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Bains — Transcript

by Andrew Johnson · 7,241 words · 1,086 segments · language en · Watch on YouTube

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0:01hello we're back hope you had a good
0:04weekend I did yep so today we get to
0:07learn about
0:09Baines sounds like brains doesn't it
0:13Baines Lyndon Baines Johnson now LBJ
0:17Lyndon May Johnson was a strange super
0:21strange president he's always listed as
0:23one of the top
0:2510 uh but he did some weird stuff but he
0:27did some really good stuff so let's
0:30learn about
0:33Baines so LBJ president of the United
0:37States was really strange here's his car
0:39they love to terrify people with so LBJ
0:43decided to increase our involvement in
0:46the Vietnam War okay that this was his
0:50big mistake nobody says that it was a it
0:52was a good idea everybody says wow
0:54Baines really blew it on this one but he
0:58did but he made some promises and he was
1:00kind of strange and he's one of those
1:03politicians when he makes a promise he
1:05keeps his promise or kept his promise
1:08he's he's dead so can't keep anymore but
1:11anyway um he did some stuff so he says
1:14I'm gonna go to war and we're going to
1:16increase the war in Vietnam he called it
1:17a police action it's a war when you have
1:20tanks and guns and bombers and people
1:23die it's a war okay but he says he's not
1:26going to raise taxes well that's not so
1:28crazy because we have the war War we had
1:31the war in Iraq and Afghanistan and we
1:33didn't raise your taxes on that one we
1:35did that through debt he says no debt
1:39we're not gonna increase national debt
1:42significantly so he also said hey we got
1:46this war on poverty we're going to
1:47create a war against poverty because
1:50poverty is a form of
1:51terrorism if you've ever been poor you
1:54know that there's some truth to that
1:57right so he says but and people says
1:59it'll be you can't create a community
2:01college system social spending to all
2:05these schools and libraries and
2:07hospitals and not increased taxes and
2:11not increased debt he says yes you can
2:15and he did
2:16it and everybody says no how there's no
2:19way you can do that he says yep I'm
2:21gonna do it and he did it and you say
2:24well how can this be he's so smart he's
2:27so smart it's just really easy he
2:30decides to print more
2:32money
2:34woohoo solves all the problem doesn't it
2:36yeah so he's just going to print more
2:38money so instead of printing $10 bills
2:40he'll just take the printing press and
2:42click it over and add a zero on it so
2:44it's $100
2:45bills
2:47whoa wow I can't believe nobody else
2:50thought of that that's such a great
2:53it
2:54via isn't it so he says he's going to
2:58print more money to pay for the
3:03war wait a second there's something
3:05wrong with that idea isn't
3:09there yeah it's kind of crazy because
3:13why is money
3:15valuable no why is it I love green no
3:19you don't I'll sell you a green sheet of
3:21paper for
3:23$100 now you want the $100 bill green
3:26sheet of paper don't you yeah why is
3:28money valuable because it's
3:31rare
3:32So when you print more money what should
3:36happen to the value of the
3:39money it should go down shouldn't it so
3:42if you print more
3:44money that should cause the money value
3:46to go down and if money isn't worth as
3:49much it takes more money to buy
3:51something that's called
3:54inflation guess what LBJ did not have
3:58inflation either
4:00you go no there's no way there's no way
4:03you could he did it but first let's back
4:05up for a second why are things rare why
4:08are things rare because there aren't
4:10very many of them why are things
4:11valuable because they're
4:13rare that's what it is so a bet a few of
4:17you have been to England and have seen
4:19the crown
4:20jewels the Queen of England you know her
4:23her big beautiful Tiara the big Crown
4:27all the diamonds and stuff on on that
4:29thing wow that's pretty cool so full of
4:32diamonds why are diamonds
4:36valuable because they're pretty they're
4:38not that pretty it's really a piece of
4:41glass is not that different than it oh
4:43yes they not really I mean they're nice
4:46okay I'm not gonna I'm not g to say
4:48diamonds are ugly but at the same time
4:50are they really that pretty why are
4:54diamonds valuable because they're
4:57rare that's it that's there's a limited
5:00supply of diamonds in the world and a
5:03lot of that's controlled by the
5:04deers family yeah and so yeah but
5:08they're they're valuable because they're
5:10rare now what would happen to the value
5:13of diamonds if oh they found a cheap
5:18fast easy way to make them in a lab what
5:22would happen to Value
5:24them it would go down wouldn't it it
5:27would go down it would go down pretty
5:29fast pretty pretty hard right right by
5:31the way there are some companies in
5:34Russia right now that can make
5:37artificial diamonds that a gemologist
5:41that's somebody who studies diamonds and
5:43rubies and stuff like that cannot tell
5:46that they're
5:47fake so if you watch television they
5:50have the commercials they always have
5:51these commercials and they go buy our
5:53Diamonds Direct because they're they're
5:55the best and they're egl certified egl
5:59certified means that they've taken a
6:01laser and lightly engraved a serial
6:05number on the diamond to prove that it's
6:09not
6:14artificial because you can't tell them
6:16apart
6:18so as these Diamond making
6:21factories start to ramp up
6:25production and they start to sell their
6:30synthetic diamonds that look that nobody
6:32can tell that aren't that they're not
6:33synthetic they start to sell these
6:35synthetic diamonds around the world what
6:37is going to happen to the value of the
6:41diamond now luckily for the deers family
6:46they haven't ramped up production very
6:47much they just kind of throw out a few
6:49once in a while because they make money
6:51doing that hey that's pretty cool but
6:53what happens if if uh they printed the
6:56schematics on the internet and everybody
6:57learned how to make diamonds off their
7:01printer yeah yeah yeah crown jewels so
7:05crown jewels have diamonds in Oh the
7:08crown jewels the crown
7:10itself right that the actual crown right
7:13is made out of a metal right that metal
7:17people say it's gold no it's not gold
7:20gold is so heavy if they made the crown
7:23out of gold it would break the Queen's
7:25neck when she wore it right can't happen
7:28right so and it was built a long time
7:31ago so they made it out of a very rare
7:35and corrosion free metal called
7:39aluminum or
7:42aluminium yeah Alum the the Queen of
7:46England is wearing a beer can on her
7:49head why because back then aluminum was
7:52a rare in they knew where they had
7:55aluminum they just didn't know how to
7:56extract it it was a long chemical
7:58process it was a terrible thing that
7:59then they figured out hey wait a second
8:01if you take boxy which is aluminum ore
8:03run electricity through it the aluminum
8:05just Falls right out it's super easy to
8:08get now how valuable is
8:13aluminum almost no value is it we make
8:15beer cans out of it the Queen of England
8:17so next time you see the Queen of
8:20England know that if she's got her crown
8:23on she's wearing a beer can on her head
8:25because it was it was expensive back
8:27then plus it's lightweight and it lasts
8:29forever heard Mixon by the way yes I
8:31have met the Queen of England I was
8:32about a mile away from her when I was in
8:34Bingham Palace no sorry was Windsor
8:36Castle was in Windsor Castle I just want
8:38to say booking it's kind of fun I was in
8:40Windsor Castle and the there was a big
8:43whole long and long black cars and this
8:46person gets out with a bright yellow
8:48canary yellow dress and I could barely
8:51see him see her and the guide said
8:54that's the queen right there and he
8:55could tell because they have flags
8:56flying or something on them so I saw for
8:58like a mile way that doesn't really
9:01count I know but I really I have laid
9:03eyes on her so got see plain angle okay
9:07Porsche love Porsches oh Porsche is a
9:10good car Porsche is a terrible car no
9:14it's a wonderful car it's a terrible
9:16first they're loud right to ride in most
9:21Porsches you need to wear
9:23earplugs I'm not going to wear your
9:25plugs
9:26what what yeah you will go if they're
9:30above the the the threshold to create
9:33damage to your ears so you wear ear
9:37plugs number one number two they are
9:40uncomfortable no they feel real good
9:42yeah they feel if you go to the grocery
9:44store by the way where you going to put
9:46the groceries in that darn thing but
9:49yeah they're comfortable riding around
9:51town for if you're not in in the car for
9:53more than 15 minutes take a road
9:56trip after the road trip you will visit
9:58the chiro
10:00practor there I have buddy he's just
10:02sold this Porsche I said why'd you sell
10:04it that was a beautiful car he says it
10:06was killing my back I couldn't stand it
10:09so they're loud they're
10:13uncomfortable right the maintenance on a
10:15Porsche it's pretty darn high right you
10:18want to get something done on that thing
10:20there just like they're it's insane on
10:22how much because it has a boxer engine
10:24which a boxer engine means the Pistons
10:26kind of go back and forth like they're
10:27boxing right and to do any maintenance
10:30on the car you have to pull the engine
10:32out of the car go to a Porsche
10:35dealership sometime it's fun just go in
10:37there look at all the beautiful cars and
10:38then say hey can I see what the um uh
10:41the mechanics Bay is where they do the
10:43maintenance like the oh yeah because
10:45they love to show you and you see all
10:46these engines lying around all over the
10:48place because you can't work on the darn
10:49car without pulling out the
10:52engine yeah right they're expensive to
10:56repair you get in a car accident boom
10:59right it's a terrible car I want it you
11:02do too everybody wants a Porsche when
11:05you see a Porsche driving down the road
11:07don't you
11:08go that's a Porsche we all do why
11:14because they're rare well they're not
11:16that R we're in bellev Washington okay
11:19that doesn't count right you can't say
11:22oh in bellev Washington everybody's got
11:24a portion I don't care about biew
11:26Washington go to Kansas
11:30City I bet you can go a year without
11:32seeing a Porsche go to St
11:35Louis go to Denver you're G all these
11:39places you don't see them but I still
11:42want one don't I now here's a question
11:45next one what about
11:49wine which is better California wine or
11:52French wi oh I want french one if I'm
11:56going to so if Bill Gates takes you to
11:59restaurant he says order whatever you
12:01want to do I don't care right and so
12:03they go the waiter comes up what would
12:06you like and you look at it and you see
12:08you're gonna pick the most expensive
12:09bottle of wine and it's probably from
12:11French it's probably french wine and
12:13you're gonna go and you're like oh this
12:16is good most people can't tell expensive
12:18wine from cheap wine right they've done
12:21studies you cannot tell the I
12:24can okay maybe you're special most
12:27people cannot really tell the difference
12:29between a $20 bottle of wine and a
12:31$2,000 bottle of wine
12:34okay which would you rather have French
12:36wine or California French why because
12:39it's French now what's interesting if
12:41you've ever been to
12:44French par the parisians they are very
12:47very nice and you go to a
12:517-Eleven and did you know that a bottle
12:53of
12:55water costs more than a bottle of decent
13:01drinking
13:02wine think about that go go to the store
13:07because France it's the land of wine
13:08right they've got wine everywhere they
13:10just like wine is part that is kind of
13:12what they are we're the land of hot dogs
13:14and hamburgers and I don't know they're
13:17the land of wine and you go to go to
13:18Paris School anywhere in in France and
13:21you will see that the price of wine is
13:23very
13:24cheap you want to buy that French wine
13:27in the United States it costs a lot more
13:31right but don't you want french wine yes
13:33you do because it's French it must be
13:35better that's this is what they're about
13:37the French by the way in the United
13:40States if you buy French wine there's a
13:44good chance it's actually California
13:46wine so in France they have all these
13:51beautiful old Vineyards they've been
13:53going for hundreds of years and they're
13:55wonderful it's fun to go through I've
13:57been to some all these Chuckles and
13:59stuff like that it's it's a lot of fun
14:01but what's weird is a few years ago they
14:04had a fungus that attacked all the vines
14:10not all of them but a lot of them they
14:11killed a whole bunch of of the the the
14:14vines so they had no grapes so they're
14:18going oh this is bad what can we do so
14:22they said how can we make French wine
14:25without grapes what do you
14:27do so they said a
14:30boat over to
14:33California and they bought a bunch of
14:37California
14:39grapes and wine and and uh grape
14:44juice then they took their boats back to
14:49France turned it into
14:52wine then they added a little bit of
14:55French wi because they still had some
14:57grapes left right they had a little
14:59little bit of the French wine to the
15:02California wine well it's actually it's
15:05French wine now because it's made in
15:07France Al The Grapes came from
15:08California so yeah they poured it in
15:11there and then they shook it up and they
15:14slapped a label in there French wine and
15:17they sell it back to us for $200 a
15:19bottle or $20 a bottle or whatever
15:22you're paying for your French wine so
15:24your French wine is really California
15:27wine
15:29Bill Gates takes you out to restaurant
15:32are you going to order the California wi
15:33or the French one the French one because
15:36it's
15:37French let's talk about Bill talk about
15:40Bill Gates yeah super super
15:44rich what does money mean to Bill
15:48Gates I mean what does it
15:55mean what does
15:57$100 mean to Bill
16:00Gates remember he's worth like I'll get
16:03you the number here I think it's $98
16:05billion or something like that what does
16:07$100 mean to
16:09him has no
16:11value
16:13$100 means nothing to this
16:17man okay would his life change if he
16:20lost $100 no no no no Bill Gates is
16:24worth so much money that if he sees $100
16:29bill on the
16:30ground for him to walk a couple steps
16:33and pick it
16:35up he's actually losing
16:38money so they asked him they I saw this
16:41interview once with him and they said
16:43you saw a $100 bill I heard that it's
16:45not worth your time to pick it up would
16:48you pick it up and he said of course I'd
16:52pick it up probably not the smartest
16:53thing to do because it's actually going
16:55to cost me more money to go pick it up
16:56than it's worth but of course I'd pick
16:59it
17:00up wow can can you even think like
17:04that you would you have to sit there and
17:07say I don't know if I'm gonna pick that
17:09up or it might not be worth my time to
17:11pick up a $100 no you're not GNA say
17:14that but let's look at how ridiculous
17:16Bill Gates
17:18is these are 10 facts about how rich
17:22Bill Gates is and he's not even the
17:24richest man in the world he kind of
17:26still is I'll get you there in a second
17:31the richest man in the world he he was
17:34the number one from 95 to to 2007 and
17:38then back in 2009 and now okay this is
17:41old data he's richer than
17:44that if Bill Gates was a was a country
17:47were a country he would be the 37th
17:49richest country in the world one person
17:52is the 37th richest country in the
17:56world yeah
17:59yeah um he bragged to his teachers that
18:02he'd be a millionaire by the time he was
18:0330 he was a billionaire by 31 very
18:07smart uh it's not worth his time to pick
18:10up the $100
18:12bill well he basically makes
18:16$141 every second so if he dropped a
18:19$100 bill it would take him a couple
18:21seconds and then if the wind's blowing
18:22you know have to run after the thing
18:24right he's losing money picking up on
18:27are you losing money picking up $100
18:30bills I'm not I wouldn't have to even
18:34give it a thought right now he donates a
18:37lot of money to Charities right he he
18:39donates a lot so you say Jeff Bezos is
18:43the richest man in the world right now
18:45Jeff keeps his money right if Bill Gates
18:49took all the money that he gave away and
18:51added it to his
18:53fortune Jeff is number
18:55two wait that didn't quite sound anyway
18:59Jeff would be the second
19:01most rich man in the world but Jeff
19:04doesn't give his money like Bill
19:08does
19:10yeah yeah so if Bill Gates 57 the I
19:15don't know what the date of this article
19:17is but I think he's a little bit older
19:19than
19:20that uh yeah he's just
19:23Rich he could give everybody on the
19:25earth a $10 bill and still be loaded
19:28still have $2.2 billion dollar he's not
19:31gonna give his kids that much money he's
19:33gonna give them some but he's gonna
19:35focus on education what the man who
19:38drops out of college believes that it's
19:41more important to give your kids an
19:42education than it is to give all that
19:45money yeah do what I say not what I
19:50do
19:52yeah
19:55yeah pretty crazy pretty crazy
20:06okay money has no value to Bill Gates so
20:09what does a $100 mean to Bill
20:11Gates nothing has no value what does
20:16$10,000 mean to Bill
20:18Gates nothing 10,000 means nothing would
20:22his life change in any way if he lost
20:26$10,000 would your life change in wa you
20:29lost $10,000 yeah big difference here
20:31what if Bill lost a million dollar
20:35remember he like 97 billion wor net
20:37worth right now what does a million
20:41dollars
20:42mean nothing a million dollars has no
20:46meaning to this
20:47guy right what if you lost a billion
20:53dollars it has no
20:56meaning think of that a billion billion
20:58dollars has no mean it would not change
21:00his life in any way I'm only worth 97
21:03billion today and I was worth 98
21:06yesterday
21:07you it has no no no no no money no no
21:12value I I saw an interview with him and
21:14he they asked him about money and what
21:16money means to him and he says money has
21:18no meaning it doesn't money means
21:22nothing really yeah hey does does he
21:25think about price of anything you think
21:28he gets on Amazon says let me get the
21:30deal I don't have to pay sales tax he
21:32doesn't care right money has no second
21:37richest man in the world arguably the
21:39richest man in the world money has no
21:41meaning to
21:44him
21:46wow it takes me it's hard for me to
21:50think about that how do you how do you
21:52think about it if somebody says money
21:55has no meaning to me and yet they're one
21:57of the richest people in the world World
21:59money has no meaning to them it doesn't
22:02because they understand how money
22:05Works
22:08wow so who's rich what's the richest
22:13rich boy okay there he
22:15is I'm sorry every time I see him I
22:18think of Lex Luther up on on a Superman
22:20I just can't but Jeff Bezos technically
22:24is the richest man in the world because
22:25he doesn't give away any of his well
22:27actually he did give away some money but
22:29it was to his ex-wife yeah but he's
22:33still Andy are you rich shut up then
22:35okay yeah okay okay so let's look at
22:39Forbes so Forbes is the gold
22:43standard that was a joke there gold
22:46standard gold for measuring wealth so
22:50you can look at all these lists of thing
22:53and you can look at Fox News and MSNBC
22:55and all these and they say here's our
22:57list of it Forbes is
23:00the
23:02recognized leader in identifying the
23:06richest people so every so you can say
23:09my grandma said that I'm the richest kid
23:11at school that doesn't mean anything
23:13your grandma doesn't really know what
23:14she's talking about in that case but
23:16Forbes does so let's look at Forbes rich
23:22people the richest in 2020 these are all
23:26the rich dudes and dudets
23:29[Music]
23:31that's the richest people in the
23:34world okay number one Jeff
23:39Bezos yes he's worth
23:42$3
23:43billion right that he's Rich right and
23:47argue that poor Bill it's only 98 But
23:50Bill's giving away a lot more to charity
23:53so really he's number one but he's not
23:56he's not's number two
23:59um Bernard enol that's Louis Vuitton you
24:03guys have heard of Louis
24:04vuon that's that's his family he just
24:07got up there he just beat out uh Warren
24:10Buffett Warren Buffett had some uh
24:15investment strategies that weren't as
24:18successful on the short term they're
24:20probably going to be better long term
24:21because he never makes mistakes on that
24:23or rarely uh but Warren buett is now
24:26number four by the way Warren Buffett
24:29never made a thing in his life see all
24:31these other
24:33guys Jeffy Billy and
24:36Bernie they all came up with something
24:40right they came Amazon or Microsoft or
24:42Louis Vuitton or something like
24:45that
24:47Warren oh he made all of his money by
24:53investing W so maybe he knows a little
24:57bit about money
24:59name Larry Ellison give you an idea
25:02where Larry Ellison is he's software
25:06Oracle Larry Ellison owns one of the
25:09Hawaiian Islands no not a Little Rock
25:13one of the major he owns one of the
25:16major Hawaiian Islands I can't remember
25:20the name of it but it's big you say owns
25:23one of the yeah I've actually been on
25:25the island it's actually kind of a dump
25:27I thought it was going to be just
25:28they've got some nice hotels and stuff
25:30and I drove by and I flew over it and
25:33I've been all over that island but I
25:36thought it was going to just
25:38be beautiful it's
25:41like it's got a little town there and
25:43the houses kind of look they're not so
25:46great Andy do you own the Hawaiian
25:49island no I don't maybe you should shut
25:53up okay I w't shut up Ortega that's Zara
25:59clothes and then Marky Mark Mark zuberg
26:03Facebook and then the Walton family but
26:07if you look at the
26:08Waltons if you add them up add up the
26:11three Walt Walmart right you add them up
26:15wait they are now the richest person in
26:17the world okay and Steve Balmer yeah
26:22okay so these are the rich
26:26people wait
26:29where is Donald
26:36Trump well we can do this for a long
26:41time they say but Donald Trump's got to
26:43be there we can do this for all day long
26:47so let's make it a little
26:50faster where see where Donald is where's
26:53the
26:54Donald Donald is 339th
27:03now that okay there go
27:07339 now that's still good I mean I'm not
27:10goingon to argue he's Rich he is Rich
27:12he's at two two and a half billion
27:14dollar he mentioned that he was 11
27:16billion do we found out everybody knows
27:18that that wasn't correct um he was he
27:21did get up to about a little over three
27:24billion there for a while then he had
27:26some Investments That some some real
27:29estate stuff that have gone down so he's
27:31been dropping but that's pretty common
27:33actually for somebody who's president of
27:34the United States usually when you're
27:36president of the United States you start
27:37to drop and then after you get out you
27:39go crazy and that's that happened Jimmy
27:42Carter happened with Barack Obama so
27:44he's 3
27:47339th on the 339th richest person in the
27:51world yeah at oh it gets even more
27:54interesting
28:00because Warren Buffett now he's
28:04numbered three four five he's always
28:07he's almost always been number two but
28:09now he's three four five he's still is
28:11done as well Warren Buffett said so
28:14Trump said that he got a million dollar
28:17loan from his daddy and repaid it okay
28:21he says I took a million dollar and
28:23turned it into two and he said 11
28:26billion dollar but we know it's two .5
28:29billion that's current current data
28:31right he says I look at me I took a
28:33million dollars and turned it into all
28:35this
28:37money Warren Buffett
28:40said if Donald Trump had taken that
28:43million and invested it in the stock
28:47market and got an average return on the
28:50stock market his net worth would
28:53be
28:55$24 billion
28:59basically an O right take away one Zer
29:03that would be if he invested in mutual
29:05funds and didn't actively trade he just
29:07did mutual funds and said woohoo here go
29:10away
29:11also Donald Trump did not get a million
29:14dollars if you look everybody says he
29:17got about $400 million from Daddy when
29:20naty died so he's still Rich oh yeah
29:25he's still rich I
29:26mean yeah
29:28[Music]
29:30wait there is something wrong with that
29:34list let's go look back and look at that
29:39list let's look at that list the richest
29:43people in
29:4520120 and you
29:47see we've got these this list of people
29:51there's something seriously wrong with
29:54this
29:55list it's wrong this this bad
29:58information the reason it's bad
30:00information is because my name is not on
30:03that
30:03list Andy you're a billionaire no no no
30:08I'm I'm a teacher I teach about money
30:10I'm not a
30:12billionaire you're not are you're a
30:14millionaire well yeah I am a millionaire
30:17and I am a billionaire but no I'm
30:19actually a
30:21trillionaire mean Monopoly money NOP
30:24real money also think about what a
30:27trillion dollar worth of Monopoly money
30:29it wouldn't fit my house would it right
30:31I am a trillion I am not a trillionaire
30:34I actually lied to you I a multi-
30:38trillionaire so Andy you're like I know
30:41why I'm telling you the truth trillion
30:45nobody's a trillionaire the teacher
30:48is
30:51so right I actually have 180
30:58trillion dollar in real
31:02currency now when they told us that we
31:07needed to start teaching online when I
31:08started teaching online I left my money
31:10in my office because I just forgot to
31:12bring it with me but I so I'd love to
31:15show it to you uh all my other classes I
31:17show it to them but I don't have it
31:18because it's it's it's there but I do
31:21have it you say Andy I don't believe you
31:24you don't believe me because you don't
31:25understand money there's only one
31:29problem all my money is
31:34in
31:36zimin dollars Zim dollars I actually
31:40have one of these this is the largest
31:45currency bill ever known in the history
31:49of the planet nobody has a bill with a
31:52higher number currency I have a one
31:55single bill is
31:58100
32:00trillion
32:02dollar right I I actually I got a whole
32:06stack of million doll bills and billion
32:09dollar bills I've got multiple billion
32:11dollar
32:13bills there's just a problem with
32:15this it's Zimbabwean
32:19dollars right Zimbabwean dollar so
32:22Zimbabwe it's so I got this stack of
32:25bills when I was in Zimbabwe right I got
32:28the stack of bills I got for $5 so I
32:32gave $5 usar and they gave me a stack
32:34this big
32:35$180 trillion
32:39do I was showing my guide I said look at
32:42this I paid $5 for $180 trillion he says
32:48you got ripped off he says I could have
32:50got you a stack this tall for $5 it's
32:54like what you mean I just traded $5 for
32:58$180 trillion and I got ripped off
33:03yep I wonder if Bill Gates has Zen
33:06dollars if I ever get a chance to talk
33:09to him I'm gonna ask him or Jeff Bezos
33:12if I ever get a chance I have talked to
33:13Bill Gates once he probably doesn't
33:16remember me but uh it was a silly
33:19conversation but um yeah whenever I meet
33:22really important powerful people I
33:24always say silly things and
33:26I but anyway um uh I bet he doesn't have
33:31that much money yeah he's only 97 Bill
33:34Gates is only what 97 billion I'm 180
33:37trillion Zim dollars yeah yeah there's a
33:42problem so in 2007
33:462008 they really had a bad day so what
33:49happened was Zimbabwe was colonized by
33:53Europeans so Europeans came in there
33:55they stole all the Ling purchased they
33:59stole all the land and they were farmers
34:02and Zimbabwe was a fairly prosperous
34:04country it was doing okay um wasn't the
34:08best place but it was it was for Africa
34:10for that part of especially that part of
34:12Africa it was actually financially
34:14better than any any of the their their
34:17neighbors uh so then they uh the
34:21government of Zimbabwe said hey you know
34:23what your these
34:26colonizers took the the land from the
34:29people who live there so we need to give
34:32the land back to the people of Zimbabwe
34:36right so the Europeans shouldn't own the
34:38land so they took the
34:40land from these farmers and then they
34:43gave it to the local Zimbabwe people
34:47right so they were mostly Farms this is
34:49a lot of farms right the problem is
34:53these Zimbabwean
34:55people didn't know how to Farm farming
34:58is a skill right so the colonists knew
35:01how to farm they just said here give you
35:04a farm if farming is not that tough just
35:06throw a couple of seeds in the ground
35:07and Away you go okay now this actually
35:10might not have been a bad idea if they
35:12had slow
35:14transferred the money to the local or or
35:18the the the property to the local people
35:20and maybe made some educational programs
35:22and did all sort but they didn't they
35:24just they just they said colonizers
35:26kicked out they gave to the local people
35:28so now the local people don't know
35:29anything about farming like the
35:32government says here's some seeds plant
35:34some seeds that's all you have to do so
35:35they planted the seeds they didn't know
35:37anything about what's called soil
35:41erosion so Zimbabwe had a
35:44drought and the wind came and pretty
35:48much they had a big dust storm and it
35:50blew off all the beautiful soil that had
35:54been there right and so now it's a dust
35:58dust dust area right so now there's no
36:01food because the farmers they didn't
36:04know what they were doing I mean they
36:05should have had a training program they
36:07didn't do they just said oh you figure
36:08it out right so then they said well our
36:12so they went from being a fairly wealthy
36:14country by the local standards to
36:16they're like going we got to feed our
36:18people so how do you feed our
36:20people print more
36:24money and that's what they did now when
36:27you print more money what happens to the
36:29value of the money because it's not rare
36:32the value goes
36:34down and they got
36:38hyperinflation
36:40wow so go to
36:43Zimbabwe they have the sign there it
36:46says toilet paper only to be used in
36:49this toilet no cardboard outs cardboard
36:53no cloth no Zim dollars or newspaper
36:57and I have some Zim dollars trust me
37:00you'd rather use newspapers newspapers
37:02are more
37:04valuable
37:09wow so let's talk about toilet paper you
37:13didn't think we were going to talk about
37:14toilet paper in this class did you no so
37:18if you went to a supermarket near the
37:21center of the capital you could get
37:24toilet paper for $417
37:27400 I'm sorry
37:29$417 you go 417 that's not a rule that's
37:33a square that's a little square of
37:38toilet paper if you want to show off to
37:40your friends say look at
37:45me I got a whole roll of toilet paper if
37:50you want to get a whole roll of toilet
37:53paper it would cost you $145,700
38:00wow that's inflation isn't
38:02it can you imagine being looking
38:05somebody's got a whole roll of toilet
38:06paper you're
38:07going I I want to talk to that
38:12person didn't work out quite the way so
38:16let's talk about inflation two types of
38:19inflation one is called cost push good
38:22test question absolutely one is called
38:25cost push yeah there is demand
38:30pull cost push is when it costs more to
38:33produce something and that pushes the
38:35price
38:36up so let's look at price of
38:39gasoline price of gasoline goes up right
38:42everybody goes I hate your price of gas
38:45a going up and they always take a
38:46reporter who goes to the gas station and
38:48find somebody getting filling up their
38:50SUV that gets six miles per gallon and
38:53they say what do you think about the
38:54price of gasoline and they say it's
38:56terrible it's going up up and up and up
38:58and this is just terrible for me okay if
39:00you're driving a car that gets six miles
39:03per
39:04gallon do you really have the right to
39:06complain about the price of
39:08gasoline I mean really do you really
39:11care about the price of gasoline now if
39:14you drive a Toyota Prius complain away
39:17and because you get 60 miles per gallon
39:19anyway right but you really don't but
39:22actually you do if you get a car that
39:24gets six miles per gallon you do have
39:27reason to complain
39:29because what
39:32products are
39:34made or
39:36distributed using
39:40Petroleum in your first in the first
39:42chapter of your textbook it talked about
39:43factors of
39:45production so gasoline or petroleum is a
39:50factor of production is part you need it
39:54to make what things
40:01everything name a product that doesn't
40:03use elect doesn't use a petroleum in any
40:06way shape or form say the internet no
40:10internet uses electricity and a lot of
40:12electricity is made from coal and coal
40:14is the same thing or oil or natural gas
40:17right plus people who type on the
40:18internet have to
40:20eat right and my dad's farm he would go
40:25through two semi-loads of diesel every
40:28year so if you're an eater you're using
40:32gas petroleum so everything so when the
40:34price of gasoline goes up the price of
40:37what else goes
40:38up
40:40everything well that's bad yeah that's
40:42real bad right so when the price of
40:45gasoline go that's called cost push it
40:47pushes the price
40:50up
40:51wow so when the price of gasoline goes
40:54down
40:57the price of everything goes down
40:59doesn't
41:01it so if I have inflation coming on if I
41:04lower the price of gasoline I can slow
41:06down my
41:07inflation okay the second one is demand
41:10pull inflation demand pull is where
41:13there's not enough of it and it pulls
41:16the price
41:17up so many of you guys have been to
41:20Disneyland my daughter wants to go to
41:21Disneyland so bad she can't breathe I
41:23said can't go cu the virus right she
41:25wants to go I want to go Disneyland
41:28right Disneyland right go to Disneyland
41:32how much does a bottle of water cost at
41:36Disneyland seven bucks much is a
41:39cheeseburger a not very good
41:41cheeseburger cost in
41:43Disneyland 20
41:46bucks wow a bad cheeseburger is $20 and
41:49a bottle of water is
41:51seven y why well if you get thirsty or
41:55hungry what are you going to do EX
41:57exactly it's scarce that's called demand
41:59pole demand pole is when it's something
42:01is scarce and that pulls the price up so
42:04the the the store to buy blueberries
42:06because they said blueberries are really
42:08good for you go to the store to buy
42:09blueberries they didn't have any
42:11blueberries go the next day they had
42:13blueberries okay what do we know about
42:15the price of the
42:16blueberries it went up didn't it demand
42:20pull right so what happened to the
42:23supply of blueberries nothing the demand
42:26that's SP
42:27curve that word again curve the demand
42:31pull so cost push is the supply curve
42:34for
42:35inflation demand pull is the demand
42:38curve for
42:42inflation now what's gets even more
42:45interesting when you have inflation and
42:48unemployment that go in opposite
42:50directions when you watch television
42:52they always talk about unemployment and
42:54inflation and you think that they all go
42:55up and down CL it together the same
42:57thing they actually go in opposite
42:58directions think about
43:00this let's say you had some
43:02money and you know that your money is
43:05not going to be worth anything next
43:08week what do you do with your
43:11money no if you have a million
43:15dollars and you know that that million
43:17dollars in today's dollars is not going
43:20to be worth anything tomorrow or next
43:23week what do you do with it you spend it
43:27don't you so you're going to get a new
43:28roof on your house you're going to get a
43:30swimming pool you're going to do all
43:31sorts you're going to spend it and when
43:33you spend money what do you
43:35create
43:37jobs when you go get a
43:40haircut well I don't have that problem
43:42but when you go get a
43:44haircut you create a job don't you
43:46because somebody's got to cut your hair
43:48unless you cut it yourself which I did
43:50that when I was a little kid and it
43:52didn't look quite so good you
43:55know yeah so you great job so actually
43:59unemployment and inflation usually go in
44:02opposite
44:04directions so if we start to have
44:07inflation right we're also going to get
44:11jobs
44:13interesting so this gets us into
44:15something called monetary
44:18policy mon monetary policy is
44:21the supply curve for money
44:27it's the supply of money so I can change
44:29the supply of money by a few things one
44:31is I can print more money if I print
44:34more money there's more money there
44:35right that increases Supply or I can
44:38lower interest
44:39rates if I lower interest rates I make
44:42money less expensive what do you mean so
44:44let's say you want to go buy a car for
44:46$10,000 and they're charging you 10% a
44:50year and you pay off that loan in one
44:53year so that car you paid $1,00 ,000 for
44:57that car didn't you so it cost you
44:59$1,000 to borrow $10,000 for one year
45:03but what if it's
45:0550% now you paid $115,000 for so it cost
45:09you $5,000 to borrow $10,000 versus
45:12$1,000 to borrow
45:15$10,000 so interest rates so by lowering
45:18interest rates or pretty more money
45:20people borrow more so if the interest
45:22rate is zero I'm gonna borrow money yeah
45:25if the interest rate is
45:2720% not so much if the interest rate is
45:31100% other words I borrow a $1,000 I
45:35have to pay back $2,000 I'm not
45:37borrowing that money so you get more
45:40spending less savings lower
45:43unemployment also inflation so the
45:46United States said we're going to go to
45:49Vietnam War and we're going to pay for
45:52it by printing money which should have
45:55caused in
45:58inflation so let's say I gave you an
46:01Andrew Johnson
46:02dollar to and there's no such thing as
46:05Andrew Johnson yes there is I have my
46:08own currency go to the bank and you say
46:12I want an Andrew Johnson dollar and they
46:15will look and try to find you an Andrew
46:16Johnson dollar because I have my own
46:20currency it's legal tnder it's all over
46:24the United this and there's no such
46:26thing as Johnson dollar yes there is I
46:28will show you to
46:30you so let's look at the
46:33Google and Google Andre Johnson
46:36dolls what does it have climate change
46:38okay let's do it let's do it the old
46:44way well it even autofilled it didn't it
46:48Andrew Johnson
46:50dollar there is the Andrew Johnson
46:52dollar it is an official dollar so there
46:56was a president of the United States and
46:58guess what his name happens to
47:00be Andrew Johnson no relation to me no I
47:04I love to tell you yeah my relatives one
47:07of the No No No but he had the same name
47:09Andrew Johnson oh and by the way if you
47:13Google worst Presidents of the United
47:16States so we know that LBJ Lyndon Baines
47:20Johnson Mr Baines is always in the top
47:2410 Andrew Johnson is always in the
47:27bottom
47:2810
47:29always he was a turkey he was not a good
47:34president but he was a president he said
47:37yeah Andrew Johnson's one of the worst
47:39Presidents we've ever had do you have a
47:41dollar bill an official dollar currency
47:44with your name on
47:47it I didn't think so then shut up
47:51because I've got my own
47:53dollars so here's your Andrew Johnson
47:56dollars
47:58yep and yes I have some Andre this is
48:00fake right but yes I did I bought when
48:03they first came out with this guy I
48:05bought a whole bunch of them I said W
48:07this is cool then I thought but the
48:09dollar what do I need it turn them into
48:13the bank got got credit for it yeah so
48:16Andrew Johnson dos so if I gave
48:18everybody in here an Andrew Johnson
48:20dollar gave you one Andrew Johnson
48:23dollar and I said at the end of the
48:25quarter if you have this Andrew Johnson
48:28dollar I will trade it for 100 George
48:30Washington dollars at the end of the
48:32quarter what do you do with that dollar
48:35you save it don't you because you say
48:37it's gonna be worth a $100 later I'm
48:39Gonna Save it right right but it's
48:44Andrew Johnson the one of the worst
48:46Presidents the United States has ever
48:47had and you know it's not gonna be worth
48:49a hundred George Washington and maybe
48:51they'll find out that he did something
48:53even sillier than we knew that he did
48:54before and nobody wants an Andrew
48:57Johnson dollar because it's terrible and
48:58it's worth nothing in three months from
49:01now what do you do with that dollar
49:03today you spend it you say I'm notna
49:06hang on to this turkey Andre Johnson
49:08dollar I'm gonna spend it and when you
49:10spend it you
49:12create
49:17jobs we're learning how money
49:22Works no
49:24inflation so how did LBJ do this should
49:29have had
49:30inflation I guess I have to tell you
49:32that one later time's up thanks a lot
49:35for coming have a nice
49:37day I hate it when he does
49:41that I doubt it's fun

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