British people so the equivalent on the German side would have been Volkswagen Beetle Italy had the Fiat chento 500 so this was the UK's answer let's build a small utility carnow if this was not Google I would still give this plug I I assure you the amount
And so it's interesting in that, so let's move-- it's a good segue into basically gold, and why gold has held its value as a counterpoint to fiat currencies well over 5,000 years plus. So there's recorded histories of people using gold as a store value since 3,000 BC.
The problem is that the situation we have now is that there's not enough water in that end of the pool. And fiat currency basically means, it is what the government says it is.
We moved from Thums Up and Limca to Coke and Sprite. We moved from Fiat to Ford. We moved from DD Metro to ZTV and Star channels.
In fact, it's held its value pretty well over that entire 5,000 years. And no fiat currency has ever come close to that. So let's explore why that's the case, because it's a good analog to what Bitcoin has as value-- as its value proposition, because Bitcoin was actually
And then I see this new article, the cover of "BusinessWeek." They had all the sophisticated reasons why the market was going to stay down for the next few years. So we became a fiat currency.
But the idea that somehow we will find a technical fix, whether you call this bitcoin, or some technological evolution of money that will replace the fiat money that the European Central Bank, and so on, print-- this is simple fantasy. And let me just make the simple point that if you imagine that you take the bitcoin story, which is a digital version of the gold standard,
my first semester. And it's a Saturday night, and I'm finishing a terrific weekend in my parents' house, which is located down south in an area already bombarded by Hamas. I'm driving my '95 blue Fiat right inside Tel Aviv to begin another week in law school. And at some point during the entrance to Tel Aviv, I'm receiving a very weird phone call from an unidentified number.
uh that was supposed to Define reality from the bottom up and I think it still Bible this is not the the Fiat uh that we see in Michelangelo's you know the
It must be incredibly expensive to do this. It used to be done by government fiat . So we say, well take a look at some of the things we're building today at universities, hospitals, museums.
The problem is that the situation we have now is that there's not enough water in that end of the pool. So they created what's called fiat currency.
So not that much safety. . And then this problem is actually compounded by fiat currency. So this goes back to the idea of what exactly is money.
It's trustless in that you don't have to depend on a bank or a central bank or a government to issue gold. You know that no-- so the problem with a fiat currency, again, is that the central bank can issue money on demand. And so when you create new money, you inflate the money supply.
being young and naive I thought well of course I have to do the rest of the country not realizing it wasn't just a metro stop away you know I had to drive my Fiat Uno all over France and get stuck in in um dig myself out of ditches and so on and so forth and deal with
separate cars were an absolute divinely ordered necessity Muhammad rather pleased with the idea of arranging their trip to Mecca based on an authentic religious Fiat went to a beer to inform her that they would have to travel apart a beer though steamed told Muhammad she was fine with respecting the ruling he insisted but pointed out that they had
And if it does does have unusual traits, I mean, I think in 2012 I spend a lot of time, probably two months, doing nothing but studying Fiat Chrysler and General Motors. And so it frees up a lot of time to study the businesses, but you've scanned a lot of stuff on the horizon
So one option is to say, well, interpretability, it's like porn. And so this is a related way of saying it-- we have interpretability by fiat .
more controversial than I ever thought it would be um and far and more than I thought it should be but I I came to understand why and also at Chrysler by putting Chrysler into an alliance with Fiat uh which had very strong Management in the form of a fellow called Sergio Marion who had turned Fiat around Fiat had done very well everywhere but the
understand why and also at Chrysler by putting Chrysler into an alliance with Fiat uh which had very strong Management in the form of a fellow called Sergio Marion who had turned Fiat around Fiat had done very well everywhere but the United States and so the fit between the two companies was good they weren't we didn't merge them but we did put them um
just a strange thing, this little loop back then, you know, about being persistent we've become one of their biggest customers, which is a bit crazy. I need to tell you their office is pretty uninteresting. But on the Fiat Uno, the Fiat Uno, the only thing I can say about Fiat Uno is, I was delivering a fridge to for our second year, still our company car, slash delivery van slash everything else, and it caught fire in and High street and the engine blew up and I just leapt away like Steven Seagal from the blaze,
of government so well that he could insert into a bill something that would give him some fiat of power that would
your door. So, the challenge with this this is fiat currency and um you hold this at the pleasure of
and for about 50 years, Ferrari stayed as a part of Fiat Chrysler, until 2015 when it was spun off as an independent company.
economy. If you make them all red or all green through federal fiat , why, the traffic piles up the intersections.
filed for Chapter 11. The government brokered a deal with Fiat would get 20 percent of it.
that's Mexico, that's most places, and that's the status quo. The average fiat
So on the second part, I think it's going to shape out a lot like what you're seeing with fiat currencies.
They aren't backed by anything but trust in the government. So this is extremely interesting, because what it means is that if you actually look through the test of time, no fiat currency has actually ever survived a long enough time scale.
But in the 1960s, Enzo Ferrari got into some trouble and he had to sell off 90% of Ferrari to Fiat Chrysler
that's the East Enders test. Go, go away. Great. Okay. So does anyone know what car this is? Punto? It's not the Punto. It's the Uno, the Uno, the Fiat Uno. It's a great car. And persistence, so far what we've done, we have an idea and we've made ourselves start,
This then is missing out. We have to be super, super persistent, really persistent, because everyone tells you, no, because you're nobody, right? You're just three blokes with a Fiat Uno. And one meeting in particular sticks out. It was in Wales. It was down , quite a long drive with some people who made drinks and they make big, they made such a scale that we couldn't believe it. We thought they might have a little machine in the corner
that we could start using, you know, and make our drinks, if you don't mind. And we had to ask. We had to ask everyone. That's what this thing is about, just being persistent. We asked everyone. Well, this was a special day because Adams, Fiat Uno, which was the company car at that time, which he'd got on his 17th birthday, so it must have been about almost approaching 10 years old. And he got into his car. He remodeled it because it didn't have electric windows. He'd installed his own electric window on the driver's side.
The future structure of this industry, there's not gonna be a Big Three anymore. There's gonna be a Medium Six. I mean, Ford, GM, Toyota, Honda, Nissan, maybe Fiat -Chrysler, maybe