what we will get if we allow cbdcs it will be a Soviet style economy because Central Bank digital currencies I mean it's it's it's a misnomer really they're trying to confuse people with This cbdc Acronym already suggesting oh and then saying it's the digital aspect that's new we've been using BDC for decades Bank digital currency and the digital aspect is nothing new been using it and it works okay you know it's not usually the biggest problem we have in finance and banking is you know the you know the transactions so um you know we've been using bdcs so what is new the C the centralization aspect so if they manag to introduce cbdcs if it is inevitable as some say how will it end in 10 20 50 or 100 years it is a completely dystopian scenario and certainly in much shorter time than a century absolutely I mean just within a decade I would say okay and so we should stop it in the tracks that's a very important point it's so dire that we should not even allow pilot projects I'm Oscar Wendell with MCH Global and honored to have the arguably the most what shall we call you controversial Economist of our time inventor of quantitative easing and today the foremost expert in cbdc I would say and we'll be having a discussion this evening on cbdcs primarily well I suppose economics in this day and age is more emotional and political more than being a science and that's where the sensitivity lies exactly and so the reality of course is that economics is always about money and power and that's precisely why the mainstream has neither of them in them there's there's not even money in these economic models certainly not Banks either and also power is considered no we we can't mention that um so when the 2008 banking crisis happened of course the journalists you know want to interview some experts well let's ask the professors of Economics at Harvard University MIT you know please comment I mean banks are going bust stock markets are collapsing companies are going Bast the economy is shrinking crisis recession unemployment you know please comment what happened well the honest answer would have been by all these professors of Economics Harvard MIT Oxford well sorry I can't comment why not why can't you com you're the expert well I don't have banks in my models and this is what's even true for the central banks and even today most central banks use these Dynamic stochastic General equilibrium models which all sounds very scientific um but it's just smok screen it's just rhetoric because it assumes General equilibrium which I mean what's the probability of having equilibrium even in one market um they essentially they need eight assumptions at least to hold at the same time you know the Axiom of the rational utility maximizer that doesn't care about others can't be influenced by others can't be influenced by advertising Google of course doesn't exist in this world you know and AD advertising doesn't work in this in this world in fact the world is empty because we' all died as babies because nobody cares about anyone else um it's just you know it's just it's an insane theoretical world and then you add assumptions that you admit aren true perfect information complete markets uh perfectly flexible instantaneously adjusting prices you know infinite life blah blah blah keep going now if all these assumptions hold then you have equilibrium in one market but even if you I mean these these economists they they they Pride themselves on using mathematics to pretend to be scientific but they haven't even done their basic calculations because if you're generous and you assume that uh let's say that one of these assumptions has a probability of being true of say yeah is more likely to be true than not so more than 50% 55% which is wildly um you know optimistic if you've got eight assumptions what is the probability that you get equilibrium all eight have to hold at the same time it's joint probability you've got to multiply the 0.55 you know to the power of eight so what is it it's 0.8% but the individual probability is not 55% it's more like um zero so we are talking about the reality the real world just has no equilibrium and then it's talking about General equilibrium that means all markets at the same time in equilibrium I mean it's it's such a fictional word so Central Banks even in their models don't have banks in them they don't have money in them um so you know it's that's the sort of extreme um crazy world that economists create and then if you're just interested in reality as I've always been already as a student then that's considered you know rocking the boat and highly heretic and yeah very controversial so well you're rocking the boat where the power lies the balance of power is Shifting I want to talk about that with cbdcs and how it will impact the role of Banks and the role of governments of course in a reality where we don't have equilibrium we have rationing and rationing means demand is not equal to supply in every market and that means the short side principle applies which means the shorter of demand or Supply determines the outcome that's the common denominator that's the only thing that can be traded the shorter the smaller quantity of demand and supply and the short side has power and certainly power is in every Market because the short side can pick and choose with who to trade and there's tons of examples in any Market I mean labor market is perhaps the most obvious one but it's true for every Market it's even true for liquid deep markets like Bond markets you know when you've got to sell your bond portfolio under stress um you realize oh well I've got turkey 237 92% um that's exactly what you're selling you see it's a very discrete specific Government Bond you need a buyer exactly for that Bond and you know it may take a while so where's the equilibrium um so the short side is power and of course the fundamental um um tool that everyone needs to use is money and with money what is the short side and what is the long side what do you think which is larger the demand for money or the supply of money any any guesses I think what's your feeling I think that uh up until your intervention I think uh up until then probably the demand was higher than Supply that's why the demand surely is higher than Supply because money is so useful obviously for philantropic and you know good projects but we all would like to have more money because gives us more you know possibilities and things to do and Implement our ideas so the demand for money is essentially infinite and there therefore the short side is the supply okay so who's supplying the money I did a survey in Frankfurt um and and my students helped me um my courses started to get very large I mean I had this optional course initially 50 students but by the fifth semester it's 450 everyone signed up so I sent them out on the streets and we did the survey um over a thousand questionnaires so it's quite statistically quite relevant the question was who do you think creates the majority of the money supply and allocates this money supply in the economy and of it's m multiple choice you make it easier and the outcome was that 84% of the people pulled which is probably above average education you know in central Frankford um thought that the money is created by the government or the central bank which is a very reasonable answer it's just not true governments create zero money there's some tiny tiny exceptions um if you're interested we can talk about those but governments don't create money they borrow money at interest that's why we have this national debt um in most countries and central banks well they only create 3 or 4% of the money supply who creates the 97% of the money supply well you mention them it's the banks but that's been a well-kept secret for centuries initially it was well-kept because both parties in the bank activities um had an interest in keeping it secret because until 350 years ago all over Europe Usery was forbidden in Europe and actually many parts of the world and perhaps even most parts of the world charging interest was illegal and therefore everyone involved kept it quiet now that played into the hands of the banks because they could keep their business model uh quiet as well which was not to lend money economists say banks are deposit taking institutions that lend money and the reality you have to remember is almost always the exact opposite of what the mainstream economists tell you so the the reality is Banks don't take deposits and Banks don't lend money at law is very clear particularly if you take English law which was created together with modern banking to suit modern banking in the 17th century with the creation of the bank of England and English law is very clearcut on this Banks don't take deposits because the concept of a deposit at a bank doesn't exist at law it doesn't exist it is simply and you know the the courts are very clear on this it is simply a loan that you give to the bank you're just a general creditor there's no such thing as a deposit it's not a deposit in any sort of sense that we use it it's not held in custody it's not a bailment you know it's not warehoused no it is a loan to the bank so Banks don't take deposits but surely Banks lend money no they don't they're in the business of Pur purchasing Securities because when you take a loan the loan contract you sign at law is a promissary note that you've issued and the bank is buying that now the Bank owes you money which means it will make a record of its debt to you which we call Bank deposits and then you say well I don't care about these details just give me the money when you borrow the money and the banker will say you'll find it in your account if they're careful they may say we've transferred it to your account that would be wrong because what you get into your account when you take a bank loan and I could show this this is the first empirical study of how Banks actually work I mean imagine this this is so typical for economists they've been arguing for in in the modern era at least for the the past 120 years between three theories of banking the currently dominant one is the financial intermediation Theory which says that Banks gather deposits do their analysis credit rating credit you know um risk assessment all that and then give out the loan they're just intermediaries like non-banks it's the same thing and then there's the fraction Reserve Theory which is a bit older says each bank is a financial intermediary but in aggregate something strange happens Banks create money and then there's a third Theory the oldest which says credit creation Theory Banks create money and when a bank gives a loan it newly creates money out of nothing which seems a bit you know hard to believe and of course has been made fun of quite a lot by followers of the other schools but you get famous people supporting you know each of these three schools some like can's support all of them sequentially um Kane's you know starting with the credit creation Theory then fraction Reserve Theory and then the financial intermediation sort of chronologically in the way they've been pushed out anyway so I thought this is crazy this is what your research uh proved right exactly so let's use the scientific research methodology I mean that's the scientific thing to do let's test the three theories and they differ in the question of when the loan is given out where does the money come from the financial intimidation Theory says it comes from deposits the fraction Reserve theory is slightly complicated but essentially says it comes from reserves held at the Central Bank exess Reserves and then the credit creation Theory says it doesn't come from anywhere it's newly created out of nothing and then it's of polite to put this in Latin exilo because then it sounds like something's happening out of nothing okay anyway so but what's the what's the scientific thing do a test so I managed to do this you need a bank and that of course was a bit of a um constraint but I found a bank and we could do the test and the conclusion was of course as as as you know by now Banks create money out of nothing and so when you take out that loan and it's um the money is given to you it's booked into your account at the bank because that's a record of the bank's debt to you from the arising from the loan contract is essentially An accounts payable liability that the bank now represents is a different type of liability called customer deposits in common usage at law it's just a loan to the bank so really you are lending the money to the bank that the bank is lending to you anyway let's keep it simple the banks create the money out of nothing but that that money represents value as a ledger what's in the value in the economy and we can use it for all the transactions if there's no value that's being traded the the money is worth nothing and now that central banks are coming in with the cbdcs how does that change the role of the banks money creation takes place when the banking system central bank and Banks inject money into the non-bank economy that didn't take place at that time so you can't get inflation from this um they didn't do QE2 the second type at that time but they did it in March 2020 so I'm on the record on my Twitter accounts saying well I got the data around May 2020 this must create inflation there absolutely no doubt significant inflation double digit inflation 18 months later I said that's exactly what happened because now this is the second type of QE for the for the reflation policy money creation policy when you have deflation the Central Bank purchases non-performing assets from uh sorry performing assets from non-banks you shift the non so performing assets from non-banks in other words normal companies corporate bonds I mean in Tokyo suggested real estate because Tokyo is not very green and they had this massive implosion in the banking system and the economy shrinking Central Bank can just buy real estate supports the real estate market course these sellers they're not Banks not not many not that many anyway um so the the accounts their Accounts at the banks are credited um by the Central Bank the Bank Reserves go up but the banks create the deposits money creation credit creation that's how you reflect the economy and so this is what central banks have done they've created this inflation intention now how do we know that the March um 2020 policy to purchase assets from non-banks huge amounts of corporate bonds and all sorts of you know um purchases were actually the implementation of the Black Rock plan how do we know that for sure well look it up Announcement by the FED March 2020 we're hiring Black Rock to buy assets from the economy it's not a secret it's not a conspiracy and and the plan was from start to finish to create inflation and that's what they did and that's effectively depending on perspective or transfer of wealth of course I mean inflation is a transfer of wealth and that's not a very original idea I mentioned the quote from Lenin earlier that the way to crush the burgaz is between the millstone of grinding them between the millstone of inflation and Taxation it's always been the case that governments try to use inflation of course there's a few more millstones um you know because central banks are also very good at creating these boom bust cycles and and big recessions um which is another way of transferring ownership you know creating bankruptcies and uh distressed assets and so on I show in my book princes of the Yen that the entire boom period of the80s which was massive excessive credit creation by banks for asset purchases which must create a bubble and must create a banking crisis afterwards was done on purpose by the bank of Japan and they had a plan and you know the details are on the book princes of the Y um and that's proven with eyewitness testimonies um the data managed to get all the data um primary sources secondary sources and has never been disproven has been out there since it was the best sell in Japan 2001 um and that's turned out to be the standard case that we have these Central planners creating crisis intentionally which initially I mean you you just you know don't want to believe it it's hard to believe but of course once you you're over that but by you know looking at the evidence and and again and again in almost every country you get examples for that that's now the sort of background now with this background that's when we should discuss cbdc so the central planners are now coming out and they dare to say hey give us more pow we want even more Powers now in my book new paradigm in macroeconomics 2005 I warn of the recurring banking crisis and also the fact that after each banking crisis and economic crisis we're giving the central planners more power because they will argue oh it's because you know things got you know wrong obviously we were trying to do the opposite we're trying to have stable growth stable prices stable currency stable everything it just didn't quite work out we didn't have enough powers and for some reason that seems to always convince and there's a boom and bus cycle but isn't there an advantage with the sort of spurring on Creative destruction by by having a Rejuvenation of companies Only the strongest surviving and uh Capital being allocated to the ones that are the most interesting in terms of short-term Innovation well I would argue that you get this this Innovation and and and we have this creativity and people are creative um without the very destructive resource misallocation and waste that comes from the boom bust cycles and you know bankruptcies is that's definitely not the most efficient way of running the show right how you run the show efficiently and create a lot of prosperity was shown by the East Asian high growth economies and they've demonstrated it is possible to have double- digit economic growth for decades and how do you do that well you know in my quantity theory of disaggregated credit I show basically once you understand Banks create money there's only three scenarios if banks create the money Bank credit creation and it's used for purchasing ownership rights usually property is the biggest example because that's also um essentially supported subsidized by the Basel Capital adequacy banking rules Banks love to do property lending but it can be Financial assets can be any asset when you do the asset credit creation because The Lending is money creation this must do something money creation always has an effect so when Banks lend for property because it's money creation it's like printing money and pumping it into the property market now you don't have to study economics and have a PhD to then uh conclude that H what's what's this going to do property prices obviously they're going to go up they're driven by the money creation because it's not transferring money from A to B which is zero some gain but that it's new money that didn't exist before pumped into the property Market of course property prices go up and then you get these boom bus Cycles that's scenario one when Banks create credit for asset purchases which is not part of GDP by the way um because there's no you know GDP is a is a um value added concept yeah and but just transferring ownership of Rights well you're not creating value you're not therefore it's not part of GDP that explains some other puzzles like velocity Decline and so on um anyway and then Bank credit for GDP transaction we've got two scenarios namely if Bank credit is used for consumption because Bank credit is always money creation always Banks never act as intermediaries there always net new money that's added to the economy that added to the money supply that didn't exist before so if Consumer loans go up that means of course demand goes up effective spending on consumer goods immediately goes up but you haven't done anything about increasing the quantity of goods and services so what must happen to Consumer prices and that's what we've seen since March 2020 inflation Consumer Price inflation now the the third possibility is the redeeming feature of banking and then um we can talk about Solutions and also alternatives to the cbdc project the redeeming feature of banking is when Banks create credit for productive business investment to implement new technologies to increase productivity to implement these creative ideas that people have I mean technology is a recipe like a cooking recipe you know it tells you what ingredients to choose in what quantities and then what process to use to get something that has higher value than just the sum of the cost of the inputs right because of this clever idea which is encompassed in this in this process in this technology whatever it may be so when you do that you fund the implementation of new technologies you are creating value added and therefore it's not inflationary you have more demand from the money creation but you're also delivering more and higher valued goods and services and that's how you get higher economic growth if you make sure that bank credit is used for produ Ive business investment and that's what they did in Japan in Korea Taiwan and China I mean China is the is the key example because well it's most recent and also because they moved from a Soviet style economy where they had what we will get if we allow cbdcs it will be a Soviet style economy because Central Bank digital currencies I mean it's it's it's a misnomer really they're trying to confuse people with the CBD DC acronym already suggesting oh and then saying it's the digital aspect that's new we've been using BDC for decades Bank digital currency and the digital aspect is nothing new been using that and it works okay you know it's not usually the biggest problem we have in finance and banking is you know the you know the transactions so um you know we've been using bdcs so what is new the C the centralization aspect it's the Umpire the referee saying I want to join the game because cbdcs is having an account at the central bank it's ripping up the 300 plus years implicit agreement that's existed between banks in the central bank that central banks are the banks of the banks and the public deals with the banks but not the central bank it's a two two sort of layer um Financial system but now the central banks are saying Central planners well we want to have direct access to the public which means they're going to compete against the banks now what do you think when the Umpire decides to join the game I mean is that a fair game think of football use the red cards the Whistle the yellow card and the Umpire scores the goals you know it's it's unfair competition absolutely it also explains probably these mysterious policies by the central planners certainly in the last in the last three decades which were very anti-bank if we now realize actually their plan has been I mean these are long-term plans to compete against the banks well they have a huge conflict of interest then they shouldn't be Bank Regulators because they're going to hurt the banks that's exactly what they've done you know since the introduction of the youngest major Central Bank the ECB 5,000 banks have disappeared the Federal Reserve has killed almost 10,000 banks in in the LA last 35 years that's what they're doing they're consolidating the system so let's look at the extreme case we're going to get when we introduce cbdcs ultimately will drive Banks out of business because you then just need the next banking crisis which is very easy to arrange for the central planners they've been very good at that and then of course oh um well there is cbdc now the banks will they're you know a bit you know in crisis what are you going to do everyone shifts their money to the central banks banking system you know switch off the lights pull the plug it's gone and then we have what we then have is the Soviet style system you know the Soviet Union is the dream of central planers there was only one Bank G Bank the central bank they had many branches but it was only one bank this is what the central Planet are really adoring and envying and and of course in the west they've always had you know in the last 40 years this China Envy as well but the truth is China did the opposite 45 years ago um when dening came to power it started out being a Soviet sort of you know the ma um economy with more or less you know just one bank and then Den ping came to power and he and actually I started out talking about the inductive and deductive approaches the theory abstract ideology and then reality and Dena ping actually when he came to Pal and gave his first major speech he talked about that he says listen comrades don't we want success don't we want a strong economy don't we all want to get wealthier and have a strong China I mean that's good for everyone including CCP you know so yeah everyone agreed well let's ditch the ideology that's literally what he said let's forget about the ideology let's see what works there the Chinese saying um seek truth from Facts is one of those famous four character you know you can draw it with your brush Shi Qi I think it is but my mandm is not not that good uh it's easier in in in Japanese G Q and seek truth from Facts is the inductive um methodology you know you you look at the facts at the data and so what he did is he traveled to Japan first thing because there was a country with a single party State you know the the ldp having been in power and it's still true I mean the exception of three years in the entire postwar era one party so you know for somebody coming from communist China it's kind of okay let's see how they do it and and he did say in public when he traveled to China I've come to you to seek the elixir of high growth now that was a reference the Japanese immediately understood because there was this legendary figure like a thousand years before this Chinese um Sage coming from China to Japan the Land of the Rising Sun is how the Chinese call it of course you know you've got to be in the west to see Japan as the the land where the sun rises right it wasn't the Japanese coming up in this name anyway so the sage came to the Land of the Rising Sun and was seeking the elixir of Life at at that time and that's a famous story and maybe true you know at least uh legendary and so he used those words have come to seek the elixia of high growth and since it is since it is after 6:00 and we are sort of at a dinner tables I can tell you a secret um about the Japanese if ever you have to go to Japan to find out something you see in Japan they have two truths the official truth tatay which means literally facade the outer appearance and hon the inner the real truth now you initially certainly the American reaction hang on that's lying you mean there's two truths that can't be come on let's get real that's how it's done everywhere except in Japan it's the official I mean everyone knows this and it's socially culturally accepted so if you're in a formal meeting you will always get the official story just don't expect the real truth and when I was young you know and then you know um as a as a researcher often Japanese people took pity with me and leaving a formal meeting they would say Richard listen me for dinner I'll tell you you know what's really happening after 6:00 is off the record and then you find out everyone speaks the truth and they love to speak the truth so that's that's the secret on the Japanese if you find out the truth make sure you meet for dinner a little bit of Sak helps of course um and they will tell you and so I can absolutely see how Den XO ping was literally told over those you know drinking motai and sake um how they did it and how they did it how did Japan and then also Korea Taiwan get this double digit economic growth they used Central Bank guidance of bank credit which they called window guidance to guide Bank credit into that area Bank credit for productive business investment and restrict Bank credit for consumption and for asset purchases and then you get very high economic growth that was introduced by the Japanese uh in 1942 in Japan which included Korea and Taiwan you know until 1945 Korea and Taiwan had been part of Japan for half a century and then when they became independent they decided this worked really well we're going to continue this they continued this in the 50s and 60s and 70s and got also their double digital economic growth and that's exactly what dening did now of course the precondition for this is that you have enough Banks and he realized that and he was told well it's better that more than one bank so he came back to China and he created thousands of banks small Banks local banks Savings Banks Credit Unions Village Banks provincial Banks also some national players but the majority of the almost 5,000 banks in China of course are small local banks that only lend in the local area which is principle that Japan had introduced originally from Germany and that's the secret of success also of 200 years of Fairly strong economic growth in Germany which has just ended last October by the way but um anyway um so that's how you get high growth you meet you need many small Banks because they're lent to small firms small firms are important because they're the main employer two3 of employment in every country in some countries more than 2/3 are with small and medium-sized Enterprises and for economic growth we need to fund this with bank credit but big banks will not lend to small firms it doesn't make any sense so you need small Banks and that's why we need to create small Banks Community Banks local banks that lend in their local area and that's also the antidote to what the central planners are trying to do they're trying to kill Banks the ECB has killed 5,000 Banks mainly small Banks of course forcing them to merge by having high regulatory cost constantly increasing regular burdens um and also the interest rate policies they had for a long time zero and negative interest rate um and so very anti-bank policies small Banks uh being driven out but um it is now extremely profitable to be a bank because interest margins are now very large um and as a small local bank you know banking is one of the most profitable Industries and that's what you're getting into with well network with more Community Banks yes indeed so I've been for the last 10 years working to set up Community Banks um there was a bit of a struggle I must say in the UK where The Regulators just don't want small local banks uh they want they call them Challenger Banks new essentially payment Banks they don't give out any loans to they just cherp picking the transaction Services exactly transaction service that's being supported but if you want to doem banking you know then if you want to set up um a new bank there there's this bunch of guys from the city they said let's set up a new bank for the super rich oh here's the license they got it within record time you know banking license you only but but Community Banks actually are good for everyone this is what they need to realize in the city of London that's how you create prosperity for everyone um and the thing is you see you can have double digit economic growth in any country in any region and for any time period you can have high and stable growth so we don't this coming back to your earli question we don't need the Cycles you can have very high and very stable non-inflationary Equitable growth in fact there's no limit to growth I mean this club of Rome half a century ago launched their their major uh first book you know the limits to growth and this was essentially the beginning of this major campaign against economic activity and prosperity which is now under the label of climate change and that's a whole you know it's a very related discussion because of course it's linked to cbdcs as well anyway so they were starting to make this argument limits to growth there's no limit to growth it's a complete misunderstanding and also growth is not the enemy of the environment it's totally impossible because ask a physicist what is what is growth what is economic growth there isn't any growth in a physics sense it's just a statistical concept and this a statistical concept cannot hurt the environment now if you do what they say oh let's have zero growth let's degrowth so you think that's the end of hurting the environment environmental destruction the Amazon won't be cut down anymore they're still doing it now in Canada there's woke climate change whatever government they're cutting down still these giant 1,000 year old amazing trees they're still cutting them down in Canada that's how much they care about the environment so so with zero growth you can still have massive environmental destruction What Hurts the environment is environmental destruction not economic growth look at China when they were poor they had to look after the high priority you know first things first and and lift people out of poverty thanks to the creation of Banks and window guidance focusing Bank credit on implementing you know credit creation for business investment China had four Decades of double digit growth lifting more people out of poverty than any place in history before and then they started to care about the environment and they have now very strict Environmental Protection rules so just by saying oh let's have zero growth and this is going to somehow you know be good for the environment that's complete nonsense complete misunderstanding so growth is actually a necessary condition in my view to solve the problems of mankind and I'm really with with JFK on this one um most of our problems are man-made and they can be solved by man so let's do it and of course the monitary system is is a key tool to do that that's a resource allocation tool we have to understand it make it transparent how it really works and then use it for us how did the central planets react when I started to publish the truth about banking well um well princes of the Yen um they send the CIA around to scare me then new paradigm macro macroom came out in 2005 they then started to create these so-called Grassroots I mean AstroTurf Grassroots um activist groups that said oh Banks create money that's terrible let's abolish it and they were supported by the central planners and they have been launching cbdcs you know the cbdc plan since in other words now that the public starts to understand how it works and we could actually utilize this knowledge and this knowhow for the greater good now they want to abolish it because it mustn't get into the wrong hands like the general public isn't that extraordinary outrageous um so that's of course another reason why we have to uh prevent the introduction of cbdcs now cbdcs are programmable so let's talk about that yes what are your objections to cbdcs and what could be object to this so how could you do a cbdc that would be less dangerous to the freedom of the public well by not doing a cbdc that's how you do it you see the attraction for the central planners of Central Bank digital cm is the programmability and of course they're all looking into the programmability several have made statements like oh we won't use that okay maybe you know in the first generation they won't use it but you know there's a new Central Bank governor and whatever and suddenly they they are using it I mean the the fact is they are working very hard on this in Brazil they had this this pilot um you know cbdc and the there is a blockchain programmer who checked out the code and could prove that it already has all the tools in it to freeze your money and to confiscate it transfer it away without your uh permission it's already in the code applicable for USD as well which is something origal USD everybody used it and the transaction itself they could possibly freeze and pull out your money exactly exactly in fact they now even moving beyond cbdc in June uh this year the bis which is very advanced in its plans for cbdcs also to be used for inter Central Bank transactions and so on um they made the announcement that well we need to accelerate tokenization of everything now in principle you know if you like blockchain and and the tools that sort of you know that sounds good but think about it it's the wrong guys doing it isn't it the Central Bank of the central bankers and why do they want to tokenize everything and in the same announcement they talk about the programmability and general assets all assets Bank deposits should also be tokenized because well then at the Press of the button the programmability feature can be used and oh well um you've obviously you know um just ignored all their rules on carbon Footprints and you've been eating too much beef or whatever it may be you know whatever it may be uh so you know you have to you know your assets have to be transferred not just your cbdc they're already starting to talk about going Beyond cbdc and linking it can't you do cbdc that's not programmable well even if you can then um then you don't need a cbdc the whole point is the program build and it's it's very official the bank of England has for formerly um officially publicly asked the UK government for the legal permission to make it programmable about Canada Ottawa where there were peaceful demonstrations against um you know the uh essentially violations of human rights by the government by having all these restrictions peaceful demonstrations for weeks and um Trudeau didn't like it um and so in the end he managed to get a parliamentary U approval to have a new law passed a Draconian law that allows the government to order the banks all the and not just the banks actually all financial institutions to freeze people's assets but in a way that really just demonstrated to all of us you know the sort of things they've been thinking about and I'm sure he was very sad that they hadn't managed to roll out cbdcs by that time because then would have been even faster so really what cbdcs are doing is they are usurping a parliamentary Democratic prerogative including essentially fiscal policy you know how money is spent that is a parliamentary budgetary prerogative cbdcs will usurp that and hand it over to the central planners now in many countries central banks are still privately owned you know and historically been created by you know the big banking dynasties you know it's a it's a banking cartel that doesn't like small Banks but that's exactly what we need to do you know we need to work in the opposite direction so while the central planners want to increase their power over our lives and it's literally not just about total surveillance and monitoring of where we are where you are and what you spending your money on um it is about this programmability intervention um and if you you know don't follow the rules or you've stepped outside the 15minute walking distance area well your money is not going to work so if they manage to introduce cbdcs if it is inevitable as some say how will it end in 10 20 50 or 100 years it is a completely dystopian scenario and certainly in much shorter time than a century absolutely I mean just within a decade I would say and so we should stop it in the tracks that's a very important point it's so dire that we should not even allow pilot projects we should have demonstrations outside central banks against this they don't expect this by the way and Central Bankers unlike politicians they don't have any thick skin and so I really want to encourage you to think about what can we do um to safeguard our financial and economic and therefore you know essentially General Freedom to stop this because I know notic and I was told by one Central Banker um who'd seen the cbdc been shown it by one of the the major old central banks they ready they were ready to roll it out in 2016 but they didn't but he was shown it and and it was very small it was a little sort of like a like a grain of rice to be implanted subcutaneously under your skin and they never talk about that what's what is it going to look like right and I was quite shocked by the fact that the realization wow it's ready ready they can roll it out any time so I started to speak up in 2016 in my uh conference presentations and some written um you know articles and so on and it seems that they then delayed because they realized there is a bit of a hurdle particularly with the implant thing you know um because it is a violation of human dignity no doubt so they've delayed now next they introduced this um covid scop now I know this is another controversial topic I'm from a medical family to me this you know it's a fairly clearcut um but we don't need to go into details the fact is um they you know we had this covid roll out you know and you know why was this you know Jackson Hall plan Black Rock why was it even there at that time already August 2019 and there was a second speech by Mark Carney my former uh fellow student same year at Oxford M Phil economics I mean he did the boring stuff Goldman sack's back office come on but you know he clearly played along with the game and did well for him as as you do when you play along in the game um anyway so he gave the other speech at that conference namely about the need to introduce cbdcs and Link them globally to have a world currency that was also August 2019 and then in in March 2020 they introduced this timed of course with the lockdowns so there is a direct link to co um measures and central banks came out including the bank of England in march 2020 talking about oh we must accelerate introduction of cbdcs you know public event public um discussion paper and all that um and um and of course the idea then was very clearly with hindsight that's that's visible they wanted to launch the digital ID which is a precondition for um a properly working cbdc the way they they want to introduce what we've seen is they they delayed they sort of ran this different operation thinking okay that will accelerate It ultimately but it's done the opposite what I've experienced is when I spoke about CBDs and the dangers of CBDs in 2016 17 18 very few people were even interested very few people cared some you know saw the point point and realized okay but you know that's in some distant future now at conferences everyone is really interested and they they really literally woke up I mean I know so many doctors and people in the medical field now who understand that it's actually about financial control and everyone is now interested in CBC so they made a strategic mistake and that makes me optimistic you know we have already succeeded in delaying it they made mistakes and I think if we're now active enough we can prevent it it's possible if you look at the economy right now especially in the US and Europe like it's it's the best time to implement cbdcs now in the in the next years because inflation is not coming down right uh people have real Pro like people are struggling to pay I mean you're from Germany right the know situation electricity gas housing everything is so expensive like it's the best time for them now and that's why like at the point we right now how can we stop that yes yes they will certainly try um but we must make clear our opposition Central Bankers have um much thinner skin and they don't um they don't handle direct opposition very well from the general public they're very afraid of that so that's what we need to mobilize I think um but in terms of their plans I mean I'm sure the plan is particularly for Germany um I mean the the the ECB has created now property bubble in Germany since 2009 um it ended in um last October year ago um and it's now in a slow motion implosion which if you don't take the right policies as a central bank will take the banking system with it in Japan we've seen this can take two decades but that's entirely a policy variable so the timing I would I would have thought it will probably take two three years and then that will be I think where the ECB will try to roll out you know have the banking crisis and then roll out the cbdcs and then people want to switch to cbdcs and then oh we're successful that probably is the plan but the more we realize that's the plan you know the more we can take counter measures and since 2020 accelerated everywhere the number of businesses or even government agencies that say no more cash um but you can mobilize people against this I mean you know the the case of the the French um various local areas where supermark big supermarkets suddenly said no more cash and then the locals got together and said listen guys we've got to fight for this and so they did the following they all went into the supermarket and filled up their trolleys with things that they you know would buy but perhaps you know two months worth or whatever in one go why not and they go to the checkout and they have only cash with them all of them did it and then oh you you're not accepting this okay well here's here's the money legal tender what you don't want it okay then I must go and so then they had all these full trolleys and then of course all the staff complained to headquarters and so then they reversed the policy they're arguing yeah it reminds me of the quote if you will to give up freedom for comfort you deserve neither and that leads me to if you are dependent on the government for your survival for your food you're not going to put up much resistance for cbdcs yes and of course that's the link to Ubi you know Universal basic income as I said already 2016 they're going to push that in fact then already Suddenly at that time 2016 all these billionaires came out and said U we believe we should have Universal basic income now that idea is 100 years old and it was considered Socialist Communist why do these billionaires suddenly favorite well because now we have the technology for cbdcs that's why and it'll be the carrot the bribe to accept the implant oh sorry you know to get this, uh dollars, pound a month or whatever it may be you know you need to use the technology I hear that there's food that's getting cold shall we get some food and continue the discussion all right okay thank you very much
