regarding this because of unsealed documents that, you 02:57.483 --> 03:01.487 know, the judge was able to unseal them. But we do know that 03:01.554 --> 03:05.557 back in 2019, the Wall Street Journal did name him as one of 03:05.624 --> 03:09.494 China's top wanted economic fugitives. And we do know that 03:09.561 --> 03:13.431 the indictment is only an accusation of, you know, some of 03:13.498 --> 03:17.368 the charges. And again, he has, he's innocent until proven 03:17.435 --> 03:21.706 guilty. So we do know that this is the story's gonna continue to 03:21.772 --> 03:25.909 develop. And this happened over in Money20/20. We do know that 03:25.976 --> 03:29.646 at the time when this took place, that people that were 03:29.713 --> 03:33.783 working his booth, they, you know, also went out and the Feds 03:33.850 --> 03:37.387 were in plain clothes, everything was very, you know, 03:37.453 --> 03:41.257 subtle. It wasn't a huge deal. But you know you had to be 03:41.324 --> 03:45.194 paying close attention. We do give thanks to our reporter, 03:45.261 --> 03:49.331 Adam, for being out there and really catching this as it went 03:49.398 --> 03:53.402 on. And it's interesting to learn more about, you know, this 03:53.468 --> 03:57.539 person that was taken away by the Feds. And this has caused a 03:57.605 --> 04:01.943 lot of conversation. You know, I know it's had a lot of clicks in 04:02.010 --> 04:06.013 on deBanked.com. So, Sean, I mean, this is something that's, 04:06.080 --> 04:09.150 it's gonna be interesting to see what happens. 04:09.150 --> 04:10.380 Sean Murray: Yeah, I mean, I don't know how much more of a 04:10.380 --> 04:13.800 story will develop. There was someone taken away at Money 04:13.800 --> 04:17.250 20/20, as Johny mentioned, and at first, we didn't really know 04:17.280 --> 04:20.280 why, in fact, when we reported it, we reported that it was an 04:20.280 --> 04:24.450 encounter, because we looked to find if there was any type of, I 04:24.450 --> 04:28.320 guess, criminal action filed, and we couldn't find any. So we 04:28.320 --> 04:30.810 didn't reveal the person's name. And we didn't we didn't say that 04:30.810 --> 04:33.690 it was an arrest, because we were 100%. We weren't 100% sure 04:33.690 --> 04:37.830 what had gone down. I mean, it was obvious, right? But, but 04:37.860 --> 04:40.140 there was there was some missing pieces. So we withheld some 04:40.140 --> 04:44.400 information. However, at the end of last week, the judge did 04:44.400 --> 04:47.310 unseal the indictment. There was an indictment that had been 04:47.310 --> 04:50.160 filed months ago, they finally unsealed it. And it turns out it 04:50.160 --> 04:54.270 has to do with like a fraudulent visa. The guy I guess entered 04:54.270 --> 04:57.600 the country under some type of allegedly false pretenses, and 04:57.600 --> 05:01.350 that's why he was apprehended at Money20/20 I don't know how much 05:01.350 --> 05:04.410 more we will delve into this story. But in terms of the type 05:04.410 --> 05:07.230 of action that happened at Money20/20, it seemed to run the 05:07.230 --> 05:09.840 gamut. You know, there was payments, there was crypto, 05:09.840 --> 05:13.410 there was networking there was, you know, rejuvenation of going 05:13.410 --> 05:16.080 back to in person. And then you have, you know, the Feds coming 05:16.080 --> 05:18.180 in and take some someone away. So it sounded like it was a 05:18.180 --> 05:18.810 really good time. 05:18.840 --> 05:23.250 Johny Fernandez: Yeah, it was definitely some adrenaline rush, 05:23.370 --> 05:27.330 for sure. Just everything going on. But yeah, if you're 05:27.330 --> 05:30.240 interested in seeing that story you can log on to deBanked.com. 05:30.240 --> 05:33.360 And there's a link to that story. All right, so the second 05:33.360 --> 05:35.010 thing that we're going to talk about, it's definitely something 05:35.010 --> 05:39.870 very interesting. Again, we have this story online. So Square's 05:39.870 --> 05:48.090 CEO, Jack Dorsey. He talked about hyperinflation. So Sean, 05:49.410 --> 05:51.510 let's just start for the people that don't know what 05:51.510 --> 05:53.580 hyperinflation means. What does that mean? 05:54.300 --> 05:56.490 Sean Murray: Maybe we should start with what is inflation and 05:56.490 --> 05:58.170 then work our way up to hyperinflation. 05:58.200 --> 05:59.400 Johny Fernandez: Okay, let's start with that. 06:00.380 --> 06:03.680 Sean Murray: Well, inflation is basically the devaluing of 06:03.740 --> 06:08.930 currency over a period of time. So $1, today is not worth as 06:08.930 --> 06:12.110 much as, say, $1 in a couple years from now. So that's why 06:12.110 --> 06:16.280 you'll see prices rise over time, that's inflation, that can 06:16.280 --> 06:19.460 happen because there's more money pumped into, you know, 06:19.520 --> 06:22.790 into the system than before, it can come as a natural 06:22.790 --> 06:26.780 consequence of growth. And inflation. It's something that 06:27.710 --> 06:30.920 economic, you know, economist and regulators measure on a 06:30.920 --> 06:33.170 regular basis, right, they measure inflation, and 06:33.170 --> 06:35.450 oftentimes, a little bit of inflation is considered a good 06:35.450 --> 06:38.210 thing, it means that there's a lot of economic activity, and it 06:38.210 --> 06:40.580 causes prices to rise, there's a lot of money flowing through. 06:40.790 --> 06:43.100 And it's a overall positive thing, if you have just a little 06:43.100 --> 06:47.540 bit of it, then you get to hyperinflation, hyperinflation 06:47.540 --> 06:51.500 is not a good thing, is never a good thing. It's always bad 06:51.500 --> 06:54.350 hyperinflation is when the devaluing of a currency happens 06:54.350 --> 06:58.370 over a very short period of time. It's very, very stark. 06:59.330 --> 07:01.790 There's a lot of different examples online as to like what 07:01.790 --> 07:05.570 number constitutes hyperinflation. Yeah. I don't 07:05.570 --> 07:07.790 think that really matters for like, for our purposes, like 07:07.790 --> 07:10.610 what's, what's the, you know, what's the benchmark for 07:10.790 --> 07:14.870 hyperinflation, but you should consider this example. If you 07:14.870 --> 07:17.990 bought a cup of coffee today, and it costs $1. In a 07:17.990 --> 07:21.140 hyperinflationary environment, that cup of coffee one month 07:21.140 --> 07:26.540 from now could cost $50. 50. It's a lot of money. And then 07:26.570 --> 07:30.500 the next month, it could cost $200. Yeah. Right. That's 07:30.500 --> 07:34.190 hyperinflation, it's when, the value of the currency has 07:34.190 --> 07:38.900 basically lost control. And it's just rapidly losing value. And 07:38.900 --> 07:42.230 that can be a consequence of having pumped way too much money 07:42.230 --> 07:46.190 into the system. And a, and a, and a loss of faith in the 07:46.190 --> 07:49.190 currency itself and it's kind of like a self perpetuating cycle. 07:49.310 --> 07:51.980 If you think you're in a hyperinflationary environment, 07:52.100 --> 07:55.010 you start to react as if you are in one, like if you raise your 07:55.010 --> 07:59.900 price from $1, your cup of coffee from $1 to $50. And then 08:00.020 --> 08:02.390 you're like, oh, are we still in hyperinflation? I'm not sure. 08:02.420 --> 08:05.510 Yeah. So to protect myself, I'm gonna raise my price next month 08:05.510 --> 08:09.650 to $200. And people are like, well, you know, you don't need 08:09.650 --> 08:12.380 to, you know, everything is being taken care of, but you're 08:12.380 --> 08:14.000 trying to protect yourself, you're like, I don't want to 08:14.000 --> 08:17.000 take only $100 for a cup of coffee or $50 for a cup of 08:17.000 --> 08:19.820 coffee. If this dollar is not going to be worth as much I'm 08:19.820 --> 08:21.650 going to protect myself by raising my price. And so 08:21.650 --> 08:23.480 everyone's taught to rush to raise their price, because they 08:23.480 --> 08:25.880 think the value not gonna be worth as much as it was before. 08:26.210 --> 08:29.630 So you know, it's a it's a cycle that's hard to get out of. And, 08:29.840 --> 08:32.780 you know, as you mentioned, this is something that Jack Dorsey, 08:33.380 --> 08:34.490 he expressed online. 08:35.240 --> 08:39.770 Johny Fernandez: So let's get to the tweet. Yeah. He sent out you 08:39.770 --> 08:41.300 have it why don't you read it to us. 08:41.330 --> 08:43.640 Sean Murray: Okay, so it's weird. Usually, I have some 08:43.640 --> 08:46.460 notes here. For whatever reason, all I got here was the tweet. 08:46.520 --> 08:49.820 This is these are my official notes. It is literally the 08:49.820 --> 08:55.430 printed tweet of Jack Dorsey. Tweeting, this is on October 22. 08:55.460 --> 08:58.910 So this is about what 10, 11 days ago. 08:58.940 --> 08:59.570 Johny Fernandez: Give or take. 08:59.690 --> 09:03.020 Sean Murray: And Jack Dorsey, CEO of both Square and Twitter, 09:03.620 --> 09:07.100 said hyperinflation is going to change everything it's 09:07.100 --> 09:07.760 happening. 09:09.140 --> 09:13.550 Johny Fernandez: So what was interesting is that one of the 09:13.550 --> 09:17.720 examples that he gave was that a cup of coffee in 2022 could 09:17.720 --> 09:18.260 cost. 09:18.290 --> 09:21.050 Sean Murray: This was my example. That was my example. 09:21.230 --> 09:24.290 Johny Fernandez: Well, his example is, sorry, I misread 09:24.290 --> 09:28.610 that. So a cup of coffee could be $200 hyperinflation by 2022. 09:29.380 --> 09:31.960 Sean Murray: That is an example of what hyperinflation means 09:31.960 --> 09:33.910 right? It's good to put that into perspective. And I used the 09:33.910 --> 09:36.100 cup of coffee example on purpose. And that's because 09:36.100 --> 09:40.360 Square they they operate a point of sale system for merchants all 09:40.360 --> 09:43.420 over the country, so they can actually see the price of a cup 09:43.420 --> 09:47.350 of coffee moving in real time. Yeah. So when you have someone 09:47.350 --> 09:53.830 who has visibility into retail, and food service activity in 09:53.830 --> 09:58.240 real time, and he can see that he can see the prices move, and 09:58.240 --> 10:01.660 for that person as a chief executive someone on the world 10:01.660 --> 10:05.440 stage the national stage? Right? A very respected person say 10:05.590 --> 10:09.670 hyperinflation is happening. You don't say things like that. 10:09.760 --> 10:12.490 Yeah. If you don't mean it, I mean, both companies that he 10:12.490 --> 10:15.610 runs are publicly traded, people are going to listen to what he's 10:15.610 --> 10:18.130 said. And put that in the context of what does this mean 10:18.130 --> 10:20.560 for the companies that he's in charge of. And they're going to 10:20.560 --> 10:22.660 wonder whether or not they should be worried because 10:22.960 --> 10:26.800 imagine if a cup of coffee really did cost $200, and you 10:26.800 --> 10:31.720 know, like a MetroCard cost $1,000 For like a swipe. That's 10:31.720 --> 10:33.550 what we're talking about when we're talking about 10:33.550 --> 10:37.630 hyperinflation. So here we have Jack Dorsey. Going out and 10:37.630 --> 10:39.970 saying it's happening. In fact, it wasn't a one off, I thought, 10:39.970 --> 10:42.910 well, maybe he's making a joke. And we're all just, you know, 10:42.910 --> 10:46.720 we're all we're just not privy to whatever the inside joke was. 10:46.720 --> 10:48.670 Johny Fernandez: Yeah. But there's more to the tweet, go 10:48.670 --> 10:49.180 ahead and read it. 10:49.210 --> 10:50.080 Sean Murray: He kept tweeting. 10:50.110 --> 10:50.470 Johny Fernandez: Yeah. 10:50.500 --> 10:53.440 Sean Murray: And he doubled down. He wasn't joking about it. 10:53.770 --> 10:58.000 So somebody replied to him, and he said that it will happen in 10:58.000 --> 11:05.050 the US soon. And so the world as if this is gonna grip every 11:05.050 --> 11:06.820 everybody, and we're all gonna go down. 11:06.870 --> 11:10.650 Johny Fernandez: And then in one of the tweets, like, a well 11:10.650 --> 11:14.790 known economist, also kind of called him out on it saying, 11:14.790 --> 11:20.310 hey, that's, you know, a very, that's not a good thing to do to 11:20.310 --> 11:23.550 like, kind of put these things out there. And his response was 11:23.550 --> 11:25.680 just a crying laughing emoji face. 11:25.720 --> 11:27.340 Sean Murray: Yeah, he was laughing at an economist who 11:27.340 --> 11:29.080 thought that he was, you know. 11:29.080 --> 11:29.660 Johny Fernandez: Irresponsible. 11:29.660 --> 11:30.830 Sean Murray: Yeah being irresponsible. 11:30.860 --> 11:31.190 Johny Fernandez: Yeah. 11:31.220 --> 11:32.360 Sean Murray: He just laughed at the guy. 11:33.590 --> 11:35.990 Johny Fernandez: So he's pretty to me, it's he's pretty dead set 11:35.990 --> 11:36.140 on like. 11:36.140 --> 11:38.760 Sean Murray: He feel that, you know, that signals to me that he 11:38.760 --> 11:41.790 is extremely confident that first he said, it's happening, 11:41.820 --> 11:45.150 that sounded almost like present tense, not like something going 11:45.150 --> 11:48.780 to happen. But then he said, it will happen in the US soon. And 11:48.780 --> 11:52.440 so the world and, you know, if there was any indication as to 11:52.440 --> 11:56.400 why this would be happening, it could be because so much money 11:56.400 --> 12:00.840 was used as stimulus during COVID, to prop everything up 12:00.840 --> 12:04.200 that there was this huge influx of money. And you may be 12:04.230 --> 12:06.570 thinking, you know, what, I didn't, I didn't get any, you 12:06.570 --> 12:08.280 know what I mean? I didn't, I didn't get anything, Where's all 12:08.280 --> 12:12.030 this money go? I mean, they pumped out literally hundreds of 12:12.030 --> 12:14.490 billions of dollars, if not trillions of dollars, they gave 12:14.490 --> 12:17.670 it out to a variety of different means, you know, things like PPP 12:17.670 --> 12:20.520 and EIDL, were just the tip of the iceberg. You know, everyone 12:20.520 --> 12:23.910 got basically, some sort of individual stimulus stimulus to 12:23.910 --> 12:26.460 their bank account this happened in other countries too were just 12:26.460 --> 12:26.910 the US. 12:26.910 --> 12:28.700 Johny Fernandez: Well, it's interesting, because we know it, 12:28.700 --> 12:32.270 because we reported on it that a lot of people, you know, Fossey 12:32.930 --> 12:37.070 father application, they got the money to use it for wrongdoings. 12:37.130 --> 12:39.890 And you know, the money's still out, like, at the end of day, 12:39.890 --> 12:41.840 the money was still used, whether it was used correctly or 12:41.840 --> 12:44.900 incorrectly, but it kept the economy going here. 12:44.960 --> 12:47.390 Sean Murray: Yeah, and you can just see it, you can just see 12:47.390 --> 12:51.770 the money. The influx of money through the the valuation of the 12:51.770 --> 12:54.500 stock market is at an all time high. It's like no matter what 12:54.500 --> 12:56.750 happened, no matter what just happened, we're still at an all 12:56.750 --> 12:58.760 time high every single day, we've we've pretty much broke a 12:58.760 --> 13:01.670 new record. In the stock market. You have the crypto market 13:01.670 --> 13:03.890 surging, multi trillion dollar market. 13:03.950 --> 13:06.170 Johny Fernandez: Versus when crypto first started then, like 13:06.170 --> 13:09.110 people were like, it's not something real it's you know. 13:09.140 --> 13:09.920 Sean Murray: Yeah. And then all sudden. 13:10.430 --> 13:13.610 Johny Fernandez: Now, you know, we see that it's, it's a 13:13.880 --> 13:16.430 legitimate currency in some countries, it's something that 13:16.700 --> 13:19.160 billionaires millionaires have put a bunch of money in, and 13:19.160 --> 13:19.880 they believe in it. 13:19.970 --> 13:20.450 Sean Murray: Yeah. 13:20.480 --> 13:23.270 Johny Fernandez: So it's definitely interesting. 13:23.270 --> 13:25.220 Sean Murray: And then you have you have things like memes to 13:25.220 --> 13:28.010 actual people just throwing 1000s or 10s of 1000s of dollars 13:28.010 --> 13:31.580 into meme stocks. Because you know, it's funny, they'll just 13:31.580 --> 13:34.550 drop 10s of 1000s into a stock because it's funny, but you 13:34.550 --> 13:40.160 know, for the for the lols or the lools or whatever. And all 13:40.160 --> 13:43.760 the hacker hacker yeah, exactly. Hacker culture. We'll call it 13:43.760 --> 13:44.570 the lools. 13:46.130 --> 13:46.580 Johny Fernandez: Thanks. 13:46.660 --> 13:48.460 Sean Murray: Yep. Learn, you know, you learn something new 13:48.460 --> 13:52.810 every day here on the deBanked TV show. And yeah, if you go to 13:52.810 --> 13:55.150 Wall Street bets, you'll see people will brag about how much 13:55.150 --> 13:57.910 money they've thrown at stocks and how much money they've lost. 13:57.940 --> 14:01.150 And you just wonder, where did you know? Where's all this 14:01.150 --> 14:04.900 coming from? It doesn't make any sense to me. Yeah. You have you 14:04.900 --> 14:07.720 have a job market where people are leaving the job market, 14:07.990 --> 14:11.080 refusing not to work, I guess, because they have so much money, 14:11.080 --> 14:13.240 they don't need to work anymore. Like, it seems like there's a 14:13.240 --> 14:16.060 lot of money sloshing around and probably too much. And that has 14:16.090 --> 14:18.490 probably has something to do with what Jack Dorsey is talking 14:18.490 --> 14:18.730 about. 14:18.730 --> 14:21.100 Johny Fernandez: And we do know that things. I mean, I can see I 14:21.100 --> 14:24.970 can tell you firsthand, going to the supermarket. I know that red 14:24.970 --> 14:26.230 meat is at an all time high. 14:26.260 --> 14:27.340 Sean Murray: That's true. Yeah. 14:27.340 --> 14:30.370 Johny Fernandez: You buy groceries that I was able to 14:30.370 --> 14:32.740 budget out a certain amount and now I. 14:32.950 --> 14:35.020 Sean Murray: I know because when you go to the supermarket, it's 14:35.050 --> 14:37.870 usually at the top of your grocery list, right? Like red 14:37.870 --> 14:38.200 meat. 14:38.230 --> 14:40.720 Johny Fernandez: Yeah, it used to be now it's like number four 14:40.720 --> 14:42.340 if I could afford it, because. 14:42.550 --> 14:43.330 Sean Murray: Inflation. 14:43.450 --> 14:46.030 Johny Fernandez: That's literally what it is, now like a 14:46.030 --> 14:47.260 pound is almsot $20. 14:47.890 --> 14:48.370 Sean Murray: Really? 14:48.580 --> 14:53.770 Johny Fernandez: Read meat yeah, filet. I like good red meat. 14:53.920 --> 14:56.440 Sean Murray: But imagine in a year from now what if it was 14:56.440 --> 14:57.760 like 100 times the price? 14:57.970 --> 14:58.930 Johny Fernandez: I'd be a vegetarian. 14:59.680 --> 15:01.060 Sean Murray: If you could afford vegetables. 15:03.040 --> 15:04.810 Johny Fernandez: But it's definitely gonna be interesting 15:04.810 --> 15:10.000 to see how this plays out. Because we're kind of living it. 15:10.000 --> 15:15.460 I mean things are high. Like everything gas, you know meat, 15:15.730 --> 15:19.240 groceries, no one wants to work but yet they have money in the 15:19.240 --> 15:21.520 bank. It's. 15:22.180 --> 15:24.880 Sean Murray: Sound it sounds like a recipe for definitely 15:24.880 --> 15:28.690 some type of adverse economic event, Jack Dorsey thinks 15:28.720 --> 15:32.350 hyperinflation is happening. He's not a fringed lunatic. It's 15:32.380 --> 15:35.170 that's a phrase I used on LinkedIn. I literally said, This 15:35.170 --> 15:36.340 guy's not a fringed lunatic. 15:36.340 --> 15:37.870 Johny Fernandez: No, he's talking. 15:37.930 --> 15:40.420 Sean Murray: Yeah, he's a very, very smart guy. He runs two very 15:40.420 --> 15:44.680 successful very large companies, and he has access to main street 15:44.680 --> 15:49.900 level retail level pricing data. And he can watch prices change 15:49.900 --> 15:55.330 in real time. So for him to say hyperinflation, I would be if I 15:55.330 --> 15:58.510 was, you know, this is why we're talking about it. Because tt 15:58.510 --> 16:00.940 wasn't just some weird thing. We heard on Twitter from a 16:00.940 --> 16:03.430 conspiracy theorist. Yeah, we heard it from Jack Dorsey. 16:03.460 --> 16:07.780 Johny Fernandez: Yeah, well. How this plays out. I mean, would I 16:07.780 --> 16:09.760 be surprised? No. 16:09.970 --> 16:11.890 Sean Murray: But what would you do all the cash that you have 16:11.890 --> 16:12.700 would be worth nothing. 16:13.360 --> 16:13.960 Johny Fernandez: I don't know. 16:14.560 --> 16:16.270 Sean Murray: You know that's what happened in in El Salvador. 16:16.270 --> 16:17.740 Why do you think they switched to Bitcoin? 16:17.860 --> 16:19.060 Johny Fernandez: As a sort of. 16:19.090 --> 16:20.680 Sean Murray: You don't have to worry about inflation anymore. 16:20.680 --> 16:22.490 Johny Fernandez: I'll start, I'll start investing in Bitcoin. 16:23.840 --> 16:25.850 Sean Murray: Maybe you should. You know what, you know what, 16:25.850 --> 16:30.170 though? That's the other angle to what Jack Dorsey is doing 16:30.170 --> 16:33.410 here, potentially doing here. Because he had a very invested 16:33.410 --> 16:37.040 interest in the success of crypto, because a very 16:37.040 --> 16:39.950 significant percentage of his company's revenue comes from 16:39.950 --> 16:45.170 crypto transactions, mainly via like the cash app. Yeah. So he 16:45.170 --> 16:47.660 definitely wants to see he definitely would benefit from 16:47.660 --> 16:51.440 some theory in the market, by people transacting in crypto, 16:51.800 --> 16:55.220 thereby boosting his company's Square. Hello, Jack Rondi. We 16:55.220 --> 16:57.740 see you know what you're doing. Right, potentially. We're still 16:57.740 --> 17:01.700 worried, though. But, you know, that could be one of the 17:01.700 --> 17:05.240 incentives he has for using that type of language, where his own 17:05.240 --> 17:07.850 investors, if they're significant might be like, you 17:07.850 --> 17:10.700 know, it's irresponsible. But if more people do crypto 17:10.700 --> 17:14.540 transactions, cause of that statement, and it boosts sales, 17:14.570 --> 17:15.980 well, then hey, we're better off. 17:16.040 --> 17:19.790 Johny Fernandez: Yeah, oh man. So what would you do? If your 17:19.790 --> 17:21.350 coffee costs you two $300? 17:21.840 --> 17:24.480 Sean Murray: Well, I would be getting out of cash, US dollars 17:24.480 --> 17:26.340 immediately, it would probably be getting out before it got to 17:26.340 --> 17:31.290 that point. And if he's saying the world, he's kind of 17:31.320 --> 17:34.800 suggesting that you can't just go from a US currency into 17:34.800 --> 17:36.810 another one. You can't just go from $1 to the euro, or 17:36.810 --> 17:41.100 whatever. He's planting the seed, that crypto will be the 17:41.100 --> 17:45.450 only currency immune to hyperinflation by saying the 17:45.450 --> 17:49.500 world, you're basically saying you can't just get out of 17:49.500 --> 17:52.440 dollars and go to another country's currency if they're 17:52.440 --> 17:56.550 all experiencing the same thing at the same time. Yeah. So if it 17:56.550 --> 17:59.550 were me, I guess at that time, I would say, you know, what do I 17:59.550 --> 18:02.640 do? I'd probably put I probably would put significant amount in 18:02.640 --> 18:04.140 crypto, not all of it. But. 18:04.140 --> 18:07.980 Johny Fernandez: Yeah, a good amount of it. I guess when it 18:07.980 --> 18:10.140 happens, we'll see what we do. 18:10.600 --> 18:15.670 Sean Murray: We'll see what you do. I know what I'll do. I don't 18:15.670 --> 18:17.890 want to be a broadcast. I'll just be busy putting all my 18:17.890 --> 18:18.820 money into Bitcoin. 18:20.890 --> 18:23.650 Johny Fernandez: We'll see, I don't even know. I'm not even it 18:23.650 --> 18:26.020 sounds like I have faith in this, I don't know, I don't know 18:26.020 --> 18:26.680 what's gonna happen. 18:27.370 --> 18:27.910 Sean Murray: We'll see. 18:27.940 --> 18:31.930 We'll see. Alright, so we have a couple more topics to discuss. 18:32.770 --> 18:35.470 Lending Club, there was an article written online about 18:35.470 --> 18:37.240 Lending Club. Let's talk a little bit about that. 18:38.050 --> 18:41.080 Yeah, so Lending Club is doing quite well. 18:41.470 --> 18:43.510 Johny Fernandez: They are, go ahead. 18:43.810 --> 18:46.210 Sean Murray: Okay. Go you had some you had some information 18:46.210 --> 18:46.720 you want to share? 18:46.720 --> 18:47.110 Johny Fernandez: Sure. 18:47.140 --> 18:47.410 Sean Murray: Okay. 18:47.410 --> 18:50.019 Johny Fernandez: So we know that it's at this point recorded, it 18:50.074 --> 18:53.585 reported its highest evaluation. And we know that obviously, it 18:53.641 --> 18:56.873 started from peer to peer lending, then they switched over 18:56.929 --> 19:00.440 to kind of away from that. I do have a couple questions for you 19:00.495 --> 19:04.006 about this. But we're gonna go ahead and do your spiel on that. 19:04.062 --> 19:05.790 And I'll ask you the questions. 19:05.900 --> 19:07.880 Sean Murray: All right. Yeah. I mean, it's, it's at it's highest 19:07.880 --> 19:12.560 level of evaluation since early 2016. So more than five years 19:12.560 --> 19:16.160 have gone by, and what has it taken for Lending Club to regain 19:16.160 --> 19:19.640 its footing, and start to restore some of it's former 19:19.640 --> 19:22.700 glory, becoming a bank. And their whole mission from the 19:22.700 --> 19:24.680 very beginning was about disrupting banks where you know, 19:24.680 --> 19:27.440 there we're a technology company, we're going to 19:27.440 --> 19:30.470 democratize finance and make it more efficient, etc. And the 19:30.470 --> 19:33.800 market was like, yeah, this is what I'm talking about. It's all 19:33.800 --> 19:38.150 about tech. And they, they go out and they have an IPO and 19:38.150 --> 19:40.310 it's very successful. And then in the years that follow, the 19:40.310 --> 19:44.270 stock just slumped. And now it's at its highest level in more 19:44.270 --> 19:47.840 than five years. It's on a major upswing, and the company last 19:47.840 --> 19:50.600 quarter had a pretty significant profit as a bank. 19:51.800 --> 19:53.330 Johny Fernandez: It 27 point 2 million. 19:53.600 --> 19:54.860 Sean Murray: Yes, that sounds about right. 19:54.890 --> 19:57.950 Johny Fernandez: Yeah. So I have two questions for you about 19:57.950 --> 20:01.610 that. The first one is, do you think other companies similar to 20:01.610 --> 20:02.570 Lending Club will follow? 20:03.770 --> 20:06.230 Sean Murray: Well, other companies are following. They're 20:06.230 --> 20:11.000 not the only FinTech company to become a bank lately. But 20:11.270 --> 20:14.840 they're basically proving the case. They're proving you know, 20:14.840 --> 20:17.690 the argument that becoming a bank is a good thing. Because 20:17.690 --> 20:21.410 their lending volume is strong. They're profitable now. They 20:21.410 --> 20:23.960 don't have all this regulatory uncertainty anymore. They're 20:23.960 --> 20:26.750 just a bank. Yeah. Right. So they're regulated like a bank, 20:26.750 --> 20:29.420 they do bank things, but they have all the advantage of all 20:29.420 --> 20:31.790 the technology that they that they built from the beginning. 20:31.790 --> 20:34.820 So I think other players will look to follow what Lending Club 20:34.820 --> 20:35.120 did. 20:35.450 --> 20:37.730 Johny Fernandez: So we've talked about the cycle, how everything 20:37.730 --> 20:40.280 pretty much that people think is new or is innovative, that's 20:40.280 --> 20:43.490 really been done before and it just will repeat itself. Do you 20:43.490 --> 20:48.140 think that peer to peer lending, like, you know, disrupting the 20:48.140 --> 20:52.490 bank, etc. Do you think that's gonna go away? Because 20:52.490 --> 20:55.820 everyone's kind of turning back and wanting to be a bank now? 20:55.930 --> 20:57.970 Sean Murray: Yeah. Well, peer to peer lending is already gone 20:58.210 --> 20:58.450 but. 20:58.450 --> 20:59.740 Johny Fernandez: Do you think there's a chance that it will 20:59.740 --> 21:02.260 come back, well, as people will leave the bank, like, I'm going 21:02.260 --> 21:05.770 to do peer to peer lending. And it just be a circle, like, what 21:05.770 --> 21:09.070 are your thoughts on it now, especially after 2020, where 21:09.430 --> 21:12.430 some companies stocks went down, everything went down other 21:12.490 --> 21:17.470 companies like, hit like an all time high? So what's, what's the 21:17.470 --> 21:18.280 read right now? 21:18.610 --> 21:21.070 Sean Murray: I think that will definitely happen. I think we 21:21.070 --> 21:24.490 will just repeat the cycle. We are currently working on a story 21:24.490 --> 21:27.250 right now that involves a peer to peer lender, a crowd, a 21:27.250 --> 21:31.690 crowdfunding lender. And their whole take is that it's new and 21:31.690 --> 21:36.850 beneficial to the business or you know, the borrower. And I'm 21:36.850 --> 21:40.030 like, really peer to peer lending crowdfunding, how 21:40.030 --> 21:45.070 unique. But I think it just goes to show that you go through a 21:45.070 --> 21:47.620 whole cycle, and it just starts up all over again. So I feel 21:47.620 --> 21:49.780 like peer to peer lending will probably come back. 21:50.710 --> 21:51.670 How many years do you give it? 21:52.690 --> 21:53.860 Probably just a few. 21:54.190 --> 21:54.550 Johny Fernandez: Okay. 21:55.140 --> 21:57.180 Sean Murray: Maybe like two or three? To be honest with you. 21:57.210 --> 22:00.000 Yeah. I think I think once you've exhausted the entire 22:00.000 --> 22:03.180 cycle, people need new, you know, they need to come up with 22:03.180 --> 22:06.360 a new revolution. Yeah. And when all the FinTech companies became 22:06.360 --> 22:09.060 banks, people are gonna say, well, we need to come up with 22:09.060 --> 22:11.520 something, you know, that makes things more efficient. I have 22:11.520 --> 22:14.070 this great idea that no one's doing and they're going to 22:14.070 --> 22:16.620 reinvent, they're going to reinvent something that we've 22:16.620 --> 22:19.860 already all done. And it's going to be super popular. We're going 22:19.860 --> 22:21.990 to act like it's never happened before. That's what will happen. 22:21.990 --> 22:22.530 I guarantee it. 22:22.560 --> 22:27.510 Johny Fernandez: Yeah. Definitely. For sure. Alright, 22:27.510 --> 22:32.550 so two other topics that we're gonna talk about email list. Do 22:32.550 --> 22:34.710 you buy or do you not buy it and why? 22:36.000 --> 22:39.180 Sean Murray: Okay, I mean, do I buy an email list? Or not buy an 22:39.180 --> 22:42.540 email list? Are we talking about for like for means of marketing? 22:42.540 --> 22:43.470 Or what's the content? 22:43.470 --> 22:45.750 Johny Fernandez: For means of marketing as a business. You 22:45.750 --> 22:48.990 know, someone in this space. Would you buy it? Or would you 22:48.990 --> 22:50.400 not buy it? And why? 22:52.130 --> 22:54.440 Sean Murray: Well, I don't have to answer hypothetically, we 22:54.440 --> 22:57.560 have personally never bought an email list. So I think I could I 22:57.560 --> 23:00.800 could say for myself, that I would not buy one because I 23:00.800 --> 23:06.830 haven't ever bought one. I think the reason is partially due to 23:06.830 --> 23:12.620 the fact that these subscribers may not know who you are, and 23:12.620 --> 23:15.950 feel like they're getting communications from you, 23:15.950 --> 23:19.580 unsolicited. I get a bunch of emails every single day, 23:19.610 --> 23:23.930 hundreds, probably of unsolicited email. If I don't 23:23.930 --> 23:28.340 recognize who they are, I oftentimes will delete it, 23:28.460 --> 23:31.970 unsubscribe, mark it as spam. Sometimes if I'm in a bad mood, 23:31.970 --> 23:35.900 I'll report it. Right? Like, because I'm like, please, who 23:35.900 --> 23:38.150 are you? And why are you emailing me? I can't get to my 23:38.180 --> 23:41.450 inbox. We have people like you who want to hear back from me. 23:41.450 --> 23:43.490 And if I don't get back to you, because of all these random is 23:43.490 --> 23:46.100 all this random email spam, it's really, really aggravating. 23:46.100 --> 23:49.820 Yeah. So we have not bought an email list. We do send out 23:49.820 --> 23:54.170 emails to people and we may send out quite a few. But these are 23:54.170 --> 23:57.890 people who have subscribed to deBanked they put their email 23:58.280 --> 24:01.430 into our system. They can opt out of it if they want to. They 24:01.430 --> 24:04.220 can unsubscribe, but I personally would not would not 24:04.220 --> 24:04.940 buy a list. 24:05.110 --> 24:08.560 Johny Fernandez: Okay, that's good to know. All right, so 24:08.560 --> 24:13.450 we're gonna wrap it up with this NFTs. Last week, we mentioned 24:13.450 --> 24:18.190 that there's going to be a raffle going on this week, the 24:18.190 --> 24:20.860 raffle's still going on. We're gonna announce the winner. 24:21.520 --> 24:22.120 Sean Murray: Today? 24:22.210 --> 24:22.720 Johny Fernandez: Not today. 24:22.750 --> 24:23.260 Sean Murray: Oh okay. 24:23.530 --> 24:25.720 Johny Fernandez: But we need people to sign up. 24:26.560 --> 24:30.940 Sean Murray: All right. Listen up people. We're doing an NFT 24:30.940 --> 24:34.780 giveaway. So far. We have a resounding I'm gonna tell 24:34.780 --> 24:38.050 everyone the amount of people that have applied. How many 24:38.050 --> 24:39.640 people are in the raffle so far? 24:45.120 --> 24:51.210 Zero, not a single person has entered our NFT giveaway raffle, 24:51.660 --> 24:56.460 zero people. We went we went through all this effort to 24:56.460 --> 25:01.230 create these amazing NFTs and so far no one has entered. If it's 25:01.230 --> 25:04.110 because it's confusing, and you're not sure what to do, 25:04.200 --> 25:07.740 we'll help you with it. If you if you just hate the idea, you 25:07.740 --> 25:11.700 can tell us that too. Hey, at this point, the good news about 25:11.700 --> 25:16.320 the NFT giveaway raffle is that if you enter, you will probably 25:16.320 --> 25:21.060 win, you will probably win, you will get a free NFT just by 25:21.060 --> 25:24.900 entering at this point. So that's how we're doing so far. 25:24.900 --> 25:29.280 If you want to win a free NFT, courtesy of deBanked a legit 25:29.490 --> 25:35.880 image on the blockchain an original, all you have to do is 25:36.030 --> 25:39.510 share our content and comment on a certain post. All the 25:39.510 --> 25:42.570 instructions are on social media. And guess what, if you 25:42.570 --> 25:46.200 enter, you'll probably win. That's how it's going. 25:46.320 --> 25:49.080 Johny Fernandez: You're gonna want to win. You have no 25:49.080 --> 25:52.410 competition as of yet. That may change if people start signing 25:52.410 --> 25:52.660 Johny Fernandez: No. 25:52.350 --> 25:54.030 Sean Murray: I don't want to give them away to myself. 25:54.030 --> 25:54.550 up. 25:54.550 --> 25:55.510 Sean Murray: That wouldn't be fun. 25:55.540 --> 25:56.350 Johny Fernandez: You know how I feel. 25:56.410 --> 25:58.240 Sean Murray: I don't want to give them away to charity. 25:58.330 --> 25:59.740 Johny Fernandez: True, you can give it away to me. 25:59.950 --> 26:02.230 Sean Murray: I'll give him you don't even have a crypto wallet. 26:02.890 --> 26:07.030 But maybe, but maybe this is why we have no entrance. 26:07.060 --> 26:09.610 Johny Fernandez: Because people don't really know how to how it 26:09.610 --> 26:14.140 works. If it ever gets delivered to your house, which it doesn't. 26:14.740 --> 26:15.820 So I think it's. 26:16.050 --> 26:19.110 Sean Murray: If you need help with receiving an NFT we'll help 26:19.110 --> 26:23.640 you all you need is a MetMask account. It's really easy. You 26:23.640 --> 26:27.000 just type in MetaMask.io, it'll install a browser extension, 26:27.240 --> 26:30.990 it'll set you up with a with a, a private and public key. You 26:30.990 --> 26:33.480 have an Ethereum address. That's all you need is an Ethereum 26:33.480 --> 26:34.050 address. 26:34.170 --> 26:34.770 Johny Fernandez: Program. 26:35.250 --> 26:38.100 Sean Murray: No, not a program just an Ethereum address, if you 26:38.100 --> 26:42.030 have an Ethereum address, you can receive NFT's. That's all it 26:42.030 --> 26:45.720 is. If you need help, we'll be glad to help you. I would hate 26:45.720 --> 26:49.590 to see a contest end in no winner, that would be so 26:49.590 --> 26:52.680 disappointing. That would be that would be the first time 26:52.680 --> 26:55.230 this has ever happened. And you know what? I would be sad. 26:55.290 --> 26:57.450 Johny Fernandez: Yeah, it's all right. I'll give you some 26:57.450 --> 26:58.680 tissues. I'll be sad too. 26:58.810 --> 27:01.330 Sean Murray: We'll just cry. We'll just ,Johny and I will try 27:01.330 --> 27:03.760 to announce the winner. And we realized there's nothing there's 27:03.760 --> 27:06.820 nothing in the hat. And we'll just do this. And then we're 27:06.820 --> 27:11.290 just gonna cry on camera and say nobody won. 27:11.320 --> 27:13.240 Johny Fernandez: Nobody won, it's all right. But anyways, if 27:13.240 --> 27:16.360 you want to sign up, please do sign up. 27:17.200 --> 27:18.700 Sean Murray: You know, some things just don't work. 27:18.790 --> 27:19.480 Johny Fernandez: Yeah, well. 27:19.480 --> 27:22.420 Some things just don't work. But if you do want a free deBanked 27:22.420 --> 27:24.100 NFT, please enter. 27:24.100 --> 27:29.730 Please do. And if you do want to go to another deBanked event, 27:30.330 --> 27:33.060 Broker Fair, that's coming up in a couple of weeks, if you 27:33.060 --> 27:36.000 haven't signed up, there's still some space for you to sign up 27:36.000 --> 27:39.990 some tickets left. So please do that. December sixth, if you 27:39.990 --> 27:42.690 want more information, you can go on deBanked.com, you check 27:42.690 --> 27:45.570 out our social media platforms that will guide you to the 27:45.570 --> 27:49.620 website brokerfair.org. Like I said, we have our list of 27:49.620 --> 27:50.730 speakers up already. 27:51.270 --> 27:52.500 Sean Murray: Not all of them, we're still adding more. 27:52.560 --> 27:55.006 Johny Fernandez: Were still adding more, but the list is up 27:55.064 --> 27:58.675 the information regarding the venue, the procedures to get in, 27:58.733 --> 28:02.286 you know, the vaccination, all that stuff that is online. And 28:02.344 --> 28:06.072 then also our sponsorships, they are sold out. But it's going to 28:06.130 --> 28:09.391 be an exciting event, we also have a pre show event that 28:09.450 --> 28:12.886 that's also get me something you you're going to be able to 28:12.944 --> 28:16.380 attend but that is a separate ticket, a separate price from 28:16.439 --> 28:19.933 the actual event. So if you want information on that, that's 28:19.991 --> 28:22.962 great. Please log on to brokerfair.com or deBanked, 28:23.020 --> 28:26.747 brokerfair.org or deBanked.com, for more details regarding that, 28:26.806 --> 28:30.417 and something that we've been saying, and we've been seeing it 28:30.475 --> 28:33.911 time and time again, is that in person events, they are the 28:33.969 --> 28:37.347 place to meet other people, to network to really grow your 28:37.406 --> 28:40.900 network, grow your business, especially if you're new to the 28:40.958 --> 28:44.569 industry. The last time we put on an event similar to this was 28:44.628 --> 28:48.239 back in 2019. This is it's been two different year. It's crazy 28:48.297 --> 28:51.908 years that have gone by and you know, now it's time to kind of 28:51.966 --> 28:55.402 hit the ground running. And that's pretty much my spiel for 28:55.461 --> 28:56.160 Broker Fair. 28:57.119 --> 28:59.070 Sean Murray: Yeah. So hope to see you there. 28:59.070 --> 29:02.407 Johny Fernandez: Yeah and you get to hang out with us. That's 29:02.483 --> 29:07.109 great, too. I mean, who doesn't want to hang out with us? So, 29:07.185 --> 29:09.840 from New York, I'm Johny Fernandez. 29:09.840 --> 29:10.590 Sean Murray: I'm Sean Murray. 29:10.590 --> 29:12.000 Johny Fernandez: And we'll see you guys next time. Have a good one.