ad-free
A marketplace for speech.
82,179 Hours of Speech
help
help
513,805 Transcriptions
add title (free)
add title (free)
407 Sources
add source €0.99
add source €0.99
Search:
Newsbud
Title: Cryptocurrencies, Blockchain & the Coming Global Financial Crisis!
Published: 2019-02-07
Source: https://www.youtube.com/watch?v=NZUrG21IqgM
Title: Cryptocurrencies, Blockchain & the Coming Global Financial Crisis!
Published: 2019-02-07
Source: https://www.youtube.com/watch?v=NZUrG21IqgM
1/47
[Music] [Music] with major private and central banks at this point warning publicly regarding a second global financial crisis and with equity markets reflecting investor nervousness while selling off into the end of the year you'd think that said large institutions would be bending over backwards trying to arrive at preventative solutions before this next collective crisis hits instead they seem to be aggressively mobilizing toward their individual and2/47
industry-wide cryptocurrency and wider blockchain technology rollouts odd lack of priorities hardly when it comes to central planners and set banks as ultimate owners as these newer technological domains are intended to provide the supposed solutions to how and why these worldwide economic crises happen considering that the impending and prior major debt and credit panics resulted from financial sector profligacy sin malfeasance and that cryptos and distributed ledger3/47
technologies themselves are establishment inventions it all begs deeper questions over a wider sense of design in the long-standing Hegelian problem reaction solution sense we've covered this next crisis one that will be a multiple of the 2008 Fiasco many times over the past year and a half here on money and fear it's worth briefly touching upon it again simply due to who and what our warning on4/47
it considering their roles in the crypto segment of this episode shadow banking involves lending activities which are not reflected in bank balance sheet revelations per the Financial Stability Board or FSB which is situated conveniently at the Bank for International Settlements in Basel Switzerland the shadow banking sector totaled twenty nine point two trillion dollars in 2007 yet had grown to thirty four point two trillion by 20155/47
the same year that the European Central Bank was warning that it was a risk to the financial system of the entire eurozone the FSB announced that shadow banking assets had ballooned further to forty five trillion in 2016 the most recent year was assessed who knows where it sits today 60 70 90 trillion in their September joint op-ed in The New York Times the team overseeing bailouts6/47
and company takedowns a decade ago then Fed chair Ben Bernanke and Treasury secretaries Hank Paulson and Tim Geithner basically stated that a another financial crisis was on its way and be unlike in 2008 2009 governments and financial authorities would not have the same tools to fight it hence under a systemic or systemic crisis one triggered by say another mega bank like Lehman Brothers or Bear Stearns7/47
failing hint Deutsche Bank hint-hint banks across Italy an unprecedented global risk would be posed to the entire financial system trouncing what they oversaw last decade add to that the raising of interest rates by the US Fed private and public debt levels across the u.s. EU Japan and China and expected asset bail and procedures under systemic crises as scheduled by banks in order to seize accountholders as8/47
savings and you're nailing the coffin shut on the global economy question where were Bernanke's Paulson's and Geithner's admissions a few years ago when they were administering quantitative easing easy money injections into the system to help prop up other large banks while goosing up the stock market answer the timing clearly wasn't right said op ED had to tactically appear months before stocks started selling off aggressively and9/47
major corporate media outlets started warning on another crisis if anything their op-ed gave said media the green light to bring crisis talk into the mainstream versus simply keeping it dwelling among contrarian economists and analysts who've seen it well in advance / veteran banker and analyst Alistair McLeod in London and I quote rising interest rates will undermine business models government finances and consumer spending somewhere first and10/47
it will rapidly spread from there all involving an implosion of the dollar bubble end quote further QE type easing measures from central banks will cause unmanageable inflation and faster exiting of dollar and US Treasury reserves overseas yes the US dollar is the biggest bubble in history and although such a reality won't be immediately attested to an establishment curated New York Times op eds it's bursting is11/47
nonetheless being prepared for by the very same establishment elite who are a warning on a second crisis in the way of a global savior digital currency arriving on the sanctified blockchain in 2017 B Hellmuth investment bank Goldman Sachs set up what's now called their quote bull / bear market risk indicator end quote which is aimed at calculating the likelihood and timing of the next bear market12/47
a few months ago Goldman put the odds of a wide financial crash at around 75% stating that said indicator is quote unquote flashing red with the bank forecasting negative market returns from now until 2023 this is despite Goldman's indicator lying upon typically government skewed unemployment and inflation metrics which understates said figures purposefully so as not to harm dollar or interest rate confidence let alone allow the13/47
triggering of higher entitlement payments from the government in mirroring what Bernanke Paulson and Geithner admitted to in their op-ed goldman stated in its guidance that and i quote the combination of constrained fiscal policy headroom in the US and limited room to cut interest rates in japan and europe may well dampen the ability to generate a strong coordinated policy response to any downturn and also make it14/47
harder to get out of such a downturn end quote so per the bank we're all entering a period of low returns and quote unquote secular stagnation because there's little room for federal stimulus after most of the ammo was used for the 2008 financial crisis for which Bernanke was clearly brought in a full two years before commenced in mid 2007 mind you yes 2008 was a coordinated15/47
crash and the transatlantic banking establishment put their milton friedman aight monitors cheerleader and self labeled Great Depression expert in to the feds drivers C to administer it all the adoption of cryptocurrencies and blockchain initiatives are rapid international and institutionally mandated almost as if they were manna from heaven the consolidation phase for various blockchain platforms is imminent as well the global market for blockchain related products and16/47
services is already valued at 700 million dollars and is expected to exceed 60 billion dollars over the next six years alone six out of ten large corporations are considering employing blockchain technology or are already developing their own applications additionally institutional investors are becoming more involved in the 220 billion dollar cryptocurrency trading market with hedge funds replacing high net worth errs as the largest private transaction buyers17/47
of digital coin swaths worth over $100,000 exchanges have recently handled about fifteen billion dollars in daily trades according to coin market Capcom and Bloomberg yet this emerging sectors opacity remains a neglected issue large institutional buyers and sellers like private sales featured in crypto trading today because over-the-counter transactions can visibly move coin prices whereas in a private sale parties can fix the price in advance without worrying18/47
about sudden plunges or spikes just as the transaction takes place this is indeed akin to dark pool trading thus begging the obvious question over the disconnect between the words quote unquote private as in trading and the word quote unquote transparent as in the blockchain / dan Denning of Bonner and partners among bitcoins flaws is quote the fact that 97% of bitcoins are held by less than19/47
4% of addresses creating a hoarding mentality that limits the liquidity of Bitcoin and its popularity as a payment option end quote we also covered bitcoins more than likely price manipulation both up and down six months ago on this show as well Goldman Sachs which is warning loudly of another crash is the same Bank that has set up the fed coin cryptocurrency meant to replace the dollar20/47
via the US Treasury and US Federal Reserve Goldman's Boston based start-up circle a few months ago launched its quote-unquote stable coin entitled the US dollar coin or the USD coin which is the first cryptocurrency issued by a politically significant financial institution interestingly the coins value is tied to the US dollar which in a way is like placing a fiat currency on the back of another fiat21/47
currency considering that neither currency is tied to physical finite gold yet circles CEO Jeremy elaire has his explanation proclaiming that the USD coin and I quote unlocks an incredible amount of power for the dollar it's basically a dollar that operates on the ethereum blockchain end quote hence the blockchain ultimately is meant to replace gold and silver as the universally trustworthy means of unalterable core money blockchains22/47
smart contracts and distributed ledger features are meant to condition visions of safety transparency and trustworthiness while also providing scaling abilities to introduce the quote revolutionary potential of a crypto powered global economy end quote / Justin Dannemann of perk 360 com I mean why not just go back onto a gold standard which works so well for centuries of past economic and industrial advancement well because physical gold23/47
and silver are too limited in supply key qualities of credible money by the way for achieving what elite planners wish to achieve hence partly the need to artificially suppress gold and Silver's dollar quote unquote prices while introducing tactical medium-term volatility into bitcoins pricing in order to first build global awareness via speculative greed yes blockchain is meant to replace a hard asset numeraire standard for money which24/47
is operated for thousands of years namely precious metals this is the new alchemy albeit via digital code ie why bother trying to chemically reproduce gold as had been attempted routinely throughout history when you can do it via technological means which practically everyone of any deemed necessary worth on earth will need to be plugged into and thus trackable through Goldman's USD coin has received support from popular25/47
wallet services such as bit go coinbase I am token and ledger payment processing giant bit pay is also part of the seminal Center consortium among 30 other partners ie these crypto ground breakers are now bandwagoning onto Goldman Sachs's industry injected standard bearer writer Dannemann surmises that the USD coin and I quote is designed to replace the dollar and become its digital version this is the first26/47
step in replacing fiat paper currencies end quote additionally the US Securities and Exchange Commission and FINRA regulatory bodies have basically stamped coin base as the crypto regulatory agency by approving its purchases of three companies which enable coinbase to offer security tokens while sitting under federal guidance and regulation coin base is expectedly giving account holder information to the IRS coin base is now a broker dealer registered27/47
investment adviser and alternative trading system and will list hundreds of IC o or initial coin offering tokens and other crypto financial debuts and floats alternative trading systems operate outside traditional public stock exchanges despite the SEC and FINRA blessings worth also noting that coin base is owned by the digital currency group which in turn is reputedly quote an investment arm of the US Federal Reserve and quote28/47
/ Dannemann who's followed the money well for set issues for over a year recall that over a year ago New York Fed president and CEO William Dudley announced that the Fed was thinking quote it's own digital currency end quote well it's done much more than merely thinking the USD coin is not alone in becoming a national Fiat stable coin terminology aimed at conditioning massive branding trust29/47
and Kryptos no less Australia launched the Australian dollar pegged equivalent in September of 2018 as did the UK with its LBX peg quote the first one-to-one great british pound collateralized stable coin and quote Bank of America holds 45 blockchain patents Alibaba owns 36 and IBM owns 34 of such patents in June of 2017 IBM was selected to build a block chain based international trading system for30/47
seven of the world's biggest banks including Deutsche Bank HSBC KBC natixis rabo Bank Societe Generale and unicredit most of these institutions are systematically important with regard to leverage complex derivatives exposures sovereign debt and their exposures to other global banks more on that later there's apparently the first actual cryptocurrency based bank which launched in October of 2018 founded by former HSBC Credit Suisse Bank of New York31/47
and UBS bankers EQI Bank allows its customers to hold crypto currencies in insured accounts crypto alongside global fiat currencies the bank will also operate its own in-house crypto exchange and offer a peer-to-peer crypto loan system the bank holds an unrestricted offshore banking license and is regulated by the financial services unit and eastern caribbean central bank it promises to be the first official point of contact between32/47
crypto markets and the international financial system the CEO of ripple announced recently that banks within the association of southeastern Asian Nations or a.cian will be the first to offer cryptocurrency custodian services these ten nations cover a population of nearly 640 million people and a combined GDP of two point five seven trillion dollars u.s. ripple naturally seeks to service as much of this collective region as possible33/47
retaining nearly 50 percent of all of its own customers there while partnering with the fifth largest bank in the Essene region now Italy has 17 of its banks representing 65 percent of the nation's banking sector involved in the testing selection and implementation of distributed ledger technology aimed ostensibly at increasing data transparency now I wrote last year for news but about how Italian and other European banks34/47
are hyper over-leveraged and teetering further genuine transparency would thus trigger loss of confidence in a systemic crisis banks such as Monte DePauw Tschida Siena in Tessa San Paolo media banca group and others queued up for block chaining are individually highly geared and importantly are systematically linked to other large banks through sovereign debt issues and complex derivative instruments noted lien on Italian banks getting piloted with blockchain35/47
protocols include BNP Paribas and Credit Agricole both of France now these banks are firmly exposed to trouble Deutsche Bank which we've repeatedly warned about on this program so are we sure blockchain for banking is so definitively transparency focused or is it therefore shrewder provisions of requisites strategic opacity especially when there's a wider global infrastructure push for eventually transitioning toward an entirely new monetary platform perhaps the36/47
most endangered banks are being rushed onto the blockchain to somehow guide a transition into debt-free and Jubilee digital monetary horizons and eventual cashless societies even Russia's Gazprom Bank through its swiss division is launching a new cryptocurrency service in quarter 2 of 2019 swiss division huh because it's traditionally been a quote-unquote neutral region for everything or because Switzerland is the nerve center for global finance are the37/47
two elements perhaps symbiotic hey speaking of Switzerland Seba crypto AG is one of a number of startups hoping to become the region's first regulated cryptocurrency investment bank backed by a pair of former UBS bankers it's raised over 100 million dollars promising to provide the bridge between the crypto and fiat world quote-unquote per its CEO noted Lee the funds were raised without a traditional investment bank or38/47
with advisers in 2017 Switzerland ranked second after the US and funds generated from icos the Swiss canton of zig dubbed quote-unquote crypto Valley is home to about 200 blockchain based companies now sub was also where the late US fugitive mark rich set up shop in 1974 after leaving the u.s. because Switzerland was and remains quote safe and secret with no questions asked end quote / The39/47
Economist rags over speaking Marc Rich obituary from five years ago recall as well that the Bank for International Settlements itself is based not too far away in Basel Switzerland and in Germany Bitcoin group s II which operates Bitcoin DE the only regulated Bitcoin exchange will de facto become a bank after securing a 100 percent takeover of a Frankfurt based brick-and-mortar bank in 2019 expectedly large tech40/47
corporates such as Google Facebook Microsoft and IBM are heavily researching with blockchain technology as well non tech corporates such as Hyundai Lufthansa Air New Zealand Air Canada and air france-klm are partnering with firms in this field in order to stay ahead of mandated innovation in document payment processing and information management the blockchain is clear quote unquote Internet 2.0 and it's pandemic adoption as global governance decreed41/47
yet presented mostly as a dire need for maintaining technological relevance in discussing the historically cyclical inevitability of financial market turbulence Wall Street veteran and equity researcher Nicholas Colossus of data track states that and I quote until humans and computers reach some sort of singularity human nature guarantees many more speculative bubbles and countless bear and bull markets end quote interesting choice of wording from a financial professional42/47
considering that the much-hyped technological singularity which involves the essential merging of biology with artificial superintelligence here connotes removing mortal unpredictability thus allowing for much more predictable control of human behavior via quote unquote money and technology what the combination of digital currency tracking and storage will underwrite regarding mass condition incentive systems is worth pondering as the perceived ideal from the perspective of elite planners is one of43/47
the entire human race or as much of it as we'll eventually remain after design cataclysms acting as much in unison as possible toward unbeknownst esoteric long-term goals respected online commentator and author Charles Hugh Smith without dwelling on global finance references cryptocurrencies and the blockchain as having quote the potential to reorder the structure and processes of governance of social relations and of financial power thereby leveraging the44/47
potential of computers and the web for direct political / social innovation in quote Smith gliese and their promise D centralizing capabilities which could theoretically lead to micro community developments and localized power growth yet as I've stated before that all relies upon the core factor of whether the blockchain is truly decentralized in thus free from governmental or elite para governmental privatized control or not so much as45/47
contrarian financial and security specialists veterans will tell you hence the rushed introductions of crypto currencies in the blockchain over the past decade and their touting over the prior several decades in seminal media pieces such as the infamous 1988 Economist magazine cover or even that obscure National Security Agency white paper published in 1996 both of which we've cited before and you'll see cited again under our videos46/47
on the news but website here what better to expedite the seemingly abject need for a world salvaging gridded trackable monetary system but blood-curdling financial events my dear boy events this concludes our 35th episode of money and fear and our final one for 2018 I wish you all a happy holiday season and thank you again for supporting this journalistic endeavor uniquely relentless in its seeking to discern