1 00:00:00,400 --> 00:00:03,560 Speaker 1: The coin Bureau Podcast is a production of I Heart Radio. 2 00:00:04,040 --> 00:00:07,040 Speaker 1: Hello everyone, and welcome to the latest episode from the 3 00:00:07,120 --> 00:00:10,960 Speaker 1: midweek edition of the coin Bureau Podcast. Every week, I 4 00:00:11,039 --> 00:00:14,000 Speaker 1: pick out two of my favorite videos from coin Bureau's 5 00:00:14,040 --> 00:00:18,079 Speaker 1: YouTube channel to present to you in podcast form. The 6 00:00:18,120 --> 00:00:20,960 Speaker 1: audio you're about to hear is from those videos I've 7 00:00:21,040 --> 00:00:23,720 Speaker 1: chosen this week. Many of you have been in touch 8 00:00:23,800 --> 00:00:26,279 Speaker 1: to ask whether it's possible to listen to our videos 9 00:00:26,280 --> 00:00:30,040 Speaker 1: in podcast format, and so your wish is my command. 10 00:00:30,480 --> 00:00:33,720 Speaker 1: This week, I've selected our videos on the organizations out 11 00:00:33,720 --> 00:00:37,120 Speaker 1: there that want to destroy crypto and what you can 12 00:00:37,159 --> 00:00:42,160 Speaker 1: do to beat inflation. Both anti crypto organizations and inflation 13 00:00:42,240 --> 00:00:45,159 Speaker 1: are factors that will have a profound effect on the 14 00:00:45,159 --> 00:00:47,920 Speaker 1: state of your crypto portfolio in the future, and of 15 00:00:47,960 --> 00:00:51,800 Speaker 1: course it's always useful to know your enemies now. It's 16 00:00:51,800 --> 00:00:55,120 Speaker 1: hardly surprising that there are long established organizations out there 17 00:00:55,200 --> 00:00:57,840 Speaker 1: that want to destroy crypto because of the threat it 18 00:00:57,960 --> 00:01:02,240 Speaker 1: presents to the established financial order. These organizations have long 19 00:01:02,360 --> 00:01:05,840 Speaker 1: benefited from the status quo and are thus motivated to 20 00:01:05,959 --> 00:01:09,600 Speaker 1: try and preserve it at all costs. As such, they're 21 00:01:09,600 --> 00:01:12,959 Speaker 1: pushing back against the growth of crypto wherever possible, and 22 00:01:13,080 --> 00:01:15,760 Speaker 1: in the first part of today's episode, I go through 23 00:01:15,880 --> 00:01:20,520 Speaker 1: some of crypto's most powerful adversaries. Then, inflation is a 24 00:01:20,520 --> 00:01:23,280 Speaker 1: word that's on everyone's lips at the moment, and it's 25 00:01:23,319 --> 00:01:26,440 Speaker 1: already having a profound effect on all of us. There 26 00:01:26,560 --> 00:01:30,480 Speaker 1: is unfortunately no hiding from inflation, but there are steps 27 00:01:30,520 --> 00:01:33,360 Speaker 1: you can take to counter its effects. So in the 28 00:01:33,400 --> 00:01:36,000 Speaker 1: second part of today's episode, I'll outline some of the 29 00:01:36,040 --> 00:01:38,559 Speaker 1: ways you can push back against one of the most 30 00:01:38,600 --> 00:01:43,040 Speaker 1: pressing issues of the moment. Both videos were fascinating to research, 31 00:01:43,120 --> 00:01:45,600 Speaker 1: and I hope you enjoy listening to them. I'll be 32 00:01:45,640 --> 00:01:48,920 Speaker 1: back talking crypto with Mike very soon, so be sure 33 00:01:49,000 --> 00:01:52,120 Speaker 1: to stay tuned, and if you want even more content 34 00:01:52,160 --> 00:01:55,000 Speaker 1: from coin Bureau, be sure to subscribe to our YouTube 35 00:01:55,080 --> 00:02:18,320 Speaker 1: channel and visit us on social media too, m M. 36 00:02:19,120 --> 00:02:22,960 Speaker 1: As the adoption of cryptocurrency continues, so too does the 37 00:02:23,040 --> 00:02:27,720 Speaker 1: opposition from powerful institutions that control and benefit from the 38 00:02:27,800 --> 00:02:32,400 Speaker 1: corrupt financial system cryptocurrency is in the process of replacing. 39 00:02:33,160 --> 00:02:37,200 Speaker 1: Over the last few years, these powerful institutions have significantly 40 00:02:37,360 --> 00:02:42,000 Speaker 1: increased their efforts to regulate, restrict, subvert, and destroy the 41 00:02:42,040 --> 00:02:46,000 Speaker 1: crypto industry, and it's about time someone called them out 42 00:02:46,240 --> 00:02:49,480 Speaker 1: by name. Today, I'm going to tell you about the 43 00:02:49,480 --> 00:02:52,800 Speaker 1: institutions that are trying to kill crypto, how they're trying 44 00:02:52,800 --> 00:02:56,080 Speaker 1: to do it, whether they will succeed, and what it 45 00:02:56,120 --> 00:03:00,679 Speaker 1: all means for cryptocurrency. The first institution that's trying to 46 00:03:00,760 --> 00:03:04,040 Speaker 1: kill crypto is the Bank for International Settlements or b 47 00:03:04,280 --> 00:03:09,320 Speaker 1: i S. This is the self described bank for Central banks. 48 00:03:10,320 --> 00:03:12,840 Speaker 1: The b i S is based in Basel, Switzerland, and 49 00:03:12,960 --> 00:03:15,440 Speaker 1: it is owned by the sixty three central banks that 50 00:03:15,520 --> 00:03:18,360 Speaker 1: make up its membership. The b i S was founded 51 00:03:18,440 --> 00:03:23,040 Speaker 1: way back in and is technically the oldest international financial 52 00:03:23,040 --> 00:03:27,080 Speaker 1: institution in existence. What's interesting is that the b i 53 00:03:27,280 --> 00:03:31,080 Speaker 1: S was supposed to be disbanded in four as part 54 00:03:31,120 --> 00:03:35,680 Speaker 1: of the Breton Woods Conference, still waiting on its website. 55 00:03:35,760 --> 00:03:38,400 Speaker 1: The b i S says this is because the financial 56 00:03:38,440 --> 00:03:41,280 Speaker 1: elite at Bretton Woods didn't believe that b i S 57 00:03:41,320 --> 00:03:43,880 Speaker 1: would play a useful role once the I, m F 58 00:03:44,080 --> 00:03:48,360 Speaker 1: and the World Bank had been established. However, a memoir 59 00:03:48,480 --> 00:03:50,920 Speaker 1: by one of the economists who was actually present at 60 00:03:50,920 --> 00:03:54,000 Speaker 1: the Breton Woods conference revealed that the reason for the 61 00:03:54,080 --> 00:03:58,480 Speaker 1: institutions intended dissolution was because the bi S had allegedly 62 00:03:58,520 --> 00:04:02,720 Speaker 1: assisted the Nazis in taking gold and other assets from 63 00:04:02,760 --> 00:04:07,320 Speaker 1: occupied countries. This was proved to be true in when 64 00:04:07,320 --> 00:04:11,320 Speaker 1: the Bank of England declassified documents about how it helped 65 00:04:11,360 --> 00:04:16,479 Speaker 1: the b i S and the Nazis take gold from Czechoslovakia. Now, 66 00:04:16,520 --> 00:04:20,000 Speaker 1: despite this history, the b i S was never disbanded, 67 00:04:20,000 --> 00:04:23,560 Speaker 1: thanks in part to influential economists like John Maynard Keynes. 68 00:04:24,560 --> 00:04:28,240 Speaker 1: For context, Kanes is famous for pioneering so called demand 69 00:04:28,279 --> 00:04:32,120 Speaker 1: side economics. Demand side economics is the theory that the 70 00:04:32,200 --> 00:04:36,120 Speaker 1: demand for goods and services is fundamentally what causes economic 71 00:04:36,160 --> 00:04:40,400 Speaker 1: growth and inflation, a theory popular with many central bankers. 72 00:04:40,720 --> 00:04:43,960 Speaker 1: The more you know. Anyways, today the b i S 73 00:04:44,000 --> 00:04:47,800 Speaker 1: has undertaken a similarly disturbing role, and that's to assist 74 00:04:47,920 --> 00:04:52,039 Speaker 1: central banks to develop their respective central bank digital currencies 75 00:04:52,120 --> 00:04:55,880 Speaker 1: or CBDCs. Now, if you've watched any of our videos 76 00:04:55,880 --> 00:04:58,839 Speaker 1: about CBDCs, you'll know that they will give central banks 77 00:04:58,880 --> 00:05:02,120 Speaker 1: the power to decide what you can buy, when you 78 00:05:02,160 --> 00:05:04,720 Speaker 1: can buy it, where you can buy it, how much 79 00:05:04,760 --> 00:05:07,400 Speaker 1: money you can spend, and even how much money you 80 00:05:07,480 --> 00:05:11,039 Speaker 1: can save. In the words of b I S manager 81 00:05:11,080 --> 00:05:15,719 Speaker 1: Augustine Carstens, quote, the central bank will have absolute control 82 00:05:16,200 --> 00:05:20,200 Speaker 1: and quote will have the technology to enforce that control. 83 00:05:21,120 --> 00:05:23,760 Speaker 1: It should come as no surprise, then, that the b 84 00:05:23,920 --> 00:05:27,880 Speaker 1: I S is opposed to cryptocurrencies of all kinds, especially 85 00:05:28,080 --> 00:05:33,320 Speaker 1: stable coins. This is simply because cryptocurrency undermines the total 86 00:05:33,360 --> 00:05:37,240 Speaker 1: control of currency that it's associated central banks are explicitly 87 00:05:37,279 --> 00:05:41,280 Speaker 1: trying to achieve with their CBDCs, which are themselves clearly 88 00:05:41,360 --> 00:05:45,520 Speaker 1: direct competitors to stable coins. So far, the b I 89 00:05:45,680 --> 00:05:48,600 Speaker 1: s is anti crypto activities have been limited to reports 90 00:05:48,640 --> 00:05:52,599 Speaker 1: about why cryptocurrency is bad and why CBDCs are better. 91 00:05:53,400 --> 00:05:56,600 Speaker 1: It seems these reports are being conducted under the direction 92 00:05:56,680 --> 00:05:59,000 Speaker 1: of Hun Song Shin, the b I s IS head 93 00:05:59,080 --> 00:06:02,719 Speaker 1: of Research. Now, if you watched our recent video about 94 00:06:02,760 --> 00:06:05,039 Speaker 1: the b I s s Vision for the future of finance, 95 00:06:05,120 --> 00:06:08,560 Speaker 1: you'll know that nobody is buying what they're selling, and 96 00:06:08,640 --> 00:06:11,520 Speaker 1: even the reporters the b I S invited to its 97 00:06:11,560 --> 00:06:14,960 Speaker 1: recent press conference about the report were skeptical about the 98 00:06:15,040 --> 00:06:19,919 Speaker 1: institution CBDC push. Even so, there's no question that the 99 00:06:19,960 --> 00:06:23,839 Speaker 1: b I S has an incredible amount of influence, especially 100 00:06:23,880 --> 00:06:27,320 Speaker 1: since central bankers from around the world regularly meet at 101 00:06:27,360 --> 00:06:30,640 Speaker 1: the b I s's headquarters. In Basel to discuss what 102 00:06:30,680 --> 00:06:33,600 Speaker 1: they're going to do next. You can see what that 103 00:06:33,640 --> 00:06:37,719 Speaker 1: looks like using the link in the description. The second 104 00:06:37,720 --> 00:06:41,120 Speaker 1: institution that's trying to kill crypto is the Financial Action 105 00:06:41,200 --> 00:06:46,120 Speaker 1: Task Force or fat F, an international organization based in Paris, France. 106 00:06:46,880 --> 00:06:51,920 Speaker 1: It consists of forty countries and dozens of other international organizations, 107 00:06:51,960 --> 00:06:55,520 Speaker 1: including the I m F and World Bank. The fat 108 00:06:55,560 --> 00:06:57,960 Speaker 1: F was founded in nineteen eighty nine, and it was 109 00:06:58,000 --> 00:07:02,000 Speaker 1: initially established to combat money wandering around the world. Its 110 00:07:02,040 --> 00:07:05,599 Speaker 1: mandate has since expanded to include anything that threatens the 111 00:07:05,640 --> 00:07:09,400 Speaker 1: integrity of the financial system, and it achieves this mandate 112 00:07:09,480 --> 00:07:13,880 Speaker 1: by issuing so called recommendations about the kinds of financial 113 00:07:13,920 --> 00:07:18,280 Speaker 1: regulations that countries should implement. The fat F drafted its 114 00:07:18,360 --> 00:07:22,560 Speaker 1: first set of forty recommendations one year after it was founded. 115 00:07:23,480 --> 00:07:26,400 Speaker 1: The most infamous of these recommendations is the so called 116 00:07:26,520 --> 00:07:30,840 Speaker 1: travel rule, which requires financial institutions to collect detailed information 117 00:07:30,880 --> 00:07:34,880 Speaker 1: about anyone sending or receiving more than a certain amount 118 00:07:34,920 --> 00:07:39,320 Speaker 1: of money, usually around one thousand dollars. Although the fat 119 00:07:39,400 --> 00:07:42,720 Speaker 1: F doesn't have the power to write national laws, any 120 00:07:42,720 --> 00:07:46,920 Speaker 1: countries that fail to comply with its recommendations often find 121 00:07:46,960 --> 00:07:52,040 Speaker 1: themselves on its gray list or worse, its blacklist. Being 122 00:07:52,040 --> 00:07:54,760 Speaker 1: on the former makes it difficult to interact with the 123 00:07:54,760 --> 00:07:58,840 Speaker 1: global financial system, and being on the latter makes it impossible. 124 00:07:59,320 --> 00:08:02,520 Speaker 1: And that's why more than two hundred countries have chosen 125 00:08:02,560 --> 00:08:07,280 Speaker 1: to comply with the FATF's recommendations. Now, if you're wondering 126 00:08:07,400 --> 00:08:12,200 Speaker 1: who writes the FATF's recommendations, the answer is nobody really knows. 127 00:08:13,280 --> 00:08:16,880 Speaker 1: That's because the fat F consists of unelected officials who 128 00:08:16,880 --> 00:08:21,120 Speaker 1: hold meetings behind closed doors where they decide what recommendations 129 00:08:21,160 --> 00:08:24,960 Speaker 1: to pass and which countries land on which list. If 130 00:08:25,000 --> 00:08:27,600 Speaker 1: you watched our first video about the fat F, then 131 00:08:27,640 --> 00:08:31,040 Speaker 1: you'll know that its officials are also effectively above the 132 00:08:31,160 --> 00:08:34,920 Speaker 1: law thanks to the Vienna Conference on Diplomatic Intercourse and 133 00:08:34,960 --> 00:08:39,720 Speaker 1: Immunities passed in nineteen sixty one. Under the Vienna Conference, 134 00:08:39,920 --> 00:08:43,559 Speaker 1: folks like fat FIR officials cannot be arrested or detained, 135 00:08:43,800 --> 00:08:46,640 Speaker 1: they cannot be charged with a criminal or civil crime, 136 00:08:47,000 --> 00:08:50,800 Speaker 1: and they do not have to pay taxes. Fat FIR 137 00:08:50,880 --> 00:08:55,760 Speaker 1: officials are also not subject to pandemic travel restrictions. Now, 138 00:08:55,760 --> 00:08:58,560 Speaker 1: while it's not exactly clear who decides what the fat 139 00:08:58,600 --> 00:09:01,840 Speaker 1: F does, it's clear that it has strong connections to 140 00:09:01,920 --> 00:09:06,439 Speaker 1: the United States, specifically the United States Department of the Treasury. 141 00:09:06,880 --> 00:09:09,280 Speaker 1: If you watch our second video about the fat F, 142 00:09:09,480 --> 00:09:12,480 Speaker 1: you'll know that two of the three lead authors of 143 00:09:12,480 --> 00:09:16,880 Speaker 1: the finalized recommendations for cryptocurrency were from the Treasury Department, 144 00:09:17,000 --> 00:09:19,760 Speaker 1: and the document notes that the United States is the 145 00:09:19,800 --> 00:09:24,439 Speaker 1: primary driver behind compliance with the fat f's recommendations. This 146 00:09:24,480 --> 00:09:28,040 Speaker 1: would explain why the FATF's Travel Rule is eerily similar 147 00:09:28,080 --> 00:09:30,959 Speaker 1: to the United States is Bank Secrecy Act, which was 148 00:09:31,040 --> 00:09:34,480 Speaker 1: passed way back in the nineties seventies and is coincidentally 149 00:09:34,760 --> 00:09:38,520 Speaker 1: also referred to as the Travel Rule. It would also 150 00:09:38,600 --> 00:09:41,720 Speaker 1: explain why the United States isn't on the FATF's gray 151 00:09:41,760 --> 00:09:46,160 Speaker 1: list or blacklist, even though up tot of all money 152 00:09:46,240 --> 00:09:50,040 Speaker 1: laundering happens in the USA, and why the countries that 153 00:09:50,160 --> 00:09:52,400 Speaker 1: do end up on the fat f's gray and blacklist 154 00:09:52,720 --> 00:09:55,160 Speaker 1: tend to be at odds with the interests of the 155 00:09:55,240 --> 00:09:58,760 Speaker 1: United States. Given these facts, it looks like the fat 156 00:09:58,800 --> 00:10:02,120 Speaker 1: F is another finance sure weapon the United States occasionally 157 00:10:02,200 --> 00:10:05,240 Speaker 1: uses against its enemies, and it's a weapon that's being 158 00:10:05,320 --> 00:10:09,240 Speaker 1: used against cryptocurrency as well. Believe it or not, but 159 00:10:09,280 --> 00:10:13,000 Speaker 1: the fat F doesn't actually want to ban cryptocurrency. It 160 00:10:13,040 --> 00:10:16,000 Speaker 1: just wants no more peer to peer transactions and no 161 00:10:16,080 --> 00:10:19,640 Speaker 1: more privacy, something it hopes to achieve by labeling any 162 00:10:19,679 --> 00:10:24,200 Speaker 1: technology or activity related to these two as high risk. 163 00:10:25,040 --> 00:10:27,840 Speaker 1: In other words, the fat F wants to turn crypto 164 00:10:28,080 --> 00:10:31,200 Speaker 1: into another arm of the existing financial system, which is 165 00:10:31,240 --> 00:10:36,560 Speaker 1: of course controlled by the United States. This is pretty bad, 166 00:10:36,600 --> 00:10:39,160 Speaker 1: but admittedly not as bad as what the b I 167 00:10:39,360 --> 00:10:42,760 Speaker 1: S is planning. It also doesn't seem to be working. 168 00:10:43,400 --> 00:10:45,920 Speaker 1: If you watched our most recent video about the fat F, 169 00:10:46,160 --> 00:10:49,839 Speaker 1: you'll know that countries are taking their sweet time complying 170 00:10:49,960 --> 00:10:53,160 Speaker 1: with its crypto recommendations, and it looks like there's a 171 00:10:53,160 --> 00:10:56,560 Speaker 1: few which might not impose the crypto regulations the fat 172 00:10:56,559 --> 00:10:59,920 Speaker 1: F wants to see. This might have something to do 173 00:11:00,000 --> 00:11:03,320 Speaker 1: with the fact that its recommendations don't work in combating 174 00:11:03,320 --> 00:11:08,079 Speaker 1: illicit finance. The fat f's own statistics suggest it hasn't 175 00:11:08,120 --> 00:11:12,920 Speaker 1: made a dent in dark money in over thirty years now. 176 00:11:13,120 --> 00:11:16,520 Speaker 1: If this non compliance by countries continues, it will be 177 00:11:16,559 --> 00:11:19,240 Speaker 1: difficult for the fat F to achieve its goal in time, 178 00:11:19,440 --> 00:11:22,560 Speaker 1: because if crypto adoption reaches a tipping point, it will 179 00:11:22,600 --> 00:11:26,200 Speaker 1: be impossible for politicians to pass the crypto regulations the 180 00:11:26,240 --> 00:11:29,160 Speaker 1: fat F wants to see because the people will vote 181 00:11:29,160 --> 00:11:33,560 Speaker 1: against such politicians. It's also quite possible that by the 182 00:11:33,600 --> 00:11:36,880 Speaker 1: time compliance starts to come, the financial system would have 183 00:11:36,920 --> 00:11:39,640 Speaker 1: fragmented to such an extent that the fat F no 184 00:11:39,720 --> 00:11:44,640 Speaker 1: longer has any influence. This fragmentation has been accelerated by 185 00:11:44,640 --> 00:11:48,720 Speaker 1: the unprecedented sanctions against Russia, and you can learn more 186 00:11:48,760 --> 00:11:52,760 Speaker 1: about those using the link in the description I digress. 187 00:11:53,800 --> 00:11:56,800 Speaker 1: The third institution that's trying to kill crypto is the 188 00:11:56,840 --> 00:12:00,400 Speaker 1: i m F and the World Bank. The International Monitary 189 00:12:00,400 --> 00:12:02,880 Speaker 1: Fund or i MF, was created as part of the 190 00:12:02,920 --> 00:12:07,600 Speaker 1: aforementioned Breton Woods Agreement in four For those who don't know, 191 00:12:07,679 --> 00:12:10,120 Speaker 1: the Breton Woods Agreement is where the world decided to 192 00:12:10,200 --> 00:12:14,640 Speaker 1: make the US dollar the world's reserve currency. More accurately, 193 00:12:14,760 --> 00:12:17,960 Speaker 1: it's where the world decided that the other currencies would 194 00:12:18,000 --> 00:12:21,360 Speaker 1: be pegged to the US dollar at a fixed exchange rate, 195 00:12:21,440 --> 00:12:24,080 Speaker 1: and the U. S Dollar would in turn be backed 196 00:12:24,080 --> 00:12:28,080 Speaker 1: by physical gold. The i m f's initial job was 197 00:12:28,160 --> 00:12:31,640 Speaker 1: to ensure the exchange rates between other currencies and the U. 198 00:12:31,720 --> 00:12:34,520 Speaker 1: S Dollar remain stable, but after the U. S Dollar 199 00:12:34,600 --> 00:12:37,840 Speaker 1: officially stopped being backed by gold. In nineteen seventy one, 200 00:12:38,240 --> 00:12:41,400 Speaker 1: the i m F turned its focus to financial stability 201 00:12:41,520 --> 00:12:45,439 Speaker 1: around the world. The i m F achieves this financial 202 00:12:45,480 --> 00:12:49,240 Speaker 1: stability by issuing loans to countries in crisis to ensure 203 00:12:49,280 --> 00:12:51,760 Speaker 1: that the crisis the country is facing doesn't become an 204 00:12:51,760 --> 00:12:56,640 Speaker 1: international crisis. These loans are known for including all sorts 205 00:12:56,640 --> 00:13:00,960 Speaker 1: of terms and conditions that benefit certain institut usians. I'll 206 00:13:00,960 --> 00:13:04,320 Speaker 1: come back to those in a second. Whereas the I 207 00:13:04,520 --> 00:13:08,480 Speaker 1: m F issues loans, the World Bank provides longer term 208 00:13:08,600 --> 00:13:12,800 Speaker 1: financial and technical support to developing countries. Now you can 209 00:13:12,840 --> 00:13:15,679 Speaker 1: think of the World Bank as being the unofficial other 210 00:13:15,760 --> 00:13:18,160 Speaker 1: half of the i m F, as it was also 211 00:13:18,320 --> 00:13:22,400 Speaker 1: created as part of the Breton Woods Conference. Not only that, 212 00:13:22,559 --> 00:13:26,160 Speaker 1: but the IMF and World Bank headquarters are across the 213 00:13:26,160 --> 00:13:29,440 Speaker 1: street from each other in Washington, d C. Note that 214 00:13:29,480 --> 00:13:31,880 Speaker 1: I've just referred to the i m F from here 215 00:13:31,920 --> 00:13:36,560 Speaker 1: on out, as it's been much more vocal about cryptocurrency. Now, 216 00:13:36,600 --> 00:13:39,160 Speaker 1: if all that info didn't make it clear enough, the 217 00:13:39,280 --> 00:13:42,679 Speaker 1: i m F is firmly aligned with the interests of 218 00:13:42,760 --> 00:13:46,240 Speaker 1: the United States, and that's simply because the USA has 219 00:13:46,320 --> 00:13:48,920 Speaker 1: the most voting power of the I m FS. One 220 00:13:49,360 --> 00:13:52,920 Speaker 1: and ninety member countries. As far as I can tell, 221 00:13:53,120 --> 00:13:56,440 Speaker 1: the i m f's hatred of cryptocurrency has mostly to 222 00:13:56,480 --> 00:14:00,280 Speaker 1: do with BTC. That's because BTC is star seemed to 223 00:14:00,280 --> 00:14:03,280 Speaker 1: be adopted as legal tender by the kinds of developing 224 00:14:03,320 --> 00:14:06,320 Speaker 1: countries the i m F is trying to control, notably 225 00:14:06,400 --> 00:14:10,880 Speaker 1: El Salvador and the Central African Republic. This is why 226 00:14:11,000 --> 00:14:13,560 Speaker 1: the i m F included a clause in its debt 227 00:14:13,600 --> 00:14:17,680 Speaker 1: deal with Argentina to discourage the adoption of cryptocurrency, something 228 00:14:17,840 --> 00:14:20,680 Speaker 1: that I'm sure is going to become more common as 229 00:14:20,760 --> 00:14:25,960 Speaker 1: more countries start adopting cryptocurrency and BTC in particular. By 230 00:14:26,000 --> 00:14:29,720 Speaker 1: the way, the clause didn't work, Argentineans are still adopting 231 00:14:29,760 --> 00:14:34,840 Speaker 1: BTC and stable coins to protect themselves from inflation. Now, 232 00:14:34,880 --> 00:14:37,000 Speaker 1: if you watched our video about the i m f 233 00:14:37,080 --> 00:14:39,280 Speaker 1: s report about the decline of the U S Dollar, 234 00:14:39,560 --> 00:14:42,240 Speaker 1: you'll know that the i m F knows that central 235 00:14:42,240 --> 00:14:45,360 Speaker 1: banks around the world are slowly ditching the greenback in 236 00:14:45,440 --> 00:14:49,480 Speaker 1: favor of alternative currencies. You might also recall that this 237 00:14:49,560 --> 00:14:54,040 Speaker 1: is why it's possible other countries could adopt BTC. Case 238 00:14:54,120 --> 00:14:56,960 Speaker 1: and point the chairman of the Central Bank of Switzerland 239 00:14:57,120 --> 00:15:00,880 Speaker 1: recently noted that it could hold BTC on its balance 240 00:15:00,920 --> 00:15:04,320 Speaker 1: sheet once it becomes big enough. At that point, it's 241 00:15:04,400 --> 00:15:09,040 Speaker 1: only a small step to legal tender status. It's safe 242 00:15:09,080 --> 00:15:12,240 Speaker 1: to say this is something the i MF doesn't want 243 00:15:12,280 --> 00:15:15,240 Speaker 1: to see happen in any developed countries, which is why 244 00:15:15,320 --> 00:15:20,520 Speaker 1: the institution has seemingly focused its attacks on BTC lately. 245 00:15:20,760 --> 00:15:23,960 Speaker 1: These attacks have centered around Bitcoin's energy use, with the 246 00:15:24,000 --> 00:15:28,200 Speaker 1: i m F claiming CBDCs are superior because they use 247 00:15:28,320 --> 00:15:31,520 Speaker 1: less energy. What the i m F won't tell you 248 00:15:31,600 --> 00:15:34,520 Speaker 1: is that Bitcoin's energy use is negligible in the grand 249 00:15:34,560 --> 00:15:39,160 Speaker 1: scheme of things. More about that in the description, anyhow. 250 00:15:39,200 --> 00:15:43,360 Speaker 1: The fourth institution that's trying to kill crypto is Wall Street, 251 00:15:43,640 --> 00:15:47,840 Speaker 1: which is more of a collection of established financial institutions 252 00:15:47,960 --> 00:15:51,840 Speaker 1: rather than a single entity. As almost everyone around the 253 00:15:51,880 --> 00:15:56,320 Speaker 1: world knows, Wall Streets power is truly unprecedented, and most 254 00:15:56,360 --> 00:15:59,720 Speaker 1: of this power resides in a handful of asset managers 255 00:16:00,000 --> 00:16:03,520 Speaker 1: like black Rock and Vanguard, and megabanks like JP Morgan 256 00:16:03,680 --> 00:16:07,120 Speaker 1: and Bank of America. I'll quickly note that the only 257 00:16:07,200 --> 00:16:10,080 Speaker 1: reason why these asset managers and banks were able to 258 00:16:10,120 --> 00:16:13,520 Speaker 1: become so big is because they're basically first in line 259 00:16:13,720 --> 00:16:18,320 Speaker 1: at the Federal Reserves money printer. They also have unbelievable 260 00:16:18,360 --> 00:16:23,119 Speaker 1: influence over politics and regulations in the United States and elsewhere. 261 00:16:23,880 --> 00:16:26,520 Speaker 1: If you watched our video about the Securities and Exchange 262 00:16:26,560 --> 00:16:30,840 Speaker 1: Commission's views on cryptocurrency, you'll know that the SEC allegedly 263 00:16:31,000 --> 00:16:34,920 Speaker 1: destroyed documents about the two thousand and eight financial crisis 264 00:16:35,040 --> 00:16:38,080 Speaker 1: when it was supposed to be investigating the asset managers 265 00:16:38,120 --> 00:16:42,440 Speaker 1: and big banks that caused it. Article from the Huffington 266 00:16:42,520 --> 00:16:45,920 Speaker 1: Post also notes that Wall streets spent more money on 267 00:16:46,040 --> 00:16:51,240 Speaker 1: lobbying than any other industry between and two thousand and eleven, 268 00:16:51,360 --> 00:16:55,120 Speaker 1: a spending streak that has apparently been overshadowed by big 269 00:16:55,160 --> 00:16:58,880 Speaker 1: tech giants like Meta and mega corporations like Amazon, which 270 00:16:58,880 --> 00:17:02,320 Speaker 1: are now the biggest lobbyists. Heck, the i m F 271 00:17:02,560 --> 00:17:06,560 Speaker 1: even published a paper in about the regulatory capture of 272 00:17:06,600 --> 00:17:10,800 Speaker 1: bank lobbying and how it led to the global financial crisis. 273 00:17:11,520 --> 00:17:15,480 Speaker 1: While the authors argued that these issues were resolved by regulations, 274 00:17:15,520 --> 00:17:18,120 Speaker 1: I think it's clear to the average person that Wall 275 00:17:18,160 --> 00:17:22,800 Speaker 1: Street has only become more powerful like the central banks 276 00:17:22,840 --> 00:17:25,240 Speaker 1: at the b i S, the asset managers and banks 277 00:17:25,240 --> 00:17:28,800 Speaker 1: on Wall Street do not want to be replaced by cryptocurrency, 278 00:17:28,880 --> 00:17:31,960 Speaker 1: which is why most of them have historically been anti crypto. 279 00:17:32,480 --> 00:17:34,960 Speaker 1: The thing is that the asset managers and banks on 280 00:17:34,960 --> 00:17:38,440 Speaker 1: Wall Street also don't want to be replaced by central 281 00:17:38,440 --> 00:17:42,280 Speaker 1: bank digital currencies either, and these are quickly becoming a 282 00:17:42,320 --> 00:17:46,280 Speaker 1: bigger threat than crypto. If you watched our video about 283 00:17:46,280 --> 00:17:48,920 Speaker 1: the b I s S report about what CBDCs will 284 00:17:48,960 --> 00:17:52,200 Speaker 1: look like, you'll know that they would effectively cut commercial 285 00:17:52,240 --> 00:17:56,600 Speaker 1: banks out of the equation. Even though the CBDC systems 286 00:17:56,640 --> 00:18:00,359 Speaker 1: being proposed by central banks often include commercial banks as 287 00:18:00,400 --> 00:18:02,959 Speaker 1: the front end, the b I S and its central 288 00:18:02,960 --> 00:18:06,159 Speaker 1: banks have admitted in multiple reports that it would be 289 00:18:06,240 --> 00:18:10,080 Speaker 1: next to impossible for commercial banks to remain profitable under 290 00:18:10,119 --> 00:18:14,000 Speaker 1: such a system. What's more is that the roles asset 291 00:18:14,080 --> 00:18:17,879 Speaker 1: managers and banks play could easily be filled by companies 292 00:18:18,080 --> 00:18:21,800 Speaker 1: in the financial technology sector, such as Revolute and PayPal. 293 00:18:22,560 --> 00:18:26,680 Speaker 1: It's even possible that crypto companies like Consensus could play 294 00:18:26,720 --> 00:18:30,280 Speaker 1: this role. You heard it here first, folks. Now, this 295 00:18:30,359 --> 00:18:33,719 Speaker 1: leaves only one option for the asset managers and banks, 296 00:18:33,760 --> 00:18:36,800 Speaker 1: and that's to take control of the crypto industry and 297 00:18:36,960 --> 00:18:41,639 Speaker 1: leverage its technology to ensure they remain profitable and ideally 298 00:18:41,760 --> 00:18:44,280 Speaker 1: leverage it to the point that they can continue to 299 00:18:44,400 --> 00:18:49,040 Speaker 1: compete with fintech companies. How are asset managers and banks 300 00:18:49,080 --> 00:18:53,080 Speaker 1: taking control of the crypto industry, you ask, well. Besides 301 00:18:53,160 --> 00:18:56,520 Speaker 1: investing heavily in centralized projects that have close ties to 302 00:18:56,560 --> 00:19:00,280 Speaker 1: their own constituents, asset managers and banks are also taking 303 00:19:00,320 --> 00:19:03,480 Speaker 1: control of crypto by forcing it to comply with their 304 00:19:03,560 --> 00:19:06,639 Speaker 1: e s G agenda. If you watched our video about 305 00:19:06,680 --> 00:19:09,920 Speaker 1: e s G, you'll know that it stands for Environmental, 306 00:19:10,000 --> 00:19:13,480 Speaker 1: social and governance and if you squint, you realize that 307 00:19:13,560 --> 00:19:18,800 Speaker 1: it really stands for control, control and control. The inability 308 00:19:18,880 --> 00:19:22,840 Speaker 1: to control bitcoin under this framework is ultimately why Wall 309 00:19:22,880 --> 00:19:26,760 Speaker 1: Street dislikes proof of work. This is also why asset 310 00:19:26,800 --> 00:19:30,399 Speaker 1: managers and big banks love proof of steak and why 311 00:19:30,440 --> 00:19:33,320 Speaker 1: they are pushing for it. They have the capital they 312 00:19:33,359 --> 00:19:36,280 Speaker 1: need to buy up the stake required to take control 313 00:19:36,320 --> 00:19:39,560 Speaker 1: of almost any crypto project that uses proof of steak 314 00:19:39,680 --> 00:19:43,480 Speaker 1: as its consensus mechanism. The same goes for token based 315 00:19:43,520 --> 00:19:47,280 Speaker 1: governance structures. At that point they will be able to 316 00:19:47,359 --> 00:19:50,720 Speaker 1: implement whatever rules they see fit, and if everyone ends 317 00:19:50,760 --> 00:19:54,200 Speaker 1: up using proof of state, cryptocurrencies. The asset managers and 318 00:19:54,320 --> 00:19:58,240 Speaker 1: megabanks would finally have total control of the financial system, 319 00:19:58,440 --> 00:20:04,840 Speaker 1: eliminating governance, politicians, regulations, and their own accountability. Now that's 320 00:20:05,000 --> 00:20:07,560 Speaker 1: not to say that proof of work is perfect or 321 00:20:07,720 --> 00:20:11,040 Speaker 1: that proof of steak couldn't be improved, but it's important 322 00:20:11,040 --> 00:20:13,600 Speaker 1: to be aware of the game being played and the 323 00:20:13,680 --> 00:20:17,399 Speaker 1: powerful people who are sitting at the table. More about 324 00:20:17,480 --> 00:20:20,320 Speaker 1: the pros and cons of proof of steak using the 325 00:20:20,400 --> 00:20:24,600 Speaker 1: link in the description. The fifth and final institution that's 326 00:20:24,600 --> 00:20:28,440 Speaker 1: trying to kill crypto is the World Economic Forum or WEF, 327 00:20:28,520 --> 00:20:33,200 Speaker 1: a non governmental organization or NGEO, based in Geneva, Switzerland. 328 00:20:33,840 --> 00:20:37,639 Speaker 1: The WEF was founded by Klaus Schwab in one, and 329 00:20:37,720 --> 00:20:41,840 Speaker 1: he has served as its executive chairman ever since. As 330 00:20:41,920 --> 00:20:46,240 Speaker 1: poets website, the weft's purpose is to quote shape global, regional, 331 00:20:46,359 --> 00:20:49,800 Speaker 1: and industry agendas. The West has the power to do 332 00:20:49,840 --> 00:20:52,639 Speaker 1: this because it consists of over four thousand of the 333 00:20:52,680 --> 00:20:57,400 Speaker 1: world's most powerful individuals and institutions, including all the ones 334 00:20:57,480 --> 00:21:00,919 Speaker 1: I've mentioned in this video so far. If you've watched 335 00:21:00,920 --> 00:21:03,119 Speaker 1: any of our videos about the WEFT, you'll know that 336 00:21:03,240 --> 00:21:06,320 Speaker 1: its plans for the world are truly at odds with 337 00:21:06,400 --> 00:21:10,640 Speaker 1: the average person. It has amazing ideas such as you'll 338 00:21:10,680 --> 00:21:14,080 Speaker 1: own nothing and be happy, which comes directly from that 339 00:21:14,200 --> 00:21:18,719 Speaker 1: technocratic brain of Klaus Schwab himself. You'll also know that 340 00:21:18,760 --> 00:21:21,760 Speaker 1: the WEF is where E s G standards were established, 341 00:21:21,840 --> 00:21:25,800 Speaker 1: and that the weft's recent annual meeting Endavos included a 342 00:21:25,840 --> 00:21:29,240 Speaker 1: few crypto companies and personnel, as well as a series 343 00:21:29,320 --> 00:21:33,520 Speaker 1: of panel discussions about crypto related topics. As far as 344 00:21:33,560 --> 00:21:36,440 Speaker 1: I can tell, the WEF has had cryptocurrency on its 345 00:21:36,520 --> 00:21:40,040 Speaker 1: radar since twenty thirteen, which makes sense given that this 346 00:21:40,160 --> 00:21:44,159 Speaker 1: is when the second crypto bull run happened. Naturally, the 347 00:21:44,240 --> 00:21:48,240 Speaker 1: WEF isn't all that interested in cryptocurrency. What the WEF 348 00:21:48,600 --> 00:21:53,000 Speaker 1: is interested in is the powerful technology that cryptocurrencies use. 349 00:21:53,720 --> 00:21:57,280 Speaker 1: A historic example here is the weft's Tipping Points report 350 00:21:57,359 --> 00:22:01,000 Speaker 1: from twenty fifteen, which highlighted smart tracks as a point 351 00:22:01,000 --> 00:22:05,080 Speaker 1: of interest. Note that this report was published shortly after 352 00:22:05,280 --> 00:22:09,280 Speaker 1: Ethereum was created, and it even made a direct reference 353 00:22:09,280 --> 00:22:13,320 Speaker 1: to the company that created chain Link, three years before 354 00:22:13,359 --> 00:22:17,119 Speaker 1: it was created. A more recent example is this year's 355 00:22:17,160 --> 00:22:20,119 Speaker 1: Davos meeting, where the metaverse was almost as big a 356 00:22:20,200 --> 00:22:23,919 Speaker 1: topic as E s G with multiple discussions and articles 357 00:22:23,960 --> 00:22:28,000 Speaker 1: produced by the West, speaking of which I'm pretty sure 358 00:22:28,119 --> 00:22:32,240 Speaker 1: the second metaverse discussion was the longest of any discussion 359 00:22:32,280 --> 00:22:36,520 Speaker 1: at this year's Davos meeting. Obviously, what the West wants 360 00:22:36,640 --> 00:22:40,159 Speaker 1: is to use technology like blockchain, smart contracts, and the 361 00:22:40,200 --> 00:22:45,000 Speaker 1: metaverse to create the dystopia its constituents want, and unfortunately, 362 00:22:45,280 --> 00:22:48,760 Speaker 1: it seems like some crypto projects and companies are on 363 00:22:48,800 --> 00:22:53,600 Speaker 1: board with the weft's vision not naming names any who. 364 00:22:53,640 --> 00:22:56,600 Speaker 1: When it comes to blockchain, the WEFT wants to use 365 00:22:56,640 --> 00:22:59,639 Speaker 1: it for things like digital I D social credit scores, 366 00:23:00,000 --> 00:23:03,320 Speaker 1: tracking everything and everyone tokenizing real world assets so that 367 00:23:03,359 --> 00:23:07,640 Speaker 1: their ownership can be controlled and engaging in quote stakeholder 368 00:23:07,680 --> 00:23:12,320 Speaker 1: capitalism via proof of steak consensus mechanisms. If you're wondering 369 00:23:12,480 --> 00:23:16,000 Speaker 1: who the stakeholders will be, Klaus has stated in many 370 00:23:16,080 --> 00:23:19,359 Speaker 1: interviews and speeches that he created the WEF so that 371 00:23:19,480 --> 00:23:24,520 Speaker 1: stakeholders could gather. Let that sink in. Now, when it 372 00:23:24,560 --> 00:23:27,600 Speaker 1: comes to smart contracts, the WEF wants to use them 373 00:23:27,880 --> 00:23:31,320 Speaker 1: for things like automated censorship to prevent the purchase of 374 00:23:31,320 --> 00:23:34,199 Speaker 1: certain goods and services, and to create the kinds of 375 00:23:34,240 --> 00:23:38,840 Speaker 1: incentive structures the WEF wants to see by say, artificially 376 00:23:38,920 --> 00:23:44,240 Speaker 1: increasing meat prices to decrease meat eating. When it comes 377 00:23:44,280 --> 00:23:46,879 Speaker 1: to the metaverse, the WEF wants to use it to 378 00:23:47,040 --> 00:23:51,080 Speaker 1: limit population growth, to pacify people in developing countries, and 379 00:23:51,160 --> 00:23:54,320 Speaker 1: to give all the quote useless people something to do. 380 00:23:54,520 --> 00:23:57,560 Speaker 1: In the worlds of Yuval Noah Harari, one of Klaus 381 00:23:57,560 --> 00:24:02,560 Speaker 1: Schwab's closest advisers. Luckily, the world is starting to wake 382 00:24:02,680 --> 00:24:04,919 Speaker 1: up to what the WEF is trying to do with 383 00:24:05,000 --> 00:24:09,120 Speaker 1: cryptocurrency and other technologies that are intended to free rather 384 00:24:09,160 --> 00:24:12,760 Speaker 1: than enslave, the average person, and there's no shortage of 385 00:24:12,800 --> 00:24:16,840 Speaker 1: individuals and institutions who are starting to push back, including 386 00:24:17,160 --> 00:24:21,000 Speaker 1: from the world of crypto. Still, it's scary to realize 387 00:24:21,040 --> 00:24:24,399 Speaker 1: just how much influence the wealth and all these other 388 00:24:24,440 --> 00:24:27,840 Speaker 1: institutions have, and it makes you wonder what other more 389 00:24:27,960 --> 00:24:32,399 Speaker 1: powerful organizations are trying to do with cryptocurrency behind the scenes. 390 00:24:33,440 --> 00:24:36,040 Speaker 1: Rest assured that I'll be letting you know if I 391 00:24:36,080 --> 00:24:39,480 Speaker 1: find anything. In the meantime, keep your eyes on these 392 00:24:39,480 --> 00:24:49,560 Speaker 1: institutions and don't hesitate to call them out. As the 393 00:24:49,600 --> 00:24:54,160 Speaker 1: adoption of cryptocurrency continues, so too does the opposition from 394 00:24:54,240 --> 00:24:59,080 Speaker 1: powerful institutions that control and benefit from the corrupt financial 395 00:24:59,080 --> 00:25:02,560 Speaker 1: system crypt toe currency is in the process of replacing. 396 00:25:03,320 --> 00:25:07,360 Speaker 1: Over the last few years, these powerful institutions have significantly 397 00:25:07,480 --> 00:25:12,159 Speaker 1: increased their efforts to regulate, restrict, subvert, and destroy the 398 00:25:12,200 --> 00:25:16,160 Speaker 1: crypto industry, and it's about time someone called them out 399 00:25:16,400 --> 00:25:19,600 Speaker 1: by name. Today, I'm going to tell you about the 400 00:25:19,640 --> 00:25:22,960 Speaker 1: institutions that are trying to kill crypto, how they're trying 401 00:25:22,960 --> 00:25:26,240 Speaker 1: to do it, whether they will succeed, and what it 402 00:25:26,280 --> 00:25:30,920 Speaker 1: all means for cryptocurrency. The first institution that's trying to 403 00:25:31,000 --> 00:25:34,280 Speaker 1: kill crypto is the Bank for International Settlements or b 404 00:25:34,560 --> 00:25:39,560 Speaker 1: i S. This is the self described bank for central banks. 405 00:25:40,600 --> 00:25:43,120 Speaker 1: The b i S is based in Basel, Switzerland, and 406 00:25:43,240 --> 00:25:45,719 Speaker 1: it is owned by the sixty three central banks that 407 00:25:45,760 --> 00:25:48,600 Speaker 1: make up its membership. The b i S was founded 408 00:25:48,680 --> 00:25:53,280 Speaker 1: way back in and is technically the oldest international financial 409 00:25:53,320 --> 00:25:57,320 Speaker 1: institution in existence. What's interesting is that the b i 410 00:25:57,520 --> 00:26:01,040 Speaker 1: S was supposed to be disbanded in forty four as 411 00:26:01,080 --> 00:26:05,960 Speaker 1: part of the Breton Woods conference, still waiting on its website. 412 00:26:06,040 --> 00:26:08,679 Speaker 1: The b i S says this is because the financial 413 00:26:08,680 --> 00:26:11,520 Speaker 1: elite at Breton Woods didn't believe that b I S 414 00:26:11,560 --> 00:26:14,119 Speaker 1: would play a useful role once the I, m F 415 00:26:14,320 --> 00:26:18,640 Speaker 1: and the World Bank had been established. However, a memoir 416 00:26:18,760 --> 00:26:21,119 Speaker 1: by one of the economists who was actually present at 417 00:26:21,200 --> 00:26:24,240 Speaker 1: the Breton Woods conference revealed that the reason for the 418 00:26:24,320 --> 00:26:28,720 Speaker 1: institutions intended dissolution was because the bi S had allegedly 419 00:26:28,760 --> 00:26:32,960 Speaker 1: assisted the Nazis in taking gold and other assets from 420 00:26:33,000 --> 00:26:37,560 Speaker 1: occupied countries. This was proved to be true in when 421 00:26:37,560 --> 00:26:41,560 Speaker 1: the Bank of England declassified documents about how it helped 422 00:26:41,600 --> 00:26:46,720 Speaker 1: the b I S and the Nazis take gold from Czechoslovakia. Now, 423 00:26:46,760 --> 00:26:50,240 Speaker 1: despite this history, the b I S was never disbanded, 424 00:26:50,280 --> 00:26:53,800 Speaker 1: thanks in part to influential economists like John Maynard Keynes. 425 00:26:54,840 --> 00:26:58,480 Speaker 1: For context, Kanes is famous for pioneering so called demand 426 00:26:58,560 --> 00:27:02,359 Speaker 1: side economics. Demand side economics is the theory that the 427 00:27:02,440 --> 00:27:06,359 Speaker 1: demand for goods and services is fundamentally what causes economic 428 00:27:06,400 --> 00:27:10,640 Speaker 1: growth and inflation, a theory popular with many central bankers. 429 00:27:10,960 --> 00:27:14,200 Speaker 1: The more you know. Anyways, today, the b I S 430 00:27:14,240 --> 00:27:18,040 Speaker 1: has undertaken a similarly disturbing role, and that's to assist 431 00:27:18,160 --> 00:27:22,280 Speaker 1: central banks to develop their respective central bank digital currencies 432 00:27:22,400 --> 00:27:26,119 Speaker 1: or CBDCs. Now, if you've watched any of our videos 433 00:27:26,119 --> 00:27:29,119 Speaker 1: about CBDCs. You'll know that they will give central banks 434 00:27:29,160 --> 00:27:32,359 Speaker 1: the power to decide what you can buy, when you 435 00:27:32,400 --> 00:27:34,960 Speaker 1: can buy it, where you can buy it, how much 436 00:27:35,000 --> 00:27:37,679 Speaker 1: money you can spend, and even how much money you 437 00:27:37,720 --> 00:27:41,280 Speaker 1: can save. In the words of b I S Manager 438 00:27:41,320 --> 00:27:45,960 Speaker 1: Augustine Carstens, quote the central bank will have absolute control 439 00:27:46,440 --> 00:27:50,480 Speaker 1: and quote will have the technology to enforce that control. 440 00:27:51,359 --> 00:27:54,040 Speaker 1: It should come as no surprise, then, that the b 441 00:27:54,160 --> 00:27:58,160 Speaker 1: I S is opposed to cryptocurrencies of all kinds, especially 442 00:27:58,320 --> 00:28:03,560 Speaker 1: stable coins. This is simply because cryptocurrency undermines the total 443 00:28:03,600 --> 00:28:07,520 Speaker 1: control of currency that it's associated central banks are explicitly 444 00:28:07,520 --> 00:28:11,560 Speaker 1: trying to achieve with their CBDCs, which are themselves clearly 445 00:28:11,600 --> 00:28:15,800 Speaker 1: direct competitors to stable coins. So far, the b I 446 00:28:15,960 --> 00:28:18,840 Speaker 1: s IS anti crypto activities have been limited to reports 447 00:28:18,880 --> 00:28:22,840 Speaker 1: about why cryptocurrency is bad and why CBDCs are better. 448 00:28:23,680 --> 00:28:26,840 Speaker 1: It seemed these reports are being conducted under the direction 449 00:28:26,920 --> 00:28:29,280 Speaker 1: of Hun Song Shin, the b I S S Head 450 00:28:29,320 --> 00:28:32,960 Speaker 1: of Research. Now, if you watched our recent video about 451 00:28:33,000 --> 00:28:35,280 Speaker 1: the BI S S Vision for the future of finance, 452 00:28:35,359 --> 00:28:38,800 Speaker 1: you'll know that nobody is buying what they're selling, and 453 00:28:38,920 --> 00:28:41,760 Speaker 1: even the reporters the b I S invited to its 454 00:28:41,800 --> 00:28:45,240 Speaker 1: recent press conference about the report were skeptical about the 455 00:28:45,280 --> 00:28:50,200 Speaker 1: institution CBDC push. Even so, there's no question that the 456 00:28:50,240 --> 00:28:54,080 Speaker 1: b I S has an incredible amount of influence, especially 457 00:28:54,120 --> 00:28:57,560 Speaker 1: since central bankers from around the world regularly meet at 458 00:28:57,600 --> 00:29:00,480 Speaker 1: the b I s s headquarters in Basel to discuss 459 00:29:00,720 --> 00:29:03,600 Speaker 1: what they're going to do next. You can see what 460 00:29:03,720 --> 00:29:07,520 Speaker 1: that looks like using the link in the description. The 461 00:29:07,600 --> 00:29:11,040 Speaker 1: second institution that's trying to kill crypto is the Financial 462 00:29:11,080 --> 00:29:15,080 Speaker 1: Action Task Force or fat F, an international organization based 463 00:29:15,120 --> 00:29:20,080 Speaker 1: in Paris, France. It consists of forty countries and dozens 464 00:29:20,120 --> 00:29:23,640 Speaker 1: of other international organizations, including the I, m F and 465 00:29:23,840 --> 00:29:28,080 Speaker 1: World Bank. The fat F was founded in and it 466 00:29:28,120 --> 00:29:31,320 Speaker 1: was initially established to combat money laundering around the world. 467 00:29:32,040 --> 00:29:35,760 Speaker 1: Its mandate has since expanded to include anything that threatens 468 00:29:35,760 --> 00:29:39,120 Speaker 1: the integrity of the financial system, and it achieves this 469 00:29:39,200 --> 00:29:43,560 Speaker 1: mandate by issuing so called recommendations about the kinds of 470 00:29:43,600 --> 00:29:48,280 Speaker 1: financial regulations that countries should implement. The fat F drafted 471 00:29:48,360 --> 00:29:52,120 Speaker 1: its first set of forty recommendations one year after it 472 00:29:52,240 --> 00:29:56,120 Speaker 1: was founded. The most infamous of these recommendations is the 473 00:29:56,160 --> 00:30:00,000 Speaker 1: so called Travel Rule, which requires financial institutions to collect 474 00:30:00,080 --> 00:30:04,280 Speaker 1: detailed information about anyone sending or receiving more than a 475 00:30:04,320 --> 00:30:09,200 Speaker 1: certain amount of money, usually around one thousand dollars. Although 476 00:30:09,240 --> 00:30:12,560 Speaker 1: the fat F doesn't have the power to write national laws, 477 00:30:12,720 --> 00:30:16,800 Speaker 1: any countries that fail to comply with its recommendations often 478 00:30:16,880 --> 00:30:21,320 Speaker 1: find themselves on its gray list or worse, its blacklist. 479 00:30:22,040 --> 00:30:24,880 Speaker 1: Being on the former makes it difficult to interact with 480 00:30:24,960 --> 00:30:28,240 Speaker 1: the global financial system, and being on the latter makes 481 00:30:28,280 --> 00:30:31,920 Speaker 1: it impossible, and that's why more than two hundred countries 482 00:30:32,120 --> 00:30:36,920 Speaker 1: have chosen to comply with the FATF's recommendations. Now, if 483 00:30:36,960 --> 00:30:40,640 Speaker 1: you're wondering who writes the FATF's recommendations, the answer is 484 00:30:40,920 --> 00:30:45,640 Speaker 1: nobody really knows. That's because the fat F consists of 485 00:30:45,800 --> 00:30:49,840 Speaker 1: unelected officials who hold meetings behind closed doors where they 486 00:30:49,880 --> 00:30:53,520 Speaker 1: decide what recommendations to pass and which countries land on 487 00:30:53,560 --> 00:30:57,160 Speaker 1: which list. If you watched our first video about the 488 00:30:57,160 --> 00:30:59,840 Speaker 1: fat F, then you'll know that its officials are also 489 00:31:00,080 --> 00:31:03,760 Speaker 1: effectively above the law thanks to the Vienna Conference on 490 00:31:03,800 --> 00:31:08,920 Speaker 1: Diplomatic Intercourse and Immunities passed in nineteen sixty one. Under 491 00:31:09,000 --> 00:31:12,400 Speaker 1: the Vienna Conference, folks like fat FIR officials cannot be 492 00:31:12,520 --> 00:31:15,880 Speaker 1: arrested or detained they cannot be charged with a criminal 493 00:31:16,040 --> 00:31:19,640 Speaker 1: or civil crime, and they do not have to pay taxes. 494 00:31:20,640 --> 00:31:26,000 Speaker 1: Fat Air officials are also not subject to pandemic travel restrictions. Now, 495 00:31:26,040 --> 00:31:28,840 Speaker 1: while it's not exactly clear who decides what the fat 496 00:31:28,880 --> 00:31:32,120 Speaker 1: F does, it's clear that it has strong connections to 497 00:31:32,160 --> 00:31:36,880 Speaker 1: the United States, specifically the United States Department of the Treasury. 498 00:31:37,160 --> 00:31:39,480 Speaker 1: If you watch our second video about the fat F, 499 00:31:39,720 --> 00:31:42,720 Speaker 1: you'll know that two of the three lead authors of 500 00:31:42,720 --> 00:31:47,120 Speaker 1: the finalized recommendations for cryptocurrency were from the Treasury Department, 501 00:31:47,240 --> 00:31:50,000 Speaker 1: and the document notes that the United States is the 502 00:31:50,040 --> 00:31:55,000 Speaker 1: primary driver behind compliance with the FATF's recommendations. This would 503 00:31:55,000 --> 00:31:58,320 Speaker 1: explain why the fat f's Travel Rule is eerily similar 504 00:31:58,360 --> 00:32:01,240 Speaker 1: to the United States As Banks Secreacy Act, which was 505 00:32:01,280 --> 00:32:04,760 Speaker 1: passed way back in the nineties seventies and is coincidentally 506 00:32:05,000 --> 00:32:08,760 Speaker 1: also referred to as the Travel Rule. It would also 507 00:32:08,840 --> 00:32:11,960 Speaker 1: explain why the United States isn't on the FATF's gray 508 00:32:12,000 --> 00:32:16,400 Speaker 1: list or blacklist, even though up to of all money 509 00:32:16,480 --> 00:32:20,320 Speaker 1: laundering happens in the USA, and why the countries that 510 00:32:20,400 --> 00:32:22,640 Speaker 1: do end up on the fat f's gray and blacklist 511 00:32:22,960 --> 00:32:25,440 Speaker 1: tend to be at odds with the interests of the 512 00:32:25,520 --> 00:32:29,000 Speaker 1: United States. Given these facts, it looks like the fat 513 00:32:29,080 --> 00:32:32,720 Speaker 1: F is another financial weapon the United States occasionally uses 514 00:32:32,800 --> 00:32:35,800 Speaker 1: against its enemies, and it's a weapon that's being used 515 00:32:35,840 --> 00:32:39,600 Speaker 1: against cryptocurrency as well. Believe it or not, but the 516 00:32:39,640 --> 00:32:43,440 Speaker 1: fat F doesn't actually want to ban cryptocurrency. It just 517 00:32:43,520 --> 00:32:47,120 Speaker 1: wants no more peer to peer transactions and no more privacy, 518 00:32:47,240 --> 00:32:50,800 Speaker 1: something it hopes to achieve by labeling any technology or 519 00:32:50,880 --> 00:32:56,040 Speaker 1: activity related to these two as high risk. In other words, 520 00:32:56,240 --> 00:32:59,200 Speaker 1: the fat F wants to turn crypto into another arm 521 00:32:59,280 --> 00:33:02,960 Speaker 1: of the existing financial system, which is of course controlled 522 00:33:02,960 --> 00:33:07,680 Speaker 1: by the United States. This is pretty bad, but admittedly 523 00:33:07,960 --> 00:33:10,200 Speaker 1: not as bad as what the b I S is planning. 524 00:33:10,840 --> 00:33:14,320 Speaker 1: It also doesn't seem to be working. If you watched 525 00:33:14,320 --> 00:33:16,760 Speaker 1: our most recent video about the fat F, you'll know 526 00:33:16,920 --> 00:33:20,680 Speaker 1: that countries are taking their sweet time complying with its 527 00:33:20,680 --> 00:33:24,080 Speaker 1: crypto recommendations, and it looks like there's a few which 528 00:33:24,160 --> 00:33:27,320 Speaker 1: might not impose the crypto regulations the fat F wants 529 00:33:27,360 --> 00:33:30,400 Speaker 1: to see. This might have something to do with the 530 00:33:30,440 --> 00:33:34,600 Speaker 1: fact that it's recommendations don't work in combating illicit finance. 531 00:33:35,120 --> 00:33:38,680 Speaker 1: The fat f's own statistics suggest it hasn't made a 532 00:33:38,760 --> 00:33:43,640 Speaker 1: dent in dark money in over thirty years now. If 533 00:33:43,680 --> 00:33:47,320 Speaker 1: this non compliance by countries continues, it will be difficult 534 00:33:47,360 --> 00:33:49,480 Speaker 1: for the fat F to achieve its goal in time, 535 00:33:49,720 --> 00:33:52,800 Speaker 1: because if crypto adoption reaches a tipping point, it will 536 00:33:52,840 --> 00:33:56,440 Speaker 1: be impossible for politicians to pass the crypto regulations the 537 00:33:56,480 --> 00:33:59,360 Speaker 1: fat F wants to see because the people will vote 538 00:33:59,400 --> 00:34:03,800 Speaker 1: against such politicians. It's also quite possible that by the 539 00:34:03,880 --> 00:34:07,120 Speaker 1: time compliance starts to come, the financial system would have 540 00:34:07,160 --> 00:34:09,880 Speaker 1: fragmented to such an extent that the fat F no 541 00:34:09,960 --> 00:34:14,879 Speaker 1: longer has any influence. This fragmentation has been accelerated by 542 00:34:14,920 --> 00:34:18,960 Speaker 1: the unprecedented sanctions against Russia, and you can learn more 543 00:34:19,000 --> 00:34:23,040 Speaker 1: about those using the link in the description I digress. 544 00:34:24,040 --> 00:34:27,040 Speaker 1: The third institution that's trying to kill crypto is the 545 00:34:27,080 --> 00:34:30,640 Speaker 1: i m F and the World Bank. The International Monetary 546 00:34:30,640 --> 00:34:33,160 Speaker 1: Fund or i MF, was created as part of the 547 00:34:33,160 --> 00:34:37,839 Speaker 1: aforementioned Breton Woods Agreement. In for those who don't know, 548 00:34:37,920 --> 00:34:40,400 Speaker 1: the Breton Woods Agreement is where the world decided to 549 00:34:40,440 --> 00:34:44,880 Speaker 1: make the US dollar the world's reserve currency. More accurately, 550 00:34:45,000 --> 00:34:48,240 Speaker 1: it's where the world decided that the other currencies would 551 00:34:48,239 --> 00:34:51,600 Speaker 1: be pegged to the US dollar at a fixed exchange rate, 552 00:34:51,680 --> 00:34:54,520 Speaker 1: and the US dollar would in turn be backed by 553 00:34:54,640 --> 00:34:58,480 Speaker 1: physical gold. The i m f's initial job was to 554 00:34:58,600 --> 00:35:01,680 Speaker 1: ensure the exchange rate it's between other currencies and the 555 00:35:01,760 --> 00:35:04,759 Speaker 1: US dollar remains stable, but after the U s Dollar 556 00:35:04,880 --> 00:35:08,560 Speaker 1: officially stopped being backed by gold in ninety one, the 557 00:35:08,680 --> 00:35:12,120 Speaker 1: i m F turned its focus to financial stability around 558 00:35:12,120 --> 00:35:16,239 Speaker 1: the world. The i m F achieves this financial stability 559 00:35:16,360 --> 00:35:19,640 Speaker 1: by issuing loans to countries in crisis to ensure that 560 00:35:19,680 --> 00:35:23,200 Speaker 1: the crisis the country is facing doesn't become an international crisis. 561 00:35:24,080 --> 00:35:27,440 Speaker 1: These loans are known for including all sorts of terms 562 00:35:27,480 --> 00:35:31,680 Speaker 1: and conditions that benefit certain institutions. Will come back to 563 00:35:31,719 --> 00:35:36,160 Speaker 1: those in a second. Whereas the i m F issues loans, 564 00:35:36,320 --> 00:35:40,600 Speaker 1: the World Bank provides longer term financial and technical support 565 00:35:40,680 --> 00:35:43,800 Speaker 1: to developing countries. Now you can think of the World 566 00:35:43,800 --> 00:35:46,920 Speaker 1: Bank as being the unofficial other half of the i 567 00:35:47,120 --> 00:35:49,880 Speaker 1: m F, as it was also created as part of 568 00:35:49,920 --> 00:35:53,600 Speaker 1: the Breton Woods Conference. Not only that, but the IMF 569 00:35:53,840 --> 00:35:57,080 Speaker 1: and World Bank headquarters are across the street from each 570 00:35:57,120 --> 00:36:00,560 Speaker 1: other in Washington, d C. Note that our just refer 571 00:36:00,680 --> 00:36:02,839 Speaker 1: to the i m F from here on out, as 572 00:36:02,880 --> 00:36:07,200 Speaker 1: it's been much more vocal about cryptocurrency now if all 573 00:36:07,280 --> 00:36:09,840 Speaker 1: that info didn't make it clear enough, the i m 574 00:36:09,920 --> 00:36:14,080 Speaker 1: F is firmly aligned with the interests of the United States, 575 00:36:14,160 --> 00:36:17,520 Speaker 1: and that's simply because the USA has the most voting 576 00:36:17,560 --> 00:36:21,160 Speaker 1: power of the i m FS one and ninety member countries. 577 00:36:21,960 --> 00:36:24,200 Speaker 1: As far as I can tell, the i m f's 578 00:36:24,280 --> 00:36:28,799 Speaker 1: hatred of cryptocurrency has mostly to do with BTC. That's 579 00:36:28,840 --> 00:36:32,080 Speaker 1: because BTC is starting to be adopted as legal tender 580 00:36:32,320 --> 00:36:34,719 Speaker 1: by the kinds of developing countries the i m F 581 00:36:34,920 --> 00:36:38,520 Speaker 1: is trying to control, notably El Salvador and the Central 582 00:36:38,560 --> 00:36:43,120 Speaker 1: African Republic. This is why the IMF included a clause 583 00:36:43,200 --> 00:36:46,600 Speaker 1: in its debt deal with Argentina to discourage the adoption 584 00:36:46,600 --> 00:36:49,640 Speaker 1: of cryptocurrency, something that I'm sure is going to become 585 00:36:49,760 --> 00:36:54,600 Speaker 1: more common as more countries start adopting cryptocurrency and BTC 586 00:36:54,760 --> 00:36:59,000 Speaker 1: in particular. By the way, the clause didn't work, Argentineans 587 00:36:59,040 --> 00:37:03,000 Speaker 1: are still adopting BTC and stable coins to protect themselves 588 00:37:03,160 --> 00:37:06,799 Speaker 1: from inflation. Now, if you watched our video about the 589 00:37:06,840 --> 00:37:08,840 Speaker 1: i m f s report about the decline of the 590 00:37:08,960 --> 00:37:11,160 Speaker 1: U S dollar, you'll know that the i m F 591 00:37:11,520 --> 00:37:14,600 Speaker 1: knows that central banks around the world are slowly ditching 592 00:37:14,640 --> 00:37:18,800 Speaker 1: the greenback in favor of alternative currencies. You might also 593 00:37:18,880 --> 00:37:22,080 Speaker 1: recall that this is why it's possible other countries could 594 00:37:22,120 --> 00:37:26,040 Speaker 1: adopt BTC case and point. The chairman of the Central 595 00:37:26,080 --> 00:37:30,279 Speaker 1: Bank of Switzerland recently noted that it could hold BTC 596 00:37:30,400 --> 00:37:33,719 Speaker 1: on its balance sheet once it becomes big enough. At 597 00:37:33,760 --> 00:37:37,920 Speaker 1: that point, it's only a small step to legal tender status. 598 00:37:38,800 --> 00:37:42,280 Speaker 1: It's safe to say this is something the IMF doesn't 599 00:37:42,280 --> 00:37:45,239 Speaker 1: want to see happen in any developed countries, which is 600 00:37:45,280 --> 00:37:50,760 Speaker 1: why the institution has seemingly focused its attacks on BTC lately. 601 00:37:51,000 --> 00:37:54,200 Speaker 1: These attacks have centered around bitcoin's energy use, with the 602 00:37:54,280 --> 00:37:58,440 Speaker 1: i m F claiming CBDCs are superior because they use 603 00:37:58,560 --> 00:38:01,759 Speaker 1: less energy. What the i m F won't tell you 604 00:38:01,840 --> 00:38:04,759 Speaker 1: is that bitcoin's energy use is negligible in the grand 605 00:38:04,800 --> 00:38:09,400 Speaker 1: scheme of things. More about that in the description anyhow. 606 00:38:09,480 --> 00:38:13,600 Speaker 1: The fourth institution that's trying to kill crypto is Wall Street, 607 00:38:13,880 --> 00:38:18,080 Speaker 1: which is more of a collection of established financial institutions 608 00:38:18,200 --> 00:38:22,080 Speaker 1: rather than a single entity. As almost everyone around the 609 00:38:22,120 --> 00:38:26,560 Speaker 1: world knows, Wall Streets power is truly unprecedented, and most 610 00:38:26,600 --> 00:38:29,960 Speaker 1: of this power resides in a handful of asset managers 611 00:38:30,160 --> 00:38:33,760 Speaker 1: like black Rock and Vanguard and megabanks like JP Morgan 612 00:38:33,960 --> 00:38:37,400 Speaker 1: and Bank of America. I'll quickly note that the only 613 00:38:37,440 --> 00:38:40,319 Speaker 1: reason why these asset managers and banks were able to 614 00:38:40,360 --> 00:38:43,760 Speaker 1: become so big is because they're basically first in line 615 00:38:44,000 --> 00:38:48,560 Speaker 1: at the Federal Reserves money printer. They also have unbelievable 616 00:38:48,600 --> 00:38:53,360 Speaker 1: influence over politics and regulations in the United States and elsewhere. 617 00:38:54,160 --> 00:38:56,800 Speaker 1: If you watched our video about the Securities and Exchange 618 00:38:56,800 --> 00:39:00,080 Speaker 1: Commission's views on cryptocurrency, you'll know that the s s 619 00:39:00,200 --> 00:39:04,160 Speaker 1: SEE allegedly destroyed documents about the two thousand and eight 620 00:39:04,200 --> 00:39:07,400 Speaker 1: financial crisis when it was supposed to be investigating the 621 00:39:07,440 --> 00:39:12,120 Speaker 1: asset managers and big banks that caused it. Article from 622 00:39:12,160 --> 00:39:15,600 Speaker 1: the Huffington Post also notes that Wall Street spent more 623 00:39:15,680 --> 00:39:20,560 Speaker 1: money on lobbying than any other industry between and two 624 00:39:20,560 --> 00:39:23,879 Speaker 1: thousand and eleven, a spending streak that has apparently been 625 00:39:23,960 --> 00:39:28,160 Speaker 1: overshadowed by big tech giants like Meta and mega corporations 626 00:39:28,200 --> 00:39:32,040 Speaker 1: like Amazon, which are now the biggest lobbyists. Heck, the 627 00:39:32,160 --> 00:39:35,520 Speaker 1: I m F even published a paper in about the 628 00:39:35,560 --> 00:39:39,440 Speaker 1: regulatory capture of bank lobbying and how it led to 629 00:39:39,600 --> 00:39:43,600 Speaker 1: the global financial crisis. While the authors argued that these 630 00:39:43,640 --> 00:39:46,759 Speaker 1: issues were resolved by regulations. I think it's clear to 631 00:39:46,840 --> 00:39:50,880 Speaker 1: the average person that Wall Street has only become more powerful. 632 00:39:51,840 --> 00:39:54,080 Speaker 1: Like the central banks at the b I S, the 633 00:39:54,160 --> 00:39:57,120 Speaker 1: asset managers and banks on Wall Street do not want 634 00:39:57,160 --> 00:40:00,040 Speaker 1: to be replaced by cryptocurrency, which is why most of 635 00:40:00,080 --> 00:40:03,759 Speaker 1: them have historically been anti crypto. The thing is that 636 00:40:03,800 --> 00:40:06,920 Speaker 1: the asset managers and banks on Wall Street also don't 637 00:40:06,960 --> 00:40:10,280 Speaker 1: want to be replaced by central bank digital currencies either, 638 00:40:10,680 --> 00:40:13,960 Speaker 1: and these are quickly becoming a bigger threat than crypto. 639 00:40:15,040 --> 00:40:17,080 Speaker 1: If you watched our video about the b I s 640 00:40:17,160 --> 00:40:20,279 Speaker 1: S report about what CBDCs will look like, you'll know 641 00:40:20,480 --> 00:40:23,840 Speaker 1: that they would effectively cut commercial banks out of the equation. 642 00:40:24,800 --> 00:40:28,600 Speaker 1: Even though the CBDC systems being proposed by central banks 643 00:40:28,680 --> 00:40:31,840 Speaker 1: often include commercial banks as the front end, the b 644 00:40:32,000 --> 00:40:35,080 Speaker 1: I S and its central banks have admitted in multiple 645 00:40:35,120 --> 00:40:38,400 Speaker 1: reports that it would be next to impossible for commercial 646 00:40:38,440 --> 00:40:42,680 Speaker 1: banks to remain profitable under such a system. What's more 647 00:40:43,000 --> 00:40:46,120 Speaker 1: is that the roles asset managers and banks play could 648 00:40:46,280 --> 00:40:50,200 Speaker 1: easily be filled by companies in the financial technology sector, 649 00:40:50,360 --> 00:40:54,560 Speaker 1: such as Revolute and PayPal. It's even possible that crypto 650 00:40:54,600 --> 00:40:58,279 Speaker 1: companies like Consensus could play this role. You heard it 651 00:40:58,320 --> 00:41:02,520 Speaker 1: here first, folks. Now, this leaves only one option for 652 00:41:02,560 --> 00:41:05,480 Speaker 1: the asset managers and banks, and that's to take control 653 00:41:05,600 --> 00:41:09,360 Speaker 1: of the crypto industry and leverage its technology to ensure 654 00:41:09,520 --> 00:41:13,040 Speaker 1: they remain profitable and ideally leverage it to the point 655 00:41:13,160 --> 00:41:17,600 Speaker 1: that they can continue to compete with fintech companies. How 656 00:41:17,640 --> 00:41:21,360 Speaker 1: are asset managers and banks taking control of the crypto industry, 657 00:41:21,360 --> 00:41:25,680 Speaker 1: you ask, well, besides investing heavily in centralized projects that 658 00:41:25,760 --> 00:41:29,200 Speaker 1: have close ties to their own constituents, asset managers and 659 00:41:29,239 --> 00:41:32,480 Speaker 1: banks are also taking control of crypto by forcing it 660 00:41:32,520 --> 00:41:35,799 Speaker 1: to comply with their E s G agenda. If you 661 00:41:35,840 --> 00:41:38,319 Speaker 1: watched our video about e s G, you'll know that 662 00:41:38,400 --> 00:41:42,680 Speaker 1: it stands for Environmental, social and governance and if you squint, 663 00:41:43,000 --> 00:41:47,320 Speaker 1: you realize that it really stands for control, control and control. 664 00:41:48,239 --> 00:41:52,360 Speaker 1: The inability to control Bitcoin under this framework is ultimately 665 00:41:52,480 --> 00:41:56,280 Speaker 1: why Wall Street dislikes proof of work. This is also 666 00:41:56,400 --> 00:41:59,800 Speaker 1: why asset managers and big banks love proof of steak 667 00:42:00,040 --> 00:42:02,920 Speaker 1: and why they are pushing for it. They have the 668 00:42:02,960 --> 00:42:05,799 Speaker 1: capital they need to buy up the stake required to 669 00:42:05,880 --> 00:42:09,440 Speaker 1: take control of almost any crypto project that uses proof 670 00:42:09,440 --> 00:42:12,880 Speaker 1: of steak as its consensus mechanism. The same goes for 671 00:42:13,000 --> 00:42:17,160 Speaker 1: token based government structures. At that point, they will be 672 00:42:17,200 --> 00:42:20,200 Speaker 1: able to implement whatever rules they see fit, and if 673 00:42:20,239 --> 00:42:23,680 Speaker 1: everyone ends up using proof of state cryptocurrencies, the asset 674 00:42:23,719 --> 00:42:27,560 Speaker 1: managers and megabanks would finally have total control of the 675 00:42:27,600 --> 00:42:34,080 Speaker 1: financial system, eliminating governance, politicians, regulations, and their own accountability. 676 00:42:34,600 --> 00:42:37,080 Speaker 1: Now that's not to say that proof of work is 677 00:42:37,120 --> 00:42:40,160 Speaker 1: perfect or that proof of steak couldn't be improved, but 678 00:42:40,600 --> 00:42:43,280 Speaker 1: it's important to be aware of the game being played 679 00:42:43,360 --> 00:42:46,240 Speaker 1: and the powerful people who are sitting at the table. 680 00:42:47,040 --> 00:42:49,879 Speaker 1: More about the pros and cons of proof of steak 681 00:42:50,120 --> 00:42:58,960 Speaker 1: using the link in the description. The fifth and final 682 00:42:59,080 --> 00:43:02,440 Speaker 1: institution that's trying to kill crypto is the World Economic 683 00:43:02,520 --> 00:43:07,040 Speaker 1: Forum or WEF, a non governmental organization or NGO, based 684 00:43:07,080 --> 00:43:11,560 Speaker 1: in Geneva, Switzerland. The WEF was founded by Klaus Schwab 685 00:43:11,600 --> 00:43:15,200 Speaker 1: in one and he has served as its executive chairman 686 00:43:15,480 --> 00:43:19,520 Speaker 1: ever since. As poets website, the weft's purpose is to 687 00:43:19,600 --> 00:43:24,399 Speaker 1: quote shape global, regional and industry agendas. The West has 688 00:43:24,440 --> 00:43:26,640 Speaker 1: the power to do this because it consists of over 689 00:43:26,800 --> 00:43:31,280 Speaker 1: four thousand of the world's most powerful individuals and institutions, 690 00:43:31,320 --> 00:43:34,719 Speaker 1: including all the ones I've mentioned in this video so far. 691 00:43:35,520 --> 00:43:37,759 Speaker 1: If you've watched any of our videos about the WEFT, 692 00:43:37,880 --> 00:43:40,560 Speaker 1: you'll know that its plans for the world are truly 693 00:43:40,680 --> 00:43:45,040 Speaker 1: at odds with the average person. It has amazing ideas 694 00:43:45,040 --> 00:43:48,120 Speaker 1: such as you'll own nothing and be happy, which comes 695 00:43:48,360 --> 00:43:53,239 Speaker 1: directly from the technocratic brain of Klaus Schwab himself. You'll 696 00:43:53,280 --> 00:43:55,520 Speaker 1: also know that the WEF is where E s G 697 00:43:55,719 --> 00:43:59,440 Speaker 1: standards were established, and that the weft's recent annual meeting 698 00:43:59,560 --> 00:44:03,560 Speaker 1: endeavor Us, included a few crypto companies and personnel, as 699 00:44:03,600 --> 00:44:07,520 Speaker 1: well as a series of panel discussions about crypto related topics. 700 00:44:08,280 --> 00:44:10,520 Speaker 1: As far as I can tell, the WEF has had 701 00:44:10,560 --> 00:44:15,120 Speaker 1: cryptocurrency on its radar since, which makes sense given that 702 00:44:15,200 --> 00:44:19,280 Speaker 1: this is when the second crypto bull run happened. Naturally, 703 00:44:19,400 --> 00:44:23,319 Speaker 1: the WEF isn't all that interested in cryptocurrency. What the 704 00:44:23,360 --> 00:44:28,319 Speaker 1: wealth is interested in is the powerful technology that cryptocurrencies use. 705 00:44:29,040 --> 00:44:32,600 Speaker 1: A historic example here is the West's Tipping Points report 706 00:44:32,680 --> 00:44:36,880 Speaker 1: from fifteen, which highlighted smart contracts as a point of interest. 707 00:44:37,640 --> 00:44:42,040 Speaker 1: Note that this report was published shortly after Ethereum was created, 708 00:44:42,280 --> 00:44:45,280 Speaker 1: and it even made a direct reference to the company 709 00:44:45,360 --> 00:44:49,560 Speaker 1: that created chain Link. Three years before it was created. 710 00:44:50,560 --> 00:44:53,480 Speaker 1: A more recent example is this year's Davos meeting, where 711 00:44:53,520 --> 00:44:56,200 Speaker 1: the metaverse was almost as big a topic as E 712 00:44:56,440 --> 00:45:00,319 Speaker 1: s G, with multiple discussions and articles produced by the 713 00:45:00,360 --> 00:45:04,800 Speaker 1: West speaking of which I'm pretty sure the second metaverse 714 00:45:04,880 --> 00:45:08,279 Speaker 1: discussion was the longest of any discussion at this year's 715 00:45:08,320 --> 00:45:12,520 Speaker 1: Davos meeting. Obviously, what the WEFT wants is to use 716 00:45:12,600 --> 00:45:16,880 Speaker 1: technology like blockchain, smart contracts, and the metaverse to create 717 00:45:17,000 --> 00:45:21,279 Speaker 1: the dystopia its constituents want, and unfortunately, it seems like 718 00:45:21,400 --> 00:45:25,040 Speaker 1: some crypto projects and companies are on board with the 719 00:45:25,080 --> 00:45:29,560 Speaker 1: Weft's vision not naming names any who. When it comes 720 00:45:29,600 --> 00:45:32,480 Speaker 1: to blockchain, the WEFT wants to use it for things 721 00:45:32,640 --> 00:45:36,120 Speaker 1: like digital I D, social credit scores, tracking everything and 722 00:45:36,200 --> 00:45:39,280 Speaker 1: everyone token izing real world assets so that their ownership 723 00:45:39,320 --> 00:45:44,040 Speaker 1: can be controlled and engaging in quote stakeholder capitalism via 724 00:45:44,160 --> 00:45:48,200 Speaker 1: proof of steak consensus mechanisms. If you're wondering who the 725 00:45:48,200 --> 00:45:52,120 Speaker 1: stakeholders will be. Klaus has stated in many interviews and 726 00:45:52,160 --> 00:45:56,440 Speaker 1: speeches that he created the West so that stakeholders could gather. 727 00:45:57,160 --> 00:46:01,320 Speaker 1: Let that sink in now when its too. Smart contracts, 728 00:46:01,440 --> 00:46:04,600 Speaker 1: the WEF wants to use them for things like automated 729 00:46:04,640 --> 00:46:08,280 Speaker 1: censorship to prevent the purchase of certain goods and services, 730 00:46:08,320 --> 00:46:11,040 Speaker 1: and to create the kinds of incentive structures the WEF 731 00:46:11,280 --> 00:46:15,920 Speaker 1: wants to see by say, artificially increasing meat prices to 732 00:46:16,280 --> 00:46:20,680 Speaker 1: decrease meat eating. When it comes to the metaverse, the 733 00:46:20,760 --> 00:46:23,880 Speaker 1: WEF wants to use it to limit population growth, to 734 00:46:23,960 --> 00:46:27,160 Speaker 1: pacify people in developing countries, and to give all the 735 00:46:27,239 --> 00:46:30,560 Speaker 1: quote useless people something to do. In the worlds of 736 00:46:30,680 --> 00:46:36,160 Speaker 1: Yuval Noah Harari, one of Klaus Schwab's closest advisers. Luckily, 737 00:46:36,320 --> 00:46:38,799 Speaker 1: the world is starting to wake up to what the 738 00:46:38,840 --> 00:46:42,520 Speaker 1: WEF is trying to do with cryptocurrency and other technologies 739 00:46:42,520 --> 00:46:46,600 Speaker 1: that are intended to free rather than enslave, the average person, 740 00:46:46,840 --> 00:46:50,319 Speaker 1: and there's no shortage of individuals and institutions who are 741 00:46:50,320 --> 00:46:54,520 Speaker 1: starting to push back, including from the world of crypto. Still, 742 00:46:54,840 --> 00:46:58,200 Speaker 1: it's scary to realize just how much influence the West 743 00:46:58,480 --> 00:47:01,640 Speaker 1: and all these other is institutions have, and it makes 744 00:47:01,640 --> 00:47:05,239 Speaker 1: you wonder what other more powerful organizations are trying to 745 00:47:05,280 --> 00:47:09,879 Speaker 1: do with cryptocurrency behind the scenes. Rest assured that I'll 746 00:47:09,920 --> 00:47:13,320 Speaker 1: be letting you know if I find anything. In the meantime, 747 00:47:13,680 --> 00:47:17,719 Speaker 1: keep your eyes on these institutions and don't hesitate to 748 00:47:17,840 --> 00:47:21,359 Speaker 1: call them out. Thank you so much for listening to 749 00:47:21,400 --> 00:47:23,719 Speaker 1: the coin Bureau podcast. If you'd like to learn more 750 00:47:23,760 --> 00:47:27,680 Speaker 1: about cryptocurrency, you can visit our YouTube channel at YouTube 751 00:47:27,680 --> 00:47:30,520 Speaker 1: dot com forward slash coin Bureau. You can also go 752 00:47:30,600 --> 00:47:33,360 Speaker 1: to coin bureau dot com for loads more information about 753 00:47:33,360 --> 00:47:36,000 Speaker 1: all things crypto. You can follow me on Twitter and 754 00:47:36,120 --> 00:47:38,640 Speaker 1: at coin bureau or one word, and I'm also active 755 00:47:38,680 --> 00:47:40,600 Speaker 1: on TikTok and Instagram as well