Charles’ Take: The Return of the Luddites

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All right, so we know AI disrupting is here, right? And by the way, it's only going to intensify.

In fact, if you listen to Jensen yesterday really closely, it's not only going to intensify,

but it's going to intensify faster. Now, Deutsche Bank put together a very impressive report last

week on AI in the notion of mass job losses, right? Everyone's talking about that. Everyone's

concerned about it. So as a consequence, what we're doing is we're seeing the return of the

Luddite. Now, I'm a natural born Luddite, but for those who aren't familiar with Luddites,

a person opposed the new technology or ways of working, a member of any band of English workers

who destroyed machinery, especially cotton and wool and mills back in the 1811s, right? The

first industrial revolution. Listen, I know, I know every industrial revolution bought more jobs,

better paying jobs than a technology, you know, a replace, but still, but here was the interesting

part about the support. Deutsche Bank suggests that the greatest job losses, in fact,

and inflation has come from Fiat currency. And this is a pretty complicated chart, so I'm

going to try to go through the whole thing. But the bottom line is essentially, you know, we've had

all of these things. This is for the UK unemployment. And almost all of this was associated with the

printing of money. It wasn't new technology that was hurting people, right? Fiat money

regiments determined big picture inflation and not inflation and not innovation. There's another

good example that you have French money. The continental currency came into play. The greenback came

into play. You know, just every nation kept signing more Fiat currency and more Fiat currency.

And as they did, prices went higher and higher and higher. And of course, the end of the bread and

woods, maybe it was what sealed I, I fate. Now, my next guess has been warning against Fiat

currencies for a very long time. As long as I've known her, I will admit it served her clients very

well. So let's bring a Walser wealth management president with Becca Walser. Rebecca, so all this

time, you know, people were grappling with the idea that, okay, technology, you know, is going to

take my job. Technology is going to, you know, interfere with the economy. But really money printing

has been much more disruptive to society. Yeah, I really look at the end of their gold standard

basically, Charles and basically the beginning of we could just print at infinitum, you know, you

can see it goes straight off the chart. And really, we can't afford right now for America to

become a lot like because what's going to happen is this global Fiat transition from Fiat to the

blockchain is happening globally, whether the United States is behind it or not. So if we don't

get on board and actually be the innovative leader, we will get left behind. That's what we cannot do.

So we actually need technology to save us from the disaster we've already got built in.

We absolutely need, and we need legislation. The genius act, in my opinion, was genius. The

clarity act needs to be those two things together really help us move stablecoin.

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I'm going to bring up some charts too because I know you want to take a quasi-victory lap on

circle. But before we do that now, this was a hot chart last week. Essentially saying,

okay, you go back to the global financial crisis and as we went into it, these are the stocks

that were down the most, financials are down the most. These were the stocks that were up,

energy and staples. Guess what? Right now, energy is up the most and financials are getting

wrecked. The people were saying yesterday was the Bear Stearns anniversary. It feels like

something is eerily similar to the collapse that we saw during the global financial crisis.

Are you buying that? I mean, I'm of course, you're talking about Marco Hartn and the

big of Americans saying, is this the new beginning of the new GFC versus, you know, 2026?

I did some look at looking at it and really, if you look at the MBS, the mortgage back security,

it was about a trillion dollars of exposure, Charles. And then, you know, since then,

the financial derivative market is 5X since 2008, lover. If you look right now at, you know,

where we're at with private credit, it's about 1.3 to 1.7 trillion. But, you know, it doesn't have

that credit default insurance. So it's, you're saying private credit, private equity, whatever you

want to say, that whole area, it won't be like collateralized debt obligations. It's not enough to

be the straw that broke the camel's back. I can't say that it won't be because I've seen

stranger things happen, but I would say that the scope of it is not as large as what we saw in

2007, 2008. And so there's got to be a consortium of factors that come together to make the

financial contingent that would have to be to replicate GFC. All right. So you brought up the

Genius Act. I was looking at Circle, their ex thing today. Genius Act is trying to full reserve,

blockchain enabled value to the US law, institutions integrated, USDC, you know, and I'm going to

bring up, now I'm going to bring up the Circle chart. Yes. Last time you were on this show,

I think it was right around there, right? So breaking through the 50th day, a monster move,

a monster move, and it's going. I mean, should people learn, we had the conversation, but for

folks who missed the show, how important is it? Learn about stablecoin and be positioned for it?

Yeah, you absolutely have to. So the Genius Act was passed last fall, basically, basically enshrined

a one-to-one reserve. So that ends the, if you look at stablecoin as a payment system,

an eventually a payment replacement system of Fiat, that would get a way rid of fractional

banking Charles. We're not going to be able to say I'm depositing $100, but only 10 is going to

stay in the bank and 90 is going to go into money multiplier effect. No, stablecoin is saying,

okay, any private issue could issue 300 million of stablecoin, but that means they have to have

300 million of actual treasure reserves being held. So it's a one-to-one reserve relationship with

the US Treasury, and that's what he's talking about there. And of course, Circle with USDC,

that would be a second largest market cap by coin right now. All right, so Jensen moved a lot

of things. He's moving rocket stocks today, rocket labs trading three times every day of volume,

but also autonomous vehicles, which is ironic because it feels like digreasing the skits for

them to be a competitor. You like Uber. Uber has done something intriguing, right? They haven't

spent all the money everyone else has spent with respect to robo taxis. Instead, they've partnered

up around the world with a whole bunch of companies more recently, Zook. This is what you like,

the way they've gone about this, and you think this is a buy here. I like the consortium nature,

but I also like that they're funding Travis Kalanick's, their former founders new atoms, which is

autonomous vehicles specializing in the industrial space, transport, mining, and food services.

So we're talking about even specialized, so not just the robo taxis for the retail use, but now

we're looking at autonomous industrial uses, and I think that's also a really way forward for them.

All right, and another sock you like, it's crowd, crowd strike, Lyn Alden was on here. You guys,

did you guys talk in agreement? No, funny. You know, it's made a big move, just laying around right

now. It did have that so-called death cross, but it came down a lot since then. You know, when I see

these names down like a name like a crowd strike, it always puzzles me, because the long term,

you got to believe it's going to be a grand slam. A hundred percent. It's their CEO George Holes

basically said to investors last week that AI is actually a growth opportunity for crowd strike

and cybersecurity, not, you know, a threat, really. And there are 24% revenue, year over year,

off 25% from their all-time high. Charles, they are going to have opportunities with AI

alongside of AI. And so I think for that reason, it's, and you just got routed because of the

software route, like we saw everything. You know, I just think Americans are sort of skeptical,

and when you try to explain it, it's like me think of now protesting much, but I think-

That threat we have right now is the banking lab we're trying to stable, you know,

strangle whole stable point. Alrighty, let's layman. Over to you.

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