WEBVTT - Weather Modification and the White House's Crypto Framework

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<v Speaker 1>Hello everyone, and welcome to the latest episode from the

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<v Speaker 1>midweek edition of the coin Bureau podcast. Every week, I

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<v Speaker 1>pick out two of my favorite videos from coin Bureau's

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<v Speaker 1>YouTube channel to present to you in podcast form. The

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<v Speaker 1>audio you're about to hear is from those videos I've

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<v Speaker 1>chosen this week. Many of you have been in touch

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<v Speaker 1>to ask whether it's possible to listen to our videos

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<v Speaker 1>in podcast format, and so your wish is my command.

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<v Speaker 1>This week I've selected our videos on weather modification and

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<v Speaker 1>the White House's efforts to crack down on cryptocurrency. Now,

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<v Speaker 1>every so often we like to go a bit off

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<v Speaker 1>piece here at coin Bureau and look into something removed

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<v Speaker 1>from crypto. It could be a scandal from the world

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<v Speaker 1>of traditional finance, or, as in today's case, some strange

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<v Speaker 1>goings on that don't get nearly the amount of media

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<v Speaker 1>coverage they should. Humans have been trying to control the

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<v Speaker 1>weather for millennia, but it wasn't until the twentieth century

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<v Speaker 1>that we started getting any good at it. It's now

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<v Speaker 1>thought that many countries around the world are involved whether

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<v Speaker 1>modification schemes of some kind, both for benign and possibly

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<v Speaker 1>nefarious purposes. What striking is that the technology which has

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<v Speaker 1>been developed to make this possible is in many cases

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<v Speaker 1>apparently extremely effective. In the first part of today's episode,

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<v Speaker 1>I look at some of these technologies and tackle the

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<v Speaker 1>question of why hardly anybody seems to be talking about this.

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<v Speaker 1>Next up, a look at what's been going on with

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<v Speaker 1>regards to crypto at six Pennsylvania Avenue, Washington, d C.

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<v Speaker 1>You might recall that President Biden issued an executive order

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<v Speaker 1>about cryptocurrency all the way back in March, and the

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<v Speaker 1>deadline for US agencies to submit their responses to it

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<v Speaker 1>fell earlier this month. Shortly afterwards, the White House released

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<v Speaker 1>a summary of these responses as a quote comprehensive framework

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<v Speaker 1>for responsible development of Digital assets. This report has important

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<v Speaker 1>implications for cryptocurrency, which is why we've read and summarized

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<v Speaker 1>it for you. I hope you enjoy are listening to

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<v Speaker 1>these two pieces, and I'll be back talking crypto with

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<v Speaker 1>Mike very soon, so be sure to stay tuned, and

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<v Speaker 1>if you want even more content from coin Bureau, be

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<v Speaker 1>sure to subscribe to our YouTube channel and visit us

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<v Speaker 1>on social media too. Humans have been trying to control

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<v Speaker 1>the weather since the dawn of time, and to this day,

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<v Speaker 1>it's generally believed to be something that we can't do

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<v Speaker 1>very well, if at all. Well, what have I told you?

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<v Speaker 1>That almost every major country is actively modifying the weather,

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<v Speaker 1>and that the effectiveness of such technologies has been increasing exponentially.

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<v Speaker 1>Being British, I can't possibly pass up an opportunity to

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<v Speaker 1>talk about the weather. So today I'm going to give

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<v Speaker 1>you a brief history of weather modification, go over the

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<v Speaker 1>different methods and their effectiveness, and examine whether this technology

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<v Speaker 1>is secretly being used for nefarious purposes. As I mentioned

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<v Speaker 1>in the introduction, humans have been trying to control the

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<v Speaker 1>weather for thousands of years through all sorts of rituals.

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<v Speaker 1>More often than not, these rituals were meant to try

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<v Speaker 1>and appease a god, to cause rain, usually in response

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<v Speaker 1>to a drought, or to try and prevent a dry season.

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<v Speaker 1>This is actually the same reason why most governments continue

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<v Speaker 1>to try and manipulate the weather today, at least on paper.

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<v Speaker 1>More about that later now. Not surprisingly, none of the

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<v Speaker 1>historic rain rituals were successful, and their perceived success was

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<v Speaker 1>only ever due to coincidence rather than any solid science.

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<v Speaker 1>Then again, nobody can say for sure, because it's harder

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<v Speaker 1>to figure out what happened the further back you go.

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<v Speaker 1>What is well documented is that many militaries around the

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<v Speaker 1>world started to notice that rain would fall after large

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<v Speaker 1>battles involving lots of gunfire in the seventeen and eighteen hundreds.

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<v Speaker 1>This resulted in the United States and others trying to

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<v Speaker 1>cause rain by shooting into the sky, but it's believed

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<v Speaker 1>that these experiments failed. We now know that air pollution

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<v Speaker 1>has the potential to seed clouds, and it's believed that

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<v Speaker 1>this is the main reason why there is now less

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<v Speaker 1>snow and ice in mountainous areas. Clouds are seeded prematurely

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<v Speaker 1>by car pollution, causing it to rain or snow before

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<v Speaker 1>the clouds can reach the mountains. The more you know now,

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<v Speaker 1>it wasn't until the late eighteen hundreds that a German

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<v Speaker 1>American inventor named Louis Gaffman proposed a scientific way of

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<v Speaker 1>creating rain, specifically by shooting liquid carbon dioxide into clouds.

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<v Speaker 1>It was around this time that so called rainmakers started

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<v Speaker 1>to emerge across the United States. Now, rainmakers were basically

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<v Speaker 1>traveling showman who would try and modify the weather using

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<v Speaker 1>a series of chemicals, among other things, Although most rainmakers

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<v Speaker 1>were not much better at making it rain than the

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<v Speaker 1>ancient ritualists, there was one man who seemed to have

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<v Speaker 1>a high success rate, and his name was Charles Hatfield.

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<v Speaker 1>Charles became famous in nine four when he caused it

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<v Speaker 1>to rain over Los Angeles using a series of towers

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<v Speaker 1>spraying chemicals into the sky. When he was asked about

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<v Speaker 1>how he did it, Charles reportedly said, quote, I do

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<v Speaker 1>not make it rain. That would be an absurd claim.

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<v Speaker 1>I simply attract clouds and they do the rest. This

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<v Speaker 1>is why the city of San Diego contacted Charles at

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<v Speaker 1>the end off in the middle of a massive drought.

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<v Speaker 1>Charles agreed to their request to make it rain and

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<v Speaker 1>even said the city only had to pay him if

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<v Speaker 1>he succeeded, a deal too good for San Diego's officials

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<v Speaker 1>to pass up. Charles's confidence didn't disappoint because in January

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<v Speaker 1>nineteen sixteen, he made it rain so much that many

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<v Speaker 1>parts of San Diego experience floods, something he achieved by

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<v Speaker 1>reportedly burning chemicals in a forest outside of the city.

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<v Speaker 1>Nineteen sixteen would go on to be the wettest year

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<v Speaker 1>in the region's history. Now as amazing as Charles's rainmaking was,

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<v Speaker 1>it was still more showmanship than science. It was hard

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<v Speaker 1>to prove that Charles's chemical shenanigans were the actual cause

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<v Speaker 1>of the rain, particularly in nineteen sixteen, when the rains

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<v Speaker 1>continued long after his modification. This is why Charles's rainmaking

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<v Speaker 1>is disputed to this day. This is also why the

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<v Speaker 1>history of weather modification is more often associated with Vincent Schaefer,

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<v Speaker 1>an American scientist who's credited with the creation of cloud

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<v Speaker 1>seeding in nineteen forty six while he was working as

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<v Speaker 1>a researcher at General Electric. What's wild is that Vincent

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<v Speaker 1>reportedly discovered cloud seeding by accident. The story goes that

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<v Speaker 1>he was working on another project related to ice formation

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<v Speaker 1>on aircraft when he breathed into a box where he

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<v Speaker 1>had placed dry ice, causing ice crystals to form in

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<v Speaker 1>the air. Note that ice crystals form before rainfall. By

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<v Speaker 1>the end of ninety six, Vincent had developed a way

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<v Speaker 1>to consistently seed clouds using aircraft to create both rain

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<v Speaker 1>and snow, and shortly afterwards he was contacted and contracted

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<v Speaker 1>by the US military to continue his cloud seeding research.

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<v Speaker 1>Note that I'm leaving out some details here for the

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<v Speaker 1>sake of time. Now. In seven, Vincent worked with the U.

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<v Speaker 1>S Military on Project Serrus to weaken hurricanes using cloud seeding,

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<v Speaker 1>and their first attempt took place in October that year.

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<v Speaker 1>Believe it or not, but the cloud seeding caused the

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<v Speaker 1>hurricane to suddenly change direction, resulting in lots of damage

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<v Speaker 1>in the state of Georgia. Naturally, the people of Georgia

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<v Speaker 1>were none too happy, and they filed a lawsuit, which

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<v Speaker 1>was dismissed after the defendants found examples of hurricanes suddenly

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<v Speaker 1>changing course in the past, specifically in nineteen o six,

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<v Speaker 1>around the time Charles Hatfield was active in his own

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<v Speaker 1>weather experiments. Funny that, in all seriousness, it seems the

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<v Speaker 1>same happened in the United Kingdom with Project Cumulus in

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<v Speaker 1>the nineteen fifties. Many believe that a massive flood in

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<v Speaker 1>nineteen fifty two was caused by the British military's cloud

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<v Speaker 1>seeding operations, though this was also largely dismissed on the

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<v Speaker 1>grounds that this region had flooded before. Now, the Georgia

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<v Speaker 1>incident reportedly paused cloud seeding research in the United States

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<v Speaker 1>for a decade. If true, this may be a tacit

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<v Speaker 1>admission by the US government that Project Sirrus may in

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<v Speaker 1>fact have caused that horror came to change course in

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<v Speaker 1>at the very least, it means they didn't know for sure,

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<v Speaker 1>or just didn't want to be judged in the court

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<v Speaker 1>of public opinion. Maybe both at the same time. However,

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<v Speaker 1>it's equally likely that the US government continued to experiment

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<v Speaker 1>with cloud seeding in secret. And this is because of

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<v Speaker 1>all the secret cloud seeding programs that were revealed shortly

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<v Speaker 1>afterwards by inquisitive journalists, such as Operation Popeye in the

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<v Speaker 1>nineteen sixties and seventies. Now, if you watched our video

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<v Speaker 1>about the mysterious food plant disruptions, you'll know Operation Popeye

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<v Speaker 1>involved creating severe storms over the Ho Chi Minh trail

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<v Speaker 1>used by the viet Cong during the Vietnam War. Operation

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<v Speaker 1>Popeye was halted in nineteen seventy two after an article

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<v Speaker 1>in The New York Times blew the lid on it.

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<v Speaker 1>What's odd is that the US military claimed that they

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<v Speaker 1>stopped the operation because their attempts at weather manipulation had failed.

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<v Speaker 1>This is despite the fact that the US and forty

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<v Speaker 1>seven other countries signed the Environmental Modification Convention, a few

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<v Speaker 1>years later prohibiting weather modification in warfare. Now, logically this

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<v Speaker 1>suggested that Operation Popeye was much more effective than the U. S.

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<v Speaker 1>Military was letting on, and this efficacy was effectively proven

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<v Speaker 1>when countries such as Russia and China started actively modifying

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<v Speaker 1>their weather for domestic purposes in the nighties. Beijing modifying

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<v Speaker 1>the weather to keep the opening ceremony dry during the

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<v Speaker 1>two thousand and eight Olympics is probably the most famous

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<v Speaker 1>example of weather modification in recent years, and there's really

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<v Speaker 1>no shortage of examples from all around the world. Check

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<v Speaker 1>Wikipedia if you don't believe me. As of twenty seventeen,

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<v Speaker 1>there were over fifty countries actively engaging in weather modification

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<v Speaker 1>to quote disperse fog, enhanced rain and snowfall, and suppress hale,

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<v Speaker 1>according to the World Meteorological Organization. Note that the sources

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<v Speaker 1>for everything in this video are in the description. Only

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<v Speaker 1>facts here, no fiction. Now, the prevalence of weather modification

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<v Speaker 1>begs the question of just how effective the process actually is.

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<v Speaker 1>The answer ultimately depends on which kind of weather modification

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<v Speaker 1>method we're talking about. The most common method is, of course,

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<v Speaker 1>cloud seeding. There are actually many ways of seeding clouds,

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<v Speaker 1>but they all follow the same principle that Vincent Schaffer

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<v Speaker 1>discovered almost eighty years ago, and that's creating something in

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<v Speaker 1>the cloud for the ice and rain to form around.

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<v Speaker 1>This first way to see the cloud is to use

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<v Speaker 1>some kind of salt, including silver iodide, potassium iodide, dry

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<v Speaker 1>ice as Vincent did, and even standard table salt. Under

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<v Speaker 1>the right conditions, spraying these salts into a cloud will

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<v Speaker 1>cause ice to form around the salt, which then results

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<v Speaker 1>in rain. This is the basic explanation. The second way

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<v Speaker 1>to see the cloud is to shoot it with lasers,

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<v Speaker 1>and yes, this is obviously my preferred method. This approach

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<v Speaker 1>to seeding clouds has been around since at least twenty ten,

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<v Speaker 1>but there doesn't seem to be much public information about it.

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<v Speaker 1>This might have something to do with the fact that

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<v Speaker 1>seeding clouds with lasers is apparently extremely effective. Case and Point.

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<v Speaker 1>In a news report about laser cloud seeding, the newscaster

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<v Speaker 1>and guest explain that this technology could allow governments to

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<v Speaker 1>make it rain at the click of a button, and

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<v Speaker 1>even control the trajectory and intensity of storms. The link

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<v Speaker 1>will be in the description It's truly crazy stuff. Now,

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<v Speaker 1>the third way to see the cloud is similarly sci fi,

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<v Speaker 1>and that's to use electricity. Zapping clouds with electricity using

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<v Speaker 1>drones is actually how the United Arab Emirates creates artificial

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<v Speaker 1>rain and as far as I understand, it's a brand

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<v Speaker 1>new approach to clouds needing that was first tried last

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<v Speaker 1>year in Dubai. The effectiveness of seeding clouds with electricity

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<v Speaker 1>is also unclear, but the fact it continues to be

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<v Speaker 1>used by the UA in lieu of the other available

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<v Speaker 1>approaches suggests that it's the most effective. For reference, the

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<v Speaker 1>UAE is extremely wealthy, meaning that every other approach is

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<v Speaker 1>in fact available to the country. That said, research by

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<v Speaker 1>UA scientists suggests that standard cloud seeding, meaning with salts

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<v Speaker 1>can quote enhanced rainfall by as much as thirty to

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<v Speaker 1>thirty five pent in a clear atmosphere and buy up

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<v Speaker 1>to ten to fifteen percent in a turbid atmosphere. Note

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<v Speaker 1>that these statistics are from way back in twenty fift

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<v Speaker 1>what's reassuring is that these statistics are consistent with a

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<v Speaker 1>cloud seeding study by the University of Wyoming, which lasted

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<v Speaker 1>from two thousand and eight to two thousand and thirteen

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<v Speaker 1>and found that cloud seeding can increase precipitation buy up

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<v Speaker 1>to fifteen percent. Note that these statistics also apply to

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<v Speaker 1>salt based cloud seeding and are also arguably outdated. It's

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<v Speaker 1>also important to point out that the effectiveness of cloud

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<v Speaker 1>seeding almost always depends on pre existing weather conditions. For example,

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<v Speaker 1>cloud seeding is believed to work much better on clouds

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<v Speaker 1>that form over large bodies of water, such as oceans

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<v Speaker 1>and seas. Conversely, the absence of clouds makes cloud seeding

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<v Speaker 1>next to impossible, because well, there are no clouds to seed. Luckily,

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<v Speaker 1>for governments looking to modify the weather, however, there are

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<v Speaker 1>many ways to create clouds artificially. I'll leave a link

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<v Speaker 1>in the description to a video that shows you one

0:14:45.800 --> 0:14:49.640
<v Speaker 1>effective method. Now, if you're feeling overwhelmed by all these

0:14:49.680 --> 0:14:53.200
<v Speaker 1>weather modification revelations, you're in for a real treat, because

0:14:53.240 --> 0:14:56.760
<v Speaker 1>cloud seeding isn't the only way that governments can modify

0:14:56.800 --> 0:14:59.640
<v Speaker 1>the weather. Some of you may have heard of the

0:14:59.720 --> 0:15:04.600
<v Speaker 1>U government's High Frequency Active Auroral Research Program or HARP

0:15:04.800 --> 0:15:08.920
<v Speaker 1>in Alaska, which lasted from to two thousand and fourteen.

0:15:09.800 --> 0:15:14.280
<v Speaker 1>HARP was subsequently declassified and its facility was handed over

0:15:14.400 --> 0:15:17.760
<v Speaker 1>to the University of Alaska for academic use in two

0:15:17.760 --> 0:15:21.160
<v Speaker 1>thousand and fifteen. If you've heard of HARP, it's because

0:15:21.240 --> 0:15:23.840
<v Speaker 1>it is famous for being the go to example given

0:15:23.880 --> 0:15:27.560
<v Speaker 1>by conspiracy theorists who claim the government can control the

0:15:27.600 --> 0:15:33.160
<v Speaker 1>world's whether using harp's Ionospheric Research Instrument or I s I.

0:15:33.240 --> 0:15:36.080
<v Speaker 1>This mostly has to do with a bunch of patents

0:15:36.200 --> 0:15:40.360
<v Speaker 1>filed by physicist Bernard Eastland, which implied that harp's I

0:15:40.480 --> 0:15:44.280
<v Speaker 1>see I could do everything from disrupting military communications to

0:15:44.400 --> 0:15:48.440
<v Speaker 1>influencing the moods of individuals around the world, a sort

0:15:48.480 --> 0:15:52.600
<v Speaker 1>of directed energy weapon, if you will. While the HARP

0:15:52.640 --> 0:15:55.400
<v Speaker 1>facility in the United States were shuttered in two thousand

0:15:55.440 --> 0:15:59.200
<v Speaker 1>and fourteen, similar facilities continue to operate in other countries,

0:15:59.400 --> 0:16:04.000
<v Speaker 1>notably in Norway and Russia. Some have taken this as

0:16:04.000 --> 0:16:08.400
<v Speaker 1>evidence that some of the claims in Bernard's patents were true. Now,

0:16:08.520 --> 0:16:11.600
<v Speaker 1>the science of HARP is outside the scope of this video,

0:16:11.720 --> 0:16:14.040
<v Speaker 1>but I'll leave a link to an excellent video about

0:16:14.040 --> 0:16:18.120
<v Speaker 1>the experiment by Curious Droid. In the description, He's a

0:16:18.160 --> 0:16:21.520
<v Speaker 1>fellow British YouTuber whose content helped with the creation of

0:16:21.600 --> 0:16:24.320
<v Speaker 1>this video, So be sure to send in my regards

0:16:24.360 --> 0:16:28.960
<v Speaker 1>and subscribe to his channel now. The next frontier for

0:16:29.040 --> 0:16:34.120
<v Speaker 1>weather modification is space, specifically using satellites to beam large

0:16:34.120 --> 0:16:37.920
<v Speaker 1>amounts of energy into storms to make them stronger or weaker,

0:16:38.200 --> 0:16:40.680
<v Speaker 1>a job for Elon Musk, if ever there was one.

0:16:40.760 --> 0:16:44.080
<v Speaker 1>Not like you'd have the time, though, Speaking of billionaires,

0:16:44.200 --> 0:16:47.440
<v Speaker 1>another outlandish way that we might soon modify the weather

0:16:47.640 --> 0:16:50.680
<v Speaker 1>is by spraying dust into the atmosphere to block out

0:16:50.720 --> 0:16:54.080
<v Speaker 1>the sun. This brilliant idea was brought to you by

0:16:54.120 --> 0:16:57.200
<v Speaker 1>none other than Bill Gates, who is currently funding a

0:16:57.240 --> 0:17:01.560
<v Speaker 1>company to do exactly that. There are also lots of

0:17:01.720 --> 0:17:05.360
<v Speaker 1>new weather modification methods that are taking a bottom up approach.

0:17:05.920 --> 0:17:09.080
<v Speaker 1>One example is pumping air into the lower waters of

0:17:09.160 --> 0:17:12.400
<v Speaker 1>seas and oceans to bring cold water up to the surface.

0:17:13.080 --> 0:17:16.000
<v Speaker 1>The cool air this cold water creates can be used

0:17:16.040 --> 0:17:20.800
<v Speaker 1>to weaken or even eliminate hurricanes. Pumping air into lower

0:17:20.840 --> 0:17:23.760
<v Speaker 1>waters is already being done in countries like Norway to

0:17:23.800 --> 0:17:27.639
<v Speaker 1>bring up salty water and prevent freezing around hydroelectric power

0:17:27.680 --> 0:17:32.320
<v Speaker 1>plants so they can continue operating through the winter. Another

0:17:32.400 --> 0:17:35.480
<v Speaker 1>example of a novel bottom up approach is to spray

0:17:35.560 --> 0:17:38.280
<v Speaker 1>salt water into the sky to reflect some of the

0:17:38.320 --> 0:17:42.240
<v Speaker 1>sun's light back into space. There are actually concerns though,

0:17:42.560 --> 0:17:45.160
<v Speaker 1>that this and other methods such as pumping air into

0:17:45.240 --> 0:17:48.840
<v Speaker 1>lower waters, could actually cool the oceans too much and

0:17:48.920 --> 0:17:53.359
<v Speaker 1>cause other unwanted weather issues. In my opinion, the most

0:17:53.400 --> 0:17:57.640
<v Speaker 1>promising weather modification method was proposed in a twenty thirteen

0:17:57.680 --> 0:18:02.119
<v Speaker 1>TED talk by scientist Alan's Savery titled quote how to

0:18:02.240 --> 0:18:06.200
<v Speaker 1>Green the World's deserts and Reverse Climate Change. It's quite

0:18:06.240 --> 0:18:09.879
<v Speaker 1>possibly one of the most amazing videos you will ever watch,

0:18:09.960 --> 0:18:13.320
<v Speaker 1>and I'll leave a link in the description. In short,

0:18:13.680 --> 0:18:16.719
<v Speaker 1>the world is slowly turning into a desert, and this

0:18:16.800 --> 0:18:20.840
<v Speaker 1>trend will continue regardless of whether all the mainstream climate

0:18:20.840 --> 0:18:24.960
<v Speaker 1>action targets are met, namely eliminating emissions and fossil fuels

0:18:24.960 --> 0:18:28.920
<v Speaker 1>of all kinds. Note that deserts create lots of heat,

0:18:29.000 --> 0:18:32.000
<v Speaker 1>which causes the kinds of extreme weather we've seen lately.

0:18:32.960 --> 0:18:36.720
<v Speaker 1>Alan's solution is so simple that it's almost stupid. This

0:18:36.880 --> 0:18:40.320
<v Speaker 1>is to guide animals to graze around the land without

0:18:40.440 --> 0:18:45.400
<v Speaker 1>interference the way they did historically. With this simple solution,

0:18:45.440 --> 0:18:48.719
<v Speaker 1>Alan has managed to turn literal deserts into green and

0:18:48.800 --> 0:18:55.480
<v Speaker 1>watery oases around the world. Just look at this comparison image. Now,

0:18:55.520 --> 0:18:59.480
<v Speaker 1>if that wasn't incredible enough, Alan thinks this solution could

0:18:59.560 --> 0:19:03.480
<v Speaker 1>solve climate change in a matter of years while simultaneously

0:19:03.640 --> 0:19:08.560
<v Speaker 1>enriching developing countries through all the animal product production and exports.

0:19:09.320 --> 0:19:13.399
<v Speaker 1>The availability of meat in developing countries would also significantly

0:19:13.480 --> 0:19:18.080
<v Speaker 1>improve nutrition as a cherry on top, all the emission reductions,

0:19:18.240 --> 0:19:21.359
<v Speaker 1>limits on energy use, and other such policies would not

0:19:21.520 --> 0:19:24.920
<v Speaker 1>be needed since all the additional greenery would absorb all

0:19:25.000 --> 0:19:29.680
<v Speaker 1>the CEO two while simultaneously cooling the world. Seriously, watch

0:19:29.760 --> 0:19:32.159
<v Speaker 1>that video and share it with your friends and family

0:19:32.400 --> 0:19:36.560
<v Speaker 1>while you're at it. Now, given all these facts, stats,

0:19:36.640 --> 0:19:40.199
<v Speaker 1>and solutions, you might be wondering why weather modification is

0:19:40.240 --> 0:19:43.600
<v Speaker 1>seldom discussed in the context of climate change, or even

0:19:43.640 --> 0:19:47.399
<v Speaker 1>just extreme weather events like droughts, floods, and fires that

0:19:47.480 --> 0:19:50.840
<v Speaker 1>have recently been ravaging the planet. As far as I

0:19:50.880 --> 0:19:54.440
<v Speaker 1>can tell, this is because governments admitting to widespread weather

0:19:54.560 --> 0:19:58.679
<v Speaker 1>modification is likely to raise more questions than answers, namely

0:19:58.920 --> 0:20:02.840
<v Speaker 1>why governments aren't using this technology to combat climate change

0:20:02.960 --> 0:20:08.320
<v Speaker 1>or extreme weather events, especially revolutionary solutions like Alan's guided grazing.

0:20:09.400 --> 0:20:12.000
<v Speaker 1>To be clear, there have been some reports of countries

0:20:12.119 --> 0:20:16.399
<v Speaker 1>using weather modification methods to address whether extremes, such as China,

0:20:16.680 --> 0:20:19.520
<v Speaker 1>which tried to end its record breaking droughts with cloud

0:20:19.560 --> 0:20:23.200
<v Speaker 1>seeding over the summer. What doesn't make sense, however, is

0:20:23.240 --> 0:20:26.920
<v Speaker 1>that these countermeasures always seem to be less effective than

0:20:26.960 --> 0:20:30.400
<v Speaker 1>the proactive ones. This is where a bit of science

0:20:30.400 --> 0:20:34.600
<v Speaker 1>based speculation comes in. As I mentioned earlier, forty eight

0:20:34.640 --> 0:20:38.760
<v Speaker 1>countries signed the Environmental Modification Convention in the nine seventies

0:20:38.960 --> 0:20:43.640
<v Speaker 1>to prevent the use of weather modification in warfare. As

0:20:43.720 --> 0:20:47.880
<v Speaker 1>of two there are seventy eight countries which have joined

0:20:47.960 --> 0:20:52.400
<v Speaker 1>the convention. Even so, that doesn't guarantee that these countries

0:20:52.480 --> 0:20:55.880
<v Speaker 1>aren't still using weather modification as a form of warfare.

0:20:56.480 --> 0:20:59.520
<v Speaker 1>It just may not be as avert as say, creating

0:20:59.560 --> 0:21:04.040
<v Speaker 1>abnorm William massive storms over Vietnam. Here's a great example

0:21:04.119 --> 0:21:06.560
<v Speaker 1>to illustrate what I mean that I also mentioned in

0:21:06.600 --> 0:21:11.159
<v Speaker 1>our food plant disruptions video. In the the Soviet Union

0:21:11.600 --> 0:21:15.399
<v Speaker 1>used cloud seeding after the Chernobyl nuclear plant meltdown to

0:21:15.520 --> 0:21:20.359
<v Speaker 1>ensure that radioactive rain fell on Belarus instead of Moscow. Now,

0:21:20.680 --> 0:21:24.159
<v Speaker 1>riddle me this, did the Soviet Union use whether for

0:21:24.280 --> 0:21:29.200
<v Speaker 1>military purposes in this scenario? The answer is not that clear,

0:21:29.320 --> 0:21:31.920
<v Speaker 1>and it would be hard to prove either way, because

0:21:31.960 --> 0:21:35.760
<v Speaker 1>the Soviet Union could claim the rainfalls natural, whereas Belarus

0:21:35.840 --> 0:21:38.760
<v Speaker 1>could claim it was not, assuming it even new at all.

0:21:40.000 --> 0:21:44.240
<v Speaker 1>This is simply because WHETHER modification can't always be detected,

0:21:44.400 --> 0:21:49.119
<v Speaker 1>especially with the newer types of technologies. Whether also isn't

0:21:49.200 --> 0:21:52.800
<v Speaker 1>contained to a single country. It crosses borders and boundaries,

0:21:52.840 --> 0:21:56.000
<v Speaker 1>and this means what happens within a country could easily

0:21:56.040 --> 0:21:59.680
<v Speaker 1>affect the country next door. This is why there is

0:21:59.680 --> 0:22:03.440
<v Speaker 1>a lot of speculation in India that China is stealing

0:22:03.560 --> 0:22:06.639
<v Speaker 1>India's rain by causing it to reign prematurely on the

0:22:06.720 --> 0:22:09.920
<v Speaker 1>Chinese side of the mountain range that divides both countries.

0:22:10.800 --> 0:22:14.440
<v Speaker 1>This wouldn't be surprising given that China is heavily testing

0:22:14.520 --> 0:22:19.040
<v Speaker 1>weather modification in this region, including in the Pool. Now.

0:22:19.160 --> 0:22:21.920
<v Speaker 1>You can sum up this speculation in a sentence from

0:22:21.960 --> 0:22:27.560
<v Speaker 1>an article about China's weather modification by futurism. Quote, if

0:22:27.640 --> 0:22:31.240
<v Speaker 1>one country is able to control its own weather, it could,

0:22:31.240 --> 0:22:35.720
<v Speaker 1>in theory, do so elsewhere. In other words, countries might

0:22:35.800 --> 0:22:39.840
<v Speaker 1>be actively trying to manipulate each other's weather. Bringing up

0:22:39.880 --> 0:22:44.040
<v Speaker 1>this technology could shed light on questionable practices by domestic

0:22:44.119 --> 0:22:49.080
<v Speaker 1>and foreign governments, leading to very serious domestic and foreign conflicts.

0:22:49.920 --> 0:22:53.400
<v Speaker 1>This ties into the very real possibility that governments are

0:22:53.600 --> 0:22:57.440
<v Speaker 1>manipulating their own weather to take more control of their

0:22:57.480 --> 0:23:01.639
<v Speaker 1>own citizens. After all, you can control the weather, you

0:23:01.680 --> 0:23:04.359
<v Speaker 1>can control the food supply, and that's the kind of

0:23:04.359 --> 0:23:07.640
<v Speaker 1>power that the folks at the World Economic Forum are

0:23:07.760 --> 0:23:11.600
<v Speaker 1>explicitly seeking. More about that using the link in the

0:23:11.680 --> 0:23:15.959
<v Speaker 1>description anecdotes aside, The fact of the matter is that

0:23:16.080 --> 0:23:20.119
<v Speaker 1>governments have the technology to make extreme weather events better

0:23:20.440 --> 0:23:25.399
<v Speaker 1>or worse, or rarer or more frequent. This is terrifying

0:23:25.520 --> 0:23:28.919
<v Speaker 1>given how governments have been acting lately, and it's something

0:23:29.000 --> 0:23:33.840
<v Speaker 1>that must therefore be part of any environmental discussions. So

0:23:34.000 --> 0:23:37.000
<v Speaker 1>I'll leave you with this thought. Once upon a time,

0:23:37.280 --> 0:23:41.320
<v Speaker 1>humans engaged in rituals to appease the gods to influence

0:23:41.359 --> 0:23:45.360
<v Speaker 1>the weather. It looks like we're starting to see history repeat,

0:23:45.680 --> 0:23:50.440
<v Speaker 1>except it's other humans with powerful technologies playing god, demanding

0:23:50.480 --> 0:23:55.199
<v Speaker 1>compliance in exchange for better weather. This may not be

0:23:55.280 --> 0:23:58.320
<v Speaker 1>the case today, but mark my words, at the rate

0:23:58.400 --> 0:24:02.520
<v Speaker 1>that whether modification technology is advancing, it will almost certainly

0:24:02.800 --> 0:24:06.080
<v Speaker 1>be the case tomorrow, and in some places it probably

0:24:06.240 --> 0:24:09.920
<v Speaker 1>is already be on the lookout and remember to question

0:24:09.960 --> 0:24:12.960
<v Speaker 1>the weather and don't just complain about it like US

0:24:12.960 --> 0:24:21.359
<v Speaker 1>Brits do. Back in March, US President Joe Biden signed

0:24:21.400 --> 0:24:26.040
<v Speaker 1>an executive Order about Cryptocurrency, which instructed all relevant government

0:24:26.080 --> 0:24:30.399
<v Speaker 1>agencies to produce reports about crypto and how to regulate it.

0:24:31.000 --> 0:24:34.280
<v Speaker 1>The deadline for these reports was earlier this month, and

0:24:34.600 --> 0:24:37.399
<v Speaker 1>last week the White House put together a summary of

0:24:37.440 --> 0:24:42.000
<v Speaker 1>these reports, as well as their regulatory recommendations. Today, I'm

0:24:42.040 --> 0:24:45.160
<v Speaker 1>going to explain what the White House's Crypto Framework says

0:24:45.320 --> 0:24:48.600
<v Speaker 1>in simple terms and tell you exactly what it could

0:24:48.600 --> 0:24:52.000
<v Speaker 1>mean for the crypto market. The document I'll be discussing

0:24:52.000 --> 0:24:56.359
<v Speaker 1>today is titled quote fact sheet. White House releases first

0:24:56.400 --> 0:25:01.439
<v Speaker 1>ever comprehensive Framework for Responsible Development of Digital Assets. It

0:25:01.560 --> 0:25:04.960
<v Speaker 1>was published on the sixteen September, and I'll leave a

0:25:05.000 --> 0:25:09.000
<v Speaker 1>link to the full text in the description if you're interested. Now,

0:25:09.040 --> 0:25:13.000
<v Speaker 1>the White House's Crypto Framework begins with a juicy statistic,

0:25:13.160 --> 0:25:17.600
<v Speaker 1>and that's that around sixteen percent of Americans hold crypto

0:25:17.720 --> 0:25:21.800
<v Speaker 1>as part of their personal portfolios. This is a few

0:25:21.880 --> 0:25:26.080
<v Speaker 1>percentage points shy of the of Americans who have ever

0:25:26.160 --> 0:25:30.639
<v Speaker 1>held crypto, according to research by NBC News. Respect to

0:25:30.760 --> 0:25:34.320
<v Speaker 1>the Hoddlers. The authors go on to explain that crypto

0:25:34.400 --> 0:25:37.800
<v Speaker 1>has the potential to quote reinforce US leadership in the

0:25:37.800 --> 0:25:42.639
<v Speaker 1>global financial system. However, they caution that these potential benefits

0:25:42.880 --> 0:25:46.840
<v Speaker 1>come with risks and cite terrors collapse in May as

0:25:46.840 --> 0:25:51.480
<v Speaker 1>an example, without naming any names. What's odd is the

0:25:51.520 --> 0:25:55.879
<v Speaker 1>author's claim that terrorist collapse caused six hundred billion dollars

0:25:55.880 --> 0:25:58.880
<v Speaker 1>of damage to the crypto market in the months that followed.

0:25:59.440 --> 0:26:03.360
<v Speaker 1>This is highly debatable, as there were other macro factors

0:26:03.400 --> 0:26:06.119
<v Speaker 1>that caused the crypto market to go lower, namely the

0:26:06.160 --> 0:26:10.280
<v Speaker 1>stock market, which was also crashing around that time. In

0:26:10.320 --> 0:26:13.760
<v Speaker 1>any case, the authors touch on Biden's Executive Order about

0:26:13.760 --> 0:26:17.320
<v Speaker 1>cryptocurrency from back in March and explain that all the

0:26:17.359 --> 0:26:22.000
<v Speaker 1>relevant agencies have spent six months putting together their respective reports.

0:26:22.600 --> 0:26:26.639
<v Speaker 1>The result is a series of policy recommendations related to

0:26:26.880 --> 0:26:31.360
<v Speaker 1>six areas of focus in the Executive Order. These are

0:26:31.600 --> 0:26:38.160
<v Speaker 1>quote consumer and investor protection, promoting financial stability, countering illicit finance,

0:26:38.680 --> 0:26:42.760
<v Speaker 1>US leadership in the global financial system, financial inclusion, and

0:26:42.960 --> 0:26:48.040
<v Speaker 1>responsible innovation. The authors revealed that a total of nine

0:26:48.080 --> 0:26:51.520
<v Speaker 1>reports were provided to the White House by US agencies.

0:26:51.960 --> 0:26:54.479
<v Speaker 1>We summarized one of them last weekend, and you can

0:26:54.520 --> 0:26:57.560
<v Speaker 1>find out what crazy things that report said using the

0:26:57.600 --> 0:27:01.400
<v Speaker 1>link in the description. Now, the authors also revealed that

0:27:01.480 --> 0:27:05.840
<v Speaker 1>these nine reports quote reflect the input and expertise of

0:27:05.960 --> 0:27:12.480
<v Speaker 1>diverse stakeholders across government, industry, academia, and civil society. Obviously,

0:27:12.680 --> 0:27:15.480
<v Speaker 1>there are a lot of loaded terms here, and it

0:27:15.640 --> 0:27:19.560
<v Speaker 1>certainly begs the question of exactly which personnel they consulted.

0:27:20.560 --> 0:27:24.320
<v Speaker 1>What's particularly questionable is that these reports focus on quote,

0:27:24.600 --> 0:27:29.880
<v Speaker 1>helping cutting edge US firms find footholds in global markets. Now,

0:27:29.920 --> 0:27:32.640
<v Speaker 1>I'm not sure who needs to hear this, but crypto

0:27:32.760 --> 0:27:37.600
<v Speaker 1>isn't about private companies establishing global dominance. It's about competition

0:27:37.680 --> 0:27:43.640
<v Speaker 1>between decentralized developers. Naturally. The authors also single out crypto

0:27:43.760 --> 0:27:46.919
<v Speaker 1>mining as an area of concern and call for quote

0:27:47.119 --> 0:27:51.960
<v Speaker 1>common sense efficiency standards. I reckon what counts as common

0:27:52.000 --> 0:27:55.560
<v Speaker 1>sense depends on who you ask, and as the saying goes,

0:27:55.840 --> 0:28:00.800
<v Speaker 1>common sense is not that common If that isn't spooky enough,

0:28:00.920 --> 0:28:04.280
<v Speaker 1>the authors say. The reports call on the Federal Reserve

0:28:04.400 --> 0:28:07.960
<v Speaker 1>and the Treasury Department to accelerate the development of a

0:28:08.000 --> 0:28:13.120
<v Speaker 1>central bank digital currency or CBDC. They even call for

0:28:13.200 --> 0:28:16.320
<v Speaker 1>the creation of a quote inter Agency working group to

0:28:16.440 --> 0:28:20.720
<v Speaker 1>develop a digital dollar. This is more significant than you think,

0:28:20.760 --> 0:28:24.320
<v Speaker 1>because it suggests that the Federal Reserve and Treasury Department

0:28:24.520 --> 0:28:28.800
<v Speaker 1>could eventually become one and the same. In fact, some

0:28:28.880 --> 0:28:32.320
<v Speaker 1>would say this is inevitable given the trend towards hyper

0:28:32.320 --> 0:28:38.120
<v Speaker 1>centralization in the financial system. Spooky stuff, indeed. Now, the

0:28:38.280 --> 0:28:41.240
<v Speaker 1>rest of the Crypto Framework gives a summary of the

0:28:41.280 --> 0:28:45.040
<v Speaker 1>policy recommendations for the six areas of focus I mentioned earlier.

0:28:45.640 --> 0:28:48.400
<v Speaker 1>You'll recall I hope that one of these is quote

0:28:48.480 --> 0:28:52.200
<v Speaker 1>consumer and investor protection, which has been used to justify

0:28:52.320 --> 0:28:56.120
<v Speaker 1>all kinds of things in recent years. In this case,

0:28:56.280 --> 0:29:00.560
<v Speaker 1>the authors go straight for the jugular quote digital assets

0:29:00.600 --> 0:29:06.400
<v Speaker 1>pose meaningful risks for consumers, investors, and businesses. Not surprisingly,

0:29:06.480 --> 0:29:09.800
<v Speaker 1>there is absolutely no mention of the rewards that come

0:29:09.920 --> 0:29:14.440
<v Speaker 1>with greater risks, nor the benefits of cryptocurrency. Instead, the

0:29:14.520 --> 0:29:18.680
<v Speaker 1>author's focus on the negatives, including cryptos volatility and the

0:29:18.760 --> 0:29:23.880
<v Speaker 1>lack of transparency around cryptocurrency. Interestingly, they cite a study

0:29:23.960 --> 0:29:27.160
<v Speaker 1>by the Wall Street Journal from eighteen which found that

0:29:27.240 --> 0:29:31.240
<v Speaker 1>a quarter of cryptocurrency I c o s had transparency issues.

0:29:31.760 --> 0:29:35.880
<v Speaker 1>That's actually not as bad as I thought. In all, seriousness.

0:29:36.080 --> 0:29:38.760
<v Speaker 1>The authors take it one step too far when they

0:29:38.800 --> 0:29:42.960
<v Speaker 1>claim that quote outright, fraud scams and theft in digital

0:29:42.960 --> 0:29:47.360
<v Speaker 1>asset markets are on the rise. According to FBI statistics,

0:29:47.400 --> 0:29:51.040
<v Speaker 1>reported monetary losses from digital assets scams were nearly six

0:29:51.880 --> 0:29:56.520
<v Speaker 1>higher in one than the year before. Now, there seems

0:29:56.560 --> 0:29:59.080
<v Speaker 1>to be some sleight of hand going on here, because

0:29:59.160 --> 0:30:03.080
<v Speaker 1>crypto price is were much higher in one than they

0:30:03.080 --> 0:30:06.880
<v Speaker 1>were in As such, it's to be expected that the

0:30:06.920 --> 0:30:10.040
<v Speaker 1>monetary losses from crypto scams would be much higher in

0:30:10.240 --> 0:30:14.040
<v Speaker 1>Fiat terms while staying the same in terms of frequency.

0:30:14.280 --> 0:30:19.520
<v Speaker 1>Very sneaky indeed. Unfortunately, the real facts and stats are

0:30:19.600 --> 0:30:22.360
<v Speaker 1>not of much concern to the authors, and they reveal

0:30:22.480 --> 0:30:26.280
<v Speaker 1>the steps the current administration will take to address consumer

0:30:26.360 --> 0:30:31.480
<v Speaker 1>and investor protection in cryptocurrency. First, it will instruct the

0:30:31.640 --> 0:30:35.840
<v Speaker 1>Securities and Exchange Commission or SEC and the Commodities Futures

0:30:35.840 --> 0:30:41.080
<v Speaker 1>Trading Commission or CFTC to quote aggressively pursue investigations and

0:30:41.280 --> 0:30:46.200
<v Speaker 1>enforcement actions against crypto projects and companies. Looks like the

0:30:46.400 --> 0:30:49.960
<v Speaker 1>SEC is ahead of the curve on that one. Second,

0:30:50.120 --> 0:30:54.440
<v Speaker 1>it will instruct the Consumer Financial Protection Bureau or CFPB

0:30:54.760 --> 0:30:59.640
<v Speaker 1>and Federal Trade Commission or FTC to quote, monitor consumer

0:30:59.640 --> 0:31:04.320
<v Speaker 1>complaints and to enforce against unfair, deceptive, or abusive practices.

0:31:05.200 --> 0:31:08.720
<v Speaker 1>If the CFPB sounds familiar, that's because it's one of

0:31:08.760 --> 0:31:11.600
<v Speaker 1>the many organizations that were created as part of the

0:31:11.720 --> 0:31:15.840
<v Speaker 1>Dodd Frank Act in twenty For reference, the Dodd Frank

0:31:15.880 --> 0:31:19.160
<v Speaker 1>Act was put together by Michael Barr in the aftermath

0:31:19.280 --> 0:31:22.520
<v Speaker 1>of the two thousand and eight financial crisis. As it

0:31:22.680 --> 0:31:25.800
<v Speaker 1>so happens, Michael Barr is the current Vice Chair for

0:31:25.840 --> 0:31:30.600
<v Speaker 1>Supervision at the FED. This is significant because this position

0:31:30.760 --> 0:31:34.520
<v Speaker 1>was also created by the Dodd Frank Act. More about

0:31:34.560 --> 0:31:37.600
<v Speaker 1>that and what it means for the crypto market using

0:31:37.640 --> 0:31:41.960
<v Speaker 1>the link in the description. Now, the third step the

0:31:42.040 --> 0:31:45.720
<v Speaker 1>current administration will take to protect consumers and investors will

0:31:45.760 --> 0:31:49.800
<v Speaker 1>be to instruct various agencies to quote address current and

0:31:50.040 --> 0:31:54.800
<v Speaker 1>emergent risks in cryptocurrency. I couldn't help, but notice that

0:31:54.840 --> 0:31:58.840
<v Speaker 1>the authors don't clarify what kinds of risks the administration

0:31:59.040 --> 0:32:03.600
<v Speaker 1>is concerned about. Finally, the current administration will instruct the

0:32:03.680 --> 0:32:08.920
<v Speaker 1>Financial Literacy Education Commission or FLECK to quote help consumers

0:32:09.000 --> 0:32:12.840
<v Speaker 1>understand the risks involved. Call me crazy, but I don't

0:32:12.880 --> 0:32:16.440
<v Speaker 1>think they'll be talking very much about the benefits of crypto.

0:32:16.600 --> 0:32:19.880
<v Speaker 1>It also reminds me of the International Monetary Fund or

0:32:20.000 --> 0:32:23.920
<v Speaker 1>i MFS campaign to educate about that is, promote c

0:32:24.120 --> 0:32:27.080
<v Speaker 1>b d c s and educate about a k A

0:32:27.280 --> 0:32:31.840
<v Speaker 1>discredit cryptocurrency in countries around the world. What would we

0:32:31.920 --> 0:32:37.520
<v Speaker 1>do without these unaccountable international organizations, eh Now. The second

0:32:37.520 --> 0:32:41.720
<v Speaker 1>set of crypto policy recommendations relates to financial conclusion, and

0:32:41.840 --> 0:32:46.200
<v Speaker 1>this is where the authors drop some more juicy statistics. Quote,

0:32:46.920 --> 0:32:51.240
<v Speaker 1>roughly seven million Americans have no bank account another twenty

0:32:51.240 --> 0:32:55.320
<v Speaker 1>four million rely on costly non bank services. As a

0:32:55.400 --> 0:32:58.400
<v Speaker 1>random fact, I first heard this statistic when listening to

0:32:58.440 --> 0:33:02.440
<v Speaker 1>the testimony of Cryptoca see CEOs earlier this year, which

0:33:02.480 --> 0:33:05.600
<v Speaker 1>we also summarized by the Way. Believe it or not,

0:33:05.880 --> 0:33:10.080
<v Speaker 1>but around five percent of Americans are unbanked and another

0:33:10.200 --> 0:33:14.320
<v Speaker 1>fourteen percent are underbanked, meaning they use non bank services

0:33:14.440 --> 0:33:19.000
<v Speaker 1>for finance. Rather than leaning into these efficient non bank

0:33:19.080 --> 0:33:22.480
<v Speaker 1>services provided by the private sector. The author's focus on

0:33:22.640 --> 0:33:27.360
<v Speaker 1>the fed's upcoming fed NOW Fast Payment service as the solution.

0:33:28.360 --> 0:33:32.560
<v Speaker 1>Note that fast payment services are a precursor to CBDCs.

0:33:32.640 --> 0:33:35.760
<v Speaker 1>According to the Bank for International Settlements or b I

0:33:36.040 --> 0:33:39.760
<v Speaker 1>s NOW to the author's credit. They do admit that

0:33:40.000 --> 0:33:44.520
<v Speaker 1>some cryptocurrencies can make financial services more accessible, but also

0:33:44.640 --> 0:33:47.200
<v Speaker 1>note that there's still lots of work to be done

0:33:47.320 --> 0:33:50.520
<v Speaker 1>on that front. This is a valid point, but it

0:33:50.640 --> 0:33:54.280
<v Speaker 1>again begs the question of which cryptocurrencies the authors are

0:33:54.400 --> 0:33:59.520
<v Speaker 1>referring to, probably stable coins. Regardless, the current administration is

0:33:59.600 --> 0:34:03.040
<v Speaker 1>clearly dead set on the fed now payment service. This

0:34:03.280 --> 0:34:06.760
<v Speaker 1>is because it's the first step to addressing financial inclusion,

0:34:06.880 --> 0:34:10.480
<v Speaker 1>which will be to quote encourage the adoption of the

0:34:10.560 --> 0:34:14.200
<v Speaker 1>fed now service in the U S economy. What's particularly

0:34:14.280 --> 0:34:18.240
<v Speaker 1>scary is that this step includes using fed now payments

0:34:18.360 --> 0:34:22.840
<v Speaker 1>quote in the context of distribution of disaster, emergency or

0:34:22.960 --> 0:34:28.359
<v Speaker 1>other government to consumer payments. Note that taxation and emergency

0:34:28.400 --> 0:34:32.160
<v Speaker 1>relief is how governments around the world will likely achieve

0:34:32.440 --> 0:34:36.680
<v Speaker 1>the adoption of CBDCs, and because there can't be any

0:34:36.760 --> 0:34:40.560
<v Speaker 1>competition to the CBDCs, the second step the administration will

0:34:40.600 --> 0:34:44.080
<v Speaker 1>take is to instruct regulators to crack down on non

0:34:44.200 --> 0:34:49.840
<v Speaker 1>banking entities. This presumably includes cryptocurrency exchanges, as many of

0:34:49.920 --> 0:34:54.719
<v Speaker 1>them offer services similar to banks. In addition, the administration

0:34:54.760 --> 0:34:59.640
<v Speaker 1>will quote align global payments practices, regulations, and supervision protocols.

0:35:00.640 --> 0:35:03.680
<v Speaker 1>This means that there will be no escape from these

0:35:03.760 --> 0:35:08.120
<v Speaker 1>dystopian systems once they're implemented, or at least that's the idea.

0:35:09.040 --> 0:35:12.239
<v Speaker 1>To ensure that these dystopian systems are adopted at all,

0:35:12.480 --> 0:35:16.920
<v Speaker 1>the administration will instruct the National Science Foundation or NSF.

0:35:17.440 --> 0:35:20.440
<v Speaker 1>Plenty of acronyms in today's video, aren't there to research

0:35:20.680 --> 0:35:26.040
<v Speaker 1>quote behavioral economics in the context of fast payments basically

0:35:26.400 --> 0:35:29.400
<v Speaker 1>figure out how you can convince Americans to adopt the

0:35:29.480 --> 0:35:33.040
<v Speaker 1>fed's dystopian technology. As a fun fact, the b i

0:35:33.320 --> 0:35:36.440
<v Speaker 1>S estimates that between four and twelve percent of people

0:35:36.560 --> 0:35:41.480
<v Speaker 1>will voluntarily adopt CBDCs in developed countries. The question then

0:35:41.719 --> 0:35:45.720
<v Speaker 1>is how they'll convince those who will not voluntarily adopt CBDCs.

0:35:46.200 --> 0:35:49.600
<v Speaker 1>Knowing governments, the answer will probably involve a lot of

0:35:49.719 --> 0:35:55.400
<v Speaker 1>force and financial censorship. Anyways. The third set of crypto

0:35:55.440 --> 0:36:00.760
<v Speaker 1>policy recommendations relates to financial stability. Here, the authors highlight

0:36:00.840 --> 0:36:03.920
<v Speaker 1>the fact that the crypto market and the existing financial

0:36:04.000 --> 0:36:09.440
<v Speaker 1>system are becoming more intertwined. They specify that stable coins

0:36:09.640 --> 0:36:13.239
<v Speaker 1>is where most of these connections are. On that note,

0:36:13.320 --> 0:36:17.640
<v Speaker 1>I should explain why regulators aren't so concerned about stable coins.

0:36:18.160 --> 0:36:21.160
<v Speaker 1>In short, it's because most stable coins are backed by

0:36:21.400 --> 0:36:25.160
<v Speaker 1>US government debt. If stable coins become too big and

0:36:25.200 --> 0:36:27.880
<v Speaker 1>there is a run on their stable coin issuer, they

0:36:27.960 --> 0:36:31.520
<v Speaker 1>could dump these treasuries assets on the open market. This

0:36:31.719 --> 0:36:34.240
<v Speaker 1>is why it's a bit silly to use the collapse

0:36:34.320 --> 0:36:37.239
<v Speaker 1>of Terror's US T stable coin as an example of

0:36:37.360 --> 0:36:40.800
<v Speaker 1>how much damage crypto could do to the existing financial system.

0:36:41.320 --> 0:36:44.480
<v Speaker 1>I suppose the authors don't want to reveal that centralized

0:36:44.520 --> 0:36:48.200
<v Speaker 1>stable coins are a way of subsidizing US government spending.

0:36:49.160 --> 0:36:52.800
<v Speaker 1>What the authors do reveal is that the Financial Stability

0:36:52.920 --> 0:36:56.200
<v Speaker 1>Oversight Council or f SOCK, will be publishing a report

0:36:56.320 --> 0:36:59.800
<v Speaker 1>about the risk crypto pose it's to financial stability in October.

0:37:00.440 --> 0:37:03.279
<v Speaker 1>This report will be more significant than you think, and

0:37:03.440 --> 0:37:08.160
<v Speaker 1>that's for two reasons. First, the FSOCK was also created

0:37:08.239 --> 0:37:11.080
<v Speaker 1>by the Dodd Frank Act. If you watched our aforementioned

0:37:11.160 --> 0:37:14.480
<v Speaker 1>video about Michael Barr, it really looks like he's eager

0:37:14.560 --> 0:37:17.759
<v Speaker 1>to use his powers and the powers of these agencies

0:37:17.960 --> 0:37:21.040
<v Speaker 1>to crack down on crypto when the next financial crisis

0:37:21.280 --> 0:37:24.719
<v Speaker 1>comes around. This ties into the second reason why the

0:37:24.840 --> 0:37:27.880
<v Speaker 1>fsck's upcoming report is so important, and that's because it

0:37:27.920 --> 0:37:30.879
<v Speaker 1>will be released around the time the crypto market will

0:37:31.000 --> 0:37:34.600
<v Speaker 1>likely be seeing its bear market lows. This would make

0:37:34.640 --> 0:37:37.520
<v Speaker 1>it the perfect time for Michael and co. To exercise

0:37:37.560 --> 0:37:41.400
<v Speaker 1>their powers. More about that in the description now. The

0:37:41.440 --> 0:37:44.279
<v Speaker 1>authors go on to reference the stable Coin Report put

0:37:44.360 --> 0:37:47.879
<v Speaker 1>together by the President's Working Group on Financial Markets last

0:37:47.960 --> 0:37:51.640
<v Speaker 1>year as a place for policymakers to start. We actually

0:37:51.640 --> 0:37:54.879
<v Speaker 1>summarize that report too, and I recommend checking that video

0:37:54.960 --> 0:37:58.880
<v Speaker 1>out sooner rather than later. Link is also in the description.

0:38:00.080 --> 0:38:04.239
<v Speaker 1>Funnily enough, the current administration only identifies two steps it

0:38:04.360 --> 0:38:07.200
<v Speaker 1>is planning to take to address the financial stability risks

0:38:07.280 --> 0:38:12.560
<v Speaker 1>supposedly posed by cryptocurrency. The first is quote, the Treasury

0:38:12.640 --> 0:38:16.239
<v Speaker 1>will work with financial institutions to bolster their capacity to

0:38:16.400 --> 0:38:22.400
<v Speaker 1>identify and mitigate cyber vulnerabilities. The second step is similarly strange,

0:38:22.480 --> 0:38:27.080
<v Speaker 1>and that's to quote, identify, track, and analyze emerging strategic

0:38:27.239 --> 0:38:32.120
<v Speaker 1>risks in cryptocurrencies. The fact that the authors couldn't identify

0:38:32.280 --> 0:38:36.279
<v Speaker 1>any concrete financial stability risks caused by cryptocurrencies in these

0:38:36.320 --> 0:38:40.160
<v Speaker 1>two steps suggests that there aren't any, at least not

0:38:40.440 --> 0:38:45.480
<v Speaker 1>yet now. The fourth set of crypto policy recommendations relate

0:38:45.560 --> 0:38:51.280
<v Speaker 1>to advancing quote responsible innovation. The authors start with another statistic,

0:38:51.360 --> 0:38:53.920
<v Speaker 1>and that's that around half of the most valuable tech

0:38:54.000 --> 0:38:56.760
<v Speaker 1>companies in the world are based in the United States.

0:38:57.560 --> 0:38:59.920
<v Speaker 1>This might have something to do with all the back

0:39:00.120 --> 0:39:03.360
<v Speaker 1>door deals these tech companies have with U S intelligence agencies,

0:39:03.840 --> 0:39:08.560
<v Speaker 1>but hey, let's not go there. Ironically, the authors underscore

0:39:08.680 --> 0:39:12.600
<v Speaker 1>the US government's role in facilitating technological innovation in the

0:39:12.680 --> 0:39:16.840
<v Speaker 1>private sector. If you're wondering just how innovative the government

0:39:16.920 --> 0:39:20.319
<v Speaker 1>can be, check out our recent video about whether modification

0:39:20.520 --> 0:39:24.319
<v Speaker 1>link will be in the description of course, now fact

0:39:24.360 --> 0:39:27.880
<v Speaker 1>short conspiracies aside, the authors jump straight to the steps

0:39:27.960 --> 0:39:31.240
<v Speaker 1>that the administration will take to preserve the peculiar dynamic

0:39:31.360 --> 0:39:35.200
<v Speaker 1>between the public and private sectors. The first step will

0:39:35.239 --> 0:39:38.840
<v Speaker 1>be to instruct the Office of Science and Technology Policy

0:39:39.000 --> 0:39:42.440
<v Speaker 1>or o s t P to quote develop a digital

0:39:42.520 --> 0:39:47.279
<v Speaker 1>assets research and development agenda. If you watched our aforementioned

0:39:47.400 --> 0:39:50.400
<v Speaker 1>video about one of the White House's reports, you'll know

0:39:50.760 --> 0:39:56.239
<v Speaker 1>that the os TP isn't all that scientific. Meanwhile, the

0:39:56.320 --> 0:40:01.480
<v Speaker 1>aforementioned NSF will quote back social science and education research

0:40:01.640 --> 0:40:06.080
<v Speaker 1>that develops methods of informing, educating, and training diverse groups

0:40:06.160 --> 0:40:10.960
<v Speaker 1>of stakeholders. Sounds good on the surface, but there always

0:40:11.000 --> 0:40:14.000
<v Speaker 1>seems to be something bad lurking down below with these

0:40:14.040 --> 0:40:18.040
<v Speaker 1>crypto initiatives. Now, the second step will be to instruct

0:40:18.160 --> 0:40:22.440
<v Speaker 1>the Treasury Department and other financial regulators to quote provide

0:40:22.560 --> 0:40:27.480
<v Speaker 1>innovative u S firms developing new financial technologies with regulatory guidance,

0:40:27.719 --> 0:40:32.560
<v Speaker 1>best practices, sharing, and technical assistance. This could actually be

0:40:32.760 --> 0:40:36.280
<v Speaker 1>a very good thing if done right, because institutional investors

0:40:36.400 --> 0:40:39.320
<v Speaker 1>have been itching for the regulatory clarity they need to

0:40:39.480 --> 0:40:44.520
<v Speaker 1>invest in cryptocurrency. The regulatory uncertainty caused by ethereums transition

0:40:44.640 --> 0:40:47.480
<v Speaker 1>to proof of steak is particularly concerning to both retail

0:40:47.600 --> 0:40:51.880
<v Speaker 1>and institutions alike. The third step will be to instruct

0:40:52.000 --> 0:40:57.200
<v Speaker 1>various environmental regulators to you guessed it, quote track digital

0:40:57.280 --> 0:41:02.240
<v Speaker 1>assets environmental impacts, develop performance standards as appropriate, and provide

0:41:02.320 --> 0:41:06.160
<v Speaker 1>local authorities with the tools, resources, and expertise to mitigate

0:41:06.360 --> 0:41:11.440
<v Speaker 1>environmental harms. The author's add that quote, opportunities exist to

0:41:11.520 --> 0:41:14.920
<v Speaker 1>align the development of digital assets with transitioning to a

0:41:15.080 --> 0:41:20.439
<v Speaker 1>net zero emissions economy and improving environmental justice. This makes

0:41:20.520 --> 0:41:23.160
<v Speaker 1>me wonder if they really will ban proof of work

0:41:23.320 --> 0:41:28.480
<v Speaker 1>and whether they'll use some unscientific justification to do so. Now,

0:41:28.560 --> 0:41:31.520
<v Speaker 1>the fourth and final step is interesting as it involves

0:41:31.640 --> 0:41:37.560
<v Speaker 1>quote establishing a standing forum to convene federal agencies, industry, academics,

0:41:37.640 --> 0:41:41.480
<v Speaker 1>and civil society to exchange knowledge and ideas that could

0:41:41.560 --> 0:41:48.120
<v Speaker 1>inform federal regulation standards, coordinating activities, technical assistance, and research support.

0:41:48.960 --> 0:41:51.680
<v Speaker 1>If the getting of all hands on deck to address

0:41:51.680 --> 0:41:55.040
<v Speaker 1>cryptocurrency is not a sign that the government are threatened

0:41:55.040 --> 0:41:59.200
<v Speaker 1>by crypto adoption, I don't know what is any who.

0:41:59.719 --> 0:42:03.040
<v Speaker 1>The fifth set of crypto policy recommendations relate to the

0:42:03.120 --> 0:42:05.840
<v Speaker 1>status of the United States as a leader of the

0:42:05.880 --> 0:42:08.880
<v Speaker 1>status quo of global finance, as well as the country's

0:42:09.040 --> 0:42:14.240
<v Speaker 1>financial competitiveness. Incredibly, the author's commenced by saying the quiet

0:42:14.320 --> 0:42:18.719
<v Speaker 1>part out loud. Quote. Today, global standard setting bodies are

0:42:18.840 --> 0:42:24.320
<v Speaker 1>establishing policies, guidance, and regulatory recommendations for digital assets. The

0:42:24.440 --> 0:42:27.719
<v Speaker 1>United States is working actively with its partners to set

0:42:27.760 --> 0:42:32.040
<v Speaker 1>out these policies in line with our goals. In other words,

0:42:32.400 --> 0:42:36.680
<v Speaker 1>unelected international organizations such as the Financial Action Task Force

0:42:36.840 --> 0:42:40.200
<v Speaker 1>or fat F ACT in accordance with the interests of

0:42:40.400 --> 0:42:43.800
<v Speaker 1>the United States. What's even more telling is that the

0:42:43.880 --> 0:42:47.360
<v Speaker 1>authors explained that the United States has a quote valuable

0:42:47.400 --> 0:42:52.319
<v Speaker 1>opportunity to partner with countries still developing their digital asset ecosystems.

0:42:52.640 --> 0:42:55.719
<v Speaker 1>In other words, the US is positioned to ensure that

0:42:55.880 --> 0:43:00.640
<v Speaker 1>its dominance of the global financial system continues. To ensure

0:43:00.800 --> 0:43:05.280
<v Speaker 1>all of the above, the administration will take the following steps. First,

0:43:05.440 --> 0:43:08.680
<v Speaker 1>it will leverage the power of international organizations like the

0:43:08.760 --> 0:43:12.839
<v Speaker 1>fat F to ensure quote US values find their way

0:43:12.960 --> 0:43:17.480
<v Speaker 1>into cryptocurrency. Note this is code for financial control and

0:43:17.680 --> 0:43:22.799
<v Speaker 1>financial surveillance, not freedom and liberty. Second, the Administration will

0:43:22.840 --> 0:43:27.040
<v Speaker 1>instruct various government agencies to partner with similar government agencies

0:43:27.080 --> 0:43:30.400
<v Speaker 1>around the world. Oddly enough, this step does not include

0:43:30.440 --> 0:43:33.680
<v Speaker 1>any mention of cryptocurrency, so maybe it's just a way

0:43:33.719 --> 0:43:38.160
<v Speaker 1>of sneaking in some more global governance stuff. Third, the

0:43:38.239 --> 0:43:43.080
<v Speaker 1>Administration will help developing countries develop their digital asset infrastructure.

0:43:43.680 --> 0:43:45.960
<v Speaker 1>If the i m f's help is anything to go by,

0:43:46.160 --> 0:43:50.760
<v Speaker 1>this aid will come with lots of strings attached. Fourth,

0:43:51.040 --> 0:43:55.280
<v Speaker 1>the Administration will quote help cutting edge US financial technology

0:43:55.360 --> 0:43:59.000
<v Speaker 1>and digital asset firms find a foothold in global markets

0:43:59.120 --> 0:44:03.400
<v Speaker 1>for their products. This step also doesn't mention crypto, but

0:44:03.600 --> 0:44:06.480
<v Speaker 1>I have a feeling this is a reference to regulated

0:44:06.520 --> 0:44:10.399
<v Speaker 1>stable coin issuers like Circle. If you missed the memo.

0:44:10.640 --> 0:44:14.600
<v Speaker 1>Circle has started releasing stable coins for other fiat currencies,

0:44:14.840 --> 0:44:18.200
<v Speaker 1>notably the euro. I reckon it would be in the

0:44:18.320 --> 0:44:21.480
<v Speaker 1>interest of the United States for Circle to provide its

0:44:21.520 --> 0:44:25.960
<v Speaker 1>digital currency infrastructure two countries in Europe. It's certainly in

0:44:26.040 --> 0:44:29.480
<v Speaker 1>the interests of black Rock, which backs Circle. More about

0:44:29.520 --> 0:44:34.320
<v Speaker 1>black Rock in the description anyhow, The sixth set of

0:44:34.400 --> 0:44:38.760
<v Speaker 1>policy recommendations relate to the favorite topic of anti crypto critics,

0:44:39.040 --> 0:44:43.600
<v Speaker 1>and that's illicit activity in cryptocurrency. The authors begin by

0:44:43.680 --> 0:44:46.760
<v Speaker 1>revealing that the United States has been the entity pushing

0:44:46.840 --> 0:44:50.040
<v Speaker 1>for k y C around the world. The authors then

0:44:50.120 --> 0:44:55.120
<v Speaker 1>say something extremely concerning, and that's quote, while our efforts

0:44:55.280 --> 0:44:59.120
<v Speaker 1>have strengthened the US financial system, digital assets, some of

0:44:59.200 --> 0:45:01.840
<v Speaker 1>which are sud mus and can be transferred without a

0:45:01.960 --> 0:45:06.759
<v Speaker 1>financial intermediary, have been exploited by bad actors. If you

0:45:06.800 --> 0:45:10.320
<v Speaker 1>don't understand why this is so concerning, consider that every

0:45:10.600 --> 0:45:15.719
<v Speaker 1>single cryptocurrency is pseudonymous, and that every single cryptocurrency can

0:45:15.840 --> 0:45:20.160
<v Speaker 1>be transferred without a financial intermediary. They're not talking about

0:45:20.200 --> 0:45:25.280
<v Speaker 1>privacy coins here, They're talking about all cryptos. This rhetoric

0:45:25.440 --> 0:45:28.480
<v Speaker 1>is consistent with the fat f's endgame of killing crypto

0:45:28.600 --> 0:45:32.320
<v Speaker 1>by labeling any crypto transaction or activity that doesn't involve

0:45:32.400 --> 0:45:37.000
<v Speaker 1>a regulated intermediary as high risk, and over time, the

0:45:37.120 --> 0:45:40.520
<v Speaker 1>fat F will pressure countries to cease providing services to

0:45:40.719 --> 0:45:46.040
<v Speaker 1>individuals and institutions who are high risk. As expected, the

0:45:46.160 --> 0:45:49.160
<v Speaker 1>authors go on to give examples of crypto being used

0:45:49.280 --> 0:45:52.480
<v Speaker 1>by bad actors for illicit purposes, and I couldn't help

0:45:52.560 --> 0:45:56.880
<v Speaker 1>but notice that they didn't provide any statistics as concrete evidence.

0:45:57.640 --> 0:46:01.799
<v Speaker 1>That's probably because they know that only zero point one

0:46:02.800 --> 0:46:08.080
<v Speaker 1>of all crypto transactions are related to illicit activity. For context,

0:46:08.400 --> 0:46:12.719
<v Speaker 1>between two and five percent of all THEAT transactions are

0:46:13.000 --> 0:46:17.360
<v Speaker 1>related to illicit activity. This is despite all the extensive

0:46:17.480 --> 0:46:20.120
<v Speaker 1>k y C and a m L that's been enforced

0:46:20.200 --> 0:46:23.319
<v Speaker 1>around the world by the fat F. As a matter

0:46:23.360 --> 0:46:26.000
<v Speaker 1>of fact, it seems that the fat f's so called

0:46:26.239 --> 0:46:30.920
<v Speaker 1>recommendations have done next to nothing to reduce illicit finance

0:46:31.040 --> 0:46:34.320
<v Speaker 1>over the last thirty years. All they've done is create

0:46:34.400 --> 0:46:39.160
<v Speaker 1>a multibillion dollar industry of compliance companies and justified lots

0:46:39.280 --> 0:46:43.600
<v Speaker 1>of government overreach. More about all that in the description now,

0:46:44.000 --> 0:46:46.960
<v Speaker 1>when it comes to the steps the current US administration

0:46:47.000 --> 0:46:51.280
<v Speaker 1>will take to combat illicit activity in cryptocurrency. The first

0:46:51.400 --> 0:46:54.560
<v Speaker 1>will be to call on US politicians to expand the

0:46:54.719 --> 0:46:59.319
<v Speaker 1>Bank Secrecy Act to all of crypto. The authors explicitly

0:46:59.400 --> 0:47:02.920
<v Speaker 1>stayed that this coverage will include Defy and n f

0:47:03.040 --> 0:47:06.960
<v Speaker 1>t s. This means that every crypto transaction worth more

0:47:07.040 --> 0:47:09.520
<v Speaker 1>than ten thousand U S dollars would have to be

0:47:09.640 --> 0:47:13.879
<v Speaker 1>reported to the authorities, including peer to peer crypto transactions,

0:47:14.000 --> 0:47:16.680
<v Speaker 1>which will recall the authorities want to get rid of

0:47:17.680 --> 0:47:21.040
<v Speaker 1>case and point. The administration will also push politicians to

0:47:21.160 --> 0:47:25.520
<v Speaker 1>quote raise the penalties for unlicensed money transmitting, which presumably

0:47:25.600 --> 0:47:29.960
<v Speaker 1>means going after Defy protocols and possibly even crypto wallets.

0:47:30.760 --> 0:47:34.120
<v Speaker 1>It will also push politicians to let the Department of

0:47:34.239 --> 0:47:39.399
<v Speaker 1>Justice quote prosecute digital asset crimes in any jurisdiction where

0:47:39.440 --> 0:47:42.719
<v Speaker 1>a victim of those crimes is found. To my understanding,

0:47:42.880 --> 0:47:46.280
<v Speaker 1>this means the U. S Government could go after crypto

0:47:46.400 --> 0:47:51.560
<v Speaker 1>crimes anywhere in the world now. The second step the

0:47:51.600 --> 0:47:54.640
<v Speaker 1>administration will take is to instruct the Treasury Department to

0:47:54.719 --> 0:47:58.400
<v Speaker 1>publish two reports about the illicit finance risks of Defy

0:47:58.520 --> 0:48:01.320
<v Speaker 1>and n f T s. These reports will be released

0:48:01.520 --> 0:48:05.000
<v Speaker 1>by the end of February and by July next year, respectively.

0:48:05.680 --> 0:48:09.239
<v Speaker 1>Will be sure to cover those when they come out. Now.

0:48:09.320 --> 0:48:11.479
<v Speaker 1>The third step the administration will take is to quote

0:48:11.560 --> 0:48:15.440
<v Speaker 1>continue to expose and disrupt illicit actors and address the

0:48:15.520 --> 0:48:18.880
<v Speaker 1>abuse of digital assets. The details of this step suggest

0:48:19.040 --> 0:48:22.560
<v Speaker 1>we will see more sanctions against crypto projects and protocols

0:48:22.800 --> 0:48:26.680
<v Speaker 1>like Tornado Cash. The fourth step the administration will take

0:48:26.840 --> 0:48:29.120
<v Speaker 1>is to work with the private sector to make sure

0:48:29.239 --> 0:48:33.880
<v Speaker 1>it understands the illicit financing risks of cryptocurrency. I suspect

0:48:34.040 --> 0:48:37.959
<v Speaker 1>this will include labeling certain crypto activities as high risk,

0:48:38.360 --> 0:48:41.720
<v Speaker 1>as per the fat f's game plan. I also couldn't

0:48:41.760 --> 0:48:45.359
<v Speaker 1>help but notice that the authors revealed that quote the CFPB,

0:48:45.719 --> 0:48:50.680
<v Speaker 1>an independent agency, also voluntarily provided information to the Administration

0:48:50.960 --> 0:48:55.279
<v Speaker 1>as too risks arising from digital assets. This is suspicious,

0:48:55.520 --> 0:48:58.719
<v Speaker 1>as you'll recall that the CFPB was created by the

0:48:58.800 --> 0:49:01.359
<v Speaker 1>Dodd Frank Act, which was written by an individual who

0:49:01.400 --> 0:49:10.239
<v Speaker 1>seems to be out to kill cryptocurrency. Watch out now.

0:49:10.640 --> 0:49:14.080
<v Speaker 1>The final part of the White House's crypto policy recommendations

0:49:14.239 --> 0:49:18.600
<v Speaker 1>relate to a digital dollar CBDC. It seems that this

0:49:19.000 --> 0:49:22.520
<v Speaker 1>was snuck in as well, since it wasn't exactly emphasized

0:49:22.600 --> 0:49:25.759
<v Speaker 1>at the beginning. Of the fact sheet. The authors start

0:49:25.880 --> 0:49:28.799
<v Speaker 1>by talking about all the benefits that are digital dollar

0:49:28.840 --> 0:49:31.680
<v Speaker 1>would bring benefits that could just as easily be achieved

0:49:31.840 --> 0:49:36.440
<v Speaker 1>by an existing non bank entity or cryptocurrency. These include

0:49:36.600 --> 0:49:40.360
<v Speaker 1>financial inclusion, cross border payments, you know, the usual talking points.

0:49:41.280 --> 0:49:44.000
<v Speaker 1>It's towards the end of the first paragraph where the

0:49:44.040 --> 0:49:47.719
<v Speaker 1>authors reveal the real reason why the US government wants

0:49:47.800 --> 0:49:50.919
<v Speaker 1>a digital dollar, and that's because it could quote help

0:49:51.040 --> 0:49:56.040
<v Speaker 1>preserve US global financial leadership and support the effectiveness of sanctions,

0:49:57.080 --> 0:50:00.680
<v Speaker 1>as the recent sanctions against Russia's central bank shown. However,

0:50:01.120 --> 0:50:05.920
<v Speaker 1>these two goals seem to be mutually exclusive. No same

0:50:06.040 --> 0:50:08.920
<v Speaker 1>country would adopt a digital dollar if it meant the

0:50:09.080 --> 0:50:12.200
<v Speaker 1>US government could effectively turn off its economy at the

0:50:12.280 --> 0:50:15.680
<v Speaker 1>flick of a switch. This degree of power would be

0:50:15.760 --> 0:50:19.400
<v Speaker 1>possible if the us D maintains its reserve currency status

0:50:19.520 --> 0:50:22.279
<v Speaker 1>in a digital form. Hence why the two goals are

0:50:22.480 --> 0:50:26.239
<v Speaker 1>mutually exclusive. Either the us D remains neutral to be

0:50:26.320 --> 0:50:29.520
<v Speaker 1>the world's reserve currency, or it is weaponized at the

0:50:29.640 --> 0:50:33.800
<v Speaker 1>expense of this status. The more you know now, the

0:50:33.920 --> 0:50:38.719
<v Speaker 1>authors reveal that quote, the Administration has developed policy objectives

0:50:38.840 --> 0:50:42.720
<v Speaker 1>for a US CBDC system which reflect the federal government's

0:50:42.760 --> 0:50:47.680
<v Speaker 1>priorities for a potential US CBDC. Put differently, the ball

0:50:47.920 --> 0:50:51.640
<v Speaker 1>is already rolling towards the creation of a digital dollar.

0:50:52.360 --> 0:50:55.680
<v Speaker 1>The authors reiterate that the Treasury Department will work hand

0:50:55.719 --> 0:50:59.120
<v Speaker 1>in hand with the Federal Reserve to develop a digital dollar,

0:50:59.239 --> 0:51:03.400
<v Speaker 1>again for shadowing the possibility of these two entities merging

0:51:03.840 --> 0:51:07.719
<v Speaker 1>as many have predicted. And of course, there was no

0:51:07.920 --> 0:51:11.560
<v Speaker 1>mention of all the down sides of a CBDC. If

0:51:11.640 --> 0:51:14.680
<v Speaker 1>you've watched any of our videos about CBDCs, you'll know

0:51:14.960 --> 0:51:17.799
<v Speaker 1>that they will give governments the power to decide how

0:51:17.960 --> 0:51:21.359
<v Speaker 1>you spend, where you spend, and what you spend your

0:51:21.400 --> 0:51:25.680
<v Speaker 1>money on, and even how much you can save. That's

0:51:25.920 --> 0:51:30.680
<v Speaker 1>just on the individual level. At the economic level, CBDCs

0:51:30.760 --> 0:51:34.120
<v Speaker 1>will make borrowing extremely expensive due to their effects on

0:51:34.280 --> 0:51:38.600
<v Speaker 1>bank lending and profitability. Good luck getting a mortgage. It

0:51:38.640 --> 0:51:42.759
<v Speaker 1>will also mean that the stock market itself will be manipulated.

0:51:43.120 --> 0:51:46.320
<v Speaker 1>Think Robin Hood blocking trades during the game Stop Saga,

0:51:46.760 --> 0:51:51.560
<v Speaker 1>but on steroids. So this brings me to the big question,

0:51:51.719 --> 0:51:55.239
<v Speaker 1>and that's what the White House's crypto framework means. For

0:51:55.640 --> 0:52:00.160
<v Speaker 1>the crypto market to be blunt. It's not good, it's

0:52:00.160 --> 0:52:04.680
<v Speaker 1>clear that the current administration wants to crush cryptocurrency. If

0:52:04.719 --> 0:52:07.520
<v Speaker 1>you've seen any of our summaries of crypto related testimonies,

0:52:07.680 --> 0:52:11.960
<v Speaker 1>this should not come as a surprise. Logically, then it

0:52:12.120 --> 0:52:15.600
<v Speaker 1>means that the success of the crypto policy recommendations laid

0:52:15.640 --> 0:52:19.560
<v Speaker 1>out in the framework ultimately depends on what happens during

0:52:19.680 --> 0:52:23.439
<v Speaker 1>the next election cycles in the United States. It looks

0:52:23.520 --> 0:52:27.120
<v Speaker 1>like pro crypto politicians will gain ground in the upcoming

0:52:27.200 --> 0:52:30.359
<v Speaker 1>mid terms, but at this point it's anyone's guest as

0:52:30.400 --> 0:52:33.520
<v Speaker 1>to what the outcome of the four election will be.

0:52:34.719 --> 0:52:37.600
<v Speaker 1>That's going to be the more significant election, since it's

0:52:37.640 --> 0:52:40.600
<v Speaker 1>around the time the next crypto bull run should come.

0:52:41.160 --> 0:52:45.520
<v Speaker 1>Take note. If pro crypto politicians do gain ground in

0:52:45.600 --> 0:52:48.480
<v Speaker 1>the upcoming midterms, then I reckon most of these anti

0:52:48.520 --> 0:52:52.520
<v Speaker 1>crypto policies will never be pursued. Then again, so many

0:52:52.600 --> 0:52:55.840
<v Speaker 1>of them are being undertaken by unelected officials that have

0:52:55.960 --> 0:53:01.120
<v Speaker 1>been appointed by anti crypto politicians, so it's uncertain. One

0:53:01.200 --> 0:53:04.200
<v Speaker 1>thing is for sure, however, and that's that a wave

0:53:04.440 --> 0:53:08.000
<v Speaker 1>of regulation is coming to the crypto industry. Some of

0:53:08.080 --> 0:53:11.399
<v Speaker 1>it will be reasonable, and we could see large institutional

0:53:11.480 --> 0:53:15.360
<v Speaker 1>inflows as a result. It's the unreasonable regulation that we

0:53:15.520 --> 0:53:18.719
<v Speaker 1>must be on the lookout for. This includes labeling of

0:53:18.840 --> 0:53:21.960
<v Speaker 1>all crypto related activities as high risk as a way

0:53:22.040 --> 0:53:25.759
<v Speaker 1>of choking off and eventually killing the industry. Given that

0:53:25.840 --> 0:53:30.000
<v Speaker 1>the United States is behind the international organizations engaging in

0:53:30.120 --> 0:53:33.920
<v Speaker 1>this kind of guerrilla regulation, American voters might be the

0:53:34.040 --> 0:53:37.440
<v Speaker 1>ones who decide what comes next for crypto at the

0:53:37.600 --> 0:53:40.759
<v Speaker 1>end of the day. As such, I strongly suggest that

0:53:40.880 --> 0:53:45.200
<v Speaker 1>any American viewers inform themselves about pro crypto candidates in

0:53:45.360 --> 0:53:49.360
<v Speaker 1>their areas. You'll notice that pro crypto politicians sit on

0:53:49.600 --> 0:53:51.879
<v Speaker 1>both sides of the aisle, so you should be able

0:53:51.920 --> 0:53:55.280
<v Speaker 1>to find one you can support, regardless of your political stripes.

0:53:55.880 --> 0:53:58.879
<v Speaker 1>I'll leave a link to coin bases crypto politician tool

0:53:59.000 --> 0:54:01.759
<v Speaker 1>in the description you need it, and I'll leave you

0:54:02.080 --> 0:54:05.920
<v Speaker 1>with this thought. The crypto world is counting on you

0:54:06.400 --> 0:54:11.280
<v Speaker 1>to make sure financial freedom continues. Financial freedom is required

0:54:11.520 --> 0:54:16.560
<v Speaker 1>for everything else. Last I checked, freedom is an American value,

0:54:16.960 --> 0:54:20.440
<v Speaker 1>so let's see it ring. Thank you so much for

0:54:20.520 --> 0:54:23.320
<v Speaker 1>listening to the Coin Bureau podcast. If you'd like to

0:54:23.400 --> 0:54:26.960
<v Speaker 1>learn more about cryptocurrency, you can visit our YouTube channel

0:54:27.040 --> 0:54:30.160
<v Speaker 1>at YouTube dot com forward slash coin Bureau. You can

0:54:30.239 --> 0:54:32.719
<v Speaker 1>also go to coin bureau dot com for loads more

0:54:32.760 --> 0:54:35.400
<v Speaker 1>information about all things crypto. You can follow me on

0:54:35.520 --> 0:54:38.680
<v Speaker 1>Twitter at at coin bureau or one word, and I'm

0:54:38.719 --> 0:54:41.359
<v Speaker 1>also active on TikTok and Instagram too