Speaker 1: The coin Bureau Podcast is a production of I Heart Radio.
Speaker 1: Hello everyone, and welcome to the latest episode from the
Speaker 1: midweek edition of the coin Bureau Podcast. Every week, I
Speaker 1: pick out two of my favorite videos from coin Bureau's
Speaker 1: YouTube channel to present to you in podcast form. The
Speaker 1: audio you're about to hear is from those videos I've
Speaker 1: chosen this week. Many of you have been in touch
Speaker 1: to ask whether it's possible to listen to our videos
Speaker 1: in podcast format, and so your wish is my command.
Speaker 1: This week, I've selected our videos on the organizations out
Speaker 1: there that want to destroy crypto and what you can
Speaker 1: do to beat inflation. Both anti crypto organizations and inflation
Speaker 1: are factors that will have a profound effect on the
Speaker 1: state of your crypto portfolio in the future, and of
Speaker 1: course it's always useful to know your enemies now. It's
Speaker 1: hardly surprising that there are long established organizations out there
Speaker 1: that want to destroy crypto because of the threat it
Speaker 1: presents to the established financial order. These organizations have long
Speaker 1: benefited from the status quo and are thus motivated to
Speaker 1: try and preserve it at all costs. As such, they're
Speaker 1: pushing back against the growth of crypto wherever possible, and
Speaker 1: in the first part of today's episode, I go through
Speaker 1: some of crypto's most powerful adversaries. Then, inflation is a
Speaker 1: word that's on everyone's lips at the moment, and it's
Speaker 1: already having a profound effect on all of us. There
Speaker 1: is unfortunately no hiding from inflation, but there are steps
Speaker 1: you can take to counter its effects. So in the
Speaker 1: second part of today's episode, I'll outline some of the
Speaker 1: ways you can push back against one of the most
Speaker 1: pressing issues of the moment. Both videos were fascinating to research,
Speaker 1: and I hope you enjoy listening to them. I'll be
Speaker 1: back talking crypto with Mike very soon, so be sure
Speaker 1: to stay tuned, and if you want even more content
Speaker 1: from coin Bureau, be sure to subscribe to our YouTube
Speaker 1: channel and visit us on social media too, m M.
Speaker 1: As the adoption of cryptocurrency continues, so too does the
Speaker 1: opposition from powerful institutions that control and benefit from the
Speaker 1: corrupt financial system cryptocurrency is in the process of replacing.
Speaker 1: Over the last few years, these powerful institutions have significantly
Speaker 1: increased their efforts to regulate, restrict, subvert, and destroy the
Speaker 1: crypto industry, and it's about time someone called them out
Speaker 1: by name. Today, I'm going to tell you about the
Speaker 1: institutions that are trying to kill crypto, how they're trying
Speaker 1: to do it, whether they will succeed, and what it
Speaker 1: all means for cryptocurrency. The first institution that's trying to
Speaker 1: kill crypto is the Bank for International Settlements or b
Speaker 1: i S. This is the self described bank for Central banks.
Speaker 1: The b i S is based in Basel, Switzerland, and
Speaker 1: it is owned by the sixty three central banks that
Speaker 1: make up its membership. The b i S was founded
Speaker 1: way back in and is technically the oldest international financial
Speaker 1: institution in existence. What's interesting is that the b i
Speaker 1: S was supposed to be disbanded in four as part
Speaker 1: of the Breton Woods Conference, still waiting on its website.
Speaker 1: The b i S says this is because the financial
Speaker 1: elite at Bretton Woods didn't believe that b i S
Speaker 1: would play a useful role once the I, m F
Speaker 1: and the World Bank had been established. However, a memoir
Speaker 1: by one of the economists who was actually present at
Speaker 1: the Breton Woods conference revealed that the reason for the
Speaker 1: institutions intended dissolution was because the bi S had allegedly
Speaker 1: assisted the Nazis in taking gold and other assets from
Speaker 1: occupied countries. This was proved to be true in when
Speaker 1: the Bank of England declassified documents about how it helped
Speaker 1: the b i S and the Nazis take gold from Czechoslovakia. Now,
Speaker 1: despite this history, the b i S was never disbanded,
Speaker 1: thanks in part to influential economists like John Maynard Keynes.
Speaker 1: For context, Kanes is famous for pioneering so called demand
Speaker 1: side economics. Demand side economics is the theory that the
Speaker 1: demand for goods and services is fundamentally what causes economic
Speaker 1: growth and inflation, a theory popular with many central bankers.
Speaker 1: The more you know. Anyways, today the b i S
Speaker 1: has undertaken a similarly disturbing role, and that's to assist
Speaker 1: central banks to develop their respective central bank digital currencies
Speaker 1: or CBDCs. Now, if you've watched any of our videos
Speaker 1: about CBDCs, you'll know that they will give central banks
Speaker 1: the power to decide what you can buy, when you
Speaker 1: can buy it, where you can buy it, how much
Speaker 1: money you can spend, and even how much money you
Speaker 1: can save. In the words of b I S manager
Speaker 1: Augustine Carstens, quote, the central bank will have absolute control
Speaker 1: and quote will have the technology to enforce that control.
Speaker 1: It should come as no surprise, then, that the b
Speaker 1: I S is opposed to cryptocurrencies of all kinds, especially
Speaker 1: stable coins. This is simply because cryptocurrency undermines the total
Speaker 1: control of currency that it's associated central banks are explicitly
Speaker 1: trying to achieve with their CBDCs, which are themselves clearly
Speaker 1: direct competitors to stable coins. So far, the b I
Speaker 1: s is anti crypto activities have been limited to reports
Speaker 1: about why cryptocurrency is bad and why CBDCs are better.
Speaker 1: It seems these reports are being conducted under the direction
Speaker 1: of Hun Song Shin, the b I s IS head
Speaker 1: of Research. Now, if you watched our recent video about
Speaker 1: the b I s s Vision for the future of finance,
Speaker 1: you'll know that nobody is buying what they're selling, and
Speaker 1: even the reporters the b I S invited to its
Speaker 1: recent press conference about the report were skeptical about the
Speaker 1: institution CBDC push. Even so, there's no question that the
Speaker 1: b I S has an incredible amount of influence, especially
Speaker 1: since central bankers from around the world regularly meet at
Speaker 1: the b I s's headquarters. In Basel to discuss what
Speaker 1: they're going to do next. You can see what that
Speaker 1: looks like using the link in the description. The second
Speaker 1: institution that's trying to kill crypto is the Financial Action
Speaker 1: Task Force or fat F, an international organization based in Paris, France.
Speaker 1: It consists of forty countries and dozens of other international organizations,
Speaker 1: including the I m F and World Bank. The fat
Speaker 1: F was founded in nineteen eighty nine, and it was
Speaker 1: initially established to combat money wandering around the world. Its
Speaker 1: mandate has since expanded to include anything that threatens the
Speaker 1: integrity of the financial system, and it achieves this mandate
Speaker 1: by issuing so called recommendations about the kinds of financial
Speaker 1: regulations that countries should implement. The fat F drafted its
Speaker 1: first set of forty recommendations one year after it was founded.
Speaker 1: The most infamous of these recommendations is the so called
Speaker 1: travel rule, which requires financial institutions to collect detailed information
Speaker 1: about anyone sending or receiving more than a certain amount
Speaker 1: of money, usually around one thousand dollars. Although the fat
Speaker 1: F doesn't have the power to write national laws, any
Speaker 1: countries that fail to comply with its recommendations often find
Speaker 1: themselves on its gray list or worse, its blacklist. Being
Speaker 1: on the former makes it difficult to interact with the
Speaker 1: global financial system, and being on the latter makes it impossible.
Speaker 1: And that's why more than two hundred countries have chosen
Speaker 1: to comply with the FATF's recommendations. Now, if you're wondering
Speaker 1: who writes the FATF's recommendations, the answer is nobody really knows.
Speaker 1: That's because the fat F consists of unelected officials who
Speaker 1: hold meetings behind closed doors where they decide what recommendations
Speaker 1: to pass and which countries land on which list. If
Speaker 1: you watched our first video about the fat F, then
Speaker 1: you'll know that its officials are also effectively above the
Speaker 1: law thanks to the Vienna Conference on Diplomatic Intercourse and
Speaker 1: Immunities passed in nineteen sixty one. Under the Vienna Conference,
Speaker 1: folks like fat FIR officials cannot be arrested or detained,
Speaker 1: they cannot be charged with a criminal or civil crime,
Speaker 1: and they do not have to pay taxes. Fat FIR
Speaker 1: officials are also not subject to pandemic travel restrictions. Now,
Speaker 1: while it's not exactly clear who decides what the fat
Speaker 1: F does, it's clear that it has strong connections to
Speaker 1: the United States, specifically the United States Department of the Treasury.
Speaker 1: If you watch our second video about the fat F,
Speaker 1: you'll know that two of the three lead authors of
Speaker 1: the finalized recommendations for cryptocurrency were from the Treasury Department,
Speaker 1: and the document notes that the United States is the
Speaker 1: primary driver behind compliance with the fat f's recommendations. This
Speaker 1: would explain why the FATF's Travel Rule is eerily similar
Speaker 1: to the United States is Bank Secrecy Act, which was
Speaker 1: passed way back in the nineties seventies and is coincidentally
Speaker 1: also referred to as the Travel Rule. It would also
Speaker 1: explain why the United States isn't on the FATF's gray
Speaker 1: list or blacklist, even though up tot of all money
Speaker 1: laundering happens in the USA, and why the countries that
Speaker 1: do end up on the fat f's gray and blacklist
Speaker 1: tend to be at odds with the interests of the
Speaker 1: United States. Given these facts, it looks like the fat
Speaker 1: F is another finance sure weapon the United States occasionally
Speaker 1: uses against its enemies, and it's a weapon that's being
Speaker 1: used against cryptocurrency as well. Believe it or not, but
Speaker 1: the fat F doesn't actually want to ban cryptocurrency. It
Speaker 1: just wants no more peer to peer transactions and no
Speaker 1: more privacy, something it hopes to achieve by labeling any
Speaker 1: technology or activity related to these two as high risk.
Speaker 1: In other words, the fat F wants to turn crypto
Speaker 1: into another arm of the existing financial system, which is
Speaker 1: of course controlled by the United States. This is pretty bad,
Speaker 1: but admittedly not as bad as what the b I
Speaker 1: S is planning. It also doesn't seem to be working.
Speaker 1: If you watched our most recent video about the fat F,
Speaker 1: you'll know that countries are taking their sweet time complying
Speaker 1: with its crypto recommendations, and it looks like there's a
Speaker 1: few which might not impose the crypto regulations the fat
Speaker 1: F wants to see. This might have something to do
Speaker 1: with the fact that its recommendations don't work in combating
Speaker 1: illicit finance. The fat f's own statistics suggest it hasn't
Speaker 1: made a dent in dark money in over thirty years now.
Speaker 1: If this non compliance by countries continues, it will be
Speaker 1: difficult for the fat F to achieve its goal in time,
Speaker 1: because if crypto adoption reaches a tipping point, it will
Speaker 1: be impossible for politicians to pass the crypto regulations the
Speaker 1: fat F wants to see because the people will vote
Speaker 1: against such politicians. It's also quite possible that by the
Speaker 1: time compliance starts to come, the financial system would have
Speaker 1: fragmented to such an extent that the fat F no
Speaker 1: longer has any influence. This fragmentation has been accelerated by
Speaker 1: the unprecedented sanctions against Russia, and you can learn more
Speaker 1: about those using the link in the description I digress.
Speaker 1: The third institution that's trying to kill crypto is the
Speaker 1: i m F and the World Bank. The International Monitary
Speaker 1: Fund or i MF, was created as part of the
Speaker 1: aforementioned Breton Woods Agreement in four For those who don't know,
Speaker 1: the Breton Woods Agreement is where the world decided to
Speaker 1: make the US dollar the world's reserve currency. More accurately,
Speaker 1: it's where the world decided that the other currencies would
Speaker 1: be pegged to the US dollar at a fixed exchange rate,
Speaker 1: and the U. S Dollar would in turn be backed
Speaker 1: by physical gold. The i m f's initial job was
Speaker 1: to ensure the exchange rates between other currencies and the U.
Speaker 1: S Dollar remain stable, but after the U. S Dollar
Speaker 1: officially stopped being backed by gold. In nineteen seventy one,
Speaker 1: the i m F turned its focus to financial stability
Speaker 1: around the world. The i m F achieves this financial
Speaker 1: stability by issuing loans to countries in crisis to ensure
Speaker 1: that the crisis the country is facing doesn't become an
Speaker 1: international crisis. These loans are known for including all sorts
Speaker 1: of terms and conditions that benefit certain institut usians. I'll
Speaker 1: come back to those in a second. Whereas the I
Speaker 1: m F issues loans, the World Bank provides longer term
Speaker 1: financial and technical support to developing countries. Now you can
Speaker 1: think of the World Bank as being the unofficial other
Speaker 1: half of the i m F, as it was also
Speaker 1: created as part of the Breton Woods Conference. Not only that,
Speaker 1: but the IMF and World Bank headquarters are across the
Speaker 1: street from each other in Washington, d C. Note that
Speaker 1: I've just referred to the i m F from here
Speaker 1: on out, as it's been much more vocal about cryptocurrency. Now,
Speaker 1: if all that info didn't make it clear enough, the
Speaker 1: i m F is firmly aligned with the interests of
Speaker 1: the United States, and that's simply because the USA has
Speaker 1: the most voting power of the I m FS. One
Speaker 1: and ninety member countries. As far as I can tell,
Speaker 1: the i m f's hatred of cryptocurrency has mostly to
Speaker 1: do with BTC. That's because BTC is star seemed to
Speaker 1: be adopted as legal tender by the kinds of developing
Speaker 1: countries the i m F is trying to control, notably
Speaker 1: El Salvador and the Central African Republic. This is why
Speaker 1: the i m F included a clause in its debt
Speaker 1: deal with Argentina to discourage the adoption of cryptocurrency, something
Speaker 1: that I'm sure is going to become more common as
Speaker 1: more countries start adopting cryptocurrency and BTC in particular. By
Speaker 1: the way, the clause didn't work, Argentineans are still adopting
Speaker 1: BTC and stable coins to protect themselves from inflation. Now,
Speaker 1: if you watched our video about the i m f
Speaker 1: s report about the decline of the U S Dollar,
Speaker 1: you'll know that the i m F knows that central
Speaker 1: banks around the world are slowly ditching the greenback in
Speaker 1: favor of alternative currencies. You might also recall that this
Speaker 1: is why it's possible other countries could adopt BTC. Case
Speaker 1: and point the chairman of the Central Bank of Switzerland
Speaker 1: recently noted that it could hold BTC on its balance
Speaker 1: sheet once it becomes big enough. At that point, it's
Speaker 1: only a small step to legal tender status. It's safe
Speaker 1: to say this is something the i MF doesn't want
Speaker 1: to see happen in any developed countries, which is why
Speaker 1: the institution has seemingly focused its attacks on BTC lately.
Speaker 1: These attacks have centered around Bitcoin's energy use, with the
Speaker 1: i m F claiming CBDCs are superior because they use
Speaker 1: less energy. What the i m F won't tell you
Speaker 1: is that Bitcoin's energy use is negligible in the grand
Speaker 1: scheme of things. More about that in the description, anyhow.
Speaker 1: The fourth institution that's trying to kill crypto is Wall Street,
Speaker 1: which is more of a collection of established financial institutions
Speaker 1: rather than a single entity. As almost everyone around the
Speaker 1: world knows, Wall Streets power is truly unprecedented, and most
Speaker 1: of this power resides in a handful of asset managers
Speaker 1: like black Rock and Vanguard, and megabanks like JP Morgan
Speaker 1: and Bank of America. I'll quickly note that the only
Speaker 1: reason why these asset managers and banks were able to
Speaker 1: become so big is because they're basically first in line
Speaker 1: at the Federal Reserves money printer. They also have unbelievable
Speaker 1: influence over politics and regulations in the United States and elsewhere.
Speaker 1: If you watched our video about the Securities and Exchange
Speaker 1: Commission's views on cryptocurrency, you'll know that the SEC allegedly
Speaker 1: destroyed documents about the two thousand and eight financial crisis
Speaker 1: when it was supposed to be investigating the asset managers
Speaker 1: and big banks that caused it. Article from the Huffington
Speaker 1: Post also notes that Wall streets spent more money on
Speaker 1: lobbying than any other industry between and two thousand and eleven,
Speaker 1: a spending streak that has apparently been overshadowed by big
Speaker 1: tech giants like Meta and mega corporations like Amazon, which
Speaker 1: are now the biggest lobbyists. Heck, the i m F
Speaker 1: even published a paper in about the regulatory capture of
Speaker 1: bank lobbying and how it led to the global financial crisis.
Speaker 1: While the authors argued that these issues were resolved by regulations,
Speaker 1: I think it's clear to the average person that Wall
Speaker 1: Street has only become more powerful like the central banks
Speaker 1: at the b i S, the asset managers and banks
Speaker 1: on Wall Street do not want to be replaced by cryptocurrency,
Speaker 1: which is why most of them have historically been anti crypto.
Speaker 1: The thing is that the asset managers and banks on
Speaker 1: Wall Street also don't want to be replaced by central
Speaker 1: bank digital currencies either, and these are quickly becoming a
Speaker 1: bigger threat than crypto. If you watched our video about
Speaker 1: the b I s S report about what CBDCs will
Speaker 1: look like, you'll know that they would effectively cut commercial
Speaker 1: banks out of the equation. Even though the CBDC systems
Speaker 1: being proposed by central banks often include commercial banks as
Speaker 1: the front end, the b I S and its central
Speaker 1: banks have admitted in multiple reports that it would be
Speaker 1: next to impossible for commercial banks to remain profitable under
Speaker 1: such a system. What's more is that the roles asset
Speaker 1: managers and banks play could easily be filled by companies
Speaker 1: in the financial technology sector, such as Revolute and PayPal.
Speaker 1: It's even possible that crypto companies like Consensus could play
Speaker 1: this role. You heard it here first, folks. Now, this
Speaker 1: leaves only one option for the asset managers and banks,
Speaker 1: and that's to take control of the crypto industry and
Speaker 1: leverage its technology to ensure they remain profitable and ideally
Speaker 1: leverage it to the point that they can continue to
Speaker 1: compete with fintech companies. How are asset managers and banks
Speaker 1: taking control of the crypto industry, you ask, well. Besides
Speaker 1: investing heavily in centralized projects that have close ties to
Speaker 1: their own constituents, asset managers and banks are also taking
Speaker 1: control of crypto by forcing it to comply with their
Speaker 1: e s G agenda. If you watched our video about
Speaker 1: e s G, you'll know that it stands for Environmental,
Speaker 1: social and governance and if you squint, you realize that
Speaker 1: it really stands for control, control and control. The inability
Speaker 1: to control bitcoin under this framework is ultimately why Wall
Speaker 1: Street dislikes proof of work. This is also why asset
Speaker 1: managers and big banks love proof of steak and why
Speaker 1: they are pushing for it. They have the capital they
Speaker 1: need to buy up the stake required to take control
Speaker 1: of almost any crypto project that uses proof of steak
Speaker 1: as its consensus mechanism. The same goes for token based
Speaker 1: governance structures. At that point they will be able to
Speaker 1: implement whatever rules they see fit, and if everyone ends
Speaker 1: up using proof of state, cryptocurrencies. The asset managers and
Speaker 1: megabanks would finally have total control of the financial system,
Speaker 1: eliminating governance, politicians, regulations, and their own accountability. Now that's
Speaker 1: not to say that proof of work is perfect or
Speaker 1: that proof of steak couldn't be improved, but it's important
Speaker 1: to be aware of the game being played and the
Speaker 1: powerful people who are sitting at the table. More about
Speaker 1: the pros and cons of proof of steak using the
Speaker 1: link in the description. The fifth and final institution that's
Speaker 1: trying to kill crypto is the World Economic Forum or WEF,
Speaker 1: a non governmental organization or NGEO, based in Geneva, Switzerland.
Speaker 1: The WEF was founded by Klaus Schwab in one, and
Speaker 1: he has served as its executive chairman ever since. As
Speaker 1: poets website, the weft's purpose is to quote shape global, regional,
Speaker 1: and industry agendas. The West has the power to do
Speaker 1: this because it consists of over four thousand of the
Speaker 1: world's most powerful individuals and institutions, including all the ones
Speaker 1: I've mentioned in this video so far. If you've watched
Speaker 1: any of our videos about the WEFT, you'll know that
Speaker 1: its plans for the world are truly at odds with
Speaker 1: the average person. It has amazing ideas such as you'll
Speaker 1: own nothing and be happy, which comes directly from that
Speaker 1: technocratic brain of Klaus Schwab himself. You'll also know that
Speaker 1: the WEF is where E s G standards were established,
Speaker 1: and that the weft's recent annual meeting Endavos included a
Speaker 1: few crypto companies and personnel, as well as a series
Speaker 1: of panel discussions about crypto related topics. As far as
Speaker 1: I can tell, the WEF has had cryptocurrency on its
Speaker 1: radar since twenty thirteen, which makes sense given that this
Speaker 1: is when the second crypto bull run happened. Naturally, the
Speaker 1: WEF isn't all that interested in cryptocurrency. What the WEF
Speaker 1: is interested in is the powerful technology that cryptocurrencies use.
Speaker 1: A historic example here is the weft's Tipping Points report
Speaker 1: from twenty fifteen, which highlighted smart tracks as a point
Speaker 1: of interest. Note that this report was published shortly after
Speaker 1: Ethereum was created, and it even made a direct reference
Speaker 1: to the company that created chain Link, three years before
Speaker 1: it was created. A more recent example is this year's
Speaker 1: Davos meeting, where the metaverse was almost as big a
Speaker 1: topic as E s G with multiple discussions and articles
Speaker 1: produced by the West, speaking of which I'm pretty sure
Speaker 1: the second metaverse discussion was the longest of any discussion
Speaker 1: at this year's Davos meeting. Obviously, what the West wants
Speaker 1: is to use technology like blockchain, smart contracts, and the
Speaker 1: metaverse to create the dystopia its constituents want, and unfortunately,
Speaker 1: it seems like some crypto projects and companies are on
Speaker 1: board with the weft's vision not naming names any who.
Speaker 1: When it comes to blockchain, the WEFT wants to use
Speaker 1: it for things like digital I D social credit scores,
Speaker 1: tracking everything and everyone tokenizing real world assets so that
Speaker 1: their ownership can be controlled and engaging in quote stakeholder
Speaker 1: capitalism via proof of steak consensus mechanisms. If you're wondering
Speaker 1: who the stakeholders will be, Klaus has stated in many
Speaker 1: interviews and speeches that he created the WEF so that
Speaker 1: stakeholders could gather. Let that sink in. Now, when it
Speaker 1: comes to smart contracts, the WEF wants to use them
Speaker 1: for things like automated censorship to prevent the purchase of
Speaker 1: certain goods and services, and to create the kinds of
Speaker 1: incentive structures the WEF wants to see by say, artificially
Speaker 1: increasing meat prices to decrease meat eating. When it comes
Speaker 1: to the metaverse, the WEF wants to use it to
Speaker 1: limit population growth, to pacify people in developing countries, and
Speaker 1: to give all the quote useless people something to do.
Speaker 1: In the worlds of Yuval Noah Harari, one of Klaus
Speaker 1: Schwab's closest advisers. Luckily, the world is starting to wake
Speaker 1: up to what the WEF is trying to do with
Speaker 1: cryptocurrency and other technologies that are intended to free rather
Speaker 1: than enslave, the average person, and there's no shortage of
Speaker 1: individuals and institutions who are starting to push back, including
Speaker 1: from the world of crypto. Still, it's scary to realize
Speaker 1: just how much influence the wealth and all these other
Speaker 1: institutions have, and it makes you wonder what other more
Speaker 1: powerful organizations are trying to do with cryptocurrency behind the scenes.
Speaker 1: Rest assured that I'll be letting you know if I
Speaker 1: find anything. In the meantime, keep your eyes on these
Speaker 1: institutions and don't hesitate to call them out. As the
Speaker 1: adoption of cryptocurrency continues, so too does the opposition from
Speaker 1: powerful institutions that control and benefit from the corrupt financial
Speaker 1: system crypt toe currency is in the process of replacing.
Speaker 1: Over the last few years, these powerful institutions have significantly
Speaker 1: increased their efforts to regulate, restrict, subvert, and destroy the
Speaker 1: crypto industry, and it's about time someone called them out
Speaker 1: by name. Today, I'm going to tell you about the
Speaker 1: institutions that are trying to kill crypto, how they're trying
Speaker 1: to do it, whether they will succeed, and what it
Speaker 1: all means for cryptocurrency. The first institution that's trying to
Speaker 1: kill crypto is the Bank for International Settlements or b
Speaker 1: i S. This is the self described bank for central banks.
Speaker 1: The b i S is based in Basel, Switzerland, and
Speaker 1: it is owned by the sixty three central banks that
Speaker 1: make up its membership. The b i S was founded
Speaker 1: way back in and is technically the oldest international financial
Speaker 1: institution in existence. What's interesting is that the b i
Speaker 1: S was supposed to be disbanded in forty four as
Speaker 1: part of the Breton Woods conference, still waiting on its website.
Speaker 1: The b i S says this is because the financial
Speaker 1: elite at Breton Woods didn't believe that b I S
Speaker 1: would play a useful role once the I, m F
Speaker 1: and the World Bank had been established. However, a memoir
Speaker 1: by one of the economists who was actually present at
Speaker 1: the Breton Woods conference revealed that the reason for the
Speaker 1: institutions intended dissolution was because the bi S had allegedly
Speaker 1: assisted the Nazis in taking gold and other assets from
Speaker 1: occupied countries. This was proved to be true in when
Speaker 1: the Bank of England declassified documents about how it helped
Speaker 1: the b I S and the Nazis take gold from Czechoslovakia. Now,
Speaker 1: despite this history, the b I S was never disbanded,
Speaker 1: thanks in part to influential economists like John Maynard Keynes.
Speaker 1: For context, Kanes is famous for pioneering so called demand
Speaker 1: side economics. Demand side economics is the theory that the
Speaker 1: demand for goods and services is fundamentally what causes economic
Speaker 1: growth and inflation, a theory popular with many central bankers.
Speaker 1: The more you know. Anyways, today, the b I S
Speaker 1: has undertaken a similarly disturbing role, and that's to assist
Speaker 1: central banks to develop their respective central bank digital currencies
Speaker 1: or CBDCs. Now, if you've watched any of our videos
Speaker 1: about CBDCs. You'll know that they will give central banks
Speaker 1: the power to decide what you can buy, when you
Speaker 1: can buy it, where you can buy it, how much
Speaker 1: money you can spend, and even how much money you
Speaker 1: can save. In the words of b I S Manager
Speaker 1: Augustine Carstens, quote the central bank will have absolute control
Speaker 1: and quote will have the technology to enforce that control.
Speaker 1: It should come as no surprise, then, that the b
Speaker 1: I S is opposed to cryptocurrencies of all kinds, especially
Speaker 1: stable coins. This is simply because cryptocurrency undermines the total
Speaker 1: control of currency that it's associated central banks are explicitly
Speaker 1: trying to achieve with their CBDCs, which are themselves clearly
Speaker 1: direct competitors to stable coins. So far, the b I
Speaker 1: s IS anti crypto activities have been limited to reports
Speaker 1: about why cryptocurrency is bad and why CBDCs are better.
Speaker 1: It seemed these reports are being conducted under the direction
Speaker 1: of Hun Song Shin, the b I S S Head
Speaker 1: of Research. Now, if you watched our recent video about
Speaker 1: the BI S S Vision for the future of finance,
Speaker 1: you'll know that nobody is buying what they're selling, and
Speaker 1: even the reporters the b I S invited to its
Speaker 1: recent press conference about the report were skeptical about the
Speaker 1: institution CBDC push. Even so, there's no question that the
Speaker 1: b I S has an incredible amount of influence, especially
Speaker 1: since central bankers from around the world regularly meet at
Speaker 1: the b I s s headquarters in Basel to discuss
Speaker 1: what they're going to do next. You can see what
Speaker 1: that looks like using the link in the description. The
Speaker 1: second institution that's trying to kill crypto is the Financial
Speaker 1: Action Task Force or fat F, an international organization based
Speaker 1: in Paris, France. It consists of forty countries and dozens
Speaker 1: of other international organizations, including the I, m F and
Speaker 1: World Bank. The fat F was founded in and it
Speaker 1: was initially established to combat money laundering around the world.
Speaker 1: Its mandate has since expanded to include anything that threatens
Speaker 1: the integrity of the financial system, and it achieves this
Speaker 1: mandate by issuing so called recommendations about the kinds of
Speaker 1: financial regulations that countries should implement. The fat F drafted
Speaker 1: its first set of forty recommendations one year after it
Speaker 1: was founded. The most infamous of these recommendations is the
Speaker 1: so called Travel Rule, which requires financial institutions to collect
Speaker 1: detailed information about anyone sending or receiving more than a
Speaker 1: certain amount of money, usually around one thousand dollars. Although
Speaker 1: the fat F doesn't have the power to write national laws,
Speaker 1: any countries that fail to comply with its recommendations often
Speaker 1: find themselves on its gray list or worse, its blacklist.
Speaker 1: Being on the former makes it difficult to interact with
Speaker 1: the global financial system, and being on the latter makes
Speaker 1: it impossible, and that's why more than two hundred countries
Speaker 1: have chosen to comply with the FATF's recommendations. Now, if
Speaker 1: you're wondering who writes the FATF's recommendations, the answer is
Speaker 1: nobody really knows. That's because the fat F consists of
Speaker 1: unelected officials who hold meetings behind closed doors where they
Speaker 1: decide what recommendations to pass and which countries land on
Speaker 1: which list. If you watched our first video about the
Speaker 1: fat F, then you'll know that its officials are also
Speaker 1: effectively above the law thanks to the Vienna Conference on
Speaker 1: Diplomatic Intercourse and Immunities passed in nineteen sixty one. Under
Speaker 1: the Vienna Conference, folks like fat FIR officials cannot be
Speaker 1: arrested or detained they cannot be charged with a criminal
Speaker 1: or civil crime, and they do not have to pay taxes.
Speaker 1: Fat Air officials are also not subject to pandemic travel restrictions. Now,
Speaker 1: while it's not exactly clear who decides what the fat
Speaker 1: F does, it's clear that it has strong connections to
Speaker 1: the United States, specifically the United States Department of the Treasury.
Speaker 1: If you watch our second video about the fat F,
Speaker 1: you'll know that two of the three lead authors of
Speaker 1: the finalized recommendations for cryptocurrency were from the Treasury Department,
Speaker 1: and the document notes that the United States is the
Speaker 1: primary driver behind compliance with the FATF's recommendations. This would
Speaker 1: explain why the fat f's Travel Rule is eerily similar
Speaker 1: to the United States As Banks Secreacy Act, which was
Speaker 1: passed way back in the nineties seventies and is coincidentally
Speaker 1: also referred to as the Travel Rule. It would also
Speaker 1: explain why the United States isn't on the FATF's gray
Speaker 1: list or blacklist, even though up to of all money
Speaker 1: laundering happens in the USA, and why the countries that
Speaker 1: do end up on the fat f's gray and blacklist
Speaker 1: tend to be at odds with the interests of the
Speaker 1: United States. Given these facts, it looks like the fat
Speaker 1: F is another financial weapon the United States occasionally uses
Speaker 1: against its enemies, and it's a weapon that's being used
Speaker 1: against cryptocurrency as well. Believe it or not, but the
Speaker 1: fat F doesn't actually want to ban cryptocurrency. It just
Speaker 1: wants no more peer to peer transactions and no more privacy,
Speaker 1: something it hopes to achieve by labeling any technology or
Speaker 1: activity related to these two as high risk. In other words,
Speaker 1: the fat F wants to turn crypto into another arm
Speaker 1: of the existing financial system, which is of course controlled
Speaker 1: by the United States. This is pretty bad, but admittedly
Speaker 1: not as bad as what the b I S is planning.
Speaker 1: It also doesn't seem to be working. If you watched
Speaker 1: our most recent video about the fat F, you'll know
Speaker 1: that countries are taking their sweet time complying with its
Speaker 1: crypto recommendations, and it looks like there's a few which
Speaker 1: might not impose the crypto regulations the fat F wants
Speaker 1: to see. This might have something to do with the
Speaker 1: fact that it's recommendations don't work in combating illicit finance.
Speaker 1: The fat f's own statistics suggest it hasn't made a
Speaker 1: dent in dark money in over thirty years now. If
Speaker 1: this non compliance by countries continues, it will be difficult
Speaker 1: for the fat F to achieve its goal in time,
Speaker 1: because if crypto adoption reaches a tipping point, it will
Speaker 1: be impossible for politicians to pass the crypto regulations the
Speaker 1: fat F wants to see because the people will vote
Speaker 1: against such politicians. It's also quite possible that by the
Speaker 1: time compliance starts to come, the financial system would have
Speaker 1: fragmented to such an extent that the fat F no
Speaker 1: longer has any influence. This fragmentation has been accelerated by
Speaker 1: the unprecedented sanctions against Russia, and you can learn more
Speaker 1: about those using the link in the description I digress.
Speaker 1: The third institution that's trying to kill crypto is the
Speaker 1: i m F and the World Bank. The International Monetary
Speaker 1: Fund or i MF, was created as part of the
Speaker 1: aforementioned Breton Woods Agreement. In for those who don't know,
Speaker 1: the Breton Woods Agreement is where the world decided to
Speaker 1: make the US dollar the world's reserve currency. More accurately,
Speaker 1: it's where the world decided that the other currencies would
Speaker 1: be pegged to the US dollar at a fixed exchange rate,
Speaker 1: and the US dollar would in turn be backed by
Speaker 1: physical gold. The i m f's initial job was to
Speaker 1: ensure the exchange rate it's between other currencies and the
Speaker 1: US dollar remains stable, but after the U s Dollar
Speaker 1: officially stopped being backed by gold in ninety one, the
Speaker 1: i m F turned its focus to financial stability around
Speaker 1: the world. The i m F achieves this financial stability
Speaker 1: by issuing loans to countries in crisis to ensure that
Speaker 1: the crisis the country is facing doesn't become an international crisis.
Speaker 1: These loans are known for including all sorts of terms
Speaker 1: and conditions that benefit certain institutions. Will come back to
Speaker 1: those in a second. Whereas the i m F issues loans,
Speaker 1: the World Bank provides longer term financial and technical support
Speaker 1: to developing countries. Now you can think of the World
Speaker 1: Bank as being the unofficial other half of the i
Speaker 1: m F, as it was also created as part of
Speaker 1: the Breton Woods Conference. Not only that, but the IMF
Speaker 1: and World Bank headquarters are across the street from each
Speaker 1: other in Washington, d C. Note that our just refer
Speaker 1: to the i m F from here on out, as
Speaker 1: it's been much more vocal about cryptocurrency now if all
Speaker 1: that info didn't make it clear enough, the i m
Speaker 1: F is firmly aligned with the interests of the United States,
Speaker 1: and that's simply because the USA has the most voting
Speaker 1: power of the i m FS one and ninety member countries.
Speaker 1: As far as I can tell, the i m f's
Speaker 1: hatred of cryptocurrency has mostly to do with BTC. That's
Speaker 1: because BTC is starting to be adopted as legal tender
Speaker 1: by the kinds of developing countries the i m F
Speaker 1: is trying to control, notably El Salvador and the Central
Speaker 1: African Republic. This is why the IMF included a clause
Speaker 1: in its debt deal with Argentina to discourage the adoption
Speaker 1: of cryptocurrency, something that I'm sure is going to become
Speaker 1: more common as more countries start adopting cryptocurrency and BTC
Speaker 1: in particular. By the way, the clause didn't work, Argentineans
Speaker 1: are still adopting BTC and stable coins to protect themselves
Speaker 1: from inflation. Now, if you watched our video about the
Speaker 1: i m f s report about the decline of the
Speaker 1: U S dollar, you'll know that the i m F
Speaker 1: knows that central banks around the world are slowly ditching
Speaker 1: the greenback in favor of alternative currencies. You might also
Speaker 1: recall that this is why it's possible other countries could
Speaker 1: adopt BTC case and point. The chairman of the Central
Speaker 1: Bank of Switzerland recently noted that it could hold BTC
Speaker 1: on its balance sheet once it becomes big enough. At
Speaker 1: that point, it's only a small step to legal tender status.
Speaker 1: It's safe to say this is something the IMF doesn't
Speaker 1: want to see happen in any developed countries, which is
Speaker 1: why the institution has seemingly focused its attacks on BTC lately.
Speaker 1: These attacks have centered around bitcoin's energy use, with the
Speaker 1: i m F claiming CBDCs are superior because they use
Speaker 1: less energy. What the i m F won't tell you
Speaker 1: is that bitcoin's energy use is negligible in the grand
Speaker 1: scheme of things. More about that in the description anyhow.
Speaker 1: The fourth institution that's trying to kill crypto is Wall Street,
Speaker 1: which is more of a collection of established financial institutions
Speaker 1: rather than a single entity. As almost everyone around the
Speaker 1: world knows, Wall Streets power is truly unprecedented, and most
Speaker 1: of this power resides in a handful of asset managers
Speaker 1: like black Rock and Vanguard and megabanks like JP Morgan
Speaker 1: and Bank of America. I'll quickly note that the only
Speaker 1: reason why these asset managers and banks were able to
Speaker 1: become so big is because they're basically first in line
Speaker 1: at the Federal Reserves money printer. They also have unbelievable
Speaker 1: influence over politics and regulations in the United States and elsewhere.
Speaker 1: If you watched our video about the Securities and Exchange
Speaker 1: Commission's views on cryptocurrency, you'll know that the s s
Speaker 1: SEE allegedly destroyed documents about the two thousand and eight
Speaker 1: financial crisis when it was supposed to be investigating the
Speaker 1: asset managers and big banks that caused it. Article from
Speaker 1: the Huffington Post also notes that Wall Street spent more
Speaker 1: money on lobbying than any other industry between and two
Speaker 1: thousand and eleven, a spending streak that has apparently been
Speaker 1: overshadowed by big tech giants like Meta and mega corporations
Speaker 1: like Amazon, which are now the biggest lobbyists. Heck, the
Speaker 1: I m F even published a paper in about the
Speaker 1: regulatory capture of bank lobbying and how it led to
Speaker 1: the global financial crisis. While the authors argued that these
Speaker 1: issues were resolved by regulations. I think it's clear to
Speaker 1: the average person that Wall Street has only become more powerful.
Speaker 1: Like the central banks at the b I S, the
Speaker 1: asset managers and banks on Wall Street do not want
Speaker 1: to be replaced by cryptocurrency, which is why most of
Speaker 1: them have historically been anti crypto. The thing is that
Speaker 1: the asset managers and banks on Wall Street also don't
Speaker 1: want to be replaced by central bank digital currencies either,
Speaker 1: and these are quickly becoming a bigger threat than crypto.
Speaker 1: If you watched our video about the b I s
Speaker 1: S report about what CBDCs will look like, you'll know
Speaker 1: that they would effectively cut commercial banks out of the equation.
Speaker 1: Even though the CBDC systems being proposed by central banks
Speaker 1: often include commercial banks as the front end, the b
Speaker 1: I S and its central banks have admitted in multiple
Speaker 1: reports that it would be next to impossible for commercial
Speaker 1: banks to remain profitable under such a system. What's more
Speaker 1: is that the roles asset managers and banks play could
Speaker 1: easily be filled by companies in the financial technology sector,
Speaker 1: such as Revolute and PayPal. It's even possible that crypto
Speaker 1: companies like Consensus could play this role. You heard it
Speaker 1: here first, folks. Now, this leaves only one option for
Speaker 1: the asset managers and banks, and that's to take control
Speaker 1: of the crypto industry and leverage its technology to ensure
Speaker 1: they remain profitable and ideally leverage it to the point
Speaker 1: that they can continue to compete with fintech companies. How
Speaker 1: are asset managers and banks taking control of the crypto industry,
Speaker 1: you ask, well, besides investing heavily in centralized projects that
Speaker 1: have close ties to their own constituents, asset managers and
Speaker 1: banks are also taking control of crypto by forcing it
Speaker 1: to comply with their E s G agenda. If you
Speaker 1: watched our video about e s G, you'll know that
Speaker 1: it stands for Environmental, social and governance and if you squint,
Speaker 1: you realize that it really stands for control, control and control.
Speaker 1: The inability to control Bitcoin under this framework is ultimately
Speaker 1: why Wall Street dislikes proof of work. This is also
Speaker 1: why asset managers and big banks love proof of steak
Speaker 1: and why they are pushing for it. They have the
Speaker 1: capital they need to buy up the stake required to
Speaker 1: take control of almost any crypto project that uses proof
Speaker 1: of steak as its consensus mechanism. The same goes for
Speaker 1: token based government structures. At that point, they will be
Speaker 1: able to implement whatever rules they see fit, and if
Speaker 1: everyone ends up using proof of state cryptocurrencies, the asset
Speaker 1: managers and megabanks would finally have total control of the
Speaker 1: financial system, eliminating governance, politicians, regulations, and their own accountability.
Speaker 1: Now that's not to say that proof of work is
Speaker 1: perfect or that proof of steak couldn't be improved, but
Speaker 1: it's important to be aware of the game being played
Speaker 1: and the powerful people who are sitting at the table.
Speaker 1: More about the pros and cons of proof of steak
Speaker 1: using the link in the description. The fifth and final
Speaker 1: institution that's trying to kill crypto is the World Economic
Speaker 1: Forum or WEF, a non governmental organization or NGO, based
Speaker 1: in Geneva, Switzerland. The WEF was founded by Klaus Schwab
Speaker 1: in one and he has served as its executive chairman
Speaker 1: ever since. As poets website, the weft's purpose is to
Speaker 1: quote shape global, regional and industry agendas. The West has
Speaker 1: the power to do this because it consists of over
Speaker 1: four thousand of the world's most powerful individuals and institutions,
Speaker 1: including all the ones I've mentioned in this video so far.
Speaker 1: If you've watched any of our videos about the WEFT,
Speaker 1: you'll know that its plans for the world are truly
Speaker 1: at odds with the average person. It has amazing ideas
Speaker 1: such as you'll own nothing and be happy, which comes
Speaker 1: directly from the technocratic brain of Klaus Schwab himself. You'll
Speaker 1: also know that the WEF is where E s G
Speaker 1: standards were established, and that the weft's recent annual meeting
Speaker 1: endeavor Us, included a few crypto companies and personnel, as
Speaker 1: well as a series of panel discussions about crypto related topics.
Speaker 1: As far as I can tell, the WEF has had
Speaker 1: cryptocurrency on its radar since, which makes sense given that
Speaker 1: this is when the second crypto bull run happened. Naturally,
Speaker 1: the WEF isn't all that interested in cryptocurrency. What the
Speaker 1: wealth is interested in is the powerful technology that cryptocurrencies use.
Speaker 1: A historic example here is the West's Tipping Points report
Speaker 1: from fifteen, which highlighted smart contracts as a point of interest.
Speaker 1: Note that this report was published shortly after Ethereum was created,
Speaker 1: and it even made a direct reference to the company
Speaker 1: that created chain Link. Three years before it was created.
Speaker 1: A more recent example is this year's Davos meeting, where
Speaker 1: the metaverse was almost as big a topic as E
Speaker 1: s G, with multiple discussions and articles produced by the
Speaker 1: West speaking of which I'm pretty sure the second metaverse
Speaker 1: discussion was the longest of any discussion at this year's
Speaker 1: Davos meeting. Obviously, what the WEFT wants is to use
Speaker 1: technology like blockchain, smart contracts, and the metaverse to create
Speaker 1: the dystopia its constituents want, and unfortunately, it seems like
Speaker 1: some crypto projects and companies are on board with the
Speaker 1: Weft's vision not naming names any who. When it comes
Speaker 1: to blockchain, the WEFT wants to use it for things
Speaker 1: like digital I D, social credit scores, tracking everything and
Speaker 1: everyone token izing real world assets so that their ownership
Speaker 1: can be controlled and engaging in quote stakeholder capitalism via
Speaker 1: proof of steak consensus mechanisms. If you're wondering who the
Speaker 1: stakeholders will be. Klaus has stated in many interviews and
Speaker 1: speeches that he created the West so that stakeholders could gather.
Speaker 1: Let that sink in now when its too. Smart contracts,
Speaker 1: the WEF wants to use them for things like automated
Speaker 1: censorship to prevent the purchase of certain goods and services,
Speaker 1: and to create the kinds of incentive structures the WEF
Speaker 1: wants to see by say, artificially increasing meat prices to
Speaker 1: decrease meat eating. When it comes to the metaverse, the
Speaker 1: WEF wants to use it to limit population growth, to
Speaker 1: pacify people in developing countries, and to give all the
Speaker 1: quote useless people something to do. In the worlds of
Speaker 1: Yuval Noah Harari, one of Klaus Schwab's closest advisers. Luckily,
Speaker 1: the world is starting to wake up to what the
Speaker 1: WEF is trying to do with cryptocurrency and other technologies
Speaker 1: that are intended to free rather than enslave, the average person,
Speaker 1: and there's no shortage of individuals and institutions who are
Speaker 1: starting to push back, including from the world of crypto. Still,
Speaker 1: it's scary to realize just how much influence the West
Speaker 1: and all these other is institutions have, and it makes
Speaker 1: you wonder what other more powerful organizations are trying to
Speaker 1: do with cryptocurrency behind the scenes. Rest assured that I'll
Speaker 1: be letting you know if I find anything. In the meantime,
Speaker 1: keep your eyes on these institutions and don't hesitate to
Speaker 1: call them out. Thank you so much for listening to
Speaker 1: the coin Bureau podcast. If you'd like to learn more
Speaker 1: about cryptocurrency, you can visit our YouTube channel at YouTube
Speaker 1: dot com forward slash coin Bureau. You can also go
Speaker 1: to coin bureau dot com for loads more information about
Speaker 1: all things crypto. You can follow me on Twitter and
Speaker 1: at coin bureau or one word, and I'm also active
Speaker 1: on TikTok and Instagram as well