Speaker 1: Hello, and welcome to another episode of The Mark Moss
Speaker 1: Show where we talk about the decentralized revolution. We talk
Speaker 1: about it each and every week, the way the world
Speaker 1: is changing rapidly, and we look at it through the
Speaker 1: lens of politics, finance, and technology. And of course it's
Speaker 1: always technology that changes the world as we know it.
Speaker 1: And there's a battle over technology right now and it's
Speaker 1: going to determine how the world is shaped moving forward.
Speaker 1: And that's what I want to talk about today. If
Speaker 1: you just tune in, thank you. Uh. If you don't
Speaker 1: tune in on a regular basis, you should because I
Speaker 1: talked about a lot of information. So make sure if
Speaker 1: you're if you're not driving, pull out your phone, put
Speaker 1: a calendar reminder for this date, this time, this channel,
Speaker 1: and make sure to tune in with me each and
Speaker 1: every week. And if you miss any of them, don't worry.
Speaker 1: I got your back. You can check it out on
Speaker 1: the podcast. Just search the Mark Maas Show on your
Speaker 1: favorite podcast player UM or you can find me on YouTube.
Speaker 1: Just on the Market Disruptors YouTube channel you'll find um
Speaker 1: you can watch me and listen to me at the
Speaker 1: same time. But I want to talk about today how
Speaker 1: the world is changing really really rapidly, um, and it's
Speaker 1: about to change even faster because of the technology. As
Speaker 1: I said, this battle over technology, and the battle over
Speaker 1: technology that I'm talking about is over money. Um. The
Speaker 1: entire well, I don't want to say the entire world.
Speaker 1: A lot of the world has been transformed through technology
Speaker 1: and specifically through software. You've heard the term probably software
Speaker 1: is eating the world. And so we saw entire libraries
Speaker 1: of books become digitized, and now we can all we
Speaker 1: can have all those books and are in the palm
Speaker 1: of our hand on our phone. And we saw I mean,
Speaker 1: we saw music be digitized, movies be digitized. I mean
Speaker 1: think about you know, I don't know, two years ago,
Speaker 1: if you wanted to hear Mozart or Beethoven, you'd have
Speaker 1: to hire like a hundred per person orchestra to come
Speaker 1: play Beethoven or Mozart for you. And then technology made
Speaker 1: it where I could us into Beethoven or Mozart on
Speaker 1: a record, and then an eight track, and then a
Speaker 1: cassette and then a c D and today it's just digital,
Speaker 1: just digital, just streams on my phone. I took a
Speaker 1: hundred person orchestra and now it streams on my phone.
Speaker 1: So so we digitized libraries, entire libraries, entire books, you know, books,
Speaker 1: book libraries are on my phone. Entire orchestras are now
Speaker 1: on my phone. Of course we saw that happen with pictures,
Speaker 1: with videos, with music. It all happened. But the last piece,
Speaker 1: I think one of the biggest last pieces is money
Speaker 1: is our financial system, which of course, uh, bitcoin and
Speaker 1: cryptocurrencies are here disrupting all of that. The governments want
Speaker 1: to roll out their own central Bank Digital currencies or
Speaker 1: c B dcs, that's the acronym central Bank Digital currencies,
Speaker 1: And so that is the battle. Who gets to digitize money,
Speaker 1: who gets to say what money is? So when we
Speaker 1: started to digitize music and movies, if you guys are
Speaker 1: old enough to remember this, it was a battle. It
Speaker 1: was a battle for the ages a matter of fact,
Speaker 1: the movie studios, the record labels, they fought at tooth
Speaker 1: and nail. Lawsuits were flying left and right. If you
Speaker 1: guys remember the early days of like Napster, we could
Speaker 1: like download movies and music, and they shut that down.
Speaker 1: They're trying to put people in jail, in prison. I mean,
Speaker 1: it was, it was, it was, It was wild it
Speaker 1: was a wild time to live through. Um. But of
Speaker 1: course they lost. They lost because there's a quote, I
Speaker 1: forget who says it, but a standing army is no
Speaker 1: match for a good idea whose time has come. And
Speaker 1: so when you have an idea, when when there's something
Speaker 1: that's a thousand times better, you just can't stop it.
Speaker 1: There's just no amount of laws, no amount of rules
Speaker 1: regulations are going to stop it. Um. If we look
Speaker 1: back in the fifteen hundreds, there was the Protestant Reformation.
Speaker 1: What really led to the Protestant Reformation was technology. So
Speaker 1: seventy years before or the Protestant Reformation, a brand new
Speaker 1: technology came out that that was revolutionary changed the world.
Speaker 1: And that technology, it came out seven years before the
Speaker 1: Project Information, was something known as the Guttenberg printing Press. Now,
Speaker 1: before that all books had to be hand written transcribed,
Speaker 1: and so as you might imagine, there were not a
Speaker 1: lot of books because who wants nobody even wants to
Speaker 1: read a book today, much less imagine trying to transcribe
Speaker 1: it letter by letter by letter, and of course you
Speaker 1: wouldn't want to do that. Now, the Bible was the
Speaker 1: most translated book thousands and thousands and thousands of copies.
Speaker 1: UM were creative the Bible, and it was all transcribed perfectly. UM.
Speaker 1: As a side note, UH, well we'll get into that.
Speaker 1: But the the Gutenberg printing press, the first book that
Speaker 1: they started printing, which was of course the Bible, which
Speaker 1: was of course the most widespread book of the time,
Speaker 1: and not just by a little bit by uh, an
Speaker 1: astronomical figure. I don't have the data in front of me. UM.
Speaker 1: But happened is that technology then started mass producing Bible,
Speaker 1: so we got even more of them and started to
Speaker 1: spread that information. But the government at that time, the
Speaker 1: political structure of the political hierarchy that we had at
Speaker 1: that time was UM, the church and state and so UM.
Speaker 1: In about a thousand, eleven hundred a d UM, the
Speaker 1: church started to rise up after the Dark Ages. They
Speaker 1: tried to start putting all the pieces back together. Society
Speaker 1: had broken down really bad, and the church organized the
Speaker 1: people and they did all the public service goods and
Speaker 1: they fixed the bridges, they fixed the roads, they made
Speaker 1: clean water drinking systems. The church was amazing. They took
Speaker 1: care of the poor. They did the best. But over
Speaker 1: several hundreds of years they got very corrupted, and they
Speaker 1: used their position between the church and the state, the
Speaker 1: government to basically impose their will. They were able to
Speaker 1: hang onto that monopoly because they were the arbiters of truth.
Speaker 1: Sound familiar. They told the people what the what the
Speaker 1: Bible said, and that the only way to get to Heaven,
Speaker 1: to get to God was if you do what I say,
Speaker 1: which is all kinds of crazy, insane things that they
Speaker 1: had to do chivalry, you know, they had to walk
Speaker 1: on one foot for a week to show whatever right.
Speaker 1: It was insane. But what happened is that that that
Speaker 1: that piece of technology, the printing press, disseminated the information,
Speaker 1: decentralized the information, and once people got to the information this,
Speaker 1: wait a minute, you guys have been lying to us.
Speaker 1: What you're telling us is not true. We can read
Speaker 1: it for ourselves now. And anybody that got that book
Speaker 1: knew that they were being lied to by their government,
Speaker 1: and they started talking about it. Hey, wait a minute,
Speaker 1: what you're saying isn't true. What you're saying isn't true.
Speaker 1: And they were labeled heretics. Anybody that was labeled heretics
Speaker 1: or talking heresy was killed. They're put to death. But
Speaker 1: it didn't matter, the truth was too powerful. A standing
Speaker 1: army was no match for a good idea of time
Speaker 1: has come and so the truth won out, and more
Speaker 1: and more people talked, talked about it spread the information
Speaker 1: didn't matter how many people they killed, it was too much.
Speaker 1: And so the TECHNOLOGYOK over And that's kind of where
Speaker 1: we're at today. So back to the money. So let's
Speaker 1: go back to this. So in sixteen nine four, a
Speaker 1: few hundred years ago, we had the first central bank.
Speaker 1: That's really where the central bank got started. Now we
Speaker 1: could debate this, you can go back to however far
Speaker 1: back in history you want to go. But really I
Speaker 1: believe this was the first central bank. There was a
Speaker 1: great book written on it by I believe Murray Rothbard
Speaker 1: called The Mysteries of Central Banking. Highly recommend you read it.
Speaker 1: You could find it for free on mesas dot org,
Speaker 1: m my scs dot org. And it really talks about
Speaker 1: the creation of the central bank, the Bank of England,
Speaker 1: and then it kind of goes through this history of it.
Speaker 1: A great, great book. But anyway, so Bank of England
Speaker 1: was the first bank central bank to issue what was
Speaker 1: known as bank notes instead of coins. So before that,
Speaker 1: like the goldsmiths were the were the bankers, because they
Speaker 1: were the ones that actually minted the coins. They made
Speaker 1: the coins, they made the money. But the Bank of
Speaker 1: England was the first bank to issue bank notes or
Speaker 1: basically fiat currency or basically worthless paper currency. And and
Speaker 1: the way this got it started is amazing. And I
Speaker 1: want to tell you this quick little stories you can
Speaker 1: understand the insanity of this. And so um gold had
Speaker 1: been money for five thousand years. Obviously went from a
Speaker 1: barter system into like a gold system. We had coins,
Speaker 1: which was the point I was making. We had these
Speaker 1: these gold coins. But what happened is is that if
Speaker 1: you can't get more coins, you don't have more money.
Speaker 1: Of Course, we under we we know, I'm sure you
Speaker 1: know by now the Roman Empire had to debase their currency.
Speaker 1: Instead of silver, it was sover so they had ten
Speaker 1: percent more money. Then it went to more solver more money,
Speaker 1: and eventually over two years they went to no silver.
Speaker 1: So that's that's debasing, that's what they called that. And
Speaker 1: what happened is we fast forward to the late six
Speaker 1: hundreds and England is at war with France, and it's
Speaker 1: the war that change changed everything. Similar to how we're
Speaker 1: in a war today that is also going to change everything.
Speaker 1: I'm gonna draw these parallels for you. You don't want
Speaker 1: to miss this, uh, this that I have coming up.
Speaker 1: If you're just tuning in, you're listening to the Mark
Speaker 1: Moah Show talking about the Decentralized Revolution, talking about right
Speaker 1: now the battle of technology over money, and of course
Speaker 1: it always happens at a time of war, which is
Speaker 1: like we're at right now. So I'm gonna cover all
Speaker 1: this and more. You don't want to miss this. It's
Speaker 1: gonna be amazing. I'll be back with that and more
Speaker 1: in a minute. Don't go away, all right, Welcome back.
Speaker 1: If you're just tuning in, you're listening to the Mark
Speaker 1: Moa Show, we're talking about the decentralized Revolution, and I'm
Speaker 1: going through a little history lesson right now. I'm telling
Speaker 1: you how it's always technology that changes the world. It's
Speaker 1: been technology that's changed money before, um and how it
Speaker 1: really changes at a time of war. That's kind of
Speaker 1: where we're at. So um, here we are, late sixteen hundreds,
Speaker 1: we're in England. England's at war with France. Now, one
Speaker 1: thing about war is it takes a lot of money. Now,
Speaker 1: Up until this point, wars didn't have but a whole
Speaker 1: lot because if I was going to go to war,
Speaker 1: it was gonna cost me a lot of money. Do
Speaker 1: I have that much money? Do I want to spend
Speaker 1: that money? If I lose the war, then I'm broke.
Speaker 1: If I win the war, I might still be broke.
Speaker 1: And so wars happened less frequently, and they lasted very
Speaker 1: short periods of time until when everything changed. And so
Speaker 1: what happened is France, England and France were in war.
Speaker 1: England needed more money. They needed more money to go
Speaker 1: to war. Now what would happen If you've watched any
Speaker 1: of these old movies like Robin Hood or any other movies,
Speaker 1: you know that the kings would have to borrow money
Speaker 1: from the rich people in the country. And so UM
Speaker 1: England was out there talking to all the rich people saying, hey,
Speaker 1: would you get would you loan us? Loan the kingdom money?
Speaker 1: Would you loan the Kingdom money? Loan US money so
Speaker 1: we can keep going to war. And a group of
Speaker 1: a group of people came to the bank the Kingdom,
Speaker 1: the government UM in England at the time, and they said, hey,
Speaker 1: we have an idea for you let me let me
Speaker 1: float this idea for you. How about we'll give you
Speaker 1: as my money as you want. We'll give you unlimited
Speaker 1: amount of money. And of course, uh, the kingdoms like, well,
Speaker 1: that sounds great, we'd like an unlimited amount of money.
Speaker 1: What what do we get? What do we give you
Speaker 1: for for that? In exchange, they said, well, here's the deal. Um,
Speaker 1: we're gonna give you as much money as you want.
Speaker 1: But here's here's the situation. We're going to create our
Speaker 1: own bank called the Bank of England. Sounds very official, right,
Speaker 1: We're gonna sort of like the Federal Reserve of the
Speaker 1: United States. We're gonna create the Bank of England. And um,
Speaker 1: what we're gonna do is we're going to create our
Speaker 1: own money. It's not gonna be gold or gold coins.
Speaker 1: We're gonna we're gonna create this these new paper, this
Speaker 1: paper money. But what you're gonna do is you're gonna
Speaker 1: tell everybody in the country that our money is the
Speaker 1: new money. Everyone's supposed to use. It's legal tender and
Speaker 1: they have to use it. And as long as you
Speaker 1: do that, then we'll give you as much of it
Speaker 1: as you want. And so they did. So we had
Speaker 1: the creation of the Bank of England, they issued the
Speaker 1: bank notes, and that highlights the insanity. Now today, fast
Speaker 1: forward a few hundred years, we have central banks all
Speaker 1: over the world. We have obviously in the United States
Speaker 1: we have the Federal Reserve. It sounds very federal. Of
Speaker 1: course they're not federal and they don't have any reserves,
Speaker 1: as we like to say. And all these other countries
Speaker 1: have um central banks. In Europe they have the European
Speaker 1: Central Bank UM. In England they have still have the
Speaker 1: Bank of England is still there. In Japan is the
Speaker 1: Bank of Japan, etcetera. And then above the central banks
Speaker 1: we have the Bank, the Central Bank of Central Banks,
Speaker 1: which is the b i S the Bank of International Settlements.
Speaker 1: Now the central banks today supposedly third job is to
Speaker 1: maintain price stability. Maintained price stability. So when the price
Speaker 1: of homes double in a decade, is that a stable price?
Speaker 1: I mean they doubled. When the price of my gas
Speaker 1: alene to fill up my car went up by fifty
Speaker 1: is that stable? Now that's the United States. We have
Speaker 1: a good about three billion people in the world, so
Speaker 1: about half a little little less than half the people
Speaker 1: in the world today live under more than double digit inflation.
Speaker 1: You've got places like in in Turkey where it's eighty percent.
Speaker 1: That means if you had a hundred thousand dollars in
Speaker 1: your bank account today, in a year from now, it
Speaker 1: buys you about twenty dollars worth of goods. Is that
Speaker 1: stable prices? Certainly not. So. If I was going to
Speaker 1: rank central banks on their ability to have price stability,
Speaker 1: I would give them a big f a big failing, which,
Speaker 1: of course why the Federal Reserve of the United States
Speaker 1: is scrambling trying to quote maintain confidence. Hey, no, hey, look,
Speaker 1: we have this under control. We're gonna fix this. We're
Speaker 1: gonna fix this. That's why Jerome Pale, the Federal Reservice,
Speaker 1: says he's committed committed to bringing inflation back down. It's
Speaker 1: too high. It's an eight percent. Their goal is only
Speaker 1: two Their goal is only still two percent of your
Speaker 1: wealth per year. They're still in way too much. Um. Now,
Speaker 1: if you understand the creation of the Central Bank and
Speaker 1: how insane it was, you understand that their goal is
Speaker 1: price stability, which they don't do. Now, let's talk about technology,
Speaker 1: the battle over technology. So we've already seen money become digitized.
Speaker 1: I I hear all the time people are like, oh,
Speaker 1: I would never buy this bitcoin, bitcoins digital. I only
Speaker 1: want real, tangible things I can hold in my hand.
Speaker 1: Well over of all financial transactions are already done digitally.
Speaker 1: I use a debit card, I use a credit card,
Speaker 1: I use a wire transfer. You know, people put money
Speaker 1: into my bank acount through my my payment system. Like,
Speaker 1: we don't really handle that much money now, I get it.
Speaker 1: There's still some old people who are like, still deal
Speaker 1: on a cash basis, but it's very rare now. In
Speaker 1: other countries it's obviously more more more used, more widely used.
Speaker 1: But in the United States, most of the West Western world,
Speaker 1: developed world, it's it's all digital. But it's still different,
Speaker 1: all right. So the battle is how do we move
Speaker 1: money into the digital age, just like we did with music, movies, books, etcetera.
Speaker 1: And so of course we have bitcoin. Bitcoin was created, um.
Speaker 1: As a matter of fact, the white paper, which was
Speaker 1: the very first paper that came out explaining what bitcoin
Speaker 1: was going to be, what it was all about, came
Speaker 1: out on Halloween. So just uh, we're about a week,
Speaker 1: not even a week, a few days after Halloween here
Speaker 1: week after Halloween, Um, it came out on Halloween in
Speaker 1: two thousand eight, and then January third, two thousand nine,
Speaker 1: Bitcoin was released to the world. Now, in the very
Speaker 1: first line of codes, Toshi Nakamoto put a message in
Speaker 1: there that said, um, the chancellors are on the brink
Speaker 1: of a second bailout. So basically that tells us that
Speaker 1: bitcoin was created as a as a reaction, as a
Speaker 1: solution to the central bankers printing way too much money
Speaker 1: in creating this crazy price inflation. It was creative for that.
Speaker 1: It was created so that we had a way us
Speaker 1: humans people to be able to transact just like cash,
Speaker 1: but in a digital age. And this is the key
Speaker 1: piece that we're going to hear. Just like cash, What
Speaker 1: does that mean? Well, cash, you already know what it is.
Speaker 1: It's paper paper in your wallet, right And if I
Speaker 1: have this hundred dollar bill in my hand, you know
Speaker 1: I have the huntred dollar bill. It's my hundred dollar bill. There,
Speaker 1: it's my hundred dollar bill. If I hand it to you,
Speaker 1: then you have that hundred dollar bill. Nobody's in the
Speaker 1: middle of that. I don't need to go take this
Speaker 1: hunt dollar bill, go give it to this bank, and
Speaker 1: then you have to go get it from the bank
Speaker 1: with your idea and that no, I just hand the
Speaker 1: huntre dollar ability you. There's nobody in the middle. It's
Speaker 1: peer to peer. There's no counterparty risk, and nobody needs
Speaker 1: to know about that. If I want to give it
Speaker 1: to you, nobody needs to know. But that's between me
Speaker 1: and you. Privacy, that's cash. Now it's happened is as
Speaker 1: we've moved into the digital age, we started to lose
Speaker 1: a lot of that. So now if I want to
Speaker 1: pay you with Venmo, then Moo hooks to my credit card,
Speaker 1: my credit card hooks to my bank, and then my
Speaker 1: bank talks to your bank, which then your bank talks
Speaker 1: to your credit card, and then your credit card talks
Speaker 1: to your Veno. It's like six people in the middle
Speaker 1: of that, all taking a piece, all taking a cut,
Speaker 1: all potentially censoring us if we want. Like PayPal came
Speaker 1: out and said they're gonna take out of your account
Speaker 1: if you say anything bad online. Now they then they
Speaker 1: retracted that, Oh no, no, we didn't mean to say that.
Speaker 1: We didn't mean to say it, And now they've come
Speaker 1: back out and put it back. So they did they
Speaker 1: didn't mean for you to find out about it, and
Speaker 1: it's there, but who's who is PayPal to determine what
Speaker 1: I say and don't say online and whether I can
Speaker 1: spend my money right in a cash environment, that would
Speaker 1: never happen. I have my cash, I can go to
Speaker 1: the bank, I can pull my cash out. I can
Speaker 1: come stuff it under my mattress if I want. But
Speaker 1: they don't want that. Now, Bitcoin was created to be
Speaker 1: a form of digital cash, but the central banks don't
Speaker 1: want that. The central banks want us to use a
Speaker 1: central bank digital currency. This is the battle, and this
Speaker 1: is what I'm explaining to you. I want to give
Speaker 1: you some quotes directly from Jerome Pale, the ahead of
Speaker 1: the Federal Reserve in the United States Central Bank, and
Speaker 1: I'm want to give you some quotes directly from Augustine
Speaker 1: Carston's who's the head of the central Bank of Central Banks,
Speaker 1: which is the b I S. And then I want
Speaker 1: to talk to you about what central banks are already
Speaker 1: using this um there's a couple in the world already
Speaker 1: doing it. And then we're going to contrast that against
Speaker 1: cryptocurrencies and central bank digital currencies. This is all information
Speaker 1: you need to know because this is the battle of
Speaker 1: your life that's coming for you. Without the freedom of
Speaker 1: payments is no freedom. We're back with that more in
Speaker 1: a minute. Don't go away, all right, welcome back. You
Speaker 1: are listening to the Mark Masha if you're just tuning in.
Speaker 1: We're talking about the decentralized revolution each and every week,
Speaker 1: of course, and right now today we are talking about
Speaker 1: the battle of all battles, and that is the battle
Speaker 1: over money. We went through the history of the central banks.
Speaker 1: I talked about. The interesting peace was that the first
Speaker 1: central bank, the Bank of England, happened during the time
Speaker 1: of war. And again here we are a time of
Speaker 1: war again, and the time of war now we're in
Speaker 1: all kinds of wars. We're in a war on poverty.
Speaker 1: We're in a war on drugs. We're in a war
Speaker 1: on obesity. We're in a war with Ukraine, who were
Speaker 1: in an economic war. We're in a war with China.
Speaker 1: Trade wars. I mean, we're in wars all over the place.
Speaker 1: And of course, to fight these wars, climate war whatever.
Speaker 1: To fight these wars, we needed a lot more money,
Speaker 1: just like England needed to fight their war against France.
Speaker 1: We did a lot more money. And so the central
Speaker 1: banks are creating more and more money, and that that
Speaker 1: comes back to the problem. Now we have this bitcoin,
Speaker 1: we have cryptocurrencies now, which are the people's money. It's
Speaker 1: our ability to have something that we can transact with.
Speaker 1: And as I said, bitcoin was created as this digital cash.
Speaker 1: Now it's important to understand digital cash for a minute
Speaker 1: because you need to kind of understand how this works.
Speaker 1: The thing with digital cash is that, as I said, right,
Speaker 1: it's peer to peer. So nobody needs to know about this,
Speaker 1: but they don't want that. As a matter of fact,
Speaker 1: let's hear it directly from Augustine Carston. He is the
Speaker 1: head of the b i S, the central bank above
Speaker 1: central banks. Let's see what he has to say right here,
Speaker 1: aren't our analysis on CBDC particople are for the use
Speaker 1: of general to the general use. We tend to establish
Speaker 1: the equival lince with cash and there is a huge
Speaker 1: difference there. For example, in cash, we don't know, for example,
Speaker 1: who's using a one bill today. We don't know who
Speaker 1: is using the one thousand vestl bill today. M hmm.
Speaker 1: So there's a huge difference with central bank digital currencies
Speaker 1: they want to push and cash. He said, So for example,
Speaker 1: we don't know who's using a hunt it all our
Speaker 1: bill today or a thousand pascol bill today. Yeah, and
Speaker 1: you shouldn't need to. You never have in the whole
Speaker 1: history of the entire world. This is a new thing. Look,
Speaker 1: you get this piece right here. This is a new
Speaker 1: thing for all of history, all of recorded history, five thousand,
Speaker 1: six thousand years of recorded history. Mankind humans have traded.
Speaker 1: We're born as capitalists. Little kids are in preschool trading
Speaker 1: sandwiches for chips, people are in prison trading cigarettes for whatever. Right, like,
Speaker 1: we all trade as human beings. That's natural for us.
Speaker 1: So we traded chickens for pigs, or for cows for goats,
Speaker 1: or corn for whatever it was. Then we started using
Speaker 1: media exchange was the money. Gold became money for five
Speaker 1: thousand years. Then we had cash. It's only been really
Speaker 1: probably the last twenty five years or so, probably really
Speaker 1: just since the Patriot Act, the day we lost more
Speaker 1: freedom than any day and history in two thousand one.
Speaker 1: That really the government's want to know every single doll
Speaker 1: hunt it dollar as August and Carson said, we don't
Speaker 1: know who has a hunt dollar bill. Yeah, you don't,
Speaker 1: and you shouldn't. You don't need to. We in all
Speaker 1: of history, We've never never needed to, We've never had to.
Speaker 1: And now that's a problem for them, they say, But
Speaker 1: they it's a problem, and it's it's it's rich coming
Speaker 1: from a banker. And the reason why is because what
Speaker 1: it shows is this guy, he's literally at the very
Speaker 1: top of the ORG chart. It's the guy running the
Speaker 1: central bank of all central banks. It shows that he
Speaker 1: doesn't understand what economics or money is. Now I'm not
Speaker 1: a trained economic economist, but he obviously doesn't. And the
Speaker 1: reason why he doesn't is because he's saying, we don't
Speaker 1: know who's using it. That's the whole point of money.
Speaker 1: That's the whole point all right now, pre money. Imagine
Speaker 1: if you're like in this little small town and I
Speaker 1: run like the general store, and you have your farm
Speaker 1: down in the street or whatever, right that me us
Speaker 1: being this little town, I run the general store. I
Speaker 1: know you, we live in a small town together. I've
Speaker 1: known your parents, I know your kids, we all go
Speaker 1: to the same church, etcetera, etcetera. And so I know you,
Speaker 1: and so I extend you credit. And probably the guy
Speaker 1: that runs that general store says, oh yeah, Jim owes
Speaker 1: me this much, and Bob owes me this much, and
Speaker 1: Sally owes me there's this much, And I keep a
Speaker 1: ledger who owes me money because there's trust there. I
Speaker 1: know who you are, I know where you live. I
Speaker 1: know that you have the ability to pay me back,
Speaker 1: and so I extend you credit, money or cash gets
Speaker 1: rid of the need of that. Now, if you come
Speaker 1: into my general store and you want a bag of
Speaker 1: whatever of corn, I don't need to know you. You're
Speaker 1: gonna give me cash. You're gonna pay me for that
Speaker 1: right now. I don't need to know who you are.
Speaker 1: If I'm extending you credit, of course I need to
Speaker 1: know who you are. But if you're gonna pay me
Speaker 1: right now, I don't need to know who you are.
Speaker 1: I don't even know where you live. I don't even
Speaker 1: know who your parents are, don't even know anything. You
Speaker 1: give me the money, I give you the bag of corn.
Speaker 1: That's the way economies work. That's the purpose of money.
Speaker 1: But no, well that's a problem. We don't know it. Now.
Speaker 1: Let's hear what he has to say. Let's play the
Speaker 1: next part of the clip on what central bank digital
Speaker 1: currencies will fix in this problem. More scenario. If keep
Speaker 1: your friends in with the CBDC is the central bank
Speaker 1: will have absolute control. Let me pause that right there, Well,
Speaker 1: the central bank will have absolute control. Let me let
Speaker 1: me just restate that again. The central bank will have
Speaker 1: absolute control. Let's see what he's gonna say about that
Speaker 1: on the rules and regulations that will determine the use
Speaker 1: of that expression of central branch liability. So the central
Speaker 1: bank will have absolute control of the rules and regulations
Speaker 1: of how you can use it, or he said express
Speaker 1: it how you can use your own money. They'll have
Speaker 1: absolute control and the rules and regulations. Let's see the
Speaker 1: rest and also we will have the technology to enforce that.
Speaker 1: Those are those two issues are extremely important, and those
Speaker 1: issues are extremely important. That those two issues, what were
Speaker 1: the two issues? That they will have absolute control over
Speaker 1: how you can use your money, and that's the point
Speaker 1: number one and point number two. They will have the
Speaker 1: technology to enforce it. Those are the two most important things.
Speaker 1: So the first clip was we don't know who has
Speaker 1: hundred dollar bills or a thousand pascol bills or how
Speaker 1: they're using them as they shouldn't. But with central bank,
Speaker 1: digital currencies will have absolute control and we'll have the
Speaker 1: technology to enforce it. Now, you know, he's the top
Speaker 1: of the heap. As I said, he's the head of
Speaker 1: the central bank. About central banks, what about in the
Speaker 1: United States, Because the United States would never do something
Speaker 1: like that, like we get it, right, we get it
Speaker 1: like China, you know, China, the CCP, the you know,
Speaker 1: Chinese Communist Party, their communist of course they have the
Speaker 1: social credit score system. Of course China would roll that
Speaker 1: out right. Um, but what about the Land of the Free.
Speaker 1: Let's hear from J. Powell, the head of the Central Bank,
Speaker 1: the Federal Reserve. Let's dode he has to say. As
Speaker 1: a matter of fact, I'm gonna save that clip. We're
Speaker 1: gonna come back to that clip in a minute, because
Speaker 1: I really want the time to kind of break this
Speaker 1: down because, as I said, right the Home of the Free,
Speaker 1: we should be a little bit different. Hey, but don't worry,
Speaker 1: I'm a h I want I want you to understand
Speaker 1: the differences of central bank digital currencies versus cryptocurrencies versus cash.
Speaker 1: It's important because this is the battle that we're heading
Speaker 1: into right now, and you need to know what is
Speaker 1: at stake here. And then I want to show you.
Speaker 1: I'm gonna give a couple examples of where it's already
Speaker 1: being used in other countries and what it looks like.
Speaker 1: They're all right, so let's listen to the Market mo
Speaker 1: Show if you're just tune in, talking about the decentralized revolution,
Speaker 1: talking about the way the world changes as we look
Speaker 1: at through the lens of politics, finance, and technology. We're
Speaker 1: talking about the technology of money, central bank digital currencies
Speaker 1: versus bitcoin. I'll be back with more in a minute.
Speaker 1: Don't miss this. I'll be back all right, welcome back.
Speaker 1: You are listening to the Mark Moa Show if you're
Speaker 1: just tuning in, and uh, if you're just tuning in
Speaker 1: where you been, don't miss out. Make sure you make
Speaker 1: sure you put a calendar reminder to hang out with
Speaker 1: me each and every time, each and every week on
Speaker 1: this channel. Um. Now we're talking about the battle, the
Speaker 1: battle for the ages, and of course we're talking about
Speaker 1: the battle over money and the battle that's being a
Speaker 1: friend of over money by technologies. We're talking about central
Speaker 1: bank digital currencies versus bitcoin versus cash. We just heard
Speaker 1: from the Center the head of the Central Bank of
Speaker 1: the Central Banks, the head of the b I, s
Speaker 1: Augustin Carson, and what he had to say and if
Speaker 1: that didn't scare you, I don't know what will unless
Speaker 1: you're one of those people who thinks that the government
Speaker 1: should just control every single breath that you take. Um,
Speaker 1: which in that case, I don't know what you're thinking,
Speaker 1: but we won't go into that conversation right now. But now,
Speaker 1: as I was saying like this, you know this could
Speaker 1: happen in China, in the communist China, but could it
Speaker 1: happen in the Land of the Free. Let's hear from
Speaker 1: the head of the Federal Reserve, J. Powell what he
Speaker 1: has to say about central bank digital currencies. Let's play
Speaker 1: that clip. If we were to pursue a CBDC, it
Speaker 1: would at a minimum have the following four characteristics. First is,
Speaker 1: so he says, if if we were to pursue a CBDC,
Speaker 1: now we know that the Biden administration or I should
Speaker 1: say not the administration. Well, I guess it is administration.
Speaker 1: We know Biden signed an executive order. Um, I don't
Speaker 1: think Biden knows what he's signing, so I'll probably say
Speaker 1: that the Biden administration. However, the Biden administration put forward
Speaker 1: an executive order. So an executive order is basically I'm
Speaker 1: the king. I'm the czar on the dictator, and you
Speaker 1: do what I say because I say so. So it
Speaker 1: doesn't go through a democratically elected process. There's no vote
Speaker 1: on this, none of that. But he put through an
Speaker 1: executive order that basically is mandating the government to um
Speaker 1: work on a central bank digital currency. And so they
Speaker 1: are now, um, I guess your own palace says if
Speaker 1: because um, there's a lot of law makers in the
Speaker 1: United States pushing back on this. As you might imagine,
Speaker 1: as I said, it is supposed to be the land
Speaker 1: of the free. You're not supposed to have absolute total control,
Speaker 1: as a Dustin Carson said, You're not supposed to have
Speaker 1: absolute total control over what I can do with my
Speaker 1: own money. But uh so, anyway, a lot of a
Speaker 1: lot of politicians are pushing back. So maybe that's why
Speaker 1: he says, if let's hear the rest part the rest
Speaker 1: of what he said here intermediated. Second is private privacy protected, intermediated.
Speaker 1: So he was saying there's gonna be four four different
Speaker 1: pieces to that, so that they are a minimum have
Speaker 1: the following four characteristics. First is intermediated, Second is private
Speaker 1: privacy protected. The third is identity verified. So it would
Speaker 1: not be anonymous, it would not be an anonymous bearer instrument.
Speaker 1: And fourth is transferable or interoperable. So so we're we
Speaker 1: would be looking to balance privacy protection with identity verification,
Speaker 1: which is which has to be done of course in
Speaker 1: today's traditional banking system. Wow, let's break that down a
Speaker 1: little bit. So it needs to be intermediated. Okay, So
Speaker 1: remember cash is not intermediated. Cash is peer to peer.
Speaker 1: If I want to buy something from you, I hand
Speaker 1: you the hundred dollar bill. That's it. There's nobody in
Speaker 1: the middle, no third party, no counterparty. Is not intermediated,
Speaker 1: he says. It needs to be intermediate, meaning the fourth
Speaker 1: the bank, the central bank has to be in the
Speaker 1: middle of you and I are transaction. Now. Of course
Speaker 1: when you when they are in between us, then they
Speaker 1: know everything because they have to approve or deny it. Right, Cash,
Speaker 1: If I want to come over to your house and
Speaker 1: buy something out of your garage and I hand you money,
Speaker 1: nobody needs to know that now. Um, Now, look, we
Speaker 1: have laws against certain things. If I'm coming over to
Speaker 1: buy drugs with cash, of course we have laws. Of course,
Speaker 1: that's breaking the law. But it's not cash that's the problem.
Speaker 1: We have a law already to break to protect that.
Speaker 1: Now the second part is he said, uh, second out
Speaker 1: of four is it needs to be privacy protected. But
Speaker 1: then the third point, so second was privacy protected. Third
Speaker 1: is identity verified, not anonymous. So if it's not anonymous
Speaker 1: like cash, is, how does it protect my privacy? Yeah,
Speaker 1: that's a mental gymnastics. Well the answer is, um, the
Speaker 1: answer is, well, it's uh, it's it's it's not private
Speaker 1: from us, right, so we you know, the government and
Speaker 1: everybody that works for the government, which is about half
Speaker 1: of the people in the world or half of the
Speaker 1: people in the in the country today, So you know
Speaker 1: us and our partners and our banks and our regulators
Speaker 1: and the FBI and everybody else. We we all see it.
Speaker 1: But somehow it's privacy protected. I love that. That's rich.
Speaker 1: So uh, like cash, like Augustin Carson, they don't know
Speaker 1: who has on it our bill, but this is uh,
Speaker 1: they'll don't know. And then they want to balance privacy
Speaker 1: and identific verification. How do they balance set? It's not
Speaker 1: the same, all right, So, um, we already have this
Speaker 1: in play in China and now it's also in play
Speaker 1: in Nigeria. Now in China, as again, it's it's a
Speaker 1: it's a it's a commonest country. Of course, it's in
Speaker 1: play in China. But what's interesting is even in China,
Speaker 1: where they control and regulate everything, we're seeing the transition
Speaker 1: to cential digital currency is very very slow. As a
Speaker 1: matter of fact, it's way slower than they want. And
Speaker 1: what they want they get their four centers a matter
Speaker 1: of fact, says transaction volume and the e c n
Speaker 1: Y has only increased by fourteen per cent in the
Speaker 1: last year, So very very slow, especially especially for technology adoption.
Speaker 1: And so why why is it so small? Well, because
Speaker 1: people don't want to use it. That's why. To put
Speaker 1: it into um different stand different metrics, there's only been
Speaker 1: about a hundred billion dollars worth of one used versus
Speaker 1: in China they use ten cents, we Chat pay or
Speaker 1: Aunt groups all I pay for everything, and those have
Speaker 1: processed a hundred and eighteen trillion one so a hunter
Speaker 1: billion versu eighteen joy a drop in the bucket. But
Speaker 1: a better example that I have seen that I really
Speaker 1: liked is over in Nigeria. So in Nigeria it's important,
Speaker 1: it's an important example. And the reason why is because
Speaker 1: what happened is in the United States, we got the
Speaker 1: Internet very quickly because we had phone lines everywhere, and
Speaker 1: then eventually we had phone inner wired internet, and then
Speaker 1: we got to wireless internet like our phones. But in
Speaker 1: places like Africa, they leap frogged us, went straight to
Speaker 1: mobile devices, straight to wireless internet. And so there are
Speaker 1: much more uh, much more likely to adopt cryptocurrencies or
Speaker 1: central digital currencies than the United States. UM. And that's
Speaker 1: exactly what happened. And so in UM in Nigeria they
Speaker 1: have the digital currency UH called the e Nyara and
Speaker 1: um it says that e n I era regulate the
Speaker 1: digital currency plan falters. It falls as the Nigerians are
Speaker 1: defiant on cryptocurrency. Less than zero point five percent of
Speaker 1: Nigerians are using the digital currency, so zero point five
Speaker 1: percent are using it UM. The regulators across the world
Speaker 1: are scrutinizing every move because they want to know what's
Speaker 1: going to happen there and how do we get more
Speaker 1: people to use it. And now they're offering UM. So
Speaker 1: they're trying to go into like the rickshaws, into like
Speaker 1: the taxi industry, and they're offering a five percent discount
Speaker 1: to drivers and passengers of people who will use this.
Speaker 1: They're trying anything they can. They're subsidizing those rides to
Speaker 1: get people to use it, but so far it's only
Speaker 1: attracted one out of every two d people in the
Speaker 1: continent's most populous country. It says that the central banks
Speaker 1: focus on the digital currencies, creating confusion among many Nigerians
Speaker 1: who felt to see the difference between the government backed
Speaker 1: in and cryptocurrencies. Um the heavy promotion of just as
Speaker 1: they're also cracking down on cryptocurrencies has them be fuddled.
Speaker 1: It says, they don't understand what what's the difference here.
Speaker 1: I thought the government said cryptocurrency is bad, but now
Speaker 1: you want us to use this cryptocurrency, and so that's
Speaker 1: why the results have been very very disappointing. As they say.
Speaker 1: I like this part here though, says Um. Here's the
Speaker 1: reason why virtual currencies have lurard residents of Africa's top
Speaker 1: oil producer as a hedge against inflation and currency depreciation.
Speaker 1: So people have gone to cryptocurrencies as a hedge against
Speaker 1: inflation and depreciation. But the e ni ara is is
Speaker 1: a proxy for the same money, and the people have
Speaker 1: distrust on it. So they're like, why would we use
Speaker 1: a digital version of the same bad currency that we
Speaker 1: already have that has all of the bad attributes in it,
Speaker 1: and it's even worse. So it's a is here that
Speaker 1: nire does not address any of these basic use cases.
Speaker 1: It doesn't address any of the problems that with the
Speaker 1: money um and it's even worse because now you want
Speaker 1: to have total control over what we can spend on
Speaker 1: our money, and that's the battle that's abouttle we're at.
Speaker 1: CBDCs will fix nothing. They will do nothing to uh
Speaker 1: to to fix the high inflation or the debasement that
Speaker 1: we're facing. They will only be more oppressive. Hopefully that
Speaker 1: makes sense. Hopefully understand the difference of the CBDCs versus
Speaker 1: cash versus bitcoin. You're listening to the Mark Moa show
Speaker 1: talking about the decentralized revolution and the battle over money,
Speaker 1: and thanks for listening.