4.4 • 1.9K Ratings
🗓️ 12 June 2022
⏱️ 4 minutes
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0:00.0 | And central bank digital currencies, I mean, I've heard some horror stories about digital |
0:04.1 | you want and 60 million people are using it and then the US government's entertaining that |
0:08.0 | and I've had some guests on that said that World War Three will be a currency war between |
0:12.1 | these two countries as they project power. Things that we should think about, things that you've |
0:16.9 | seen or thought about with those concepts even with from a human rights perspective. |
0:22.9 | Yeah, I think central bank digital currencies are a disaster for civil liberties. I mean, |
0:28.8 | obviously they are a play against the current dominant form of money which is created by corporations. |
0:38.2 | Today banks create the issue loans, they create deposits, they work with companies like Visa |
0:45.8 | and PayPal or whatever to facilitate all of our economic activity. |
0:51.9 | And that's all private sector stuff. With CBDCs, the central government gets |
0:58.3 | more control. So in China, the CBDC is obviously a push by the CCP to get a little more control |
1:03.6 | back from these big tech companies that had become too powerful. It's essentially planned |
1:10.0 | money system. I mean, it's a way for the government to take the little freedoms we have left |
1:16.1 | in cash which look, cash can still be demonetized and it can still be devalued fine. |
1:21.2 | But when you withdraw cash from ATM, I mean, the government knows how much money is in your bank |
1:25.9 | account. The bank knows how much you have. But they don't know what you do with it after that, |
1:29.4 | right? It's free to money basically, right? They want to take that away. If you have a CBDC, |
1:34.1 | there's not going to be an ATM anymore. You'll just always be monitored, right? And it's like, |
1:38.7 | that's not a world I'd like to particularly live in. And I won't have to live in it because we |
1:43.0 | have Bitcoin. We have a plan B. So I think CBDCs are coming, they're going to replace cash. I think |
1:49.3 | kids born today won't ever use paper money really. I doubt it. When they're 20, 30, I don't think |
1:54.8 | it'll be a big part of their lives. Everything will be digital. And this idea we have today, we're like |
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