Episode #0008 – What the Fiat is Money?! Plus: China, Bitcoin and the USD

Show Notes

Intro & Drinks:

Kick Ass Crew [1:03]
Brian Delaney is back [2:15]
Brian and Michael talk about the growth of the podcast [3:24]
Michael asks you to take the time to listen and share The Contract CFO Show [4:35]
Infomercials don’t sell [5:36]
We want to invite you into something real, a real conversation about life [6:20]
Cheers to you [7:39]
Michael is drinking Casa Noble [8:11]
If you enjoy tequila listen to The Agave Social Club Podcast [8:37]
Brian is drinking whiskey Ocean’s Journey in his coffee [9:23]
Ocean’s Journey Whiskey [9:30]
Michael talks about spiced cider [9:55]
Michael wants to celebrate with you – submit your wins at MichaelAnthonyTV.com [10:15]
To get a big win, you need to celebrate little wins [11:00]
Small wins matter, small wins win the game – MA [11:30]
Cheers and salute to the 1-2 likes a day on our new Facebook page – MA [12:25]
Brian dedicates his cheers to everyone who pushed through their feelings and did what they needed to do [13:22]
We cannot make decisions on how we feel -BD [13:39]
[14:24]
I’d rather count a cost that I know, then risk paying a price that’s unknown – BD  [14:51]
Register to win a spot on The Kick Ass Crew [15:28]

Ask Michael Anthony:
Go to MichaelAnothonyTV.com and submit a question [16:41]
Michael talks about Profit First approach to finances [17:49]
From day one, make sure we take a profit – MA [18:18]
Anything done to an extreme can be dangerous, and anything done in balance has some benefit – MA  [18:41]
Michael talks about micro-dosing LSD [19:04]
Michael doesn’t want our focus to be on profits [20:00]
Ask yourself ‘Who are you as an entrepreneur?’ And ‘What stage of success are you in?’ [20:28]
Grow yourself and your business until it become self sustaining  [20:58]
Your business is a living organization, and it needs fuel to operate – MA  [21:39]
Understanding the right amount needed to reinvest into your business – MA [21:55]
Freedom, not necessarily profit, is my number one focus in business – MA [22:30]
If you feed your business too much money, and don’t use a budget, you will find it will grow in places you don’t want it to – BD [23:29]
If you don’t ASK you don’t get GET – BD [23:47]
Every business book is a piece of how to run a successful business [24:11]
Understand your sales cycle  [24:28]
Brian talks about the importance of sales cycles and lead generation [24:57]
Distinguishing between what season you’re in, is essential to your success  [25:43]
Michael talks about being a business bootstrapper [26:17]
Embrace the struggle – MA [26:56]
It takes concerted effort and focus to build momentum – BD  [27:24]
Stepping out of comfort zones, I love it and I hate it – MA [28:30]
Do not try to cut corners [28:36]
Business will expose you – BD [30:06]
Does the work mean something to you? – BD [30:26]
When you have more excuses than reasons, you’ll have more excuses than results – BD [30:33]
Michael’s ears get hot when he gets excited [32:21]
Amanda is getting all her questions answered [32:34]
What should be the first thing a new business owner should invest in?  [33:17]
Michael says the first thing to invest in is you [33:59]
So many people fail at business because they have a million dollar idea and a $20 self – MA [34:10]
Cultivate and grow yourself until you are capable of handling that million dollar dream – MA [34:23]
To what level are you desiring to go? Maximize your revenue by maximizing your learning potential [35:39]
Put yourself in a position to learn even if it doesn’t pay out in cash initially – MA  [36:11]
You are the common denominator to every business you will have so make sure you’ve developed yourself [36:32]
Good business takes time [36:57]
Find yourself a good CPA [37:14]
Michael and Brian talk about Business Coaches [42:17]
A business coach is for when you hit ceilings, a therapist is for when you can’t get rid of baggage [38:02]
Brian talks about Cognitive-Behavioral Therapy  [38:41]
Shame will hold your business back as much as not having the right business plan  [39:11]
Your business is a pure expression of who created it – MA [39:29]
Go do your inner work, or it will show up in your business [39:51]
Do you need a therapist or do you need a business coach? [40:09]
Michael talks about his self development journey [40:52]
Michael talks about NLP and EMDR [41:37]
Open yourself up to things that seem against the grain in order to grow – MA [41:54]
Everything you want is on the other side of the thing you don’t believe you’re capable of doing [42:53]
Brian talks about overcoming the fear of not being able to sustain productivity [43:42]
Hire people that will execute when you can’t [44:10]
Brian talks about the difference between being a freelancer and building a business [44:48]
Amanda’s third question – how to scale a service based business [45:12]
To scale you need to grow yourself to a place where you can trust others and delegate [45:26]
Grow yourself to a level where you can manage and lead your emotions and your employees emotions [46:20]
Cash Flow Quadrants by Robert T. Kiyosaki [47:35]
Rich Dad Poor Dad by Robert T. Kiyosaki [47:45]
Freelancers get money while they work, business owners get money while they sleep, and investors get money while other people sleep. [48:00]
As a business owner you’re signing up for the responsibility on every level and not necessarily the reward – BD [48:43]
If your dream is to count money, become a banker – BD [50:03]
The E Myth by Michael E. Gerber  50:45
Be careful of chasing paper dreams [50:53]
Multipliers by Liz Wiseman [51:10]
Don’t delegate the work before you understand it – MA [51:10]
Effort adds to business, sacrifice multiples it – MA [51:56]
Worry about fit over competency [52:15]
Slow growth is ok this builds a solid foundation [52:35]
Wolf on Wall Street [52:20]
“There’s only one way to get rich, and that’s quick. You have to get rich quick. But that’s not through a get-rich-quick scheme. There’s a lot of work that has to happen before you get yourself in a position to get rich. You have to get all the pieces of the puzzle in place. But when you’ve got ’em – bam! You get rich quick.” – Jordan Belfort [53:38]
Don’t give up, don’t get frustrated, keep laying the foundation for your business [54:58]
Michael ordered a Tesla [55:35]
Michael talks about the shame and pain of the struggles he went through to get to where he is now [58:40]
Pain helps mold us into who we are -MA [59:30]
If you don’t quit, you win [1:00:17]
Bring your question to The Contract CFO Show [1:00:46]
Pick up Michael’s free ebook: Stop Thinking Like An Employee: 3 Keys to Take Control of Your Money! [1:01:03]
Rich Dad’s Conspiracy of the Rich: The 8 New Rules of Money by  Robert T. Kiyosaki [1:01:27]
I love being a lifelong learner – MA [1:02:37]

Main Topic:
Brian and Michael talk about what money is [1:02:57]
Michael talks about the 2009 financial crisis [1:03:41]
How is money created? [1:05:23]
Michael talks about Fiat [1:06:52]
Fiat is paper money based on trust and/or fear [1:07:39]
The Federal Reserve creates and prints money [1:08:24]
How’s money made? [1:10:26]
The federal reserve is not part of American government [1:11:33]
The federal reserve was created in 1913 [1:12:24]
If the federal reserve is the dog, the US government is the tail [1:13:13]
To create stability in inner state trade, they created the Federal Reserve [1:14:21]
Dwight Schrute the beet farmer [1:14:38]
Michael talks about two different types of American dollars [1:15:39]
The US dollar is our country’s currency. The other US dollar is the Global Reserve currency [1:16:05]
Did you know oil is traded in the US dollar? [1:16:32]
Siri asks Michael for more clarity [1:17:07]
Michael talks about China making moves to replace the US dollar [1:18:03]
Guns, Germs, and Steel [1:18:32]
All money is, is an IOU from the government [1:20:23]
3% of the US dollars actually exist [1:21:23]
Why banks only need 10% of the money to loan to you [1:22:32]
How banks make money off your money [1:23:03]
What happens when you separate money and value? [1:24:18]
Chase value not money [1:25:46]
Economic Contraction [1:26:40]
The one thing the government cannot mess up is your ability to deliver value relevant to your marketplace [1:27:00]
Learn how to make money with people instead of from people [1:28:20]
“You can have everything in life you want, if you will just help other people get what they want.” Zig Ziglar [1:28:34]
Unshakeable by Tony Robbins [1:28:50]
Don’t try to make money without value [1:29:00]
Michael talks about the profits banks make off of overdraft fees [1:30:10]
In this country it is possible to be too poor to be broke [1:30:33]
Michael lays the foundation for the next episode [1:31:00]
Become aware of the system so you can make informed decisions – MA [1:31:46]
Michael talks about the great depression [1:33:28]
Learn your past to know your present and future [1:33:40]
The decision by the UN to make the US dollar the global currency [1:34:32]
Where the Gold Standard came from [1:35:36]
What happened when we got rid of the gold standard [1:37:16]
In Sep 2020 The US government printed more money in one month than the entire existence prior to [1:38:36]
What the F*ck is inflation [1:39:30]
What happened to $1.00 in 2015 [1:41:34]
Get out of your consumer mindset [1:42:33]
The one thing the American government has proven is they are inept and unable to handle money well [1:43:26]
Michael talks about depreciation of the dollar [1:45:21]
Atomic habits [1:45:11]
Sometimes being successful in business is more about what you say ‘no’ to than what you say ‘yes’ to – MA [1:46:11]
Invest in yourself so that you can invest in and take care of others – BD [1:47:47]
Few will always lead the most [1:49:18]
Start paying attention to inflation [1:50:26]
Has the US currency run its course? [1:50:56]
Study bitcoin but don’t do shit you don’t understand [1:51:10]
There is another Bitcoin bump coming [1:51:33]
Think for yourself and challenge the status quo [1:51:50]
Believe in yourself, Invest in yourself [1:52:53]

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