M.A.Y.A. Episode#76: Let's Talk the Wealth Gap with Paul Musson_ Veteran Investment Expert _Edited_

Episode Transcript
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Speaker 1 (00:00):
Get inspired getting motivated with Maya A Kai and the
Maya My Ambition, Your Ambition Podcast.

Speaker 2 (00:06):
Something that I take pride and is trying to be
forward thinking, thinking outside the box, challenging myself and as
I challenge myself, hopefully I challenge you.

Speaker 1 (00:13):
Find Maya on Twitter and Instagram at Maya Underscore a
Kai on Facebook at Maya Akai Presents.

Speaker 2 (00:19):
We're going to talk health, wealth, fitness, mental health, financial,
lots of different things that can empower you as you
seek out the ambition that you're pursuing or get everything.

Speaker 1 (00:30):
Maya at Maya akui dot com.

Speaker 2 (00:39):
Now I'm mis stay everyone, Welcome to episode seventy six
of Maya My Ambition, Your Ambition. Let's talk the wealth gap.
We have an amazing guest on today. But you know,
I'm kind of liking that the intro was a little sticky,
And it's okay because I feel like this is one
of those conversations that might get a little hairy and interesting.
So I feel like the intro the show is just

(01:00):
leading into some of the aha moments and how you're
going to be Like I thought this should be like that,
So it's okay that it was a little kind of
you know, a rough start, but here we are, as
you know, the podcast it looks to embrace salient topics
related to mental wellness. So you might be saying to yourself, well,
why are we talking finances? Because your financial decisions are
some of the most mental and emotional choices that you

(01:21):
actually make and where you are at mentally, and those
choices make a difference. So when I say I want
to bring salient topics to the table right now in
the current climate, a lot of people are struggling with
finances and don't understand the economy, and they're here in
tariffs and all kinds of things and have no idea
what to make of it. Well, our guest today is
going to help us to figure a lot of those

(01:42):
things out, or at least illuminate some things that you
didn't know. And I love the fact that I say
here we like to pull back that veil of self
doubt and sabotage that so many of us experience in
our life. And I want to help you to identify
that ambition and how to harness those things to be motivated.
So if you have a financial goal in thish sh
to day, to help you understand want to be able

(02:02):
to get there. So if you are a first time
listener or view welcome I always say just buckle up
for safety, because occasionally it could be an unexpected bumpy ride,
not in a bad way, but you just might have
an Aha moment or go wow, or as I like
to say, things that make you go hmm.

Speaker 3 (02:18):
Only my old folks will understand what that song is.

Speaker 2 (02:21):
And if you want to go look it up, it's
See and See Music Factory. Things that make you go hmm,
great song, good music.

Speaker 4 (02:26):
By the way, of.

Speaker 2 (02:27):
Course, if you are a returning listener, reviewer, welcome back.
You're more than familiar with how we do things here.
I always say you've carved out at least thirty minutes
to an hour of your time to be part of
the podcast. So find that spot that's nice and quiet.
Grab a pencil paper so you can dot down and
take notes, because it's worthy of that. I say, grab
your drink of choice coffee, tea, it's five o'clock somewhere,

(02:47):
have a glass of wine. I don't care. Just be
involved in the podcast. Remember you can always get involved
in the conversation by posting things in the comments.

Speaker 3 (02:56):
We'll review them.

Speaker 2 (02:57):
And if it's a great question for our guests, we're
gonna pop it on screen and talk about things that
you might be asking so you can be integrated with
the show. This is the eighth installment of the Ambition Shows,
which is kind of an offshoot of Maya My Ambition,
Your Ambition, and we.

Speaker 3 (03:09):
Have had amazing guests that have been there.

Speaker 2 (03:12):
So if you've missed any of the previ episodes, just
remember you could always find it on iTunes, Apple podcast, iHeartRadio,
Amazon Audibles and Spotify platforms. Just search Maya My Ambition,
Your Ambition. Of course, the easy thing to do is
if you just subscribe and share my YouTube channel at
Maya Speaks to You, you'll always know when there's a
podcast coming up. And of course that is my social

(03:33):
media handles. I finally got with it and have all
my social media handles being the same, so you can
find me on Facebook, Instagram, and x at at Maya
Speaks to You.

Speaker 3 (03:42):
And of course the easy.

Speaker 2 (03:44):
Thing is too if you just go to my web
page www dot Maya dash speaks dot com. You can
find all things Maya there, including two things I'm super
passionate about one my menopause blog, which is called Me
on Pause, which broaches a lot of serious conversations about
being perimenopausal or menopausal that women don't know. And by

(04:05):
the way, Fellas, I've just come to realize I probably
need to expand that conversation to include you, because despite
what you probably don't know, you have your own version
of menopause. It's called andropause, and it mirrors a lot
of things that women experience. So I realize I can't
leave the fellas out right. I share information with you,
So check out that blog, and of course there is
my inspirational blog that I post every Wednesday, just a

(04:26):
salient thought for you to think about, something to chew on.
I post once a week that inspirational thought. So on Wednesdays,
meon Pause goes a post as well as my inspirational blog.
So before we jump into episode seventy five, which I'm
so excited to talk about these things, remember last week
was a really powerful episode, or two weeks ago we
had on Shanna Rosen's Week, who is the CEO of Campfire,

(04:50):
and this was one of those episodes that was about
youth empowerment where Campfire has been around for one hundred
and fifteen years and they work with kids as young
is grade school all the way through high school to
put empowerment. But they're also big on STEM and they
do something about focusing on helping emotional and mental growth.

(05:10):
So they have a lot of great programs. They are
around the country, and if it's something that interests you,
you can reach out to Campfire and maybe bring something
like that to your community. If you feel you have
a lot of youth that maybe are struggling with bullying,
maybe even just kind of adjusting with school or anxiety,
Campfire might be the place that those kids can grow.
But without that being said, let's jump into our ninth guest,

(05:34):
Paul Mussen, who is, for what I want to say,
the financial guru. So he is a founder of Paddington
Capital Management and he's a former lead portfolio manager for
the IVY funds at Mackenzie Investment. Why he is the
perfect guest right now on MAYA is his approach to
self improvement so aligns with what we do here about
pulling back that curtain on financial systems that can quietly

(05:57):
but powerfully shape your life. Current book and Capital Offense.
Why some benefits at York Expense. Paul explains pretty much
relatable terms about central banks, government policy, and entrenched economic
structures that inadvertly but yet systematically. Ooh, by the word
that has become such a dirty word. Systematically you know,

(06:18):
people don't like words like that, but honestly it's true,
have extracted wealth from ordinary people like you and I.
So he focuses on trying to enrich a small, you know,
amount of people to understand this is how what the
elites do that impact you. So, without further ado, let's
welcome to the ambition stage, our financial guru. That's that's

(06:41):
what I'm ordaining him. At this point Paul must say, Hi, Paul, oh, okay,
so this is going to be good stuff. So, like
I said, we're a little glitchy, but there we go.

Speaker 3 (06:54):
Here we go.

Speaker 2 (06:55):
Today's a little glitchy day technology. How argue today, Paul.

Speaker 4 (06:59):
I'm doing great, mind, I ask great to be here.

Speaker 2 (07:02):
Yes, I have so been looking forward to this conversation
because one of my gripes Paul has always been that
I always feel that people do not understand economics, and
I feel that is a dangerous place to not be
aware or knowledgeable of because almost everything we do is
influenced or impacted by our financial wellness. So you have

(07:22):
thirty plus years in the field, obviously working at very
high levels, so you happily got to see the inner
workings of how financial systems work. Tell us a bit
about you and how you got to being this financial guru.

Speaker 4 (07:35):
Yeah, well I wouldn't call myself a financial guru, but
thank you. I'm a finance guy. And yeah, I didn't
know why I wanted to be a finance guy. I
took a long route through university. It just had a
thirst for knowledge and reading philosophy and history and stuff.
And then it just I was always good at math.
Not a genius, but good at math, and I just

(07:56):
decided one day I want to analyze companies, do research.
I just thought it would be so much fun, and
and over time, over many years, I eventually got there
and ended up being a lot more fun than I
even imagined it ever could be. But along the way,
when I was having fun at doing analysis and investing

(08:17):
in businesses, my great passion started turning to communication and
education and empowering people. Our clients were primarily financial advisors,
those stockbrokers, financial planners, and when I first started out
making presentations to my clients. My main goal was to

(08:40):
impress them with how smart I was. So I'd use
big words and make things a little bit complicated, and
then hopefully the client would thing, well, I think, well,
I didn't really understand what he was saying, but he
sounds pretty smart, so I'll take a chance and give
him some of my clients money. But then over time,
you know, I I wasn't speaking pure truth, and so

(09:03):
over time I started contradicting myself and getting caught up
in little white lies. And I said, you know what,
I'm not doing that anymore. I'm just going to tell
people the truth and help them and empower them. And
if they don't like it, well that's a good outcome
because that means I'm not right for them, and so
I want to help them do the best job possible

(09:23):
for their clients. Because it's a serious business. We're trying
to get people to their long term financial goals. It's
not about me, right, I mean, we all need to
benefit from it. And boy, it just you know, it
was so well for surprising the impact that it had
for me, that you know, we end up getting even

(09:44):
more sales, you know, because people started to trust me.
And then I started witnessing what was going on in
financial markets, which we'll talk about, and how central banks
with good intentions. By the way these are is not
a conspiracy theory what's been going on, but there were

(10:07):
good intentions. They thought that by driving the asset prices higher,
even though the rich would inordinately benefit from that, that
over time that benefits would trickle down to everybody else.
They haven't and they won't, And so my book attempts
to so people like you were saying earlier, people know that,

(10:29):
like their intuition is correct, they know they're getting screwed
by the system, they just don't know how. And it
has like a real emotional impact on your mental health
and frustration, and then it turns into anger. And then
people don't they know they're getting screwed, they don't know how,

(10:50):
and so that it's very natural to look for someone
to blame. And so I believe that the political divide,
not only in the US but other countries is largely
a result of this, because then it's natural for Republicans
to blame democrats and democrats to blame republicans. And I'm
in Canada, we're having the same thing here now with

(11:10):
conservatives versus liberal versus liberals and all beautiful people on
both sides, right, but they can't even talk to each
other anymore, and it's because they don't understand the root
cause of why they're struggling, what is happening. And so
my book is written in very easy to understand terms,
step by step analogies, and if somebody picks it up,

(11:34):
they will understand. And I have a free blog as well.
If somebody wants to sign up for that, we can
put the details later, which is a weekly blog, and
I try to decode and unmask a lot of the
nonsenses in the headlines so people will understand what's going on.

Speaker 2 (11:51):
And I definitely I mean, I did you know you
said a lot of fantastic media like resources. So I
checked everything out and saw the blog and I liked it.
I saw the written blog. There was an audio component
to it, very informative, and the way you write it
is in the lay way that I believe everyone can understand.
But you said something that as we're kind of doing,
like I guess, you know, kind of understanding finances like
one on one in a way one you said something

(12:12):
that in my mind instantly kind of talked about creating
the system and it trickling down, so instantly I'm probably
about to truly date myself. I thought about Ronald Reagan
talking about trickle down economics. Is it kind of the
same concept of what I know?

Speaker 4 (12:25):
I know?

Speaker 2 (12:26):
But isn't that kind of the same concept of eventually
that the wealth will flow its way down, you know,
to like I guess you could say the base of
the pyramid, so to speak.

Speaker 4 (12:35):
Yeah, And it's the reaganomics. Trickle down economics is different
from this trickle down you know. The Reagan trickle down
economics was based largely on some something called supply side economics. Essentially,
what it means is if you reduce tax rates, then

(12:58):
people will invest more, the economy will become more productive,
and yes, the wealthy will benefit most from those reductions
and tax rates, but don't worry. All the benefits will
trickle down to everybody else. And they do to a
certain degree, but within reason, and then it comes to
time when they don't. And so it's it related, but

(13:19):
not the same.

Speaker 2 (13:20):
So that how you just explained it, and I do
remember more of those details. So you said it's not
the same, So what makes this type of trickle down different.

Speaker 4 (13:29):
So the previous trickle down was based on lowering tax rates.
This trickle down is based on driving asset prices higher.
And so when so let me back up a little bit.
And one of the reasons this has happened and why
policymakers think this is going to work, is because they

(13:52):
don't understand the difference between capital and money, which we
could talk about in a second, but asset prices. If
asset prices are going higher, let's say at the stock
market for companies, what they do is they take capital
from investors and they put it to productive use and

(14:14):
they create more capital. So if you invest in Apple,
Apple takes your capital, they put it to productive use
and research and innovation, and they make better iPhones and
max and all this kind of stuff. So that really good.
They're creating capital, and their share price rises to reflect
the fact that more capital is being produced in the economy.

(14:36):
And if all the companies in the stock market are
putting capital to productive use, that means they're creating more capital.
There's more wealth for everybody in the world, and the
stock market rises to reflect that fact. But if stock
markets are rising not because more capital is being produced,
but because the central bank takes the interest rate down

(14:57):
to zero to draw live stock markets higher, all that's
happening is stock markets are going higher, not because there's
more capital being produced, but people are being forced to
pay more for the capital it is being produced. It's
just getting more expensive. Or if the central bank starts
printing money, it's called quantitative easing. If they start printing

(15:20):
money to buy assets to create scarcity of certain securities,
that also drives stock markets higher. It's called the portfolio effect,
which we can go into if you're interested. That also
drives But the stock markets are going higher again, not
because more capital is being created, but because the Federal
Reserve is printing money out of thin air to buy assets,

(15:43):
and so there's no real wealth creation. That just results
in a wealth redistribution within society. But then they believe
that by doing this, people will feel wealthier, they'll spend more,
and then everyone else will benefit from that. Well, guess what,
You've now got a housing affordability crisis. I mean, if

(16:06):
you think it's bad in the US, come up here
to Canada or go across to Australia. It's way worse.
So what they did. Was they in coming out of
the two thousand and one recession in the US, which
was a very mild recession, it was only one quarter
of economic contraction, and they decided to create This is

(16:30):
my opinion now that they decided to create a wealth
effect by driving housing prices higher. And there were certain
market commentators like Paul Krugman and Paul mccaullay who were
urging them on. So they took interest rates down to
one and left them there despite the fact that the
economy economy was growing. Now, this made mortgages, mortgage payments

(16:52):
in the short term more affordable for people, so for
demand for housing sword it turned into this sculative frenzy
and then you know what happened. We had that housing
market crash where you had twenty five percent of mortgages
in the US were underwater, which meant that there were
negative equity, which meant the mortgage was worth more than

(17:15):
the house. And this was a terrible situation for people
to be in now. And then they can continue to
do that after the Great Financial Crisis in eight nine
and then post COVID with a federal reserve buying over
trillion dollars of mortgage backed securities, which drove the mortgage
rate down to historical low levels, which sent demand through

(17:39):
the roof and housing prices with it. So now just
back I'll just back up for one second. Remember earlier
I was talking about when companies they take capital and
they put it to productive use and they create more capital, Yes,
and that pushes their share price higher. So share prices
should rise if capital is being producce. But for houses,

(18:04):
they're not productive assets. So I live in the suburbs
of Toronto, and we bought our house in two thousand
and one, just when these wealth effect policies really took
off in earnest and since then our house has gone
up four times in price. So what was our contribution

(18:26):
to society? What capital did we create to justify making
four times on our home? We didn't do anything. Our
house is not producing four times as much stuff. It
hasn't grown four times in size, it hasn't relocated to
a glorious ocean front view. It's the same economic good that,
due to policy, the next generation, if they want to

(18:50):
buy it from us, they have to pay four times
what we paid for it. So our benefit comes at
the next generation's expense. Or a newcomer to our country,
and it's creating like a class war, like a generational
struggle between baby boomers like me, I'm sixty three and

(19:12):
the next generation. Now they know the average age of
the first time home buyer is significantly older twenty thirty
years ago, and this is why. And so policymakers, I
don't believe for a second that they thought they were
going to cause a housing affordability crisis, but that's what

(19:33):
they did, and now they're stuck. Because to fix it,
you need to stop bailing out Wall Street. You need
to allow interest rates to be determined by natural forces,
which means that eventually house prices they will steadily decline,

(19:56):
which is fine for me because I've got a lot
of equity built up in my home. But it's not
good for people who recently bought a home at very
high prices, and they're going to be underwater on their
on the equity in their home. And so there's no
easy way out of this. There's a there's economist called
Thomas Soule fantastic economists. He says that in economics there

(20:21):
are no solutions, there are only trade offs. So what's
the trade off here? Which and and I believe that,
you know, the average person is very smart, particularly when
it comes down to what to do with their own

(20:41):
hard earned capital. They don't need policymakers telling them how
much they should spend or how much they should save,
or what price they should pay for a good or
a car or a house. They know. And if people
refuse to spend their money, then policymakers to store interest
rates to very low levels to try and force people

(21:05):
to buy these assets that they don't want to buy.
And that's what sort of causes all of this trouble.
But again they think that don't worry, you'll be better
off despite the fact that you don't want to do this.
And and yeah, so that's sort of the you know,
the the topic of my book. And there is a

(21:25):
way out. I offer ten steps at the end of
the book.

Speaker 3 (21:29):
Okay, that needs to.

Speaker 4 (21:31):
Be taken, but the first step really, which I should
I should have made it the first step. But the
whole reason I wrote the book is to empower people
with truth, knowledge, understanding. Now there's an old saying that
the people always get the government that they deserve. Well,

(21:53):
I you know, you voted for them to stop complaining well,
that's only true. People only get the government they deserve
if they actually know what's going on. And as we
were saying, I believe that most people don't actually understand
how things are working and how the system is working
against them, and so it's hard to demand the right

(22:16):
sort of actions or decision making from your leader when
you don't know what's going on. And our leaders and politicians,
they're good people, they want to do the right thing,
but many of them also don't understand what's going on,
and if they did, to do the right thing today
would be political suicide because most people are not asking
for it. So you'll do the right thing and you'll

(22:38):
be voted out. And so empowering people with the knowledge
understanding and people having empathy as well. I think when
you have more understanding about what the hell's going on,
it's easier to have empathy for people who are making
certain decisions that you don't agree with, because now you
can see, I know what their motive was. I didn't

(22:59):
really that, you know, it didn't really have bad intentions,
And a lot of the anger starts to dissipate don't understand,
and it's very easy and kind of fun to be angry.
People like being angry sometimes, you.

Speaker 2 (23:12):
Know, yeah they yeah.

Speaker 4 (23:18):
Yeah, yeah. My wife likes being angry at me sometimes,
that's for sure.

Speaker 3 (23:21):
So no comment, Paul, no commident.

Speaker 2 (23:25):
I mean, the thing is okay, the book is fantastic,
and to me, I feel like if you do not
feel you are financially as stude, that's okay.

Speaker 3 (23:32):
It starts with learning.

Speaker 2 (23:34):
But I also feel at this point people need to
start to really educate their children because I know a
couple of the topics and one thing. Before I ask
you this question, I want you to find something for
people because you could say something and I feel I
understand it, but someone else might say I don't.

Speaker 3 (23:46):
What does that entail?

Speaker 2 (23:48):
So when you say the idea of central banks, what
does that entail specifically?

Speaker 4 (23:53):
Yes, okay, yeah, thank you for that question. So the
central bank is the entity that Congress has allowed to
effectively control the money supply, control the amount of money
that is in the economy. And so, without going into

(24:15):
too much technical details, they they create bank reserves at
a thin air. And so let's say it's a city group,
they'll they'll create bank reserves out of thin air. They'll
buy assets from city group and credit city group's bank
account at the federal Reserve with let's say ten billion dollars.

(24:38):
Now a city group can then use that ten billion
dollars to create loans, great deposits, and the more reserves
that are created, the more deposits and loans that are created.
And that's how the money system works. Or cut some corners,
but they are they're the only see that can actually

(25:01):
create money. Yeah, So that's what central banks do. And
they control the interest rate as.

Speaker 3 (25:07):
Well, and they control the interest rate.

Speaker 4 (25:09):
Okay, so the short term interest rates they control, and
it also has an impact on longer term interest rates,
on tenure interest rates as well, and they can impact
tenure interest rates even more by printing money and buying
those assets. So there's a couple of ways that they
can control longer term interest rates.

Speaker 2 (25:29):
You're tuned into MAYA, My Ambition, Your Ambition, and our
guest on the Ambition stage this episode is Paul Mussan,
who is a founder of Pennington Capital Management, and we're
talking money, something that people often don't want to talk about.
They often just want to either try to make it
or spend it and not understanding what that really means
for them. And I feel, especially currently as we hear
so many things about recessions and just tariffs, people don't

(25:51):
know what to make a lot of this stuff, Paul.

Speaker 3 (25:52):
They just don't. They're lost.

Speaker 2 (25:55):
They you know, one of the things I've been trying
to push, that's my mantra for the rest of the year,
is being informed not influenced.

Speaker 3 (26:02):
Yes, And you know, when.

Speaker 2 (26:04):
I talk to someone about, Okay, at some point we
probably should be over the idea of one percent of
people controlling so much of the wealth in this country.
And somehow a lot of people, as I'm watching, have this.
I guess you can say trust that, but yeah, they
may have a majority of the money, but they're saying
they're going to put this pan in place and we're
going to end up benefiting from that. And somehow, I

(26:25):
want to say, I've yet to see it ever really
truly pan out that way. And in your book, I
know you address some of these things, so talk a
bit about I know one of the things topic wise
that kind of jumped out at me is explain how
the current economic policies either can contribute to wealth disparity,
because I don't think people get that piece right now.

Speaker 4 (26:44):
Yeah, Yeah, So So I'll start with the fact that
you know there should be wealth differences, but the wealth
differences should be based on your contributions to society, your efforts,
your willingness to take a chance. So the way a
free market system is supposed to work is that whatever

(27:07):
capital you have, whatever wealth you have, it's supposed to
be a reflection of the wealth that you've created and
then fairly exchange with someone else. So all the wealth
that you have cumulatively out there, there are other people
with the same amount of wealth. So you earned or

(27:28):
you obtained capital by creating it and then exchanging it
with others. One of the issues is that people don't
understand the difference between capital and money. Capital is what
makes the world go around. So capital is your podcast.
You know your show, you're creating capital and your viewers

(27:48):
are consuming the capital that you're creating doesn't come at
anybody else's expense. So the example I like to give is,
let's say you make a bike and I make a suit.
So we both created capital and then we exchange it
with each other. So now I've got a bike, you've
got a suit, and importantly, it didn't come at anybody
else's expense, right, But we don't do a direct exchange.

(28:13):
We do what's called indirect exchange through money. Money is
what's called the medium of exchange. That's what it's called
in economics. All that means is we use money to
exchange all the capital that we're producing. So you make
a bike and then you sell it for money, and
then you use your money to buy my suit. Now

(28:34):
let's say you make ten bikes and they're nice bikes,
so you sell them for a thousand dollars each. You've
got ten thousand dollars in your bank account. Effectively, what
you have is those ten bikes stored up in the money. Temporarily,

(28:54):
you're storing the value of those ten bikes up into
ten thousand dollars. You have ten thousand dollars. You created
ten bikes, that's how you got the money. So the
money is a temporary store of the value of the
bikes that you created. So now you've got ten thousand
dollars in the bank account. You're going to save it
to go on a vacation at the end of the year.

(29:16):
But before you get a chance to spend your ten
thousand dollars, the Central Bank doubles the money supply. Now,
when a central bank doubles the money supply, they don't
create any capital to obtain that money. They just create
it out of thin air, press a few buttons. So
it has no capital stored up in it. But it

(29:36):
obtains capital as soon as it comes into the economy
by extracting capital from the rest of the money that's
already in existence. So when they print this new money,
it takes five of the bikes from your ten thousand
dollars and puts it into the new money. And so
your bank statement still says you've got ten thousand dollars,
but instead of storing ten bikes, it's only storing five.

(29:57):
And now your ten thousand dollars will only buy as
much as it would have done before the central bank
double the money supply. So anyway, so this is the
difference between capital and money. So okay, yeah, so now
just talking about wealth disparity. As I said earlier, there

(30:18):
should be wealth disparity based on efforts and contributions to society.
So let's say you make ten bikes, I only make
one suit. You're going to be wealthier than me because
you put in more effort, You created more capital and
then you freely exchange those bikes with other people who

(30:39):
created capital. I've got nothing to complain about, you know,
so that there's nothing wrong with that. But where the
problems start is when central banks deliberately drive asset prices higher,
when they start printing money or lowering interest rates to
unnaturally low levels to drive stock markets higher or housing

(31:01):
prices higher. Because when they do that, there's no more
capital being produced. People are becoming wealthier, not because they
produce more capital. We became wealthier in our home here
in Mississauga, not because our house is producing more capital.
We benefited from central bank actions that drove interest race
down to zero to drive our housing price higher. And

(31:23):
it comes at somebody else's expense. So increasingly, what's happening
is that it's becoming a benefit at the expense of
somebody else rather than mutual benefit. And I liken it
to a game of poker. So at the poker table,
there is no wealth being created. Wealth is being redistributed

(31:46):
at the table. It's not like everybody walks away from
the table wealthier. What happens in a poker game is
you end up with one winner and a bunch of losers.
Which for a lot of people in our economy that's
starting to sound really familiar and it's getting worse, and

(32:08):
people their intuition tells them that the system is wrong.

Speaker 3 (32:14):
So you said something that made me think.

Speaker 2 (32:15):
And now some of the questions are rolling in with people,
and I'll share those in a second. But when you
talked about that idea of how there can be different
levels to wealth and you said that, you talked about, well, hey,
if I've got you know, five bikes bikes versus your
one bike, then clearly I'm going to have more I'm
going to have more money because hence I have more capital.

(32:38):
But is not also part of the problem that when
someone attempts to, let's say, be in a position to
create capital, they often hit a lot of roadblocks, like
trying to get a loan or trying to get investors.
So it's even to Beeble like the startup the seed money.
So that made me just think about, well, hence it's

(32:58):
a lot of people are often behind the eight ball
because they don't have the resources to be able to
create the capital.

Speaker 4 (33:05):
Yeah, yeah, no, absolutely, And I talk about this in
my book. And you know, where there should be equality,
but there isn't is an opportunity, and we should be
doing everything possible to help more people have the opportunity
to succeed, to thrive, to take a chance. And again,

(33:31):
as I say my book, I mean, if we're successful
in this, the world would be like an incredibly amazing place.
It'd be way better than it is today because more
stuff would be being produced, more capital would be being
produced we don't, and we'd be fairly exchanging more capital
with each other. So I mean that's a and that's

(33:52):
a big issue, a big problem that's not going to
be solved overnight, but it's and there are a lot
of people out there who work tirelessly trying to affect
this sort of change. But no, you're absolutely right, it's
not equal.

Speaker 2 (34:07):
And yeah, two of these questions seem like they kind
of piggyback on what we're talking about, and I think
either a light bulb on off. So let's start with
this one. The question was, so what backs money since
now you've said money and capitol are not the same thing,
not gold, because you know, the old long term thought
was that gold, you know, backed money, which we know

(34:28):
is not true. And everyone the big question turns into
is Ford knocks empty because that's what people have come
to believe.

Speaker 3 (34:34):
So I think that's a good question.

Speaker 2 (34:36):
So most people don't get what backs money because some
people still think it's the idea of gold.

Speaker 4 (34:41):
Yeah, yeah, so it's a great question. So money used
to be gold, so it wasn't that money was backed
by gold. Gold was money, and so it was the
gold standard. And so back in like the eighteen hundreds
and even the early nineteen hundreds, if you had a

(35:02):
twenty dollars bill, you could take it to your bank
and exchange it for gold. Now, they didn't like it
when you did that, but it said on it that
you could redeem this for gold. Now, what this did
was it tied government's hands in terms of printing money

(35:25):
taking on debt, and so they didn't like the gold standard,
and so slowly over time they changed the monetary system.
So the first step was in nineteen thirty three during
the Great Depression when Franklin Roosevelt he sort of outlawed
individuals owning gold. So you had to hand in or

(35:48):
sell your goal to the government. You had no choice,
and if you didn't, you could face a fine of
ten thousand dollars, which was a lot back then, or
ten years in jail, and and there are various reasons
why he did that. It wasn't the old gold standard.
It was a sort of it's going to use a

(36:10):
different word, but it wasn't the same gold standard. It
was a funky gold standard. Let's just say that. And
then in nineteen seventy one Richard Nixon. But the final
nail in the coffin of the gold standard because up
until nineteen seventy one, individuals cannot own gold, but central

(36:31):
banks around the world, if they had US dollars, they
could bring them over to the US and say we
want gold instead of your US dollars. And they were
increasingly doing that because in the late sixties and the
early seventies, the US was rapidly increasing the money supply
to pay for the various programs, pay for the Vietnam
War and stuff like that. People were worried that their

(36:54):
US dollars were going to depreciate in value, so countries
like France were taking their goal hold back. And so
today the money that we have is called fiat money.
So FIA is like by decree. It's not like your
listener said, it's not backed by anything.

Speaker 3 (37:15):
That should That is so strange that it's not.

Speaker 2 (37:18):
Because when you sign print more money, I was like, well,
it sounds like the money doesn't have any value. So
is this and one of your questions, I know now
this is sticking out my head. It's what happens when
you have a dead fueled economy, mm that has money
that isn't backed or worth anything.

Speaker 4 (37:40):
Well, you know, so the in a way, the money
gains value because we all agree to use it to
exchange the capital that we're producing. That's the only reason
it has value. But in and of itself, it doesn't
have any value at all. And there's nothing wrong with that. Okay,

(38:04):
there's absolutely nothing wrong with that. If the central banks
around the world would better control the growth in the
supply of the money, so it would actually be better, well,
it would actually be better than a gold standard. I
think a goal standar would be still be very good,

(38:24):
but a FIA currency would be a lot cheaper to operate.
But the trouble is this also makes it easier for
policymakers to manipulate the money supply for short term gain
or for short term political pressure or whatever. And that's
that's what the issue has been because every time they
increase the money supply, it causes distortions within the economy

(38:49):
and some benefit at the expense of someone else. I
could give that example earlier when the FED with the
Central Bank doubles and money supply, they take half of
the bikes out of the money that you already own.
So it's not the Fiat money system that's the problem.
It's the pressures that come to bear for those who

(39:10):
were in control of it.

Speaker 3 (39:13):
Okay.

Speaker 2 (39:15):
Another listener posed the question, and for listeners, you guys
can all get involved to you by just posting a
comment and I can share it with Paul and we
can kind of expand on it. I was waiting the
question came up. They don't understand tariffs and why they
are good or bad or both.

Speaker 4 (39:30):
Yeah, okay, yeah, very topical. So tariffs were a very
big thing back in the eighteen hundreds in the US,
and some think, I mean in part they were. Okay,
let me explain what a tariff is. Okay, So a

(39:50):
tariff is attacks. So let's say in the US, the
US has put tariffs in place. So if let's say
somebody in the UK, a company in the UK is
making bikes and they want to export them to sell
them to the United States, and let's say they are
one thousand dollars bike. When the importer gets that bike

(40:14):
in the US, the US company, the US company has
to put let's say a ten percent tax on that
bike of one hundred dollars and they have to send
that one hundred dollars to the US government. So now
the importer, well, earlier they were importing one thousand dollars

(40:35):
bikes and they might sell them for I don't know,
twelve hundred dollars or something, just making it up. But
now that they've had to pay one hundred dollars tax
on that bike as well, it's cost them eleven hundred dollars.
So they're going to increase the price to the US
consumer unless they can get the UK bike company. I
know you're selling them for one thousand dollars, but now

(40:55):
I have to pay this tariff. Can you sell them
to me for nine hundred instead, so I don't have
to increase the price of the bikes to the US consumer.
So then there's all these trade offs where maybe the
ex border from the UK will reduce the price of
the bike a little bit to help off set the tax,
maybe the importer will not make quite as much money
and maybe the consumer will pay a little bit more.

(41:16):
So that's what the tariff is now now, the reason
that they're put in place. You know, can it can vary,
so some there may be some industries like we saw
during COVID where it was hard to get access to
semiconductors and so so for certain industries, you might want

(41:43):
to have home grown manufacturing capability and not have to
rely on other countries if another pandemic comes along, or
rely on China. That's a big issue right now if
you're worried about you know, there's hostilities and ill will
between the two of us. Now they're going to stop
exporting the things that we need. So you know, maybe

(42:05):
it was a mistake to export all that manufacturing expertise
or ship building expertise to other countries. We need some
of it at home. So then they put tariffs on
to make it more expensive for Americans to buy the
stuff from other countries and encourage other companies to start
building at home in the US rather than building manufacturing

(42:28):
sites in other countries. I think that's and then some
think that well, if we put in tariffs, then we
can get other countries to lower their prices, and we'll
get all this tax revenue in the US, and then
we can lower income taxes for Americans. And so there's

(42:51):
all different kinds of reasons in rationale for imposing tariffs.
I understand the national security issues in terms of certain
types of things, things you want to be able to
manufacture a home. I understand that. But generally tariffs are
a bad idea, like from an econom purely from an
economic perspective, they're a bad idea like if the US

(43:12):
is really good at producing one thing and Korea is
really good at producing another, we're both or economic laws
will tell you that you're both better off focusing on
the things that you do best and then trading with
each other.

Speaker 2 (43:28):
Speak to me about because in saying this, because in
my mind, I kind of it's hard spinning.

Speaker 3 (43:32):
And I'm sure people with.

Speaker 2 (43:33):
My demographic of being like, you know, I'm fifty.

Speaker 3 (43:35):
Three, kind of remember some things.

Speaker 2 (43:37):
So I remember growing up as a kid and where
I lived at in the Midwest at that time, companies
like US Steel and Caterpillar were big staples, especially where
I was from. Matter of fact, a majority of people
worked there. I mean, they created so many jobs, and
all the time, as you know, those those particular businesses
started to kind of take their production in things outside

(43:58):
the US because they found a way to make it cheaper.

Speaker 3 (44:02):
How do you find a balance with.

Speaker 2 (44:03):
That, Paul, Because I do believe that's something that's complicated that, yes,
American workers want to be peried a certain wage, and
they should because our living wage, to be honest, is crap.

Speaker 3 (44:14):
Most people literally can't live.

Speaker 2 (44:16):
Off of fifteen dollars an hour when housing costs and
food and healthcare, which, by the way, most people don't
even understand the healthcare tug of war that's happening right
now with the Affordable Healthcare Act aka Obamacare. They don't
understand why it exists. They misunderstand it. But how do
we find this balance when obviously you have the idea

(44:36):
of capital and capitalism of course, US still wanted to
make more money and they didn't want to necessarily pay
those US workers. So what becomes I guess the middle
ground on this to make it make sense if you
want manufacturers to come.

Speaker 4 (44:50):
Back, yeah, So you know, first thing I would say
is that you know, for like minimum wage, I mean,
we all want people to be paying more money, right,
But the issue typically is not minimum wage. It's the
prices of things that have been driven higher by central bank.

Speaker 5 (45:09):
Yes, so like twenty thirty years ago, four years ago,
you know, the if you were middle class, you had
no problem buying a home like.

Speaker 4 (45:21):
You know, say, for so many people is completely out
of reach. And it's not because the amount of money
that they're earning is because of the prices of everything
going up. Now in terms of your question about you know,
should companies like US deal be exporting all effectively exporting
all the jobs to other countries and so then this

(45:45):
and I don't know the answer, to be honest with you,
I think this is more of a question about ideology.
But I think it's a question that people can more
easily answer if they understand all the trade offs. And
so when you export jobs or export manufacturing to low

(46:09):
cost countries, I mean, the initial benefit and it goes
on for a number of years, is that consumers in
America are paying much lower prices for the stuff that
they're buying, and of course companies are making more money,
and so it looks like everybody's winning, you know, except
for the people who were doing those jobs. And you

(46:31):
know when you're younger. You know, when you're younger, and
you know, if you lose your job or your company
would all of a sudden set up overseas, it's easier
to retrain, re educate yourself. We have unemployment insurance, you know,
that take care of us for a while to help
us get get back on our feet. But you know,

(46:53):
if you've been a steel worker all your life and
you're fifty five years old and all of a sudden
you got to it's not as easy to retrain, and
and and but conversely, like if you if we keep
the manufacturing at home, then the prices that we pay
for cars and washing machines will probably be higher than

(47:15):
it otherwise would have been. That's the trade off, you know.
And so but I think that's that would be the
approach that we all have to think about what what
do we want? And but we don't really have a
chance to contribute to that conversation, And so I don't

(47:36):
know what the right answer is is probably a mix
is probably keep them at home, don't send all of
it overseas. I think maybe we're realizing that we did
go too far by exporting all those jobs and now
we have the rust Belt, and it's sad when you
see parts of America like that where it used to
be these great, big factories.

Speaker 2 (47:57):
You know, yes, it's and I mean I think that's
the thing that people don't probably maybe remember or know.
But when I look at the town where I'm from,
which I always say, it kind of gets its a
little strange like kind of reputation for being Oh it's
you know, you're from here, and I'm like, but it's
a you know, it's a town of one hundred and
forty thousand people that initially was a big hub for

(48:19):
US Steeling Caterpillar when they left, and yet this town
continued to thrive. It sits on interstates, so things like
shipping and things probably were part of it. But also
the leadership along the way brought in other things like
riverboats for gambling, and then there was a NASCAR track
that was built and AhR, so they found ways to
keep bringing things in. I do believe the shipping corridors though,

(48:40):
being on two major expressways, I do believe was a
huge reason of why it could sustain because of the
shipping and transportation industry.

Speaker 3 (48:47):
So, but you're right, I think if people could.

Speaker 2 (48:49):
See like some of those places like in Allentown, Pennsylvania,
we see those empty factories that are now rusted out,
or even Detroit, which used to be our automotive kind
of hub, just struggling. You would see this is what
happens when things shift, and not necessarily in a good way. Okay,
A final kind of thought, because when I when I
see things like debt debt fueled, I'm like, oh, okay,

(49:11):
we all know what it feels like.

Speaker 3 (49:12):
To have debt.

Speaker 2 (49:13):
But part of one of the things I think was
a big discussion topic, especially within your book, was the
illusion of free money. Paul, there's free money, and where
is it? And how come I don't get.

Speaker 4 (49:22):
Any Yeah, yeah, it doesn't hasn't been trickling down to you. Maya, No,
it's no, it's not. Yeah, me neither. Yeah. And you
know it said money. Well, I mean I talk about
it in a couple of different ways in the book.
When central banks take interest rates down to zero, you'll

(49:44):
hear certain commentators saying that money is free now, so
we should be borrowing and spending it. Well, the money
is still not free. You still have to pay it back.
It's just that the interest rate you're paying on it
is zero. So if you borrow ten thousand bucks, you
can't just go spend it and then okay, forget about it. No,
you still have to pay that money back. So that's
there's all these sort of terminologies and sayings that get

(50:06):
sort of misconstrued in economics. But it is free for
the US government to create money. They can create money
out of nothing. And there are some economists out there
who mistakenly believe that because the US can print as
much money as it once for free, that it would

(50:31):
be irresponsible for the US government not to take on
more debt, to not spend even more money than they're
taking in in taxes. And they say, well, like, if
we need to pay off the debt, we'll just print
the money. Well, as you said earlier, every time you
print money, like it's extracting five bikes from your money
that you already have. It's it's the impact is what

(50:54):
they call. It's not neutral on the economy. It doesn't
have the same impact on all the people than the economy.
It benefits some at the expense of somebody else. So yes,
it's free, but most people are not benefiting from this
free money. They get harmed by it. But it's hard
for people to connect the dots from actions to consequence,

(51:21):
and so it's hard to put their finger on who
the perpetrators are for the fact that I can't afford
a home, that food costs continue to go through the roof,
and even when I talk about this in my book
as well, like inflation is a real problem, but it's understated.

(51:44):
So again I think it's good intentions, I think, but
they will change the numbers to make inflation look like
it's not as high as it is, and they do
things like called hit Donic adjustment. So if you buy
a car and the price went up ten percent, but

(52:07):
the quality of the car went up ten percent as well,
the government will tell you that the price didn't go
up even though it's ten percent higher. So in the
actual inflation numbers, they'll say that car prices didn't go
up but despite the fact you can't afford it, just
because it went up ten percent. So from nineteen ninety six,

(52:29):
I think it was to two thousand and eight, car
prices went up something like fifty percent in total. But
according to the government statistics, car prices actually fell over
that twelve year period because they were increasing in quality.
They were saying, you're getting more car for your dollar.
So there's actually one flate, you know what I mean.
So it's hard to believe any of the stuff that's

(52:51):
coming out of government, because again, your intuition will tell you,
your gut will tell you no, I am paying more,
even though the governments tell you that you're not.

Speaker 2 (53:02):
Hence the importance of financial literacy, which people truly take
for granted. So I know someone could be listening to
this and they might be like, Okay, wow, this is
a lot and I don't even know where to begin
with this.

Speaker 3 (53:12):
So you have your.

Speaker 2 (53:14):
Your blog, So tell us a bit about the blog
you have and kind of maybe how that for some
people can be a good starting point to begin to
increase their financial knowledge.

Speaker 4 (53:23):
Yeah, yeah, thank you. May. So my blog is called
Paul Political Economies. We like puns in our house, so
it's p A U. L. My first name is that
a Political Politicaleconomy dot com, the same website as Paddington
Capital mg Mt dot com. And so you can just

(53:45):
put your email in there and you'll get free weekly
updates when I post, and I've got all my past
posts up there and interviews such as this are on there,
I've got my book summary and we'll be doing other
stuff as time goes on. And so yeah, so all
that's free and then my book. You know, I've had
to cut corns a little bit in our discussion, but

(54:06):
in my book, I go very slowly, one step at
a time. What is money? Three of the first four
chapters are just about money and what it is. And
so it's as you said, it's called a capital offense,
Why some benefit at your expense? And you can get
that on Amazon or Barnes and Noble, thrift Books other

(54:28):
online retailers, and yeah, that's it.

Speaker 2 (54:35):
It's a lot, and I think I'd love the title
of the book, capital offense, Why some benefit at your expense?
And if that is not the thing, Paul, that doesn't
make people have aha moment, like wait, someone's benefiting at
my expense? Absolutely, and it's probably been going on for
generations in your family. To be honest, if you're not
sitting in a family that's wealthy or let's say financially

(54:57):
doing well, there's a chance that's somebody has been benefitting
from your family for a long time and you just
no one realized it because they didn't understand money.

Speaker 3 (55:07):
That's capital.

Speaker 4 (55:08):
Absolutely, That's why I wrote the book.

Speaker 3 (55:11):
It's a good book.

Speaker 2 (55:11):
I definitely think everyone to check it out. I've been
like running right now. You'll see the ticker on the page.
It has the website you can go to, So for
everybody who wants to learn more about this, you can,
of course always go to the website, which is a ticker.
It's www dot Paddington Capital Management, which is MGMT of
course abbreviation dot com to learn more about Obviously, the

(55:33):
blog is there. It has the link to click to
get to the book. You know, Amazon and all those things,
so everything is right there in a landing spot. Of course,
I encourage people to get social with Paul as well, Facebook,
Instagram and x at Pennington Cap as well. People it's
time to like really get your financial knowledge up because
choosing to not be financial literate at this point it's

(55:56):
a detriment far beyond.

Speaker 3 (55:58):
What people realize.

Speaker 2 (56:00):
If they have the idea Paul, that they want to
be a homeowner and the thing is okay, I'm not
going to say maybe the ship has sailed for us
old folks that you know, I'm fifty three in us
up if we haven't figured it out by malsham on Us,
I'm not exactly sure our.

Speaker 3 (56:12):
Comeback is going to work at this point. But here's
what I look at.

Speaker 2 (56:16):
Grandchildren, younger generations, and if you're a young person beginning
to raise your family, then start with educating yourself and
then taking this to your children, because to me, the
knowledge piece is where people turn the corner. When you've
been working with people, would you say when they have
that aha moment, they can change their financial behaviors moving
forward when they really truly understand how things work.

Speaker 4 (56:39):
Yeah, yeah, Well, listen, the reason younger people are finding
life hard or can't afford a home is not their fault.
And to your point, like the financial literacy and then
being able to demand different behavior from our policymakers is crucial,

(57:01):
and our policymakers are good people. They will do it.
I truly believe that. But it all starts with us,
people who are not in the finance industry or economics
or what You don't have to be. You need a voice,
and this will be and if we don't change things,

(57:22):
this will be the first time in a modern era
that the next generation will be worse off than the
one preceded it.

Speaker 2 (57:30):
Could you say that one more time, because I don't
think that's sinking in for people.

Speaker 4 (57:34):
Yeah, so this will be the first time in modern
history unless we change things, that the next generation, younger people,
will be worse off than the generation that preceded it.
I e us and so we bear a big responsibility
to help the younger generation to affect change so that

(57:56):
will not be the case, so that they will be
better off than us, just like we were better off
than our parents, and our parents are better off than
our grandparents. That's the way it's supposed to work, and
it's a moral issue in my opinion, and so we
need to make change.

Speaker 2 (58:14):
Paul, thank you so much for checking into the show.
We could probably have hours of discussion on this, because
not just one hour can cover what people need to
learn financially to improve their overall just financial wealth, because
wealth is health and when people struggle financially, it affects
them emotionally and mentally. And this is why I bring
topics like this to the table because everything you do

(58:35):
in life generally has an emotional attachment, and money is
a big emotional experience for most people across the board.
Thank you for checking in and talking with my listeners.
I so appreciate that.

Speaker 4 (58:47):
Well, thank you, it's been great being here.

Speaker 2 (58:49):
Maya All right, everybody, that was Paul.

Speaker 3 (58:52):
There's an amazing guest.

Speaker 2 (58:53):
Everyone jump out there and definitely, without a doubt, grab
a copy of Paul's book, Capital Offense, Why Some Benefit.

Speaker 3 (59:01):
At Your Expense?

Speaker 2 (59:03):
Learn more about what Paul is doing with his financial
endeavors and his passions for creating financial awareness. Remember visit
www dot Paddington Capital MGMT abbreviation Formanagement dot com and
the links to get the book as well as his
ball his blog Policity Economy. It's right there, you can
get it, So make sure you definitely check those things out.

(59:25):
I encourage people to get social, which means, you know
something when he has a new blog being post or
things like that or giving tidbits you know what. This
is something I feel like when it comes to a
social media platform, this should be within your wheelhouse. So
you can find Paul on Facebook, Instagram as well as
on x at Paddington Cap as well. So make sure

(59:45):
everybody you go to the website. You know you share it.
You know, this is an episode that I believe that
everybody can legitimately get something from him. You know, I
seventy six episodes in the book is absolutely amazing. We
talked the wealth gap, and we didn't even jump too
deep into the wealth gap because we may not have
been able to climb out if we would have done
it with our veteran investment expert.

Speaker 3 (01:00:08):
Paul Music.

Speaker 2 (01:00:08):
It was absolutely amazing. I love when people create time.
This is what passion and purpose looks like. And this
is why I bring on individuals that have taken they
have found their passion and purpose and intersect it with
their ambition to be literally empathetic.

Speaker 3 (01:00:23):
Pick also to help others.

Speaker 2 (01:00:24):
This is the difference to have knowledge like Paul has,
but to not share it with others would be a waste.

Speaker 3 (01:00:30):
And he has a book that's amazing that one.

Speaker 2 (01:00:32):
If you are not financially literate, grab this book and
then share it with your grandkids, your kids, because how
you change generational wealth is through education, understanding, and building.
All right, everyone, thank you for tuning in. I always
appreciate the support. The whole purpose of this podcast is
to help you to identify your ambition, harness that motivation

(01:00:55):
to help you to acquire the success and satisfaction you
want in your every day, not just life. I want
you to present it's about every day, not just the future.
Remember you can always find every episode to Maya on
any podcast platform that's out there.

Speaker 3 (01:01:10):
I'm on Apple.

Speaker 2 (01:01:11):
Podcasts, iHeartRadio, Amazon, Audible, Spotify platforms. Just search Maya, my ambition,
your ambition. Of course, you can always as well listen
to episodes of the show on my website www dot
Maya dassspeaks dot com.

Speaker 3 (01:01:27):
You can grab it there.

Speaker 2 (01:01:28):
Make it easy on yourself, though, Just subscribe and share
my YouTube channel at Maya Speaks to You and you'll
never miss an episode. But that's also how you get
social with me. You can find me at Maya speaks
to You via Facebook, ig and X. I try to
post everything there, but again there's so many ways you connect.
The website is usually a good spot. Make sure when

(01:01:50):
you're on the website, though, you do check out the
blogs I have there. There is the inspirational blog that
I have that's just something for you to think about
for the week, not daily, because I want you to
deeply process things. And of course everyone knows that I
do have my knee on Pause blog that I'm super
super passionate about all right, everyone, So I always end
the show with something that means a lot to me.

(01:02:13):
Until next time. Remember, your present becomes your past and
your future is no more. So make the most of
every day. By the way, those are not my words.
I cannot take credit forward. That is Pearl Jam. I
gotta give my group credit for it. But think about that.
People always want to live in the future, but what

(01:02:34):
they don't realize is the future is tomorrow. So if
you're not cultivating your today, what is your future actually
going to look like? Chew on that until next time.
We are not here next week I'll be off, but
I'll be back the following week and it just gets
better with the next upcoming guest.

Speaker 3 (01:02:49):
Everyone, thank you for tuning in.

Speaker 1 (01:03:00):
You're on whether you're on the go or listening on
your cell phone, tablet, or laptop. You can find the
show in the iTunes, Google and iHeartRadio platforms.

Speaker 4 (01:03:10):
The respect. I believe this is going to be our
finest hour.

Speaker 1 (01:03:13):
Just search my ambition, your ambition, and get ready to
be inspired and motivated to harness your ambition.

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