1 00:00:00,040 --> 00:00:02,640 Speaker 1: Hello, and welcome to another episode of The Mark Moss 2 00:00:02,680 --> 00:00:05,840 Speaker 1: Show where we talk about the decentralized revolution. We talk 3 00:00:05,880 --> 00:00:07,680 Speaker 1: about it each and every week, the way the world 4 00:00:07,720 --> 00:00:09,520 Speaker 1: is changing rapidly, and we look at it through the 5 00:00:09,600 --> 00:00:13,399 Speaker 1: lens of politics, finance, and technology. And of course it's 6 00:00:13,440 --> 00:00:16,959 Speaker 1: always technology that changes the world as we know it. 7 00:00:17,840 --> 00:00:22,439 Speaker 1: And there's a battle over technology right now and it's 8 00:00:22,480 --> 00:00:25,000 Speaker 1: going to determine how the world is shaped moving forward. 9 00:00:25,040 --> 00:00:27,560 Speaker 1: And that's what I want to talk about today. If 10 00:00:27,560 --> 00:00:30,120 Speaker 1: you just tune in, thank you. Uh. If you don't 11 00:00:30,160 --> 00:00:32,360 Speaker 1: tune in on a regular basis, you should because I 12 00:00:32,400 --> 00:00:34,760 Speaker 1: talked about a lot of information. So make sure if 13 00:00:34,800 --> 00:00:36,559 Speaker 1: you're if you're not driving, pull out your phone, put 14 00:00:36,560 --> 00:00:38,600 Speaker 1: a calendar reminder for this date, this time, this channel, 15 00:00:38,720 --> 00:00:40,159 Speaker 1: and make sure to tune in with me each and 16 00:00:40,159 --> 00:00:42,720 Speaker 1: every week. And if you miss any of them, don't worry. 17 00:00:42,760 --> 00:00:44,640 Speaker 1: I got your back. You can check it out on 18 00:00:44,720 --> 00:00:46,800 Speaker 1: the podcast. Just search the Mark Maas Show on your 19 00:00:46,800 --> 00:00:50,400 Speaker 1: favorite podcast player UM or you can find me on YouTube. 20 00:00:50,440 --> 00:00:54,640 Speaker 1: Just on the Market Disruptors YouTube channel you'll find um 21 00:00:54,720 --> 00:00:56,200 Speaker 1: you can watch me and listen to me at the 22 00:00:56,200 --> 00:00:58,520 Speaker 1: same time. But I want to talk about today how 23 00:00:58,560 --> 00:01:02,840 Speaker 1: the world is changing really really rapidly, um, and it's 24 00:01:02,880 --> 00:01:05,720 Speaker 1: about to change even faster because of the technology. As 25 00:01:05,760 --> 00:01:08,479 Speaker 1: I said, this battle over technology, and the battle over 26 00:01:08,520 --> 00:01:12,960 Speaker 1: technology that I'm talking about is over money. Um. The 27 00:01:13,160 --> 00:01:14,959 Speaker 1: entire well, I don't want to say the entire world. 28 00:01:15,240 --> 00:01:21,480 Speaker 1: A lot of the world has been transformed through technology 29 00:01:21,520 --> 00:01:24,920 Speaker 1: and specifically through software. You've heard the term probably software 30 00:01:25,000 --> 00:01:29,560 Speaker 1: is eating the world. And so we saw entire libraries 31 00:01:29,840 --> 00:01:33,520 Speaker 1: of books become digitized, and now we can all we 32 00:01:33,520 --> 00:01:36,120 Speaker 1: can have all those books and are in the palm 33 00:01:36,160 --> 00:01:38,800 Speaker 1: of our hand on our phone. And we saw I mean, 34 00:01:39,000 --> 00:01:42,399 Speaker 1: we saw music be digitized, movies be digitized. I mean 35 00:01:42,640 --> 00:01:46,000 Speaker 1: think about you know, I don't know, two years ago, 36 00:01:46,319 --> 00:01:49,480 Speaker 1: if you wanted to hear Mozart or Beethoven, you'd have 37 00:01:49,560 --> 00:01:53,200 Speaker 1: to hire like a hundred per person orchestra to come 38 00:01:53,360 --> 00:01:59,240 Speaker 1: play Beethoven or Mozart for you. And then technology made 39 00:01:59,240 --> 00:02:02,240 Speaker 1: it where I could us into Beethoven or Mozart on 40 00:02:02,280 --> 00:02:04,840 Speaker 1: a record, and then an eight track, and then a 41 00:02:04,840 --> 00:02:08,440 Speaker 1: cassette and then a c D and today it's just digital, 42 00:02:09,080 --> 00:02:12,200 Speaker 1: just digital, just streams on my phone. I took a 43 00:02:12,280 --> 00:02:14,880 Speaker 1: hundred person orchestra and now it streams on my phone. 44 00:02:14,919 --> 00:02:20,400 Speaker 1: So so we digitized libraries, entire libraries, entire books, you know, books, 45 00:02:20,440 --> 00:02:23,160 Speaker 1: book libraries are on my phone. Entire orchestras are now 46 00:02:23,160 --> 00:02:25,760 Speaker 1: on my phone. Of course we saw that happen with pictures, 47 00:02:26,120 --> 00:02:31,120 Speaker 1: with videos, with music. It all happened. But the last piece, 48 00:02:32,480 --> 00:02:35,160 Speaker 1: I think one of the biggest last pieces is money 49 00:02:35,280 --> 00:02:38,520 Speaker 1: is our financial system, which of course, uh, bitcoin and 50 00:02:38,720 --> 00:02:42,360 Speaker 1: cryptocurrencies are here disrupting all of that. The governments want 51 00:02:42,400 --> 00:02:45,600 Speaker 1: to roll out their own central Bank Digital currencies or 52 00:02:45,720 --> 00:02:48,880 Speaker 1: c B dcs, that's the acronym central Bank Digital currencies, 53 00:02:49,360 --> 00:02:54,280 Speaker 1: And so that is the battle. Who gets to digitize money, 54 00:02:54,480 --> 00:02:57,600 Speaker 1: who gets to say what money is? So when we 55 00:02:57,680 --> 00:03:00,360 Speaker 1: started to digitize music and movies, if you guys are 56 00:03:00,360 --> 00:03:02,959 Speaker 1: old enough to remember this, it was a battle. It 57 00:03:03,080 --> 00:03:05,200 Speaker 1: was a battle for the ages a matter of fact, 58 00:03:05,280 --> 00:03:08,320 Speaker 1: the movie studios, the record labels, they fought at tooth 59 00:03:08,360 --> 00:03:11,160 Speaker 1: and nail. Lawsuits were flying left and right. If you 60 00:03:11,160 --> 00:03:13,399 Speaker 1: guys remember the early days of like Napster, we could 61 00:03:13,440 --> 00:03:17,280 Speaker 1: like download movies and music, and they shut that down. 62 00:03:17,280 --> 00:03:20,320 Speaker 1: They're trying to put people in jail, in prison. I mean, 63 00:03:20,600 --> 00:03:22,600 Speaker 1: it was, it was, it was, It was wild it 64 00:03:22,720 --> 00:03:24,680 Speaker 1: was a wild time to live through. Um. But of 65 00:03:24,680 --> 00:03:29,200 Speaker 1: course they lost. They lost because there's a quote, I 66 00:03:29,240 --> 00:03:32,480 Speaker 1: forget who says it, but a standing army is no 67 00:03:32,560 --> 00:03:36,320 Speaker 1: match for a good idea whose time has come. And 68 00:03:36,400 --> 00:03:38,720 Speaker 1: so when you have an idea, when when there's something 69 00:03:38,840 --> 00:03:43,280 Speaker 1: that's a thousand times better, you just can't stop it. 70 00:03:43,440 --> 00:03:46,560 Speaker 1: There's just no amount of laws, no amount of rules 71 00:03:46,600 --> 00:03:49,840 Speaker 1: regulations are going to stop it. Um. If we look 72 00:03:49,920 --> 00:03:54,480 Speaker 1: back in the fifteen hundreds, there was the Protestant Reformation. 73 00:03:54,600 --> 00:03:58,560 Speaker 1: What really led to the Protestant Reformation was technology. So 74 00:03:58,640 --> 00:04:02,440 Speaker 1: seventy years before or the Protestant Reformation, a brand new 75 00:04:02,480 --> 00:04:06,560 Speaker 1: technology came out that that was revolutionary changed the world. 76 00:04:08,040 --> 00:04:09,840 Speaker 1: And that technology, it came out seven years before the 77 00:04:09,840 --> 00:04:14,080 Speaker 1: Project Information, was something known as the Guttenberg printing Press. Now, 78 00:04:14,120 --> 00:04:18,760 Speaker 1: before that all books had to be hand written transcribed, 79 00:04:19,240 --> 00:04:21,560 Speaker 1: and so as you might imagine, there were not a 80 00:04:21,640 --> 00:04:24,159 Speaker 1: lot of books because who wants nobody even wants to 81 00:04:24,200 --> 00:04:27,240 Speaker 1: read a book today, much less imagine trying to transcribe 82 00:04:27,240 --> 00:04:29,680 Speaker 1: it letter by letter by letter, and of course you 83 00:04:29,680 --> 00:04:32,520 Speaker 1: wouldn't want to do that. Now, the Bible was the 84 00:04:32,560 --> 00:04:35,880 Speaker 1: most translated book thousands and thousands and thousands of copies. 85 00:04:36,279 --> 00:04:41,120 Speaker 1: UM were creative the Bible, and it was all transcribed perfectly. UM. 86 00:04:41,160 --> 00:04:43,720 Speaker 1: As a side note, UH, well we'll get into that. 87 00:04:43,920 --> 00:04:48,560 Speaker 1: But the the Gutenberg printing press, the first book that 88 00:04:48,600 --> 00:04:51,320 Speaker 1: they started printing, which was of course the Bible, which 89 00:04:51,360 --> 00:04:54,080 Speaker 1: was of course the most widespread book of the time, 90 00:04:54,240 --> 00:04:56,600 Speaker 1: and not just by a little bit by uh, an 91 00:04:56,600 --> 00:04:59,680 Speaker 1: astronomical figure. I don't have the data in front of me. UM. 92 00:04:59,720 --> 00:05:03,960 Speaker 1: But happened is that technology then started mass producing Bible, 93 00:05:04,000 --> 00:05:05,560 Speaker 1: so we got even more of them and started to 94 00:05:05,560 --> 00:05:08,720 Speaker 1: spread that information. But the government at that time, the 95 00:05:08,760 --> 00:05:11,600 Speaker 1: political structure of the political hierarchy that we had at 96 00:05:11,600 --> 00:05:16,520 Speaker 1: that time was UM, the church and state and so UM. 97 00:05:16,520 --> 00:05:21,160 Speaker 1: In about a thousand, eleven hundred a d UM, the 98 00:05:21,240 --> 00:05:23,760 Speaker 1: church started to rise up after the Dark Ages. They 99 00:05:23,800 --> 00:05:26,359 Speaker 1: tried to start putting all the pieces back together. Society 100 00:05:26,360 --> 00:05:28,880 Speaker 1: had broken down really bad, and the church organized the 101 00:05:28,880 --> 00:05:31,000 Speaker 1: people and they did all the public service goods and 102 00:05:31,240 --> 00:05:33,560 Speaker 1: they fixed the bridges, they fixed the roads, they made 103 00:05:33,560 --> 00:05:36,080 Speaker 1: clean water drinking systems. The church was amazing. They took 104 00:05:36,080 --> 00:05:38,080 Speaker 1: care of the poor. They did the best. But over 105 00:05:38,120 --> 00:05:42,240 Speaker 1: several hundreds of years they got very corrupted, and they 106 00:05:42,480 --> 00:05:45,200 Speaker 1: used their position between the church and the state, the 107 00:05:45,279 --> 00:05:49,080 Speaker 1: government to basically impose their will. They were able to 108 00:05:49,160 --> 00:05:54,880 Speaker 1: hang onto that monopoly because they were the arbiters of truth. 109 00:05:55,360 --> 00:05:58,960 Speaker 1: Sound familiar. They told the people what the what the 110 00:05:59,000 --> 00:06:02,360 Speaker 1: Bible said, and that the only way to get to Heaven, 111 00:06:02,640 --> 00:06:04,840 Speaker 1: to get to God was if you do what I say, 112 00:06:04,880 --> 00:06:08,640 Speaker 1: which is all kinds of crazy, insane things that they 113 00:06:08,640 --> 00:06:11,719 Speaker 1: had to do chivalry, you know, they had to walk 114 00:06:11,760 --> 00:06:14,280 Speaker 1: on one foot for a week to show whatever right. 115 00:06:14,320 --> 00:06:17,640 Speaker 1: It was insane. But what happened is that that that 116 00:06:17,640 --> 00:06:23,000 Speaker 1: that piece of technology, the printing press, disseminated the information, 117 00:06:23,120 --> 00:06:26,400 Speaker 1: decentralized the information, and once people got to the information this, 118 00:06:26,560 --> 00:06:29,040 Speaker 1: wait a minute, you guys have been lying to us. 119 00:06:29,440 --> 00:06:31,800 Speaker 1: What you're telling us is not true. We can read 120 00:06:31,800 --> 00:06:35,080 Speaker 1: it for ourselves now. And anybody that got that book 121 00:06:35,160 --> 00:06:37,160 Speaker 1: knew that they were being lied to by their government, 122 00:06:37,640 --> 00:06:39,560 Speaker 1: and they started talking about it. Hey, wait a minute, 123 00:06:39,560 --> 00:06:41,240 Speaker 1: what you're saying isn't true. What you're saying isn't true. 124 00:06:41,480 --> 00:06:44,800 Speaker 1: And they were labeled heretics. Anybody that was labeled heretics 125 00:06:44,640 --> 00:06:49,000 Speaker 1: or talking heresy was killed. They're put to death. But 126 00:06:49,000 --> 00:06:52,599 Speaker 1: it didn't matter, the truth was too powerful. A standing 127 00:06:52,720 --> 00:06:54,800 Speaker 1: army was no match for a good idea of time 128 00:06:54,839 --> 00:06:57,400 Speaker 1: has come and so the truth won out, and more 129 00:06:57,440 --> 00:06:59,720 Speaker 1: and more people talked, talked about it spread the information 130 00:07:00,000 --> 00:07:03,200 Speaker 1: didn't matter how many people they killed, it was too much. 131 00:07:03,240 --> 00:07:04,880 Speaker 1: And so the TECHNOLOGYOK over And that's kind of where 132 00:07:04,880 --> 00:07:08,280 Speaker 1: we're at today. So back to the money. So let's 133 00:07:08,320 --> 00:07:12,520 Speaker 1: go back to this. So in sixteen nine four, a 134 00:07:12,520 --> 00:07:15,840 Speaker 1: few hundred years ago, we had the first central bank. 135 00:07:15,880 --> 00:07:19,120 Speaker 1: That's really where the central bank got started. Now we 136 00:07:19,160 --> 00:07:21,440 Speaker 1: could debate this, you can go back to however far 137 00:07:21,480 --> 00:07:23,320 Speaker 1: back in history you want to go. But really I 138 00:07:23,360 --> 00:07:25,560 Speaker 1: believe this was the first central bank. There was a 139 00:07:25,560 --> 00:07:27,800 Speaker 1: great book written on it by I believe Murray Rothbard 140 00:07:28,080 --> 00:07:32,080 Speaker 1: called The Mysteries of Central Banking. Highly recommend you read it. 141 00:07:32,160 --> 00:07:35,360 Speaker 1: You could find it for free on mesas dot org, 142 00:07:35,640 --> 00:07:38,960 Speaker 1: m my scs dot org. And it really talks about 143 00:07:39,000 --> 00:07:40,920 Speaker 1: the creation of the central bank, the Bank of England, 144 00:07:40,960 --> 00:07:42,600 Speaker 1: and then it kind of goes through this history of it. 145 00:07:42,760 --> 00:07:45,880 Speaker 1: A great, great book. But anyway, so Bank of England 146 00:07:45,960 --> 00:07:48,760 Speaker 1: was the first bank central bank to issue what was 147 00:07:48,800 --> 00:07:51,920 Speaker 1: known as bank notes instead of coins. So before that, 148 00:07:52,160 --> 00:07:55,280 Speaker 1: like the goldsmiths were the were the bankers, because they 149 00:07:55,280 --> 00:07:57,880 Speaker 1: were the ones that actually minted the coins. They made 150 00:07:57,920 --> 00:08:01,120 Speaker 1: the coins, they made the money. But the Bank of 151 00:08:01,160 --> 00:08:05,000 Speaker 1: England was the first bank to issue bank notes or 152 00:08:05,160 --> 00:08:10,440 Speaker 1: basically fiat currency or basically worthless paper currency. And and 153 00:08:10,480 --> 00:08:13,040 Speaker 1: the way this got it started is amazing. And I 154 00:08:13,080 --> 00:08:14,600 Speaker 1: want to tell you this quick little stories you can 155 00:08:14,640 --> 00:08:18,960 Speaker 1: understand the insanity of this. And so um gold had 156 00:08:19,000 --> 00:08:21,120 Speaker 1: been money for five thousand years. Obviously went from a 157 00:08:21,120 --> 00:08:23,520 Speaker 1: barter system into like a gold system. We had coins, 158 00:08:23,640 --> 00:08:25,200 Speaker 1: which was the point I was making. We had these 159 00:08:25,360 --> 00:08:29,880 Speaker 1: these gold coins. But what happened is is that if 160 00:08:29,880 --> 00:08:32,000 Speaker 1: you can't get more coins, you don't have more money. 161 00:08:32,000 --> 00:08:33,920 Speaker 1: Of Course, we under we we know, I'm sure you 162 00:08:34,040 --> 00:08:37,320 Speaker 1: know by now the Roman Empire had to debase their currency. 163 00:08:37,320 --> 00:08:40,520 Speaker 1: Instead of silver, it was sover so they had ten 164 00:08:40,559 --> 00:08:44,600 Speaker 1: percent more money. Then it went to more solver more money, 165 00:08:44,679 --> 00:08:47,080 Speaker 1: and eventually over two years they went to no silver. 166 00:08:47,360 --> 00:08:50,480 Speaker 1: So that's that's debasing, that's what they called that. And 167 00:08:50,600 --> 00:08:53,640 Speaker 1: what happened is we fast forward to the late six 168 00:08:53,920 --> 00:08:58,360 Speaker 1: hundreds and England is at war with France, and it's 169 00:08:58,400 --> 00:09:02,120 Speaker 1: the war that change changed everything. Similar to how we're 170 00:09:02,120 --> 00:09:04,720 Speaker 1: in a war today that is also going to change everything. 171 00:09:04,720 --> 00:09:07,480 Speaker 1: I'm gonna draw these parallels for you. You don't want 172 00:09:07,480 --> 00:09:09,560 Speaker 1: to miss this, uh, this that I have coming up. 173 00:09:09,640 --> 00:09:11,079 Speaker 1: If you're just tuning in, you're listening to the Mark 174 00:09:11,160 --> 00:09:14,560 Speaker 1: Moah Show talking about the Decentralized Revolution, talking about right 175 00:09:14,600 --> 00:09:19,440 Speaker 1: now the battle of technology over money, and of course 176 00:09:19,480 --> 00:09:21,360 Speaker 1: it always happens at a time of war, which is 177 00:09:21,400 --> 00:09:22,920 Speaker 1: like we're at right now. So I'm gonna cover all 178 00:09:22,920 --> 00:09:25,319 Speaker 1: this and more. You don't want to miss this. It's 179 00:09:25,320 --> 00:09:27,719 Speaker 1: gonna be amazing. I'll be back with that and more 180 00:09:27,760 --> 00:09:29,880 Speaker 1: in a minute. Don't go away, all right, Welcome back. 181 00:09:29,880 --> 00:09:31,480 Speaker 1: If you're just tuning in, you're listening to the Mark 182 00:09:31,600 --> 00:09:34,719 Speaker 1: Moa Show, we're talking about the decentralized Revolution, and I'm 183 00:09:34,760 --> 00:09:36,800 Speaker 1: going through a little history lesson right now. I'm telling 184 00:09:36,800 --> 00:09:40,319 Speaker 1: you how it's always technology that changes the world. It's 185 00:09:40,320 --> 00:09:43,560 Speaker 1: been technology that's changed money before, um and how it 186 00:09:43,640 --> 00:09:45,400 Speaker 1: really changes at a time of war. That's kind of 187 00:09:45,400 --> 00:09:49,360 Speaker 1: where we're at. So um, here we are, late sixteen hundreds, 188 00:09:49,600 --> 00:09:54,320 Speaker 1: we're in England. England's at war with France. Now, one 189 00:09:54,320 --> 00:09:57,000 Speaker 1: thing about war is it takes a lot of money. Now, 190 00:09:57,120 --> 00:10:00,560 Speaker 1: Up until this point, wars didn't have but a whole 191 00:10:00,600 --> 00:10:03,439 Speaker 1: lot because if I was going to go to war, 192 00:10:03,480 --> 00:10:05,000 Speaker 1: it was gonna cost me a lot of money. Do 193 00:10:05,080 --> 00:10:07,240 Speaker 1: I have that much money? Do I want to spend 194 00:10:07,280 --> 00:10:10,720 Speaker 1: that money? If I lose the war, then I'm broke. 195 00:10:11,240 --> 00:10:13,480 Speaker 1: If I win the war, I might still be broke. 196 00:10:14,200 --> 00:10:18,080 Speaker 1: And so wars happened less frequently, and they lasted very 197 00:10:18,200 --> 00:10:23,360 Speaker 1: short periods of time until when everything changed. And so 198 00:10:23,400 --> 00:10:26,320 Speaker 1: what happened is France, England and France were in war. 199 00:10:27,480 --> 00:10:29,679 Speaker 1: England needed more money. They needed more money to go 200 00:10:29,720 --> 00:10:31,280 Speaker 1: to war. Now what would happen If you've watched any 201 00:10:31,280 --> 00:10:33,640 Speaker 1: of these old movies like Robin Hood or any other movies, 202 00:10:33,840 --> 00:10:36,640 Speaker 1: you know that the kings would have to borrow money 203 00:10:36,679 --> 00:10:39,600 Speaker 1: from the rich people in the country. And so UM 204 00:10:39,679 --> 00:10:42,120 Speaker 1: England was out there talking to all the rich people saying, hey, 205 00:10:42,160 --> 00:10:44,760 Speaker 1: would you get would you loan us? Loan the kingdom money? 206 00:10:44,760 --> 00:10:46,599 Speaker 1: Would you loan the Kingdom money? Loan US money so 207 00:10:46,640 --> 00:10:48,400 Speaker 1: we can keep going to war. And a group of 208 00:10:48,440 --> 00:10:51,640 Speaker 1: a group of people came to the bank the Kingdom, 209 00:10:52,040 --> 00:10:54,079 Speaker 1: the government UM in England at the time, and they said, hey, 210 00:10:54,480 --> 00:10:56,280 Speaker 1: we have an idea for you let me let me 211 00:10:56,280 --> 00:10:59,120 Speaker 1: float this idea for you. How about we'll give you 212 00:10:59,600 --> 00:11:01,600 Speaker 1: as my money as you want. We'll give you unlimited 213 00:11:01,559 --> 00:11:04,839 Speaker 1: amount of money. And of course, uh, the kingdoms like, well, 214 00:11:04,840 --> 00:11:07,000 Speaker 1: that sounds great, we'd like an unlimited amount of money. 215 00:11:07,040 --> 00:11:08,600 Speaker 1: What what do we get? What do we give you 216 00:11:08,640 --> 00:11:11,520 Speaker 1: for for that? In exchange, they said, well, here's the deal. Um, 217 00:11:11,600 --> 00:11:13,280 Speaker 1: we're gonna give you as much money as you want. 218 00:11:13,360 --> 00:11:16,199 Speaker 1: But here's here's the situation. We're going to create our 219 00:11:16,200 --> 00:11:19,080 Speaker 1: own bank called the Bank of England. Sounds very official, right, 220 00:11:19,679 --> 00:11:21,319 Speaker 1: We're gonna sort of like the Federal Reserve of the 221 00:11:21,400 --> 00:11:23,840 Speaker 1: United States. We're gonna create the Bank of England. And um, 222 00:11:24,040 --> 00:11:25,360 Speaker 1: what we're gonna do is we're going to create our 223 00:11:25,400 --> 00:11:28,000 Speaker 1: own money. It's not gonna be gold or gold coins. 224 00:11:28,000 --> 00:11:30,679 Speaker 1: We're gonna we're gonna create this these new paper, this 225 00:11:30,800 --> 00:11:32,720 Speaker 1: paper money. But what you're gonna do is you're gonna 226 00:11:32,760 --> 00:11:35,000 Speaker 1: tell everybody in the country that our money is the 227 00:11:35,040 --> 00:11:37,480 Speaker 1: new money. Everyone's supposed to use. It's legal tender and 228 00:11:37,480 --> 00:11:39,280 Speaker 1: they have to use it. And as long as you 229 00:11:39,320 --> 00:11:40,640 Speaker 1: do that, then we'll give you as much of it 230 00:11:40,679 --> 00:11:43,040 Speaker 1: as you want. And so they did. So we had 231 00:11:43,040 --> 00:11:44,439 Speaker 1: the creation of the Bank of England, they issued the 232 00:11:44,480 --> 00:11:48,040 Speaker 1: bank notes, and that highlights the insanity. Now today, fast 233 00:11:48,080 --> 00:11:50,839 Speaker 1: forward a few hundred years, we have central banks all 234 00:11:50,840 --> 00:11:52,800 Speaker 1: over the world. We have obviously in the United States 235 00:11:52,840 --> 00:11:55,520 Speaker 1: we have the Federal Reserve. It sounds very federal. Of 236 00:11:55,559 --> 00:11:58,000 Speaker 1: course they're not federal and they don't have any reserves, 237 00:11:58,360 --> 00:12:00,320 Speaker 1: as we like to say. And all these other countries 238 00:12:00,400 --> 00:12:03,080 Speaker 1: have um central banks. In Europe they have the European 239 00:12:03,160 --> 00:12:05,760 Speaker 1: Central Bank UM. In England they have still have the 240 00:12:05,800 --> 00:12:07,360 Speaker 1: Bank of England is still there. In Japan is the 241 00:12:07,360 --> 00:12:09,880 Speaker 1: Bank of Japan, etcetera. And then above the central banks 242 00:12:09,880 --> 00:12:11,520 Speaker 1: we have the Bank, the Central Bank of Central Banks, 243 00:12:11,520 --> 00:12:14,160 Speaker 1: which is the b i S the Bank of International Settlements. 244 00:12:14,520 --> 00:12:19,240 Speaker 1: Now the central banks today supposedly third job is to 245 00:12:19,559 --> 00:12:25,920 Speaker 1: maintain price stability. Maintained price stability. So when the price 246 00:12:25,960 --> 00:12:30,240 Speaker 1: of homes double in a decade, is that a stable price? 247 00:12:30,280 --> 00:12:33,520 Speaker 1: I mean they doubled. When the price of my gas 248 00:12:33,559 --> 00:12:35,720 Speaker 1: alene to fill up my car went up by fifty 249 00:12:36,400 --> 00:12:40,200 Speaker 1: is that stable? Now that's the United States. We have 250 00:12:40,240 --> 00:12:44,400 Speaker 1: a good about three billion people in the world, so 251 00:12:44,880 --> 00:12:47,840 Speaker 1: about half a little little less than half the people 252 00:12:47,840 --> 00:12:52,080 Speaker 1: in the world today live under more than double digit inflation. 253 00:12:52,720 --> 00:12:56,160 Speaker 1: You've got places like in in Turkey where it's eighty percent. 254 00:12:56,360 --> 00:12:57,959 Speaker 1: That means if you had a hundred thousand dollars in 255 00:12:58,000 --> 00:13:00,880 Speaker 1: your bank account today, in a year from now, it 256 00:13:00,960 --> 00:13:04,280 Speaker 1: buys you about twenty dollars worth of goods. Is that 257 00:13:04,520 --> 00:13:08,520 Speaker 1: stable prices? Certainly not. So. If I was going to 258 00:13:08,640 --> 00:13:10,840 Speaker 1: rank central banks on their ability to have price stability, 259 00:13:10,840 --> 00:13:13,559 Speaker 1: I would give them a big f a big failing, which, 260 00:13:13,600 --> 00:13:15,360 Speaker 1: of course why the Federal Reserve of the United States 261 00:13:15,360 --> 00:13:21,160 Speaker 1: is scrambling trying to quote maintain confidence. Hey, no, hey, look, 262 00:13:21,200 --> 00:13:23,040 Speaker 1: we have this under control. We're gonna fix this. We're 263 00:13:23,040 --> 00:13:25,640 Speaker 1: gonna fix this. That's why Jerome Pale, the Federal Reservice, 264 00:13:25,679 --> 00:13:30,280 Speaker 1: says he's committed committed to bringing inflation back down. It's 265 00:13:30,320 --> 00:13:32,079 Speaker 1: too high. It's an eight percent. Their goal is only 266 00:13:32,160 --> 00:13:35,080 Speaker 1: two Their goal is only still two percent of your 267 00:13:35,080 --> 00:13:37,880 Speaker 1: wealth per year. They're still in way too much. Um. Now, 268 00:13:38,280 --> 00:13:40,319 Speaker 1: if you understand the creation of the Central Bank and 269 00:13:40,360 --> 00:13:42,120 Speaker 1: how insane it was, you understand that their goal is 270 00:13:42,160 --> 00:13:46,840 Speaker 1: price stability, which they don't do. Now, let's talk about technology, 271 00:13:46,840 --> 00:13:52,160 Speaker 1: the battle over technology. So we've already seen money become digitized. 272 00:13:52,960 --> 00:13:54,520 Speaker 1: I I hear all the time people are like, oh, 273 00:13:54,520 --> 00:13:56,800 Speaker 1: I would never buy this bitcoin, bitcoins digital. I only 274 00:13:56,800 --> 00:13:58,880 Speaker 1: want real, tangible things I can hold in my hand. 275 00:13:59,200 --> 00:14:03,840 Speaker 1: Well over of all financial transactions are already done digitally. 276 00:14:04,440 --> 00:14:06,280 Speaker 1: I use a debit card, I use a credit card, 277 00:14:06,320 --> 00:14:08,800 Speaker 1: I use a wire transfer. You know, people put money 278 00:14:08,840 --> 00:14:11,679 Speaker 1: into my bank acount through my my payment system. Like, 279 00:14:12,000 --> 00:14:14,240 Speaker 1: we don't really handle that much money now, I get it. 280 00:14:14,240 --> 00:14:17,080 Speaker 1: There's still some old people who are like, still deal 281 00:14:17,160 --> 00:14:19,880 Speaker 1: on a cash basis, but it's very rare now. In 282 00:14:19,880 --> 00:14:23,720 Speaker 1: other countries it's obviously more more more used, more widely used. 283 00:14:23,720 --> 00:14:26,520 Speaker 1: But in the United States, most of the West Western world, 284 00:14:26,520 --> 00:14:30,720 Speaker 1: developed world, it's it's all digital. But it's still different, 285 00:14:31,080 --> 00:14:34,960 Speaker 1: all right. So the battle is how do we move 286 00:14:35,080 --> 00:14:38,680 Speaker 1: money into the digital age, just like we did with music, movies, books, etcetera. 287 00:14:39,160 --> 00:14:43,040 Speaker 1: And so of course we have bitcoin. Bitcoin was created, um. 288 00:14:43,120 --> 00:14:45,480 Speaker 1: As a matter of fact, the white paper, which was 289 00:14:45,520 --> 00:14:48,120 Speaker 1: the very first paper that came out explaining what bitcoin 290 00:14:48,280 --> 00:14:50,280 Speaker 1: was going to be, what it was all about, came 291 00:14:50,280 --> 00:14:54,560 Speaker 1: out on Halloween. So just uh, we're about a week, 292 00:14:54,680 --> 00:14:56,600 Speaker 1: not even a week, a few days after Halloween here 293 00:14:57,400 --> 00:15:00,040 Speaker 1: week after Halloween, Um, it came out on Halloween in 294 00:15:00,200 --> 00:15:04,920 Speaker 1: two thousand eight, and then January third, two thousand nine, 295 00:15:05,080 --> 00:15:08,200 Speaker 1: Bitcoin was released to the world. Now, in the very 296 00:15:08,240 --> 00:15:11,240 Speaker 1: first line of codes, Toshi Nakamoto put a message in 297 00:15:11,280 --> 00:15:13,960 Speaker 1: there that said, um, the chancellors are on the brink 298 00:15:13,960 --> 00:15:16,920 Speaker 1: of a second bailout. So basically that tells us that 299 00:15:16,960 --> 00:15:22,200 Speaker 1: bitcoin was created as a as a reaction, as a 300 00:15:22,240 --> 00:15:27,800 Speaker 1: solution to the central bankers printing way too much money 301 00:15:27,840 --> 00:15:30,600 Speaker 1: in creating this crazy price inflation. It was creative for that. 302 00:15:31,000 --> 00:15:33,760 Speaker 1: It was created so that we had a way us 303 00:15:33,920 --> 00:15:38,080 Speaker 1: humans people to be able to transact just like cash, 304 00:15:38,280 --> 00:15:40,480 Speaker 1: but in a digital age. And this is the key 305 00:15:40,560 --> 00:15:44,240 Speaker 1: piece that we're going to hear. Just like cash, What 306 00:15:44,320 --> 00:15:47,880 Speaker 1: does that mean? Well, cash, you already know what it is. 307 00:15:47,880 --> 00:15:50,320 Speaker 1: It's paper paper in your wallet, right And if I 308 00:15:50,520 --> 00:15:52,960 Speaker 1: have this hundred dollar bill in my hand, you know 309 00:15:53,040 --> 00:15:55,400 Speaker 1: I have the huntred dollar bill. It's my hundred dollar bill. There, 310 00:15:55,600 --> 00:15:57,680 Speaker 1: it's my hundred dollar bill. If I hand it to you, 311 00:15:58,160 --> 00:16:00,760 Speaker 1: then you have that hundred dollar bill. Nobody's in the 312 00:16:00,840 --> 00:16:02,520 Speaker 1: middle of that. I don't need to go take this 313 00:16:02,560 --> 00:16:04,320 Speaker 1: hunt dollar bill, go give it to this bank, and 314 00:16:04,320 --> 00:16:05,760 Speaker 1: then you have to go get it from the bank 315 00:16:05,800 --> 00:16:07,720 Speaker 1: with your idea and that no, I just hand the 316 00:16:07,760 --> 00:16:11,080 Speaker 1: huntre dollar ability you. There's nobody in the middle. It's 317 00:16:11,160 --> 00:16:15,400 Speaker 1: peer to peer. There's no counterparty risk, and nobody needs 318 00:16:15,400 --> 00:16:17,080 Speaker 1: to know about that. If I want to give it 319 00:16:17,080 --> 00:16:18,720 Speaker 1: to you, nobody needs to know. But that's between me 320 00:16:18,760 --> 00:16:23,040 Speaker 1: and you. Privacy, that's cash. Now it's happened is as 321 00:16:23,120 --> 00:16:26,080 Speaker 1: we've moved into the digital age, we started to lose 322 00:16:26,120 --> 00:16:28,840 Speaker 1: a lot of that. So now if I want to 323 00:16:28,840 --> 00:16:31,320 Speaker 1: pay you with Venmo, then Moo hooks to my credit card, 324 00:16:31,400 --> 00:16:32,920 Speaker 1: my credit card hooks to my bank, and then my 325 00:16:32,960 --> 00:16:34,920 Speaker 1: bank talks to your bank, which then your bank talks 326 00:16:34,920 --> 00:16:36,400 Speaker 1: to your credit card, and then your credit card talks 327 00:16:36,440 --> 00:16:38,560 Speaker 1: to your Veno. It's like six people in the middle 328 00:16:38,560 --> 00:16:41,840 Speaker 1: of that, all taking a piece, all taking a cut, 329 00:16:42,440 --> 00:16:46,520 Speaker 1: all potentially censoring us if we want. Like PayPal came 330 00:16:46,520 --> 00:16:49,120 Speaker 1: out and said they're gonna take out of your account 331 00:16:49,200 --> 00:16:52,720 Speaker 1: if you say anything bad online. Now they then they 332 00:16:52,800 --> 00:16:54,840 Speaker 1: retracted that, Oh no, no, we didn't mean to say that. 333 00:16:54,880 --> 00:16:57,040 Speaker 1: We didn't mean to say it, And now they've come 334 00:16:57,080 --> 00:16:59,920 Speaker 1: back out and put it back. So they did they 335 00:17:00,000 --> 00:17:01,360 Speaker 1: didn't mean for you to find out about it, and 336 00:17:01,400 --> 00:17:05,119 Speaker 1: it's there, but who's who is PayPal to determine what 337 00:17:05,280 --> 00:17:07,120 Speaker 1: I say and don't say online and whether I can 338 00:17:07,119 --> 00:17:10,520 Speaker 1: spend my money right in a cash environment, that would 339 00:17:10,560 --> 00:17:13,320 Speaker 1: never happen. I have my cash, I can go to 340 00:17:13,359 --> 00:17:15,360 Speaker 1: the bank, I can pull my cash out. I can 341 00:17:15,359 --> 00:17:17,639 Speaker 1: come stuff it under my mattress if I want. But 342 00:17:17,800 --> 00:17:21,080 Speaker 1: they don't want that. Now, Bitcoin was created to be 343 00:17:21,240 --> 00:17:24,880 Speaker 1: a form of digital cash, but the central banks don't 344 00:17:24,880 --> 00:17:26,640 Speaker 1: want that. The central banks want us to use a 345 00:17:26,680 --> 00:17:32,160 Speaker 1: central bank digital currency. This is the battle, and this 346 00:17:32,200 --> 00:17:33,439 Speaker 1: is what I'm explaining to you. I want to give 347 00:17:33,440 --> 00:17:37,320 Speaker 1: you some quotes directly from Jerome Pale, the ahead of 348 00:17:37,359 --> 00:17:40,320 Speaker 1: the Federal Reserve in the United States Central Bank, and 349 00:17:40,320 --> 00:17:43,000 Speaker 1: I'm want to give you some quotes directly from Augustine 350 00:17:43,000 --> 00:17:45,760 Speaker 1: Carston's who's the head of the central Bank of Central Banks, 351 00:17:45,760 --> 00:17:48,080 Speaker 1: which is the b I S. And then I want 352 00:17:48,080 --> 00:17:50,600 Speaker 1: to talk to you about what central banks are already 353 00:17:50,680 --> 00:17:53,359 Speaker 1: using this um there's a couple in the world already 354 00:17:53,359 --> 00:17:55,800 Speaker 1: doing it. And then we're going to contrast that against 355 00:17:55,840 --> 00:18:01,000 Speaker 1: cryptocurrencies and central bank digital currencies. This is all information 356 00:18:01,040 --> 00:18:03,879 Speaker 1: you need to know because this is the battle of 357 00:18:03,880 --> 00:18:06,080 Speaker 1: your life that's coming for you. Without the freedom of 358 00:18:06,119 --> 00:18:07,800 Speaker 1: payments is no freedom. We're back with that more in 359 00:18:07,840 --> 00:18:10,000 Speaker 1: a minute. Don't go away, all right, welcome back. You 360 00:18:10,080 --> 00:18:12,720 Speaker 1: are listening to the Mark Masha if you're just tuning in. 361 00:18:12,960 --> 00:18:15,640 Speaker 1: We're talking about the decentralized revolution each and every week, 362 00:18:15,680 --> 00:18:18,399 Speaker 1: of course, and right now today we are talking about 363 00:18:18,440 --> 00:18:21,879 Speaker 1: the battle of all battles, and that is the battle 364 00:18:21,920 --> 00:18:25,159 Speaker 1: over money. We went through the history of the central banks. 365 00:18:25,560 --> 00:18:29,480 Speaker 1: I talked about. The interesting peace was that the first 366 00:18:29,480 --> 00:18:33,360 Speaker 1: central bank, the Bank of England, happened during the time 367 00:18:33,400 --> 00:18:36,240 Speaker 1: of war. And again here we are a time of 368 00:18:36,280 --> 00:18:39,080 Speaker 1: war again, and the time of war now we're in 369 00:18:39,119 --> 00:18:40,959 Speaker 1: all kinds of wars. We're in a war on poverty. 370 00:18:41,000 --> 00:18:42,600 Speaker 1: We're in a war on drugs. We're in a war 371 00:18:42,640 --> 00:18:45,959 Speaker 1: on obesity. We're in a war with Ukraine, who were 372 00:18:46,000 --> 00:18:48,119 Speaker 1: in an economic war. We're in a war with China. 373 00:18:48,200 --> 00:18:50,720 Speaker 1: Trade wars. I mean, we're in wars all over the place. 374 00:18:50,760 --> 00:18:53,719 Speaker 1: And of course, to fight these wars, climate war whatever. 375 00:18:54,000 --> 00:18:56,200 Speaker 1: To fight these wars, we needed a lot more money, 376 00:18:56,960 --> 00:18:59,520 Speaker 1: just like England needed to fight their war against France. 377 00:18:59,520 --> 00:19:00,760 Speaker 1: We did a lot more money. And so the central 378 00:19:00,760 --> 00:19:03,119 Speaker 1: banks are creating more and more money, and that that 379 00:19:03,160 --> 00:19:06,720 Speaker 1: comes back to the problem. Now we have this bitcoin, 380 00:19:06,800 --> 00:19:11,360 Speaker 1: we have cryptocurrencies now, which are the people's money. It's 381 00:19:11,440 --> 00:19:15,159 Speaker 1: our ability to have something that we can transact with. 382 00:19:15,280 --> 00:19:18,280 Speaker 1: And as I said, bitcoin was created as this digital cash. 383 00:19:18,560 --> 00:19:21,199 Speaker 1: Now it's important to understand digital cash for a minute 384 00:19:21,480 --> 00:19:24,640 Speaker 1: because you need to kind of understand how this works. 385 00:19:25,480 --> 00:19:29,800 Speaker 1: The thing with digital cash is that, as I said, right, 386 00:19:29,840 --> 00:19:32,360 Speaker 1: it's peer to peer. So nobody needs to know about this, 387 00:19:33,920 --> 00:19:35,560 Speaker 1: but they don't want that. As a matter of fact, 388 00:19:35,640 --> 00:19:38,720 Speaker 1: let's hear it directly from Augustine Carston. He is the 389 00:19:38,760 --> 00:19:41,520 Speaker 1: head of the b i S, the central bank above 390 00:19:41,680 --> 00:19:44,160 Speaker 1: central banks. Let's see what he has to say right here, 391 00:19:45,040 --> 00:19:49,080 Speaker 1: aren't our analysis on CBDC particople are for the use 392 00:19:49,119 --> 00:19:53,800 Speaker 1: of general to the general use. We tend to establish 393 00:19:53,840 --> 00:19:57,800 Speaker 1: the equival lince with cash and there is a huge 394 00:19:57,960 --> 00:20:02,880 Speaker 1: difference there. For example, in cash, we don't know, for example, 395 00:20:02,920 --> 00:20:06,840 Speaker 1: who's using a one bill today. We don't know who 396 00:20:06,960 --> 00:20:10,680 Speaker 1: is using the one thousand vestl bill today. M hmm. 397 00:20:11,240 --> 00:20:14,760 Speaker 1: So there's a huge difference with central bank digital currencies 398 00:20:14,840 --> 00:20:18,160 Speaker 1: they want to push and cash. He said, So for example, 399 00:20:19,320 --> 00:20:20,760 Speaker 1: we don't know who's using a hunt it all our 400 00:20:20,800 --> 00:20:26,159 Speaker 1: bill today or a thousand pascol bill today. Yeah, and 401 00:20:26,480 --> 00:20:30,600 Speaker 1: you shouldn't need to. You never have in the whole 402 00:20:30,640 --> 00:20:33,879 Speaker 1: history of the entire world. This is a new thing. Look, 403 00:20:34,040 --> 00:20:36,800 Speaker 1: you get this piece right here. This is a new 404 00:20:36,840 --> 00:20:40,760 Speaker 1: thing for all of history, all of recorded history, five thousand, 405 00:20:40,760 --> 00:20:47,040 Speaker 1: six thousand years of recorded history. Mankind humans have traded. 406 00:20:47,680 --> 00:20:52,159 Speaker 1: We're born as capitalists. Little kids are in preschool trading 407 00:20:52,240 --> 00:20:56,840 Speaker 1: sandwiches for chips, people are in prison trading cigarettes for whatever. Right, like, 408 00:20:57,040 --> 00:21:00,600 Speaker 1: we all trade as human beings. That's natural for us. 409 00:21:01,040 --> 00:21:03,919 Speaker 1: So we traded chickens for pigs, or for cows for goats, 410 00:21:04,000 --> 00:21:06,840 Speaker 1: or corn for whatever it was. Then we started using 411 00:21:06,880 --> 00:21:09,480 Speaker 1: media exchange was the money. Gold became money for five 412 00:21:09,480 --> 00:21:14,720 Speaker 1: thousand years. Then we had cash. It's only been really 413 00:21:14,760 --> 00:21:17,920 Speaker 1: probably the last twenty five years or so, probably really 414 00:21:17,920 --> 00:21:20,240 Speaker 1: just since the Patriot Act, the day we lost more 415 00:21:20,280 --> 00:21:22,480 Speaker 1: freedom than any day and history in two thousand one. 416 00:21:22,920 --> 00:21:27,120 Speaker 1: That really the government's want to know every single doll 417 00:21:27,280 --> 00:21:29,280 Speaker 1: hunt it dollar as August and Carson said, we don't 418 00:21:29,280 --> 00:21:31,240 Speaker 1: know who has a hunt dollar bill. Yeah, you don't, 419 00:21:31,320 --> 00:21:34,360 Speaker 1: and you shouldn't. You don't need to. We in all 420 00:21:34,440 --> 00:21:36,600 Speaker 1: of history, We've never never needed to, We've never had to. 421 00:21:36,800 --> 00:21:39,760 Speaker 1: And now that's a problem for them, they say, But 422 00:21:39,880 --> 00:21:42,400 Speaker 1: they it's a problem, and it's it's it's rich coming 423 00:21:42,480 --> 00:21:44,760 Speaker 1: from a banker. And the reason why is because what 424 00:21:44,840 --> 00:21:49,120 Speaker 1: it shows is this guy, he's literally at the very 425 00:21:49,160 --> 00:21:52,040 Speaker 1: top of the ORG chart. It's the guy running the 426 00:21:52,080 --> 00:21:55,359 Speaker 1: central bank of all central banks. It shows that he 427 00:21:55,440 --> 00:22:00,600 Speaker 1: doesn't understand what economics or money is. Now I'm not 428 00:22:00,640 --> 00:22:04,439 Speaker 1: a trained economic economist, but he obviously doesn't. And the 429 00:22:04,480 --> 00:22:08,240 Speaker 1: reason why he doesn't is because he's saying, we don't 430 00:22:08,280 --> 00:22:12,520 Speaker 1: know who's using it. That's the whole point of money. 431 00:22:12,720 --> 00:22:15,919 Speaker 1: That's the whole point all right now, pre money. Imagine 432 00:22:15,960 --> 00:22:17,960 Speaker 1: if you're like in this little small town and I 433 00:22:18,040 --> 00:22:20,600 Speaker 1: run like the general store, and you have your farm 434 00:22:20,680 --> 00:22:24,080 Speaker 1: down in the street or whatever, right that me us 435 00:22:24,160 --> 00:22:27,160 Speaker 1: being this little town, I run the general store. I 436 00:22:27,200 --> 00:22:30,120 Speaker 1: know you, we live in a small town together. I've 437 00:22:30,119 --> 00:22:32,119 Speaker 1: known your parents, I know your kids, we all go 438 00:22:32,160 --> 00:22:35,320 Speaker 1: to the same church, etcetera, etcetera. And so I know you, 439 00:22:35,320 --> 00:22:37,280 Speaker 1: and so I extend you credit. And probably the guy 440 00:22:37,280 --> 00:22:39,800 Speaker 1: that runs that general store says, oh yeah, Jim owes 441 00:22:39,840 --> 00:22:41,840 Speaker 1: me this much, and Bob owes me this much, and 442 00:22:41,880 --> 00:22:43,720 Speaker 1: Sally owes me there's this much, And I keep a 443 00:22:43,800 --> 00:22:48,320 Speaker 1: ledger who owes me money because there's trust there. I 444 00:22:48,440 --> 00:22:51,280 Speaker 1: know who you are, I know where you live. I 445 00:22:51,359 --> 00:22:52,800 Speaker 1: know that you have the ability to pay me back, 446 00:22:52,840 --> 00:22:58,000 Speaker 1: and so I extend you credit, money or cash gets 447 00:22:58,080 --> 00:23:01,640 Speaker 1: rid of the need of that. Now, if you come 448 00:23:01,640 --> 00:23:03,439 Speaker 1: into my general store and you want a bag of 449 00:23:03,600 --> 00:23:07,560 Speaker 1: whatever of corn, I don't need to know you. You're 450 00:23:07,600 --> 00:23:10,040 Speaker 1: gonna give me cash. You're gonna pay me for that 451 00:23:10,160 --> 00:23:11,960 Speaker 1: right now. I don't need to know who you are. 452 00:23:14,000 --> 00:23:15,879 Speaker 1: If I'm extending you credit, of course I need to 453 00:23:15,880 --> 00:23:17,040 Speaker 1: know who you are. But if you're gonna pay me 454 00:23:17,119 --> 00:23:18,119 Speaker 1: right now, I don't need to know who you are. 455 00:23:18,119 --> 00:23:19,320 Speaker 1: I don't even know where you live. I don't even 456 00:23:19,320 --> 00:23:20,879 Speaker 1: know who your parents are, don't even know anything. You 457 00:23:20,960 --> 00:23:22,760 Speaker 1: give me the money, I give you the bag of corn. 458 00:23:23,720 --> 00:23:29,240 Speaker 1: That's the way economies work. That's the purpose of money. 459 00:23:29,359 --> 00:23:32,200 Speaker 1: But no, well that's a problem. We don't know it. Now. 460 00:23:32,280 --> 00:23:34,320 Speaker 1: Let's hear what he has to say. Let's play the 461 00:23:34,359 --> 00:23:36,920 Speaker 1: next part of the clip on what central bank digital 462 00:23:37,000 --> 00:23:43,520 Speaker 1: currencies will fix in this problem. More scenario. If keep 463 00:23:43,560 --> 00:23:47,520 Speaker 1: your friends in with the CBDC is the central bank 464 00:23:47,760 --> 00:23:53,680 Speaker 1: will have absolute control. Let me pause that right there, Well, 465 00:23:53,760 --> 00:23:58,919 Speaker 1: the central bank will have absolute control. Let me let 466 00:23:58,960 --> 00:24:01,480 Speaker 1: me just restate that again. The central bank will have 467 00:24:01,760 --> 00:24:04,760 Speaker 1: absolute control. Let's see what he's gonna say about that 468 00:24:05,480 --> 00:24:08,960 Speaker 1: on the rules and regulations that will determine the use 469 00:24:09,160 --> 00:24:15,960 Speaker 1: of that expression of central branch liability. So the central 470 00:24:15,960 --> 00:24:22,480 Speaker 1: bank will have absolute control of the rules and regulations 471 00:24:22,520 --> 00:24:25,879 Speaker 1: of how you can use it, or he said express 472 00:24:26,480 --> 00:24:31,080 Speaker 1: it how you can use your own money. They'll have 473 00:24:31,280 --> 00:24:35,800 Speaker 1: absolute control and the rules and regulations. Let's see the 474 00:24:35,840 --> 00:24:40,280 Speaker 1: rest and also we will have the technology to enforce that. 475 00:24:41,040 --> 00:24:46,800 Speaker 1: Those are those two issues are extremely important, and those 476 00:24:46,840 --> 00:24:52,639 Speaker 1: issues are extremely important. That those two issues, what were 477 00:24:52,640 --> 00:24:57,280 Speaker 1: the two issues? That they will have absolute control over 478 00:24:57,440 --> 00:25:00,400 Speaker 1: how you can use your money, and that's the point 479 00:25:00,480 --> 00:25:03,400 Speaker 1: number one and point number two. They will have the 480 00:25:03,440 --> 00:25:08,920 Speaker 1: technology to enforce it. Those are the two most important things. 481 00:25:11,040 --> 00:25:13,680 Speaker 1: So the first clip was we don't know who has 482 00:25:13,840 --> 00:25:16,320 Speaker 1: hundred dollar bills or a thousand pascol bills or how 483 00:25:16,320 --> 00:25:19,880 Speaker 1: they're using them as they shouldn't. But with central bank, 484 00:25:19,880 --> 00:25:24,040 Speaker 1: digital currencies will have absolute control and we'll have the 485 00:25:24,080 --> 00:25:30,400 Speaker 1: technology to enforce it. Now, you know, he's the top 486 00:25:30,400 --> 00:25:31,879 Speaker 1: of the heap. As I said, he's the head of 487 00:25:31,880 --> 00:25:35,159 Speaker 1: the central bank. About central banks, what about in the 488 00:25:35,240 --> 00:25:38,520 Speaker 1: United States, Because the United States would never do something 489 00:25:38,560 --> 00:25:40,080 Speaker 1: like that, like we get it, right, we get it 490 00:25:40,160 --> 00:25:44,000 Speaker 1: like China, you know, China, the CCP, the you know, 491 00:25:44,119 --> 00:25:48,080 Speaker 1: Chinese Communist Party, their communist of course they have the 492 00:25:48,119 --> 00:25:51,600 Speaker 1: social credit score system. Of course China would roll that 493 00:25:51,680 --> 00:25:57,040 Speaker 1: out right. Um, but what about the Land of the Free. 494 00:25:57,600 --> 00:26:01,160 Speaker 1: Let's hear from J. Powell, the head of the Central Bank, 495 00:26:01,359 --> 00:26:04,200 Speaker 1: the Federal Reserve. Let's dode he has to say. As 496 00:26:04,200 --> 00:26:06,399 Speaker 1: a matter of fact, I'm gonna save that clip. We're 497 00:26:06,440 --> 00:26:08,120 Speaker 1: gonna come back to that clip in a minute, because 498 00:26:08,160 --> 00:26:09,639 Speaker 1: I really want the time to kind of break this 499 00:26:09,800 --> 00:26:13,760 Speaker 1: down because, as I said, right the Home of the Free, 500 00:26:13,840 --> 00:26:16,359 Speaker 1: we should be a little bit different. Hey, but don't worry, 501 00:26:16,480 --> 00:26:19,880 Speaker 1: I'm a h I want I want you to understand 502 00:26:19,920 --> 00:26:24,560 Speaker 1: the differences of central bank digital currencies versus cryptocurrencies versus cash. 503 00:26:24,640 --> 00:26:28,440 Speaker 1: It's important because this is the battle that we're heading 504 00:26:28,440 --> 00:26:31,359 Speaker 1: into right now, and you need to know what is 505 00:26:31,400 --> 00:26:33,000 Speaker 1: at stake here. And then I want to show you. 506 00:26:33,040 --> 00:26:35,639 Speaker 1: I'm gonna give a couple examples of where it's already 507 00:26:35,640 --> 00:26:38,639 Speaker 1: being used in other countries and what it looks like. 508 00:26:38,720 --> 00:26:40,720 Speaker 1: They're all right, so let's listen to the Market mo 509 00:26:40,800 --> 00:26:43,399 Speaker 1: Show if you're just tune in, talking about the decentralized revolution, 510 00:26:43,440 --> 00:26:45,760 Speaker 1: talking about the way the world changes as we look 511 00:26:45,800 --> 00:26:48,320 Speaker 1: at through the lens of politics, finance, and technology. We're 512 00:26:48,320 --> 00:26:52,240 Speaker 1: talking about the technology of money, central bank digital currencies 513 00:26:52,480 --> 00:26:54,840 Speaker 1: versus bitcoin. I'll be back with more in a minute. 514 00:26:54,880 --> 00:26:57,120 Speaker 1: Don't miss this. I'll be back all right, welcome back. 515 00:26:57,119 --> 00:26:59,000 Speaker 1: You are listening to the Mark Moa Show if you're 516 00:26:59,040 --> 00:27:02,040 Speaker 1: just tuning in, and uh, if you're just tuning in 517 00:27:02,560 --> 00:27:05,399 Speaker 1: where you been, don't miss out. Make sure you make 518 00:27:05,400 --> 00:27:07,119 Speaker 1: sure you put a calendar reminder to hang out with 519 00:27:07,160 --> 00:27:09,119 Speaker 1: me each and every time, each and every week on 520 00:27:09,160 --> 00:27:12,800 Speaker 1: this channel. Um. Now we're talking about the battle, the 521 00:27:13,119 --> 00:27:15,960 Speaker 1: battle for the ages, and of course we're talking about 522 00:27:15,960 --> 00:27:18,600 Speaker 1: the battle over money and the battle that's being a 523 00:27:18,600 --> 00:27:21,560 Speaker 1: friend of over money by technologies. We're talking about central 524 00:27:21,560 --> 00:27:25,560 Speaker 1: bank digital currencies versus bitcoin versus cash. We just heard 525 00:27:25,560 --> 00:27:28,040 Speaker 1: from the Center the head of the Central Bank of 526 00:27:28,080 --> 00:27:29,480 Speaker 1: the Central Banks, the head of the b I, s 527 00:27:29,520 --> 00:27:32,160 Speaker 1: Augustin Carson, and what he had to say and if 528 00:27:32,200 --> 00:27:37,040 Speaker 1: that didn't scare you, I don't know what will unless 529 00:27:37,040 --> 00:27:38,679 Speaker 1: you're one of those people who thinks that the government 530 00:27:38,720 --> 00:27:41,680 Speaker 1: should just control every single breath that you take. Um, 531 00:27:41,720 --> 00:27:43,840 Speaker 1: which in that case, I don't know what you're thinking, 532 00:27:44,119 --> 00:27:47,560 Speaker 1: but we won't go into that conversation right now. But now, 533 00:27:47,640 --> 00:27:50,320 Speaker 1: as I was saying like this, you know this could 534 00:27:50,320 --> 00:27:54,240 Speaker 1: happen in China, in the communist China, but could it 535 00:27:54,320 --> 00:27:57,000 Speaker 1: happen in the Land of the Free. Let's hear from 536 00:27:57,040 --> 00:27:59,080 Speaker 1: the head of the Federal Reserve, J. Powell what he 537 00:27:59,119 --> 00:28:02,080 Speaker 1: has to say about central bank digital currencies. Let's play 538 00:28:02,160 --> 00:28:05,960 Speaker 1: that clip. If we were to pursue a CBDC, it 539 00:28:06,000 --> 00:28:09,040 Speaker 1: would at a minimum have the following four characteristics. First is, 540 00:28:10,000 --> 00:28:12,879 Speaker 1: so he says, if if we were to pursue a CBDC, 541 00:28:13,000 --> 00:28:16,680 Speaker 1: now we know that the Biden administration or I should 542 00:28:16,680 --> 00:28:19,920 Speaker 1: say not the administration. Well, I guess it is administration. 543 00:28:20,200 --> 00:28:25,720 Speaker 1: We know Biden signed an executive order. Um, I don't 544 00:28:25,720 --> 00:28:28,440 Speaker 1: think Biden knows what he's signing, so I'll probably say 545 00:28:28,440 --> 00:28:32,520 Speaker 1: that the Biden administration. However, the Biden administration put forward 546 00:28:32,520 --> 00:28:37,160 Speaker 1: an executive order. So an executive order is basically I'm 547 00:28:37,200 --> 00:28:39,320 Speaker 1: the king. I'm the czar on the dictator, and you 548 00:28:39,400 --> 00:28:41,280 Speaker 1: do what I say because I say so. So it 549 00:28:41,320 --> 00:28:44,480 Speaker 1: doesn't go through a democratically elected process. There's no vote 550 00:28:44,480 --> 00:28:46,200 Speaker 1: on this, none of that. But he put through an 551 00:28:46,240 --> 00:28:50,560 Speaker 1: executive order that basically is mandating the government to um 552 00:28:50,720 --> 00:28:53,440 Speaker 1: work on a central bank digital currency. And so they 553 00:28:53,480 --> 00:28:57,760 Speaker 1: are now, um, I guess your own palace says if 554 00:28:57,840 --> 00:29:00,840 Speaker 1: because um, there's a lot of law makers in the 555 00:29:00,920 --> 00:29:03,600 Speaker 1: United States pushing back on this. As you might imagine, 556 00:29:03,640 --> 00:29:05,160 Speaker 1: as I said, it is supposed to be the land 557 00:29:05,160 --> 00:29:08,640 Speaker 1: of the free. You're not supposed to have absolute total control, 558 00:29:08,800 --> 00:29:10,800 Speaker 1: as a Dustin Carson said, You're not supposed to have 559 00:29:10,840 --> 00:29:14,280 Speaker 1: absolute total control over what I can do with my 560 00:29:14,320 --> 00:29:16,920 Speaker 1: own money. But uh so, anyway, a lot of a 561 00:29:16,920 --> 00:29:18,720 Speaker 1: lot of politicians are pushing back. So maybe that's why 562 00:29:18,720 --> 00:29:20,360 Speaker 1: he says, if let's hear the rest part the rest 563 00:29:20,360 --> 00:29:26,640 Speaker 1: of what he said here intermediated. Second is private privacy protected, intermediated. 564 00:29:26,960 --> 00:29:29,360 Speaker 1: So he was saying there's gonna be four four different 565 00:29:29,440 --> 00:29:33,480 Speaker 1: pieces to that, so that they are a minimum have 566 00:29:33,560 --> 00:29:38,080 Speaker 1: the following four characteristics. First is intermediated, Second is private 567 00:29:38,320 --> 00:29:42,720 Speaker 1: privacy protected. The third is identity verified. So it would 568 00:29:42,720 --> 00:29:45,520 Speaker 1: not be anonymous, it would not be an anonymous bearer instrument. 569 00:29:45,800 --> 00:29:50,080 Speaker 1: And fourth is transferable or interoperable. So so we're we 570 00:29:50,120 --> 00:29:55,080 Speaker 1: would be looking to balance privacy protection with identity verification, 571 00:29:55,360 --> 00:29:57,000 Speaker 1: which is which has to be done of course in 572 00:29:57,040 --> 00:30:01,360 Speaker 1: today's traditional banking system. Wow, let's break that down a 573 00:30:01,400 --> 00:30:06,160 Speaker 1: little bit. So it needs to be intermediated. Okay, So 574 00:30:06,280 --> 00:30:10,320 Speaker 1: remember cash is not intermediated. Cash is peer to peer. 575 00:30:10,360 --> 00:30:12,520 Speaker 1: If I want to buy something from you, I hand 576 00:30:12,560 --> 00:30:15,240 Speaker 1: you the hundred dollar bill. That's it. There's nobody in 577 00:30:15,320 --> 00:30:18,920 Speaker 1: the middle, no third party, no counterparty. Is not intermediated, 578 00:30:18,960 --> 00:30:21,640 Speaker 1: he says. It needs to be intermediate, meaning the fourth 579 00:30:21,840 --> 00:30:23,520 Speaker 1: the bank, the central bank has to be in the 580 00:30:23,520 --> 00:30:26,040 Speaker 1: middle of you and I are transaction. Now. Of course 581 00:30:26,400 --> 00:30:29,520 Speaker 1: when you when they are in between us, then they 582 00:30:29,640 --> 00:30:34,280 Speaker 1: know everything because they have to approve or deny it. Right, Cash, 583 00:30:34,560 --> 00:30:35,720 Speaker 1: If I want to come over to your house and 584 00:30:35,760 --> 00:30:37,680 Speaker 1: buy something out of your garage and I hand you money, 585 00:30:37,760 --> 00:30:41,880 Speaker 1: nobody needs to know that now. Um, Now, look, we 586 00:30:41,960 --> 00:30:44,680 Speaker 1: have laws against certain things. If I'm coming over to 587 00:30:44,720 --> 00:30:47,000 Speaker 1: buy drugs with cash, of course we have laws. Of course, 588 00:30:47,000 --> 00:30:49,720 Speaker 1: that's breaking the law. But it's not cash that's the problem. 589 00:30:49,960 --> 00:30:52,320 Speaker 1: We have a law already to break to protect that. 590 00:30:52,400 --> 00:30:55,720 Speaker 1: Now the second part is he said, uh, second out 591 00:30:55,720 --> 00:30:58,680 Speaker 1: of four is it needs to be privacy protected. But 592 00:30:58,800 --> 00:31:02,600 Speaker 1: then the third point, so second was privacy protected. Third 593 00:31:02,760 --> 00:31:08,280 Speaker 1: is identity verified, not anonymous. So if it's not anonymous 594 00:31:08,320 --> 00:31:15,800 Speaker 1: like cash, is, how does it protect my privacy? Yeah, 595 00:31:15,840 --> 00:31:20,120 Speaker 1: that's a mental gymnastics. Well the answer is, um, the 596 00:31:20,200 --> 00:31:24,880 Speaker 1: answer is, well, it's uh, it's it's it's not private 597 00:31:24,920 --> 00:31:28,880 Speaker 1: from us, right, so we you know, the government and 598 00:31:28,960 --> 00:31:31,680 Speaker 1: everybody that works for the government, which is about half 599 00:31:31,800 --> 00:31:33,480 Speaker 1: of the people in the world or half of the 600 00:31:33,480 --> 00:31:35,840 Speaker 1: people in the in the country today, So you know 601 00:31:36,160 --> 00:31:39,920 Speaker 1: us and our partners and our banks and our regulators 602 00:31:39,960 --> 00:31:43,480 Speaker 1: and the FBI and everybody else. We we all see it. 603 00:31:44,640 --> 00:31:48,480 Speaker 1: But somehow it's privacy protected. I love that. That's rich. 604 00:31:48,800 --> 00:31:52,080 Speaker 1: So uh, like cash, like Augustin Carson, they don't know 605 00:31:52,080 --> 00:31:54,200 Speaker 1: who has on it our bill, but this is uh, 606 00:31:54,520 --> 00:31:58,240 Speaker 1: they'll don't know. And then they want to balance privacy 607 00:31:58,240 --> 00:32:01,120 Speaker 1: and identific verification. How do they balance set? It's not 608 00:32:01,200 --> 00:32:04,760 Speaker 1: the same, all right, So, um, we already have this 609 00:32:04,840 --> 00:32:08,760 Speaker 1: in play in China and now it's also in play 610 00:32:08,880 --> 00:32:12,280 Speaker 1: in Nigeria. Now in China, as again, it's it's a 611 00:32:12,280 --> 00:32:14,480 Speaker 1: it's a it's a commonest country. Of course, it's in 612 00:32:14,560 --> 00:32:17,840 Speaker 1: play in China. But what's interesting is even in China, 613 00:32:17,880 --> 00:32:21,120 Speaker 1: where they control and regulate everything, we're seeing the transition 614 00:32:21,120 --> 00:32:24,040 Speaker 1: to cential digital currency is very very slow. As a 615 00:32:24,040 --> 00:32:26,760 Speaker 1: matter of fact, it's way slower than they want. And 616 00:32:26,840 --> 00:32:28,920 Speaker 1: what they want they get their four centers a matter 617 00:32:28,960 --> 00:32:31,480 Speaker 1: of fact, says transaction volume and the e c n 618 00:32:31,640 --> 00:32:35,440 Speaker 1: Y has only increased by fourteen per cent in the 619 00:32:35,520 --> 00:32:44,360 Speaker 1: last year, So very very slow, especially especially for technology adoption. 620 00:32:45,040 --> 00:32:49,600 Speaker 1: And so why why is it so small? Well, because 621 00:32:49,640 --> 00:32:51,960 Speaker 1: people don't want to use it. That's why. To put 622 00:32:52,000 --> 00:32:55,640 Speaker 1: it into um different stand different metrics, there's only been 623 00:32:55,680 --> 00:33:00,560 Speaker 1: about a hundred billion dollars worth of one used versus 624 00:33:00,600 --> 00:33:03,280 Speaker 1: in China they use ten cents, we Chat pay or 625 00:33:03,320 --> 00:33:06,080 Speaker 1: Aunt groups all I pay for everything, and those have 626 00:33:06,200 --> 00:33:11,520 Speaker 1: processed a hundred and eighteen trillion one so a hunter 627 00:33:11,640 --> 00:33:14,520 Speaker 1: billion versu eighteen joy a drop in the bucket. But 628 00:33:14,800 --> 00:33:17,800 Speaker 1: a better example that I have seen that I really 629 00:33:17,840 --> 00:33:22,160 Speaker 1: liked is over in Nigeria. So in Nigeria it's important, 630 00:33:22,200 --> 00:33:24,120 Speaker 1: it's an important example. And the reason why is because 631 00:33:24,120 --> 00:33:26,440 Speaker 1: what happened is in the United States, we got the 632 00:33:26,480 --> 00:33:29,960 Speaker 1: Internet very quickly because we had phone lines everywhere, and 633 00:33:30,000 --> 00:33:32,440 Speaker 1: then eventually we had phone inner wired internet, and then 634 00:33:32,440 --> 00:33:34,719 Speaker 1: we got to wireless internet like our phones. But in 635 00:33:34,760 --> 00:33:36,920 Speaker 1: places like Africa, they leap frogged us, went straight to 636 00:33:36,960 --> 00:33:39,680 Speaker 1: mobile devices, straight to wireless internet. And so there are 637 00:33:39,760 --> 00:33:44,600 Speaker 1: much more uh, much more likely to adopt cryptocurrencies or 638 00:33:44,600 --> 00:33:48,080 Speaker 1: central digital currencies than the United States. UM. And that's 639 00:33:48,120 --> 00:33:50,600 Speaker 1: exactly what happened. And so in UM in Nigeria they 640 00:33:50,600 --> 00:33:56,000 Speaker 1: have the digital currency UH called the e Nyara and 641 00:33:56,400 --> 00:34:00,040 Speaker 1: um it says that e n I era regulate the 642 00:34:00,240 --> 00:34:03,400 Speaker 1: digital currency plan falters. It falls as the Nigerians are 643 00:34:03,520 --> 00:34:08,080 Speaker 1: defiant on cryptocurrency. Less than zero point five percent of 644 00:34:08,160 --> 00:34:13,520 Speaker 1: Nigerians are using the digital currency, so zero point five 645 00:34:13,520 --> 00:34:17,279 Speaker 1: percent are using it UM. The regulators across the world 646 00:34:17,280 --> 00:34:19,399 Speaker 1: are scrutinizing every move because they want to know what's 647 00:34:19,400 --> 00:34:20,799 Speaker 1: going to happen there and how do we get more 648 00:34:20,800 --> 00:34:23,520 Speaker 1: people to use it. And now they're offering UM. So 649 00:34:23,560 --> 00:34:25,719 Speaker 1: they're trying to go into like the rickshaws, into like 650 00:34:25,760 --> 00:34:29,440 Speaker 1: the taxi industry, and they're offering a five percent discount 651 00:34:29,440 --> 00:34:33,160 Speaker 1: to drivers and passengers of people who will use this. 652 00:34:33,239 --> 00:34:36,799 Speaker 1: They're trying anything they can. They're subsidizing those rides to 653 00:34:36,840 --> 00:34:39,520 Speaker 1: get people to use it, but so far it's only 654 00:34:39,560 --> 00:34:43,560 Speaker 1: attracted one out of every two d people in the 655 00:34:43,560 --> 00:34:47,920 Speaker 1: continent's most populous country. It says that the central banks 656 00:34:47,960 --> 00:34:51,960 Speaker 1: focus on the digital currencies, creating confusion among many Nigerians 657 00:34:52,120 --> 00:34:54,720 Speaker 1: who felt to see the difference between the government backed 658 00:34:54,800 --> 00:35:01,120 Speaker 1: in and cryptocurrencies. Um the heavy promotion of just as 659 00:35:01,120 --> 00:35:05,680 Speaker 1: they're also cracking down on cryptocurrencies has them be fuddled. 660 00:35:05,719 --> 00:35:09,239 Speaker 1: It says, they don't understand what what's the difference here. 661 00:35:09,239 --> 00:35:11,319 Speaker 1: I thought the government said cryptocurrency is bad, but now 662 00:35:11,360 --> 00:35:14,319 Speaker 1: you want us to use this cryptocurrency, and so that's 663 00:35:14,320 --> 00:35:19,000 Speaker 1: why the results have been very very disappointing. As they say. 664 00:35:19,080 --> 00:35:22,000 Speaker 1: I like this part here though, says Um. Here's the 665 00:35:22,000 --> 00:35:25,319 Speaker 1: reason why virtual currencies have lurard residents of Africa's top 666 00:35:25,320 --> 00:35:30,640 Speaker 1: oil producer as a hedge against inflation and currency depreciation. 667 00:35:30,760 --> 00:35:35,880 Speaker 1: So people have gone to cryptocurrencies as a hedge against 668 00:35:35,920 --> 00:35:39,759 Speaker 1: inflation and depreciation. But the e ni ara is is 669 00:35:39,800 --> 00:35:43,920 Speaker 1: a proxy for the same money, and the people have 670 00:35:43,960 --> 00:35:48,000 Speaker 1: distrust on it. So they're like, why would we use 671 00:35:48,160 --> 00:35:51,600 Speaker 1: a digital version of the same bad currency that we 672 00:35:51,719 --> 00:35:56,000 Speaker 1: already have that has all of the bad attributes in it, 673 00:35:56,520 --> 00:36:00,320 Speaker 1: and it's even worse. So it's a is here that 674 00:36:00,480 --> 00:36:03,880 Speaker 1: nire does not address any of these basic use cases. 675 00:36:04,120 --> 00:36:06,000 Speaker 1: It doesn't address any of the problems that with the 676 00:36:06,040 --> 00:36:11,480 Speaker 1: money um and it's even worse because now you want 677 00:36:11,480 --> 00:36:14,680 Speaker 1: to have total control over what we can spend on 678 00:36:14,719 --> 00:36:18,239 Speaker 1: our money, and that's the battle that's abouttle we're at. 679 00:36:18,320 --> 00:36:22,120 Speaker 1: CBDCs will fix nothing. They will do nothing to uh 680 00:36:22,160 --> 00:36:24,759 Speaker 1: to to fix the high inflation or the debasement that 681 00:36:24,760 --> 00:36:28,960 Speaker 1: we're facing. They will only be more oppressive. Hopefully that 682 00:36:29,000 --> 00:36:31,720 Speaker 1: makes sense. Hopefully understand the difference of the CBDCs versus 683 00:36:31,760 --> 00:36:35,160 Speaker 1: cash versus bitcoin. You're listening to the Mark Moa show 684 00:36:35,239 --> 00:36:39,600 Speaker 1: talking about the decentralized revolution and the battle over money, 685 00:36:39,800 --> 00:36:40,640 Speaker 1: and thanks for listening.