 Great. Welcome to the last set news. Take a top story as in crypto or not a bite-sized piece. So today's the thumbnail and title suggests there is a meeting coming up. It's actually the Fed Reserve meeting in Jackson Hole, Wyoming. And I think you should probably pay attention to it to see exactly what's going to happen with the markets in the short term. So we'll take a look at why that meeting is so important and actually how history has treated the announcements coming out of that meeting. Then we'll take a look at a China housing loan and bailout to the tune of $200 billion. And we'll also take a look at how housing supply and recession seem to go hand in hand. And we'll take a look at how Michael Burry sold everything about a week ago and why, even though that Michael Burry may have gotten one thing right in 2008, doesn't mean he gets every single thing right and moving forward. And lastly, we'll take a look at some more macro concerns as well as a new Voyager buyout date coming up very quickly. So first things first, let's take a look at the markets. The market's boring. It's up 1.5%. Nothing to write home about, but Ethereum's up 4%. 24 hours, that's pretty good. But look at the seven-day, just abysmal. 11% down for Bitcoin, 14% down for Ethereum, 7% for Binance Coin, 17% for Cardano. Crazy. Almost 90%, 20% for Solana. And down you go. So we may make little recoveries here, bumps along the way. That's just how it is in bear markets. Just get ready for the exact same thing over the next two years. It's quite boring, but this is where all the money's made, unfortunately. That's just the truth. Also, how are we doing as far as correlation? Well, kind of, not really. S&P 500 is down a little bit, but what we're really usually correlated to is with NASDAQ and they're up about a quarter of a point, which is doing pretty good compared to us, or we're actually doing more better than them for 1.5%. So that's what's going on with the markets. Nothing to write home about. And then before we go on for the stories and Jackson Hole and Drum Powell and all that good stuff, I just wanted to just quickly talk about this. There was a question yesterday from the Poolman, which is pretty adequate for my show. But he says, what do you think about the advanced trade in Coinbase? I thought it was opening up later on, maybe in November or December, but it's here already. So if you go to Coinbase.com and you click on trade, go to advanced trade, bam, there's all your advanced trades for all you advanced traders out there. It's already up and running. And it used to be Coinbase Pro. Now they just can find it together on the same site. And actually, I brought over a little bit of cash and crypto from my pro Coinbase account over to this one. Works pretty well. Pretty interesting. But that's not the most earth shattering news, honestly. What was interesting to me is because people were telling me just how great the spreads were and how the prices were and how they compared everywhere else. And I was like, I don't think that's true, but whatever. So I took a look at it and I just compared the prices. Now what I'm going to ask is for everybody to do the same thing because this is just one data point in a slew of multiple data points you can take a look at. So I just took a look at the Bitcoin price yesterday at 325 p.m. Mountain Standard Time. And for regular Coinbase, they quoted me a price of $21,205.22 per Bitcoin. But on Coinbase Advanced Trade, it was $21,094. That's a big difference. $21,094.62. That's a big difference. And then the fees, the estimated fee right here, less than a penny. So yeah, that's not too bad. Over here, Coinbase fee that you can see, it says free right there. That's just because I signed up for that $30 Coinbase. What is it? Coinbase one account where they waive all the fees. But I mean, I'll be honest with you, I'm probably going to cancel that and just use Coinbase Advanced Trade from now on. And now let's take a look at FTX, just see what the prices were. And at the same time when I was doing this, they quoted me a price of $21,222.25, which is even more than Coinbase regular. So I know someone said, well, there's an FTX pro, and I don't have that. I don't know if you can get that in the States. I have no idea. I'm just lucky to have something in the States because I can't get the regular FTX, I got to use FTX US. That's just the prices that were quoted to me. So do me a favor. When you're out there in the wild and you're looking at the different exchanges, just shoot an image over on Twitter just to compare different prices. I'm just curious to see who has the best prices among all the exchanges. Okay, so that takes care of that little snippet. Now let's get into the Friday meeting. And we know the Fed, every time the Fed meets, everybody talks about it, especially on YouTube and Twitter. But there's no meeting this week or this month. The usual Fed meeting is nixed. And now they have just this impromptu Jackson Hole Wyoming meeting, which is coming up on, it actually starts on Thursday, and then it goes into Friday. And on Friday at 10 a.m. Eastern Center time, that is when Jerome Powell will speak. And I thought it was very interesting what this report said about just how potentially important that is. So this is what's going on. So this is why markets care so much about the Fed's annual Jackson Hole meeting. So every year, in August, the Federal Reserve holds a small gathering of the world's leading economists and polymakers against the backdrop of the Grand Teen Mountains in Wyoming. Only about 120 people attend the event every year, but the public release papers and speeches as well as media engagements by policymakers have made the Kansas City Fed's Economic Policy Symposium a landmark event for Fed watchers. The event's usually three days. It begins with a dinner on Thursday. Next morning kicks off with Jerome talking again at 10 a.m. But Fed chairs, aware of the heightened tension of used speeches at the Jackson Hole meeting to provide an economic update on the conditions and signal policy shifts ahead. The head of major central banks like the Bank of Japan, European Center Bank, Bank of England are familiar faces at the event. So that's where they all get together and pretty much plot their evil schemes. Now just kidding, that's what I get together to do the things. In 97, this is just an example. This is just an example of how tepid or how volatile markets are, just by a couple of people talking a little bit. In 97, then Fed chairman Alan Greensband made remarks while global markets fretted over a currency crisis in Asia. Greensband made a brief mention of Mexico. The Mexican stock market tumbling on fears the Fed chair was signaling a spillover in the global financial system. See, this is one of those things that I just, it's very hard to really bring together all this information and just go, well, there's just this guy and he's just going to talk and it's not going and everything's already priced in. I just don't think that's really how it is. I think there's still more of volatility out there, especially with, I mean, if Jerome Powell says anything a little bit odd about what's happening in the markets and what they potentially could do, then it just leads all the all the geniuses out there to start to talk about, well, if maybe by this and maybe by that, and you also have to remember one more big thing, which is what I think really all comes down to is this. There's a website. I don't know if you've heard about it. Danteachescrypt.com. 100% free. It's always free. Good stuff. Best stuff I can, I've figured out over the last couple of years or since 2017. And in module three, if you scroll down, this is a good one right here, have a plan, five year mistakes, all this stuff. But the very last one, it talks about, it's the bot effect, and it's about six minutes long. And really what it just talks about is just, and this isn't from me. This is a bunch of people on CNBC, MSNBC talking about the bots and how they trade and how they use interpretive language technology, just to hear what Jerome Powell says, interpret that, and they start to spring forth a bunch of transactions and buys and sells and things like that. So if you don't think that the market is volatile or is rational, the market is not rational. And that's why when people talk about trading and doing these things, I'm like, I just don't have the patience for it. And especially with the way that people react in the market, I just don't see the whole point of where it could actually go. Anyhow, that's just what I got. Just expect some volatility on Thursday, around 10 Eastern time, probably you'll go down a little bit. And if you're maybe at the right time, right place, right time, maybe you could buy up some cheap alts or maybe some cheap Bitcoin and whatever else you want to do. Not financial advice, not a financial advisor. Anyhow, the major thing about that in the comment section, let's move on to this little issue, the Chinese housing market. And this is going to get, we're going to go a little bit down a rabbit hole, but just the truth. So this is from Zero Hedge. China launches a 200 billion yuan bailout of their reeling housing sector. I didn't know this, but the Chinese property market is likely the largest asset class in the world. In here in this dark purple or blue whatever it is, that's residential property. So in China, this is in trillions. They have invested $62 trillion into residential property. In America, which we talk so much about, it's half, roughly 34 trillion, Japan 10 trillion, UK 10 trillion, Australia $6 trillion. Then you got fixed income in gray and latter gray and equity. That's a lot of cash tied up into property in one country. Here's what's happening. In its latest show of a not a bailout support for its beleaguered property sector, Beijing will offer 200 billion, excuse me, yuan in special loans to ensure stalled housing projects are delivered to buyers. If you're not up to speed with this one, it's okay. A lot of things are going on. But what these developers are doing is they're doing a Ponzi scheme, essentially. They're borrowing from Peter to pay Paul and they're saying, Hey, do you want a new house or new property or whatever else it is? Sure. Sign up right here. It gives a down payment. We'll start in. And as soon as they do that, they finish up the old houses that they have. And then now there's like a gap. And that's what's been going on with especially these these run the banks here in China and people just aren't trusting what's going on. So it's gotten so bad, but government had to step in. Does that sound like any other country that would do that? Just saying. So since all banks in China are state owned, this is effectively the start of the latest housing market bailout. So how bad could it get? I have no idea. It could get kind of bad. Maybe this could all work out. Maybe they could pay paid the builders and go, Here's your 200 billion yuan. Make sure everybody gets their houses and everything works without without a problem. I mean, it could. I don't know. I mean, who knows? It could actually do it. But there is one thing that that does concern me about housing supply and recessions. This was a snippet from silver trade. It talks about the monthly supply of new houses in the US. And one thing you want to notice is that you might notice these dates around 1980, 91, 2008, 2022. You see how there's this this this vast monthly supply of new houses, almost 11. 11 monthly supplies, 11 supplies of monthly new housing noise, 11 months. And if you take this graph here, that means that there's a lot of supply, not so much demand, probably because the Fed's doing their job. They're raising the rates and people like can't afford that. And they have to back out of their their approved loans and go, Well, sorry, just that's how much I make. And I can't afford that now. So if you take this and overlay the monthly supply of new houses, this is the St. Louis Fed Reserve, the dates of the US recession as inferred by GDP based recession indicators. Remember when we used to say that two quarters of economic decline or GDP decline is a recession? Those are good days. Now who knows what it is. But you'll notice that there's some interesting dates along this continuum. And just to make this very simple, I overlaid them to show you that it seems like when there's a vast supply of houses, or there's foreclosures, or there's just fall through for contracts. It seems like it kind of leads us into some sort of recession. Now there's a, I was watching KITCO news was on that, but they talked about there was, there was two indicators that really leads us into leads us in and out of a recession. One is the automobile industry. And the second one is real estate. I gotta tell you, it kind of concerns me to see these types of supply being hit. Now, things could even out, could work out okay. So we'll see how it goes. But it is interesting that we got a bailout in China. We've got more houses available in the US, which is rightfully so, but just a large number of those. And just I'm sure about how that'll affect everything moving forward. I just don't know if that's like the greatest thing of all time. Now, let me know what you think about that in the comments. And then real quickly, I keep getting this question about Michael Burry, how he sold everything. And if you don't know Michael Burry from the big short, he was a guy that's pretty much short of the whole markets and made away with a ton of money and good for him. So he was right in 2008. And he just sold all of the stocks about seven days ago or so, except for one company called the ticker is Geo, which I believe is incarceration prison systems and saying with mental health facilities. So he sold everything. And here he is, which is kind of alarming. I mean, I'll be honest with you from a guy who who got something so right, but just remember this. And I'm not going to read this because it's super long. I've linked it in the in the description. 10 times Michael Burry's market crash and other predictions were totally incorrect. A couple of them were Tesla. A couple of them were when recessions were and we're not going to happen. And CDOs, subprime CDOs and others, different things, you can read it at your leisure, but just I just want to make mention of this. This because somebody gets something right once doesn't mean they get everything right all the time. I'm wrong quite a bit. And sometimes I get some things right, but just remember one thing. This is from Peter Lynch. Far more money has been lost by investors preparing for corrections or trying to anticipate corrections that has been lost in corrections themselves. Do I think that we're not headed for a vast economic downturn? Maybe. And only time will tell, but again, was this the right time to sell all your stock? Well, for Michael Burry it was. Anyhow, let me just think about that and then we'll finish up with just a couple of more macro concerns that are just kind of hovering around. I'm an American if you can't tell, and I'll talk about U.S. all the time, but in the U.S., we got quite a problem with the deficit. And if you see here on the left hand side, this is the revenue individual income taxes. This is in billions. Social Security Medicare taxes 1.2 trillion, 372 billion corporate income tax. That's not that much corporate income tax. Mr. Lynch revenue, custom exclusions and retirements. And here's what we spend. We love to spend here in America. Here's income security, social security, health, national defense. Wow, look at that. 755 billion. You think it'd be more. Medicare, net interests, commerce and housing credit education. And of course, we're in the hole right now. And it's just been like that forever. I don't know if we can, how long we can keep doing this. Another macro event that I've been asking people on Twitter is, if they can confirm this, these are the electricity prices in Europe. And not only in Europe, but I mean, I've noticed like here in Texas, my bill has doubled just for electricity. It's been a pretty darn hot summer so far. But you can see like with this one, this is from Alf, follow him, macro insights have asked my ideas, macro compass newsletter for my $20 billion portfolio. And he just puts it out. He goes, look, almost the entire European continent is now operating at electricity prices above 600 megawatts per hour. That's roughly equivalent to $1,000 per barrel of oil. And you can see right here, and I've asked people if this is actually true and I've gotten responses from people from the UK, from Spain, from France, even Germany, a couple of them pulling, they say, yeah, our prices are through the roof. And a lot of those were small business owners and they were even questioning if they were able to keep their businesses open with just this glut of electricity use and prices. So that's quite a concern. And then just to finish up, if you didn't know, I just figured this out. DJ Crypto, I mean, let me know on this one that a Voyager is up for sale. Nice little bidding wars going on apparently. The bid deadline, which apparently they have multiple bidders, not just like FTX. That was like low ball offer. But the original deadline for this was August 26. I was pretty jacked about that. I was like, oh, it's going to happen like the other month. We're going to figure out what's going to happen with Voyager. Who's going to buy it? What's going to happen to the investors? But I don't know if they have a lot more or something, hopefully, but the original deadline was August 26. Now it's September 6. So just so you know, if you're waiting for that, like I was, looks like it's going to be a little bit later. And that's it for the news. So look, that concludes the news section. Knows a little bit long, a lot of things going on. If you like today's video, give it a thumbs up, consider subscribing, although you don't really have to. It's not like YouTube is going to go and notify you anyhow. It's like only happens like 50% of the time. But if you do, it'd be great. Now we'll get into the Q&A section. So if you got to take off, get out of here. Thanks for coming by. I appreciate it. But if you want to stick around, I'll answer all your questions, the best of my abilities, and we will go from there as we get into the Q&A. So let's jump into it.