Episode 91

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Published on:

22nd Nov 2022

Charlie Munger Pops Off, Layoffs in Tech and Let's Not Celebrate Yet

“This is a very, very bad thing. The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.” So says Charlie Munger, Berkshire Hathaway Vice Chairman and a longtime cryptocurrency skeptic. He went on to declare that the space is rife with fraud and delusion, and regulators have dropped the ball by not outlawing bitcoin and other digital assets.

In today's episode of The Higher Standard, Chris and Saied take a look at Munger's vehement criticisms and try to determine if his thoughts are valid, and whether or not regulators have indeed failed to provide proper oversight.


They discuss the Federal Reserve's meeting in February and offer some thoughts on whether or not there will be another rate increase at that time.


Chris and Saied examine why government spending has a tremendous impact on GDP, but surprisingly on core inflation numbers.


They also discuss a recent article in which Amazon founder Jeff Bezos advises consumers and businesses to delay purchases and stockpile cash to prepare for a devastating downturn.


Join Chris and Saied for this fascinating conversation.


Enjoy!



What You’ll Learn in this Show:

  • Why Charlie Munger's longtime criticism of cryptocurrency has reached new levels of virulence in light of the recent implosion of FTX.
  • The incredible wave of layoffs rolling across the country, particularly in the tech industry.
  • Why the US has just 25 days of diesel supply remaining — the lowest level since 2008.
  • Why Federal Reserve Governor Christopher Waller believes that financial markets have overreacted to the softer-than-expected October consumer price inflation data released last week.
  • And so much more...


Resources:

"Charlie Munger, Warren Buffet’s right-hand man, rips into cryptocurrency after FTX collapse, saying it’s good for ‘kidnappers’" (article from Fortune)

"A Six-Figure Income Is Needed Just to Afford the Typical US Home" (article from Bloomberg)

"Mortgage Lenders Vie to Be ‘Last Man Standing’ as Rates Soar" (article from Bloomberg)

"Amazon founder Jeff Bezos warns a recession is looming - and Americans should 'prepare for the worst'" (article from Markets Insider)

"Congress seeks to arm Taiwan quickly as China threat grows" (article from the Washington Post)

"United States Government Spending To GDP" (chart from Trading Economics)

"Fed’s Waller says market has overreacted to consumer inflation data: ‘We’ve got a long, long way to go’" (article from Yahoo! Finance)

"Musk Says Everyone Thought FTX's Bankman-Fried Was 'Walking on Water'" (article from The Street)

"Inflation Isn’t Going Anywhere. History Says It Could Take a Decade to Get Back to Normal" (article from Barron's)

"Amazon reportedly plans to lay off about 10,000 employees starting this week" (article from CNBC)

"The US has just 25 days of diesel supply — the lowest since 2008. Here's why that's more alarming than a dwindling 'oil piggy bank'" (article from Yahoo! Finance)

"System Open Market Account Holdings of Domestic Securities" (information via The Federal Reserve Bank of New York)

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About the Podcast

The Higher Standard
This isn’t a different standard, it’s the higher standard.
Welcome to the Higher Standard Podcast, where we give you ultra-premium, unfiltered truth when it comes to building your wealth and curating the lifestyle of your dreams. Your hosts; Chris Naghibi and Saied Omar here to help you distill the immense amount of information and disinformation out there on the interwebs and give you the opportunity to choose a higher standard for yourself. Sit back, relax your mind and get ready for a different kind of podcast where we elevate your baseline with crispy high-resolution audio. This isn't a different standard. It's the higher standard.

About your host

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Christopher Naghibi

Christopher M. Naghibi is the host and founder of The Higher Standard podcast — a rapidly growing media platform delivering unfiltered financial literacy, real-world entrepreneurship lessons and economic commentary for the modern era.

After nearly two decades in banking, including his most recent role as Executive Vice President and Chief Operating Officer of First Foundation Bank (NYSE: FFWM), Christopher stepped away from corporate life to build a brand rooted in truth, transparency, and modern money insights. While at First Foundation, he had executive oversight of credit, product development, depository services, retail banking, loan servicing, and commercial operations. His leadership helped scale the bank’s presence in multiple national markets from $0 to over $13 billion.

Christopher is a licensed attorney, real estate broker, and general building contractor (Class B), and he brings a rare blend of legal, operational and real estate expertise to everything he does. His early career spanned diverse lending platforms, including multifamily, commercial, private banking, and middle market lending — holding key roles at Impac Commercial Capital Corporation, U.S. Financial Services & Residential Realty, and First Fidelity Funding.

In addition to his media work, Christopher is the CEO of Black Crown Inc. and Black Crown Law APC, which oversee his private holdings and legal affairs.

He holds a Juris Doctorate from Trinity Law School, an MBA from American Heritage University, and two bachelor degrees. He is also a graduate of the Yale School of Management’s Global Executive Leadership Program.

A published author and sought-after speaker (unless it’s his son’s birthday), Christopher continues to advocate for financial empowerment. He’s worked pro bono with families in need, helped craft affordable housing programs through Habitat for Humanity, and was a founding board member of She Built This City — helping spark interest in construction and trades for women of all ages.