hi this is Charles Hoskins had live from warm sunny Colorado today's a special edition of my normal musings and ruminations and life casts that I do just for Max Keiser you know we doesn't have a chance to be on the show then there are a few times always been fun to see you in Stacey last time we ran into each other I think was before all this craziness with coronavirus in Mexico at the satoshi round table anyway I see you guys are stoking the whole PPP thing and I made a video you took a nice little snippet of the video where we talked about MLB and that's great it's ratings gold it's a good idea to go down this road you know I don't get picked the policy I don't get to set the rules you don't I don't and that's that's truth and the reality is that whatever the tax code happens to be whatever the institutions happen to be that's the law of the land and I be I don't get to pick those rules but I have to play with them and my competitors have to play with them and aisle Obul is a cryptocurrency company but we're also a b2b services company Max and so we sell the people and you know as well as I do that when a depression happens we have a lot of trouble selling because all the things that we sell are not urgencies it's not like we're selling food or we're selling things that people have to consume where they die they can make a choice to slow down what they upgrade what they do and so forth so because the whole world got shut down everybody's going to be hit if not today in six months from now if not six months from now nine months from now the point of fortifying companies is to give them an economic mode so that they can keep their people on payroll and continue investing or otherwise what we're gonna do companies have to do is lay people off now I'm not gonna do that I don't want to do that and we've never done it in our company's history other companies like consensus half but at the end of the day the point is that the stronger we are the more people we can employ the more research we can do the more investments we makes and that preserves and protects American jobs which is the entire point of the pp where it's being abused and misused is where the PPP allows American money to go abroad that's wrong or allows American money to go to Wall Street that's wrong or American money to go to executive compensation or whatever and they still lay people off it's craziness it's morally wrong and that shouldn't happen and go pick on those people but you're honestly going to go to an American business in Wyoming that gives money to the University of Wyoming hires people and in America it does work here and pick on us because we got a few hundred grand in PPP that's that's the hill to die on here you know I don't like the policy I pay for what I'm not allowed to take government grants now if the government has a research grant they want us to do a little something with it that's immoral and unjustified if they change the tax code and we can find a way to save an extra five percent business tax it's immoral and unjustified for me to take that I mean where does the standard sit where does that go bad policies bad policy and you know what my competitors get to take advantage of that policy as does everybody else so either I choose not to take advantage of bad policy or I take advantage of it and have a level playing field otherwise we run out of money we were not as competitive they win and then what have I done for my ecosystem what have I done for my employees what have I done for any of these people you know I don't make the rules you don't make the rules none of us do we can complain about them and we're trying to change them we're trying to change him through the ballot box in my case I campaigned for Ron Paul PPP would have never existed under a president like that we try to change it by getting people like Rand Paul into the Senate again he opposes these types of things where and when they make sense and we of course try to change him through all various different kinds of means the hearts and minds of people but at the end of day when you're a CEO in a competitive environments my job to play the game and these are the rules as they are I don't pick the tax rates I don't pick who gets grants I don't think what particular federal programs exist and we will maximize in that environment so that we can operate and our operations mean we create American jobs and our operations mean we fast in American institutions is this truly the hill that you want to die on I mean is this truly the fight you want to pick go go complain to me in consensus and the rest of the gang about PPP there's plenty of things you can criticize this over but this one seems a little crazy and then the other thing is I have a question to you is it okay if we receive money from the National Science Foundation if I apply for a grant from let's say the Department of Homeland Security would that be okay if all the work ends up in the open domain like is it okay if we find that we can reduce our tax burden by a point or two with a special program are we allowed to take that program I mean where are you going to cut that line this is a legitimate program the government decided we met the criteria we knew our competitors were taking it and they basically get millions of dollars of my tax dollars to compete with me my own government is paying my competitors money you fail to concede that and you somehow point to Peter Schiff being the paragon of morality and then complained Bitcoin as if Bitcoin is somehow better let's be clear here Cardno didn't get any money from the US government a us-based company that hires Americans that does business in the United States and does b2b services in the United States that have been shut down as a consequence of the government shutting itself down got some money for the PPP as did many other people at our industry and hundreds of thousands of American businesses Cardno as a blockchain project is a global system and has received zero subsidy from anybody it's an open source project patent free just like Bitcoin is and it competes in that open Dominion against Bitcoin it's a careful differentiation between these two things and if I do things to make my company stronger more solvent where am i spending that money max come on where am i spending I'm spending it on research I'm spending on an open source code over a million lines of it's sitting in probably 200 repos at this point we're spending at writing papers open papers that are patent free that anyone in this face can use and some of our papers benefit Bitcoin carnita pals research for example so hidden a good thing the more money I have the more money my company has the more people my company has the more things we do that synergistically will make your investment in Bitcoin better so in a way if you want to look at it in this particular sense PPP subsidized bitcoins development as much as it did cardano's development by empowering and enabling our company to continue maintaining full employment as it did with my competitors with my tax dollars consensus the rest of the game and I'd love to ask you our grants ok is a reduction in taxes ok our tax optimization strategies that are legal ok I mean where do we cut this line and honestly and yeah it's bad policy but again you don't pick that policy I don't pick that policy and the whole reason I posed this policy was a because it's not smart policy printing six trillion dollars at a thin air accelerates to the client of the American dollar and damages my nation the second whole reason I pose as policies it creates moral hazards it creates perverse incentives for companies to do things that they don't really want to do because their competitors are doing these things in order to maintain an evil in the playing field they now have to take advantage of the new rule ok so bad policy creates bad outcomes it is what it is it was bipartisan we had no ability to stop it got railroaded through the whole shutdown is bad policy got railroaded through and it's being propagated by the lapdog media it's a whole separate conversation but we're now all living these consequences and you know millions of Americans are suffering really poorly badly as well you know the millions and millions of people that are being pushed into unemployment millions and millions of people who were living the American dream who have now been pushed into poverty as a consequence of everything falling apart so yeah we need to fix that and it's going to take a lot of work to fix it and good old-fashioned free-market good old-fashioned good principles will and every time these interventions are done they only make the people that make people poorer stronger whether we see the consolidation of the farms whether we see the consolidation of the bank whether we see the consolidation of all the fortune 500 and how much Richard Jeff Bezos has gotten whereas whereas all the small businesses don't do so well this is the consequence of bad policy but if I stay alive I can build great products that can liberate people from that reality and by the way Cardno has done something Bitcoin hasn't done in a while we created over a thousand small businesses with our stateful operators Bitcoin doesn't do that anymore the people who run Bitcoin are billionaires in millionaires who run massive stake full operations private pools with subsidized power and Asics the longer cart Donnell's around the more small businesses we're going to put in business and the more diversity we have in that market that coin doesn't innovate like that so when you get into the nuances of these things net net husband around it's pretty good for the space us being around is pretty good for everything but you know I'm happy to have the debate if you want me on the show we'll talk about it till we both get blue in the faith and I'm sure a lot of people be pretty happy to see that conversation and any event I love you and Stacy I've always been a fan of your show it's always been fun watching your show you guys you guys are great you're the oh geez and it's been it's been great throughout all the years and I look forward to seeing you somewhere over the net or somewhere at an event Cheers
