every year, almost the sixteens, hundreds of people gather in the center of gregor to commemorate the lamp. ian's fault with nazi germany in beth and essence detachments during world war 2. this day is known as region in a day. the 10th of minute from one below. good day at the munich, among the incentives of i'd have to ss of sammy philosophy stuff started with advocates. if the veterans claim the lengthy and soldiers had nothing to do with the trustees committed against jews. despite historical evidence that proves that contrary with for you, of course you, thanks to russia. what are those cookies were folded some of my consistency, russia collusion with ah, everybody, i'm rick sanchez. you know,

i've been doing news for some 30 years in 2 different languages. all over the world and obviously here in the united states and i've interviewed for us president mikhail gorbachev and fidel castro and started afford $1000000000.00 business. so i have learned from all of those experience that if nothing else, we need to be honest, news should be audit. it should be direct, it should be impactful. this show we do it and it's called direct impact. ah, i want to start with this. there's something that to few people are talking about in the establishment elite. in fact, what they are talking about is the complete opposite of what they should be talking about. yeah, i'm talking crypto because it seems the whole world continues to talk crypto. so what they, hey, is that the cell a sam bank mon fried,

is an example of something that was caused by the crypto currency revolution. right? they say the whole block chain, crypto movement now has to be changed. it has to be regulated has to be controlled they c, crypto needs to operate more in line with how, for example, banks operate and other equity in financial institutions operate. and by the way, to all 3 of those assertions, most if not many or many, if not most in the non establishment community would say no, no, and held though. are they right? are they right? let's look at this. by examining sam bank men freed himself for as his buddies in the media establishment and in politics. mostly democrats, by the way, call him s b f. s b a. for the record. i'm going to share something with you personal here. now, when,

when someone has been found to have committed despicable acts, my rule is simple. you don't call that guy by his initials, you know, just like i would never call james or a rental james simpson. oh jay, i don't think it's a good idea to call this guy sam, bank and fried as p f. seems almost unbecoming like were pals or something, right? which by the way, to a certain extent, there is some truth to that. it was a policy while you go on a situation going on between s b, f, the media, certain pull, politicians. what, what i will call him, by the way, is someone who appears to have stolen the life savings of his depositors by investing it without their permission. right? not, not. hello. you've got to tell them if you're going to do this, he didn't mean, why was he depositing it in the 1st place? asked a great question that we're going to try and figure out as we talked to people who,

who say they were actually swindled by him. by now you probably have already heard of vent been freed, but in case you don't know his story, let me just give you a little bit of a primer. ok, will try and now put some pictures up so you can see what we're talking about, which are in and of themselves. somewhat ot beckman fried is a 30 year old founder of f t x, as well as the crypto trading firm, alameda research. that's important. f t x collapses, and then it's revealed that its value was all but gone. and much of it had been pumped into alameda research. even though the clients who bought f t x had no idea that alameda was even in play in this case. so what they believe in f t x. well, that's interesting too. famous celebrities vouch for it. i mean, they went on television, they did television, commercial sports teams, used f t x on their stadiums. the arena's like the one that the miami he was

playing and the company has now filed for bankruptcy, has f t x. but in the process of building the company that most call a scam bank mon fried, made 26. some argue as much as $36000000000.00 that a report seemed to indicate that bagman freed has no. busy material, but before his wealth disappeared, banquet fried was a major donor to us politicians with a special emphasis by the way on president button and the democratic party for what it's worth. fact, he was the 2nd largest individual donor to president biden's campaign itself, personally donating $5200000.00 on top of the other $40000000.00 he donated to other democratic candidates during the midterms. free who is now under serious legal hot water, has been doing a series of interviews without even his attorney present. interesting it,

interestingly enough and looking much like he did in the past. what were the shult? a lot of people look at you and see for he made off. yeah, i mean, i don't think that's who i am. i know at all, but i understand why they're saying that people lost money and people lost a lot of money. and i mean, at the end of the day, well, there's a question of what happened and why, and who did what? on what caused the meltdown. and i think that is reads very differently, right? when you, when you looked the classic bernie made off story, there was no real business there. the whole thing i, as i understand it, i think was, was just 11 big ponzi scheme rate f t x. that was a real business. joining us now to talk about us is our president and co founder of our approaching capital. aah!

david. tell. thanks david, for, for joining us. man, there's so much to talk about. first of all what, what, what do you make of the sky? oh, sam beckman, for you or as his buddies in the media call him, us be us. ah, it's. there was a hearing i'll start with this. there was a hearing the other day in front of the house financial services committee by the chief restructuring officer for f t. x. was the witness at that hearing. and he just said it was plain old embezzlement. good old fashion, embezzlement. and that's really what it was. you know, the, the structure is, i think, not so important. what is important is the fact that the entity within which depositors customers investors were putting their money was entirely opaque. there was no production of documentation. there was no updated financial statement

sent out there was no audit and so therefore there was nothing that the customers or. ready investors or the depositors could go on except for the word of san banks and free. and so, you know, like a snowball. there were a lot of prominent folks and institutions that back this. and so therefore, on the basis of the prominence of those entities and institutions, lots of other folks followed in i hear what you're saying. here's, here's what i think happens in cases like this with, with, with bank been freed. it seems to me and, and most of the people who are much more into crypto than i will tell me what fascinates them about crypto. the, the reason for being in crypto is because they want to separate themselves from lending institutions, banking institutions, hell establishment institutions in general. and they also don't want to feel like they're tied to the government who can at any time know exactly what they're doing

and know how much money they have and what they're doing. and, you know, let's face it, some people are doing this because, you know, they, they'd like to pay fewer taxes, and that's a part of the game as well. so essentially, what bagman frayne was doing was the opposite of that. i mean, he had an exchange, right, an exchange that in essence was acting like a bank and he took people's money deposits and then spent it without them knowing that he was doing so. in fact, what he did was worse than what a bank does. ok, so let's, let's back up a little bit and unpack it a little bit further. ok, so the exchange was actually a place where investors could go ahead and invest in futures contracts ok on the basis of crypto currencies. so f d x was for facilitating investments on both sides of trades for

future's values in crypto currency, various group, the currencies for bitcoin, all the way to the more dodgy one dodge point. okay. and so in order to go ahead and back those futures investments, you would have to go ahead and put up collateral ok, you'd have to put up either cash or you'd have to put up the actual crypto currencies. and so that's what people would go ahead and do so. so let's pause and say that f p x was not just a custodian. it wasn't a place where you parked your quick though, although you did that as a function of the best thing. but the primary reason you would go ahead and. ready be involved with f t x is because you want to use f t x services. it's according that represents access to the f t x platform. and so therefore, the more fcc core you own, the cheaper the services that you are going to pay for. or i'm sorry,

the cheaper price you're going to pay for the services on the f. ready x platform in order to go ahead and tree. now, here's where it gets back. what happened was alameda, which is also owned by sand bank and fried, which is a hedge fund or an investor on the s t x platform. had no constraints around what it could do, and frankly, what type of collateral role or posting requirements it had with respect to which investment. so if you are, i were trading on f t x and we added a trade that was particularly bad. the exchange would immediately liquidate whatever it is that we had on the exchange in order to satisfy k. so would have put f t x in jeopardy. however, alameda, which was the largest counter party to f,

t x, had no such constraints. alameda put on a lot of bad trades, lost a lot of money, and in turn caused f p x to lose a lot of money. and that's where everything broke down. now also you had mentioned this, but let me highlight it. alamita took alameda actually took money out of or value directly out of f t x and put it into its own fund. right? that's straight upset, right? you put it here. you put my bank, i'll take it home and you know, buy, buy a car with it. that you can to do, here's the thing that concerns me and i don't know how you feel about this, but it would seem to me that what he has done is almost opened a path for all those people who've been and the crypto empty block chain forever. to now come in and say, how see, because of what that guy did. now we're going to go in and we're going to control

these things and we're going to overregulated, etc. is that a concern? do you have that concern? oh, sure. i mean, a blow up like this goes ahead and emboldened the naysayers. you know, that were hanging around and, you know, when the coil was at 60000, you didn't hear those voices so loudly. but now, you know, after all this, and it is now 16000, you know, certainly that chorus, you know, is quite loud. but you know, there is a much more, you know, philosophical and existential conversations have year. which is crypto currency is really supposed to be a decentralizing function. it's supposed to take things out of the hands of humans and put it into the hands of immutable ledgers that are total transparency, you know, and every, nobody can go ahead and crack. and by the way, go codes and no block change have been cracked through all this. this is all been,

you know, the undoing of the unit. thanks so much david. stay right there though, cuz i want to come back to you. i want to continue this conversation by the way, i have a podcast to share with you where i as a journalist, as a latino and as a co founder of this company that i've told you about, share a lot of the things that i've learned mostly from all my screw ups and some of my successes that's about growth. it's called the rick sanchez podcast. i about you to check it out and i'll see you there when we come back. let's stay with free. let's talk about the fan bagman fried the best thing. is he the best thing that's ever happened to the enemies of ah ah!

with the discovery of the new world at the end of the 15th century, there appeared atlantic slave trade. the slave traders from european countries started building forts on the western coast of the african continent to transport the african inhabitants to america, to be forced into hard labor. until the middle of the 17th century. portugal had played the main role in this atrocious business. then great britain, france and the netherlands took the leadership for the span of 400 years of legal and illegal slave trade. about 17000000 people were forcefully shipped across the atlantic. not including those who died on the way due to unbearable living conditions. modern historians estimate that for each slave ship to america, there were 5 who died while captured during transportation and cruel obliteration

of rebellion. this ruth is legal trade practiced by the leading european countries, took away tens of millions of african lives. the organisation of united nations classifies that trans atlantic, the late trade as one of the gravest human rights abuses in that history of humanity. this is the biggest act of deportation of people ever seen by mankind. at this hour, american and coalition forces are in the early stages of military operations to disarm iraq, to free its people. and to defend the world from gray with

we will bring to the iraqi people, food and sleep with with a bunch of she took the bomb with mr. chisel on the, on the wall. no. g, sequential flow. lindsay, for you to,

he assume was from the william, which i could ask a capacity of ownership yet. i was are you also santovic's decision? ah, if your promotional session is a, which is a suffix to deal with this? is selena to play yours show for sure. mm on a sketch of so so, but literally is it a song his english barrel shock to move that to bear with me? ah, pay water back. i'm rick sanchez. so here's the thing. he for what he apparently did. remember crypto supposed to be a movement away from government and big, big bank control. as we mentioned, the essence of crypto is to create

a system where people can move trade and even use their currency without the government being able to keep tabs on taxing it unnecessarily. or telling you what you can do or what you can't do with your own assets. but if you take even a casual look at what say embankment fried was doing, you'll see that it was not in line with any of that. in fact, he was in fact, acting as, as a bank, right? except is, was worse because he was in essence exploiting the deposits of his clients. it now seems plain there's something else about crypto courtesy in its raw form, that we all need to recognize, especially as americans. it is probably not good for the u. s. dollar. our banks and our governments want nothing more than for all countries in financial institutions. wouldn't you write to use the dollar exclusively as they so long have

with the crypto movement and more to the point, the block chain movement somehow change that order. so you know what, it makes me wonder and let me bring you back into this. if i can, david, it makes me want her. pardon me for being conspiratorial weather may be. well, let me 1st put it this way. do you believe that sand bank men fraid will be or what he did will be the best thing that could have happened to all of these people who want to do away when it comes to exchanges going forward. i think we're out of where the hardware needs to catch up with the software. what i mean by that is, people don't like this idea of i have to remember, you know, a crazy set of words. you know, or keep my big coin or crypto safe on a thumb drive. and if i lose it, i lose all my money forever. they don't like that concept and they want to give it

over to somebody else that they think is more trustworthy. that the hardware community is now going to come up with hardware solutions, which are going to allow you with comfort to keep your assets. so you don't have to hand it over to an exchange to hold. and there will be ways where whether it be retina scans or thumbprints or i don't know what that are going to go ahead and make sure that you can keep your valuable crypto to yourself. without entrusting it to another human and allow for this crypto currency revolution to move forward. now let me ask you the next one, and here's where i'm going to get a little conspiratorial. given that he was so tied to the media and we know that the media has interlocking connections with lot of big financial institutions. given that he was associated with a lot of politicians, in this case a democratic party. do you think it's beyond the realm of possibilities that

somehow there was some kind of collusion here that may be someone's. busy somewhere thought of this plan. i know we'll get this guy to go in there and screw with a lot of people's funds and assets and out crypto exchange. in that way, forever more people will be afraid of crypto exchanges and therefore out with the crypto exchange back to the dollar. what do you think? when someone's giving you money, you don't usually last too many questions. but the other thing is it adds with all schemes like this, you know, as the money is coming in, you can easily go ahead and. ready a lot of things on the road, right? you can kind of, you know, kind of plaster over a bunch of holes that exist in the system. and, and let me make a very important point, which is there is clearly

a failure here in terms of the gallery and regulation. ok, i don't care who individually gets pointed a finger at but collectively our lawmakers and congress, our regulators throughout the various regulatory agencies such as the fcc, the c, f, d, c, the department of treasury and so forth. those folks collectively need to go ahead and take responsibility for some of this because 1st of all, we know, by the way, i mean, it's been reported that the bank free was a big donator to a lot of politicians. right. who were helping him and his crusade to go ahead and enshrine f t x as the greatest or the most important and largest exchange and blessed by the us government. and so a, they took money from in but be they did nothing, nothing, not the law makers, not the regulators to make sure that there needed to be transparency and then use

the proper notice and updating to investors to deposit or the customers. and unfortunately this would have been undone a lot. ready earlier on in the process, if they had to do those things and they did it. that's great stuff, david, thank you so much, president and co founder of pro chain capital david pal, thanks so much for being with us with us, david. so i want to share with you what we try and do here our mission. our goal is to try and de silo the world because troops don't live in little me boxes everywhere. i'm or sanchez, so i'll be looking for you again right here. i hope to provide you with ah, ah,

ah ah, march the 112011. the largest earthquake ever recorded in japan is registered. a 14 meter tsunami devastates the focus shima each and nuclear power plant. a back up with the nuclear orient as a flooded, sparking and horrific disaster

with the of an italian journalist living in japan decided to go to the area of the nuclear meltdown from fukushima immediately. but at about a job, i probably, so i'd like to talk to somebody about the with the 4 year investigation starts to watch on our t o . r. so them, you know, i mean there are things that black and white in nature, but the western approach to anything, the internal personal, interpersonal,

or interstate relationship is one. the black and white realities are many, many shades of both different colors, different states, and other chinese philosophy. approach to the issue is you know, if we are different we can work together. ah no, i just a young person a. yeah. put it. i mean, i think mike, if i mean should but so last week, why did it say you did? 30. yeah. yeah. i don't know a because you guys are more i'm giving it away. yeah. for sure. i did the

nice or yeah, it was a shed so you could please give me a call coach in a word some children i put in your to the i told the with the don't for them or what a 0. what is, what are you on the when come up to show that it wasn't, it was, was the what was it. so please let me have you been here for he's not a person was just fish review and each of which a lot, but i should not the post office, but he he has all the way to to see make sure we're just us with

ah ah, the largest us bank to collab since the 2008 financial crisis leave scores of companies that individuals holding the bag with calls for in government intervention. also ahead of the shell went right through the car right here. and right through this seat, as you can see, the blood is still there. a father and son are killed in don, yet that civilian infrastructure again comes under ukrainian. shelling anger boiled

in the u. k. as a b b. c. hostess suspended from work over a criticism of the government's new bill on illegal immigration with its war.