1 00:00:01,080 --> 00:00:04,640 Speaker 1: Welcome everybody to another episode of Financial Harrisey, where we 2 00:00:04,880 --> 00:00:07,280 Speaker 1: discuss how money works so that you can make more, 3 00:00:07,760 --> 00:00:10,440 Speaker 1: keep more, and give more. My name is Joe Brown, 4 00:00:10,480 --> 00:00:14,600 Speaker 1: and today we are talking about the emergence of central 5 00:00:14,640 --> 00:00:20,040 Speaker 1: bank digital currencies. CBDCs have been getting a lot of 6 00:00:20,160 --> 00:00:23,840 Speaker 1: news lately as a few things have been going on. 7 00:00:24,000 --> 00:00:30,360 Speaker 1: Number one, we have Nigeria there uh cryptocurrency um there, 8 00:00:30,400 --> 00:00:34,480 Speaker 1: their central bank digital currency experiment has failed. They were 9 00:00:34,520 --> 00:00:38,239 Speaker 1: one of the uh Petrie dishes if you will, that 10 00:00:38,320 --> 00:00:41,720 Speaker 1: the global elites were watching hopefully to see if we 11 00:00:41,760 --> 00:00:45,800 Speaker 1: could get a successful CBDC rolling in a country where 12 00:00:45,800 --> 00:00:50,440 Speaker 1: the people like digital currencies. In Nigeria, they have one 13 00:00:50,440 --> 00:00:53,040 Speaker 1: of the highest adoption rates of bitcoin in the world. 14 00:00:53,120 --> 00:00:55,880 Speaker 1: I think their ranked number ten or eleven UM and 15 00:00:56,160 --> 00:00:58,720 Speaker 1: uh so the government there try to roll out a 16 00:00:58,800 --> 00:01:03,040 Speaker 1: CBDC and utterly failed. The people rejected it. Uh Later 17 00:01:03,080 --> 00:01:06,280 Speaker 1: on we had uh Christine Leguard come out and make 18 00:01:06,319 --> 00:01:09,560 Speaker 1: a speech. They're about halfway through their research period there 19 00:01:09,560 --> 00:01:12,840 Speaker 1: to year research period on CBDCs, and so she came 20 00:01:12,840 --> 00:01:15,360 Speaker 1: out giving kind of an update and saying here's what 21 00:01:15,400 --> 00:01:19,479 Speaker 1: we're thinking in terms of the proposed legislation that will 22 00:01:19,520 --> 00:01:22,360 Speaker 1: be coming out later on what kind of things we 23 00:01:22,400 --> 00:01:26,679 Speaker 1: will be pushing for in terms of the features of 24 00:01:26,680 --> 00:01:31,680 Speaker 1: the CBDC and it's privacy, it's security, and the things 25 00:01:31,720 --> 00:01:33,880 Speaker 1: that will allow people to use it for won't allow 26 00:01:33,880 --> 00:01:36,320 Speaker 1: people to use it for. So in light of all this, 27 00:01:36,640 --> 00:01:38,600 Speaker 1: we are seeing more and more of a move towards 28 00:01:38,680 --> 00:01:43,200 Speaker 1: CBDCs globally. Uh, this is uh logical that this is 29 00:01:43,240 --> 00:01:46,080 Speaker 1: where we will be headed, at least in some countries, 30 00:01:46,600 --> 00:01:51,720 Speaker 1: given the nature of how things evolved, the escalation of 31 00:01:51,800 --> 00:01:55,760 Speaker 1: power regarding money. And so we need to go through 32 00:01:55,800 --> 00:02:00,000 Speaker 1: here to really uh take this thing apart and understand 33 00:02:00,120 --> 00:02:04,080 Speaker 1: end what our CBDCs, how do they differ from other 34 00:02:04,200 --> 00:02:07,080 Speaker 1: forms of money, Why why it will be so vastly 35 00:02:07,120 --> 00:02:10,400 Speaker 1: different than the financial system that we have today, and 36 00:02:10,919 --> 00:02:14,560 Speaker 1: why it is so important that this is where we 37 00:02:14,639 --> 00:02:16,520 Speaker 1: draw the line in the sand and say no, none 38 00:02:16,560 --> 00:02:19,600 Speaker 1: of us will, none of us will cross that line, um, 39 00:02:19,639 --> 00:02:23,520 Speaker 1: and do not let let a foothold, let them take 40 00:02:23,560 --> 00:02:27,919 Speaker 1: a foothold here with CBDCs. So in order to what 41 00:02:28,120 --> 00:02:30,959 Speaker 1: in order to do this, we've got to describe the 42 00:02:31,440 --> 00:02:35,240 Speaker 1: technology at the at the at the foundation of a 43 00:02:35,320 --> 00:02:39,800 Speaker 1: CBDC a CBDC is just strictly led your money. And 44 00:02:39,840 --> 00:02:43,679 Speaker 1: the best way to what visualize this is a billboard 45 00:02:44,200 --> 00:02:46,960 Speaker 1: and an Excel spreadsheet. So let's talk about the billboard. First. 46 00:02:47,440 --> 00:02:51,280 Speaker 1: Imagine a giant, magical billboard and on this billboard it's 47 00:02:51,320 --> 00:02:53,520 Speaker 1: it's a magic billboard. So everybody in the world can 48 00:02:53,560 --> 00:02:56,640 Speaker 1: see this billboard at any time. And on this billboard 49 00:02:56,680 --> 00:03:01,120 Speaker 1: it has the information about every single account that exists 50 00:03:01,280 --> 00:03:03,680 Speaker 1: with money in it, let's just say, every bank account. 51 00:03:03,919 --> 00:03:06,160 Speaker 1: And it also has a list of transactions, all the 52 00:03:06,160 --> 00:03:08,400 Speaker 1: transactions that have ever taken place between all the bank 53 00:03:08,400 --> 00:03:12,840 Speaker 1: accounts back to the very first transaction. This is a ledger. 54 00:03:12,919 --> 00:03:15,960 Speaker 1: Ledger just means list. So this would be uh an 55 00:03:15,960 --> 00:03:18,720 Speaker 1: example of a public ledger because it's a magic billboard 56 00:03:18,760 --> 00:03:21,600 Speaker 1: that literally everybody can see. Now, in this example, it 57 00:03:21,639 --> 00:03:25,160 Speaker 1: would be impossible to counterfeit money because somebody would, you know, 58 00:03:25,320 --> 00:03:27,960 Speaker 1: sneak up to this billboard right up there on account 59 00:03:28,040 --> 00:03:30,480 Speaker 1: number and change the amount of money in their account. Well, 60 00:03:30,520 --> 00:03:32,520 Speaker 1: then everybody would look at that and see, well, no, 61 00:03:33,000 --> 00:03:37,480 Speaker 1: we watched you change this number one number two. We 62 00:03:37,520 --> 00:03:40,440 Speaker 1: can see that the money that you have in your account, 63 00:03:40,480 --> 00:03:42,800 Speaker 1: we can see that it didn't come from anybody else's account. 64 00:03:42,840 --> 00:03:46,160 Speaker 1: There's a transaction history list for everybody, and you don't 65 00:03:46,200 --> 00:03:48,880 Speaker 1: have one, So everybody would be able to immediately tell 66 00:03:49,000 --> 00:03:52,360 Speaker 1: this was a fraudulent amount of money, and we could 67 00:03:52,480 --> 00:03:57,280 Speaker 1: just disregarded or deleted or cancel it or change it back. Um. 68 00:03:57,320 --> 00:04:00,960 Speaker 1: This is a way of describing kind of how bitcoin works. 69 00:04:00,960 --> 00:04:04,320 Speaker 1: And so another way to visualize this is an Excel spreadsheet. 70 00:04:04,640 --> 00:04:08,120 Speaker 1: Everybody's used Excel uh in an Excel spreadsheet, have the 71 00:04:08,120 --> 00:04:11,400 Speaker 1: ability to share the link, the Excel ink, and so 72 00:04:11,520 --> 00:04:13,480 Speaker 1: you can share it with people, so you can have 73 00:04:13,560 --> 00:04:16,480 Speaker 1: multiple people all view being able to view the Excel 74 00:04:16,520 --> 00:04:21,000 Speaker 1: spreadsheet and potentially edit the spreadsheet as well. So let's 75 00:04:21,000 --> 00:04:23,480 Speaker 1: say you you have this Excel spreadsheet and you have 76 00:04:23,520 --> 00:04:25,960 Speaker 1: a bunch of a bunch of rows that all have 77 00:04:26,160 --> 00:04:29,240 Speaker 1: account numbers, and then you have, you know, the next 78 00:04:29,279 --> 00:04:32,000 Speaker 1: column over has how much money is in that account, 79 00:04:32,240 --> 00:04:34,839 Speaker 1: and then every column over from there shows every transaction 80 00:04:34,880 --> 00:04:37,040 Speaker 1: that has taken place, So where all that money came from. 81 00:04:37,080 --> 00:04:39,240 Speaker 1: So I've got a hundred bucks, and I got that 82 00:04:39,400 --> 00:04:41,719 Speaker 1: hundred bucks from my job, and they got that hundred 83 00:04:41,720 --> 00:04:43,680 Speaker 1: bucks from a product that they sold, and then you know, 84 00:04:43,720 --> 00:04:45,040 Speaker 1: so on and so forth. I will be back to 85 00:04:45,080 --> 00:04:48,039 Speaker 1: the very very first transaction. So there's a complete transaction 86 00:04:48,080 --> 00:04:51,679 Speaker 1: history list, account list with all the money in it. Again, 87 00:04:51,800 --> 00:04:55,039 Speaker 1: seem exact thing here. This is a public ledger. Anybody 88 00:04:55,120 --> 00:04:57,880 Speaker 1: who has the link can view this, and anybody can 89 00:04:58,320 --> 00:05:01,200 Speaker 1: propose a change or make can edit. And then if 90 00:05:01,240 --> 00:05:03,760 Speaker 1: an edit happens, there's an edit history list. We can 91 00:05:03,760 --> 00:05:05,919 Speaker 1: all look and say no, no, no, that was fraudulent. 92 00:05:05,960 --> 00:05:08,279 Speaker 1: We're going to change that back. And so it's uh, 93 00:05:08,400 --> 00:05:12,440 Speaker 1: this is an example of public ledger money. It's just software. Uh, 94 00:05:12,480 --> 00:05:16,120 Speaker 1: there's there's nothing there behind it. There's no you know, 95 00:05:16,160 --> 00:05:19,520 Speaker 1: it's not redeemable for anything. This is simply just a 96 00:05:19,560 --> 00:05:22,520 Speaker 1: list of who has how much money and where that 97 00:05:22,600 --> 00:05:26,800 Speaker 1: money came from. Now, there are many different ways rules 98 00:05:26,839 --> 00:05:28,960 Speaker 1: that you could apply to a money system like this. 99 00:05:29,360 --> 00:05:31,360 Speaker 1: You could apply a rule to this and say, hey, 100 00:05:31,800 --> 00:05:34,520 Speaker 1: the total amount of money that can exist on this 101 00:05:34,600 --> 00:05:38,200 Speaker 1: spreadsheet is twenty one million dollars, and you could say 102 00:05:38,400 --> 00:05:41,559 Speaker 1: it has to be split up that you know, there's 103 00:05:41,600 --> 00:05:44,440 Speaker 1: only twenty one million dollars that exist on this spreadsheet. 104 00:05:44,720 --> 00:05:48,000 Speaker 1: And so no matter how many people join the spreadsheet 105 00:05:48,279 --> 00:05:51,440 Speaker 1: and have accounts on here, uh there. You know, the 106 00:05:51,520 --> 00:05:54,280 Speaker 1: twenty one million dollars has to get split up and divided, 107 00:05:54,680 --> 00:05:57,680 Speaker 1: you know, among these people. And so you might say, okay, 108 00:05:57,720 --> 00:05:59,880 Speaker 1: well how do I get some of that money? Then well, 109 00:06:00,520 --> 00:06:02,720 Speaker 1: you could go to somebody on the spreadsheet and say, hey, 110 00:06:02,800 --> 00:06:06,000 Speaker 1: you've got some dollars on this spreadsheet and I want 111 00:06:06,040 --> 00:06:09,000 Speaker 1: some what would you like, uh, in return for some 112 00:06:09,040 --> 00:06:11,240 Speaker 1: of those dollars? And they might say, why don't you 113 00:06:11,279 --> 00:06:13,480 Speaker 1: work for me for a day, And then you would 114 00:06:13,520 --> 00:06:15,600 Speaker 1: say sure, and then you give me, you know, a 115 00:06:15,680 --> 00:06:17,960 Speaker 1: hundred dollars and so they say, okay, so you work 116 00:06:18,040 --> 00:06:19,800 Speaker 1: for them for a day, and then we go to 117 00:06:19,839 --> 00:06:22,799 Speaker 1: the spreadsheet and I create an account on the spreadsheet 118 00:06:22,839 --> 00:06:26,120 Speaker 1: and you transfer one from your cell on the spreadsheet 119 00:06:26,160 --> 00:06:28,880 Speaker 1: to mine, and it's verified. Everybody sees it take place 120 00:06:29,120 --> 00:06:31,680 Speaker 1: and sees, okay, yeah, he decided to give him a 121 00:06:31,760 --> 00:06:34,800 Speaker 1: hundred dollars um. And so now that's recorded. Now that's 122 00:06:34,839 --> 00:06:38,560 Speaker 1: on that public spreadsheet that everybody looks at and says, okay, yep, 123 00:06:38,839 --> 00:06:42,000 Speaker 1: we agree, this transaction happens. So now that hundred dollars 124 00:06:42,200 --> 00:06:46,200 Speaker 1: is has now been transferred. Now this is really a 125 00:06:46,240 --> 00:06:49,599 Speaker 1: description of how bitcoin works. There are other forms of 126 00:06:49,640 --> 00:06:53,680 Speaker 1: cryptocurrencies out there obviously that that all work a little 127 00:06:53,680 --> 00:06:56,400 Speaker 1: bit differently. You know, maybe some of them they have 128 00:06:56,600 --> 00:06:59,560 Speaker 1: a team of people who can decide how many there are. 129 00:06:59,640 --> 00:07:01,800 Speaker 1: So it's out of being twenty one million, there's a 130 00:07:01,800 --> 00:07:04,000 Speaker 1: team of people deciding, Okay, we're gonna have you know, 131 00:07:04,200 --> 00:07:06,800 Speaker 1: more of them or less of them, depending on what 132 00:07:06,839 --> 00:07:10,520 Speaker 1: goes on. How many people are using the spreadsheet um. 133 00:07:10,600 --> 00:07:15,160 Speaker 1: And there are certain other cryptocurrencies that have different rules 134 00:07:15,280 --> 00:07:20,840 Speaker 1: on who can view the spreadsheet, who can edit the spreadsheet? Um? 135 00:07:21,880 --> 00:07:26,840 Speaker 1: What what kind of computing requirements are required for accessing 136 00:07:27,120 --> 00:07:31,240 Speaker 1: So all sorts of different rules as a way of 137 00:07:32,600 --> 00:07:37,120 Speaker 1: accessing and using this Ledger money. And so when you 138 00:07:37,120 --> 00:07:41,200 Speaker 1: hear blockchain, when you hear cryptocurrency, when you hear bitcoin, CBDC, 139 00:07:41,440 --> 00:07:45,120 Speaker 1: these are all variations of Ledger money. It's just a 140 00:07:45,160 --> 00:07:49,520 Speaker 1: list describing who has what money. The differences between them 141 00:07:49,560 --> 00:07:54,160 Speaker 1: are how difficult is it to change, uh, the amount 142 00:07:54,160 --> 00:07:57,080 Speaker 1: of money in somebody's account? Um, How difficult is it 143 00:07:57,120 --> 00:08:01,080 Speaker 1: to see how much money is in each account? What 144 00:08:01,200 --> 00:08:03,760 Speaker 1: type of information is associated with each account? Is it 145 00:08:03,880 --> 00:08:06,200 Speaker 1: somebody's name, is it just an account number? Is it 146 00:08:06,240 --> 00:08:10,040 Speaker 1: their entire financial history is it absolutely nothing. So there's 147 00:08:10,120 --> 00:08:13,880 Speaker 1: all sorts of variations across all these questions that we're 148 00:08:13,920 --> 00:08:17,320 Speaker 1: discussing here, but ultimately, at the base layer, they're all 149 00:08:17,360 --> 00:08:19,760 Speaker 1: still led your money. So the ones that I've been 150 00:08:19,760 --> 00:08:23,240 Speaker 1: describing so far has been public ledger money. If we 151 00:08:23,280 --> 00:08:26,280 Speaker 1: move on to the uh kind of the other extreme, 152 00:08:26,400 --> 00:08:29,880 Speaker 1: we get to private ledger money, and a private ledger 153 00:08:30,000 --> 00:08:32,720 Speaker 1: is just like it sounds. Instead of everybody in the 154 00:08:32,720 --> 00:08:36,120 Speaker 1: world having access to see this magic billboard, only a 155 00:08:36,160 --> 00:08:40,480 Speaker 1: select few the usually the creators of the currency, the cryptocurrency, 156 00:08:40,720 --> 00:08:44,640 Speaker 1: have access to see the accounts. Now, if that's where 157 00:08:44,640 --> 00:08:47,440 Speaker 1: it stopped, you'd say, well, this seems a little bit shady. 158 00:08:47,559 --> 00:08:50,520 Speaker 1: But as long as that's where it stops, then I 159 00:08:50,559 --> 00:08:54,360 Speaker 1: don't really see a problem there. If everybody has the 160 00:08:54,440 --> 00:08:57,800 Speaker 1: ability to see it um or only one person has 161 00:08:57,800 --> 00:09:00,480 Speaker 1: the ability to see it, it makes no really makes 162 00:09:00,480 --> 00:09:05,000 Speaker 1: no inherent difference if all the other rules are the same. Now, 163 00:09:05,040 --> 00:09:07,640 Speaker 1: where it comes down to the real difference, the real 164 00:09:07,720 --> 00:09:11,719 Speaker 1: rub there is trust because if only one person can 165 00:09:11,760 --> 00:09:15,080 Speaker 1: see it versus everybody could see it, then you have 166 00:09:15,120 --> 00:09:19,240 Speaker 1: to ask the question, why why make it so that 167 00:09:19,320 --> 00:09:22,960 Speaker 1: only one person can see it? If everything else is identical. 168 00:09:23,040 --> 00:09:26,240 Speaker 1: And the answer is, well, obviously everything else is not identical, 169 00:09:26,400 --> 00:09:28,680 Speaker 1: and so what are some of the other differences that 170 00:09:28,840 --> 00:09:31,320 Speaker 1: make this private so that only a few people can 171 00:09:31,320 --> 00:09:35,440 Speaker 1: see it. Well, Number one is the information associated with 172 00:09:35,440 --> 00:09:39,079 Speaker 1: the accounts, so it's something like bitcoin. The information associated 173 00:09:39,080 --> 00:09:42,200 Speaker 1: with the account is simply an account number UM, and 174 00:09:42,240 --> 00:09:45,360 Speaker 1: so this is called like pseudonymous. It's not anonymous. Is 175 00:09:45,400 --> 00:09:48,400 Speaker 1: called pseudonymous, which means that it's like a pseudonym. It's like, 176 00:09:48,679 --> 00:09:50,520 Speaker 1: you know, if you write a book but you don't 177 00:09:50,559 --> 00:09:52,120 Speaker 1: want to write it under your own name, you write 178 00:09:52,120 --> 00:09:54,079 Speaker 1: it under a pen name. That's called a pseudonym. So 179 00:09:54,440 --> 00:09:57,160 Speaker 1: you have somebody a different name out there. So when 180 00:09:57,160 --> 00:09:59,960 Speaker 1: everybody looks at that, they think, oh, John Smith wrote 181 00:10:00,080 --> 00:10:04,319 Speaker 1: this book, but it was actually uh phil uh ericson 182 00:10:04,760 --> 00:10:06,679 Speaker 1: Um and he just didn't want to put out his 183 00:10:06,679 --> 00:10:09,600 Speaker 1: his real name, and so everybody looks at the pen name, 184 00:10:09,640 --> 00:10:12,800 Speaker 1: that pseudonym instead of the real name. But there is 185 00:10:12,840 --> 00:10:15,400 Speaker 1: a connection there, and if somebody digs deep enough, they 186 00:10:15,440 --> 00:10:18,480 Speaker 1: could find who the who the real author is behind 187 00:10:18,520 --> 00:10:22,800 Speaker 1: that pen name. It's the same thing with a pseudonymous cryptocurrency, 188 00:10:23,040 --> 00:10:25,320 Speaker 1: where there's just an account number out there. That's true, 189 00:10:25,360 --> 00:10:28,080 Speaker 1: that's the only publicly facing information. But if you have 190 00:10:28,160 --> 00:10:31,240 Speaker 1: access to you know a little, you know some hacker skills. 191 00:10:31,360 --> 00:10:33,960 Speaker 1: If you're the FBI, the CIA, you can get in 192 00:10:34,040 --> 00:10:36,320 Speaker 1: you can see somebody's IP address. If you can hack 193 00:10:36,360 --> 00:10:40,280 Speaker 1: into some different things like Google drives where people store 194 00:10:40,400 --> 00:10:44,280 Speaker 1: their access to their crypto wallets, you can find out 195 00:10:44,360 --> 00:10:49,240 Speaker 1: the information on who owns the accounts with With a 196 00:10:49,240 --> 00:10:51,240 Speaker 1: private ledger money, though, it's going to be very different 197 00:10:51,480 --> 00:10:54,600 Speaker 1: because it's private. You don't have to worry about everybody 198 00:10:54,600 --> 00:10:59,560 Speaker 1: in the world seeing private information because, uh, regardless of 199 00:10:59,559 --> 00:11:03,200 Speaker 1: what nation is on his associate with the account, Uh, 200 00:11:03,240 --> 00:11:05,120 Speaker 1: it's gonna be private. It's not gonna be public. And 201 00:11:05,200 --> 00:11:11,000 Speaker 1: so uh these private ledger moneis, cryptocurrencies, CBDCs, they take 202 00:11:11,120 --> 00:11:14,120 Speaker 1: all the information. If you want to have an account there, 203 00:11:14,200 --> 00:11:16,960 Speaker 1: you have to give them your name, your address, your 204 00:11:17,040 --> 00:11:20,560 Speaker 1: date of birth, your social Security number, your net worth, 205 00:11:20,760 --> 00:11:26,160 Speaker 1: your income, your financial history, literally everything about you is known. 206 00:11:26,760 --> 00:11:29,439 Speaker 1: Now you might think this is crazy, but every single 207 00:11:29,480 --> 00:11:32,719 Speaker 1: one of us does this, has this has many of 208 00:11:32,800 --> 00:11:35,960 Speaker 1: these types of accounts. These are called bank accounts and 209 00:11:36,160 --> 00:11:41,040 Speaker 1: brokerage accounts, and any normal financial institution where you have 210 00:11:41,960 --> 00:11:45,640 Speaker 1: an account there. They have to follow the laws that 211 00:11:45,679 --> 00:11:48,920 Speaker 1: are called k y C Know your Customer, anti money 212 00:11:49,000 --> 00:11:52,480 Speaker 1: Laundering laws, the Patriot Act. These are all laws and 213 00:11:52,520 --> 00:11:57,439 Speaker 1: regulations that require financial institutions to gather all the information 214 00:11:57,480 --> 00:11:59,880 Speaker 1: about you in order to open up an account for you. 215 00:12:00,720 --> 00:12:05,160 Speaker 1: Why well, power control. The government wants to be able 216 00:12:05,240 --> 00:12:08,160 Speaker 1: to make sure they know who is doing what where, 217 00:12:08,640 --> 00:12:11,559 Speaker 1: and so all these banks have to collect all this information. 218 00:12:12,200 --> 00:12:15,760 Speaker 1: And so they have they have all this information. A 219 00:12:15,800 --> 00:12:19,200 Speaker 1: private ledger money is going to be at least that 220 00:12:19,320 --> 00:12:23,520 Speaker 1: much information because since it's private, they don't have to 221 00:12:23,520 --> 00:12:25,520 Speaker 1: worry about the public seeing it, Like you can't log 222 00:12:25,600 --> 00:12:29,880 Speaker 1: into your Bank of America account and see my Bank 223 00:12:29,880 --> 00:12:33,720 Speaker 1: of America information, and so, uh, they don't have to 224 00:12:33,720 --> 00:12:36,800 Speaker 1: worry about other people having access to this. They're the 225 00:12:36,800 --> 00:12:38,959 Speaker 1: only ones that have access to this. Now. They want 226 00:12:39,000 --> 00:12:41,880 Speaker 1: to make sure that they know, hey, this guy has 227 00:12:41,920 --> 00:12:43,720 Speaker 1: two accounts or this guy only has one account. They 228 00:12:43,720 --> 00:12:45,920 Speaker 1: want to make sure that they know who has what accounts. 229 00:12:45,920 --> 00:12:47,480 Speaker 1: So that's why they get all your information to make 230 00:12:47,520 --> 00:12:50,800 Speaker 1: sure there's no duplication and things like that. So the 231 00:12:50,840 --> 00:12:54,600 Speaker 1: other reason why it's why it's private um is because 232 00:12:55,120 --> 00:12:59,360 Speaker 1: of control. Now we talked about the public ledger money 233 00:12:59,400 --> 00:13:02,560 Speaker 1: like Bitcoin, how nobody can go in and just decide 234 00:13:02,600 --> 00:13:05,560 Speaker 1: to create, you know, another million bitcoin, make it go 235 00:13:05,600 --> 00:13:09,920 Speaker 1: from twenty one million bitcoins to twenty two million bitcoins um. 236 00:13:09,960 --> 00:13:13,760 Speaker 1: And so it's important to have that type of cryptocurrency 237 00:13:13,760 --> 00:13:16,320 Speaker 1: be public so that everybody can verify, yes, they're still 238 00:13:16,320 --> 00:13:20,440 Speaker 1: only twenty one million, there's a twenty one million cap um. 239 00:13:20,480 --> 00:13:25,200 Speaker 1: With a private cryptocurrency like a CBDC, it is private 240 00:13:25,280 --> 00:13:27,319 Speaker 1: because only the people who are in control of it 241 00:13:27,679 --> 00:13:31,760 Speaker 1: have access to see the total supply. And so the 242 00:13:31,840 --> 00:13:35,760 Speaker 1: control is where this comes from. Where you don't want 243 00:13:36,120 --> 00:13:38,480 Speaker 1: people to be able to see what is going on 244 00:13:38,600 --> 00:13:41,080 Speaker 1: in terms of the total supply, the transactions that are 245 00:13:41,120 --> 00:13:44,480 Speaker 1: taking place, uh, and any changes to that that you 246 00:13:44,600 --> 00:13:48,000 Speaker 1: might need to make as a controlling entity. Because if 247 00:13:48,040 --> 00:13:51,559 Speaker 1: people know about it, they might not agree with it, 248 00:13:51,600 --> 00:13:53,599 Speaker 1: they might not like it, they might not want to 249 00:13:53,679 --> 00:13:57,080 Speaker 1: keep on using it, whatever whatever it might be. And 250 00:13:57,160 --> 00:14:01,800 Speaker 1: so those the reasons to have your crypto currency be private. 251 00:14:02,840 --> 00:14:08,880 Speaker 1: Now we have to discuss the slow rollout because in 252 00:14:08,880 --> 00:14:14,600 Speaker 1: in reality, if the government came out tomorrow United States 253 00:14:14,600 --> 00:14:17,640 Speaker 1: government and said, hey, we're starting a central bank digital 254 00:14:17,720 --> 00:14:21,320 Speaker 1: currency your paper cash is now worthless. You have twenty 255 00:14:21,320 --> 00:14:24,080 Speaker 1: four hours to turn it in for the equivalent amount 256 00:14:24,200 --> 00:14:27,800 Speaker 1: in the new CBDC. Your digital dollars that are currently 257 00:14:27,840 --> 00:14:31,320 Speaker 1: in your bank accounts are worthless. Uh. Within the next 258 00:14:31,360 --> 00:14:34,440 Speaker 1: twenty four hours, your bank will be automatically rolled up 259 00:14:34,480 --> 00:14:37,240 Speaker 1: and signed up for the new CBDC and your dollars 260 00:14:37,280 --> 00:14:41,400 Speaker 1: will be converted into the new CBDC. Um. If they've 261 00:14:41,440 --> 00:14:44,760 Speaker 1: tried to do this all at once, guess what, Guess what, 262 00:14:44,800 --> 00:14:50,800 Speaker 1: the result would be all out panic and rejection. It 263 00:14:50,920 --> 00:14:54,880 Speaker 1: would just not work. Everybody would be so it would 264 00:14:54,920 --> 00:14:57,560 Speaker 1: be so in your face about the changes. People would 265 00:14:57,560 --> 00:14:59,640 Speaker 1: be wondering, Okay, well new money, what does that mean? 266 00:14:59,680 --> 00:15:01,440 Speaker 1: What are all the changes? What are all the differences? 267 00:15:01,480 --> 00:15:05,840 Speaker 1: And then they'd realize how tyrannical the CBDCs look, and 268 00:15:05,840 --> 00:15:07,680 Speaker 1: they would just they would have rejected. It would be 269 00:15:07,720 --> 00:15:11,800 Speaker 1: an utter failure um in rolling it out. So you've 270 00:15:11,800 --> 00:15:14,520 Speaker 1: got to boil a frog slowly. You've got to do 271 00:15:14,600 --> 00:15:17,600 Speaker 1: this in very small steps and stages. Why do you 272 00:15:17,640 --> 00:15:21,760 Speaker 1: think that the United States Government, the Federal Reserve, the 273 00:15:21,840 --> 00:15:25,240 Speaker 1: European Union, all these countries in around the world, they 274 00:15:25,280 --> 00:15:29,360 Speaker 1: have a two year research period why do you think 275 00:15:29,400 --> 00:15:31,920 Speaker 1: they needed to year research period. Well, number one, it's 276 00:15:31,920 --> 00:15:36,640 Speaker 1: because they're incompetent, and so they've got to study this 277 00:15:36,680 --> 00:15:39,760 Speaker 1: stuff to learn how the technology works so that if 278 00:15:39,800 --> 00:15:42,120 Speaker 1: they ever try and do it, they at least have 279 00:15:42,200 --> 00:15:43,760 Speaker 1: a little bit of an idea of what they're doing. 280 00:15:43,800 --> 00:15:45,640 Speaker 1: So it takes them a long time to learn things. 281 00:15:45,680 --> 00:15:48,280 Speaker 1: These guys are not the brightest, uh, the sharpest tools 282 00:15:48,280 --> 00:15:50,840 Speaker 1: in the shed. So that's number one. But number two, 283 00:15:51,360 --> 00:15:53,720 Speaker 1: it's because they have to get the public used to 284 00:15:54,280 --> 00:15:58,760 Speaker 1: hearing about the government talk about CBDCs, hearing their central 285 00:15:58,800 --> 00:16:02,080 Speaker 1: banks discuss, Hey, if we were to do a CBDC, 286 00:16:02,480 --> 00:16:04,800 Speaker 1: here's the things we're thinking about. What does the public 287 00:16:04,840 --> 00:16:08,680 Speaker 1: think about this? So they have to get people slowly 288 00:16:08,800 --> 00:16:12,920 Speaker 1: used and familiar with hearing about CBDCs and hearing CBDCs 289 00:16:12,960 --> 00:16:16,960 Speaker 1: get talked about. Digital money get talked about. Um. Now 290 00:16:17,040 --> 00:16:20,400 Speaker 1: we have to a side note here. I've said digital 291 00:16:20,440 --> 00:16:23,560 Speaker 1: money a few times and there are many people who think, Okay, 292 00:16:23,560 --> 00:16:26,720 Speaker 1: well I I really don't understand the difference because right 293 00:16:26,720 --> 00:16:30,040 Speaker 1: now my dollars are digital. I transfer digital dollars from 294 00:16:30,040 --> 00:16:32,440 Speaker 1: my digital bank account. I opened up my app transfer 295 00:16:32,480 --> 00:16:34,720 Speaker 1: them over to my digital brokerage account use them to 296 00:16:34,760 --> 00:16:38,160 Speaker 1: buy digital shares of stocks. It's all digital. So what 297 00:16:38,320 --> 00:16:42,600 Speaker 1: is the difference. So we've discussed how led your money works. 298 00:16:43,000 --> 00:16:46,000 Speaker 1: That's different than how money works today. And I do 299 00:16:46,320 --> 00:16:49,760 Speaker 1: have to refer you back to the first three episodes 300 00:16:50,200 --> 00:16:54,320 Speaker 1: of this podcast go through the entire history of monetary 301 00:16:54,400 --> 00:16:58,640 Speaker 1: systems so that you can understand. Okay, there's commodity money, 302 00:16:58,680 --> 00:17:02,800 Speaker 1: and then from there we evolved into commodity backed paper, 303 00:17:02,840 --> 00:17:06,359 Speaker 1: and then from there we scaled up the commodity backed 304 00:17:06,400 --> 00:17:10,160 Speaker 1: paper from local banks to central banks to a global bank, 305 00:17:10,560 --> 00:17:14,479 Speaker 1: and how we then evolved to a pure fiat system 306 00:17:14,560 --> 00:17:18,040 Speaker 1: from there. And the banking system works on these fractional 307 00:17:18,160 --> 00:17:22,040 Speaker 1: reserves of action, you know, of fiat of nothingness. And 308 00:17:22,080 --> 00:17:24,040 Speaker 1: so I do want you to go back and listen 309 00:17:24,040 --> 00:17:26,960 Speaker 1: to those first three episodes if you haven't already, because 310 00:17:26,960 --> 00:17:29,919 Speaker 1: that explains how the banking system works. It's not a 311 00:17:30,000 --> 00:17:33,879 Speaker 1: ledger system. It's a debt based system. And it's a 312 00:17:33,880 --> 00:17:39,159 Speaker 1: debt based system from you know, the legacy rules and 313 00:17:39,600 --> 00:17:45,320 Speaker 1: uh operations and mechanics of the commodity backed paper system, 314 00:17:45,400 --> 00:17:48,239 Speaker 1: even though there's no commodity backing it anymore. And so 315 00:17:48,320 --> 00:17:54,160 Speaker 1: we do have this uh frail, fragile, archaic system being 316 00:17:54,200 --> 00:17:56,159 Speaker 1: held you know of you know, it's like a Jana 317 00:17:56,160 --> 00:18:00,439 Speaker 1: tower being held together with bubble gum and scotch tape 318 00:18:00,920 --> 00:18:03,679 Speaker 1: um where they keep on taking pieces from the bottom 319 00:18:03,680 --> 00:18:07,200 Speaker 1: and putting them on top, and it's very fragile about 320 00:18:07,240 --> 00:18:12,080 Speaker 1: to fall over. Um because they're trying to shoehorn all 321 00:18:12,119 --> 00:18:17,879 Speaker 1: these new policies into a system built for restraint on spending. Really, 322 00:18:17,920 --> 00:18:21,280 Speaker 1: that's the uh, that's that's where the rub is. They're 323 00:18:21,280 --> 00:18:25,080 Speaker 1: trying to cause unlimited spending to happen on this system 324 00:18:25,119 --> 00:18:28,720 Speaker 1: that is built and has uh mechanics left over from 325 00:18:28,720 --> 00:18:33,399 Speaker 1: a system that actually has a restraint on spending. So uh, 326 00:18:33,440 --> 00:18:35,399 Speaker 1: that is the difference. So it has nothing to do 327 00:18:35,440 --> 00:18:38,360 Speaker 1: with whether it's digital or not. The money is digital today, 328 00:18:38,560 --> 00:18:41,720 Speaker 1: that's that has nothing to to do with anything. Really. 329 00:18:41,760 --> 00:18:44,560 Speaker 1: The main change is that you would have one ledger 330 00:18:44,600 --> 00:18:46,439 Speaker 1: of all the accounts and all the money held at 331 00:18:46,440 --> 00:18:50,680 Speaker 1: the central bank, the central ledger, the central bank digital currency. 332 00:18:50,960 --> 00:18:53,520 Speaker 1: Right now, You've got your money with a bank and 333 00:18:53,560 --> 00:18:57,159 Speaker 1: that bank has its own ledger um. And then at 334 00:18:57,160 --> 00:18:59,080 Speaker 1: the end of the day, the bank says, okay, you 335 00:18:59,160 --> 00:19:00,920 Speaker 1: spent this much money and it went to this bank, 336 00:19:00,920 --> 00:19:02,720 Speaker 1: and that bank says okay, yeah, and we owe you 337 00:19:03,000 --> 00:19:05,000 Speaker 1: some money from the people who spent money here over 338 00:19:05,040 --> 00:19:07,399 Speaker 1: to their and they all, you know, trade their cash 339 00:19:07,440 --> 00:19:08,600 Speaker 1: with each other at the end of the day and 340 00:19:08,640 --> 00:19:12,080 Speaker 1: settle out each other's accounts UM. Instead of all of 341 00:19:12,119 --> 00:19:16,320 Speaker 1: that complex system taking place, you just centralize it and 342 00:19:16,320 --> 00:19:19,160 Speaker 1: you have one big list and then everything can settle instantly. 343 00:19:19,440 --> 00:19:22,040 Speaker 1: All the transactions happen in house, and the central bank 344 00:19:22,080 --> 00:19:25,080 Speaker 1: just says okay, yes, this account moved money to this account, 345 00:19:25,119 --> 00:19:29,200 Speaker 1: and it happens all in house with the central bank UM. 346 00:19:29,320 --> 00:19:32,440 Speaker 1: And since they have it all in house, they can 347 00:19:32,960 --> 00:19:34,720 Speaker 1: they can do some things we're gonna talk about here, 348 00:19:35,600 --> 00:19:37,800 Speaker 1: so they'll slowly slowly roll it out. They can't do 349 00:19:37,920 --> 00:19:40,960 Speaker 1: it immediately. They can't do it all at once, otherwise 350 00:19:40,960 --> 00:19:42,800 Speaker 1: people would reject it. So they have to get people 351 00:19:42,880 --> 00:19:46,040 Speaker 1: used to it. After talking about it for two years. 352 00:19:46,680 --> 00:19:50,200 Speaker 1: They'll say, Okay, we're going to pilot test this. We're 353 00:19:50,200 --> 00:19:53,840 Speaker 1: gonna do a test run for for this central bank 354 00:19:53,880 --> 00:19:56,760 Speaker 1: digital currency UM, and we're just going to use it 355 00:19:56,800 --> 00:20:00,400 Speaker 1: for internal payments. So the central bank might rolled out 356 00:20:00,440 --> 00:20:03,960 Speaker 1: between the central bank and other banks UM and they'll 357 00:20:04,000 --> 00:20:06,119 Speaker 1: say we're going to slowly transition because they've got to 358 00:20:06,160 --> 00:20:08,399 Speaker 1: test these things. They've got to make sure that they work. 359 00:20:08,480 --> 00:20:11,880 Speaker 1: They've got to uh, you know, trouble shoot and find bugs. 360 00:20:12,880 --> 00:20:15,000 Speaker 1: The other thing they might do then is rolled out 361 00:20:15,040 --> 00:20:18,080 Speaker 1: to the government and say, okay, government, here you have 362 00:20:18,200 --> 00:20:20,639 Speaker 1: access to this now. Instead of you going through the 363 00:20:20,640 --> 00:20:23,480 Speaker 1: traditional banking system and what you've been doing so far 364 00:20:23,840 --> 00:20:27,280 Speaker 1: for all internal government federal government payments, we're going to 365 00:20:27,440 --> 00:20:30,440 Speaker 1: give you accounts directly with the Federal Reserve with the CBDC, 366 00:20:31,160 --> 00:20:34,120 Speaker 1: and uh, you know, we'll we'll expand the program that way, 367 00:20:34,160 --> 00:20:36,840 Speaker 1: so with the government, so internal government payments back and 368 00:20:36,880 --> 00:20:39,359 Speaker 1: forth to different areas will all be a part of 369 00:20:39,359 --> 00:20:43,800 Speaker 1: this new system. And then after that has done successfully 370 00:20:43,840 --> 00:20:46,440 Speaker 1: for a year two years, so keep in mind from today, 371 00:20:46,440 --> 00:20:49,120 Speaker 1: we're about four to six years down the road. At 372 00:20:49,160 --> 00:20:51,400 Speaker 1: that point, then they say, okay, well, now we're gonna 373 00:20:51,440 --> 00:20:54,200 Speaker 1: slowly start rolling this out to individuals as well. So 374 00:20:54,560 --> 00:20:56,880 Speaker 1: guess what you want to get your Social Security check? 375 00:20:57,200 --> 00:20:59,800 Speaker 1: Now you have the ability to do it with the CBDC. 376 00:21:00,200 --> 00:21:02,959 Speaker 1: We're not going to force you, but you'll get it faster. 377 00:21:03,640 --> 00:21:07,280 Speaker 1: And uh, the maybe let's say the inflation adjustments happen 378 00:21:07,359 --> 00:21:10,159 Speaker 1: better or to a better degree or um. You know, 379 00:21:10,200 --> 00:21:12,480 Speaker 1: there'll be some sort of incentive, some sort of bonus, 380 00:21:12,840 --> 00:21:14,320 Speaker 1: and then they'll say, okay, well, if you want to 381 00:21:14,320 --> 00:21:16,280 Speaker 1: get your tax refund, you've got to open up for 382 00:21:16,600 --> 00:21:19,800 Speaker 1: you know, your central bank digital currency wallet. And they'll 383 00:21:19,800 --> 00:21:21,880 Speaker 1: slowly roll it out little by little, and they'll give 384 00:21:21,880 --> 00:21:24,520 Speaker 1: incentives along the way, and next time there's a crisis, 385 00:21:24,560 --> 00:21:26,720 Speaker 1: they'll say, okay, well we want to give people a 386 00:21:26,760 --> 00:21:30,199 Speaker 1: thousand bucks. But last time there are issues with the 387 00:21:30,240 --> 00:21:32,560 Speaker 1: I R S processing the checks. There was a duplication. 388 00:21:32,760 --> 00:21:35,760 Speaker 1: So we're gonna only give it out if everybody signs 389 00:21:35,800 --> 00:21:37,240 Speaker 1: up for a wallet. So if you don't sign up 390 00:21:37,240 --> 00:21:39,600 Speaker 1: for a wallet with the CBDC, well then you don't 391 00:21:39,600 --> 00:21:44,840 Speaker 1: get your thousand dollars um stimulus check. So they'll slowly 392 00:21:45,040 --> 00:21:48,240 Speaker 1: roll this out, little by little. I do not see 393 00:21:48,280 --> 00:21:50,800 Speaker 1: any way that they successfully do this all at once. 394 00:21:51,560 --> 00:21:56,359 Speaker 1: Now here's here's where people will will will we'll fall 395 00:21:56,440 --> 00:21:59,400 Speaker 1: for it. Here's how people will just say, yeah, I'll 396 00:21:59,440 --> 00:22:03,160 Speaker 1: sign up for the because when they when they give 397 00:22:03,200 --> 00:22:06,120 Speaker 1: the next stimulus check, they're gonna say, hey, look, last 398 00:22:06,119 --> 00:22:10,320 Speaker 1: time we gave these checks, people went and they bought stocks, 399 00:22:10,880 --> 00:22:15,440 Speaker 1: they bought nicola, they bought robin Hood, they bought a 400 00:22:15,680 --> 00:22:18,720 Speaker 1: m C and they caused all these bubbles. And then 401 00:22:18,800 --> 00:22:20,800 Speaker 1: people took their money and they went out and they 402 00:22:21,040 --> 00:22:24,440 Speaker 1: hoarded toilet paper and they bought up a bunch of 403 00:22:24,480 --> 00:22:28,000 Speaker 1: stuff and caused all these supply chain disruptions. So they'll say, hey, look, 404 00:22:28,920 --> 00:22:30,760 Speaker 1: not only do you get your money faster if you 405 00:22:30,840 --> 00:22:34,600 Speaker 1: get get it through the CBDC, but this time we 406 00:22:34,640 --> 00:22:38,440 Speaker 1: can make sure that none of that bad stuff happens. Yes, 407 00:22:38,520 --> 00:22:42,080 Speaker 1: we know you need your your thousand bucks to buy food, 408 00:22:42,480 --> 00:22:45,760 Speaker 1: to pay your rent, to pay your your mortgage, your 409 00:22:45,800 --> 00:22:48,880 Speaker 1: car loan, your gas, whatever, but we want to make 410 00:22:48,880 --> 00:22:51,600 Speaker 1: sure that there's no, uh, there's no people out there 411 00:22:51,640 --> 00:22:54,560 Speaker 1: abusing the system and using it to buy gold, using 412 00:22:54,560 --> 00:22:57,000 Speaker 1: it to buy bitcoin, using it to buy stocks, and 413 00:22:57,040 --> 00:23:00,240 Speaker 1: causing bubbles. So we're gonna put a thought thus and 414 00:23:00,240 --> 00:23:03,439 Speaker 1: bucks and everybody's account. But it's got limitations on it. 415 00:23:03,440 --> 00:23:06,200 Speaker 1: It can't be transferred to a brokerage account, it can't 416 00:23:06,200 --> 00:23:09,920 Speaker 1: be used to buy things from businesses registered as specific 417 00:23:09,960 --> 00:23:13,359 Speaker 1: types of businesses, and so there will be some checks 418 00:23:13,359 --> 00:23:16,399 Speaker 1: and balances, and don't worry, we appear at the Federal Reserve. 419 00:23:16,480 --> 00:23:18,400 Speaker 1: We know how the economy works best, and so we've 420 00:23:18,440 --> 00:23:20,360 Speaker 1: got your back. We're going to make sure that this 421 00:23:20,400 --> 00:23:23,680 Speaker 1: time we don't cause inflation and supply chain disruptions when 422 00:23:23,720 --> 00:23:30,199 Speaker 1: we give everybody their stimulus checks. UM. Now, when whenever 423 00:23:30,280 --> 00:23:34,879 Speaker 1: you have intervention on a on a complex system UM 424 00:23:34,920 --> 00:23:40,399 Speaker 1: where you have artificial action imposed on it from the outside, 425 00:23:40,560 --> 00:23:43,040 Speaker 1: you are going to have uh, second and third order 426 00:23:43,080 --> 00:23:45,880 Speaker 1: effects that are unanticipated. That's that's the nature of how 427 00:23:46,000 --> 00:23:50,240 Speaker 1: complex system works is that you cannot anticipate ahead of 428 00:23:50,280 --> 00:23:52,920 Speaker 1: time the results two or three or four or five 429 00:23:53,000 --> 00:23:57,040 Speaker 1: steps down the road from an action because the uh 430 00:23:57,200 --> 00:24:02,320 Speaker 1: individual interactions of the part participants in the complex system 431 00:24:02,920 --> 00:24:07,280 Speaker 1: UM are the math scales up so quickly and exponentially 432 00:24:07,359 --> 00:24:11,119 Speaker 1: that it's unpredictable without actually going through it. UM a 433 00:24:11,160 --> 00:24:14,040 Speaker 1: little bit of tangent, But if you've ever read UH 434 00:24:14,119 --> 00:24:18,399 Speaker 1: Steven wolf Ram's Theory of Everything goes through and shows 435 00:24:18,440 --> 00:24:25,040 Speaker 1: how simple inputs UH simple equations UM can produce very 436 00:24:25,119 --> 00:24:30,480 Speaker 1: complex structures, and UH it's to the point where there 437 00:24:30,560 --> 00:24:33,840 Speaker 1: there it is not possible to predict ahead of time 438 00:24:34,160 --> 00:24:37,480 Speaker 1: what the output complex structure that's output. On the other 439 00:24:37,560 --> 00:24:40,879 Speaker 1: side will be UM without actually going through all the 440 00:24:41,000 --> 00:24:46,359 Speaker 1: steps of recurring the equation over and over again. And 441 00:24:46,440 --> 00:24:50,639 Speaker 1: so that's how complex systems work. They are inherently unpredictable. 442 00:24:50,680 --> 00:24:54,000 Speaker 1: It is not possible to predict in advance what those 443 00:24:54,200 --> 00:24:57,600 Speaker 1: outcomes will be without actually going through the steps, And 444 00:24:57,640 --> 00:25:00,000 Speaker 1: there is no calm. There is no system more common 445 00:25:00,000 --> 00:25:05,160 Speaker 1: plex than the economy, because the economy is literally all 446 00:25:05,200 --> 00:25:09,720 Speaker 1: of the interactions and reactions of every person and participant 447 00:25:09,840 --> 00:25:13,840 Speaker 1: who are all making choices based off of subjective values 448 00:25:13,880 --> 00:25:18,199 Speaker 1: and subjective wants that are sometimes rational and sometimes irrational 449 00:25:18,520 --> 00:25:23,840 Speaker 1: all day long, and changing their own parameters for how 450 00:25:23,880 --> 00:25:28,280 Speaker 1: those decisions are made. So when you try and take 451 00:25:28,320 --> 00:25:31,119 Speaker 1: a system like that and think that you can cause 452 00:25:31,359 --> 00:25:36,200 Speaker 1: certain outcomes to happen by uh changing a few inputs 453 00:25:36,240 --> 00:25:39,480 Speaker 1: here and there, like interest rates or the size of 454 00:25:39,520 --> 00:25:43,639 Speaker 1: your balance sheet, it's just not only is it lunacy, 455 00:25:43,680 --> 00:25:49,040 Speaker 1: but it's um the height of narcissism. So when we see, 456 00:25:49,200 --> 00:25:51,800 Speaker 1: when we see how that, how that takes place, we 457 00:25:51,880 --> 00:25:56,159 Speaker 1: know that the consequences then will more than likely be 458 00:25:56,359 --> 00:26:01,000 Speaker 1: negative UM rather than positive, because it's not it's not 459 00:26:01,160 --> 00:26:04,040 Speaker 1: random when you when you look at UM, when you 460 00:26:04,040 --> 00:26:06,800 Speaker 1: look at a forest and you say, okay, well we 461 00:26:07,080 --> 00:26:11,160 Speaker 1: like these, you know, these trees, so we're gonna make 462 00:26:11,200 --> 00:26:13,720 Speaker 1: sure that there's no fires so that they these trees 463 00:26:13,720 --> 00:26:15,920 Speaker 1: don't burn down. Well, then you make sure that there's 464 00:26:15,920 --> 00:26:18,840 Speaker 1: no small fires, and then the deadwood burn builds up, 465 00:26:18,880 --> 00:26:21,200 Speaker 1: and then eventually a fire start that you can't stop 466 00:26:21,200 --> 00:26:26,720 Speaker 1: and burns down everything um versus allowing uh small natural 467 00:26:26,760 --> 00:26:29,359 Speaker 1: things to to take place along with the way that 468 00:26:29,440 --> 00:26:33,040 Speaker 1: it was supposed to be. So it's the same thing 469 00:26:33,160 --> 00:26:37,960 Speaker 1: with intervention in an economy. So you you slowly intervened 470 00:26:38,040 --> 00:26:40,480 Speaker 1: little by little, like they did since the nineties where 471 00:26:40,520 --> 00:26:44,480 Speaker 1: they lowered interest rates um uh. In when the dot 472 00:26:44,480 --> 00:26:46,879 Speaker 1: com bubble burst, they intervened a little bit at truscy 473 00:26:46,960 --> 00:26:50,000 Speaker 1: the economy, and then that planted the seeds for the 474 00:26:50,040 --> 00:26:52,919 Speaker 1: next crisis, the housing crisis. And when that came along, 475 00:26:53,480 --> 00:26:56,320 Speaker 1: it wasn't enough to just lower interest rates. They also 476 00:26:56,400 --> 00:26:59,520 Speaker 1: had to bail out the banks, and then that sowed 477 00:26:59,560 --> 00:27:02,679 Speaker 1: the sea for the next crisis, and the next crisis 478 00:27:02,760 --> 00:27:04,399 Speaker 1: that came along. It wasn't enough to just bail at 479 00:27:04,440 --> 00:27:08,359 Speaker 1: the banks and lower interest rates. They also had to 480 00:27:08,640 --> 00:27:12,639 Speaker 1: bail out every individual allow people to stop paying their mortgages, 481 00:27:13,480 --> 00:27:15,440 Speaker 1: put give a bunch of money to the government, bail 482 00:27:15,440 --> 00:27:20,840 Speaker 1: at every corporation, bail at employers, bailout employees, lower interest rates, 483 00:27:20,880 --> 00:27:25,480 Speaker 1: start buying assets. It was unbelievable the increase in intervention 484 00:27:25,520 --> 00:27:29,120 Speaker 1: that was necessary that time, and that is how things 485 00:27:29,160 --> 00:27:32,320 Speaker 1: happen every time. Uh, you do that, then you sow 486 00:27:32,320 --> 00:27:34,960 Speaker 1: the seeds for a greater crisis later on that will 487 00:27:35,040 --> 00:27:39,280 Speaker 1: require exponentially more intervention, and that is what the CBDC 488 00:27:39,520 --> 00:27:42,960 Speaker 1: is for. And they'll say, hey, we're going to make 489 00:27:43,000 --> 00:27:46,359 Speaker 1: sure that next we're gonna give everybody a thousand dollars 490 00:27:46,400 --> 00:27:49,000 Speaker 1: a month their universal basic income that we pilot tested 491 00:27:49,119 --> 00:27:52,119 Speaker 1: last time through the CBDC, and we're going to prevent 492 00:27:52,160 --> 00:27:54,440 Speaker 1: people from spending it on what we think they should 493 00:27:54,440 --> 00:27:56,800 Speaker 1: not be spending it on. But the problem is then 494 00:27:57,119 --> 00:28:00,000 Speaker 1: you're just sowing the seeds for an even greater cris 495 00:28:00,080 --> 00:28:03,280 Speaker 1: this down the road. And eventually it's like this cosmic 496 00:28:03,320 --> 00:28:06,040 Speaker 1: game of whack a mole where you have to continue 497 00:28:06,080 --> 00:28:10,080 Speaker 1: to create new laws and stop new things from taking place, 498 00:28:10,160 --> 00:28:13,359 Speaker 1: and put new restrictions on how people can spend their money, 499 00:28:13,400 --> 00:28:15,560 Speaker 1: and then give people more money to be spending on 500 00:28:15,600 --> 00:28:17,919 Speaker 1: the other things that started crashing that you didn't realize 501 00:28:17,920 --> 00:28:20,160 Speaker 1: would crash as a result of not letting them spend 502 00:28:20,160 --> 00:28:23,560 Speaker 1: money in other places. And that is why these systems 503 00:28:23,600 --> 00:28:28,560 Speaker 1: are just doomed for failure from the start um. But 504 00:28:28,800 --> 00:28:30,960 Speaker 1: before we get there on why they're doomed to die, 505 00:28:31,440 --> 00:28:35,280 Speaker 1: we have to understand first how this devolves into into 506 00:28:35,280 --> 00:28:38,040 Speaker 1: pure tyranny. Because at the end of the day, this 507 00:28:38,080 --> 00:28:41,920 Speaker 1: money is programmable. It is a software, it is a ledger, 508 00:28:42,360 --> 00:28:44,920 Speaker 1: and with a public ledger, everybody can see it, and 509 00:28:45,000 --> 00:28:47,840 Speaker 1: so it doesn't matter if it's programmable because everybody agrees 510 00:28:47,920 --> 00:28:51,080 Speaker 1: on what the rules are for the network for the money. 511 00:28:51,280 --> 00:28:54,160 Speaker 1: When it's private, only a few people have access to 512 00:28:54,200 --> 00:28:58,480 Speaker 1: this and they get to decide. So it's you've heard 513 00:28:58,480 --> 00:29:05,200 Speaker 1: the phrase power carry absolute power corrupts absolutely um. A 514 00:29:05,320 --> 00:29:09,520 Speaker 1: central bank digital currency, while that power may not be used, 515 00:29:10,480 --> 00:29:14,800 Speaker 1: does grant the central bank with unlimited power, very as 516 00:29:14,880 --> 00:29:20,120 Speaker 1: much power as humanly possible as can exist over an economy. 517 00:29:20,680 --> 00:29:24,440 Speaker 1: That is the way that it works because everything that 518 00:29:24,520 --> 00:29:31,920 Speaker 1: happens is a transaction of Everything that happens in economy 519 00:29:32,120 --> 00:29:35,520 Speaker 1: is money. You trade money for something, You trade something 520 00:29:35,600 --> 00:29:39,520 Speaker 1: for money every single time, and so it's not like 521 00:29:39,960 --> 00:29:42,760 Speaker 1: a hundred years ago when if you wanted full blown 522 00:29:42,760 --> 00:29:45,800 Speaker 1: communism and full blown top down centralized control over an 523 00:29:45,880 --> 00:29:49,440 Speaker 1: economy and central planning of a system. You don't need 524 00:29:50,080 --> 00:29:53,120 Speaker 1: all the laws and all the regulations and all the 525 00:29:53,160 --> 00:29:57,000 Speaker 1: bureaucracy and the dictators to come in and clamp down 526 00:29:57,080 --> 00:29:59,880 Speaker 1: with with the military and say we're sending all the 527 00:30:00,040 --> 00:30:03,400 Speaker 1: we over here, we're making the cost of water this, 528 00:30:03,520 --> 00:30:05,880 Speaker 1: we're sending all the oil over here, We're putting you 529 00:30:06,000 --> 00:30:08,520 Speaker 1: in charge of steel whatever. You don't have to do 530 00:30:08,560 --> 00:30:11,280 Speaker 1: all of that. All you have to do is control 531 00:30:11,600 --> 00:30:15,800 Speaker 1: the money. Because of everything is money. Then you control 532 00:30:15,800 --> 00:30:20,520 Speaker 1: the money, you control everything, and so you have the 533 00:30:20,600 --> 00:30:25,120 Speaker 1: ability then to control the flow of resources across the 534 00:30:25,200 --> 00:30:28,480 Speaker 1: system by just changing the rules on the money. You 535 00:30:28,520 --> 00:30:30,880 Speaker 1: don't have to change the rules on the stuff, just 536 00:30:31,080 --> 00:30:34,960 Speaker 1: the money. So when we see, when we see this, 537 00:30:34,960 --> 00:30:38,880 Speaker 1: this is how it works out in UH in practice, everybody, 538 00:30:38,880 --> 00:30:42,400 Speaker 1: then everybody gets a central bank digital currency wallet. Whether 539 00:30:42,440 --> 00:30:44,840 Speaker 1: it's because the next crisis and they're giving stimmy checks 540 00:30:44,840 --> 00:30:47,280 Speaker 1: out through it or whatever it is. We fast forward. 541 00:30:47,320 --> 00:30:52,480 Speaker 1: Everybody has their account. Everybody gets their thousand bucks let's 542 00:30:52,480 --> 00:30:55,160 Speaker 1: say from their stimmy check. Well, you can only spend 543 00:30:55,200 --> 00:30:58,840 Speaker 1: it at other central bank digital currency wallets. So you 544 00:30:58,920 --> 00:31:02,800 Speaker 1: go to a business like a gas station and they say, well, no, 545 00:31:03,280 --> 00:31:05,320 Speaker 1: you can't spend CBDC money here because we don't have 546 00:31:05,320 --> 00:31:08,760 Speaker 1: a CBDC wallet. Well guess what, that business doesn't get 547 00:31:08,800 --> 00:31:13,440 Speaker 1: any of those dollars then, So businesses will be quick 548 00:31:13,480 --> 00:31:15,640 Speaker 1: to sign up because they want to make sure they 549 00:31:15,680 --> 00:31:18,760 Speaker 1: get their peace of the consumer who's buying with those 550 00:31:18,760 --> 00:31:21,680 Speaker 1: new dollars, So all businesses will sign up, and then 551 00:31:21,680 --> 00:31:25,760 Speaker 1: eventually the government will say, well, no, you cannot actually 552 00:31:25,840 --> 00:31:29,720 Speaker 1: be a legal business without having a central bank digital 553 00:31:29,720 --> 00:31:32,400 Speaker 1: currency wallet, because that's how we're going to collect taxes 554 00:31:32,440 --> 00:31:35,240 Speaker 1: and pay tax refunds. So if you want to legally 555 00:31:35,240 --> 00:31:37,800 Speaker 1: be a business, you must have a central bank digital 556 00:31:37,800 --> 00:31:42,160 Speaker 1: currency wallet. And then they'll say, well, that's the only 557 00:31:42,240 --> 00:31:46,160 Speaker 1: way businesses are allowed to accept payment because there are 558 00:31:46,240 --> 00:31:50,480 Speaker 1: tax cheaters out there, and because there are people funding 559 00:31:50,840 --> 00:31:53,720 Speaker 1: terrorists out there, and there are people laundering money. So 560 00:31:53,840 --> 00:31:56,480 Speaker 1: we're gonna eventually we're going to allow people to start 561 00:31:56,520 --> 00:31:58,560 Speaker 1: with an incentive at first, but eventually we're gonna get 562 00:31:58,560 --> 00:31:59,880 Speaker 1: to the point where if you want to be an 563 00:32:00,000 --> 00:32:01,400 Speaker 1: individual and buy and sell, and if you want to 564 00:32:01,400 --> 00:32:03,200 Speaker 1: be a business and buy and sell, and you want 565 00:32:03,200 --> 00:32:05,640 Speaker 1: to be legal, you have to have an account, a 566 00:32:05,720 --> 00:32:09,440 Speaker 1: central bank digital currency account. All that is well and 567 00:32:09,480 --> 00:32:12,480 Speaker 1: good until you realize what they can do with it. 568 00:32:12,760 --> 00:32:16,080 Speaker 1: At that point, they're the only ones that can see it. 569 00:32:16,360 --> 00:32:19,720 Speaker 1: They're the only ones that can control it. So crisis 570 00:32:19,760 --> 00:32:21,920 Speaker 1: comes along and they say everybody needs an extra thousand 571 00:32:21,920 --> 00:32:24,640 Speaker 1: dollars a month in purchasing power. But they don't want 572 00:32:24,680 --> 00:32:26,920 Speaker 1: you to spend it on toilet paper. So you go 573 00:32:27,000 --> 00:32:31,440 Speaker 1: to buy toilet paper. Your card will not work if 574 00:32:31,480 --> 00:32:33,720 Speaker 1: you try and buy two rolls of toilet paper, or 575 00:32:33,760 --> 00:32:37,560 Speaker 1: two bundles, two packages. Maybe three is the limit, so 576 00:32:37,640 --> 00:32:40,640 Speaker 1: it stops it you at four. Maybe they say, hey, 577 00:32:40,680 --> 00:32:43,280 Speaker 1: there are gas hoarders out there causing gas shortages and 578 00:32:43,320 --> 00:32:47,000 Speaker 1: gas prices to skyrocket. So after you spent four this 579 00:32:47,040 --> 00:32:49,360 Speaker 1: month on gas, you will not be able to spend 580 00:32:49,400 --> 00:32:51,760 Speaker 1: any more money at a gas station. And they'll know 581 00:32:51,920 --> 00:32:54,040 Speaker 1: because the gas station has an account with them, so 582 00:32:54,080 --> 00:32:58,040 Speaker 1: they can stop those transactions from taking place. Let's say 583 00:32:58,040 --> 00:33:01,120 Speaker 1: there's some sort of recession and prices are collapsing, and 584 00:33:01,160 --> 00:33:03,120 Speaker 1: they want to make sure that there's no deflation, and 585 00:33:03,160 --> 00:33:05,880 Speaker 1: goods and services. Uh, they're gonna give everybody, let's say 586 00:33:05,920 --> 00:33:08,080 Speaker 1: two thousand bucks, and they're gonna say, hey, look, you've 587 00:33:08,080 --> 00:33:09,520 Speaker 1: got to spend it in the next thirty days or 588 00:33:09,520 --> 00:33:12,760 Speaker 1: it expires. It's just like a gift card that expires. 589 00:33:13,400 --> 00:33:16,080 Speaker 1: So everybody's forced then to go out and spend this money, 590 00:33:16,120 --> 00:33:19,120 Speaker 1: and prices get bid back up. There's probably gonna be 591 00:33:19,160 --> 00:33:22,680 Speaker 1: some shortages of stuff as a result, and uh, prices 592 00:33:22,720 --> 00:33:25,400 Speaker 1: stopped following because they gave everybody money and people didn't 593 00:33:25,400 --> 00:33:27,800 Speaker 1: have the ability to go buy anything with it. But 594 00:33:28,000 --> 00:33:31,280 Speaker 1: let's say the things that were allowed, like food, rent, 595 00:33:31,320 --> 00:33:36,760 Speaker 1: whatever it is. Let's say they see a bubble forming 596 00:33:36,880 --> 00:33:39,520 Speaker 1: in stocks, Well, then they can say, okay, no more 597 00:33:39,600 --> 00:33:43,120 Speaker 1: buying is allowed on this stock until you know, next 598 00:33:43,160 --> 00:33:47,960 Speaker 1: month buys are are removed. Um. Or let's say they 599 00:33:48,000 --> 00:33:50,440 Speaker 1: see us, uh the stock market is falling quickly, and 600 00:33:50,480 --> 00:33:53,360 Speaker 1: they say, hey, they're speculators out there, short sellers trying 601 00:33:53,360 --> 00:33:55,680 Speaker 1: to push the market down and collapse our markets. We're 602 00:33:55,680 --> 00:33:59,560 Speaker 1: gonna ban shorting for a while. You see how quickly 603 00:34:00,200 --> 00:34:06,040 Speaker 1: evolves into tyranny. They can control what types of transactions 604 00:34:06,080 --> 00:34:09,799 Speaker 1: take place with a few strokes of the key. You 605 00:34:09,840 --> 00:34:13,320 Speaker 1: can also say Hey, we know all of the information 606 00:34:13,360 --> 00:34:17,760 Speaker 1: about everybody with accounts, and so we want to help 607 00:34:17,760 --> 00:34:23,600 Speaker 1: out with equality, racial equality. So you are only for 608 00:34:23,640 --> 00:34:25,680 Speaker 1: the next month, we're gonna give everybody a thousand bucks, 609 00:34:26,120 --> 00:34:29,440 Speaker 1: and you are only allowed to spend money for groceries 610 00:34:29,960 --> 00:34:34,200 Speaker 1: at stores with a certain percentage of minority employees or 611 00:34:34,239 --> 00:34:39,600 Speaker 1: owned by minorities. Um. So you can see very quickly 612 00:34:39,640 --> 00:34:43,560 Speaker 1: how dangerous this could be by shutting off the spicket 613 00:34:43,600 --> 00:34:47,600 Speaker 1: to certain people, certain ethnic groups because of their let's say, 614 00:34:47,600 --> 00:34:53,000 Speaker 1: their gender orientation, or even more dangerous, their political orientation. 615 00:34:54,640 --> 00:34:59,000 Speaker 1: If the system can only survive with the right people 616 00:34:59,040 --> 00:35:03,640 Speaker 1: in charge, it is doomed to fail because someday the 617 00:35:03,719 --> 00:35:07,440 Speaker 1: wrong person will be in charge. Just like Warren Buffett says, 618 00:35:07,680 --> 00:35:12,920 Speaker 1: I buy companies that a moron could run, because someday 619 00:35:13,320 --> 00:35:17,319 Speaker 1: a moron will. Naval Robbi Kant said, the test of 620 00:35:17,360 --> 00:35:20,160 Speaker 1: a good system is one that you design and then 621 00:35:20,200 --> 00:35:24,120 Speaker 1: you put your enemy in charge of it for ten years, 622 00:35:24,800 --> 00:35:28,640 Speaker 1: and if it can still work, it's a good system. 623 00:35:28,680 --> 00:35:33,920 Speaker 1: If we allow something like a central bank digital currency 624 00:35:34,000 --> 00:35:39,280 Speaker 1: to exist, the very ability for it to be used 625 00:35:40,000 --> 00:35:44,400 Speaker 1: for tyranny. The sheer scale of power built into a 626 00:35:44,480 --> 00:35:50,040 Speaker 1: tool like a CBDC means that it will attract the 627 00:35:50,320 --> 00:35:54,560 Speaker 1: most power hungry people in the world to try and 628 00:35:54,600 --> 00:35:58,680 Speaker 1: wield it for their own advantage. The existence of that 629 00:35:58,760 --> 00:36:02,360 Speaker 1: power will attract the people who are the last people 630 00:36:02,600 --> 00:36:06,360 Speaker 1: we would ever want to wield it, because the people 631 00:36:06,400 --> 00:36:09,080 Speaker 1: who we would want to yield it wouldn't want it 632 00:36:09,120 --> 00:36:14,040 Speaker 1: to exist in the first place. And so that is 633 00:36:14,120 --> 00:36:19,399 Speaker 1: why CBDCs are a tool for pure tyranny, because they, 634 00:36:19,520 --> 00:36:25,160 Speaker 1: as programmable money, allow the person in control to control 635 00:36:25,239 --> 00:36:28,640 Speaker 1: the flow of resources over an entire economy. And if 636 00:36:28,719 --> 00:36:32,000 Speaker 1: suddenly they don't like your politics, if suddenly they don't 637 00:36:32,040 --> 00:36:35,680 Speaker 1: like your religion, if suddenly they don't like the ability 638 00:36:35,719 --> 00:36:40,160 Speaker 1: for you to purchase certain items, suddenly they want you 639 00:36:40,200 --> 00:36:44,200 Speaker 1: to purchase certain items. They can force anything to happen. 640 00:36:44,719 --> 00:36:48,719 Speaker 1: And none of this requires a law. None of this 641 00:36:48,880 --> 00:36:53,439 Speaker 1: requires a bill to to be proposed in Congress. None 642 00:36:53,440 --> 00:36:58,200 Speaker 1: of this requires legislation. None of this requires Congress to 643 00:36:58,320 --> 00:37:01,360 Speaker 1: form a new three letter a agency to make rules 644 00:37:01,360 --> 00:37:05,000 Speaker 1: about something that they don't understand. None of this requires 645 00:37:05,280 --> 00:37:10,320 Speaker 1: anybody who is voted into office to be concerned about 646 00:37:10,400 --> 00:37:13,560 Speaker 1: losing power and getting voted out of office. There is 647 00:37:13,600 --> 00:37:18,080 Speaker 1: no skin in the game. There is no accountability. This 648 00:37:18,160 --> 00:37:22,920 Speaker 1: is a group of unelected bureaucrats who have never most 649 00:37:22,960 --> 00:37:26,120 Speaker 1: of them have never worked today in the public sector, 650 00:37:26,440 --> 00:37:30,520 Speaker 1: in or the private sector, actually creating value in their 651 00:37:30,680 --> 00:37:35,000 Speaker 1: entire lives, and they are deciding the economic fate of 652 00:37:35,040 --> 00:37:40,600 Speaker 1: the entire country. The central bank digital currency is the 653 00:37:40,680 --> 00:37:47,040 Speaker 1: most dangerous thing that most economies will face within the 654 00:37:47,080 --> 00:37:51,560 Speaker 1: next ten years. It is a line in the sand 655 00:37:52,000 --> 00:37:56,760 Speaker 1: that we cannot allow to take place. We cannot allow 656 00:37:56,800 --> 00:38:00,759 Speaker 1: this line to be crossed, because once you do, and 657 00:38:00,840 --> 00:38:05,279 Speaker 1: once you have the slow rollout, it is a slippery, 658 00:38:05,400 --> 00:38:08,600 Speaker 1: slippery slope, and it is very difficult to stop it. 659 00:38:08,800 --> 00:38:11,440 Speaker 1: From there, you run into the issue of while we 660 00:38:11,520 --> 00:38:15,040 Speaker 1: already went this far, why not just a little bit farther. 661 00:38:16,040 --> 00:38:19,040 Speaker 1: All of the downsides of going a little bit farther 662 00:38:19,200 --> 00:38:22,719 Speaker 1: are already here, and only upsides if we take one 663 00:38:22,719 --> 00:38:26,200 Speaker 1: more step. It's like the central bank already uses this 664 00:38:26,280 --> 00:38:29,080 Speaker 1: with banks, so why not allow the government. It'll save 665 00:38:29,080 --> 00:38:32,879 Speaker 1: on efficiency, save on tax dollars, It'll have all these benefits, 666 00:38:33,000 --> 00:38:35,319 Speaker 1: so why not. It's not going to affect individuals. Were 667 00:38:35,360 --> 00:38:38,920 Speaker 1: just rolling it out to the government little by little 668 00:38:38,960 --> 00:38:42,080 Speaker 1: by little, they'll push a little bit farther and a 669 00:38:42,080 --> 00:38:45,480 Speaker 1: little bit farther until they have totalitarian control over the 670 00:38:45,640 --> 00:38:50,560 Speaker 1: entire system. That's the way these things work because every 671 00:38:50,680 --> 00:38:54,120 Speaker 1: inch closer they get, the more potential power they have 672 00:38:54,360 --> 00:38:58,640 Speaker 1: and the more power hungry people they attract. So that 673 00:38:58,800 --> 00:39:02,399 Speaker 1: is how central bank digital currencies work. That is how 674 00:39:02,480 --> 00:39:06,000 Speaker 1: they will emerge, and that is the game plan of 675 00:39:06,080 --> 00:39:09,520 Speaker 1: the people who are pushing for them for the future. 676 00:39:09,760 --> 00:39:12,440 Speaker 1: You can look up all of the white papers and 677 00:39:12,520 --> 00:39:15,719 Speaker 1: all of the research papers and all the speeches that 678 00:39:16,000 --> 00:39:20,120 Speaker 1: politicians and central bankers and professors have made about central 679 00:39:20,160 --> 00:39:25,000 Speaker 1: bank digital currencies for years, and this is where it 680 00:39:25,040 --> 00:39:27,719 Speaker 1: all leads. And the ones who advocate the most for 681 00:39:27,760 --> 00:39:30,120 Speaker 1: it are the ones who say, hey, this can be 682 00:39:30,239 --> 00:39:33,640 Speaker 1: used for so much good. This can be used to 683 00:39:34,360 --> 00:39:38,600 Speaker 1: uh be more being a more efficient way of distributing 684 00:39:38,640 --> 00:39:41,680 Speaker 1: resources to people who need it most. This is a 685 00:39:41,719 --> 00:39:45,520 Speaker 1: way to allow, you know, to stop bad things from 686 00:39:45,560 --> 00:39:48,480 Speaker 1: happening in the economy, to allow more of a scalpel 687 00:39:48,520 --> 00:39:52,280 Speaker 1: like approach to UH saving the economy and fine tuning 688 00:39:52,280 --> 00:39:55,200 Speaker 1: the dials on the economy versus the interest rates and 689 00:39:55,239 --> 00:39:57,560 Speaker 1: balance sheet approach, which is more like a sledgehammer that 690 00:39:57,600 --> 00:40:01,200 Speaker 1: central banks used today, and so they'll tout all the benefits. 691 00:40:01,200 --> 00:40:03,759 Speaker 1: But when you read between the lines and you boil 692 00:40:03,800 --> 00:40:05,480 Speaker 1: it down to okay, well, what does that mean they're 693 00:40:05,520 --> 00:40:11,720 Speaker 1: actually doing well? That means that they're actually controlling all transactions. 694 00:40:12,239 --> 00:40:14,800 Speaker 1: And again I'm going to say this because it matters 695 00:40:14,840 --> 00:40:19,279 Speaker 1: so much whether or not, even at first, whether or 696 00:40:19,320 --> 00:40:23,759 Speaker 1: not they use that power to all of it's, you know, 697 00:40:23,800 --> 00:40:26,480 Speaker 1: the full extent, which they because they probably won't at 698 00:40:26,520 --> 00:40:31,479 Speaker 1: the beginning. That's that's a fact. Uh there, It does 699 00:40:31,600 --> 00:40:35,480 Speaker 1: not matter. What matters is the potential that it could 700 00:40:36,000 --> 00:40:40,279 Speaker 1: be used for that down the road. Thank you so 701 00:40:40,400 --> 00:40:44,160 Speaker 1: much for listening. This has been another episode of financial heresy. 702 00:40:44,800 --> 00:40:46,800 Speaker 1: I will see you next week.