Speaker 1: Everyone, Welcome back to another episode of the Markmas Show,
Speaker 1: where we are talking about the decentralized revolution that we
Speaker 1: are living through at this time. Really, we're witnessing history
Speaker 1: books being made, history book history being written. Books will
Speaker 1: be talking about this exact point in time. We're talking
Speaker 1: about the decentralized revolution. We're talking about the intersection of politics, finance,
Speaker 1: and technology, and of course that intersection is bitcoin and
Speaker 1: it is changing the world as we speak in more
Speaker 1: ways than most people can realize. And so that's why
Speaker 1: each and every week I bring to you the latest
Speaker 1: education so you can understand, you can build your foundations,
Speaker 1: you have the information you need to take advantage of
Speaker 1: this transfer. It's gonna be the way the greatest wealth
Speaker 1: transfer you will ever see in your lifetime. We'll see
Speaker 1: in multiple lifetimes. And you can either be on the
Speaker 1: giving end. I've been on that side before. In two
Speaker 1: thousand and eight, I gave my wealth away to other people.
Speaker 1: I didn't like it. I've made a point. I've studied
Speaker 1: for the last twelve years these wealth transfer cycles to
Speaker 1: make sure it doesn't happen to me again. And so
Speaker 1: I can be on the receiving end. And if you
Speaker 1: tune in each end. Every week, I'm gonna be continuing
Speaker 1: to give you that education that you need so you
Speaker 1: know how to see them, how to navigate them, and
Speaker 1: how to position yourself on the receiving end of these
Speaker 1: world transfers. And of course that's what happens when we
Speaker 1: go through highly volatible times like we're going in, with
Speaker 1: inflation running sky high, with world wars on the brink
Speaker 1: of of you know, taking place um and it's all
Speaker 1: being driven by this technological revolution that we're witnessing. And
Speaker 1: so if you haven't already made a calendar appointment a
Speaker 1: date to be with me each and every week, then
Speaker 1: you certainly should just grab your phone put a calendar
Speaker 1: reminder to join me each and every week at this time,
Speaker 1: at this channel. It's going to be the most important
Speaker 1: part of your week. I can say that pretty confidently
Speaker 1: because it's that big of a deal. Each week, I
Speaker 1: try to bring you this education that you need, to
Speaker 1: try to bring you the latest breaking news of the
Speaker 1: week to keep you up to date so you know
Speaker 1: what's going on. And then of course I try to
Speaker 1: bring you some of the brightest and smartest people in
Speaker 1: the space so you can get some different perspective as well,
Speaker 1: and uh, you know each week it's it's been exciting lately. Um,
Speaker 1: you know, it's uh this period of time, these last
Speaker 1: couple of weeks. Um, it's kind of this Vladimir Linen
Speaker 1: quote that said that there's decades where nothing seems to happen,
Speaker 1: and then there's days where decades seem to happen. And
Speaker 1: that's exactly where we're at right now, is like every
Speaker 1: day is like another decade's worth of information. Um, you know,
Speaker 1: going making content on a regular basis, you know, on
Speaker 1: my YouTube channel and then of course here on the
Speaker 1: radio and the podcast. Um, there's been periods where I'm like, dang,
Speaker 1: what are we gonna talk about this week? And then uh,
Speaker 1: then we get the periods like this where I'm like,
Speaker 1: there's too much to cover. I don't know what to do.
Speaker 1: But anyway, that's why it's important that you're paying attention.
Speaker 1: And there is a lot of stuff going on, specifically
Speaker 1: around bitcoin, cryptocurrencies and the decentralized revolution. As we go
Speaker 1: back in history and literally looking at thousands of years
Speaker 1: of history, we can see that what changes the way
Speaker 1: that the world works, the way that the world organizes
Speaker 1: is technology that changes how it communicates, how it organizes,
Speaker 1: changes the political structures, changes the financial structures and everything else.
Speaker 1: And so really we're looking at the technology. That's exactly
Speaker 1: what we're talking about today. And the big, big, big, big,
Speaker 1: big news is that, um, the United States, the Biden
Speaker 1: administration came out with an executive order. Now, UM, we've
Speaker 1: been talking about this, maybe I've probably talked about this
Speaker 1: a little bit in the weeks past, because there was
Speaker 1: like an announcement of an announcement. He was announcing that
Speaker 1: we are going to be making an executive order. An
Speaker 1: announcement of announcement. I love those. We don't know what
Speaker 1: the executive order is going to be yet, but but
Speaker 1: we're going to have one. You just stand by and
Speaker 1: just be ready. We're going to make an executive order
Speaker 1: on cryptocurrencies. So that's what the world has been waiting
Speaker 1: for the last two weeks. Of course, it's been dominated
Speaker 1: by the headlines of say Russia Ukraine, which we'll get
Speaker 1: into a little bit later, um, but you know, specifically
Speaker 1: with Russia Ukraine dominating the headlines and the sanctions that
Speaker 1: are happening there, Um, cryptocurrency is being thrust into that
Speaker 1: conversation as a way for UM, the Russians and maybe
Speaker 1: even the Russian government to get around sanctions. Maybe we'll
Speaker 1: talk about that, UM, But it's been dominating the news headlines,
Speaker 1: and here we are UM with an executive order was
Speaker 1: finally released, UM talking about what they're gonna do to
Speaker 1: regulate digital assets or we should say, cryptocurrency. So I
Speaker 1: want to dig into that. I got a lot to
Speaker 1: cover today. I want to talk about that. I want
Speaker 1: to talk about what the why UM, the United States, UM,
Speaker 1: Why it's important what they're saying compared to the rest
Speaker 1: of the world. I want to talk about why that's important.
Speaker 1: But even something bigger than that. So what you may
Speaker 1: not know is that the Central Bank, well actually say,
Speaker 1: the United States is just a smaller player on a
Speaker 1: much bigger stage. We're gonna talk about who's really pulling
Speaker 1: the strings up at the top. And I want to
Speaker 1: play some quotes of what they actually said. I want
Speaker 1: to talk about some of the implications of what they're
Speaker 1: actually saying and what this really means. They're not they're
Speaker 1: saying it. Biden didn't say it, but the people up
Speaker 1: above are saying it. I'm gonna play some clips of
Speaker 1: what they're actually saying, which will help you bring into
Speaker 1: um some perspective what Biden said through the executive order.
Speaker 1: I want to dig into some of the implications of this.
Speaker 1: And so we have some of these pieces that have
Speaker 1: already been used, and I want to talk to some
Speaker 1: historical relevance and reference of how well it's actually worked
Speaker 1: or or not worked, the problems of that, UM, and
Speaker 1: then I want to talk about the reality of if
Speaker 1: this can even happen. We're gonna look at some of
Speaker 1: the past past performance that the government has had had
Speaker 1: with the technology, and so much more. I had a
Speaker 1: lot to cover this hour, UM, so I'm gonna try
Speaker 1: and get through it pretty quickly. UM. By the way,
Speaker 1: you're listening to the Mark mo Show, we're talking about
Speaker 1: the decentralized revolution. We're talking about the way take chnology
Speaker 1: changes the way the world works. We're talking, of course
Speaker 1: about the decentralized revolution, which is bitcoin, the intersection of politics, finance,
Speaker 1: and technology. So UM, back to what we're talking about. So,
Speaker 1: the White House, the Biden administration put this executive order.
Speaker 1: It says Executive Order on Ensuring Responsible Development of Digital Assets.
Speaker 1: They call them digital assets. UM, crypto assets, cryptocurrencies, whatever
Speaker 1: you want to call them, and that's what they're referring to. UM.
Speaker 1: And it starts off by the authority vested in me
Speaker 1: as the President, by the Constitution and the laws of
Speaker 1: the United States of America has hereby ordered as follows.
Speaker 1: So it's important to understand is that the United States
Speaker 1: was UM it's not a it's not a democracy. It's
Speaker 1: certainly not a dictatorship the dictators where one guy makes
Speaker 1: all the rules. UM. It's it's not even a democracy,
Speaker 1: which is a form of mob rule or UM it's
Speaker 1: a tyranny of the minority by the majority. The United
Speaker 1: States is a republic, which is a representative government. So
Speaker 1: we were elect congressmen and representatives to go to Washington
Speaker 1: for us. One thing that's interesting about that, just acide tidbit,
Speaker 1: is that, you know, when the United States was founded,
Speaker 1: we had UM representatives that were supposed to represent a
Speaker 1: certain group of people. UM. But as the population of
Speaker 1: the United States has just blown up from where it
Speaker 1: was when we first founded, we haven't increased the amount
Speaker 1: of representatives, and so a lot of centralization has happened.
Speaker 1: But that's another story for another day. UM. But back
Speaker 1: to this. UM. The reason why I bring this up
Speaker 1: is that, like I said, the United States isn't a dictator,
Speaker 1: but yet these are sort of like that. So in
Speaker 1: the United States, we're supposed to have a separation of powers,
Speaker 1: and so through the separation of powers, UM, it limits
Speaker 1: the amount of power that any one person or any
Speaker 1: one group or sector of the government has. And so
Speaker 1: then there's things we're supposed to go through, you know,
Speaker 1: a framework, and so we have representatives that are supposed
Speaker 1: to represent our interests there. And then then we have
Speaker 1: the House, and we have the cang rise which are
Speaker 1: supposed to be split up, and of course that we
Speaker 1: have the executive branch, which is the President, et cetera. UM.
Speaker 1: But an executive order, like what he's saying here means
Speaker 1: I am king, I bypass, I override. I don't care
Speaker 1: what anybody else says. I don't care what do people want.
Speaker 1: I don't care what their representatives say. I don't care
Speaker 1: about the House of the Congress. I am going to
Speaker 1: decide by myself unilaterally that I'm going to make these decisions.
Speaker 1: So just kind of I tell you what that means. Now. UM.
Speaker 1: As a side note, again, we have gas prices going
Speaker 1: sky high in Los Angeles or over seven dollars a gallon,
Speaker 1: which is insane. Um. Gas gas prices when Biden took
Speaker 1: office where I think two dollars and thirty cents a
Speaker 1: gallon nationally. I made it. I made a claim. I
Speaker 1: made a prediction that gas would be over ten dollars
Speaker 1: by the time Biden left office. Of course, when there
Speaker 1: are two dollars and thirty cents, that was a pretty
Speaker 1: big claim. Um. But yet here we are over seven bucks.
Speaker 1: We're not too far behind now. Uh. Some of my
Speaker 1: track record if you watch my YouTube channel, UM September
Speaker 1: of I made a video saying that we would have
Speaker 1: an energy crisis coming to the rest of the world.
Speaker 1: I made a video nine months ago seeing we were
Speaker 1: going to have a food crisis coming to the rest
Speaker 1: of the world. And uh, here we are. UM, a
Speaker 1: lot more to go. Don't go away, I'll be right back,
Speaker 1: all right, welcome back. You are listening to the Mark
Speaker 1: Moa Show, and we're talking about the decentralas revolution that
Speaker 1: we are witnessing right now. We're talking about history being
Speaker 1: made literally as we speak now. For a lot of people,
Speaker 1: they're not paying attention. Maybe You don't realize how monumental
Speaker 1: these changes are that we're seeing right now. Um, but
Speaker 1: they're happening. It's happening. It's gonna have massive, massive implications
Speaker 1: for the future. And uh, you should be paying attention. Now.
Speaker 1: What I was talking about before the break is I
Speaker 1: was talking about, UM, the Biden administration. The White House
Speaker 1: put together an executive order, UM, the executive Order, and
Speaker 1: as I was saying, is basically he is, uh, you know,
Speaker 1: kind of being a dictator. I bypass all rep resentatives, Congress, House,
Speaker 1: what the people want, and I'm just going to declare
Speaker 1: this to be um a thing. UM. And so that's
Speaker 1: what he put forth. This was just just just this week. Um.
Speaker 1: The whole cryptocurrency world and really the financial world was
Speaker 1: all standing by waiting to see what was going to happen.
Speaker 1: And UM, what's funny was that actually it involves obviously
Speaker 1: the White House and and the and the Treasury as well,
Speaker 1: Janet Yellen and the Treasury, and uh, the night before
Speaker 1: the executive order was released, everybody was waiting for the
Speaker 1: executive order to be released. And the night before the
Speaker 1: Treasury Janet Yellen put out UM her press release UM
Speaker 1: with her comments on what the executive order was spoiler alert.
Speaker 1: So while everybody was waiting for the EO to find
Speaker 1: out what was going to happen, UM, Janet Yellen had
Speaker 1: already read it and put out her comments, and so
Speaker 1: it kind of took some of the surprise out. We
Speaker 1: we read. We read that it quickly got taken down,
Speaker 1: but of course the Internet is basically permanent, and it
Speaker 1: was captured and we were able to read what that
Speaker 1: was and when when the when when Janet Yellen put
Speaker 1: out her comments on what Biden's executive order was going
Speaker 1: to be, UM, we found out it was somewhat harmless. UM.
Speaker 1: The price of bitcoin and cryptocurrencies rallied, rallied pretty hard,
Speaker 1: which was pretty interesting in the market, Like I said,
Speaker 1: was all standing by to wait and see what was
Speaker 1: going to happen. UM, and we saw a bitcoin really pump.
Speaker 1: As a matter of fact, I think it's shot from
Speaker 1: about thirty eight thousand back up to like forty two thousands,
Speaker 1: so pretty good, pretty good sized move. UM. It's it's
Speaker 1: since come down a little bit since then, but that
Speaker 1: was about, you know, almost a ten percent move, which
Speaker 1: is which is pretty considerable. But back to the Executive Order.
Speaker 1: What's in there? Um, Like I said, it wasn't wasn't
Speaker 1: a lot of teeth. It's again more of an announcement.
Speaker 1: So Section one policy Advances in Digital and Distributed Ledger
Speaker 1: technology for financial services. He says, UM have profound implications
Speaker 1: for the protection of consumers, investors, and businesses, including data
Speaker 1: privacy and security, financial stability and system attic risk, systemic risk, crime,
Speaker 1: national security, the ability to exercise human rights, financial inclusion
Speaker 1: and equity, and energy demand and climate change. So he's
Speaker 1: kind of setting this up. This is this is the
Speaker 1: importance of what's here. Um. Now, first of all, advances
Speaker 1: in digital and distributed ledger technology UM d l T.
Speaker 1: It's a bunch of mumbo jumbo means nothing. Bitcoin is decentralized,
Speaker 1: meaning instead of one database, there's um thousands or millions
Speaker 1: of databases. They're calling it distributed ledger. Okay, Um, profound
Speaker 1: implications for protection of consumers. Yeah, that's always their main concern, right, Um.
Speaker 1: And then I love this part though, the ability to
Speaker 1: exercise human rights and financial inclusion. Think about that. So
Speaker 1: financial inclusion, there's about two billion adults in the world
Speaker 1: today that have no access to banking why is that, Well,
Speaker 1: the primary reason is because they're not allowed. The financial
Speaker 1: system is a permission based system, and so right now,
Speaker 1: if you're a rush and living in the United States,
Speaker 1: you're not allowed to be in the financial system. So
Speaker 1: they're talking about inclusion, but it's their laws that are
Speaker 1: making it so people aren't included. Has nothing to do
Speaker 1: with the money. The other thing I love this the
Speaker 1: ability to exercise human rights. There is no rights without
Speaker 1: the ability to transact, period. So how can I have
Speaker 1: the ability to exercise human rights in their words, without
Speaker 1: the ability to transact? Well, if I'm not I'm not
Speaker 1: allowed to be including the financial system, then I don't
Speaker 1: have the freedom to transact. So it's interesting they say that. Um.
Speaker 1: But anyway, he also says that monetary authorities globally are
Speaker 1: also exploring, in some cases introducing essential bank digital currency,
Speaker 1: and so this is really what the whole objective of
Speaker 1: this executive order is. So one, how are we going
Speaker 1: to study and regulate cryptocurrencies and to how are we
Speaker 1: going to push force our own central bank digital currency? Um.
Speaker 1: He went on to say, Well, I don't think. He
Speaker 1: went on to say, I think whoever wrote this for
Speaker 1: I wanted to say we must take strong steps to
Speaker 1: reduce the risks that digital assets could pose to consumers,
Speaker 1: investors in business protections. I say that with some sarcasm
Speaker 1: because they're not so concerned with the risks that consumers
Speaker 1: or investors take when you go to Vegas or when
Speaker 1: you buy a lottery tickets. They don't care about that.
Speaker 1: They know you have no chance of winning, and yet whatever, right, Um, anyway,
Speaker 1: that's a whole another story. We can get to do
Speaker 1: about the sec and investor protections and customer protections. Um.
Speaker 1: But then they go want to talk about the financial
Speaker 1: stability and financial system integrity, combating and preventing crime and
Speaker 1: illicit finance, national security, the ability to exercise human rights.
Speaker 1: So I want to I'm gonna dig into a couple
Speaker 1: of those pieces. But the objectives are, um, protect consumers,
Speaker 1: all right, So protect people? Um, the United States should
Speaker 1: ensure the safeguards are in place and promote the responsible
Speaker 1: development of digital assets to protect consumers. Well, I think
Speaker 1: that you're pretty smart. I think I'm pretty smart. I
Speaker 1: think I'm smart enough to think about myself. I think
Speaker 1: you're smart enough to think about yourself. If you're smart
Speaker 1: enough to decide if you want to drink alcohol, vote,
Speaker 1: vote for the president, or buy a lottery ticket. I
Speaker 1: think you're smart enough to decide if you want to
Speaker 1: use cryptocurrencies. I don't think we need the nanny state
Speaker 1: the government to protect you from that. UM. And then
Speaker 1: they also want to protect the United States and global
Speaker 1: financial stability. UM. Now, part of protecting the US financial
Speaker 1: stability is to make sure there's no competitors there. They
Speaker 1: go on to say, Section C, we must mitigate the
Speaker 1: illicit finance and national security risks. And that's what I
Speaker 1: want to dig into next. But really it's about pushing
Speaker 1: this central bank digital currencies UM and protecting UM, the people,
Speaker 1: the system from this illicit finance and national security risk.
Speaker 1: So we're gonna talk about each of those sections. UM. First,
Speaker 1: mitigate illicital, illicit financial, and national security risk. Okay, so
Speaker 1: that sounds pretty good. Right. They go on to say,
Speaker 1: including money laundering. I guess that sounds bad. UM, narcotics,
Speaker 1: human trafficking, Well, that's certainly bad. I don't like that. UM. Terrorism, sure,
Speaker 1: I mean, who likes terrorism? Sounds good? Right? And prolif
Speaker 1: proliferation financing. Okay, So they want to stop these and
Speaker 1: they say that digital assets maybe used as a tool
Speaker 1: to circumvent u S and foreign financial sanction regimes UM
Speaker 1: and so it says, well, the United States has been
Speaker 1: a leader in setting international standards for the regulation and
Speaker 1: supervision of digital assets for anti money laundring and counter terrorism.
Speaker 1: It says that countering the financing of terrorism, which is
Speaker 1: known as a m l Anti money laundering m l.
Speaker 1: He says that with poor non existent implementations of those standards,
Speaker 1: some jurisdictions can present significance significant illicit financing risks for
Speaker 1: the United States and global financial system. So the United
Speaker 1: States has set up this a m l Anti money
Speaker 1: laundring and they've set up an f a t F
Speaker 1: Financial Action Task Force, and they've set this up to
Speaker 1: UM prohibit elicit financing, prohibit money laundering, prohibit the use
Speaker 1: of money laundering, to stop human trafficking, terrorism, and so forth.
Speaker 1: But does it work well, you might be surprised to
Speaker 1: find out. I actually have some of those results right here,
Speaker 1: and even more importantly than some of the results, I
Speaker 1: have some of the costs. So we always have to
Speaker 1: think about the cost benefit analysis. What is the trade offs?
Speaker 1: Nothing comes without a cost, and so I have some
Speaker 1: stats that are going to blow your mind when I
Speaker 1: read these for you. Next. Uh, make sure you're here,
Speaker 1: by the way. You're listening to the Markma Show. We're
Speaker 1: talking about the intersection of politics, finance, and technology. We're
Speaker 1: talking about the decentralized revolution. We're talking about bitcoin and cryptocurrencies,
Speaker 1: just like the White House is talking about them here
Speaker 1: in this um executive order of the Biden White House
Speaker 1: put together. I want to explain to you what it
Speaker 1: says here, and I want to explain to you what
Speaker 1: we know of the cost benefits. Like I said, I'm
Speaker 1: gonna tell you some of these numbers and it's gonna
Speaker 1: blow your mind. And then we're gonna talk about the
Speaker 1: Central bank digital currencies and what they're really telling us
Speaker 1: in their own words. You're going to be surprised. I
Speaker 1: have a lot more. So do not go away. I'll
Speaker 1: be right back, all right, Welcome back. You're listening to
Speaker 1: the Markma Show. We're talking about the intersection of politics, finance,
Speaker 1: and technology. We're talking about the decentralized revolution, which of
Speaker 1: course is bitcoin and cryptocurrencies, and we're specifically talking about
Speaker 1: the White House. The Biden administration put together an executive
Speaker 1: order means I don't care what anybody says. This is
Speaker 1: what I say because I'm the dictator. Well he didn't
Speaker 1: really say as a dictator, but that's basically what an
Speaker 1: executive order is. And they're talking about, Um, they need
Speaker 1: to protect. They need to protect everybody because without the government,
Speaker 1: what would we do. I need them for my safety.
Speaker 1: How can I sleep at night? Um? Criminals would run
Speaker 1: wild across the world if it wasn't for the government
Speaker 1: protecting us from ourselves, Right, that's what they say. So, Um,
Speaker 1: they said that the United States needs to make sure
Speaker 1: there's proper regulation and supervision for digital assets for anti
Speaker 1: money laundering a mL. So to talk about that for
Speaker 1: a second, So, um a m L anti money laundering.
Speaker 1: And there's also KYC Know your customer. So if you've
Speaker 1: ever set up a bank account, which I'm sure you have,
Speaker 1: or a cryptocurrency account, you probably know what k y
Speaker 1: C is that to know your customers, So the bank
Speaker 1: or the cryptocurrency exchange, coin based crack and gemine, etcetera,
Speaker 1: they have to collect all your information. They need to
Speaker 1: know your name and your address, and they have to
Speaker 1: scan your driver's license and there you have to upload
Speaker 1: your passport and you have to sign your name on
Speaker 1: a piece of paper and take a picture of you
Speaker 1: holding it, and you probably have all this information so
Speaker 1: they can know you know your customer. So part of
Speaker 1: the A M l antimoney laundering is k y C
Speaker 1: no your customer. All right, well that sounds good. Right.
Speaker 1: They have to collect all of our information to stop terrorism, right,
Speaker 1: and nobody wants terrorism, So we should all be inconvenienced
Speaker 1: and we should all give up all of our information.
Speaker 1: We should all give up all of our privacy so
Speaker 1: we can stop these horrible, horrible, horrible things. Right. I mean,
Speaker 1: I'm sure lots of you listening right now are saying, yes, Mark,
Speaker 1: that's absolutely true. I'm I'm perfectly okay being inconvenience and
Speaker 1: given it my privacy so we can stop these bad things. Okay, great,
Speaker 1: but does it work? Well? You might be surprised. So
Speaker 1: what we see here UM estimates here by a by
Speaker 1: a recent research report says that UM there's nine there's
Speaker 1: over ninety trillion dollars in gross domestic product in GDP.
Speaker 1: That's the amount of transactions or business or commerce that's
Speaker 1: being done globally. Ninety trillion dollars. Of that ninety trillion dollars,
Speaker 1: approximately three per cent is criminal. So that means that
Speaker 1: criminals are doing bad things. Now, for the most part,
Speaker 1: if the government hasn't given you a permit, then it's criminal.
Speaker 1: So what what What what's deemed criminal and what I
Speaker 1: might and you might actually consider criminal are two different things. Right. Obviously,
Speaker 1: we're all against child trafficking. We all agree on that.
Speaker 1: I can't imagine anybody except for a very very very
Speaker 1: tiny small percentage, but pretty much everyone agrees that that's bad.
Speaker 1: That's criminal. Um maybe um, you know, moving drugs, Okay,
Speaker 1: so that's criminal. Okay. So there's there's things we can
Speaker 1: agree on, but there's things that maybe we don't agree
Speaker 1: on and maybe shouldn't be illegal. But anyway, well we're
Speaker 1: not gonna get into that conversation. So over ninety trillion
Speaker 1: dollars of GDP and about three per cent is criminal.
Speaker 1: So right off the bat, we know that this k
Speaker 1: y C and this a m l UM is all
Speaker 1: being put into place to potentially maybe stop the three
Speaker 1: percent at the inconvenience and cost of the nine seven percent.
Speaker 1: So people have to deal with this crap to potentially
Speaker 1: maybe help stop the three percent that are doing something wrong,
Speaker 1: but does it work, so you'd be surprised. Per this
Speaker 1: research report, it says that, um these this k y
Speaker 1: C a m L policy captures less than zero point
Speaker 1: one percent of the criminal activity. So three percent of
Speaker 1: the all the transactions in the world are criminal potentially
Speaker 1: whatever they call criminal, and they capture less than zero
Speaker 1: point one percent of that. Wow, So I guess what
Speaker 1: you're saying is it's not very effective. Is that what
Speaker 1: you're saying market doesn't really work? Uh? Yeah, that's exactly
Speaker 1: what we're saying. Now think about this k y C
Speaker 1: Know your customer. First of all, it's super annoying. Right
Speaker 1: every single time I want to go into a new
Speaker 1: website and set up a new account, I have to
Speaker 1: go through this whole process of uploading these documents and
Speaker 1: all that stuff. Super annoying. Um My, my kids, who
Speaker 1: know more about bitcoin than most people, aren't allowed to
Speaker 1: buy bitcoin because they can't pass an a m L
Speaker 1: k y C standard because they're too young, so they're inconvenienced.
Speaker 1: I'm not able to buy a bitcoin from my kids
Speaker 1: because they can't pass this. So it's it's super annoying
Speaker 1: all right. That's first of all, UM too, it's super
Speaker 1: expensive for businesses. So businesses so that the exchanges, the banks, um,
Speaker 1: et cetera, they have to comply with these laws, these rules.
Speaker 1: They're basically UM the government has turned them into UM
Speaker 1: policeman or spies, if you will. They have to capture
Speaker 1: all this data, right, and they have to save it,
Speaker 1: and they have to comply with all these things in
Speaker 1: the way they handle the data, all these things. Estimates
Speaker 1: are that there's two trillion dollars per year spent by
Speaker 1: businesses trying to comply with the k y c A
Speaker 1: m L. That's two percent of the global economy. So
Speaker 1: what that means is that your expenses are two percent
Speaker 1: higher because of this trying to comply with this, so
Speaker 1: inflations raging all time high. As a matter of fact, today,
Speaker 1: UM we saw the new CPI numbers come out seven
Speaker 1: point nine percent. They're doing everything they can to get
Speaker 1: those down, right. Well, if they could drop them by
Speaker 1: two percent right here by just dropping these policies that
Speaker 1: are doing absolutely nothing. But no, never mind that UM,
Speaker 1: so two percent of global economy, two trillion dollars per
Speaker 1: ars sent by that and and these numbers are are
Speaker 1: are just staggering. So some institutions spend up to five
Speaker 1: hundred million dollars annually. Let me repeat that, five hundred
Speaker 1: million dollars annually just to comply with these k y
Speaker 1: c amail UM. Ten percent of businesses, the top the
Speaker 1: top ten percent of the businesses spend at least one
Speaker 1: hundred million dollars each. Now, what could they do with
Speaker 1: that one hundred million dollars each or two trillion dollars anyally? Well,
Speaker 1: they could invest into more research and development and come
Speaker 1: up with new products. They could potentially pass those savings
Speaker 1: to us. They could potentially pay their employees more money,
Speaker 1: and on and on and on. Two trillion dollars a
Speaker 1: year is wasted to capture less than zero point one
Speaker 1: percent of the criminal element. Um. It completely kills freedom.
Speaker 1: Without the freedom to transact, there is no freedom, and
Speaker 1: they are basically stopping it. Like I said, even my my,
Speaker 1: my kids can't even buy bitcoin because of this. So
Speaker 1: it kills freedom, It kills the economy. Um, it's draining
Speaker 1: two percent of the global economy. Two trillion dollars a
Speaker 1: year spent just to keep up with this um. Where
Speaker 1: could that money go? It kills innovation. It literally kills people.
Speaker 1: What do I mean by that? Well, um, there's a
Speaker 1: story of money that was going to Somalia to feed
Speaker 1: starving people. They're they're literally starving to death. Um. You know,
Speaker 1: I'm sure you've all at one point seeing those commercials
Speaker 1: on TV of those starving kids and you could just
Speaker 1: you could send them some money to feed him. Well,
Speaker 1: there was money going to Somemoia to feed these these
Speaker 1: kids that were literally starving to death. And uh, you know, um,
Speaker 1: because they deemed it to be you know, terrorists, terrorists,
Speaker 1: a state that supports terrorism. All funding was cut off
Speaker 1: to Samoyam, so all that money that was going to
Speaker 1: literally save lives couldn't be sent to him anymore. So
Speaker 1: it literally killed people. Like I said, it kills the
Speaker 1: freedom at the cost of two trillion dollars of your
Speaker 1: annually and so and and it accomplishes nothing. It literally
Speaker 1: captures less than zero point one percent. Um. So anyway
Speaker 1: they want to think about that. The other thing to
Speaker 1: understand is that anyone who thinks that k y C
Speaker 1: Know Your Customer makes sense has a complete failure at
Speaker 1: the understanding of how economics works. All right, So, um,
Speaker 1: the reason why we have money in the first place
Speaker 1: is so that I can do business with people I
Speaker 1: don't know, not the other way around. There's a complete
Speaker 1: failure of of economics. I want to break that down.
Speaker 1: I want to break down the next part of what
Speaker 1: the White House Executive Order said, which is Central Bank
Speaker 1: digital currencies. I have a quote I'm gonna give you
Speaker 1: UM from the Bank of International Settlements, and then I
Speaker 1: want to talk about UM, the government's amazing track record
Speaker 1: with dealing with technology. You're gonna love this. Uh. You're
Speaker 1: listening to the markma Show. We're talking about the intersection
Speaker 1: of politics, finance, and technology. We're talking about bitcoin and
Speaker 1: the decentralized revolution. Uh. We're talking about how it's going
Speaker 1: to change the world and what the government's trying to
Speaker 1: do about it. UM. Like I said, I have a
Speaker 1: lot more. I want to talk about the Central Bank
Speaker 1: digital currencies, what the b I S said, UM, governments
Speaker 1: track record with technology, and so much more. Don't go away.
Speaker 1: I'm gonna be right back in a second. All right,
Speaker 1: welcome back. You're listening to the markmas Show. We're talking
Speaker 1: about politics, technology, We're talking about finance, We're talking about
Speaker 1: Bickoen we're talking about the decentralized revolution. We're talking about
Speaker 1: all of the most important subjects that are changing the
Speaker 1: world right now at this time, and we're bringing it
Speaker 1: all into context so you can make sense of it
Speaker 1: all now. Before the break, I was talking about um
Speaker 1: the White House, the Biden administration, the executive Order they
Speaker 1: put together, and how they want to um regulate cryptocurrency
Speaker 1: for our protection. Of course, it's always for our protection.
Speaker 1: We must give up our privacy, we must give up
Speaker 1: our freedom, we must give up our um you know,
Speaker 1: convenience so we're more safe. And we're talking about how
Speaker 1: these k y c amail policies do way more damage
Speaker 1: than good. As a matter of fact, they're pretty much worthless.
Speaker 1: They capture less than zero point one percent of any
Speaker 1: type of criminal acts and put at great harm and
Speaker 1: danger because of that. Um So, I mean, think about it.
Speaker 1: If you have to put all of your information into
Speaker 1: these centralized databases, those are honey pots for criminals. Honeypots
Speaker 1: meaning uh, you know, high value targets for criminals, and
Speaker 1: they get hacked all the time, and your information that
Speaker 1: you've been forced to put your information into the centralized
Speaker 1: databases to may maybe potentially stop. A bad person gets
Speaker 1: hacked by bad people, and your private information ends up
Speaker 1: all over the internet. People are put at risk, are inconvenienced,
Speaker 1: your freedoms are taken away. People around the world are
Speaker 1: literally dyeing. The economy is suffering two maybe hopefully potentially
Speaker 1: capture less than zero point one. That's the that's the numbers. But,
Speaker 1: like I was saying before the break um the fact,
Speaker 1: if you think this even makes sense, you have a
Speaker 1: complete and utter failure to understand the way economics works. So,
Speaker 1: as a business owner, my job is to be known.
Speaker 1: I need to build up a reputation for myself for
Speaker 1: my business. You need to understand or you need to
Speaker 1: come to trust me that you're I'm going to deliver
Speaker 1: this product are good for you. For example, That's what
Speaker 1: like franchises like McDonald's. Like I don't think anybody thinks
Speaker 1: McDonald's is the best food, but you know, wherever you
Speaker 1: go in the world to McDonald's, you know what to expect.
Speaker 1: There's like this level of trust. We know McDonald's. But
Speaker 1: the reason money is there is so McDonald's doesn't have
Speaker 1: to know us. Right in the old days, when we
Speaker 1: have like a barter system like the general store would
Speaker 1: keep like a ledger and they would basically give credit
Speaker 1: to everybody. So they needed to know all the people
Speaker 1: that frequented those stores so when they came in, they
Speaker 1: could give them credit and they know they knew them
Speaker 1: so they could collect money from them later. But money
Speaker 1: was literally invented, so we don't have to know them.
Speaker 1: So I need to know the store. I need to
Speaker 1: trust the store, but the store doesn't need to know
Speaker 1: me because as soon as I give them that money,
Speaker 1: that's all they need. There's no reason the store needs
Speaker 1: my email or my name or my address. And we've
Speaker 1: all been conditioned to think this is normal, but it's not.
Speaker 1: It's not normal at all. There's no reason they need
Speaker 1: to collect this information from us, putting in these databases
Speaker 1: that get hacked all the time. So anybody who thinks
Speaker 1: that this makes sense, like I said, has a complete
Speaker 1: and utter failure to understand how economics works. That's the
Speaker 1: whole point of money. If you give me the product
Speaker 1: and I give you the money, that's all we need
Speaker 1: to know about each other. Now onto the next part. Um,
Speaker 1: see if I can speed up a little bit here. Um,
Speaker 1: what they also talked about is that the United He says,
Speaker 1: Section D, we must reinforce the United States leadership in
Speaker 1: the global financial system. UM. They go on to talk
Speaker 1: about needing to support cross border payments. So people come
Speaker 1: to America to send money back to their family at home,
Speaker 1: and so he says that the Section F we must
Speaker 1: support technological advances. UM. And then, of course, then we
Speaker 1: go into Section four, which is UM bank digital currencies.
Speaker 1: The policy of my administration on a United States Central
Speaker 1: bank digital currency is as follows. He says, sovereign money
Speaker 1: is at the core of well functioning financial system. And
Speaker 1: so they talk about the importance of having a central
Speaker 1: bank digital currency. UM. Because the reason why people want
Speaker 1: to go to bitcoin, UH is because the government doesn't
Speaker 1: have a form of digital money supposedly. Right, No, pretty
Speaker 1: much all of all money transactions are done digitally anyway.
Speaker 1: I mean, I hate to admit it because I harp
Speaker 1: on this stuff all the time, but I don't really
Speaker 1: carry cash around. I use my debit card or my
Speaker 1: credit card everywhere I go, right, I mean, I don't
Speaker 1: who uses cash anymore. So it's already all transactions are
Speaker 1: done digitally. It's people aren't going to bitcoin or cryptocurrencies
Speaker 1: because we don't have a digital form of cash. They're
Speaker 1: going to bitcoin and cryptocurrencies because because the dollars losing
Speaker 1: value so fast, nobody wants to save their money in it. Um.
Speaker 1: So they're completely missing the whole point here, um or
Speaker 1: are they? I want to play a clip of what
Speaker 1: the b I s. The b S is the central
Speaker 1: bank above central banks. I want to play a clip
Speaker 1: of what the head of the b I s. His
Speaker 1: name is Augustine Carston's has to say. Let's go ahead
Speaker 1: and play clip number one. If we tend to establish
Speaker 1: the equivalence with cash, and there is a huge difference there.
Speaker 1: For example, in cash, we don't know, for example, who's
Speaker 1: using a one hundred dollar bill today. We don't know
Speaker 1: who is using the one thousand vestle bill today. So
Speaker 1: um cash um. They they don't know who's using a
Speaker 1: hundred dollar bill, nor should they. That's the whole point.
Speaker 1: If I have a hundred dollar bill and I want
Speaker 1: to do business with you, you give me the good,
Speaker 1: I give you the bill done, Why do they need
Speaker 1: to know? That's he said. That's what he said, right,
Speaker 1: They don't know now, so you can understand, let's play
Speaker 1: the second clip from Augustine from the b S. A
Speaker 1: key difference in with the CBDC is the central Bank
Speaker 1: will have absolute control on the roots and regulations that
Speaker 1: will determine the use of that expression of central brand
Speaker 1: pligeability and also we will have the technology to enforce that.
Speaker 1: Mm hm. I always say, take them at their word.
Speaker 1: Heard it right from his mouth. Um, they don't like
Speaker 1: cash because they don't know who's using a hundred dollar bill,
Speaker 1: nor should they know that. They don't need to know that. Um.
Speaker 1: They like a central bank digital currency because, as he said,
Speaker 1: they have absolute and total control. Absolutely, they're gonna have
Speaker 1: absolute control with rules and regulations that will determine the
Speaker 1: use in the expression of the central bank digital currency,
Speaker 1: and they'll have the technology to do that. So you
Speaker 1: remember in Canada a couple of weeks ago, Um, anybody
Speaker 1: who might have been anywhere involved in that frees their accounts.
Speaker 1: Oh yeah, central bank digital currencies make that easy, just
Speaker 1: click that button, done right, Um. And so they want
Speaker 1: to control all the money through their own financial system.
Speaker 1: And that's what this Central Bank or this executive order did.
Speaker 1: Really put an emphasis on this. He said that section
Speaker 1: B of Section two number B within a hundred and
Speaker 1: eighty days of the data this order, they shall submit
Speaker 1: to the President a report on the future of money
Speaker 1: payment systems based on the potential United States c B
Speaker 1: d C design options. So within a d eight days
Speaker 1: they want to have this rolled out. And why do
Speaker 1: they want to do that? Well, you just heard directly
Speaker 1: from the head of the b I S, now, is
Speaker 1: this really going to happen? Well, Um, I'm running out
Speaker 1: of time here, so I can't really dig in deep
Speaker 1: into this, but we have forty years of failure. The
Speaker 1: I r S has been unable to fix their computer system.
Speaker 1: So for forty years, the i RS has tried and
Speaker 1: failed to update its main computer system, regardless of the
Speaker 1: funding level, regardless of who control of the White House. Um,
Speaker 1: the bureaucracy cannot pull it off. And I have this
Speaker 1: compilation from any starting back in the I r S
Speaker 1: is struggling with data processing system by its own admission,
Speaker 1: all the way to one. It says that the RS
Speaker 1: started developing it in two thousand nine, this new system,
Speaker 1: but it's not scheduled to be finished until development costs
Speaker 1: are now about four times higher than originally planned, and
Speaker 1: now it's only expected to replace the core components of
Speaker 1: the old program as opposed to the entire system. And
Speaker 1: it's not supposed to be done. UM. They've been trying
Speaker 1: to get this done the I R S system for
Speaker 1: forty years. Are they really going to take over the money?
Speaker 1: And if so, do we really think they can do that?
Speaker 1: Remember Obamacare when they rolled that out, UM, a website,
Speaker 1: a simple website where people could go and shop their
Speaker 1: insurance plans. They couldn't get that done. As a matter
Speaker 1: of fact, they spent over two billion dollars to get
Speaker 1: a website up so you can go shop your insurance.
Speaker 1: And this is all because, uh, you know, central planning.
Speaker 1: They can't do it. The incentives are misaligned. I can't
Speaker 1: dig into all that, but hopefully that makes sense to
Speaker 1: you're listening to the Mark Moa show. We're talking about
Speaker 1: this decentralized revolution that we're witnessing right now, and we're
Speaker 1: seeing decentralization versus the centralization of the government, the central
Speaker 1: planners playing out in real time. It's super fascinating. If
Speaker 1: you know what you're paying attention to. UM, you listen
Speaker 1: to the markma show. UM talking about the intersection of politics, finance,
Speaker 1: and technology, bitcoin, cryptocurrencies, the decentralized revolution um. What a
Speaker 1: time to be alive right anyway, That's what I got
Speaker 1: for you today. Thanks for listening.