1 00:00:00,880 --> 00:00:03,360 Speaker 1: Hey everyone, welcome back to another episode of the Mark 2 00:00:03,440 --> 00:00:06,480 Speaker 1: mass Show where we are talking about the decentralized revolution. 3 00:00:06,880 --> 00:00:10,200 Speaker 1: Of course, we're talking about politics, finance, and technology all 4 00:00:10,280 --> 00:00:13,079 Speaker 1: coming together to change the world as we know it. 5 00:00:13,119 --> 00:00:16,800 Speaker 1: Of course that is bitcoin that is doing that now. UM. 6 00:00:17,000 --> 00:00:19,720 Speaker 1: I try to bring you everything that you need, the education, 7 00:00:19,800 --> 00:00:23,040 Speaker 1: the latest breaking news, and of course some interesting guests 8 00:00:23,040 --> 00:00:25,079 Speaker 1: to give you some different insight in some different segments 9 00:00:25,079 --> 00:00:27,520 Speaker 1: of the market. And that's what we're about to do 10 00:00:27,600 --> 00:00:31,240 Speaker 1: right now. I'm sitting down joining the studio with Sam Callahan. 11 00:00:31,480 --> 00:00:34,080 Speaker 1: You can find him on Twitter at Sam Cala c 12 00:00:34,280 --> 00:00:37,640 Speaker 1: A L l a h. And he's a bitcoin analyst 13 00:00:37,880 --> 00:00:42,200 Speaker 1: with Swan Bitcoin. UM. Anyway, Sam, thanks for joining me today. Yeah, Mark, 14 00:00:42,200 --> 00:00:45,839 Speaker 1: thanks for having me on Glad to speak. Yeah. We 15 00:00:45,960 --> 00:00:48,159 Speaker 1: uh we were just recently hanging out in uh in 16 00:00:48,280 --> 00:00:51,720 Speaker 1: Vegas at the tone Vey's Unconfiscatable Conference. That was a 17 00:00:51,760 --> 00:00:55,760 Speaker 1: pretty good time, great time. Yeah, super fun. I uh, 18 00:00:55,960 --> 00:00:57,880 Speaker 1: I think I'm just barely getting my voice back from 19 00:00:57,880 --> 00:01:00,520 Speaker 1: that man after a couple of day. It seems like 20 00:01:00,520 --> 00:01:03,840 Speaker 1: it's always yeah, man, it's like the first thing that 21 00:01:03,880 --> 00:01:06,440 Speaker 1: goes every time. I was like it was it was 22 00:01:06,440 --> 00:01:08,080 Speaker 1: a fun event. It was. It was so so busy. 23 00:01:08,120 --> 00:01:09,680 Speaker 1: I remember you you came up and You're like, oh, 24 00:01:09,840 --> 00:01:11,880 Speaker 1: we're getting together next Thursday, right, And I was like, 25 00:01:12,520 --> 00:01:18,200 Speaker 1: what the heck is next Thursday? Uh. But but but 26 00:01:18,240 --> 00:01:20,480 Speaker 1: it didn't mean I wasn't looking forward to this because 27 00:01:20,520 --> 00:01:24,560 Speaker 1: I was, UM, something that that's a conversation I've really 28 00:01:24,560 --> 00:01:27,640 Speaker 1: been looking forward to having, and so I'm excited to 29 00:01:27,680 --> 00:01:31,479 Speaker 1: dig into it with you today. UM. I've been talking 30 00:01:31,520 --> 00:01:38,039 Speaker 1: a lot about UM one. Uh. People are thinking like, oh, this, 31 00:01:38,240 --> 00:01:41,400 Speaker 1: this Russia, this Russia Ukraine war couldn't lead in into 32 00:01:41,480 --> 00:01:44,360 Speaker 1: a World War three? Um. And I think they're thinking, 33 00:01:44,480 --> 00:01:46,360 Speaker 1: you know what a war break up between US and China, 34 00:01:46,440 --> 00:01:48,880 Speaker 1: or Russia, Russia and the US with nuclear war happened, 35 00:01:48,880 --> 00:01:51,000 Speaker 1: things like that, And a lot of times I say, well, 36 00:01:51,440 --> 00:01:54,360 Speaker 1: I think we're already in a World War three. Um. 37 00:01:54,400 --> 00:01:56,800 Speaker 1: And that World War three is is is the government's 38 00:01:56,800 --> 00:01:58,880 Speaker 1: against the people. But even more than just the governments, 39 00:01:58,880 --> 00:02:01,680 Speaker 1: it's really what I've been calling a coup of the 40 00:02:01,720 --> 00:02:04,160 Speaker 1: central bankers, where the central bankers are really taking over 41 00:02:04,160 --> 00:02:07,320 Speaker 1: the world. Typically a revolution would be the people revolting 42 00:02:07,360 --> 00:02:09,240 Speaker 1: against the government, but this is almost like a revolution 43 00:02:09,240 --> 00:02:13,960 Speaker 1: from the top down. And Um, I've been looking at 44 00:02:14,000 --> 00:02:16,760 Speaker 1: this chart which I've been kind of building my worldview 45 00:02:16,760 --> 00:02:18,720 Speaker 1: off of, and I think you we talked about this, 46 00:02:19,080 --> 00:02:22,760 Speaker 1: and it's this global public private partnership, and it's like 47 00:02:22,760 --> 00:02:25,760 Speaker 1: the ORG chart, and it has the B I S 48 00:02:25,840 --> 00:02:27,760 Speaker 1: at the very top of that, which is, of course, 49 00:02:27,840 --> 00:02:31,400 Speaker 1: is the Bank for International Settlements. Then below that is 50 00:02:31,440 --> 00:02:34,360 Speaker 1: the central banks and those are like the policymakers, and 51 00:02:34,400 --> 00:02:37,360 Speaker 1: below that is then like World Economic Forum policymakers, and 52 00:02:37,360 --> 00:02:40,280 Speaker 1: then below that distributors, the I, M, f U, N 53 00:02:40,560 --> 00:02:42,840 Speaker 1: W h O, and then below that, so here we 54 00:02:42,880 --> 00:02:47,200 Speaker 1: are like four levels. Down is the actual governments, the enforcers, um. 55 00:02:47,240 --> 00:02:49,680 Speaker 1: But at the top is this B I S. And 56 00:02:49,800 --> 00:02:52,720 Speaker 1: most people have no idea, they don't even heard of 57 00:02:52,760 --> 00:02:54,880 Speaker 1: the B I S. Um. I know you've been doing 58 00:02:54,919 --> 00:02:57,480 Speaker 1: a lot of research into that, So what what the 59 00:02:57,480 --> 00:03:00,720 Speaker 1: heck is this whole B I S thing? Um. I 60 00:03:00,760 --> 00:03:03,720 Speaker 1: think you're spot on, because what we have here is 61 00:03:03,760 --> 00:03:07,920 Speaker 1: these large non governmental organizations that kind of work in 62 00:03:07,960 --> 00:03:11,839 Speaker 1: a stratosphere above governments. And a lot of people think 63 00:03:11,840 --> 00:03:15,960 Speaker 1: that the financial industry or infrastructure kind of ends with 64 00:03:16,360 --> 00:03:18,800 Speaker 1: the Treasury and the Federal Reserve. But we live in 65 00:03:18,800 --> 00:03:23,840 Speaker 1: a very globalized economy, and there's these large, unelected non 66 00:03:23,840 --> 00:03:27,840 Speaker 1: governmental organizations like the Bank of International Settlements that has 67 00:03:27,880 --> 00:03:30,720 Speaker 1: a lot of influence on the policy that governments make. 68 00:03:31,160 --> 00:03:34,520 Speaker 1: And so the Bank of International Settlements is the best 69 00:03:34,520 --> 00:03:36,880 Speaker 1: way to think about it is it's like a bank 70 00:03:37,000 --> 00:03:40,720 Speaker 1: for central banks. So think about the services that JP 71 00:03:40,880 --> 00:03:43,000 Speaker 1: Morgan does or well as far Ago does for a 72 00:03:43,040 --> 00:03:46,640 Speaker 1: regular everyday person and just bring that up. Where the 73 00:03:46,720 --> 00:03:49,360 Speaker 1: central banks are the clients, and they go to the 74 00:03:49,400 --> 00:03:53,480 Speaker 1: BIZ and they provide services such as short term liquidity 75 00:03:53,520 --> 00:03:58,400 Speaker 1: and credit. They do foreign currency exchanges and large transactions 76 00:03:58,440 --> 00:04:02,240 Speaker 1: of like gold swaps, and they charge fees and commissions 77 00:04:02,280 --> 00:04:04,520 Speaker 1: to the central banks to use their services. So they're 78 00:04:04,560 --> 00:04:08,840 Speaker 1: kind of like an international clearing house, uh for the 79 00:04:08,880 --> 00:04:11,120 Speaker 1: central banks. And then they do a couple other things. 80 00:04:11,200 --> 00:04:14,120 Speaker 1: They are kind of like a very elite event planner 81 00:04:14,200 --> 00:04:17,800 Speaker 1: where they hold seminars and committees and conferences for central 82 00:04:17,839 --> 00:04:22,880 Speaker 1: bankers in their headquarters in Switzerland. And they also, um 83 00:04:22,920 --> 00:04:25,200 Speaker 1: they kind of have the best vantage point because they're 84 00:04:25,240 --> 00:04:28,560 Speaker 1: above everything else where they collect they have the largest 85 00:04:28,600 --> 00:04:31,520 Speaker 1: database of banking information in the world, and so they 86 00:04:31,520 --> 00:04:34,239 Speaker 1: have a mainframe computer and they sweep all the data 87 00:04:34,640 --> 00:04:37,320 Speaker 1: and they have a really good advantage point to to 88 00:04:37,440 --> 00:04:41,600 Speaker 1: understand the flows of international finance. And so central banks 89 00:04:41,600 --> 00:04:44,880 Speaker 1: and governments picked their brain as to what's going on 90 00:04:44,960 --> 00:04:47,280 Speaker 1: in the plumbing of the financial system. So that's kind 91 00:04:47,320 --> 00:04:49,640 Speaker 1: of the three things they do their bank for central banks, 92 00:04:49,720 --> 00:04:53,479 Speaker 1: their event planner, and their you know, uh database Center 93 00:04:53,560 --> 00:04:56,480 Speaker 1: for Financial Information m M. They got their hands and 94 00:04:56,480 --> 00:05:00,160 Speaker 1: their tentacles and everything exactly exactly. Now, when I think 95 00:05:00,200 --> 00:05:02,320 Speaker 1: about the Central Bank of the United States and the 96 00:05:02,320 --> 00:05:06,080 Speaker 1: Federal Reserve, the Federal Reserve doesn't actually create money, right, 97 00:05:06,080 --> 00:05:08,359 Speaker 1: they create reserves that go to the commercial banks, and 98 00:05:08,400 --> 00:05:11,400 Speaker 1: the commercial banks, UM lend that money into existence when 99 00:05:11,400 --> 00:05:14,120 Speaker 1: I'm buy a house, a car about something like that. Um. 100 00:05:14,160 --> 00:05:20,040 Speaker 1: So the Federal Reserve gives reserves to the commercial banks. Um. 101 00:05:20,120 --> 00:05:21,600 Speaker 1: What does the b I S do? Do they give 102 00:05:21,640 --> 00:05:25,000 Speaker 1: reserves to this to the Federal Reserve. Well, they have 103 00:05:25,040 --> 00:05:27,479 Speaker 1: a special drawing right, which is a kind of confusing. 104 00:05:27,560 --> 00:05:30,240 Speaker 1: It's like a fiat money on top of fiat money 105 00:05:30,279 --> 00:05:34,200 Speaker 1: that they can create and provide loans to distress nations 106 00:05:34,400 --> 00:05:38,880 Speaker 1: and UM governments if they need to. And that's the SDR. 107 00:05:39,240 --> 00:05:41,920 Speaker 1: That's the SDR. Yeah, and then the SDR is used 108 00:05:41,960 --> 00:05:45,600 Speaker 1: as a unit of account for the Bank of International Settlements, 109 00:05:45,760 --> 00:05:49,000 Speaker 1: and so a lot of times when these central banks 110 00:05:49,000 --> 00:05:53,000 Speaker 1: are using uh, the bus accounts um there through the 111 00:05:53,160 --> 00:05:56,080 Speaker 1: SDR and so it's it's kind of like this money 112 00:05:56,080 --> 00:05:58,919 Speaker 1: on top of money, and it's it's pretty confusing. But 113 00:05:58,960 --> 00:06:01,400 Speaker 1: they created it way back in the day. When we're 114 00:06:01,400 --> 00:06:04,480 Speaker 1: talking about the trip and dilemma, people are familiar with 115 00:06:04,520 --> 00:06:07,200 Speaker 1: that UM. But it was basically a way to take 116 00:06:07,200 --> 00:06:09,440 Speaker 1: pressure and fill us in on go ahead and give 117 00:06:09,520 --> 00:06:12,160 Speaker 1: us the high level of you on the trip and dilemma. Yeah, 118 00:06:12,200 --> 00:06:15,240 Speaker 1: the trip and dilemma really stems from the old Breton 119 00:06:15,240 --> 00:06:18,280 Speaker 1: Wood system when the US was the reserve currency of 120 00:06:18,320 --> 00:06:20,440 Speaker 1: the world, and it was kind of when when they 121 00:06:20,480 --> 00:06:24,039 Speaker 1: when they when they were yeah, sorry, different when it 122 00:06:24,080 --> 00:06:26,880 Speaker 1: was a different system, right when when it was pegged 123 00:06:26,880 --> 00:06:30,080 Speaker 1: to goal at five dollars now it's and then all 124 00:06:30,080 --> 00:06:33,680 Speaker 1: the currencies were pegged to the dollar um because of that, 125 00:06:33,760 --> 00:06:36,640 Speaker 1: because it was the reserve currency. If the US read 126 00:06:37,160 --> 00:06:40,159 Speaker 1: ran large deficits, it was kind of a problem because 127 00:06:40,600 --> 00:06:43,640 Speaker 1: if they ran large deficits, then the other nations would 128 00:06:43,720 --> 00:06:47,680 Speaker 1: question if they had enough gold to back those dollars. Right, 129 00:06:47,800 --> 00:06:50,880 Speaker 1: But if they reduced the deficits, then there was also 130 00:06:50,920 --> 00:06:53,440 Speaker 1: a problem there because it would reduce the liquidity for 131 00:06:53,480 --> 00:06:56,680 Speaker 1: the other nations. So basically it was always this problem 132 00:06:56,760 --> 00:07:00,520 Speaker 1: of dilemma where they could never reduce their deficits. And 133 00:07:00,640 --> 00:07:03,760 Speaker 1: so the CR was created to kind of try to 134 00:07:03,800 --> 00:07:07,960 Speaker 1: take pressure off the dollar the reserve system by having 135 00:07:08,000 --> 00:07:12,000 Speaker 1: a neutral bank provide reserves in this different currency than 136 00:07:12,040 --> 00:07:15,480 Speaker 1: the dollar um. And now it's stuck around. So that 137 00:07:15,520 --> 00:07:17,600 Speaker 1: was way back in the seventies and it's still still 138 00:07:17,640 --> 00:07:20,800 Speaker 1: around today. Yeah. Now the I m F, I thought 139 00:07:20,800 --> 00:07:23,520 Speaker 1: that I m F issues SDRs. Um, they get the 140 00:07:23,560 --> 00:07:25,600 Speaker 1: SDRs from the b I S Like they somehow work 141 00:07:25,640 --> 00:07:28,880 Speaker 1: together in that regard. Yeah, they exactly, They basically worked together. 142 00:07:29,040 --> 00:07:31,760 Speaker 1: They both they both have the unit of account as 143 00:07:31,760 --> 00:07:39,000 Speaker 1: THEIRS as the SDR. Okay, now, um, how much how 144 00:07:39,080 --> 00:07:41,880 Speaker 1: much do we know about the origins of the B 145 00:07:42,040 --> 00:07:47,120 Speaker 1: I S. We know a lot actually, Um, A quick 146 00:07:47,120 --> 00:07:51,160 Speaker 1: overview on that, Yeah, yeah, quick overview is it really 147 00:07:51,200 --> 00:07:54,920 Speaker 1: stems from the the Treaty of Versailles that ended World 148 00:07:54,920 --> 00:07:59,400 Speaker 1: War One back and it was very unfair and Germany 149 00:07:59,560 --> 00:08:01,800 Speaker 1: was basically they made to pay these really large war 150 00:08:01,880 --> 00:08:05,320 Speaker 1: reparations that was basically impossible for them to pay because 151 00:08:05,720 --> 00:08:09,200 Speaker 1: their productive capacity was destroyed. All the factories were destroyed, 152 00:08:09,680 --> 00:08:12,360 Speaker 1: and um all their men died, their labor force were 153 00:08:12,360 --> 00:08:16,080 Speaker 1: dead too, and so they couldn't grow economically after the 154 00:08:16,080 --> 00:08:19,000 Speaker 1: war and pay these huge war reparations at the same time. 155 00:08:19,040 --> 00:08:21,119 Speaker 1: So what did they do. They printed a ton of money, 156 00:08:21,480 --> 00:08:24,400 Speaker 1: and then it was the hyper inflation of Weimar the 157 00:08:24,520 --> 00:08:28,760 Speaker 1: Weimar Republic in the early nineteen twenties. Um, after they 158 00:08:28,800 --> 00:08:31,720 Speaker 1: kind of stabilized in the mid nineteen twenties, a bunch 159 00:08:31,720 --> 00:08:34,800 Speaker 1: of American investors started investing in Germany because it was 160 00:08:34,840 --> 00:08:37,080 Speaker 1: the Roaring twenties over there, and they were just throwing 161 00:08:37,080 --> 00:08:39,320 Speaker 1: money and everything, and they thought, well, Germany is gonna 162 00:08:39,320 --> 00:08:42,480 Speaker 1: start rebuilding. This is a great investment opportunity. And then 163 00:08:43,120 --> 00:08:46,800 Speaker 1: millions and millions of dollars flowed into Germany until nine 164 00:08:46,840 --> 00:08:49,360 Speaker 1: when the stock market crashed and then all the money 165 00:08:49,440 --> 00:08:52,280 Speaker 1: dried up, and then Germany was suddenly in a really 166 00:08:52,320 --> 00:08:54,440 Speaker 1: bad position again where they were worried that they were 167 00:08:54,440 --> 00:08:57,440 Speaker 1: going to have a second hyper inflationary event in ten years. 168 00:08:57,920 --> 00:09:01,679 Speaker 1: And so from that it can engine came together and 169 00:09:01,720 --> 00:09:04,640 Speaker 1: they said, Okay, we're gonna restructure these war reparations to 170 00:09:04,679 --> 00:09:07,800 Speaker 1: make it more affordable for Germany to try to pay them. 171 00:09:07,880 --> 00:09:10,520 Speaker 1: And we're going to create this neutral bank, this bank 172 00:09:10,600 --> 00:09:13,800 Speaker 1: that's going to facilitate the war reparations and help move 173 00:09:13,960 --> 00:09:18,520 Speaker 1: large funds across borders. UM kind of this large fund 174 00:09:18,760 --> 00:09:22,800 Speaker 1: international clearing house that was created under international treaty in 175 00:09:22,880 --> 00:09:25,559 Speaker 1: nineteen thirty and that was when the Bank of International 176 00:09:25,559 --> 00:09:28,240 Speaker 1: Settlements was created, and it's still at the center of 177 00:09:28,240 --> 00:09:31,640 Speaker 1: the financial system all these years later. There's so much 178 00:09:31,679 --> 00:09:33,680 Speaker 1: there I want to dig into. I can't wait to 179 00:09:33,720 --> 00:09:36,400 Speaker 1: ask some questions about that. I'll be right back with 180 00:09:36,440 --> 00:09:38,840 Speaker 1: more about the b I S don't go away, all right, 181 00:09:38,840 --> 00:09:40,960 Speaker 1: Welcome back here listening to the Markma Show. We're talking 182 00:09:41,000 --> 00:09:44,920 Speaker 1: about the decentralized revolution that is changing the world as 183 00:09:44,920 --> 00:09:46,600 Speaker 1: we know it now. One of the things that we 184 00:09:46,640 --> 00:09:49,240 Speaker 1: need to know to understand the change of the world 185 00:09:49,320 --> 00:09:51,240 Speaker 1: is to understand how the world is organized in the 186 00:09:51,240 --> 00:09:54,120 Speaker 1: first place. I'm in the studio right now with Sam Callahan. 187 00:09:54,520 --> 00:09:56,760 Speaker 1: You can find them on Twitter at Sam calls e 188 00:09:56,880 --> 00:09:59,719 Speaker 1: A L hell eight H. He's a bitcoin analyst with 189 00:10:00,040 --> 00:10:02,880 Speaker 1: Juan Bitcoin, which is a good place if you want 190 00:10:02,880 --> 00:10:05,319 Speaker 1: to buy some bitcoin a place that I've used as well. 191 00:10:06,120 --> 00:10:08,040 Speaker 1: And Sam was explained to us about the b I 192 00:10:08,160 --> 00:10:11,000 Speaker 1: S the Bank of International Settlements, which is the central 193 00:10:11,040 --> 00:10:13,120 Speaker 1: bank above central banks, and he was talking about the 194 00:10:13,480 --> 00:10:16,520 Speaker 1: way they got their start. Now, Sam, you were saying that, UM, 195 00:10:17,120 --> 00:10:21,200 Speaker 1: nineteen Treaty of Versailles, Germany had to pay these war reparations. Um, 196 00:10:21,320 --> 00:10:24,560 Speaker 1: they printed all this money, they had sky high inflation, um, 197 00:10:24,640 --> 00:10:26,800 Speaker 1: and then UM, the Bank of the National Settlements was 198 00:10:26,840 --> 00:10:32,040 Speaker 1: like founded to kind of help deal with that situation. Um. 199 00:10:32,280 --> 00:10:34,800 Speaker 1: Was it just like the richest people in Europe at 200 00:10:34,800 --> 00:10:37,880 Speaker 1: the time came together to start the bank. Yeah. So 201 00:10:37,960 --> 00:10:41,840 Speaker 1: it was, um, the same people. If you're familiar with, UM, 202 00:10:41,960 --> 00:10:44,880 Speaker 1: the story of central banks, there's actually so there's the 203 00:10:44,960 --> 00:10:47,200 Speaker 1: guy from the Bank of England and yeah, the Bank 204 00:10:47,240 --> 00:10:50,200 Speaker 1: of England and the Reich, the Reich Bank. Um, it 205 00:10:50,280 --> 00:10:53,760 Speaker 1: was the same characters who started kind of all of 206 00:10:53,800 --> 00:10:57,200 Speaker 1: the central banking. Um, that started the BIZ. And And 207 00:10:57,240 --> 00:11:00,240 Speaker 1: the reason why is they always wanted a bank bank 208 00:11:00,440 --> 00:11:04,280 Speaker 1: that worked above governments because they felt that politicians were 209 00:11:04,400 --> 00:11:07,320 Speaker 1: hinderance to them and they were pesky and they just 210 00:11:07,360 --> 00:11:10,160 Speaker 1: wanted to deal with their international finance. And now they 211 00:11:10,280 --> 00:11:13,920 Speaker 1: created a bank under the under the disguise of just 212 00:11:14,000 --> 00:11:17,000 Speaker 1: helping these war reparations. They created a bank UM that 213 00:11:17,040 --> 00:11:21,200 Speaker 1: had complete legal privileges and nobody could touch them. And 214 00:11:21,240 --> 00:11:24,080 Speaker 1: now they had their international bank. So that's kind of 215 00:11:24,080 --> 00:11:29,040 Speaker 1: why it was created. Was created by central bankers. Now, UM. 216 00:11:29,080 --> 00:11:32,360 Speaker 1: I think it was Murray Rothbart wrote The Mystery of 217 00:11:32,679 --> 00:11:34,959 Speaker 1: Central Banks, and he talked about how the first central 218 00:11:34,960 --> 00:11:37,960 Speaker 1: bank was the Bank of England and the late sixt hundreds, 219 00:11:38,000 --> 00:11:41,320 Speaker 1: and they basically went, I think England was fighting France 220 00:11:41,320 --> 00:11:43,080 Speaker 1: and they wanted money from these rich people. And rich 221 00:11:43,160 --> 00:11:44,680 Speaker 1: people said, hey, if you let us start our own bank, 222 00:11:45,080 --> 00:11:47,200 Speaker 1: we'll give you as much money as you want. But 223 00:11:47,360 --> 00:11:48,600 Speaker 1: we have to start our own bank. And we had 224 00:11:48,640 --> 00:11:50,160 Speaker 1: we're going to create our own currency, and you say 225 00:11:50,200 --> 00:11:51,520 Speaker 1: that our currency is legal, and we'll give you as 226 00:11:51,559 --> 00:11:53,560 Speaker 1: much as we want. And so they were basically creating 227 00:11:53,600 --> 00:11:55,760 Speaker 1: money out of thin air, UM, and I guess the 228 00:11:55,800 --> 00:11:57,640 Speaker 1: central banks have been doing it ever since. And so 229 00:11:57,760 --> 00:11:59,880 Speaker 1: if we if we take that story forward, you're saying 230 00:11:59,880 --> 00:12:03,480 Speaker 1: it's some of these same people that came forward, UM, 231 00:12:03,559 --> 00:12:06,360 Speaker 1: and it's they operate above governments to the point of 232 00:12:06,360 --> 00:12:08,160 Speaker 1: this like org chart that we kind of both kind 233 00:12:08,160 --> 00:12:11,679 Speaker 1: of agreed on. UM, and you're saying that they can 234 00:12:11,679 --> 00:12:13,520 Speaker 1: still kind of create thrown money out of thin air 235 00:12:13,880 --> 00:12:16,880 Speaker 1: by issuing these SDRs, which are based off of a 236 00:12:16,880 --> 00:12:21,480 Speaker 1: basket of other currencies. Yeah, that's right. So yes, Uh, 237 00:12:21,679 --> 00:12:25,280 Speaker 1: special drawing right as they're known. Um, they used to 238 00:12:25,320 --> 00:12:27,320 Speaker 1: be when they started, they were kind of pegged to 239 00:12:27,800 --> 00:12:30,719 Speaker 1: one dollar based on the gold but once Nixon took 240 00:12:30,760 --> 00:12:33,760 Speaker 1: us off the gold standard. Um, they basically change every 241 00:12:33,800 --> 00:12:36,719 Speaker 1: five years in terms of what currencies are in there, 242 00:12:36,760 --> 00:12:40,600 Speaker 1: and it's just a basket of currencies now. UM. On 243 00:12:40,640 --> 00:12:44,120 Speaker 1: an earlier segment, I played a clip actually of the 244 00:12:44,120 --> 00:12:46,439 Speaker 1: head of the b i S, which is Augustin Carston's 245 00:12:46,480 --> 00:12:49,160 Speaker 1: and he was talking about you've probably seen it before. Um. 246 00:12:49,200 --> 00:12:52,200 Speaker 1: He was talking about how cash we don't know who's 247 00:12:52,240 --> 00:12:55,839 Speaker 1: exchanging a hundred dollar bill, but with CBDCs, we can 248 00:12:55,840 --> 00:12:57,760 Speaker 1: know exactly who's doing it and we can have complete 249 00:12:57,800 --> 00:13:02,120 Speaker 1: control over it. UM. Tell us about some of their 250 00:13:02,120 --> 00:13:04,840 Speaker 1: big plans they have for us maybe with the CBDCs 251 00:13:04,880 --> 00:13:07,720 Speaker 1: and control in the financial system more. Yeah. So, I 252 00:13:07,720 --> 00:13:11,000 Speaker 1: mean this is why it's just important to understand what 253 00:13:11,040 --> 00:13:13,839 Speaker 1: the business function is today, and it's really kind of 254 00:13:13,880 --> 00:13:17,360 Speaker 1: creating the policy ideas in this they have an innovation 255 00:13:17,440 --> 00:13:20,040 Speaker 1: hub and they have these events where central bankers can 256 00:13:20,080 --> 00:13:23,079 Speaker 1: get together and discuss, you know, what to do in 257 00:13:23,120 --> 00:13:26,320 Speaker 1: the future about the financial system. And over the last 258 00:13:26,320 --> 00:13:31,480 Speaker 1: sense about eighteen they've written um a dozen working papers 259 00:13:31,520 --> 00:13:34,240 Speaker 1: on central bank digital currencies. That this is the thing 260 00:13:34,320 --> 00:13:37,960 Speaker 1: they're focused on, and they're really excited about it. And essentially, 261 00:13:37,960 --> 00:13:40,439 Speaker 1: if if you have a central bank digital currency, that 262 00:13:40,520 --> 00:13:44,960 Speaker 1: would give them the power UM to basically directly target 263 00:13:45,320 --> 00:13:50,080 Speaker 1: their monetary policy based on information of an individual. UM. 264 00:13:50,160 --> 00:13:52,760 Speaker 1: It would allow them to do things like negative interest 265 00:13:52,840 --> 00:13:56,560 Speaker 1: rates UM, and it would give them complete control over 266 00:13:56,600 --> 00:13:59,319 Speaker 1: who has access to the financial system and as well 267 00:13:59,360 --> 00:14:04,319 Speaker 1: as a complete surveillance of all the flows of international finance. 268 00:14:04,800 --> 00:14:07,480 Speaker 1: And so they're they're they're loving this. They're just looking 269 00:14:07,520 --> 00:14:10,360 Speaker 1: their chops and and just in their loving the power 270 00:14:10,400 --> 00:14:12,600 Speaker 1: that could they could get from this. But you know, 271 00:14:12,679 --> 00:14:14,600 Speaker 1: to give them a little bit of credit, you know, 272 00:14:14,679 --> 00:14:17,480 Speaker 1: I think they have some good intentions. It's like, you know, 273 00:14:17,600 --> 00:14:19,560 Speaker 1: the road to hell is paid with good intentions. And 274 00:14:19,600 --> 00:14:23,000 Speaker 1: they're thinking about all the benefits that CBDCs could bring, like, oh, 275 00:14:23,080 --> 00:14:26,040 Speaker 1: we could be more efficient, UM, we could finally give 276 00:14:26,080 --> 00:14:29,000 Speaker 1: some cheap cross border payments to people, because even though 277 00:14:29,040 --> 00:14:31,840 Speaker 1: we've had all this technological progress over the last decade 278 00:14:31,920 --> 00:14:35,160 Speaker 1: or two, you know, sending money is still really expensive 279 00:14:35,160 --> 00:14:36,960 Speaker 1: for people, and they've been trying to figure out how 280 00:14:36,960 --> 00:14:39,000 Speaker 1: to do this, and so they're looking at the CBDC 281 00:14:39,040 --> 00:14:41,920 Speaker 1: and just seeing all these positives, but they're not focused 282 00:14:41,920 --> 00:14:46,280 Speaker 1: on all these like infringements of privacy and uh, the 283 00:14:46,320 --> 00:14:50,080 Speaker 1: ability for them to basically weaponize this against people. They're 284 00:14:50,120 --> 00:14:54,280 Speaker 1: not really considering the downfalls of a CBDC, or maybe 285 00:14:54,280 --> 00:14:58,120 Speaker 1: they are, or maybe they are. They just think that 286 00:14:58,200 --> 00:15:01,320 Speaker 1: the benefits that way the ca us Yeah, there's a 287 00:15:01,480 --> 00:15:04,360 Speaker 1: there's a quote from Henry Kissinger from seventy four. He said, 288 00:15:04,360 --> 00:15:10,600 Speaker 1: who controls the food supply controls the people. Um, who 289 00:15:10,640 --> 00:15:13,760 Speaker 1: controls the energy can control whole continent. So of course 290 00:15:13,840 --> 00:15:16,040 Speaker 1: we see this E S G kind of narrative going 291 00:15:16,080 --> 00:15:18,480 Speaker 1: over the whole world. So we control the energy through 292 00:15:18,560 --> 00:15:20,960 Speaker 1: s G, and then the last piece, who controls money, 293 00:15:21,000 --> 00:15:23,440 Speaker 1: can control the whole world. So I guess that's kind 294 00:15:23,440 --> 00:15:26,040 Speaker 1: of kind of what he was talking about when they 295 00:15:26,080 --> 00:15:31,000 Speaker 1: said that. Um, but um, back to this, Uh, let's 296 00:15:31,000 --> 00:15:33,480 Speaker 1: talk about that cross border piece. So um, that's one 297 00:15:33,480 --> 00:15:35,560 Speaker 1: of the things they want to create, this more fair, 298 00:15:35,800 --> 00:15:39,760 Speaker 1: equitable system for everybody. Um. And I was actually talking 299 00:15:39,800 --> 00:15:42,520 Speaker 1: to an analyst, Jason burak Um. He's not a big 300 00:15:42,560 --> 00:15:47,200 Speaker 1: crypto guy, and he said that, he said that it's 301 00:15:47,200 --> 00:15:49,280 Speaker 1: gonna you know, the government doesn't doesn't have a way 302 00:15:49,320 --> 00:15:52,240 Speaker 1: to facilitate chillions of dollars of cross border payments. I said, 303 00:15:52,280 --> 00:15:55,680 Speaker 1: any cryptocurrency can do that today. I mean bitcoin obviously, 304 00:15:55,680 --> 00:15:58,840 Speaker 1: but any crypto really could. It's the policies that are 305 00:15:58,840 --> 00:16:01,160 Speaker 1: in place that present the problems trying to go inside 306 00:16:01,160 --> 00:16:04,440 Speaker 1: of different countries and banks. Um. So do you think 307 00:16:04,640 --> 00:16:06,560 Speaker 1: I don't know if you've seen anything specifically about cross 308 00:16:06,600 --> 00:16:08,360 Speaker 1: border payments from the bi s, Like, would they just 309 00:16:08,520 --> 00:16:10,560 Speaker 1: usurp all the nation's laws and that's how they make 310 00:16:10,600 --> 00:16:14,120 Speaker 1: it easy? Yeah, I mean that's actually what they said. 311 00:16:14,160 --> 00:16:17,000 Speaker 1: They actually talked about having a what they call them 312 00:16:17,080 --> 00:16:19,680 Speaker 1: multi C B d C, which would be it would 313 00:16:19,720 --> 00:16:23,200 Speaker 1: be one giant digital I D system that everyone would 314 00:16:23,240 --> 00:16:26,920 Speaker 1: go into, so definitely an infringement of privacy there. Um. 315 00:16:27,000 --> 00:16:28,680 Speaker 1: And then everyone would be on this digital I D 316 00:16:28,840 --> 00:16:31,680 Speaker 1: system in the single C B d C for the 317 00:16:31,840 --> 00:16:34,440 Speaker 1: entire world. And so they're thinking, oh, this is gonna 318 00:16:34,440 --> 00:16:37,200 Speaker 1: be so efficient, right, it's on one system. But then 319 00:16:37,240 --> 00:16:39,800 Speaker 1: they say something very vague like there will be a 320 00:16:39,880 --> 00:16:43,440 Speaker 1: single rule book quote unquote, but they don't say how 321 00:16:43,480 --> 00:16:45,440 Speaker 1: that rule book would be made, who will write it, 322 00:16:45,440 --> 00:16:48,840 Speaker 1: who will enforce it. Um. It would probably be a 323 00:16:48,840 --> 00:16:52,880 Speaker 1: group of unelected central bankers doing this stuff behind closed 324 00:16:52,880 --> 00:16:57,000 Speaker 1: door in there in Switzerland at their headquarters, um, because 325 00:16:57,000 --> 00:16:59,440 Speaker 1: that's usually how these things go. But yeah, they're they 326 00:16:59,600 --> 00:17:01,760 Speaker 1: there's a whole working paper on it. It's called a 327 00:17:01,840 --> 00:17:06,280 Speaker 1: multi cbd C, a multi CBDC which means multiple countries 328 00:17:06,359 --> 00:17:10,359 Speaker 1: all using the same one. Yeah. So the idea is 329 00:17:10,440 --> 00:17:14,400 Speaker 1: they thought, because there's about essential banks are already uh 330 00:17:14,440 --> 00:17:17,040 Speaker 1: you know, testing and experimenting with their own cbdc s. 331 00:17:17,160 --> 00:17:20,359 Speaker 1: But what's the point if they're all siloed by themselves 332 00:17:20,359 --> 00:17:22,639 Speaker 1: with their own systems. So they're I think when they 333 00:17:22,680 --> 00:17:26,520 Speaker 1: say multi CBDC, it's almost like they're planning on hooking 334 00:17:26,600 --> 00:17:29,520 Speaker 1: up every CB CBDC of a country into this one 335 00:17:29,640 --> 00:17:33,480 Speaker 1: giant umbrella system and they think that's a good idea. Yeah, 336 00:17:33,600 --> 00:17:37,560 Speaker 1: that's interesting. Um. I've often thought about the way this 337 00:17:37,680 --> 00:17:40,520 Speaker 1: kind of works its way out, going from the commercial 338 00:17:40,560 --> 00:17:43,680 Speaker 1: banks to the nation's central banks to the I M F, 339 00:17:43,960 --> 00:17:46,119 Speaker 1: B I S, etcetera. I want to talk about that, 340 00:17:46,359 --> 00:17:47,720 Speaker 1: and then I want to talk about more about this 341 00:17:47,760 --> 00:17:50,320 Speaker 1: global digital I D system because that's another big thing 342 00:17:50,440 --> 00:17:53,560 Speaker 1: as well. Um. You listen to the Markma Show. I'm 343 00:17:53,560 --> 00:17:57,840 Speaker 1: in the studio with Sam Callahan. We're talking about UM Bitcoin. 344 00:17:57,880 --> 00:18:00,280 Speaker 1: We're talking about the decentralized revolution. We're talking to about 345 00:18:00,280 --> 00:18:02,560 Speaker 1: the B I S, which you may know nothing about. 346 00:18:03,000 --> 00:18:05,080 Speaker 1: It's the central bank about central banks, and you may 347 00:18:05,080 --> 00:18:06,639 Speaker 1: not know about them, but they know about you or 348 00:18:06,680 --> 00:18:09,160 Speaker 1: they want to know more about you. So we're gonna 349 00:18:09,160 --> 00:18:11,520 Speaker 1: talk more about that, the types of control they may 350 00:18:11,560 --> 00:18:13,639 Speaker 1: want to have and what they can do with it. UM, 351 00:18:13,720 --> 00:18:15,879 Speaker 1: so much more to get into. Don't go away. I 352 00:18:15,960 --> 00:18:18,439 Speaker 1: want to be right back. Everyone. Welcome back. You're listening 353 00:18:18,440 --> 00:18:20,679 Speaker 1: to the Mark Ma Show and we're talking about the 354 00:18:20,720 --> 00:18:23,879 Speaker 1: intersection of politics, finance, and technology. We're talking about the 355 00:18:23,960 --> 00:18:28,439 Speaker 1: decentralized revolution, which of course is bitcoin changing the world 356 00:18:28,480 --> 00:18:30,680 Speaker 1: as we speak. I'm in the studio with Sam Callahan. 357 00:18:30,920 --> 00:18:33,720 Speaker 1: He's a bitcoin analyst with Swan Bitcoin and you can 358 00:18:33,760 --> 00:18:36,240 Speaker 1: find him on Twitter at Sam Callous c A L 359 00:18:36,400 --> 00:18:39,199 Speaker 1: L A. H Um, Sam, do they not have the 360 00:18:39,240 --> 00:18:40,840 Speaker 1: rest of the letters for your last name or like 361 00:18:40,920 --> 00:18:44,080 Speaker 1: what happened there? Yeah, well dude, so apparently there's this 362 00:18:44,240 --> 00:18:50,760 Speaker 1: like British pop star named Sam Callaghan's he was not 363 00:18:50,880 --> 00:18:54,119 Speaker 1: like the American idol of the UK. So that's what 364 00:18:54,200 --> 00:18:56,359 Speaker 1: I have to fight with. Got it? Got it? So 365 00:18:56,400 --> 00:18:58,560 Speaker 1: instead of putting a space or something in there, you 366 00:18:58,640 --> 00:19:00,640 Speaker 1: just dropped a couple of letters off the last They're 367 00:19:00,680 --> 00:19:06,320 Speaker 1: all taken, dang it. Yeah. Um, on Twitter, somebody has 368 00:19:06,400 --> 00:19:08,680 Speaker 1: Mark Moss but they've never like used it. They don't 369 00:19:08,680 --> 00:19:10,760 Speaker 1: even post or anything, and I've like tried to reach 370 00:19:10,760 --> 00:19:12,159 Speaker 1: out to them. Didn't work. So I just had to 371 00:19:12,160 --> 00:19:14,159 Speaker 1: put a number one in front of it, which, by 372 00:19:14,200 --> 00:19:15,560 Speaker 1: the way, if you're not following me on Twitter, it's 373 00:19:15,680 --> 00:19:18,879 Speaker 1: number one Mark Moss you should. Um. But anyway, so 374 00:19:18,920 --> 00:19:20,600 Speaker 1: back to we were talking about this this b I 375 00:19:20,880 --> 00:19:28,600 Speaker 1: s um this bs uh uh. But they've also been 376 00:19:28,680 --> 00:19:33,199 Speaker 1: advocating for this global digital identity system. Um, what what 377 00:19:33,240 --> 00:19:36,520 Speaker 1: have they said about that? So they're in like the 378 00:19:36,560 --> 00:19:39,200 Speaker 1: design phase right now. Right they're still figuring this out. 379 00:19:39,200 --> 00:19:42,280 Speaker 1: It's still many years out before anything happens here. Basically 380 00:19:42,320 --> 00:19:45,000 Speaker 1: they're trying to figure out, you know, how is this 381 00:19:45,040 --> 00:19:47,920 Speaker 1: gonna work while trying to maintain privacy, and I think 382 00:19:47,960 --> 00:19:51,680 Speaker 1: that's more just like word speak, because basically there's two 383 00:19:51,680 --> 00:19:53,520 Speaker 1: ways they can do it. They can have an account 384 00:19:53,560 --> 00:19:57,320 Speaker 1: based CBDC, where somebody has an account tied to their 385 00:19:57,480 --> 00:20:00,560 Speaker 1: digital identity um so a digital I D system and 386 00:20:00,840 --> 00:20:03,359 Speaker 1: they have a direct account with the Central Bank. The 387 00:20:03,400 --> 00:20:05,320 Speaker 1: other way they could do it is they could keep 388 00:20:05,400 --> 00:20:08,760 Speaker 1: users anonymous and have a token based CBDC, which would 389 00:20:08,840 --> 00:20:12,240 Speaker 1: kind of mimic the private stable coins that we see today. 390 00:20:12,359 --> 00:20:15,440 Speaker 1: So there's some kind of privacy maintained there. And they 391 00:20:15,520 --> 00:20:17,679 Speaker 1: go back and forth about the pros and cons, and 392 00:20:17,720 --> 00:20:20,040 Speaker 1: it always comes back to they say that they won't 393 00:20:20,040 --> 00:20:23,399 Speaker 1: be able to stop elicit activity and money laundering, so 394 00:20:23,440 --> 00:20:26,399 Speaker 1: of course we can't have privacy, and so they say, okay, 395 00:20:26,440 --> 00:20:29,080 Speaker 1: well we have to do these digital ID system with 396 00:20:29,119 --> 00:20:32,920 Speaker 1: the account based retail CBDC, which grinds my gears because 397 00:20:32,960 --> 00:20:35,159 Speaker 1: if you know anything about a m l K y C, 398 00:20:35,800 --> 00:20:39,280 Speaker 1: they can't stop elicit activity or money laundering at all. 399 00:20:39,320 --> 00:20:42,680 Speaker 1: They failed at that for decades, and now they justify 400 00:20:42,880 --> 00:20:45,840 Speaker 1: surveillance and overreach in the name of stopping a listit 401 00:20:45,880 --> 00:20:48,320 Speaker 1: activity that they haven't been able to do with their 402 00:20:48,359 --> 00:20:52,000 Speaker 1: policies for decades, and so it really bugs me when 403 00:20:52,040 --> 00:20:54,240 Speaker 1: I see that in these papers all the time. It's 404 00:20:54,359 --> 00:20:59,280 Speaker 1: why they justify the overreach that they do. Sure. Um, 405 00:20:59,800 --> 00:21:02,000 Speaker 1: And I was talking about in an earlier segment. I 406 00:21:02,000 --> 00:21:03,639 Speaker 1: was talking about the k y C A m L 407 00:21:04,200 --> 00:21:07,480 Speaker 1: and how there's about ninety trillion of of global GDP, 408 00:21:08,200 --> 00:21:11,280 Speaker 1: and of that global GDP ninety trillion, they estimate about 409 00:21:11,320 --> 00:21:15,440 Speaker 1: three per cent of that is criminal. And again criminals 410 00:21:15,440 --> 00:21:17,679 Speaker 1: probably a who who you know, who decides what's criminal. 411 00:21:17,760 --> 00:21:20,040 Speaker 1: So maybe that's um, you know, some of it's some 412 00:21:20,080 --> 00:21:22,520 Speaker 1: really bad stuff like you know, child trafficking, but some 413 00:21:22,600 --> 00:21:25,040 Speaker 1: of it's probably not. So whatever, call it three percent. 414 00:21:25,160 --> 00:21:28,600 Speaker 1: So um, ninety trillion three criminal they said of that 415 00:21:28,840 --> 00:21:34,560 Speaker 1: k y C captures less than zero point one percent. Yeah, 416 00:21:34,600 --> 00:21:37,399 Speaker 1: that's a It might be from a study from a 417 00:21:37,400 --> 00:21:42,400 Speaker 1: guy named Dr Ron Paul. He's another cool doctor Ron Paul. Yeah. 418 00:21:42,680 --> 00:21:44,680 Speaker 1: I caught I caught him, and I started diving down 419 00:21:44,680 --> 00:21:47,479 Speaker 1: his rabbit hole. Yeah yeah, because I was diving down 420 00:21:47,520 --> 00:21:49,680 Speaker 1: the rabbit ale too, And his name just kept popping 421 00:21:49,760 --> 00:21:52,440 Speaker 1: up on all the research and he did his PhD. 422 00:21:52,480 --> 00:21:56,199 Speaker 1: And basically the ineffectiveness of those policies, and so he did, 423 00:21:56,320 --> 00:21:57,919 Speaker 1: he did all the hard work, so all those like 424 00:21:58,040 --> 00:22:01,520 Speaker 1: numbers come from his work. Yeah, man, it's it's UM. 425 00:22:01,560 --> 00:22:04,680 Speaker 1: He has a he has a saying it's uh, it's 426 00:22:06,040 --> 00:22:10,040 Speaker 1: zero effectiveness, infinite cost. That's what those policies are. Now 427 00:22:10,080 --> 00:22:12,719 Speaker 1: where there's they don't do what they're supposed to do, 428 00:22:12,800 --> 00:22:15,280 Speaker 1: and all they do is create extra costs on banks 429 00:22:15,960 --> 00:22:19,160 Speaker 1: who are fine for not complying with their ineffective policies, 430 00:22:19,720 --> 00:22:23,040 Speaker 1: and then those those banks have to pass on those 431 00:22:23,040 --> 00:22:25,880 Speaker 1: costs to consumers. And so he's made his life's work 432 00:22:25,880 --> 00:22:28,840 Speaker 1: to try to fight raise awareness about that stuff. And 433 00:22:29,000 --> 00:22:31,679 Speaker 1: I think everyone should follow that guy. Yeah. And then 434 00:22:31,680 --> 00:22:36,040 Speaker 1: I saw it was like UM business compliances estimated to 435 00:22:36,480 --> 00:22:40,200 Speaker 1: trillion dollars a year percent of global economy. So UM 436 00:22:40,280 --> 00:22:42,439 Speaker 1: to percent of global economy. Some institutions spend up to 437 00:22:42,560 --> 00:22:46,000 Speaker 1: five hundred million annually. The top ten percent of businesses 438 00:22:46,080 --> 00:22:51,000 Speaker 1: spend at least a hundred million. That's so like UM, 439 00:22:51,040 --> 00:22:53,399 Speaker 1: I think of things like t s A, what a 440 00:22:53,480 --> 00:22:56,960 Speaker 1: freaking nightmare going through the airport. UM, in California, we 441 00:22:57,000 --> 00:22:59,000 Speaker 1: have like border patrols were like checkpoints we have to 442 00:22:59,040 --> 00:23:01,119 Speaker 1: go through and just randomly on a day, all of 443 00:23:01,160 --> 00:23:02,640 Speaker 1: a sudden, you have to wait in line for an hour, 444 00:23:02,800 --> 00:23:04,560 Speaker 1: so they can just like wave traffic through. So like 445 00:23:04,760 --> 00:23:07,720 Speaker 1: they're going to inconvenience, you know whatever, hundreds of thousands 446 00:23:07,720 --> 00:23:09,760 Speaker 1: of people to maybe potentially catch like one ill legal 447 00:23:09,800 --> 00:23:12,320 Speaker 1: alien where they can go get like hundreds you know, 448 00:23:12,480 --> 00:23:15,000 Speaker 1: just at home depot um but or t s A. 449 00:23:15,119 --> 00:23:18,120 Speaker 1: But in this example here, it's like, so they're going 450 00:23:18,200 --> 00:23:23,760 Speaker 1: to inc not not just inconvenience us um the nine percent, 451 00:23:23,880 --> 00:23:26,440 Speaker 1: not just inconvenience, but put us in harm because now 452 00:23:26,480 --> 00:23:28,440 Speaker 1: we've had to give up all our identity and these 453 00:23:28,440 --> 00:23:31,240 Speaker 1: honey pots that could hacked all the time. So nine 454 00:23:31,280 --> 00:23:33,600 Speaker 1: and nine point nine percent of people are inconvenience and 455 00:23:33,600 --> 00:23:36,879 Speaker 1: put at risk to potentially maybe catch the zero point 456 00:23:37,000 --> 00:23:40,800 Speaker 1: one percent of people. I mean, it's insanity. It's insane. 457 00:23:40,920 --> 00:23:44,159 Speaker 1: And then and so and then these uh you know, 458 00:23:44,240 --> 00:23:47,480 Speaker 1: the Bank of International Settlements. That's how they justify you know, 459 00:23:48,080 --> 00:23:51,480 Speaker 1: having a CBD system that doesn't have you know, anonymity 460 00:23:51,520 --> 00:23:53,320 Speaker 1: in it is they say like, well, we need to 461 00:23:53,359 --> 00:23:56,240 Speaker 1: do this stuff when they can't do it right now 462 00:23:56,680 --> 00:23:59,440 Speaker 1: without the you know, control of a CBDC and the 463 00:23:59,480 --> 00:24:02,840 Speaker 1: surveillance of the CBDC, So you'd basically be infringing on 464 00:24:02,920 --> 00:24:06,359 Speaker 1: the rights and the privacy of all these law bodying 465 00:24:06,440 --> 00:24:10,280 Speaker 1: citizens to catch a very very tiny sliver of you know, 466 00:24:10,640 --> 00:24:14,960 Speaker 1: terrorists or criminals. So, um, it's it's really it's it's 467 00:24:15,000 --> 00:24:17,800 Speaker 1: kind of shocking, to be honest with you. But at 468 00:24:17,800 --> 00:24:20,760 Speaker 1: the same time, I wouldn't really expect less from these 469 00:24:20,880 --> 00:24:25,720 Speaker 1: large organizations like this. Yeah, so if we have like this, uh, 470 00:24:25,760 --> 00:24:27,800 Speaker 1: if we have like this, almost the banking is kind 471 00:24:27,800 --> 00:24:31,399 Speaker 1: of like this decentralized stack. So you have you know, 472 00:24:31,480 --> 00:24:33,240 Speaker 1: you have at the bottom you have like a local 473 00:24:33,240 --> 00:24:35,359 Speaker 1: bank farmers and merchant bank, credit union, and then you 474 00:24:35,359 --> 00:24:37,080 Speaker 1: have the commercial banks, and then you have the central 475 00:24:37,119 --> 00:24:40,040 Speaker 1: banks um. And then you know, since the central banks 476 00:24:40,040 --> 00:24:42,679 Speaker 1: give reserves to the commercial banks, and then the commercial 477 00:24:42,720 --> 00:24:45,320 Speaker 1: banks are the ones extending credit. So my local bank, 478 00:24:45,359 --> 00:24:47,840 Speaker 1: for example, I'm like, hey, I'm i'm I want to 479 00:24:47,840 --> 00:24:49,879 Speaker 1: start an avocado stand and he's like, well, people in 480 00:24:50,160 --> 00:24:52,760 Speaker 1: California love avocado is great, Um, but they know what 481 00:24:52,880 --> 00:24:55,399 Speaker 1: I want here. And so there's like this decentralized kind 482 00:24:55,400 --> 00:24:59,560 Speaker 1: of decision making um versus the FED. Right. So but 483 00:24:59,600 --> 00:25:01,879 Speaker 1: then you know, we have the commercial banks and we 484 00:25:01,880 --> 00:25:03,600 Speaker 1: have the FED, but then above that then the I 485 00:25:03,720 --> 00:25:05,399 Speaker 1: M F and B I S And it's almost like 486 00:25:05,400 --> 00:25:07,800 Speaker 1: they just want to compress that whole stack down, so 487 00:25:07,880 --> 00:25:10,520 Speaker 1: we could have an account directly with the B I S, 488 00:25:10,560 --> 00:25:13,080 Speaker 1: which you know, on one hand, I guess it makes 489 00:25:13,080 --> 00:25:16,840 Speaker 1: the cross border payments better, um, But then the trade 490 00:25:16,840 --> 00:25:19,320 Speaker 1: off is then the amount of privacy we give up. 491 00:25:19,359 --> 00:25:23,000 Speaker 1: But then, uh, I mean, are each nationally going to 492 00:25:23,080 --> 00:25:28,040 Speaker 1: lay down their sovereignty for that? Yeah, And you're exactly right. 493 00:25:28,119 --> 00:25:30,760 Speaker 1: And also the commercial banks. It basically takes all the 494 00:25:30,760 --> 00:25:33,720 Speaker 1: commercial banks out of the picture, and so a lot 495 00:25:33,760 --> 00:25:37,240 Speaker 1: of the working papers in the Bank of International Settlements, 496 00:25:37,680 --> 00:25:42,080 Speaker 1: their concerns aren't about, you know, protecting the rights of individuals. 497 00:25:42,160 --> 00:25:43,880 Speaker 1: I don't think they really care that much about that, 498 00:25:44,240 --> 00:25:46,879 Speaker 1: But they do care about the restructuring of the entire 499 00:25:46,960 --> 00:25:51,040 Speaker 1: banking industry because this would basically bypass commercial banks because 500 00:25:51,119 --> 00:25:54,760 Speaker 1: right now you have basically, you know, users, it's kind 501 00:25:54,760 --> 00:25:57,919 Speaker 1: of users go directly to commercial banks and do lending, 502 00:25:58,000 --> 00:26:00,879 Speaker 1: like you said, and they handle all the communications with 503 00:26:00,920 --> 00:26:03,760 Speaker 1: the users and the central bankers in the background, and 504 00:26:03,800 --> 00:26:05,439 Speaker 1: they don't want to get into all that if they 505 00:26:05,480 --> 00:26:08,600 Speaker 1: have a direct CBDC, Suddenly they'll have to have an 506 00:26:08,760 --> 00:26:11,800 Speaker 1: entire lending you know, branch in the central bank and 507 00:26:11,800 --> 00:26:13,320 Speaker 1: deal with all the headaches of a m l K 508 00:26:13,440 --> 00:26:16,040 Speaker 1: by C like we said, and day to day customer service. 509 00:26:16,640 --> 00:26:19,160 Speaker 1: And so they don't want to have this system where 510 00:26:19,160 --> 00:26:21,480 Speaker 1: it just like takes the commercial banks out. So they're 511 00:26:21,480 --> 00:26:24,760 Speaker 1: trying to design something like a hybrid where they don't 512 00:26:24,760 --> 00:26:26,440 Speaker 1: have to deal with the headaches of all the things 513 00:26:26,440 --> 00:26:29,080 Speaker 1: commercial banks have to deal with. And so that's kind 514 00:26:29,080 --> 00:26:31,480 Speaker 1: of actually the main hold up right now from the 515 00:26:31,520 --> 00:26:36,360 Speaker 1: Bank of International Settlements you know viewpoint, the main hold 516 00:26:36,440 --> 00:26:40,720 Speaker 1: up is UH is getting more surveillance and more policies 517 00:26:40,720 --> 00:26:44,480 Speaker 1: in not they want that. No, they just don't want 518 00:26:44,520 --> 00:26:48,600 Speaker 1: to change the entire structure of the banking system by 519 00:26:48,640 --> 00:26:52,119 Speaker 1: having a direct account and bypassing the commercial banks and 520 00:26:52,119 --> 00:26:53,960 Speaker 1: basically putting them out of business, like there would be 521 00:26:53,960 --> 00:26:57,200 Speaker 1: no need for them anymore, right and and uh they're 522 00:26:57,200 --> 00:27:00,440 Speaker 1: like best friends, so they don't mess with their commercial 523 00:27:00,480 --> 00:27:03,400 Speaker 1: bank friends, right right, right, And just it's just it's 524 00:27:03,400 --> 00:27:06,480 Speaker 1: a dangerous world. I was at a conference speaking recently 525 00:27:06,520 --> 00:27:10,600 Speaker 1: with Professor Richard Werner, who's ex Central Banks UM, and 526 00:27:10,640 --> 00:27:12,320 Speaker 1: he had some very interesting things to say. I want 527 00:27:12,320 --> 00:27:14,040 Speaker 1: to tell you what he said at his talk. I 528 00:27:14,080 --> 00:27:15,840 Speaker 1: actually agreed with him, and then I didn't agree with him. 529 00:27:15,960 --> 00:27:17,760 Speaker 1: I'm gonna fill you in with that. I'm wanna get back. 530 00:27:17,800 --> 00:27:19,520 Speaker 1: We'll talk about what he said. We'll talk about central 531 00:27:19,560 --> 00:27:22,960 Speaker 1: bank digital currency some more. You're listening to the markmas Show. 532 00:27:23,200 --> 00:27:26,359 Speaker 1: I'm in the studio with Sam Callahan uh talking about 533 00:27:26,920 --> 00:27:29,159 Speaker 1: the coup of the central bankers. The b I s 534 00:27:29,400 --> 00:27:31,480 Speaker 1: something that you maybe haven't heard of or thought about, 535 00:27:32,200 --> 00:27:34,639 Speaker 1: but you should because ignoring it isn't gonna make it 536 00:27:34,640 --> 00:27:38,200 Speaker 1: go away. Um. We're talking about bitcoin, the decentralized revolution. Um, 537 00:27:38,200 --> 00:27:41,120 Speaker 1: like I said, the banking sector and how they may 538 00:27:41,240 --> 00:27:43,920 Speaker 1: try to compress the stack on you and what that means. 539 00:27:44,080 --> 00:27:46,120 Speaker 1: I'll be back with a lot more. Don't go away, 540 00:27:46,400 --> 00:27:48,480 Speaker 1: all right, welcome back. You're listening to the Mark Moa Show. 541 00:27:48,480 --> 00:27:52,960 Speaker 1: We're talking about the decentralized Revolution. We're talking about the 542 00:27:53,040 --> 00:27:57,000 Speaker 1: converging trends of politics, finance, and technology and bitcoin and 543 00:27:57,040 --> 00:27:58,840 Speaker 1: how it's changing the world. I'm in the studio with 544 00:27:58,880 --> 00:28:02,560 Speaker 1: Sam Callahan Uh. He's a bitcoin analyst with Swan Bitcoin, 545 00:28:02,920 --> 00:28:06,919 Speaker 1: and we're talking about this this banking stack. So the stacks, 546 00:28:06,920 --> 00:28:09,359 Speaker 1: starting from my local bank to my commercial bank, to 547 00:28:09,440 --> 00:28:11,879 Speaker 1: my central bank, to the I m F and the 548 00:28:11,920 --> 00:28:14,080 Speaker 1: B I S, which most people have never heard of, 549 00:28:14,119 --> 00:28:18,560 Speaker 1: the Bank of International Settlements but now you are. Um. 550 00:28:18,600 --> 00:28:20,359 Speaker 1: So Sam, right before we went on the break, I 551 00:28:20,400 --> 00:28:22,760 Speaker 1: was talking about how I recently spoke at a conference 552 00:28:22,800 --> 00:28:25,760 Speaker 1: with the Professor Richard Werner, and he's an expert with 553 00:28:25,800 --> 00:28:29,480 Speaker 1: central banks and advisor and so forth. And his talk 554 00:28:29,560 --> 00:28:33,040 Speaker 1: that he gave at the conference was was amazing, and uh, 555 00:28:33,160 --> 00:28:36,359 Speaker 1: the whole thing was centered on how we need to 556 00:28:36,560 --> 00:28:40,320 Speaker 1: decentralize the banks, how this growing trend to centralization is 557 00:28:40,360 --> 00:28:43,080 Speaker 1: a is a massive problem, and and he had all 558 00:28:43,200 --> 00:28:45,520 Speaker 1: these facts and all these charts, and I mean so 559 00:28:45,640 --> 00:28:49,280 Speaker 1: much research showing how much better things were when the 560 00:28:49,280 --> 00:28:52,840 Speaker 1: banks were decentralized and all the risks of what happens 561 00:28:52,880 --> 00:28:55,040 Speaker 1: as the banks continue to get more and more centralized. 562 00:28:55,080 --> 00:28:57,680 Speaker 1: And I was like, Wow, that's great, that's that's that's 563 00:28:57,680 --> 00:29:01,800 Speaker 1: exactly what we think as people think about bitcoin. Um. 564 00:29:01,840 --> 00:29:04,280 Speaker 1: But then I was on a panel with him and 565 00:29:04,320 --> 00:29:07,960 Speaker 1: then the question was like, um, so you know you 566 00:29:08,000 --> 00:29:10,600 Speaker 1: believe in this, like you know this need for banks 567 00:29:10,600 --> 00:29:15,880 Speaker 1: to decentralize, but how exactly would we do that? Like, 568 00:29:15,920 --> 00:29:18,480 Speaker 1: how does that just happen? And he's like, well, we 569 00:29:18,600 --> 00:29:23,240 Speaker 1: just need more people to go open banks, that was 570 00:29:23,320 --> 00:29:27,360 Speaker 1: his answer. And I'm like, well, in order to open 571 00:29:27,440 --> 00:29:29,080 Speaker 1: up a bank, I have to get like a banking 572 00:29:29,160 --> 00:29:31,880 Speaker 1: license from the FED. They don't just give those out 573 00:29:31,880 --> 00:29:34,440 Speaker 1: to anybody. And um, that's the reason why we don't 574 00:29:34,480 --> 00:29:36,720 Speaker 1: have more banks. I mean, what do you, um, what 575 00:29:36,800 --> 00:29:39,160 Speaker 1: do you think about that kind of response? I mean, 576 00:29:39,200 --> 00:29:41,720 Speaker 1: I think that's spot on. If if you know anything 577 00:29:41,760 --> 00:29:45,320 Speaker 1: about like how many banking license gets out after two 578 00:29:45,640 --> 00:29:48,320 Speaker 1: eight I think it's like thirteen or something, and it 579 00:29:48,440 --> 00:29:51,800 Speaker 1: used to be like dozens a year, but we've seen 580 00:29:51,880 --> 00:29:55,520 Speaker 1: concentration of banks and that's kind of how they hold 581 00:29:55,520 --> 00:29:58,080 Speaker 1: off their monopoly of power. They don't let any banks 582 00:29:58,120 --> 00:30:01,760 Speaker 1: be created. So, you know, it's one of those things 583 00:30:01,840 --> 00:30:04,800 Speaker 1: like that classic Milton Freedman quote where it's like a 584 00:30:04,800 --> 00:30:09,000 Speaker 1: sly roundabout way um around the system instead of trying 585 00:30:09,000 --> 00:30:11,440 Speaker 1: to fix a broken system. Jeff Booth talks about that 586 00:30:11,520 --> 00:30:14,800 Speaker 1: a lot, like, I can't fix a system that's fundamentally broken. 587 00:30:14,880 --> 00:30:17,920 Speaker 1: We need to create a parallel system. And I agree 588 00:30:17,960 --> 00:30:20,160 Speaker 1: with that kind of framework. You know, I'm a big 589 00:30:20,200 --> 00:30:22,480 Speaker 1: fan of Richard Warner. I think he's been talking about 590 00:30:22,480 --> 00:30:26,280 Speaker 1: central banks way before everybody else was, and he's he's 591 00:30:26,320 --> 00:30:29,560 Speaker 1: an expert. UM. I recommend reading his book Princes of 592 00:30:29,560 --> 00:30:32,200 Speaker 1: the End, and there's a really good YouTube video um 593 00:30:32,440 --> 00:30:35,400 Speaker 1: as well, like a documentary. UM. But here I'd had 594 00:30:35,440 --> 00:30:39,680 Speaker 1: to disagree with him, well because he uh, the the 595 00:30:39,720 --> 00:30:43,120 Speaker 1: disagreem apart um again we I think we all agree 596 00:30:43,160 --> 00:30:46,800 Speaker 1: with him on the problem. The centralization of breaking the 597 00:30:47,280 --> 00:30:50,400 Speaker 1: thing that we disagree on is the solution to that problem. 598 00:30:50,440 --> 00:30:53,520 Speaker 1: And um, to your point, I mean, it's the system 599 00:30:53,600 --> 00:30:55,480 Speaker 1: is so clogged up, it's so jammed up. It was 600 00:30:55,800 --> 00:30:58,720 Speaker 1: f a Hiak that said that quote. UM, oh yeah, 601 00:30:58,720 --> 00:31:00,720 Speaker 1: there you go. Sorry. UM, never be a sound money 602 00:31:00,720 --> 00:31:02,080 Speaker 1: aga until we take the thing from the hands of 603 00:31:02,080 --> 00:31:03,680 Speaker 1: the government. But it can't be done by force, but 604 00:31:03,800 --> 00:31:07,440 Speaker 1: rather a sly roundabout way. UM. But that's exactly right 605 00:31:07,440 --> 00:31:09,480 Speaker 1: and kind of to your point, like Jeff both talking 606 00:31:09,480 --> 00:31:13,080 Speaker 1: about these these parallel structures. UM. I've studied a lot 607 00:31:13,280 --> 00:31:17,240 Speaker 1: um really how the Soviet Union, the USSR fell, and 608 00:31:17,440 --> 00:31:21,440 Speaker 1: some of the writings of Vaclov Hovel and and mainly him. 609 00:31:21,680 --> 00:31:24,120 Speaker 1: He was put in prison for three years for speaking 610 00:31:24,120 --> 00:31:26,280 Speaker 1: out against the government, and then he became on became 611 00:31:26,320 --> 00:31:29,840 Speaker 1: the president of Czechoslovakia, and he said that the way 612 00:31:29,880 --> 00:31:31,840 Speaker 1: that the U. S. S R. Fell was through these 613 00:31:31,840 --> 00:31:36,040 Speaker 1: parallel systems, and so um people were so regulated by 614 00:31:36,080 --> 00:31:38,400 Speaker 1: the system that they were forced to go live outside 615 00:31:38,440 --> 00:31:41,600 Speaker 1: of it. Um So, like all these people being sanctioned 616 00:31:41,640 --> 00:31:43,440 Speaker 1: and getting kicked out of the financial system, they're going 617 00:31:43,520 --> 00:31:46,840 Speaker 1: to go find another system. And eventually, because so many 618 00:31:46,840 --> 00:31:49,440 Speaker 1: people had left the system that the sanctions didn't really 619 00:31:49,520 --> 00:31:53,000 Speaker 1: matter anymore. And then by the time the Soviet Union fell, 620 00:31:53,360 --> 00:31:55,280 Speaker 1: it didn't really impact that many people because not that 621 00:31:55,280 --> 00:31:59,080 Speaker 1: many people depended on the system anymore. And uh that 622 00:31:59,400 --> 00:32:01,160 Speaker 1: I guess that's what we're kind of seeing, right, there's 623 00:32:01,160 --> 00:32:03,120 Speaker 1: a way we can start getting people out of the 624 00:32:03,160 --> 00:32:05,680 Speaker 1: financial system to build that parallel system and then maybe 625 00:32:05,720 --> 00:32:09,160 Speaker 1: cushion that blow. Yeah, well that sounds very familiar to 626 00:32:09,240 --> 00:32:12,200 Speaker 1: what we're seeing today, isn't it, Like with the Canadian 627 00:32:12,200 --> 00:32:16,520 Speaker 1: truckers and the increase weaponization of the financial system against 628 00:32:17,200 --> 00:32:20,680 Speaker 1: you know, government's own citizens. And I think that's it's 629 00:32:20,720 --> 00:32:23,080 Speaker 1: like the best marketing for bitcoin, right when you have 630 00:32:23,160 --> 00:32:27,400 Speaker 1: this other option that nobody can control. It's parallel working system. 631 00:32:27,480 --> 00:32:31,920 Speaker 1: If if they keep weaponizing it against the citizens, they 632 00:32:32,000 --> 00:32:34,560 Speaker 1: will find the other option that's not going to be 633 00:32:34,600 --> 00:32:38,560 Speaker 1: weaponized against them, and that one's Bitcoin, um being open source, 634 00:32:38,560 --> 00:32:41,960 Speaker 1: permission list, all those good things that we both know. Um. 635 00:32:42,000 --> 00:32:44,320 Speaker 1: I think that's what we're seeing. And I don't know 636 00:32:44,360 --> 00:32:46,840 Speaker 1: how fast that's going to take or how it's all 637 00:32:46,840 --> 00:32:49,000 Speaker 1: going to play out, but I think at this point, 638 00:32:49,080 --> 00:32:51,360 Speaker 1: if they, if the government's continue to do what they're 639 00:32:51,360 --> 00:32:54,160 Speaker 1: doing with the sanctions and the censorship and the seizures, 640 00:32:54,560 --> 00:32:56,320 Speaker 1: then it's only a matter of time before more and 641 00:32:56,320 --> 00:33:01,880 Speaker 1: more people choose a system that doesn't get weaponized against them. Yeah. Yeah, 642 00:33:01,880 --> 00:33:06,440 Speaker 1: I was talking about that earlier where Um, I've talked 643 00:33:06,480 --> 00:33:07,959 Speaker 1: about this quite a bit on YouTube, and I had 644 00:33:08,000 --> 00:33:10,040 Speaker 1: some people say, oh, Mark, you're a shill for Russia. 645 00:33:10,120 --> 00:33:12,360 Speaker 1: You must be a Russian asset, and it's like, you know, 646 00:33:12,400 --> 00:33:14,840 Speaker 1: these are these are complex subjects and I'm certainly not 647 00:33:14,880 --> 00:33:17,880 Speaker 1: for war. I'm certainly not for killing anybody, um, but 648 00:33:18,480 --> 00:33:21,520 Speaker 1: at some point you're gonna find yourself on the opposite side. Um. 649 00:33:21,600 --> 00:33:24,520 Speaker 1: You know, back to the truckers, I mean when people 650 00:33:24,560 --> 00:33:27,240 Speaker 1: donated money, you know, when go when the go funding 651 00:33:27,320 --> 00:33:29,040 Speaker 1: got season and then people donate a bitcoin that was 652 00:33:29,160 --> 00:33:31,120 Speaker 1: legal at the time, and then they wouldn't change the 653 00:33:31,160 --> 00:33:32,920 Speaker 1: laws later, right, and then they found themselves on the 654 00:33:32,920 --> 00:33:36,800 Speaker 1: wrong side of that, and so it can happen very quickly. Um. 655 00:33:36,840 --> 00:33:40,880 Speaker 1: And I think kind of like, um, the Newton's third 656 00:33:40,960 --> 00:33:43,040 Speaker 1: lave of physics, like every force has an equal in 657 00:33:43,040 --> 00:33:45,560 Speaker 1: opposite reaction. So like, the more they're pushing people out, 658 00:33:46,000 --> 00:33:48,160 Speaker 1: the more people will go build another system. The more 659 00:33:48,160 --> 00:33:50,160 Speaker 1: people push back and building a system, the more they're 660 00:33:50,160 --> 00:33:51,960 Speaker 1: gonna squeeze and push more people out. And it's like 661 00:33:52,000 --> 00:33:55,160 Speaker 1: this like uh kind of you know, spiral effect if 662 00:33:55,160 --> 00:33:57,760 Speaker 1: you will. Yeah, I think that's right. I think that's 663 00:33:57,760 --> 00:34:00,840 Speaker 1: how I view it as well. Um, Like I said, 664 00:34:00,960 --> 00:34:03,560 Speaker 1: if they're just gonna keep weaponizing the system against them, 665 00:34:03,560 --> 00:34:05,200 Speaker 1: then more and more people are going to find one 666 00:34:05,240 --> 00:34:09,000 Speaker 1: that embraces them and doesn't discriminate, and then that's that's Bitcoin. 667 00:34:09,640 --> 00:34:12,680 Speaker 1: Now it seems like um if it seems like I mean, 668 00:34:12,719 --> 00:34:16,600 Speaker 1: the BIS is talking about this global digital identity system, um, 669 00:34:16,640 --> 00:34:20,040 Speaker 1: and it seems like, um, this China style social credit 670 00:34:20,040 --> 00:34:22,520 Speaker 1: score system is coming for the rest of the world, 671 00:34:22,920 --> 00:34:25,600 Speaker 1: and it and it really needs this global digital identity 672 00:34:25,600 --> 00:34:28,160 Speaker 1: system and the c B d C to really put 673 00:34:28,200 --> 00:34:31,640 Speaker 1: it all together. Um, it seems like in my opinion, 674 00:34:31,680 --> 00:34:34,000 Speaker 1: I've been talking about it's like a race, like can 675 00:34:34,040 --> 00:34:37,120 Speaker 1: they get that system um set up and installed before 676 00:34:37,680 --> 00:34:39,799 Speaker 1: enough people wake up and just leave the system and 677 00:34:39,840 --> 00:34:43,040 Speaker 1: go do something on their own. Do you see that race? 678 00:34:43,080 --> 00:34:46,160 Speaker 1: And if so, what's your take on that or your 679 00:34:46,440 --> 00:34:49,759 Speaker 1: prediction on that. No, I do see a race, and 680 00:34:49,800 --> 00:34:53,080 Speaker 1: I and I think the races with like bitcoin adoption. 681 00:34:53,560 --> 00:34:56,400 Speaker 1: I think, Um, I think if bitcoin becomes more and 682 00:34:56,440 --> 00:34:59,839 Speaker 1: more popular, you know what I'm worried about is that 683 00:35:00,640 --> 00:35:04,560 Speaker 1: the BIZ or essential banks will rush their own product 684 00:35:04,640 --> 00:35:07,920 Speaker 1: out because bitcoin is becoming so popular and they're behind 685 00:35:07,920 --> 00:35:10,160 Speaker 1: the curve with this stuff, and they're the government. They're 686 00:35:10,160 --> 00:35:15,320 Speaker 1: not exactly great at technology and so to say the least. 687 00:35:15,640 --> 00:35:18,040 Speaker 1: So I think this is far away. Like I said, 688 00:35:18,080 --> 00:35:20,200 Speaker 1: I think there was a recent report that showed they're 689 00:35:20,239 --> 00:35:23,359 Speaker 1: hoping for a fed coin by like, but now even 690 00:35:23,480 --> 00:35:25,480 Speaker 1: I think that report was like two months ago, and 691 00:35:25,520 --> 00:35:27,799 Speaker 1: now we have an executive order saying like, no, we 692 00:35:27,800 --> 00:35:31,120 Speaker 1: need this faster. So we're already seeing, Yeah, we're seeing 693 00:35:31,120 --> 00:35:35,160 Speaker 1: this race increase very fast. Like it it's all accelerating. 694 00:35:35,600 --> 00:35:37,799 Speaker 1: And I think what we're like personally. One of the 695 00:35:37,800 --> 00:35:40,440 Speaker 1: predictions that I have is is they're actually going to 696 00:35:40,520 --> 00:35:42,880 Speaker 1: outsource it to the private sector and they're gonna have 697 00:35:42,960 --> 00:35:46,640 Speaker 1: one of these highly regulated stable coin issuers you know, 698 00:35:47,160 --> 00:35:50,479 Speaker 1: come in house and help build um, you know, fed 699 00:35:50,560 --> 00:35:52,439 Speaker 1: coin or whatever you want to call it. And then 700 00:35:52,880 --> 00:35:55,959 Speaker 1: it's interesting because it's it's like, this stuff doesn't work 701 00:35:56,080 --> 00:36:00,279 Speaker 1: unless everybody's on a digital ID system, and so it's 702 00:36:00,320 --> 00:36:02,960 Speaker 1: kind of like the prerequisite. Well, I mean it doesn't. 703 00:36:03,000 --> 00:36:05,320 Speaker 1: I mean, I mean, the the stable coins work without 704 00:36:05,360 --> 00:36:07,719 Speaker 1: that right if they if they don't want to give 705 00:36:07,800 --> 00:36:10,120 Speaker 1: us the privacy, then it doesn't work, I guess. And 706 00:36:10,360 --> 00:36:11,520 Speaker 1: I don't think they want to give us the pair. 707 00:36:11,560 --> 00:36:13,400 Speaker 1: I don't think they want to give us the privacy. 708 00:36:13,480 --> 00:36:15,799 Speaker 1: And so that's kind of how I see it playing out. 709 00:36:15,880 --> 00:36:18,359 Speaker 1: I think it's all going to accelerate, um and then 710 00:36:18,480 --> 00:36:21,560 Speaker 1: they're probably gonna turn to to a private stable coin 711 00:36:21,640 --> 00:36:25,200 Speaker 1: issue or to kind of help weed that that project. Yeah, 712 00:36:25,480 --> 00:36:27,600 Speaker 1: that makes sense. I mean they pop up all the time. 713 00:36:27,600 --> 00:36:29,000 Speaker 1: As a matter of fact, they could just take one 714 00:36:29,080 --> 00:36:32,560 Speaker 1: over by one or whatever. UM. I was talking earlier. 715 00:36:32,800 --> 00:36:36,360 Speaker 1: There's an article I was reading about the history of 716 00:36:36,400 --> 00:36:38,160 Speaker 1: the i r S failure to update their own database. 717 00:36:38,160 --> 00:36:40,640 Speaker 1: For forty years, they've been unable to update their own 718 00:36:40,719 --> 00:36:43,319 Speaker 1: databases and it's caused you know, hundreds of thousands of 719 00:36:43,520 --> 00:36:45,680 Speaker 1: mistakes every single year. UM. And then I was talking 720 00:36:45,680 --> 00:36:48,560 Speaker 1: about the Obamacare when they launched that website. UM, it 721 00:36:48,680 --> 00:36:50,880 Speaker 1: was a massive problem people just trying to shop for 722 00:36:50,920 --> 00:36:53,640 Speaker 1: insurance and they spent over two billion dollars and couldn't 723 00:36:53,640 --> 00:36:56,040 Speaker 1: get that launched. So UM, they definitely don't have a 724 00:36:56,040 --> 00:37:00,120 Speaker 1: good history of technology, so we have that on our side. UM. 725 00:37:00,120 --> 00:37:02,480 Speaker 1: You're listening to the Markma Show. We're talking about bitcoin 726 00:37:02,520 --> 00:37:04,680 Speaker 1: and the decentralized Revolution. I've been in the studio with 727 00:37:04,760 --> 00:37:08,920 Speaker 1: Sam Callaghan. He's a bitcoin analyst with Swan Bitcoin a 728 00:37:09,000 --> 00:37:11,960 Speaker 1: good place to buy some bitcoin if you're looking for some. Um, 729 00:37:12,120 --> 00:37:15,680 Speaker 1: we're talking about the b I s UM. It's interesting anyway, 730 00:37:15,719 --> 00:37:17,520 Speaker 1: That's what I got forre you today. Thanks for listening.