But where do you find the difference between AI adding genuine insight and AI just amplifying the herd just to agree, well, everyone else says this, so it's probably right, because it tends to basically agree with that of the majority thinks, which is not always the

best thing.

So actually, let's take that in two parts.

And the second part, just in case I forget, as we're giving the answer, is that AI following the herd, it thinks what everybody else thinks.

But I want to address something you said at the beginning of your answer, because I think it's not only very insightful, it matches my experience.

One of the reasons I just canceled my premium subscription to ChatGPT is it refused to follow instructions.

I would tell it, I want this kind of answer.

So where's the opportunity for people that are able to be objective or analytical in a time of this emotion about AI?

do you think rates play into this obviously that's another point of focus for market participants right now is looking at kevin warsh and the fed looking at the the treasury yields 10-year popped above five still hovering around there i'm not sure where it is today obviously you have this debt situation continuing to to balloon here in the united states and obviously you have japan struggling uh to or not even struggling i think they've determined that they're not even going to try to maintain uh yield curve control as well and you just have yields blowing out all all over the world

you know marty one of the things that surprised me is that people still believe that the federal reserve has control over the situation And they don't.

And so you see this thing where people are saying, you know, inflation has made life unaffordable.

We want the Fed to fix that.

And, you know, the Fed raises and they say, oh, no, we're not going to be able to afford mortgages.

OK, well, one, which do you want? But two, why do you think the Fed has any say over this? And like I heard people this morning talking about how, you know, the Fed will do this and that and it'll affect borrowing rates and, you know, it'll make life unaffordable for people.

I don't know why they think that the Fed has zero control.

it does and i think this is a good a good um segue to tie it back to your el salvador trip bitcoin but how do you think bitcoin is faring throughout all this i think this year has played out and looking forward and then tying it to your trip to el salvador because i think um we both believe that uh again the the inflationary pressures are are monetary in nature one of the ways to protect yourself and to if you want to fix things more broadly is get back toward a sound money policy which bitcoin enables you to do without the government having to do anything um what what's the setup for bitcoin looking like in your mind

So can you help us just to – maybe the first part of the question is help us to understand why now, why were yields, long-term yields of the U.S. Treasury, why were they going up this year to levels not seen in quite some time? And then – The second part of the question is, well, what does the 25 basis point hike actually mean? Does it address any of the concerns that the bond market has?

Yeah, the answer to the last question is absolutely nothing, but we'll get there, right? So let's just start with the basics on this.

And one of the things that I think is really important for people to understand, there is a misperception that the Fed controls interest rates, right? And so people have this idea that, hey, I want to start a business, but it's expensive.

I want the Fed to lower interest rates so that I can get a loan for my business.

The one that people really care about is mortgage rates.

They want the Fed to lower interest rates.

So I want a cheaper mortgage.

yeah.