WEBVTT - Here Comes The Battle Over CBDCs and The FED | Vivek Ramaswamy 0:00:00.120 --> 0:00:03.880 Here comes the battle over CBDCs and the Federal Reserve. 0:00:04.280 --> 0:00:08.200 Now today you're hearing about central bank digital currencies everywhere. 0:00:08.200 --> 0:00:10.239 It's all over the New cycle, and of course news 0:00:10.280 --> 0:00:12.600 that the Federal Reserve wants to roll out their own 0:00:12.640 --> 0:00:16.000 central bank digital currency. It's such a hot topic that 0:00:16.120 --> 0:00:18.000 it seems like it might be one of the main 0:00:18.160 --> 0:00:22.079 talking points between presidential candidates in the next election. We 0:00:22.160 --> 0:00:25.920 see lawmakers passing bills to prevent central big digital currencies 0:00:25.920 --> 0:00:26.520 from happening. 0:00:27.040 --> 0:00:29.840 But do they really have the power to do that? 0:00:29.880 --> 0:00:32.240 And that is the topic of this conversation I'm having 0:00:32.560 --> 0:00:35.440 with presidential candidate Vivic Ramaswami. 0:00:35.720 --> 0:00:37.280 We're going to dig into. 0:00:37.200 --> 0:00:42.040 The censorship industrial complex and if he could be elected president, 0:00:42.120 --> 0:00:45.240 what would he do about this. Now, Vivic is a 0:00:45.280 --> 0:00:49.199 young candidate, but I'm hopeful that he might have a chance. 0:00:48.960 --> 0:00:49.519 At doing this. 0:00:49.720 --> 0:00:53.320 He's bringing a new sense of urgency. He is crazy smart, 0:00:53.560 --> 0:00:56.560 and once you listen to this conversation you might agree. 0:00:56.560 --> 0:00:58.120 But I'd like to hear We're going to talk about 0:00:58.120 --> 0:01:02.040 the censorship industrial complex, talk about the censorship of not 0:01:02.240 --> 0:01:05.560 just speech but also money through central bank digital currencies. 0:01:05.800 --> 0:01:08.720 How he thinks the power of the president could control, 0:01:09.000 --> 0:01:12.520 potentially stop central bank digital currencies, how the power of 0:01:12.520 --> 0:01:15.600 the president could stop and limit the surveillance of the state, 0:01:15.840 --> 0:01:19.280 what he would do to overhaul social media. We're going 0:01:19.319 --> 0:01:22.080 to talk about FED policy, what he could do to 0:01:22.400 --> 0:01:26.840 manage inflation, the debt ceiling, his plan to bring economic 0:01:26.880 --> 0:01:29.480 prosperity back to the United States. We're going to find 0:01:29.520 --> 0:01:33.000 out what his viewpoint is on bitcoin and cryptocurrencies, and 0:01:33.280 --> 0:01:36.200 so much more. It's an amazing interview, a very short one, 0:01:36.240 --> 0:01:38.880 a fast one, because he is crazy smart and articulate. 0:01:38.959 --> 0:01:40.760 So let's go ahead and just jump right in with Vivic. 0:01:41.600 --> 0:01:44.520 All right, Vivic, thanks thanks for taking the time from 0:01:44.560 --> 0:01:46.800 your campaign trail to come talk to me. I know 0:01:46.840 --> 0:01:50.120 you've been super busy. I see you everywhere. You're definitely 0:01:50.120 --> 0:01:51.920 getting the reps in and I love what you're saying. 0:01:51.960 --> 0:01:54.040 You're hitting a bunch of data points. So let's just 0:01:54.080 --> 0:01:55.520 go ahead and just jump right into some of the 0:01:55.640 --> 0:01:57.280 questions that I kind of have and some of the 0:01:57.280 --> 0:01:59.200 things that I think I'm kind of concerned with and 0:01:59.280 --> 0:02:02.800 my audience concerned with, and so the big topic that 0:02:02.880 --> 0:02:05.080 I see and I actually recorded an episode of my 0:02:05.160 --> 0:02:07.120 radio show the other day saying that, I think this 0:02:07.160 --> 0:02:10.640 is the single most important issue of our generation and 0:02:10.680 --> 0:02:16.760 maybe multiple generations, and that is censorship. And we're being 0:02:16.800 --> 0:02:21.160 censored in a bunch of ways, from communication, speech, our money, 0:02:21.280 --> 0:02:23.360 all different types of things. So I want to start 0:02:23.360 --> 0:02:25.919 with that, the censorship industrial complex. 0:02:26.520 --> 0:02:29.200 Amen, it's a big topic. 0:02:29.240 --> 0:02:30.960 I think it's one of the most important topics. Like 0:02:31.000 --> 0:02:34.760 I said, it seems like we went from enlightened liberalism 0:02:34.840 --> 0:02:41.000 to now woke totalitarianism. Speech, like I said, financial transactions, movement. 0:02:41.040 --> 0:02:44.040 So let's just start with the surveillance state that we 0:02:44.160 --> 0:02:46.519 have and what you're thinking about that. We saw the 0:02:46.560 --> 0:02:52.639 Biden administration put together this DHS Disinformation Governance Board. Obama 0:02:53.120 --> 0:02:55.280 has been on board, you know, in Stanford, calling for 0:02:55.320 --> 0:02:59.320 a regulation of online speech. Now there's this restrict AC 0:02:59.639 --> 0:03:02.600 that's been put forth. I think twenty five high ranking 0:03:02.760 --> 0:03:07.000 Republicans and Democrats on this bill, which to me seems 0:03:07.040 --> 0:03:11.000 like the single most dangerous piece of legislation period. What 0:03:11.040 --> 0:03:13.040 are your thoughts on that? What do you think about 0:03:13.040 --> 0:03:13.840 that moving forward? 0:03:14.840 --> 0:03:17.160 Yeah, I mean, I mean, obviously very big topic. 0:03:17.480 --> 0:03:23.840 I think that the number one unique threat to free 0:03:23.919 --> 0:03:27.600 expression in the twenty first century, particularly today is not 0:03:27.880 --> 0:03:30.880 just government directly silencing speech. 0:03:31.240 --> 0:03:32.120 Through the front door. 0:03:32.840 --> 0:03:35.080 I think the real threat is now when the government 0:03:35.200 --> 0:03:40.360 is deputizing private mechanisms to action, private actors to do 0:03:40.440 --> 0:03:44.080 through the back door what government never could get done 0:03:44.160 --> 0:03:47.000 through the front door under the constitution. So it says, oh, 0:03:47.000 --> 0:03:50.400 we're the government, we can't censor your speech. But guess 0:03:50.440 --> 0:03:54.080 what they'll do now, They'll threaten internet companies. We can 0:03:54.120 --> 0:03:56.600 go through the banking version of this in the ESG movement, 0:03:56.680 --> 0:03:59.440 but let's just stick to the social media version of 0:03:59.480 --> 0:04:03.280 this for now. We'll just threaten a private company to 0:04:03.280 --> 0:04:05.680 say that we wanted to take down certain forms of 0:04:05.720 --> 0:04:10.280 disfavored speech or misinformation or hate speech and so on, 0:04:11.160 --> 0:04:13.240 to implement through the back door what it could not 0:04:13.360 --> 0:04:16.680 get done through the front door under the constitution. That's 0:04:16.720 --> 0:04:20.920 state action in disguise. It is lurking state action. That's 0:04:20.960 --> 0:04:23.120 actually the real threat that we face. And then they 0:04:23.200 --> 0:04:25.160 go further. They give them an attaboy on the back. 0:04:25.200 --> 0:04:27.560 They give them a little bit of a special wrapper 0:04:27.600 --> 0:04:29.960 in the form of for example, social media companies, Internet 0:04:30.000 --> 0:04:34.440 companies getting a special form of federally endowed immunity Section 0:04:34.520 --> 0:04:37.320 two thirty C two protection that gives them a special 0:04:37.320 --> 0:04:39.640 cloak of immunity. So one of the ways I like 0:04:39.680 --> 0:04:42.600 to explain this to people is people get lost in 0:04:42.640 --> 0:04:45.760 the present right and then they take their partisan stance, 0:04:45.760 --> 0:04:49.360 and a very have a lot of difficulty separating themselves 0:04:49.400 --> 0:04:55.760 from their partisan perspective. History offers some interesting lessons where when, say, 0:04:56.000 --> 0:05:00.159 a bookstore owner in a case called Bantam Books to 0:05:00.160 --> 0:05:02.240 sell a book but a local prosecutor didn't like the book, 0:05:02.240 --> 0:05:04.400 what did the prosecutor say? He said, I'm going to 0:05:04.480 --> 0:05:06.720 prosecute you unless you take down that book. 0:05:07.160 --> 0:05:07.280 Now. 0:05:07.400 --> 0:05:09.480 Customer who wanted to buy that book. 0:05:09.240 --> 0:05:11.960 Later sued the bookstore owner and said, you took down 0:05:12.000 --> 0:05:14.160 this book I wanted to buy. Normally, that would have 0:05:14.160 --> 0:05:16.719 been laughed off the stage because that's just a private 0:05:16.720 --> 0:05:19.479 bookstore owner deciding what he does and doesn't want to sell. 0:05:19.480 --> 0:05:22.240 But the Supreme Court said, not so fast. That was 0:05:22.279 --> 0:05:25.080 actually state action in disguise, because it was the government 0:05:25.560 --> 0:05:27.680 censoring that customer for being able to buy the book, 0:05:28.040 --> 0:05:31.080 not the bookstore owner doing it directly. If it's state 0:05:31.120 --> 0:05:34.680 action in disguise, the Constitution still applies, and there's an 0:05:34.720 --> 0:05:37.720 analogy to the immunity that government uses to coax these 0:05:38.160 --> 0:05:40.840 private companies into taking action that the otherwise wouldn't have 0:05:40.920 --> 0:05:43.760 taken to censor content. Except this related to the war 0:05:43.800 --> 0:05:46.560 on drugs. When the government wanted to fight the war 0:05:46.600 --> 0:05:49.640 on drugs, they would rather have searched and seized, you know, 0:05:49.720 --> 0:05:52.200 drugs or potential drugs off of every person they could find. 0:05:52.600 --> 0:05:54.720 But this pesky thing called the Fourth Amendment gets in 0:05:54.760 --> 0:05:58.160 the way. So they passed a law that gave railroads 0:05:58.279 --> 0:06:02.200 a special form of immunity that immunize those railroads from 0:06:02.279 --> 0:06:08.440 being sued by passengers if those passengers were searched by 0:06:08.480 --> 0:06:10.920 the railroad, even against their consent. They said, oh, that's 0:06:10.960 --> 0:06:13.000 just a private company. Again, the Supreme Court said, not 0:06:13.040 --> 0:06:17.640 so fast. If they're inducing a private company, even a 0:06:17.720 --> 0:06:20.640 railroad company, through immunity, to do what the government couldn't 0:06:20.680 --> 0:06:24.200 directly do to accomplish a government objective, that was still 0:06:24.240 --> 0:06:27.839 a situation where the private actor's conduct, the railroad company 0:06:27.880 --> 0:06:30.240 in this case, was subject to the constraints of the 0:06:30.240 --> 0:06:33.679 Fourth Amendment. So I bring that back because the threats 0:06:33.680 --> 0:06:36.800 to censorship today are mostly implemented not directly through the 0:06:36.800 --> 0:06:38.640 front door, shown up at your doorstep with the police 0:06:38.680 --> 0:06:41.080 saying you can't say something. That's what allows them to 0:06:41.120 --> 0:06:43.159 get away with saying that. Oh yes, Joe Biden speaks 0:06:43.200 --> 0:06:45.000 at the White House correspondence to dinner a week and 0:06:45.080 --> 0:06:47.640 a half ago or whatever, and I was there waxing 0:06:47.680 --> 0:06:50.480 eloquent about protecting the First Amendment. They're able to get 0:06:50.480 --> 0:06:53.119 away with the Fars because they're just doing their dirty 0:06:53.120 --> 0:06:54.039 work through the back door. 0:06:54.080 --> 0:06:54.520 Instead. 0:06:55.120 --> 0:06:56.799 Part of what I'm looking to do as US President 0:06:56.839 --> 0:07:01.520 is to disabuse ourselves of that farce and actually recognize 0:07:01.560 --> 0:07:04.279 that state action in disguise is still state action, and 0:07:04.320 --> 0:07:07.280 that means the Constitution still applies. So, you know, I 0:07:07.320 --> 0:07:09.680 know we got pretty thick there pretty quickly, but you know, 0:07:09.880 --> 0:07:11.920 time is scarce, and I wanted to get into the substance. 0:07:12.200 --> 0:07:13.040 That's how I look at it. 0:07:13.720 --> 0:07:16.480 Yeah, I mean, it's always that pesky document called the 0:07:16.480 --> 0:07:19.280 Constitution that seems to get in the way. As you said, 0:07:19.640 --> 0:07:22.720 I like that reference, you know, in regards to that specifically, 0:07:22.720 --> 0:07:24.760 we saw through the Twitter files it got blown wide 0:07:24.800 --> 0:07:27.680 open that the government is working directly with these corporations 0:07:27.680 --> 0:07:29.520 to do just kind of what you're saying. And so 0:07:29.600 --> 0:07:31.880 you think it's the two thirty that if you were 0:07:31.920 --> 0:07:34.520 able to repeal that take away those protections, then that 0:07:34.520 --> 0:07:37.160 would help protect the platforms and being able to give 0:07:37.160 --> 0:07:39.360 that privacy back, or not the privacy, but the ability 0:07:39.400 --> 0:07:40.360 to kind of freely speak. 0:07:40.680 --> 0:07:41.160 Yeah, I would. 0:07:41.160 --> 0:07:43.120 I would make section So there's two parts of section 0:07:43.160 --> 0:07:45.560 through two thirty. There's section two thirty C one, which 0:07:45.600 --> 0:07:48.120 is not relevant to this discussion. That's the part that 0:07:48.160 --> 0:07:52.440 says these platforms aren't liable for what individual users post. 0:07:52.480 --> 0:07:53.520 Put that to one side. 0:07:53.960 --> 0:07:56.600 Section two thirty c two says that even if there 0:07:56.640 --> 0:07:59.280 are states, and there are states in this country that 0:07:59.360 --> 0:08:03.200 prevent you from discriminating based on political expression or whatever else, 0:08:04.000 --> 0:08:06.960 that nonetheless the company can't be sued under those state 0:08:07.080 --> 0:08:10.840 laws because Section two thirty C two gives them a 0:08:10.880 --> 0:08:14.560 special blanket of immunity to the company. Well, what I 0:08:14.560 --> 0:08:17.400 say is, let's make that an opt in statue. If 0:08:17.440 --> 0:08:19.560 you want that special form of immunity, you can have it, 0:08:20.280 --> 0:08:22.600 but then you're subject to the same constraint as the 0:08:22.600 --> 0:08:26.240 federal government itself, which is the First Amendment. You can't 0:08:26.280 --> 0:08:28.320 have both ways to say, you get the special governmental 0:08:28.320 --> 0:08:30.600 form of community without being subject to the First Amendment 0:08:31.080 --> 0:08:33.319 in the standards of what you do and don't take down. 0:08:33.760 --> 0:08:34.760 So that's where I land on. 0:08:34.840 --> 0:08:37.960 That is, if something is truly not protected speech like 0:08:38.120 --> 0:08:42.520 spam or hardcore pornography, fine, you could take it down. 0:08:42.840 --> 0:08:44.560 That's what section two thirty c two allows you to 0:08:44.559 --> 0:08:47.160 do without being sued. But if it's protected by the 0:08:47.200 --> 0:08:50.760 First Amendment, if it's political expression, then you can't take 0:08:50.800 --> 0:08:53.320 it down and not expect to be sued for it 0:08:53.440 --> 0:08:55.720 under states that protect that form of expression. 0:08:56.520 --> 0:08:59.719 Yeah, yeah, I mean it gets tricky when you say, well, 0:08:59.720 --> 0:09:01.680 what is protected and what is and so now they're saying, 0:09:01.720 --> 0:09:04.120 first it was a threat to the democracy or a 0:09:04.120 --> 0:09:06.520 threat to national security, and now it's a threat to people, 0:09:06.679 --> 0:09:08.640 you know, hate speech and things like that, and so 0:09:08.720 --> 0:09:11.640 who calls that line on what hate speech is? 0:09:11.880 --> 0:09:13.880 We have good doctrine on this, We have good doctrine 0:09:13.920 --> 0:09:15.280 on this. I think that I do hear that. 0:09:15.240 --> 0:09:16.120 Response a lot. 0:09:16.640 --> 0:09:19.720 The expression of an opinion is always protected under the 0:09:19.720 --> 0:09:23.080 First Amendment. That's the hard I mean, you can't you 0:09:23.080 --> 0:09:25.800 can't say something fraud you know, there's fraud laws that 0:09:25.800 --> 0:09:28.520 prevent you from uttering words that are false for commercial gain. 0:09:28.559 --> 0:09:31.520 There's all kinds of speech that is not constitutionally protected speech. 0:09:31.559 --> 0:09:34.960 But the shorthand version is if you're expressing an opinion 0:09:35.559 --> 0:09:38.040 it is protected. That means hate speech goes away as 0:09:38.040 --> 0:09:38.600 a category. 0:09:39.040 --> 0:09:41.680 I like that, So on the next form of censorship. 0:09:41.720 --> 0:09:44.679 And you know, I think that money is communication and 0:09:44.800 --> 0:09:47.679 expresses my communication of value for that good or service 0:09:47.720 --> 0:09:49.800 that I want. And I believe that all freedom comes 0:09:49.840 --> 0:09:53.040 from the freedom to transact. So even though the Constitution 0:09:53.120 --> 0:09:55.560 guarantees me a freedom of assembly, if I can't pay 0:09:55.559 --> 0:09:57.880 to put gas in my vehicle, I can't go assemble. 0:09:58.200 --> 0:09:59.600 If I can't buy food when I'm there, I can't 0:09:59.600 --> 0:10:03.720 assemble speech, etc. And so then another form of communication 0:10:03.760 --> 0:10:07.360 would become censorship of financial transactions. We're already seen a 0:10:07.360 --> 0:10:10.640 lot of that in the banking sector today through types 0:10:10.640 --> 0:10:13.760 of capital controls. I know, trying to send wire transfers 0:10:13.800 --> 0:10:15.800 over six figures gets a lot of problems for. 0:10:15.880 --> 0:10:17.400 Me all the time already. 0:10:17.800 --> 0:10:20.280 And now we're starting to see this get really ramped 0:10:20.320 --> 0:10:23.280 up with central bank digital currencies, and this seems to 0:10:23.320 --> 0:10:26.280 be potentially a topic that's going to be on this 0:10:26.360 --> 0:10:31.000 next platform. We see lawmakers like Ron DeSantis, Ted Cruz, 0:10:31.280 --> 0:10:35.520 Tom Emmer, etc. Kind of aggressively trying to prohibit these 0:10:35.559 --> 0:10:37.560 federal CBDCs from coming in. 0:10:38.320 --> 0:10:40.400 I guess what's your stance on that? 0:10:41.520 --> 0:10:44.240 So I'm dead set against cbdc's. I was talking about 0:10:44.240 --> 0:10:47.040 this long before it was popular to be a talking 0:10:47.080 --> 0:10:50.720 point in political circles. You know, as much as I 0:10:50.840 --> 0:10:53.440 respect a governor who wants to take action against this, 0:10:53.440 --> 0:10:56.840 this is you know, fiat currency is a federal issue, right, 0:10:56.920 --> 0:11:01.120 so I think anything short of the right actor, which 0:11:01.160 --> 0:11:03.120 is to say, the federal government putting a stop to it, 0:11:03.640 --> 0:11:06.320 you're not going to be able to do anything other 0:11:06.360 --> 0:11:09.320 than make a political point by trying to take this 0:11:09.360 --> 0:11:11.400 on at the state level. Though I don't blame someone 0:11:11.400 --> 0:11:13.760 for trying. It needs to be done at the federal level, 0:11:13.760 --> 0:11:17.200 because the federal government is where backstops our currency. So 0:11:17.320 --> 0:11:20.480 converting that currency into a digital currency, I think is 0:11:20.520 --> 0:11:24.600 something that is downright dangerous. Why is it dangerous? It 0:11:24.640 --> 0:11:29.079 allows the government to implement a social credit scoring system 0:11:29.480 --> 0:11:33.360 into how they actually erase value from your own bank accounts. Now, 0:11:33.400 --> 0:11:34.840 this is not made up stuff. I mean, look at 0:11:34.840 --> 0:11:38.360 those truckers in Canada that participated in a protest last 0:11:38.440 --> 0:11:41.959 year expressing an opinion they had their bank accounts or 0:11:42.000 --> 0:11:45.960 credit cards. Ultimately credit deny to them losing money. Government 0:11:46.040 --> 0:11:48.800 is weaponizing the financial system to implement what it couldn't 0:11:49.240 --> 0:11:53.120 necessarily do through the usual mechanisms. The usual argument that 0:11:53.160 --> 0:11:55.360 we hear in this country for central bank digital currencies 0:11:55.440 --> 0:11:57.520 is that China's doing it and that we have to 0:11:57.600 --> 0:12:00.280 keep up with the Joneses, or as I sometimes joker 0:12:00.320 --> 0:12:03.280 and keep up with the Jinpings. I think that that 0:12:03.440 --> 0:12:08.120 doesn't make sense because China's reason for adopting it is 0:12:08.200 --> 0:12:12.640 exactly what should concern us, which is power, dominion, control 0:12:12.679 --> 0:12:16.199 and punishment. It is the ability to punish individual citizens 0:12:16.240 --> 0:12:19.040 for what they say by using their wallets as the 0:12:19.080 --> 0:12:21.960 way to get them to conform. That should cause us 0:12:22.000 --> 0:12:23.360 to run in the other direction, not to say that 0:12:23.360 --> 0:12:25.960 we want to copy China and to the people who 0:12:26.000 --> 0:12:27.600 will say, well, that's going to make the dollar less 0:12:27.640 --> 0:12:30.679 competitive or less strong relative to you on if we're 0:12:30.679 --> 0:12:33.920 not as technologically advanced and having a digital option, I 0:12:34.040 --> 0:12:36.199 argue it the other way. I say, the dollars should 0:12:36.200 --> 0:12:40.320 be stronger if it can't be confiscated at the whim 0:12:40.520 --> 0:12:43.280 of a partisan government that's in power. That's exactly what 0:12:43.400 --> 0:12:46.880 CBDCs are designed to do. And so that's why I 0:12:47.000 --> 0:12:50.320 stand unapologetically and firmly against it, and I think we 0:12:50.440 --> 0:12:53.079 require a US president in this country that actually understands 0:12:53.080 --> 0:12:56.880 those issues deeply to be able to actually guard and 0:12:56.920 --> 0:12:59.960 hold the line against that excess and that over reach. 0:13:00.120 --> 0:13:01.520 H Yeah. 0:13:01.559 --> 0:13:06.000 Now, you know, with President Trump, we saw really increase 0:13:06.160 --> 0:13:09.600 in kind of this rhetoric against the Federal Reserve and 0:13:09.640 --> 0:13:12.000 sort of kind of pressure in the Federal Reserve to 0:13:12.040 --> 0:13:14.440 ease policies for the economy and things like that. And 0:13:14.480 --> 0:13:18.839 so the Federal Reserve is this quasi semi private institution 0:13:19.080 --> 0:13:21.079 that's supposed to be somewhat independent, and it seemed like 0:13:21.120 --> 0:13:23.440 Trump really started pressuring that. And so if you have 0:13:23.480 --> 0:13:26.400 the Federal Reserve, that would be the central bank, would 0:13:26.440 --> 0:13:29.679 be the central bank digital currency. How does the independent 0:13:29.760 --> 0:13:32.520 central bank, that the Federal Reserve be influenced by a 0:13:32.520 --> 0:13:37.240 potential potential presidential candidate or president for that matter, if 0:13:37.240 --> 0:13:39.360 it does have the independence, Well, a lot of. 0:13:39.360 --> 0:13:40.520 That could be done through the Treasury. 0:13:40.640 --> 0:13:43.240 So the US Treasury Department is actually what's advancing some 0:13:43.280 --> 0:13:46.120 of the plans for central bank digital currencies as well. 0:13:46.640 --> 0:13:49.280 I think that the printing of money happens at the 0:13:49.360 --> 0:13:52.520 US Treasurer's the Federal Reserve and the US Treasury work together, 0:13:53.480 --> 0:13:55.120 so I think that the Treasury is in one mechanism. 0:13:55.080 --> 0:13:57.320 But then the deeper point is the Federal Reserve. The 0:13:57.360 --> 0:13:59.960 independence of the Federal Reserve is really just an artifice, 0:14:00.640 --> 0:14:02.280 you know. I think the President meets with the Chairman 0:14:02.280 --> 0:14:03.520 of the Federal Reserve regularly. 0:14:03.920 --> 0:14:05.400 I think he selects who's. 0:14:05.200 --> 0:14:08.280 Appointed into that position when terms expire. So I think 0:14:08.280 --> 0:14:12.280 this idea of independence is usually designed to I don't 0:14:12.280 --> 0:14:15.000 want to say, dupe the public, but to create a 0:14:15.000 --> 0:14:17.840 form of independence and legitimacy that doesn't actually exist. 0:14:18.200 --> 0:14:19.880 I'm not even saying that I think that independence is 0:14:19.920 --> 0:14:20.360 a good thing. 0:14:20.600 --> 0:14:24.880 I think that I don't love unaccountable bureaucrats being accountable 0:14:24.920 --> 0:14:26.600 to no one in that federal government. 0:14:27.280 --> 0:14:27.960 But I think. 0:14:27.840 --> 0:14:33.360 That that idea of independence itself is a bit illusory. 0:14:33.440 --> 0:14:35.360 And then Treasury plays a role here as well. 0:14:35.400 --> 0:14:38.080 So it's not the kind of thing that's somehow immunized 0:14:38.640 --> 0:14:41.840 from political interference. To the contrary, we see political influence 0:14:41.880 --> 0:14:43.720 all the time, and I think we could be in the. 0:14:43.640 --> 0:14:46.440 Worst of all worlds where people believe that the reason their. 0:14:46.280 --> 0:14:48.000 Money's being wiped out into their bank acount had nothing 0:14:48.000 --> 0:14:51.040 to do with politics, when in fact it absolutely did. 0:14:51.080 --> 0:14:53.160 And that's really that would be a version of the 0:14:53.240 --> 0:14:55.680 Chinese model right here in the United States, and it's 0:14:55.680 --> 0:14:56.960 not going to happen under my watch. 0:14:57.080 --> 0:14:58.000 And that's why I've. 0:14:57.840 --> 0:14:59.960 Been pretty vocal about that as part of my play 0:15:00.120 --> 0:15:01.080 form for US President. 0:15:01.840 --> 0:15:03.160 Yeah, yeah, it's a big deal. 0:15:03.440 --> 0:15:05.760 All it all works in there together, you know, just 0:15:05.800 --> 0:15:08.840 for the audience. The head of the BIS and I 0:15:08.840 --> 0:15:10.320 want to get into some more of the global stuff 0:15:10.360 --> 0:15:12.400 in a minute, but ahead of the BIS was out 0:15:12.440 --> 0:15:14.080 and saying, you know, we don't know who used the 0:15:14.160 --> 0:15:16.040 Hunter bill today or the thousand paces today, but with 0:15:16.120 --> 0:15:20.000 CBDCs that would change, will have total control. Christine Leguard, 0:15:20.040 --> 0:15:23.400 head of the ECB, said that, you know, we could 0:15:23.400 --> 0:15:25.920 give some privacy for transactions of a few hundred dollars, 0:15:25.920 --> 0:15:27.640 but even that could be its problem because even one 0:15:27.720 --> 0:15:29.160 hundred dollars transaction. 0:15:29.000 --> 0:15:30.440 Could lead to protests. 0:15:31.480 --> 0:15:34.120 And what is she saying there, right, She's saying, we 0:15:34.200 --> 0:15:36.640 can't allow even people to control a hundred because they 0:15:36.720 --> 0:15:40.040 might not like something we're doing. It might have something 0:15:40.080 --> 0:15:42.320 to say about that. And so the total control and 0:15:42.320 --> 0:15:45.320 so it's is a very very dangerous thing talking about 0:15:45.360 --> 0:15:50.960 the FED and the quasi semi independence of that. You know, 0:15:51.000 --> 0:15:53.880 you kind of have this FED policy right now. It's 0:15:54.000 --> 0:15:57.360 sort of insane that we look to Jerome Poud these 0:15:57.440 --> 0:16:00.640 FOMC meetings every single you know, every single time, sort 0:16:00.640 --> 0:16:03.320 of like punk Saddani Phil like this groundhog. He's going 0:16:03.360 --> 0:16:04.640 to come out and tell us what the weather's like. 0:16:04.640 --> 0:16:06.160 And now we have to look at the FED and 0:16:06.200 --> 0:16:07.960 he's going to tell us what the future of what 0:16:08.040 --> 0:16:11.040 our fate is. Are they going to ease restrictions or are 0:16:11.000 --> 0:16:12.800 we going to go into recession and lose everything? Right, 0:16:12.840 --> 0:16:17.840 He's trying to crush demand, so to speak. I guess 0:16:17.880 --> 0:16:19.800 what would be your policy in dealing with the FED? 0:16:19.840 --> 0:16:22.880 I mean should it seems like they're trying to hold 0:16:22.920 --> 0:16:23.720 firm right here. 0:16:23.800 --> 0:16:27.040 They're trying to reduce demand, keep inflation down while the 0:16:27.080 --> 0:16:30.280 FED while the government is trying to increase the debt ceiling, 0:16:30.320 --> 0:16:32.880 which would only be more inflationary. But we're sort of 0:16:32.920 --> 0:16:35.040 in this damned if you do, damned if you don't situation. 0:16:36.000 --> 0:16:39.080 Not a very good situation to come on board and 0:16:39.120 --> 0:16:39.800 have to deal with. 0:16:39.840 --> 0:16:40.760 What's your view on that? 0:16:41.280 --> 0:16:44.680 What I propose is deeper structural reform of the Federal 0:16:44.720 --> 0:16:45.960 Reserve system itself. 0:16:46.320 --> 0:16:48.400 I mean, we have over twenty two thousand employees in there. 0:16:48.440 --> 0:16:52.200 I've said I would implement an over ninety percent headcount reduction. 0:16:52.600 --> 0:16:54.000 But not just for its own sake. 0:16:54.680 --> 0:16:56.720 It's to put the Federal Reserve back in its place, 0:16:57.240 --> 0:17:01.760 which is to have one narrow function stabilize the US 0:17:01.920 --> 0:17:07.439 dollar period not anything more than that. Stabilize the dollar 0:17:07.560 --> 0:17:10.280 as a unit of measurement. You know what, We've had 0:17:10.280 --> 0:17:14.120 our biggest GDP growth in this country during periods when 0:17:14.400 --> 0:17:17.919 actually the dollar was pegged to the gold standard, and 0:17:17.960 --> 0:17:21.200 then was actually at least kept stable by the Federal 0:17:21.200 --> 0:17:23.080 Reserve even after we went off the gold standard. But 0:17:23.080 --> 0:17:26.479 when the dollar's volatile, that's an impediment to GDP growth. 0:17:26.920 --> 0:17:29.160 The number of minutes in an hour varied. 0:17:29.440 --> 0:17:31.000 You and I probably wouldn't be talking to each other 0:17:31.040 --> 0:17:32.840 at the same time because one of us would be 0:17:32.920 --> 0:17:35.879 on the Skype interface at one point, the other one 0:17:35.880 --> 0:17:37.560 to be on a different one. That's what happens to 0:17:37.600 --> 0:17:41.159 capital allocation and economy. It's inefficient when the dollar is 0:17:41.160 --> 0:17:44.000 this volatile. And so I could go on and talk 0:17:44.040 --> 0:17:46.320 about in some level of detail, how when the FED 0:17:46.440 --> 0:17:50.119 tries to hit two targets with one arrow, inflation and unemployment. 0:17:50.160 --> 0:17:53.639 It misses both. It's been a disastrous twenty five year experiment. 0:17:54.200 --> 0:17:56.280 But what I would do the punchline, is put the 0:17:56.320 --> 0:17:59.159 FED back in its place, stabilize the US dollar as 0:17:59.160 --> 0:18:02.280 a unit of measurements, period, nothing more. I don't need 0:18:02.320 --> 0:18:03.960 twenty two thousand of year to do that. I probably 0:18:03.960 --> 0:18:05.480 don't even need two thousand of you. That's an over 0:18:05.560 --> 0:18:08.440 ninety percent head count reduction. And it's also a lesson 0:18:08.480 --> 0:18:12.040 in administration, which is that when you have thousands of 0:18:12.040 --> 0:18:14.400 people show up to do a job that they shouldn't 0:18:14.400 --> 0:18:17.040 have been doing in the first place, they find things 0:18:17.080 --> 0:18:19.639 to do and usually mess it up. And I think 0:18:19.720 --> 0:18:23.040 that's a deeper cancer in the administrative state overall. It's 0:18:23.080 --> 0:18:25.200 definitely a problem with the Federal Reserve, and that's part 0:18:25.240 --> 0:18:28.560 of why I've been crystal clear as US President. I 0:18:29.160 --> 0:18:31.920 would fix that in a heartbeat. And that's a big part. 0:18:32.240 --> 0:18:33.919 I'd like to ask a little bit more detail on 0:18:33.960 --> 0:18:37.359 how you might actually do something like that, because from 0:18:37.359 --> 0:18:39.399 my viewpoint, and I think a lot of people's viewpoint, 0:18:39.440 --> 0:18:42.120 maybe from a more of an Austrian lens, anytime you're 0:18:42.119 --> 0:18:44.800 manipulating the money supply, you're going to get this volatility. 0:18:45.480 --> 0:18:52.399 So how would you go about stabilizing the currency that way. 0:18:51.440 --> 0:18:55.000 Take a basket of commodities and peg the dollar to it. 0:18:55.040 --> 0:18:56.760 So it's like the equivalent of going back to the 0:18:56.760 --> 0:19:00.520 gold standard, except instead of just gold, you use basket 0:19:00.560 --> 0:19:04.560 of commodities, including commodities like gold, silver, nickel, and so on, 0:19:05.040 --> 0:19:07.119 but also farm based commodities, a broad. 0:19:06.880 --> 0:19:10.960 Basket of commodities. Stabilize the US dollar against that period. 0:19:11.040 --> 0:19:13.880 That's how I do it. 0:19:13.880 --> 0:19:14.440