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In this episode of the Cryptocurrency Investing podcast, I’ll be sharing my own story about how I went from a left wing socialist to someone who passionate believes in free market capitalism.

 

TRANSCRIPT

Please note: I’ve used an AI transcription service, which means there’s probably plenty of errors. At some point I’ll get a human to correct it.

Louis Thomas

 

So we’ve just come out of or in a way, actually still going through an extremely divisive and action over in the USA, which has been a bit horrifying to witness wherever you are in the world, not just the American people. I think everyone around the world has looked at this with Horace seeing the animosity that large portions of the American public have for each other.

And I think for me, particularly, it’s been very interesting and kind of unfortunate to watch as well, because unlike some people who completely just cannot understand where the other side is coming from, some on the left cannot see cannot even imagine voting for someone who they perceive as monstrous as Trump. And on the other way around as well. Some Trump fans can’t imagine voting for someone like sleepy Joe Biden, who they see as just a product of the establishment, he’s been around forever. And now he’s written with dementia, they say, right, they cannot see things.

But on a on a kind of broader level, just general left, right, I can absolutely see where both sides are coming from. And while today, I would absolutely resonate more with those kind of more libertarian minded people who typically fall on the right to but even small government, low taxes, that kind of stuff, I can still see things from the other side as well.

And there was a time in my life where I very much resonated with the other side with those on the left Looking back, I would even describe myself as a bit of a hippie back then. And so I thought it’d be interesting to just take the time to explain or to shed light, I guess, on my own my own journey, not from a place of I don’t want to frame it as back then I was stupid. I believed in this. Now I’m wiser and smarter. I believe in something else. It’s not that it’s more just coming from a place of empathy, helping people understand, okay, people, you know, just like myself, I once believed in this because of these experiences I went through. And now based on some other experiences, I’ve had some new perspectives, I’m more inclined to believe this sort of thing. And so I just want to hopefully, shed light on something in such a way so that it resonates with almost anyone, regardless of where you fall on the political spectrum, or maybe you’ll just gain a little bit more empathy for the other side, if you can kind of resonate with some of the things that I have to say. And so that’s what this little solo podcast is going to be about today. And I’d actually welcome any thoughts, comments, feedback you have about solo podcasts, whether you like them, whether you don’t like them, whether I should just stick to guests or not, let me know down below. But I just want to take the time to really kind of flesh this out how I went from essentially a bit of a left wing hippie in the past, to someone these days who has come to greatly admire value and respect and have a lot of passion for what would generally be regarded as free market capitalism. And I feel like this all starts back in school as it is for everyone, right? Where in your teen years you you develop an awareness of politics and you understand the key this the side on the left who believe this stuff, this side on the right, who believe in that. And I think people initially approach it from a relatively open minded perspective, as long as they don’t have parents who are too extreme either way. And so that’s what I did essentially didn’t didn’t really pick a side too much. I was interested in both or both sides have to say, oh, there are these people like Margaret Thatcher and whoever on the right believe this, then, oh, these these guys, you know, Karl Marx socialists, that’s what they say. And I just had fun exploring that intellectually, I wasn’t to compel they didn’t feel to pick one side or the other. But what I will say is I did very much value the kind of entrepreneurs I guess the world I paid attention to a lot of famous entrepreneurs read their biographies or that kind of stuff. I was interested in what they had to say. I remember watching people like Robert Kiyosaki Rich Dad, Poor Dad on YouTube when I was a kid, and being blown away by that. And so I guess in that sense, I still had very strong ideas about meritocracy and just believing in the, you know, the talented, the most talented, capable people should reap the greatest rewards in society. And I still very much resonate to that today as well. I absolutely do believe in that. And so maybe a slight slight inclination to the right in that sense, I guess, because typically the right do price and value entrepreneurs success, people becoming millionaires, all that kind of stuff. But I wasn’t too passionate about it either way. I think I really started to to pick a side was in university, and I did gravitate towards the left. And this is where immediately some people will say how this is because universities these days have these brainwashing camps indoctrination camps, right? It always forces these weird, wacky left wing ideas on people. That wasn’t the case for me at all. I can only speak for myself. And this was from about 2012 to 2015. And so this was just before things went a bit crazy with all the woke SJW stuff. It was kind of on the cusp of that film. Maybe it’s just beginning but it didn’t impact my teaching. I was a you know, good University, University of Bristol studying law. And so I had a traditionally conservative legal education. My professors were old conservative man, and so I didn’t have any of that work stuff put on me. I think what really drew me towards the left was this really weird experience that I had personally were growing up in a very working class area and South Wales. I didn’t know anyone. I was the first person in my family to go to university and so I had these ideas of what I expect the university to be. I expected it to be this this magical, incredible place where you’d have all these geniuses, all these super smart people who would just spend all day having these rigorous intellectual debates, I actually thought it would kind of be like that. And so in a sense, I was deeply, deeply disappointed where I went to the University, I went to this place where, you know, Bristol is actually a very posh elite place when you talk about the number of or proportion of private school students. When I was there, Bristol had more privately educated people than even the likes of Cambridge did. And so I was truly surrounded by the daughters and sons of judges, and MPs, politicians, famous actors and actresses, who was truly rubbing, rubbing shoulders with these elites, people on my floor, who went to the likes of aeternum, herro. And all these other posh places that I don’t even know don’t really know much about. But you know that Eton is where the kind of top of top elites tend to have gone in their past. And so to be there to finally mixed with these people, it was quite horrifying to me to realize just how average these people were, and not in a in a bad way, they were perfectly pleasant. Of course, they were nice, very different background, but otherwise, very nice and pleasant. But it wasn’t what I expected. It wasn’t this intellectual rigor. It was just normal people, just normal people who still inclined to talk about gossip and a whole bunch of regular nonsense, it was just the only difference was these people are very different backgrounds. And so it was so bizarre to me to realize that these people were no more intelligent, deep down, they’re no more raw brainpower than the people who I went to school with back home, who I called my friends and who were my friends. And so it was just really bizarre. As time progressed, of course, when eventually University comes to a close and people go off to various professions and careers, there was this really bizarre, weird contrast where my friends back home had a very different experience to some of my friends at university. Some of my university friends, despite having not such great degrees in even some of them who are two, two versus a two, one or first, they still walked away immediately into a well paid finance or law job in the city of London, instantly, you know, they knew a friend or cousin or a relative or their parent, let them in. And so instantly, it seemed like they were able to just find their feet in high paid professional jobs in a city and very well. And then the experience back home was very, very different. It was my friends who home who got their degrees, but they couldn’t find the job, they still despite going three years, again, good, good degrees, and all the rest of it and working hard, they came back and all they could experience was, you know, supermarket jobs and factory jobs. And that was about it. There weren’t any graduate jobs available to them, despite applying for city jobs were not and applying for internships and all that, despite whatever they tried. They just couldn’t seem to get to the same, I guess what this is where, where it’s like privilege and advantage comes from, to the people who I knew my friends back at university. And just the just the whole time watching this, it was a very bizarre experience to me, especially someone who did believe in the idea of meritocracy, it was just bizarre to see over there were two groups of people who were broadly the same at broadly the same level of intelligence and capability, were having these extremely different outcomes. And so I just felt like there’s something systemically unfair, there’s something really weird going on here, because it can’t just be put down to meritocracy. And this was very much the experience myself as well, despite getting a good law degree and whatnot, I couldn’t get law jobs, or even internships, at all these places I would apply to dozens of places, no luck. And so I was forced to find just part time work or whatever I could as well just to get some money and and so the best I could come up with at first was an unpaid internship at a digital marketing firm, I won’t get too much into that. But of course, unpaid is an ideal. And eventually I was offered a paid position it was it was very low pay, and just the cost of getting the train there and back and the time we would spend, I would spend about a third of my overall wage, just get in what have been three or four trains on the way to and back every single day. And of course, I was taking about three, four hours out of my day and travel. And so to take home through what is essentially two thirds of a very low wages, it was for essentially working all day or spending my entire day traveling to and from long days of work. That didn’t work out, I eventually had to get a part time job in my local restaurant during the early morning delivery shifts. And so it certainly didn’t, it wasn’t what I had, in my mind of what to expect post University after getting a good law degree and working really hard for that. And so, once again, it was just it was very unsettling. And naturally more left wing ideas started resonating with me and just the idea of kind of Karl Marx and what they say about how society is built fundamentally unfair, and to the benefit of a ruling class, a bunch of elites, that resonated very much with my own personal experience. I just thought yeah, that’s absolutely 100% resonates with my own personal observations of the way the world works. And at the exact same time sort of in parallel with all that going on. I also happen to develop just just separately coincidentally, an interest in psychedelics and spirituality. I mentioned in my previous I think my cryptocurrency His story how I stumbled upon Alan Watts. And from there, I went into the rabbit hole with Terence McKenna and everyone else developed this interest in what’s generally regarded as spirituality and psychedelics. And the one thing that emerges from that as well is this idea of the oneness of everything and how the universe is one, we’re all one. We’re all connected. We’re all brothers and sisters, and, and we should just be nice to each other. And that in itself is well helped instill an idea of collectivism, I guess. And so this idea of the oneness of everything, we should be kind of nice to each other. On the one hand, with spirituality on the other, the kind of left wing stuff that resonated with me reading or left wing works and realizing how unfair the system is, I think that naturally led to me to developing a more collectivist left wing political outlook on the world. And the fundamental mistake mistake I feel like I made in hindsight, was conflating the idea that you should be spiritually and personally collectivist and nice and treat everyone the same and be generous and kind. That’s all wonderful. But I think the real problem and the horrors actually come in when you conflate that with feeling that you should therefore be collectively political or collectivist in the political, social and legal realm. I think in hindsight, that’s a very bad idea. And I would say, especially these days, I think what I would say is that you should be individualist in construction of laws. And the thing is that that ultimately has collectivist benefit, because ultimately, if you ensure that everyone on an individual basis has strong individualist rights, then everyone collectively will be protected by that as well. And from this, I developed a few gripes with capitalism, some of which I still have today. I don’t think free market capitalist by any means the perfect utopian system is probably the best of a bad bunch. But that’s what I was, by that point, happy left wing, and then fast forward a courses as already mentioned, in the very beginning of this, something changed, I did resonate more with capitalism at some point. And so I feel like that the big catalyst for that, for me personally, was when I jumped into the cryptocurrency realm and this was truly it is still even when I think very now it almost gives you goosebumps the cryptocurrency world is absolutely incredible. This is a wild west with is relatively few laws and regulations. And yet despite all that, despite by short, there are still scams and bad things do happen. It’s still overall just the most incredible world. And there are three dimensions to this of how cryptocurrency helped drive me towards a more capitalism based mindset. I think the first of which actually, unfortunately, was when I discovered cryptocurrency and the kind of enthusiasm I developed for it. When I saw what other left wing minded people have to say it was crickets. It was weird, it was just ignorantly and arrogantly just disregarded as a Ponzi scheme. And I felt an element almost betrayal here because I felt a passion for helping the lives of kind of regular people, working class people, the kind of people like myself, people I grew up with. And yet I was seeing these left wing academic intellectual types just disregard cryptocurrency as a solution to help those people. And I feel like that was just, it was just awful. I mean, if there is this tool, if there is this technology that can help the lives of these people, if you truly do care about the interests of working class people, why aren’t you pursuing it? Why are you so quick to disregard it, that set off alarm bells, almost immediately, in my mind that something wasn’t right about this, maybe there’s something more to it, it isn’t just a matter of Oh, the left wing or at people are out to protect the interests of working class people. And so I really didn’t like that aspect of it, as I just mentioned, as well, just the fact that we had this system without government without regulation, without laws, and things on the whole worked really, really well. Whenever there was a crisis, whenever something went wrong, it feels like people quickly learned from those lessons, people quickly adapted. And there wasn’t this need for government interventionism, it felt like that somehow, some way. And even to this day, the free market always figured out a way to work around these things, or people found a way to communicate and cooperate to get things done. And it made me realize that not always this government required not always do we need some big daddy government to guide our hand to hold our hand through all these things. And actually, my experience with crypto was that everything within crypto space was fast, was quick, was great, was quick to adapt and innovate and adjust. And wherever crypto touched what could be called the kind of real world the regulated world of government. That’s where things always went downhill. That’s when suddenly the experience went very negative, whether it was trying to send money to Coinbase using your bank and the bank froze your account. And people are asking you questions, what are you doing? Why are you doing this and then waiting days for that to happen? Or the tax situation where when you finally sell some you don’t have to sell a whole bunch of tech service you have to fill in tax returns. And that takes forever because it can be really hard, especially if you frequently use this stuff in your block transactions. It was a nightmare. Every area where this area touched governments and somehow it suddenly became an absolute nightmare. And again, it realized that this stuff isn’t helping me this is just a burden in my life. This isn’t helping me this isn’t making my life better. This is making my life worse and I was perfectly happy and content with using strict crypto It was forced upon me all this stuff, all these burdens and regulations and tax returns. This was forced on me, I didn’t have a say on this. And I think that also made me realize that her, you know, actually, once again, people are perfectly capable of cooperating among themselves within the confines of a free market, you don’t always need government and actually was very clear here, that government was only making things worse and slower and more inefficient. And then the other interesting and fun thing about this crypto experience was crypto Twitter, right? This, this crazy place where all these radical thinkers libertarian minded folk congregate and share these radical ideas, many of which at first seem absurd, and, and just outlandish. But there’s a lot of intellectual rigor there. These are really, really intelligent, smart, successful, capable people who absolutely stand by these beliefs, and they will take the time to flesh them out and explain why they feel the way why they feel that government isn’t best served to do this thing and you spent enough time in there, it really does truly have an impact on you. And certain things that sound outlandish at first, when you hear them said time and time again. And when you see the kind of poor or intellectually lazy responses to them, and how easily they are dismantled by some of these very intelligent people. You can’t help the development and element of respect about this, eventually, you spend enough time on places like crypto Twitter, you naturally get led down the path of Austrian economics, which is extremely rigorous, and it’s actually my favorite way of interpreting the world. It is the most robust way of understanding why things happen. And so, again, when you develop an understanding of Austrian economics, it’s almost impossible not to develop a fondness for free market capitalism is the ultimate way to allocate resources among a very large Society of millions of people. Looking back when I realized as well as that a lot of the gripes that I thought I had with capitalism, all the perceived shortfalls that I saw with capitalism, were actually quite misplaced. And I think actually, it relates more to the design of our monetary and financial system. And the problem with this is simply down to a lack of education among regular people, regular people have absolutely no idea how money how our entire monetary and financial system works. And so what they do is they make certain observations about what’s going on around them. And in their lives, they see things like how their wages aren’t stretching as much each year, the price of everything going up things like housing becoming more affordable, and they do the best that they can with the limited information at hand, and they suppose, okay, well, we live in this capitalist system, there’s a whole bunch of people, while I should say there’s a small number of people making a whole bunch of money is a whole much larger number of people that are struggling, and they decide, okay, this must be something to do with capitalism itself. The problem is with capitalism, and how it naturally creates a very unequal divided society. And I’ll give an example of something that appears to be related to capitalism, but I think actually can be attributed largely to other things such as the design of our financial system, I’ll give the example of housing because this is something that I’ve been personally very passionate about for a long time. And even several years back, I remember looking at the way that house price has just continued to increase and become unaffordable for an entire generation of people, including myself and thinking, this is disgustingly unfair, there’s something systemically wrong here. And it appears that it’s these greedy landlords to blame. And so once again, I pick it her, the problem is with capitalism. But once again, with the benefit of hindsight and learning additional things, you realize that actually, a lot of this and a lot of the why house prices go up relate to the design of our system, we live in a world where we have a central bank, or central banking system that has a monopoly on things like interest rates, and the money and amount of the flow of money in society. And you realize that, you know, everyone, essentially including the richest landlords, property investors, we’re all victims of this violent system that nobody ultimately has a say in. Some people might be doing better in the system. But ultimately, we’re all victims, because none of us have a say in the matter. The central banks dictate to us what the interest rates are, they dictate to us what the amount of money being printed each year is going to be. And so they’ve decided for themselves right now, say, the economy, we’re in that, okay, we’re gonna have a very low interest rate environment at zero or 1%, or even negative rates in some places. And when you think about what this means for regular people, for Savers, for people saving for their retirement, that means that they can’t generate any kind of return from the money that they keep in a bank account or a bond. And so, you know, some of these people, if you think of people who are going to retire in their, their in their 50 6070s, retirement is on the horizon, you have to think about, okay, how are they going to generate any kind of money when they had into retirement now, and you realize that again, because the interest rate is so low, they’re forced to alter their behavior, and now they’re forced to invest in things like property, or other kind of assets, because those are actually scarce and can go up in value against the inflationary currency, which once again, is forced upon us. And so I think since highly rational and reasonable that if you work hard and save money for many decades of your life, and you’ve been working for 20 3040 years, I think it’s absolutely everyone’s right there. title to try and preserve the value of that money, I don’t think anyone, doesn’t matter how poor rich you are, should just sit back and allow governments to essentially and free to the way, the value of whatever it is that you’ve worked incredibly hard to save. And so naturally, asset prices are forced to go up because we’re suddenly all these people now for saving for their retirement or just pensions, investing whatever, they’re now forced to invest that money in things like housing. And of course, that makes things unaffordable for the younger generations who are about to come up under them as well. You can’t blame the landlords, you can’t blame capitalism itself for that, because ultimately, it wasn’t capitalism, that, you know, allowed central banks to dictate what these rates are, in fact, in a free market capitalist society, we wouldn’t have central banks, because that in itself is a form of Monopoly. And free market capitalism is all about competition, we probably wouldn’t have fiat currencies at this point, or we’d be very close to getting rid of them entirely. Because in a free market, I think most people would choose cryptocurrencies or some other kind of deflationary currency, or maybe even a currency pegged to something like gold. This is something that is completely unpacked, and is only used because of the force of the states and governments that require the citizens to use it and to require them to pay taxes in the form of that fiat currency. And so when you see that where we are, and when you project where we’re likely to go into the future, it’s clear that things like houses and other assets are only going to get more affordable going into the future, the situation is only going to get worse for young people, future generations coming up. Because once again, this is something built into the design of the money and the financial system itself, were designed to pursue inflation forever, never ending. And so once again, based on that house prices are only going to go up, this is going to cause greater inequality. And once again, those less educated will say, this is a product of capitalism, when in fact, I feel like all of the blame almost entirely should be directed towards central banks, banks and politicians themselves. And it’s unfortunate that our people, for the most part, don’t understand where the blame should be widely attributed. And once again, just to focus on the matter of housing, if we think about if we had less government involvement and allowed more of the free market to do its thing, but it’s into the housing market, how might things change? What if you removed all of the tax burdens on people stamp duty, everything like that? What if you allowed interest rates to naturally adjust to what would be set in a in a free market, which would be much higher than the negative rates, 01 percent that we’d have today, suddenly, house prices would come way down and make it much more affordable for young people to purchase a house maybe potentially even outright, if you think about if they had the ability to save with bank accounts that actually paid high amounts of interest. And if you reduce the amount of regulation involved in planning laws, and everything like that, if suddenly became much easier to build houses, and much cheaper to do so then, absolutely, if house prices are unreasonably high, then that only stimulates demand essentially, for people to want to build houses so that they can make a profit from doing so the laws of supply and demand would take effect. And suddenly things would adjust, you’d have this massive amount of house building, and naturally with a greater supply of housing prices would naturally kind of fall to meet that increase of supply, as well. And so housing is just one example. But ultimately, again, we’re seeing a trend here where if you reduce the role the government plays and its ability to have a monopoly on the market, which makes things wholly inefficient and costly and expensive. And if we just allow the free market to do its thing, quite naturally, a lot of the matters that we see a lot of the problems that people have today, some of the biggest obstacles that they’d have in their lives, they would naturally be resolved. And so that kind of leads to where I am today. And why you for me myself, personally, I very much believe that free markets are the single best way for allocating resources and expressing individual preferences, especially when you consider the kind of political systems that we have in the US in the UK, where Yes, in theory, this is a democracy which should represent all the interests of people. But when you consider the nature of the political systems themselves, I’m not quite so up to grips with the way the US system works. In the UK, we are first the past the post, which naturally means that if you live in a stronghold of labour or conservative, your voice is effectively not heard at all, your voice is effectively pointless. But yet in a free market, you can perfectly perfectly express your interest through your economic financial decisions, and they always have some kind of effect your voices always heard if you have certain views about something like climate change. If you’re a lefty and you’re in a conservative stronghold, your voice means essentially nothing but you can choose to have an impact on that if you’re a vegan and you’re you know vegetarian and all that kind of stuff you believe in the environment. Through the use of your wallet, you can choose not to spend money on meat on these things on milk on dairy, you can choose to allocate that towards your favorite bigger supermarket and your voice can be heard truly, as an expression through the free market and it’s the exact same way as well around white when people your views on guns. If you live in a left wing liberal or labour stronghold, your view around that is irrelevant. But you know, if you live in somewhere where you can legally buy guns, you can do that and you can let your voice be heard. Ultimately, I truly believe that free markets are the best way to express your industry. drawl preferences. So I guess that leads us to where we are today and why today I am a big, whopping fan of free market capitalism, despite not being ultimately perfect. I don’t think we should strive for utopia, I think we should always just focus on making things better, year to year, decade to decade. And as I said, I think these experiences can hopefully illustrate why left wing politics and collectivism does resonate with some people on why it resonated with me and their own experiences of the world. I think unfortunately, we do in a live in a world where depending on your connections and who you are, you have a much easier time and you get under awards in a way that you’re not necessarily deserving. Unfortunately, corrupt people get to make millions of pounds of money. And if you’re connected to the politicians, and if you’re connected to the source of central bank money, you do have an unfair advantage conferred upon you that other people don’t get to benefit from. But despite all that, ultimately, I think if we want true prosperity, and a better life, for most people, I think directionally, we have to move towards the direction of free market capitalism, allowing technological development allowing innovation to occur and ultimately to enrich the lives of everyone just has technology has done for, for the entirety of human existence, right down to the origins of the wheel and the fire. I think, unfortunately, we can’t depend on government to make our lives better quite often the only end up making things worse and more cumbersome for people, which is why today I do, again, directionally support the move towards less government, less interference in our lives and allowing the free market to do its thing. And I think, no way, could this be more powerful and more profound than separating money from the state from government, just like what was done with separating the state from the church? I think that is the single most powerful, potent way for the lives of billions of people on this earth to be enriched enormously in enormous unquantifiable way. And so I’ll leave that there, of course, Bitcoin to the moon, but I hope this has provided you with at least some value. And if you couldn’t previously understand where people were coming from why people felt the way they did. Hopefully, this will have illuminated that somewhat for you. And I hope what we can really all agree on ultimately, regardless of whether you still lean left or right is that, you know, crony capitalism is bad government, inefficiency, government corruption is bad. I think we can all unite upon that. And while of course, I believe that free market capitalism is the way to go. I still ultimately respect your right to disagree. And maybe if you don’t agree now, maybe we’ll in the future, maybe we’ll eventually change your mind, like I did. But, you know, either way, I respect your right to believe what you think. And as long as we remain open minded and tolerant and respectful of other people’s beliefs, then hey, I think that’s good ultimately for the world. I’ll leave that there. Once again, let me know what you think about the solo podcast format. It’s a bit weird. I don’t know if I’ll do this again. Maybe if you’re a fan of it, I’ll do one or two more videos. But either way, let me know any thoughts, comments, opinions web about this somewhere? If there’s a comment section down below, then be sure to interact with it. If you enjoy this podcast, I’d also appreciate it if you leave a review. If there’s a review format, anywhere somewhere like Apple podcasts. That’d be very much welcome. Of course, if you want to gain education around cryptocurrencies, that’s my forte. That’s what I usually touch on. I have a bunch over on my teachable school, I’ll leave a link somewhere for you to check it out. I bought a home sent free buying Bitcoin crash course you can check out to learn how to securely buy store and sell all this stuff. But I’ll leave that there. So thank you so much for listening, and I’ll potentially be back with another podcast. Otherwise, I’ll be back for more regular videos places like YouTube library hive very soon. Thank you so much. watching guys. Cheers.

 

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