1 00:00:00,120 --> 00:00:02,680 Speaker 1: Hello, and welcome to another episode of the Mark Maas Show, 2 00:00:02,680 --> 00:00:06,240 Speaker 1: where we're always talking about the decentralized revolution, talking about 3 00:00:06,240 --> 00:00:09,240 Speaker 1: the way the world is changing through our very eyes, 4 00:00:09,520 --> 00:00:10,920 Speaker 1: or I should stay in front of our our eyes 5 00:00:10,960 --> 00:00:12,840 Speaker 1: and we look at it through the lens of politics, finance, 6 00:00:12,840 --> 00:00:16,120 Speaker 1: and technology. And today we have a big show. I'm 7 00:00:16,160 --> 00:00:21,000 Speaker 1: titling it the end of the international Monetary system. Yeah, 8 00:00:21,000 --> 00:00:24,279 Speaker 1: it's that big, the end of the existing monetary that 9 00:00:24,320 --> 00:00:25,720 Speaker 1: we know today. We're going to cover a whole lot 10 00:00:25,760 --> 00:00:29,240 Speaker 1: of things. We're going to cover the historical context and 11 00:00:29,280 --> 00:00:32,159 Speaker 1: the current frustrations of the current monetary system that we 12 00:00:32,200 --> 00:00:34,239 Speaker 1: have today. We'll talk about how we got to this 13 00:00:34,440 --> 00:00:37,400 Speaker 1: current international monetary system, the problem with it. We're going 14 00:00:37,440 --> 00:00:40,040 Speaker 1: to talk about the new world order and the inherent 15 00:00:40,159 --> 00:00:44,400 Speaker 1: flaws of what we have going on. And there's a 16 00:00:44,479 --> 00:00:45,839 Speaker 1: lot of talk with bricks and things like that. We're 17 00:00:45,840 --> 00:00:47,279 Speaker 1: going to talk about those problems. We're going to talk 18 00:00:47,320 --> 00:00:50,160 Speaker 1: about the false solution that's being put forward and yes 19 00:00:50,240 --> 00:00:53,199 Speaker 1: that is CBDC Central Bank digital currency. We're going to 20 00:00:53,200 --> 00:00:56,560 Speaker 1: talk about that, and then ultimately we'll talk about where 21 00:00:56,600 --> 00:00:59,560 Speaker 1: I think the future goes. I think it's almost inevitable 22 00:01:00,480 --> 00:01:02,240 Speaker 1: over and on long enough period of time. So we're 23 00:01:02,240 --> 00:01:04,240 Speaker 1: gonna cover a whole lot of things. This is something 24 00:01:04,240 --> 00:01:07,600 Speaker 1: that you need to know because, yes, the international monetary 25 00:01:07,640 --> 00:01:10,960 Speaker 1: system is dying. I was gonna say dead. I mean 26 00:01:11,000 --> 00:01:12,880 Speaker 1: it's not dead. It's dying. It's on its way out now. 27 00:01:12,880 --> 00:01:16,280 Speaker 1: It's a death by a thousand cuts. So I do 28 00:01:16,360 --> 00:01:18,720 Speaker 1: want to just say very clearly here for everybody that's listening, 29 00:01:19,160 --> 00:01:23,319 Speaker 1: this does not mean that it's imminently happening tomorrow or 30 00:01:23,360 --> 00:01:26,640 Speaker 1: next week or next month. It's happening. It's not an 31 00:01:26,680 --> 00:01:30,160 Speaker 1: event that will happen. It's something that is happening. So 32 00:01:30,200 --> 00:01:31,520 Speaker 1: it takes a long period of time. We're gonna cover 33 00:01:31,560 --> 00:01:33,520 Speaker 1: that in more detail. So a lot of times people 34 00:01:33,520 --> 00:01:36,520 Speaker 1: would say, you know a lot of fearmongers online trying 35 00:01:36,560 --> 00:01:38,039 Speaker 1: to get you to buy things that say it's going 36 00:01:38,120 --> 00:01:41,480 Speaker 1: to die tomorrow or August fifteenth or October fifteenth. You 37 00:01:41,520 --> 00:01:44,959 Speaker 1: know Jim Rickards, and I get an email from him 38 00:01:44,959 --> 00:01:46,920 Speaker 1: like every other week, this one event's gonna kill it, 39 00:01:46,959 --> 00:01:49,520 Speaker 1: this one event. Well, no, it's not like that. So 40 00:01:49,520 --> 00:01:52,560 Speaker 1: we'll cover all that and more in this Now. If 41 00:01:52,560 --> 00:01:53,960 Speaker 1: you miss any of this, don't worry. I got your 42 00:01:53,960 --> 00:01:56,440 Speaker 1: back listen to me on the podcast. Just search the 43 00:01:56,520 --> 00:01:59,120 Speaker 1: Mark Mos Show on any of your favorite podcast apps 44 00:01:59,120 --> 00:02:02,560 Speaker 1: and you can find me. But to understand what we're 45 00:02:02,600 --> 00:02:05,640 Speaker 1: talking about when we talk about the international monetary system 46 00:02:05,760 --> 00:02:09,360 Speaker 1: is ending, we have to understand what the international monetary 47 00:02:09,400 --> 00:02:11,440 Speaker 1: system is, right, We have to understand what that is. Now, 48 00:02:11,440 --> 00:02:17,480 Speaker 1: we know that the entire global monetary system has been 49 00:02:17,800 --> 00:02:20,800 Speaker 1: very cyclical. When you look back through thousands of years 50 00:02:20,800 --> 00:02:25,160 Speaker 1: of history, you see that approximately every eighty years, the 51 00:02:25,200 --> 00:02:28,960 Speaker 1: financial system that we have resets. I call these financial revolutions. 52 00:02:30,040 --> 00:02:31,799 Speaker 1: If you've been listening to me in any period of time, 53 00:02:31,800 --> 00:02:34,040 Speaker 1: you know that I talk about three revolutionary cycles that 54 00:02:34,080 --> 00:02:38,079 Speaker 1: are converging, one being financial revolutions, one being technological revolutions, 55 00:02:38,120 --> 00:02:41,400 Speaker 1: and one being political revolutions. That's why the show we 56 00:02:41,400 --> 00:02:43,360 Speaker 1: talk about the convergence of those three things. But the 57 00:02:43,400 --> 00:02:47,880 Speaker 1: financial revolutions are cyclical. They tend to occur in waves. 58 00:02:48,480 --> 00:02:51,280 Speaker 1: They happen with periods of innovation and growth followed by 59 00:02:51,280 --> 00:02:54,760 Speaker 1: periods of crisis and upheaval, all right, And this is 60 00:02:54,800 --> 00:02:58,919 Speaker 1: because financial revolutions are driven by technological breakthroughs that create 61 00:02:58,919 --> 00:03:03,040 Speaker 1: no opportunities for investment and speculation. But they also come 62 00:03:03,080 --> 00:03:06,600 Speaker 1: with new risks and things like that. Now we'll go 63 00:03:06,919 --> 00:03:08,840 Speaker 1: through the different ones we've had in history so you 64 00:03:08,840 --> 00:03:11,840 Speaker 1: can get a better understanding of this. But one example 65 00:03:11,880 --> 00:03:13,959 Speaker 1: of a financial revolution is the development of the stock 66 00:03:14,000 --> 00:03:17,240 Speaker 1: market in the seventeenth century. So the stock market hasn't 67 00:03:17,240 --> 00:03:20,200 Speaker 1: been around forever, and there was actually a point where 68 00:03:20,280 --> 00:03:23,280 Speaker 1: companies weren't able to go raise capital. I mean, sure 69 00:03:23,320 --> 00:03:24,960 Speaker 1: they had some savings or they got it from their 70 00:03:24,960 --> 00:03:28,320 Speaker 1: friends and family, but the stock market starting up allowed 71 00:03:28,320 --> 00:03:31,080 Speaker 1: them to go raise capital by selling shares of ownership 72 00:03:31,360 --> 00:03:35,040 Speaker 1: to investors, which allowed obviously companies to grow and expand 73 00:03:35,440 --> 00:03:39,440 Speaker 1: allowed opportunities for investors to make money. But it led 74 00:03:39,440 --> 00:03:41,680 Speaker 1: to a whole bunch of risks that were never there before, 75 00:03:42,560 --> 00:03:45,640 Speaker 1: allowed asset bubbles to pop up, and all kinds of speculation, 76 00:03:45,760 --> 00:03:47,880 Speaker 1: and people were putting money into things that they didn't know, 77 00:03:47,920 --> 00:03:50,200 Speaker 1: and of course all kinds of scams and schemes popped up, 78 00:03:50,400 --> 00:03:53,360 Speaker 1: and so it became a big problem. Now we saw that. 79 00:03:54,200 --> 00:03:56,040 Speaker 1: After that, then we had to come up with a 80 00:03:56,040 --> 00:03:57,680 Speaker 1: better way to control the money. And so then we 81 00:03:57,680 --> 00:04:01,240 Speaker 1: saw the development of the banking system, really the modern 82 00:04:01,280 --> 00:04:03,560 Speaker 1: banking system, which would be like a fractional reserve banking 83 00:04:03,600 --> 00:04:06,640 Speaker 1: system into the eighteenth century, and this is where banks 84 00:04:06,760 --> 00:04:11,080 Speaker 1: didn't keep your money. Instead they loaned your money out, 85 00:04:11,160 --> 00:04:13,120 Speaker 1: and so when you wanted to come get your money, 86 00:04:13,200 --> 00:04:14,960 Speaker 1: it may not be there, and this led to lots 87 00:04:15,000 --> 00:04:17,560 Speaker 1: of bank RUMs. This is kind of through this said, 88 00:04:17,560 --> 00:04:19,440 Speaker 1: like the eighteenth century in the United States, we had 89 00:04:19,440 --> 00:04:22,200 Speaker 1: all types of what they called like wildcatter banks, or 90 00:04:22,240 --> 00:04:25,200 Speaker 1: it was called the free banking era. And during this 91 00:04:25,279 --> 00:04:28,640 Speaker 1: time banks were just constantly going out of business. They 92 00:04:28,680 --> 00:04:31,480 Speaker 1: would take your money on deposit, they would loan it 93 00:04:31,520 --> 00:04:33,760 Speaker 1: back out. A lot of times they would lose the money, 94 00:04:33,960 --> 00:04:36,000 Speaker 1: and when people would come to get their money they 95 00:04:36,040 --> 00:04:38,560 Speaker 1: wouldn't have it. Then more people would hear that they 96 00:04:38,560 --> 00:04:40,560 Speaker 1: didn't have their money, would cause a bank run and 97 00:04:40,600 --> 00:04:43,359 Speaker 1: they would go away. Now we recently just had some 98 00:04:43,400 --> 00:04:46,600 Speaker 1: bank runs in the United States earlier this year where 99 00:04:46,760 --> 00:04:50,320 Speaker 1: Silicon Valley Bank and First Republic Bank didn't have the 100 00:04:50,360 --> 00:04:54,920 Speaker 1: money to meet depositors withdrawals. So this still happens today. 101 00:04:55,240 --> 00:04:58,799 Speaker 1: The difference is that the Federal Reserve guarantees those deposits 102 00:04:58,800 --> 00:05:01,400 Speaker 1: and just printed that money and gave them back to 103 00:05:01,440 --> 00:05:03,920 Speaker 1: the people. We didn't have that back then. And so 104 00:05:04,160 --> 00:05:06,279 Speaker 1: we can see that throughout history, we see these booms 105 00:05:06,279 --> 00:05:12,080 Speaker 1: and bus these financial cycles that constantly roll over. Now 106 00:05:12,320 --> 00:05:14,480 Speaker 1: there's a book written called The Fourth Turning. I've talked 107 00:05:14,480 --> 00:05:16,000 Speaker 1: about it quite a bit. It was written by Neil 108 00:05:16,000 --> 00:05:20,600 Speaker 1: How and William Strauss was supposed to have Neil how 109 00:05:20,720 --> 00:05:23,440 Speaker 1: on the show last week. Unfortunately he had to reschedule, 110 00:05:23,480 --> 00:05:25,440 Speaker 1: but hopefully we'll have him on sooon, so we'll get 111 00:05:25,480 --> 00:05:27,839 Speaker 1: you on that. But he wrote a book and he 112 00:05:27,880 --> 00:05:30,240 Speaker 1: talks about these eighty year cycles. So I talked about 113 00:05:30,279 --> 00:05:33,720 Speaker 1: these financial revolution cycles happening in eighty year cycles. He 114 00:05:33,760 --> 00:05:36,240 Speaker 1: talks about eighty year cycles as well. But in the 115 00:05:36,240 --> 00:05:40,040 Speaker 1: book The Fourth Turning, he's talking about what's called generational cycles. 116 00:05:40,720 --> 00:05:43,520 Speaker 1: And generationals or cycles are basically where you have four 117 00:05:43,640 --> 00:05:46,560 Speaker 1: different turnings and within this eighty year period you have 118 00:05:46,720 --> 00:05:50,480 Speaker 1: four twenty year periods. And so in the high period 119 00:05:50,520 --> 00:05:53,360 Speaker 1: of a period of rising prosperity and optimism, then there's 120 00:05:53,360 --> 00:05:56,680 Speaker 1: an awakening period, which is a social and political unrest, 121 00:05:57,040 --> 00:06:01,400 Speaker 1: then an unraveling, a period of economic client and social fragmentation, 122 00:06:01,520 --> 00:06:05,960 Speaker 1: and then ultimately the fourth turning. The fourth period is 123 00:06:06,000 --> 00:06:09,000 Speaker 1: called the crisis, a period of national crisis and transformation. 124 00:06:10,080 --> 00:06:12,920 Speaker 1: And in the book they argue that it's the that 125 00:06:12,920 --> 00:06:17,039 Speaker 1: the financial revolutions occurred during this crisis turning of each cycle. 126 00:06:17,880 --> 00:06:19,680 Speaker 1: And this is because the crisis turning is the time 127 00:06:19,720 --> 00:06:22,280 Speaker 1: of great change and upheaval, and it's during these times 128 00:06:22,279 --> 00:06:24,919 Speaker 1: that new financial invasions are most likely to emerge. Now 129 00:06:25,800 --> 00:06:27,880 Speaker 1: that's where we're at right now. We're in you know 130 00:06:28,080 --> 00:06:31,000 Speaker 1: in this book that they documented these four these four cycles, 131 00:06:31,160 --> 00:06:34,039 Speaker 1: we're in this fourth turning. We're in this final twenty 132 00:06:34,120 --> 00:06:36,560 Speaker 1: year period, which is why I constantly talk about we're 133 00:06:36,600 --> 00:06:39,640 Speaker 1: at this revolutionary period where this eighty year cycle is 134 00:06:39,720 --> 00:06:43,359 Speaker 1: being reset. Now we can go back through some examples 135 00:06:43,400 --> 00:06:46,320 Speaker 1: in history, but I don't want to go too far back, 136 00:06:46,360 --> 00:06:50,200 Speaker 1: but we can see about eighty years ago, the entire 137 00:06:50,279 --> 00:06:53,440 Speaker 1: world changed. The monetary system of the entire world changed, 138 00:06:53,680 --> 00:06:58,679 Speaker 1: and we went from it was the British pound sterling 139 00:06:58,800 --> 00:07:01,320 Speaker 1: was the reserve current and see the global dominant currency 140 00:07:01,360 --> 00:07:05,080 Speaker 1: of the world. The dollar took over. In nineteen forty four, 141 00:07:05,200 --> 00:07:08,039 Speaker 1: we went into something called the Breton Woods Agreement, where 142 00:07:08,040 --> 00:07:11,400 Speaker 1: the whole world decided, not every single person in the world, 143 00:07:11,440 --> 00:07:13,160 Speaker 1: but the most of the developed world got together and 144 00:07:13,200 --> 00:07:16,840 Speaker 1: decided that the dollar would be backed by gold, and 145 00:07:17,000 --> 00:07:19,960 Speaker 1: all the other nations would be backed or would be 146 00:07:20,000 --> 00:07:22,800 Speaker 1: pegged to the dollar. Okay, so that was about eighty 147 00:07:22,880 --> 00:07:27,320 Speaker 1: years ago. We got to that point. Now here we 148 00:07:27,360 --> 00:07:30,560 Speaker 1: are eighty years later, and we're basically seeing the same 149 00:07:30,600 --> 00:07:32,680 Speaker 1: thing now. To dig into this Bretwoods agreement a little 150 00:07:32,680 --> 00:07:36,120 Speaker 1: bit deeper, just so you can understand how this existing 151 00:07:36,120 --> 00:07:38,560 Speaker 1: system got set up and how this looks moving forward. 152 00:07:39,000 --> 00:07:42,600 Speaker 1: As I said, really the pounds sterling started to lose 153 00:07:42,640 --> 00:07:46,040 Speaker 1: its power into the early nineteen hundreds, the US dollar 154 00:07:46,120 --> 00:07:50,240 Speaker 1: started taking over. It's important to understand this because it 155 00:07:50,280 --> 00:07:52,800 Speaker 1: wasn't an event. It was a process. It was a 156 00:07:52,840 --> 00:07:55,880 Speaker 1: long process. It was a thirty or forty year process 157 00:07:56,120 --> 00:07:59,240 Speaker 1: to get to this point. Now. Eventually, on nineteen forty four, 158 00:07:59,480 --> 00:08:03,080 Speaker 1: on a date at a meeting in Breton Woods, which 159 00:08:03,080 --> 00:08:06,400 Speaker 1: is in New Hampshire. Like I said, these groups got together. 160 00:08:06,400 --> 00:08:09,600 Speaker 1: This international monetary system was created, and it was really 161 00:08:09,640 --> 00:08:12,480 Speaker 1: out of the chaos of the World War One to 162 00:08:12,600 --> 00:08:14,640 Speaker 1: the Great Depression and things like that. And really the 163 00:08:14,680 --> 00:08:18,880 Speaker 1: Bretwood system was based on three key principles. One having 164 00:08:18,880 --> 00:08:21,960 Speaker 1: fixed exchange rates. So remember the dollar we pegged gold 165 00:08:22,000 --> 00:08:25,640 Speaker 1: and countries would peg their currency to the dollar, right, 166 00:08:26,040 --> 00:08:29,080 Speaker 1: and the dollar was supposed to remain pegged at thirty 167 00:08:29,160 --> 00:08:33,920 Speaker 1: five dollars an ounce. Then there's also convertibility, so then 168 00:08:33,960 --> 00:08:38,240 Speaker 1: countries could anytime they want, they could redeem those dollars 169 00:08:38,760 --> 00:08:41,000 Speaker 1: for the gold. They could convert them back into the gold, 170 00:08:41,000 --> 00:08:42,880 Speaker 1: which is actually still real money at the time. And 171 00:08:42,920 --> 00:08:44,880 Speaker 1: then finally, the third piece was the role of the 172 00:08:45,040 --> 00:08:49,400 Speaker 1: International Monetary Fund. They were created to provide the financial 173 00:08:49,400 --> 00:08:52,720 Speaker 1: assistance during this time. Okay, so this is the period 174 00:08:52,720 --> 00:08:54,880 Speaker 1: that we've been in for the last eighty years, and 175 00:08:54,960 --> 00:08:58,000 Speaker 1: it's all coming to an end. So I'm gonna explain 176 00:08:58,160 --> 00:09:01,280 Speaker 1: how it's coming to it and what is coming, what's 177 00:09:01,320 --> 00:09:03,360 Speaker 1: being proposed, why I think it's going to fail, and 178 00:09:03,400 --> 00:09:07,200 Speaker 1: what I think ultimately wins out. It's a pretty big deal. 179 00:09:07,240 --> 00:09:09,960 Speaker 1: Hopefully you're paying attention now if you're just tuning in, 180 00:09:09,960 --> 00:09:12,480 Speaker 1: you're listening to the Mark Mass Show. We're talking about 181 00:09:12,520 --> 00:09:16,000 Speaker 1: the end of the international monetary system as we know today, 182 00:09:16,440 --> 00:09:18,560 Speaker 1: what's being proposed next, and what I think comes next. 183 00:09:18,559 --> 00:09:20,000 Speaker 1: We'll cover that in a minute when I come back. 184 00:09:20,160 --> 00:09:22,760 Speaker 1: Don't go away, I'll bear back, all right, Welcome back. 185 00:09:22,760 --> 00:09:24,199 Speaker 1: If you just tune in you're listening to the Mark 186 00:09:24,280 --> 00:09:27,920 Speaker 1: Mass Show. We're running down into what I'm calling the 187 00:09:28,160 --> 00:09:31,439 Speaker 1: end of the international monetary system as we know it, 188 00:09:31,840 --> 00:09:35,120 Speaker 1: which sounds bad and it is. It's going to be 189 00:09:35,160 --> 00:09:36,600 Speaker 1: bad for a lot of people who aren't paying attention, 190 00:09:36,640 --> 00:09:38,800 Speaker 1: but not you, because you're paying attention. Let's keep going. 191 00:09:39,000 --> 00:09:41,960 Speaker 1: We talked about how this resets the international monetary system 192 00:09:41,960 --> 00:09:45,280 Speaker 1: resets about every eighty years. Talked about it through like 193 00:09:45,320 --> 00:09:47,120 Speaker 1: the light of the lens of like this fourth Turning, 194 00:09:47,160 --> 00:09:48,880 Speaker 1: which you should go read the book, it's really good. 195 00:09:49,520 --> 00:09:51,199 Speaker 1: And we talked about how about eighty years ago the 196 00:09:51,240 --> 00:09:54,840 Speaker 1: Bretton Woods Agreement was reached, which was the current monetary system, 197 00:09:54,880 --> 00:09:57,920 Speaker 1: international monetary system that we have today, but it's ending, 198 00:09:58,160 --> 00:10:00,440 Speaker 1: all right now. We've kind of talked about the purpose 199 00:10:00,480 --> 00:10:02,400 Speaker 1: of that Breton Woods Agreement, and there was three main 200 00:10:02,440 --> 00:10:06,720 Speaker 1: tenants of that, and that was one was that the 201 00:10:06,760 --> 00:10:08,599 Speaker 1: dollars supposed to be pegged to gold, and there was 202 00:10:08,600 --> 00:10:10,160 Speaker 1: supposed to be a fixed exchange rate, so the nations 203 00:10:10,160 --> 00:10:13,040 Speaker 1: should be able to exchange four gold, they should be 204 00:10:13,080 --> 00:10:14,920 Speaker 1: able to redeem the gold convert it back to gold. 205 00:10:15,120 --> 00:10:16,720 Speaker 1: And the IMF was supposed to be sort of in 206 00:10:16,720 --> 00:10:19,240 Speaker 1: the middle to kind of help this out, lend money 207 00:10:19,240 --> 00:10:21,720 Speaker 1: to countries and things like that. Now, it worked pretty 208 00:10:21,760 --> 00:10:26,360 Speaker 1: good for the first few decades. The problem was is 209 00:10:26,800 --> 00:10:30,440 Speaker 1: the same problem that always happens, which is governments can't 210 00:10:30,440 --> 00:10:33,040 Speaker 1: help but printing lots of money. Now, I don't know 211 00:10:33,080 --> 00:10:35,240 Speaker 1: about you, but I might have a hard time too. 212 00:10:35,320 --> 00:10:36,719 Speaker 1: If I had a money printer in my house, I 213 00:10:36,800 --> 00:10:39,199 Speaker 1: might keep hitting that button as well. And that's where 214 00:10:39,240 --> 00:10:42,840 Speaker 1: the governments find themselves into. And so let's just go 215 00:10:42,920 --> 00:10:44,680 Speaker 1: back even a little bit further than Breton was, just 216 00:10:44,679 --> 00:10:47,000 Speaker 1: to kind of illustrate this for a minutes. So in 217 00:10:47,040 --> 00:10:51,360 Speaker 1: the United States, the Federal Reserve that prints the money 218 00:10:51,720 --> 00:10:56,079 Speaker 1: was created in nineteen thirteen. Okay, so in nineteen thirteen 219 00:10:56,679 --> 00:10:59,520 Speaker 1: they started printing more dollars. Now, they were only supposed 220 00:10:59,520 --> 00:11:01,880 Speaker 1: to have dollars for gold. So gold went into the bank. 221 00:11:02,040 --> 00:11:06,400 Speaker 1: They gave me a paper gold certificate as in exchange, 222 00:11:06,440 --> 00:11:08,679 Speaker 1: and IOE you anytime I want it, I could go 223 00:11:08,800 --> 00:11:11,280 Speaker 1: back with that pay per certificate and get my gold back. 224 00:11:11,320 --> 00:11:14,320 Speaker 1: Because gold was money. Okay, you have to put your 225 00:11:14,360 --> 00:11:17,520 Speaker 1: mind back in that space. Paper dollars were not money. 226 00:11:17,720 --> 00:11:21,600 Speaker 1: Gold was money. The paper dollar was a claim an 227 00:11:21,600 --> 00:11:25,640 Speaker 1: IOU for the gold. Okay, So in nineteen thirteen, the 228 00:11:25,640 --> 00:11:29,720 Speaker 1: Federal Reserve started printing more of these paper gold certificates, 229 00:11:30,559 --> 00:11:33,360 Speaker 1: but there wasn't more gold. There was just more claims 230 00:11:33,360 --> 00:11:36,400 Speaker 1: for the gold. So more people thought they had gold 231 00:11:36,480 --> 00:11:39,480 Speaker 1: than they actually did. And people didn't understand this because 232 00:11:39,559 --> 00:11:41,960 Speaker 1: gold had been money for five thousand years and so 233 00:11:42,040 --> 00:11:44,199 Speaker 1: now more people thought they had a claim to gold 234 00:11:44,240 --> 00:11:48,319 Speaker 1: than there was actually gold available. So fast forwarding nineteen 235 00:11:48,480 --> 00:11:51,560 Speaker 1: thirteen to nineteen thirty three, if you do the math, 236 00:11:51,640 --> 00:11:55,840 Speaker 1: that's twenty years. The government gotten a big problem. They 237 00:11:55,880 --> 00:11:59,679 Speaker 1: had printed way too many of these paper gold certificates 238 00:12:00,280 --> 00:12:03,160 Speaker 1: and that was a big problem. And they needed the 239 00:12:03,200 --> 00:12:05,560 Speaker 1: gold because at the time gold was money, right, the 240 00:12:05,559 --> 00:12:07,800 Speaker 1: government was in debt. The government had to pay the debt, 241 00:12:07,840 --> 00:12:11,040 Speaker 1: and gold was money, not paper money at this point. 242 00:12:11,240 --> 00:12:13,640 Speaker 1: So what did the government do, Well, they need more gold. 243 00:12:13,679 --> 00:12:15,360 Speaker 1: Where are they going to get the gold. We have 244 00:12:15,360 --> 00:12:18,120 Speaker 1: a good idea. Let's just steal it. Let's steal it 245 00:12:18,160 --> 00:12:20,679 Speaker 1: from every American in the country, and so they did. 246 00:12:20,800 --> 00:12:22,480 Speaker 1: So they went on a bank holiday because the goal 247 00:12:22,559 --> 00:12:24,440 Speaker 1: was in the bank. Banks went on a holiday. The 248 00:12:24,480 --> 00:12:27,600 Speaker 1: banks opened back up Executive Order sixty one oh two, 249 00:12:28,360 --> 00:12:31,400 Speaker 1: Americans can no longer get gold from the bank. You're 250 00:12:31,440 --> 00:12:34,160 Speaker 1: no longer even allowed to own it. But don't worry. 251 00:12:34,160 --> 00:12:36,360 Speaker 1: Don't worry, We're going to give you the money for it. 252 00:12:36,600 --> 00:12:38,360 Speaker 1: And so they gave you the money for it. Now 253 00:12:38,360 --> 00:12:39,960 Speaker 1: it's important to understand it. So that was the first 254 00:12:39,960 --> 00:12:41,920 Speaker 1: time the government printed way too much money and they 255 00:12:41,920 --> 00:12:45,319 Speaker 1: stole your goal. Then from nineteen thirty three to nineteen 256 00:12:45,320 --> 00:12:47,320 Speaker 1: forty four they printed too much money again, and then 257 00:12:47,320 --> 00:12:49,439 Speaker 1: they got on a new agreement that Breton was agreement. 258 00:12:50,000 --> 00:12:52,320 Speaker 1: Instead of twenty dollars an ounce gold would now be 259 00:12:52,440 --> 00:12:54,640 Speaker 1: thirty five dollars anounce. That way they could print more dollars. 260 00:12:55,000 --> 00:12:59,520 Speaker 1: Then from nineteen forty four to nineteen fifty four sixty four, 261 00:12:59,600 --> 00:13:02,839 Speaker 1: the government again printed way too many dollars. And remember 262 00:13:02,880 --> 00:13:05,760 Speaker 1: the convertibility piece. So these nations who were holding these 263 00:13:05,880 --> 00:13:10,120 Speaker 1: dollars were really holding claims to gold. That's what they 264 00:13:10,120 --> 00:13:12,360 Speaker 1: were really holding, because remember dollars weren't money. And so 265 00:13:12,400 --> 00:13:14,640 Speaker 1: the nation said, hey, we know what you're doing. We 266 00:13:14,679 --> 00:13:17,880 Speaker 1: don't want these fake paper certificates, we want the real gold. 267 00:13:18,120 --> 00:13:19,720 Speaker 1: And so the nations of the world kept coming to 268 00:13:19,800 --> 00:13:22,559 Speaker 1: get the gold and the US is running out of 269 00:13:22,600 --> 00:13:26,480 Speaker 1: gold pretty quickly. Ninety seventy one, President Richard Nixon said, enough, 270 00:13:26,679 --> 00:13:29,000 Speaker 1: we default were not paying you out. We're not going 271 00:13:29,080 --> 00:13:31,760 Speaker 1: to pay gold anymore. Now, during that time, from nineteen 272 00:13:31,840 --> 00:13:34,800 Speaker 1: forty four to nineteen sixty five, the global economy was 273 00:13:34,880 --> 00:13:38,600 Speaker 1: growing at an average annual rate of about five percent. Now, 274 00:13:38,600 --> 00:13:41,360 Speaker 1: this is the fastest period of sustained economic growth in 275 00:13:41,600 --> 00:13:44,920 Speaker 1: world history. Now, during that time, when we had a 276 00:13:45,160 --> 00:13:48,240 Speaker 1: pretty good money, it was pretty sound, it was pretty 277 00:13:48,280 --> 00:13:52,000 Speaker 1: much backed by gold. We had massive prosperity. We also 278 00:13:52,040 --> 00:13:54,839 Speaker 1: had massive trade expansion. During the same period, the global 279 00:13:54,880 --> 00:13:57,520 Speaker 1: trade expanded at an average annual rate of eight and 280 00:13:57,559 --> 00:14:00,920 Speaker 1: a half percent, the fastest period of this trade growth 281 00:14:01,040 --> 00:14:04,120 Speaker 1: in world history. Now, if we go back a few 282 00:14:04,200 --> 00:14:09,040 Speaker 1: hundred years to the approximately fourteen hundreds, we also had 283 00:14:09,040 --> 00:14:12,400 Speaker 1: a period like this, and it was also the same 284 00:14:12,440 --> 00:14:15,520 Speaker 1: conditions that led to that, which was sound money and 285 00:14:15,559 --> 00:14:20,680 Speaker 1: global trade. So the Florin in Florence, Italy, they created 286 00:14:20,680 --> 00:14:22,720 Speaker 1: a gold coin called the Florin. It was the longest 287 00:14:22,760 --> 00:14:25,240 Speaker 1: lasting gold coin in history that wasn't debased. It lasted 288 00:14:25,360 --> 00:14:29,120 Speaker 1: four hundred years without being debased, and it led to 289 00:14:29,400 --> 00:14:32,560 Speaker 1: massive global trade and global prosperity sort of like what 290 00:14:32,600 --> 00:14:34,480 Speaker 1: we saw during this period as well, when we had 291 00:14:34,520 --> 00:14:38,720 Speaker 1: the sound money in global trade. All right, The problem 292 00:14:38,880 --> 00:14:40,600 Speaker 1: is that the system began to break down in the 293 00:14:40,640 --> 00:14:43,600 Speaker 1: sixties and seventies, and that was because of too much 294 00:14:43,640 --> 00:14:47,320 Speaker 1: money printing. Why was there too much money printing. Well, 295 00:14:47,360 --> 00:14:50,080 Speaker 1: it's the same thing. It's always the same thing. It's 296 00:14:50,120 --> 00:14:53,560 Speaker 1: the same reason why Britain lost their position, and it's 297 00:14:53,600 --> 00:14:56,680 Speaker 1: the same reason that we're losing it today. And that's war. 298 00:14:57,360 --> 00:15:00,160 Speaker 1: So in the seventies were in the late sixties to 299 00:15:00,200 --> 00:15:04,080 Speaker 1: the Vietnam War. The United States started running huge budget 300 00:15:04,120 --> 00:15:08,320 Speaker 1: deficits to finance the war, and this led to too 301 00:15:08,400 --> 00:15:11,280 Speaker 1: much money printing and started losing to a confidence and 302 00:15:11,560 --> 00:15:13,400 Speaker 1: a loss of confidence in the US dollar, which is 303 00:15:13,480 --> 00:15:15,440 Speaker 1: these other nations said, wait a minute, we see what 304 00:15:15,440 --> 00:15:18,840 Speaker 1: you're doing. We don't want the dollar anymore. We want 305 00:15:18,880 --> 00:15:21,840 Speaker 1: the gold. We don't trust there's no confidence. We don't 306 00:15:21,880 --> 00:15:24,240 Speaker 1: trust the dollar. We want the gold now. Just to 307 00:15:24,240 --> 00:15:26,760 Speaker 1: give you an idea how big and fast and how 308 00:15:26,760 --> 00:15:30,560 Speaker 1: bad this was, the US ran large budget deficits to 309 00:15:30,600 --> 00:15:33,320 Speaker 1: finance the Vietnam War. So, for example, the federal budget 310 00:15:33,320 --> 00:15:36,760 Speaker 1: deficit was twenty five point two billion in fiscal year 311 00:15:36,880 --> 00:15:39,720 Speaker 1: nineteen sixty eight, which was equivalent to two point eight 312 00:15:39,720 --> 00:15:43,320 Speaker 1: percent of GDP. Now twenty five billion doesn't sound like 313 00:15:43,320 --> 00:15:45,880 Speaker 1: a lot of money anymore. It's crazy. These numbers don't 314 00:15:45,880 --> 00:15:48,920 Speaker 1: mean a lot to us anymore. That was massive back then. 315 00:15:49,560 --> 00:15:53,240 Speaker 1: Today the budget deficits two trillion, two trillion, So it 316 00:15:53,280 --> 00:15:56,360 Speaker 1: went from twenty five billion to now two trillion. Now 317 00:15:57,120 --> 00:15:59,520 Speaker 1: we have to think about the equivalent to the percentage 318 00:15:59,560 --> 00:16:02,960 Speaker 1: of GDP. So, like I said, back then, it was 319 00:16:02,960 --> 00:16:04,960 Speaker 1: two point eight. Now by the fiscal year of nineteen 320 00:16:05,000 --> 00:16:07,600 Speaker 1: seventy one, so fast forward through the war from sixty 321 00:16:07,640 --> 00:16:10,440 Speaker 1: eight to seventy one, the deficit had grown to thirty 322 00:16:10,480 --> 00:16:13,160 Speaker 1: eight billions. Now from twenty five to thirty eight, and 323 00:16:13,200 --> 00:16:15,240 Speaker 1: had gone from two point eight percent of GDP to 324 00:16:15,280 --> 00:16:19,880 Speaker 1: now three point two percent of GDP. Now today, we're 325 00:16:19,880 --> 00:16:22,680 Speaker 1: also fighting wars. Now, we're fighting wars everywhere. We've been 326 00:16:22,680 --> 00:16:25,720 Speaker 1: fighting war on poverty, We've been fighting war on drugs, 327 00:16:25,880 --> 00:16:29,400 Speaker 1: We've been fighting war on terrorism. We're literally fighting a 328 00:16:29,400 --> 00:16:31,960 Speaker 1: hot war with Russia right now. We're fighting a war 329 00:16:32,000 --> 00:16:35,120 Speaker 1: on COVID. We're fighting a war on disinformation, We're fighting 330 00:16:35,120 --> 00:16:37,440 Speaker 1: a war, you name it. We're fighting a war everywhere. 331 00:16:37,960 --> 00:16:41,640 Speaker 1: And now instead of two point eight percent budget deficit 332 00:16:41,720 --> 00:16:44,320 Speaker 1: to GDP, we're at eight. As a matter of fact, 333 00:16:44,400 --> 00:16:46,480 Speaker 1: the budget deficit of the United States just went up 334 00:16:46,560 --> 00:16:50,880 Speaker 1: to two trillion dollars. And the exact same thing is happening, 335 00:16:50,880 --> 00:16:52,360 Speaker 1: which is the other nations of the world are like, 336 00:16:52,440 --> 00:16:55,600 Speaker 1: wait a minute, we don't want your dollars anymore. We 337 00:16:55,640 --> 00:16:58,560 Speaker 1: see what you're doing. There's a loss of confidence here, 338 00:16:58,840 --> 00:17:02,400 Speaker 1: and we don't want it any more. This is why 339 00:17:02,440 --> 00:17:05,680 Speaker 1: I love history, because when you study history, you start 340 00:17:05,720 --> 00:17:08,520 Speaker 1: to see that it's just the same things happening over 341 00:17:08,600 --> 00:17:11,159 Speaker 1: and over and again. And the reason why that's important 342 00:17:11,160 --> 00:17:13,960 Speaker 1: to understand is once you realize that it's the same 343 00:17:14,040 --> 00:17:17,440 Speaker 1: set of circumstances that cause the same sort of things, 344 00:17:17,520 --> 00:17:19,000 Speaker 1: especially if you can kind of break these down to 345 00:17:19,040 --> 00:17:21,879 Speaker 1: like a first principles level and understand the mechanics of this, 346 00:17:22,840 --> 00:17:26,000 Speaker 1: then you start to be able to predict the future. 347 00:17:26,480 --> 00:17:28,320 Speaker 1: You start to be able to know where things are 348 00:17:28,320 --> 00:17:30,480 Speaker 1: going in the future. And that's exactly what we're talking about. 349 00:17:30,480 --> 00:17:32,320 Speaker 1: So I got to take a quick break. If you're 350 00:17:32,320 --> 00:17:34,480 Speaker 1: listening to the Mark Mass Show, we're talking about the 351 00:17:34,600 --> 00:17:37,320 Speaker 1: end of the global monetary system, the international monetary system 352 00:17:37,359 --> 00:17:40,399 Speaker 1: as we know it today, and I'm breaking down how 353 00:17:40,440 --> 00:17:43,280 Speaker 1: we got here. I already covered that, breaking down why 354 00:17:43,320 --> 00:17:45,000 Speaker 1: it's breaking down right now when I come back, and 355 00:17:45,000 --> 00:17:47,760 Speaker 1: when I talk about where it looks like it's going next, 356 00:17:47,840 --> 00:17:51,480 Speaker 1: which I think inevitably fails, and what the ultimate outcome 357 00:17:51,520 --> 00:17:54,080 Speaker 1: and opportunity is. So there's a whole lot to cover. 358 00:17:54,160 --> 00:17:55,520 Speaker 1: If you've missed any of this, you don't want to 359 00:17:55,520 --> 00:17:57,480 Speaker 1: miss it. This is a history lesson and it's also 360 00:17:57,520 --> 00:17:59,360 Speaker 1: telling the future at the same time. Check me out 361 00:17:59,359 --> 00:18:01,680 Speaker 1: on the podcast Mark Moss Show. But I'll be back 362 00:18:01,720 --> 00:18:03,760 Speaker 1: with more in a second. Don't go away, I'll bear back, 363 00:18:04,359 --> 00:18:05,880 Speaker 1: all right, Welcome back. If you're just tune in, you're 364 00:18:05,880 --> 00:18:08,960 Speaker 1: listening to the Mark mass Show. We're talking about the 365 00:18:09,160 --> 00:18:12,159 Speaker 1: end of the international monetary system, the end of the 366 00:18:12,960 --> 00:18:15,439 Speaker 1: monetary order as we know today. We went through the 367 00:18:15,480 --> 00:18:18,119 Speaker 1: history of how we got here, what the heck happened? 368 00:18:18,119 --> 00:18:20,640 Speaker 1: How is it breaking down? If you missed that, don't 369 00:18:20,680 --> 00:18:22,520 Speaker 1: worry to catch it on the podcast. Just search Mark 370 00:18:22,560 --> 00:18:25,159 Speaker 1: Moss Show on your favorite podcast player or on YouTube. 371 00:18:25,160 --> 00:18:26,480 Speaker 1: You could watch me and listen to me at the 372 00:18:26,520 --> 00:18:29,320 Speaker 1: same time. Just search Market Disruptors on YouTube and you 373 00:18:29,359 --> 00:18:32,920 Speaker 1: can find me all archive there. Now, that's sort of 374 00:18:32,960 --> 00:18:36,240 Speaker 1: how we got here, right Britain lost it because they 375 00:18:36,320 --> 00:18:38,040 Speaker 1: printed too much money to fight the war, and the 376 00:18:38,119 --> 00:18:41,040 Speaker 1: US dollars took over. The US has a history of 377 00:18:41,040 --> 00:18:43,760 Speaker 1: continuing to print too much money, and finally we're in 378 00:18:43,840 --> 00:18:46,200 Speaker 1: wars everywhere we look, and we've printed too much money. 379 00:18:46,359 --> 00:18:49,280 Speaker 1: And now people are losing confidence in the dollar as well. 380 00:18:49,359 --> 00:18:52,159 Speaker 1: Same thing happened now, just like it happened over a 381 00:18:52,200 --> 00:18:55,080 Speaker 1: thirty to forty year period back then, it's also been 382 00:18:55,119 --> 00:18:58,240 Speaker 1: happening over a thirty to forty year period right now. Okay, 383 00:18:58,240 --> 00:19:00,159 Speaker 1: that's why I'm saying this is not an event, it's 384 00:19:00,200 --> 00:19:04,919 Speaker 1: a process. So what's coming next? So the system is 385 00:19:04,960 --> 00:19:07,200 Speaker 1: breaking down. We see this breaking down everywhere. And how 386 00:19:07,200 --> 00:19:09,679 Speaker 1: do we see it breaking down? Well, let's look at 387 00:19:09,680 --> 00:19:12,240 Speaker 1: a couple examples. So first of all, we know that 388 00:19:12,800 --> 00:19:17,480 Speaker 1: the dollar has become weaponized and is weaponized by sanctioned 389 00:19:17,520 --> 00:19:20,200 Speaker 1: So if the United States doesn't like a country, a nation, 390 00:19:20,800 --> 00:19:24,120 Speaker 1: or a group of people just sanctions on you, sanctioned 391 00:19:24,119 --> 00:19:26,160 Speaker 1: sanctioned sanctions, So what does that mean? That means they're 392 00:19:26,240 --> 00:19:27,879 Speaker 1: kicked out of the financial system. That means they can 393 00:19:27,920 --> 00:19:29,600 Speaker 1: no longer use the dollar, they can no longer use 394 00:19:29,600 --> 00:19:34,080 Speaker 1: swift system to move money around. And you know, surprise, surprise, 395 00:19:34,119 --> 00:19:37,600 Speaker 1: some nations don't like this. But even more than just 396 00:19:37,720 --> 00:19:40,560 Speaker 1: not liking it, if you're kicked out of the financial system, 397 00:19:41,440 --> 00:19:44,600 Speaker 1: you have no choice but to figure out another system. 398 00:19:45,119 --> 00:19:46,680 Speaker 1: And this is the piece that seems to be missed 399 00:19:46,720 --> 00:19:50,560 Speaker 1: by our leaders. If I kick you out, Russia, if 400 00:19:50,600 --> 00:19:52,879 Speaker 1: I kick you out of the global financial system, you 401 00:19:52,920 --> 00:19:55,560 Speaker 1: don't just like go away and shut your country down 402 00:19:56,200 --> 00:19:59,040 Speaker 1: and just die. No, you just find another way to 403 00:19:59,080 --> 00:20:03,320 Speaker 1: trade outside the dollar. It seems pretty simple. US government 404 00:20:03,400 --> 00:20:05,440 Speaker 1: leaders don't seem to understand that piece. And that's why, 405 00:20:05,560 --> 00:20:06,879 Speaker 1: you know, we're talking about how that was always going 406 00:20:06,880 --> 00:20:08,320 Speaker 1: to be the death of the dollar. But it didn't 407 00:20:08,359 --> 00:20:10,280 Speaker 1: start there. As a matter of fact, it started way back, 408 00:20:10,760 --> 00:20:14,000 Speaker 1: and we saw Russia starting to dedollarize, started the process 409 00:20:14,000 --> 00:20:17,560 Speaker 1: of doing that all the way back in like twenty thirteen, 410 00:20:17,680 --> 00:20:22,560 Speaker 1: twenty fourteen, when the US started sanctioning them over over 411 00:20:22,600 --> 00:20:25,200 Speaker 1: CRIMEA and what's going on over there. We can see 412 00:20:25,200 --> 00:20:28,760 Speaker 1: that China actually started dedollarizing much earlier. We saw China 413 00:20:28,760 --> 00:20:30,760 Speaker 1: starting to de dollarize back in like the two thousand 414 00:20:30,760 --> 00:20:34,399 Speaker 1: and eight era. Now, China of course still owns massive 415 00:20:34,400 --> 00:20:37,919 Speaker 1: amounts of US debt, US treasuries, but they've been starting 416 00:20:37,960 --> 00:20:40,480 Speaker 1: to dedollarize as well. They want to hold less and 417 00:20:40,520 --> 00:20:43,160 Speaker 1: less and less of that. And this has only been 418 00:20:43,640 --> 00:20:46,000 Speaker 1: escalating since then. Obviously, since two thousand and eight, it's 419 00:20:46,040 --> 00:20:48,480 Speaker 1: been picking up steam. Obviously since twenty fourteen. With Russia, 420 00:20:48,480 --> 00:20:51,440 Speaker 1: it's been picking up steam, and yeah, ultimately culminated when 421 00:20:51,480 --> 00:20:53,080 Speaker 1: they literally got kicked out of the financial system and 422 00:20:53,080 --> 00:20:55,480 Speaker 1: they had no choice but to move onto something else. 423 00:20:55,840 --> 00:20:57,920 Speaker 1: But so China and Russia, being you know, the two 424 00:20:58,160 --> 00:21:01,280 Speaker 1: other of the three global two powers world, have been 425 00:21:01,840 --> 00:21:03,639 Speaker 1: trying to get out of the dollar and they've been 426 00:21:03,680 --> 00:21:06,840 Speaker 1: doing a pretty good job. China has their own currencies. 427 00:21:06,920 --> 00:21:09,199 Speaker 1: They have two currencies as a matter of fact, that 428 00:21:09,280 --> 00:21:12,080 Speaker 1: you want, and they're ranimbi, and they use these a 429 00:21:12,119 --> 00:21:15,040 Speaker 1: little bit differently. It's a little bit manipulative, if I will, 430 00:21:15,400 --> 00:21:18,320 Speaker 1: and it's obviously very opaque. We don't know what the 431 00:21:18,359 --> 00:21:21,240 Speaker 1: heck they're actually doing there. There's no transparency at all. 432 00:21:22,200 --> 00:21:24,280 Speaker 1: But they use these two different currencies to do their 433 00:21:24,280 --> 00:21:25,560 Speaker 1: own trade, and what they're really trying to do is 434 00:21:25,560 --> 00:21:29,000 Speaker 1: they're trying to have sovereignty. Why should any country be 435 00:21:30,359 --> 00:21:32,240 Speaker 1: at the whims of another country, like what happened to 436 00:21:32,320 --> 00:21:34,359 Speaker 1: Russia where they just lost their six hundred and fifty 437 00:21:34,359 --> 00:21:37,480 Speaker 1: billion dollar war chest. No one wants that. I don't 438 00:21:37,480 --> 00:21:39,159 Speaker 1: want that. I don't want my life hanging in the 439 00:21:39,200 --> 00:21:42,240 Speaker 1: balance of another country. I don't want my life hanging 440 00:21:42,280 --> 00:21:45,080 Speaker 1: in the balance of the United States, this country, which 441 00:21:45,160 --> 00:21:48,359 Speaker 1: I don't. That's why I'm been building out my own 442 00:21:48,359 --> 00:21:51,639 Speaker 1: sovereignty package. So I have homes in multiple states, I 443 00:21:51,640 --> 00:21:53,800 Speaker 1: have homes in other countries. I have money and different 444 00:21:53,800 --> 00:21:56,240 Speaker 1: types of assets. I wouldn't put all my money in 445 00:21:56,280 --> 00:21:57,919 Speaker 1: one stock. Why would I put all my life in 446 00:21:57,960 --> 00:22:00,560 Speaker 1: one country? Hasn't worked out well to the people. But 447 00:22:00,640 --> 00:22:02,880 Speaker 1: that's a whole other subject. If you'd like to hear 448 00:22:02,920 --> 00:22:04,959 Speaker 1: me talk more about that subject, I'd love to hear 449 00:22:04,960 --> 00:22:06,640 Speaker 1: you on social media. Hit me up at one Mark 450 00:22:06,680 --> 00:22:08,399 Speaker 1: Moss and let me know what you think. But so 451 00:22:08,440 --> 00:22:11,800 Speaker 1: we've seen the world starting to figure this out. It's 452 00:22:11,800 --> 00:22:14,239 Speaker 1: been weaponized, we're moving away, and of course this has 453 00:22:14,320 --> 00:22:17,359 Speaker 1: all really kind of come to a head with last 454 00:22:17,480 --> 00:22:20,199 Speaker 1: month we had this meeting of the Bricks, the this 455 00:22:20,320 --> 00:22:24,280 Speaker 1: Coalition of Southern Nations of Brazil, Russia, India, China, South Africa. 456 00:22:24,280 --> 00:22:25,919 Speaker 1: I've talked about this extensively. I don't want to go 457 00:22:25,960 --> 00:22:28,800 Speaker 1: deep into that right now, but all these nations got 458 00:22:28,800 --> 00:22:32,840 Speaker 1: together and they're like, hey, the US is weaponizing the dollar. 459 00:22:33,200 --> 00:22:34,600 Speaker 1: We're afraid we're going to be kicked out. We should 460 00:22:34,600 --> 00:22:36,960 Speaker 1: find alternatives. And what they recommend is that everybody should 461 00:22:36,960 --> 00:22:39,560 Speaker 1: start trading their own currencies. We should no longer be 462 00:22:39,600 --> 00:22:44,400 Speaker 1: trading in dollars. Let's trade in yuan and rupees and 463 00:22:45,000 --> 00:22:49,760 Speaker 1: rubles and whatever else we have. Right, and they talk 464 00:22:49,840 --> 00:22:54,399 Speaker 1: about potentially using gold as the settlement or I should 465 00:22:54,400 --> 00:22:57,639 Speaker 1: say that settlement gold as the reserve asset, and then 466 00:22:57,640 --> 00:22:59,840 Speaker 1: their currencies for the payment. So we really think about 467 00:22:59,840 --> 00:23:02,240 Speaker 1: the dollar. There's two pieces there. There's the dollar that's 468 00:23:02,280 --> 00:23:04,480 Speaker 1: the currency that's used for payments, and then there's the 469 00:23:04,520 --> 00:23:07,879 Speaker 1: dollar that's the reserve asset, meaning like US treasuries. And 470 00:23:07,960 --> 00:23:10,639 Speaker 1: so what you hear a lot of people say, friends 471 00:23:10,640 --> 00:23:12,600 Speaker 1: of mine, that we just don't agree on everything with. 472 00:23:12,640 --> 00:23:15,440 Speaker 1: They say that there's no replacement for the dollar, there 473 00:23:15,520 --> 00:23:17,000 Speaker 1: is no challenge for the dollar. The death of the 474 00:23:17,040 --> 00:23:23,200 Speaker 1: dollar is greatly exaggerated. Because the dollar has the reserve 475 00:23:23,400 --> 00:23:26,000 Speaker 1: currency of the world, meaning that we have deep global 476 00:23:26,040 --> 00:23:28,800 Speaker 1: bond markets. We have the US treasury market. No other 477 00:23:28,880 --> 00:23:32,520 Speaker 1: nation has that, and I agree they don't. Russia doesn't 478 00:23:32,560 --> 00:23:34,520 Speaker 1: have it, China doesn't have it. There's no challenger for 479 00:23:34,600 --> 00:23:36,840 Speaker 1: the US bond market, for the reserve asset. And then 480 00:23:36,880 --> 00:23:38,679 Speaker 1: as far as moving money around, the US has the 481 00:23:38,720 --> 00:23:41,600 Speaker 1: swift system that moves money around. You have the correspondent banks, 482 00:23:41,840 --> 00:23:44,720 Speaker 1: and so no one has that. There's no challenger, there's 483 00:23:44,720 --> 00:23:48,359 Speaker 1: no replacement for that, and I would agree, but I 484 00:23:48,359 --> 00:23:50,400 Speaker 1: think they're missing part of it. And what are they missing. Well, 485 00:23:51,680 --> 00:23:54,120 Speaker 1: while there may not be another place to there might 486 00:23:54,160 --> 00:23:58,360 Speaker 1: not be another challenger for treasuries or bonds to park 487 00:23:58,440 --> 00:24:00,800 Speaker 1: my money, my hundreds of billions of dollars, I'm a 488 00:24:00,840 --> 00:24:03,760 Speaker 1: sovereign nation. There may be no other currency I want 489 00:24:03,800 --> 00:24:06,320 Speaker 1: to store my wealth in. But I could store it 490 00:24:06,359 --> 00:24:10,200 Speaker 1: in gold, I could store it in oil, I could 491 00:24:10,200 --> 00:24:13,040 Speaker 1: store it in lithium or other commodities and things like that. 492 00:24:13,160 --> 00:24:15,600 Speaker 1: And that's exactly what's happening. So what we can see 493 00:24:15,920 --> 00:24:19,040 Speaker 1: is that these bricks nations are buying more and more 494 00:24:19,119 --> 00:24:23,320 Speaker 1: gold and buying less and less US treasuries, so there 495 00:24:23,480 --> 00:24:26,280 Speaker 1: is no replacement for the dollar as the reserve asset, 496 00:24:26,720 --> 00:24:31,680 Speaker 1: but there are other reserve assets commodities. That's what's happening 497 00:24:32,560 --> 00:24:35,600 Speaker 1: for the currency side. For the trading side, they're already 498 00:24:35,640 --> 00:24:38,199 Speaker 1: starting to use their own currencies. And this isn't just China, 499 00:24:38,640 --> 00:24:42,080 Speaker 1: this isn't just Russia, this is India, Iran, Turkey, Venezuela. 500 00:24:42,320 --> 00:24:44,760 Speaker 1: India is now buying oil from Saudi Arabia in their 501 00:24:44,800 --> 00:24:47,199 Speaker 1: own currencies, in the rupees. So you can start to 502 00:24:47,240 --> 00:24:51,600 Speaker 1: see this. But here's the problem. They're talking about going 503 00:24:51,640 --> 00:24:54,240 Speaker 1: back to some sort of a gold back system, even 504 00:24:54,320 --> 00:24:57,159 Speaker 1: potentially having a gold back currency. Now I've broke this 505 00:24:57,200 --> 00:25:00,159 Speaker 1: down before. I don't think it's a goldback currency. It 506 00:25:00,200 --> 00:25:02,320 Speaker 1: was in the Bretwoods agreement. What they're talking about doing 507 00:25:02,359 --> 00:25:05,200 Speaker 1: is more pegging, and what I don't know if they're 508 00:25:05,240 --> 00:25:06,760 Speaker 1: necessary to talking about it. What I've seen, what I 509 00:25:06,760 --> 00:25:10,080 Speaker 1: think is most likely to happen is that their currencies 510 00:25:10,080 --> 00:25:14,560 Speaker 1: would actually be referenced to gold. So for example, one 511 00:25:14,640 --> 00:25:18,080 Speaker 1: dollar would be worth a tenth of an ounce of 512 00:25:18,080 --> 00:25:21,119 Speaker 1: gold something like that, sort of like the pound sterling 513 00:25:21,280 --> 00:25:24,480 Speaker 1: was worth a pound of sterling silver something like that. 514 00:25:24,720 --> 00:25:29,560 Speaker 1: But The problem is is that gold already failed. You see, 515 00:25:30,000 --> 00:25:33,919 Speaker 1: gold didn't work. It failed, and I don't see how 516 00:25:33,960 --> 00:25:35,800 Speaker 1: it works again. Why wouldn't it work well, there's a 517 00:25:35,800 --> 00:25:39,879 Speaker 1: couple of reasons. First of all, for gold to work, 518 00:25:39,960 --> 00:25:44,080 Speaker 1: it requires trust. Why trust? Well, I gave my gold 519 00:25:44,080 --> 00:25:46,359 Speaker 1: to the bank. They're going to hold my gold for me, 520 00:25:46,480 --> 00:25:48,919 Speaker 1: and they gave me a paper certificate. But I have 521 00:25:49,040 --> 00:25:51,359 Speaker 1: to trust them that they'll hold that gold for me. 522 00:25:51,560 --> 00:25:53,520 Speaker 1: I have to trust them that they'll give me the 523 00:25:53,520 --> 00:25:55,639 Speaker 1: gold back when I want it. Well, how did that 524 00:25:55,680 --> 00:25:58,399 Speaker 1: work out? Didn't work out too well. Didn't work out 525 00:25:58,440 --> 00:26:00,600 Speaker 1: too well for Americans who had all their gold. It 526 00:26:00,640 --> 00:26:03,320 Speaker 1: didn't work out too well for all the nations of 527 00:26:03,320 --> 00:26:04,600 Speaker 1: the world who came to get it back. As a 528 00:26:04,600 --> 00:26:08,800 Speaker 1: matter of fact, France. France sent their warships to the 529 00:26:08,920 --> 00:26:11,440 Speaker 1: United States to get the gold. There's an act of war. 530 00:26:12,600 --> 00:26:14,800 Speaker 1: I don't have warships, neither do you. Neither do any 531 00:26:14,840 --> 00:26:17,280 Speaker 1: of these small nations either. So what chance do they have. 532 00:26:17,359 --> 00:26:20,720 Speaker 1: They have to trust they'll get the money back. And 533 00:26:20,760 --> 00:26:23,240 Speaker 1: this is the most important piece. There's another reason I'm 534 00:26:23,240 --> 00:26:24,920 Speaker 1: going to talk about in a second, but I just 535 00:26:24,960 --> 00:26:26,439 Speaker 1: want to I want to pound on this for just 536 00:26:26,440 --> 00:26:30,440 Speaker 1: a second, because the entire system operates off of trust, 537 00:26:30,440 --> 00:26:34,680 Speaker 1: and really the whole world does. Without trust, there there's 538 00:26:35,040 --> 00:26:38,000 Speaker 1: just no progress in the world. I have to trust 539 00:26:38,000 --> 00:26:39,280 Speaker 1: that you're going to be a good actor. I have 540 00:26:39,320 --> 00:26:40,680 Speaker 1: to trust if I give you something, you're going to 541 00:26:40,760 --> 00:26:42,280 Speaker 1: pay me. I have to trust it. If I make this, 542 00:26:42,320 --> 00:26:44,040 Speaker 1: you're going to buy it. I have to trust that 543 00:26:44,320 --> 00:26:48,960 Speaker 1: there's functioning markets. And without trust, the entire system is gone. 544 00:26:49,720 --> 00:26:53,600 Speaker 1: And unfortunately, the US, which was the most trusted country 545 00:26:53,600 --> 00:26:55,400 Speaker 1: in the world because of a strong rule of law 546 00:26:55,600 --> 00:26:58,240 Speaker 1: and hundreds of years of track record, is now This 547 00:26:58,320 --> 00:27:00,520 Speaker 1: isn't now gone. The trust is just gone now. The 548 00:27:00,640 --> 00:27:04,040 Speaker 1: US is still trusted more than China. Sure, But none 549 00:27:04,080 --> 00:27:06,760 Speaker 1: of these bricks nations, Brazil, Russia, India, China, none of 550 00:27:06,760 --> 00:27:09,199 Speaker 1: those nations they trust each other, don't trust each other 551 00:27:09,240 --> 00:27:13,000 Speaker 1: at all. As a matter of fact, Vladimir Putin, president 552 00:27:13,040 --> 00:27:16,439 Speaker 1: of Russia, the second largest country in the Bricks cooperation, 553 00:27:17,000 --> 00:27:20,040 Speaker 1: couldn't even go to the meeting in South Africa, which 554 00:27:20,080 --> 00:27:22,199 Speaker 1: is another one of the nations. He couldn't even go 555 00:27:22,240 --> 00:27:26,199 Speaker 1: there because of fear of being arrested. So how's that 556 00:27:26,280 --> 00:27:28,880 Speaker 1: going to work? Trust is gone? But there's more reasons 557 00:27:28,880 --> 00:27:30,000 Speaker 1: why I won't work. I'm going to cover that in 558 00:27:30,040 --> 00:27:31,600 Speaker 1: a minute. If you're just tuning in listening to the 559 00:27:31,640 --> 00:27:33,919 Speaker 1: Mark Mass Show, I'm breaking down the end of the 560 00:27:33,960 --> 00:27:35,920 Speaker 1: international monetary system as we know it. I got a 561 00:27:35,920 --> 00:27:37,400 Speaker 1: whole lot more to cover when I come back after 562 00:27:37,400 --> 00:27:40,080 Speaker 1: a quick break. Don't go away, We're back, all right, 563 00:27:40,119 --> 00:27:41,639 Speaker 1: Welcome back. If you're just tune in and you're listening 564 00:27:41,640 --> 00:27:43,480 Speaker 1: to the Mark Mass Show and we are talking about 565 00:27:43,560 --> 00:27:48,200 Speaker 1: the end of the international monetary system as we know it, 566 00:27:48,200 --> 00:27:50,600 Speaker 1: it sounds like a big deal, and it is. It 567 00:27:50,640 --> 00:27:52,720 Speaker 1: is a pretty big deal. We talked about all the 568 00:27:52,720 --> 00:27:55,040 Speaker 1: way from history, who had what was the old system 569 00:27:55,080 --> 00:27:57,159 Speaker 1: before the system that we're in now, How did that 570 00:27:57,200 --> 00:28:00,119 Speaker 1: transition take place? What system are we in right now, 571 00:28:00,160 --> 00:28:03,159 Speaker 1: how is this transition taking place, what's likely did to 572 00:28:03,200 --> 00:28:05,199 Speaker 1: come next? And so much more. If you missed it, 573 00:28:05,200 --> 00:28:06,879 Speaker 1: don't worry. Just go check it out on the podcast. 574 00:28:07,000 --> 00:28:08,639 Speaker 1: Just search the Mark Mas Show in your favorite podcast, 575 00:28:08,760 --> 00:28:10,880 Speaker 1: or go to YouTube and watch me on YouTube ad 576 00:28:11,040 --> 00:28:13,600 Speaker 1: just search Market Disruptors and can watch me and listen 577 00:28:13,640 --> 00:28:16,840 Speaker 1: to me at the same time. So we're breaking down 578 00:28:17,359 --> 00:28:19,400 Speaker 1: sort of like the Rise of the Bricks and really 579 00:28:19,440 --> 00:28:20,720 Speaker 1: it's not just the rise of the bricks, it's the 580 00:28:20,840 --> 00:28:24,520 Speaker 1: rise of nations who no longer want to use the dollar. Now, 581 00:28:24,800 --> 00:28:27,280 Speaker 1: many of these nations can't use the dollar because the 582 00:28:27,280 --> 00:28:30,040 Speaker 1: dollar has been weaponized against them, and many of the nations. 583 00:28:30,119 --> 00:28:33,119 Speaker 1: Other nations are afraid that they might be next, and 584 00:28:33,200 --> 00:28:36,199 Speaker 1: for good reason, because they probably are next. And so 585 00:28:36,280 --> 00:28:39,480 Speaker 1: they're all trying to figure out what is the next situation. Now. 586 00:28:39,720 --> 00:28:42,479 Speaker 1: In addition to being afraid of, you know, being sanctioned, 587 00:28:42,520 --> 00:28:47,320 Speaker 1: which is a pretty big deal, they're also not a 588 00:28:47,360 --> 00:28:50,320 Speaker 1: fan of the manipulation that's being caused. What do I 589 00:28:50,360 --> 00:28:52,640 Speaker 1: mean by that? So, as a matter of fact, they 590 00:28:52,640 --> 00:28:54,400 Speaker 1: put this in a paper. China actually put this in 591 00:28:54,440 --> 00:28:56,960 Speaker 1: a paper, and he said that. They said that the 592 00:28:57,120 --> 00:29:02,640 Speaker 1: United States is exploring these other nations like a modern 593 00:29:02,720 --> 00:29:08,600 Speaker 1: day colonialism, exploiting these other nations by the ability to 594 00:29:08,760 --> 00:29:12,000 Speaker 1: print dollars, to print one hundred dollars bills that cost 595 00:29:12,080 --> 00:29:16,160 Speaker 1: the US about seventeen cents to produce. But yet the 596 00:29:16,200 --> 00:29:19,479 Speaker 1: other nations of the world, the actual producers, have to 597 00:29:19,640 --> 00:29:23,280 Speaker 1: give up one hundred dollars worth of goods to get 598 00:29:23,320 --> 00:29:27,400 Speaker 1: the seventeen cent note. And that's exploited because the US 599 00:29:27,440 --> 00:29:30,960 Speaker 1: just clicks a button, prints another trilli sends it over 600 00:29:31,000 --> 00:29:32,720 Speaker 1: to these nations and they have to work in the 601 00:29:32,760 --> 00:29:35,640 Speaker 1: fields and the farms and the mines for years to 602 00:29:35,760 --> 00:29:39,240 Speaker 1: dig or produce stuff to give us for what the 603 00:29:39,280 --> 00:29:43,840 Speaker 1: fedg just click the button for. So it is no 604 00:29:44,000 --> 00:29:48,240 Speaker 1: nation wants that, and so that's all breaking down. Okay, 605 00:29:48,360 --> 00:29:52,000 Speaker 1: so there's lots of need. Now I pound on this 606 00:29:52,000 --> 00:29:55,680 Speaker 1: for a second. As humans, unfortunately, you know, we're very 607 00:29:55,760 --> 00:29:58,840 Speaker 1: actually pretty basic creatures. We're not basic, but we sort 608 00:29:58,840 --> 00:30:00,800 Speaker 1: of are. Our motivations are pretty simple. There's two things 609 00:30:00,840 --> 00:30:03,640 Speaker 1: that motivate us. One moving towards pleasure and two moving 610 00:30:03,680 --> 00:30:06,320 Speaker 1: away from pain. That's it, and unfortunately, for most of us, 611 00:30:07,120 --> 00:30:09,160 Speaker 1: a lot of times we don't make moves until the 612 00:30:09,240 --> 00:30:11,520 Speaker 1: pain is high enough. You might have had a friend 613 00:30:11,600 --> 00:30:14,160 Speaker 1: or family member who is an alcoholic or drug addict, 614 00:30:14,600 --> 00:30:16,680 Speaker 1: and you see the problem in their life. You see 615 00:30:16,720 --> 00:30:19,960 Speaker 1: the problems happening, their jobs falling apart, their careers falling apart, 616 00:30:20,000 --> 00:30:22,000 Speaker 1: they're going bankup, they're getting divorced, whatever it maybe in 617 00:30:22,000 --> 00:30:24,200 Speaker 1: and out of jail, you name it. But they don't 618 00:30:24,200 --> 00:30:25,920 Speaker 1: see the problem, and so they don't want to get help. 619 00:30:25,920 --> 00:30:28,479 Speaker 1: They have to hit rock bottom, right, so only when 620 00:30:28,520 --> 00:30:31,280 Speaker 1: the pain gets high enough. But for most of these nations, 621 00:30:31,320 --> 00:30:33,000 Speaker 1: the pain is high enough. Now if your Russia, you 622 00:30:33,080 --> 00:30:34,840 Speaker 1: just got kicked out, the pain is extremely high. I 623 00:30:34,880 --> 00:30:38,440 Speaker 1: ran extremely high. But most of these nations are feeling that, 624 00:30:38,840 --> 00:30:41,160 Speaker 1: and so they're all scrambling for this. But the problem is, 625 00:30:41,160 --> 00:30:42,920 Speaker 1: like I said, they're kind of going back to gold. Now, 626 00:30:42,960 --> 00:30:45,800 Speaker 1: gold doesn't work. I went over this, why one because 627 00:30:45,800 --> 00:30:48,720 Speaker 1: of trust? Trust is gone. How do these nations trust 628 00:30:48,720 --> 00:30:50,760 Speaker 1: each other? Give me the gold? No, give me the food. No, 629 00:30:50,800 --> 00:30:52,680 Speaker 1: give me the food, give me the gold. You go first? No, 630 00:30:52,760 --> 00:30:54,680 Speaker 1: you go first? Like, how is that going to work? 631 00:30:54,800 --> 00:30:56,320 Speaker 1: How do I know that you really have the gold 632 00:30:56,360 --> 00:30:57,960 Speaker 1: that you say you have? How do I know the 633 00:30:57,960 --> 00:31:00,360 Speaker 1: gold isn't fake? I mean, China got caught with fake gold, 634 00:31:00,680 --> 00:31:04,400 Speaker 1: So how does that work? We've tried that before. The 635 00:31:04,440 --> 00:31:08,120 Speaker 1: problem is is the world is advancing forward, but they're 636 00:31:08,120 --> 00:31:10,560 Speaker 1: trying to go backwards. Now. You know, if you tune 637 00:31:10,560 --> 00:31:12,440 Speaker 1: into me at all, you know I say all the time, 638 00:31:12,480 --> 00:31:16,440 Speaker 1: pretty much every show, it's always technology that changes the world. 639 00:31:16,720 --> 00:31:20,880 Speaker 1: It's always technology. So how does going forward into a 640 00:31:20,880 --> 00:31:24,440 Speaker 1: more technologically driven world work? When you want to go 641 00:31:24,760 --> 00:31:28,360 Speaker 1: backwards into the monetary system, and it doesn't. It obviously doesn't. 642 00:31:28,360 --> 00:31:31,320 Speaker 1: And here's why it doesn't. What's happened, and this is 643 00:31:31,320 --> 00:31:34,080 Speaker 1: why gold failed. What's happened, And even back one hundred 644 00:31:34,120 --> 00:31:39,520 Speaker 1: years ago, the speed of transactions moved up. So what 645 00:31:39,520 --> 00:31:42,680 Speaker 1: do I mean by that? Well, as global trade happened, 646 00:31:43,000 --> 00:31:45,800 Speaker 1: I was able to use the telegram at the time 647 00:31:45,880 --> 00:31:49,120 Speaker 1: and then the phone to make an order. Hey, a 648 00:31:49,360 --> 00:31:50,960 Speaker 1: farmer on the other side of the country or the 649 00:31:51,040 --> 00:31:53,120 Speaker 1: sart of the world, send me some bushels of wheat, 650 00:31:53,200 --> 00:31:55,280 Speaker 1: or send me more of this oil or this commodity. 651 00:31:55,520 --> 00:31:59,080 Speaker 1: And so transaction time sped up, meaning the time it 652 00:31:59,120 --> 00:32:01,720 Speaker 1: takes me to reach out place the order and receive 653 00:32:01,760 --> 00:32:04,760 Speaker 1: the goods. But the problem is is that the settlement 654 00:32:04,840 --> 00:32:09,080 Speaker 1: time didn't move. It's very slow to send gold. If 655 00:32:09,120 --> 00:32:10,880 Speaker 1: I want to pay you in gold, and I got 656 00:32:10,880 --> 00:32:12,920 Speaker 1: to send you gold across the country, across the world, 657 00:32:12,960 --> 00:32:15,800 Speaker 1: it takes a long time to get there, obviously, right, 658 00:32:16,240 --> 00:32:20,280 Speaker 1: So settlement transaction time when when slow. So they tried 659 00:32:20,320 --> 00:32:23,600 Speaker 1: to add debt on top of that to speed up 660 00:32:23,600 --> 00:32:26,680 Speaker 1: the settlement, but we didn't get final settlement. So if 661 00:32:26,720 --> 00:32:28,440 Speaker 1: they want to go back to gold today. One they 662 00:32:28,480 --> 00:32:30,080 Speaker 1: have the trust problem, that's a big problem. But two 663 00:32:30,120 --> 00:32:33,760 Speaker 1: they don't have the settlement solution, so how do they 664 00:32:33,800 --> 00:32:36,760 Speaker 1: go backwards? Well, it doesn't work, So what other solutions 665 00:32:36,760 --> 00:32:38,760 Speaker 1: can they have? Well, it appears that at this point 666 00:32:38,880 --> 00:32:41,120 Speaker 1: the solution is to go to some sort of a 667 00:32:41,200 --> 00:32:44,720 Speaker 1: digital money that might move very fast. Now, again, we 668 00:32:44,760 --> 00:32:46,960 Speaker 1: still have the trust problem, so we have to kind 669 00:32:46,960 --> 00:32:49,560 Speaker 1: of come up with something that's more neutral that can 670 00:32:49,640 --> 00:32:52,960 Speaker 1: solve that problem as well. Now, as I said kind 671 00:32:52,960 --> 00:32:54,320 Speaker 1: of earlier, a lot of people would say that there's 672 00:32:54,360 --> 00:32:57,680 Speaker 1: no replacement for the dollar because of the correspondent banks 673 00:32:57,680 --> 00:33:00,280 Speaker 1: and the bond markets and things like that, and they're 674 00:33:00,360 --> 00:33:03,200 Speaker 1: right about those things. But what happens is with technology 675 00:33:03,640 --> 00:33:07,480 Speaker 1: is that nations tend to leap frog. So for example, 676 00:33:08,880 --> 00:33:11,400 Speaker 1: the United States had wired telephones and we were able 677 00:33:11,440 --> 00:33:13,520 Speaker 1: to get Internet pretty quickly because we used the wired telephones. 678 00:33:14,040 --> 00:33:17,080 Speaker 1: Africa didn't have wired telephones, and they just leapfrog passed 679 00:33:17,080 --> 00:33:19,240 Speaker 1: and went straight to wireless. And now what we see 680 00:33:19,480 --> 00:33:24,520 Speaker 1: is China, China, Hong Kong, Bank of Malaysia, the UAE, 681 00:33:24,840 --> 00:33:28,040 Speaker 1: in coordination with the BIS, the Bank of International Settlements 682 00:33:28,080 --> 00:33:30,840 Speaker 1: is working on a new system for central bank digital 683 00:33:30,840 --> 00:33:35,320 Speaker 1: currencies and under a project name called Project Mbridge. Now 684 00:33:35,400 --> 00:33:37,520 Speaker 1: Product imbridge is a way where each nation can have 685 00:33:37,560 --> 00:33:39,760 Speaker 1: their own currency. Like it has been recommended through the 686 00:33:39,800 --> 00:33:41,920 Speaker 1: Bricks nations, everyone should use their own currency. So everyone 687 00:33:41,920 --> 00:33:43,520 Speaker 1: can have their own currency. It's a digital currency, is 688 00:33:43,560 --> 00:33:48,680 Speaker 1: CBDC currency, and then using Project Mbridge, they can all 689 00:33:48,720 --> 00:33:51,880 Speaker 1: be converted and swapped somehow. That's a plan. So by 690 00:33:51,920 --> 00:33:55,720 Speaker 1: doing that, they don't need the correspondent banks, they don't 691 00:33:55,800 --> 00:33:59,200 Speaker 1: need the Swift system, so it's not like they have 692 00:33:59,280 --> 00:34:01,800 Speaker 1: to go build their own Swiss system. They'll just go 693 00:34:01,880 --> 00:34:05,280 Speaker 1: to a completely different system altogether. So that's what's being 694 00:34:05,600 --> 00:34:08,880 Speaker 1: that's the most likely scenario. They probably mostly realize that 695 00:34:08,920 --> 00:34:10,719 Speaker 1: the gold isn't going to work, maybe they can go 696 00:34:10,719 --> 00:34:14,040 Speaker 1: to something like this, But the problem is still one 697 00:34:14,600 --> 00:34:16,759 Speaker 1: we have a trust problem. Now the part of that 698 00:34:16,760 --> 00:34:18,919 Speaker 1: trust problem has been solved because now we can have 699 00:34:20,040 --> 00:34:23,120 Speaker 1: quick settlement maybe potentially final settlement if you will, of 700 00:34:23,160 --> 00:34:27,719 Speaker 1: those CBDCs. But the bigger problem is it's still fiat currency. 701 00:34:28,320 --> 00:34:31,359 Speaker 1: It doesn't solve the problem. As we've gone back through 702 00:34:31,440 --> 00:34:34,720 Speaker 1: from the Bank of England to the head of massive 703 00:34:34,760 --> 00:34:38,560 Speaker 1: amounts of money printing. Obviously, the more money you print 704 00:34:38,600 --> 00:34:41,760 Speaker 1: the worth the less that money is worth, which causes 705 00:34:41,840 --> 00:34:44,200 Speaker 1: massive inflation, which we see spiral arount of control all 706 00:34:44,239 --> 00:34:46,560 Speaker 1: around the world. The massive amounts of debt. We talked about, 707 00:34:46,800 --> 00:34:52,239 Speaker 1: the percentage of deficit spending two gdp of production is 708 00:34:52,440 --> 00:34:55,520 Speaker 1: completely exploding now. It typically happens in wars, and now 709 00:34:55,560 --> 00:34:59,160 Speaker 1: we have wars everywhere we look. And so if the 710 00:34:59,200 --> 00:35:02,360 Speaker 1: government is going to continue to print money, we continue 711 00:35:02,360 --> 00:35:04,080 Speaker 1: to get more debt, we continue to have more inflation, 712 00:35:04,320 --> 00:35:07,200 Speaker 1: we continue to have a lower standard of living, which 713 00:35:07,280 --> 00:35:09,160 Speaker 1: it causes a breakdown. We cover this all the time 714 00:35:09,160 --> 00:35:12,600 Speaker 1: in every area of life. And so if they could 715 00:35:12,600 --> 00:35:14,480 Speaker 1: take care of the trust problem, if they can take 716 00:35:14,480 --> 00:35:17,319 Speaker 1: care of the speed of settlement problem, I still have 717 00:35:17,400 --> 00:35:20,200 Speaker 1: the problem of having a fiat currency which could be 718 00:35:20,280 --> 00:35:23,839 Speaker 1: printed in mass. And so in my opinion, it sort 719 00:35:23,880 --> 00:35:26,200 Speaker 1: of sounds like and I pose this question to Peter 720 00:35:26,360 --> 00:35:28,240 Speaker 1: Zion I talked to I had him on my show, 721 00:35:28,360 --> 00:35:31,400 Speaker 1: and he kind of set We had this whole conversation 722 00:35:31,480 --> 00:35:33,399 Speaker 1: and he kind of sets this up, how no nation 723 00:35:33,520 --> 00:35:35,000 Speaker 1: is going to trust each other, and every nation is 724 00:35:35,040 --> 00:35:37,000 Speaker 1: going to be looking out for themselves, and every nation 725 00:35:37,080 --> 00:35:39,880 Speaker 1: is going to be trying to manage their own books, 726 00:35:39,920 --> 00:35:42,600 Speaker 1: their own commodities, their own money, and they're not going 727 00:35:42,680 --> 00:35:44,120 Speaker 1: to trust each other. And I said, it sort of 728 00:35:44,160 --> 00:35:47,880 Speaker 1: sounds like we need like a decentralized ledger that nobody 729 00:35:47,880 --> 00:35:51,520 Speaker 1: can control. Because in a world where we don't trust anybody, 730 00:35:51,800 --> 00:35:55,040 Speaker 1: who are you going to trust to hold the ledger? 731 00:35:55,320 --> 00:35:57,480 Speaker 1: Even in the project inmbridge, who are you going to 732 00:35:57,560 --> 00:36:01,560 Speaker 1: trust to do the swap? And of course we have 733 00:36:01,600 --> 00:36:04,080 Speaker 1: one that's bitcoin, right, So bitcoin gives us this decentralized 734 00:36:04,160 --> 00:36:07,360 Speaker 1: ledger that nobody can control. It's a neutral reserve asset 735 00:36:07,360 --> 00:36:09,680 Speaker 1: that can be used, that can be stored, and it 736 00:36:09,719 --> 00:36:14,480 Speaker 1: can be transferred almost free and almost instantaneous at the 737 00:36:14,480 --> 00:36:19,080 Speaker 1: same time, instead of every nation using their own currency, 738 00:36:19,160 --> 00:36:22,160 Speaker 1: instead of every nation trying to manage their supply and 739 00:36:22,280 --> 00:36:26,239 Speaker 1: manipulate their prices, instead of trying to trust essential administrator 740 00:36:26,280 --> 00:36:29,759 Speaker 1: like the mbridge, like the BIS to manage this process. Says, 741 00:36:30,200 --> 00:36:34,360 Speaker 1: all of that trust that's required in that system, we 742 00:36:34,400 --> 00:36:37,279 Speaker 1: can go to a new system that's considered trust lists, 743 00:36:38,080 --> 00:36:41,279 Speaker 1: that nobody can control, that has all the benefits. And 744 00:36:41,360 --> 00:36:44,160 Speaker 1: so while it seems like, if I'm having to guess, 745 00:36:44,200 --> 00:36:46,640 Speaker 1: it looks like you know, most likely we're already seeing 746 00:36:46,640 --> 00:36:48,719 Speaker 1: that gold is being that reserve asset. If you're just 747 00:36:48,719 --> 00:36:50,359 Speaker 1: tune in, you're listening to the Mark Maas Show. We've 748 00:36:50,360 --> 00:36:53,440 Speaker 1: been breaking down the end of the international monetary system 749 00:36:53,480 --> 00:36:55,720 Speaker 1: as we know it today. It's a long show. Hopefully 750 00:36:55,760 --> 00:36:57,200 Speaker 1: you caught it. If not, you can catch me on 751 00:36:57,239 --> 00:36:59,160 Speaker 1: the podcast. Just search the Mark mash Show on your 752 00:36:59,200 --> 00:37:01,880 Speaker 1: favorite podcast or check it out on YouTube at Market 753 00:37:01,920 --> 00:37:04,040 Speaker 1: Disruptor's channel. And that's what I got. Let me know 754 00:37:04,120 --> 00:37:05,760 Speaker 1: on social media which you think about that show today. 755 00:37:06,080 --> 00:37:06,760 Speaker 1: Thanks for listening.