Action4Canada - Central Bank Digital Currency Part 2 With Brett Oland, May 29, 2024

00:00:00.000 I think probably a more likely scenario, rather than them having a true central bank digital currency, is they would likely use an intermediary.

00:00:08.500 Like they would suggest that everybody in Canada must be a member or a client of RBC.

00:00:15.600 And so everybody must have a bank account with RBC.

00:00:19.800 And then, you know, I think what they'd probably try to do is bribe people into getting these accounts with this one provider.

00:00:29.280 And they'd say something like, you can only get your universal basic income in your central bank digital currency account or your RBC central bank digital currency account.

00:00:40.380 And so I can see that definitely happening.

00:00:44.420 It definitely failed from a social level so far, the central bank digital currency.

00:00:51.000 But what if we go down the road and people are desperate?

00:00:54.700 They're desperate to put a roof over their heads.

00:00:56.860 They're desperate to put food on the table.

00:00:58.480 They're desperate to heat and get to work and things like that.

00:01:03.940 And they cry out to the politicians, we need something.

00:01:07.200 And I think some slick politician will stick up their hand and say, I've got a solution for you.

00:01:12.140 It's a central bank digital currency, except it's not called that.

00:01:15.500 It's called the rainbow currency or something like that.

00:01:18.200 And everybody will sign up for it out of necessity.

00:01:21.580 And so that's a central bank digital currency.

00:01:25.040 But I'm going to go into a couple of other things that are more concerning to me than that, that are actually in play today.

00:01:32.500 I'm so pleased to introduce you to Brett Olin, the CEO for the Bow Valley Credit Union in Alberta, as he joins us for our continued discussion about central bank digital currency.

00:01:49.740 Brett has a Bachelor of Commerce from the University of Calgary and is a chartered accountant with expertise in corporate finance.

00:01:58.640 He's served on the Board of Directors for the Credit Union Central of Alberta and chaired the Board of Directors for the Bow Valley Credit Union.

00:02:06.540 He has 20 years experience working in the banking industry and has serious concerns about open banking, B-15s, CBDCs and the lack of banking stability in Canada.

00:02:19.880 As an interesting aside, you might remember that the Bow Valley Credit Union did not close the accounts of members who supported the truckers' convoy.

00:02:29.780 Tonight, we're so grateful that Brett can join us to share his extensive knowledge with us.

00:02:34.840 Will you all please help me welcome Brett Olin.

00:02:38.140 Brett, thank you for joining us and welcome to the Empower Hour.

00:02:42.300 Well, I really appreciate you having me. Thank you very much.

00:02:45.500 Super. Thank you so much, Heather.

00:02:47.360 Well, welcome, Brett.

00:02:48.660 I have been wanting to have you on the show for quite a while now.

00:02:52.180 So many Canadians are appreciative of the stand that Bow Valley Credit Union took.

00:02:58.580 I know that you have been out there speaking and educating and advising people.

00:03:04.840 On the CBDCs and other issues, financial matters that are important to Canadians.

00:03:09.840 So I'm really excited to have you on the show.

00:03:12.420 A lot of people have become familiar with CBDCs.

00:03:15.800 And I've got to admit, even with myself, I wasn't as familiar with the open banking or the B-15 guidelines.

00:03:22.780 And as I was going through researching it, I'm thinking, oh my goodness, this is definitely something that Canadians need to hear about.

00:03:29.540 And then before I hand it over, I was just very excited that recently in the U.S., the House had voted against the CBDCs, although it does need to still go through the Senate.

00:03:41.840 And then we've had word as well that the Swiss Central Bank just said it says no need for a retail CBDC as risk outweigh benefits, as well as seven other countries, including Denmark and Ecuador, have cancelled CBDC projects as well.

00:03:56.000 So hopefully good sense is going to prevail.

00:03:58.560 But we know that Trudeau and the Liberals and the NDP are just, you know, they're just so committed to all of this tyranny.

00:04:07.020 And hopefully this will be part of sinking their ship.

00:04:09.640 So welcome to the show.

00:04:13.000 Well, thank you very much.

00:04:14.500 Really appreciate you having me.

00:04:15.920 Yeah, it's something of great concern that I have.

00:04:20.760 And it seems that some countries around the world are coming to their senses around the possible implications of what this could be.

00:04:30.420 You know, and it's yet to be seen whether they're going to try and rebrand it as something different.

00:04:35.940 Because central bank liberals, digital currencies or CBDCs has such a terrible stigma attached to it.

00:04:43.720 But, you know, I would not be surprised if they try and rebrand it and come out with something a little different format that trying to sell this to Canadians in general.

00:04:56.860 I agree.

00:04:57.940 And it'll all be on the safety and security of your finances and your investments.

00:05:03.640 And I just experienced something where I've had fraud on my credit card and I'm like, they can't even keep credit cards from, you know, not being picked by some loser who wants to, you know, make a few bucks.

00:05:17.080 So this is not at all about safety and security of our finances.

00:05:20.760 It's about government control.

00:05:22.720 And so we'll just continue to shout that out to Canadians.

00:05:29.600 Don't put all of your efforts onto your credit card.

00:05:33.980 Use cash.

00:05:35.340 Support businesses using cash as well.

00:05:38.660 There's a couple of things when we had Rob Anders on the show recently as well, talking about steps that you can take.

00:05:44.540 And that's available on one of our pages.

00:05:46.520 And we'll make sure that that's available in the description below as well.

00:05:50.740 So I think what I'd like to do is just hand it right over to you.

00:05:54.460 And I'm looking forward to your presentation.

00:05:56.920 And then we'll have a bit of Q&A.

00:05:58.560 The show is live.

00:05:59.980 So if anybody wants to actually ask Brett any questions, then you'll need to sign on to the Empower Hour.

00:06:07.340 And Brett, it's actually, as I consider that, I mean, you're the president and CEO of the bank, of the credit union here in Canada.

00:06:14.980 And I can't even imagine having the opportunity to sit down with the president and CEO of TD Bank or Bank of Montreal, you know, to ask these questions from the inside.

00:06:25.740 What are you guys thinking?

00:06:27.280 And so we're definitely interested in hearing what you have to say.

00:06:31.880 And so with that, just over to you.

00:06:34.020 So, yeah, I think, as mentioned, Rob, a few weeks back, Rob Anders did a great job of central bank digital currency and the conversation around that.

00:06:45.020 And I encourage everybody to go take a look at that presentation that was a few weeks back.

00:06:51.920 I'm going to get into a little bit more detail on a couple of concepts that I think are probably more problematic than a central bank digital currency.

00:07:04.140 And we'll just start, first of all, with the – if I can get my next slide.

00:07:10.520 This is something I actually came across just on X.

00:07:14.300 And for those of you that aren't great with reading like I am, I'll read it out to you.

00:07:20.760 What if the bank runs out of money from the Monopoly game?

00:07:24.860 Some players think that the bank will go bankrupt if it runs out of money.

00:07:29.100 The bank never goes bankrupt.

00:07:30.860 To continue playing, use slips of paper and keep track of each player's banking transactions until the bank has enough paper money to operate again.

00:07:39.800 The banker may also issue new money on slips of ordinary paper.

00:07:44.300 And I think this is a really just fantastic example of a board game that we likely all grew up with and how money is actually – how currency is actually created.

00:07:59.040 And it's the similar process that they're trying to do with the central bank digital currency with the fact that it's just much easier to create a central bank digital currency than it would be with a paper currency.

00:08:13.080 So, first of all, I mentioned that I'm concerned about a few more things other than central bank digital currencies.

00:08:19.840 But I think it's important to understand exactly what a central bank digital currency is.

00:08:25.080 So, here's the current setup of the banking system.

00:08:28.780 So, you have the Central Bank of Canada who usually calls the shots on rates and printing currency and that type of thing.

00:08:36.300 And they are linked with the treasury.

00:08:38.600 And the treasury, if you think of it, is the checking account of the government.

00:08:43.920 And so, it's distinct and separate, those two parts, from your financial institution.

00:08:49.800 And when I say your financial institution, I mean all the major banks in Canada, all the major credit unions in Canada – RBC, BMO, TD, Bow Valley Credit Union, Service Credit Union here in Alberta – are all financial institutions.

00:09:05.060 And the reason why there's a separation is because banking's been around for thousands of years.

00:09:13.960 And there is a good reason that there is a separation between the checking account of the government of Canada, the central bank, and your financial institution.

00:09:25.040 And I don't think it would be any surprise to people that these three groups have sort of gotten closer and closer together over the past number of years.

00:09:33.860 And really, the reason why these aren't combined is really market forces don't – free market forces don't allow them to be combined.

00:09:44.100 And so, if you think of something like Bow Valley Credit Union, I actually care about profit and loss of my organization.

00:09:52.980 RBC CEO cares about the profit and loss of their organization.

00:09:57.100 So, they can't run around giving out what I call malinvestment to silly loans and things like that that have no financial return.

00:10:07.300 Otherwise, if you have too many loans like that on your books, you're going to go bankrupt as an organization.

00:10:14.180 So, now, I think it's safe to say that the current government doesn't care about printing money.

00:10:21.100 So, they don't care about things going bankrupt.

00:10:23.760 And I think that's really prevalent in society today where we were at the zero bound with interest rates.

00:10:31.380 And when you start to see ridiculous programs come out all over the place.

00:10:37.400 And, you know, one was just brought up in the introduction.

00:10:40.120 SOGI 123 is a great example of a program that has no return on investment to society.

00:10:48.400 Similar to a number of these wind farms and solar farms.

00:10:53.960 No real investment return.

00:10:56.820 And so, when you have the government basically propping up these programs and not allowed to fail, that is considered malinvestment.

00:11:07.840 And it can only lead to very detrimental things in society.

00:11:12.220 So, when you think of a true central bank digital currency, it's rather than you dealing through the intermediary of a commercial bank or a Bow Valley Credit Union or an RBC or a TD type thing, you directly go to the central bank of Canada.

00:11:29.260 And so, everybody in Canada would have a bank account with the central bank.

00:11:34.400 And, of course, we know the implications of something like that.

00:11:37.780 They can turn off your account on a whim.

00:11:40.120 They could put time limits on your currency.

00:11:44.680 They could, you know, tax you daily.

00:11:48.580 They could put different credit scores around whether you've eaten too much red meat or emitted too much carbon.

00:11:55.800 So, I think we all can understand that that's a very big challenge if that's directly with the central bank of Canada.

00:12:03.280 I think probably a more likely scenario, rather than them having a true central bank digital currency, is they would likely use an intermediary.

00:12:12.900 Like, they would suggest that everybody in Canada must be a member or a client of RBC.

00:12:19.520 And so, everybody must have a bank account with RBC.

00:12:23.980 And then, you know, I think what they'd probably try to do is bribe people into getting these accounts with this one provider.

00:12:33.520 And they'd say something like, you can only get your universal basic income in your central bank digital currency account or your RBC central bank digital currency account.

00:12:44.080 And so, I can see that definitely happening.

00:12:49.040 It definitely failed from a social level so far, the central bank digital currency.

00:12:55.220 But what if we go down the road and people are desperate?

00:12:59.180 They're desperate to put a roof over their heads.

00:13:01.080 They're desperate to put food on the table.

00:13:03.120 They're desperate to heat and get to work and things like that.

00:13:07.620 And they cry out to the politicians, we need something.

00:13:11.420 And I think some slick politician will stick up their hand and say, I've got a solution for you.

00:13:16.220 It's a central bank digital currency, except it's not called that.

00:13:19.720 It's called the rainbow currency or something like that.

00:13:22.420 And everybody will sign up for it out of necessity.

00:13:26.560 And so, that's a central bank digital currency.

00:13:29.120 But I'm going to go into a couple of other things that are more concerning to me than that, that are actually in play today.

00:13:37.620 So, the first being open banking.

00:13:41.180 So, again, we sort of have our current structure and there is quite a distinct separation between the government of Canada, your financial institution, and third-party vendors.

00:13:51.120 And the easiest way that I can describe open banking is if anybody's signed up for a new budgeting software or a new accounting software or some of these financial things that come out these days,

00:14:08.280 usually one of the first things it wants to do is link to your existing financial institution.

00:14:13.600 So, what it does is say, I can make your life so much easier, things are going to be more secure, things are going to be more safe if I have direct access to your bank account.

00:14:23.400 And so, this third-party provider, if you allow it, you'll go in and you'll put in your password information and it'll grab information from your existing bank account.

00:14:33.160 And so, right now, it uses a technology called screen scraping.

00:14:37.720 And screen scraping isn't terribly effective right now.

00:14:41.140 It can go grab amounts and maybe dates and that type of thing, but it's not very specific.

00:14:47.400 Under something like open banking, they're basically putting that screen scraping on steroids. 1.00

00:14:54.000 And so, the federal government came out with a framework in the height of COVID.

00:15:02.220 Of course, there's a lot of things that happened in the height of COVID that they slipped in.

00:15:05.780 And they created a loose framework for open banking.

00:15:11.320 And so, this open banking framework that they're proposing, not only just sort of screen scrapes,

00:15:17.900 it can pinpoint accuracy, dates, times, what you're spending your information on, when you spent it on it, what store you went to.

00:15:28.540 So, it's a really comprehensive indication of what's going through your financial institution.

00:15:35.120 And so, not only if you allow it, will it go out and grab it from your specific financial institution,

00:15:42.000 but it'll also grab it from everywhere.

00:15:44.700 It'll grab it from title agencies.

00:15:48.200 It'll grab it from the CRA.

00:15:49.880 It'll grab it from insurance companies.

00:15:51.540 It'll grab it from wealth companies.

00:15:53.300 It'll grab it from other financial institutions from you.

00:15:55.920 And what it does is siphons all that information through a government agency

00:16:00.680 and creates a complete financial picture of you as an individual.

00:16:06.340 And so, I don't know about you, but that doesn't sit very well with me.

00:16:11.540 Open banking is something that Bow Valley Credit Union is not interested in.

00:16:18.100 We're not even building the gateways for these institutions to get access to it.

00:16:24.400 And we're legally allowed to do this.

00:16:26.800 So, what I encourage people to do is actually ask their financial institution what they're doing with open banking

00:16:33.500 and what they intend to do with open banking.

00:16:35.580 I think you'll find that the majority of financial institutions, especially the bigger ones, are subscribing to open banking.

00:16:43.940 And some of you may have even already legitimately signed up for it.

00:16:48.800 In the last couple of years, a number of agreements have come out from financial institutions,

00:16:56.620 basically signing you on to the digital landscape of the financial institution.

00:17:01.860 And basically, what it suggests right within there is that they can make changes like sign you up for open banking

00:17:09.200 without even needing your permission to be able to do that.

00:17:12.020 So, I think it's important for people to look into that.

00:17:14.740 So, secondly, the second thing that's more concerning to me than a central bank digital currency

00:17:20.940 is OSFI's Climate Risk Mitigation Act, B-15, and how it links to S-243.

00:17:30.220 And I'll get into detail what that is.

00:17:33.360 Before I get there, I think it's important to know the distinction of OSFI-regulated financial institutions

00:17:40.520 and other regulated financial institutions.

00:17:43.500 So, here in Alberta, we're regulated by the Credit Union Deposit Guarantee Corporation, or CUDGE there, versus OSFI.

00:17:51.460 So, OSFI stands for the Office of Superintendent of Financial Institutions.

00:17:55.460 So, all the banks in Canada report and are regulated to OSFI.

00:18:01.500 And just a little fun tidbit, the minister that OSFI reports to is Christia Freeland.

00:18:07.160 So, we don't have to report under these standards, but any financial institution that falls under OSFI does.

00:18:16.720 So, now, to these bills.

00:18:19.880 B-15 is a fairly benign document, if you want to read about it.

00:18:24.040 It is on the OSFI website.

00:18:25.820 And it talks about greenhouse gas emissions.

00:18:29.860 And, of course, they're targeting greenhouse gas cap-intensive industries.

00:18:37.680 And so, just to give you an indication of how detrimental this is going to be.

00:18:42.720 So, currently, Bow Valley Credit Union requires, to create a loan for oil and gas, just to create $1 in loan, we require 12.5 cents of capital.

00:18:55.600 And so, it's important to note that capital is very important to financial institutions.

00:19:00.400 We can't operate without it.

00:19:02.380 And so, the more capital, the better.

00:19:04.840 But every time we give out a loan, we basically eat up into our capital.

00:19:09.420 And it makes us safe and secure organizations, the more capital that we have.

00:19:15.060 So, now, under these new guidelines, it links to, in B-15, links to another bill, S-243.

00:19:24.000 And within S-243, it gives new guidelines that you need to give out these capital loans for these OSFI-regulated financial institutions.

00:19:35.160 So, with that same dollar that you'd lend to oil and gas as a financial institution, rather than 12.5 cents, you'd need $1.56 for capital.

00:19:45.680 Or that would imply a 1,250% increase in capital that would be required to give out that loan.

00:19:53.220 And so, this implies about a breakeven point that we would have to charge, or an OSFI-regulated institution would need to charge of about 20%.

00:20:02.840 If rates continue to rise, these oil and gas industries, sensitive industries, are going to be looking at 25%, 30%, 35% loans per annum that they're going to have to pay to basically get a loan from these financial institutions.

00:20:20.500 Otherwise, the financial institution cannot break even and will not give that loan.

00:20:25.960 And so, what's probably even more concerning, if you go into the OSFI website, into the S-243, it gives a list of industries that they're basically concerned about with greenhouse gases.

00:20:39.040 And, of course, you're going to see oil and gas industries on there.

00:20:42.920 But then, probably just a shock to some people, you're going to see agriculture in there.

00:20:48.780 Anything that's food-intensive is carbon-emitting.

00:20:54.920 Forestry is definitely going to be in there.

00:20:59.400 Anything to do with mining.

00:21:00.940 And probably the most concerning to me is they cited residential housing as a concern as well.

00:21:08.660 So, to me, if you follow this down the path, anybody that has perhaps an older home, maybe you only have single-pane or double-pane windows.

00:21:18.740 Maybe you don't have enough insulation in your house.

00:21:21.180 Maybe you don't have solar panels.

00:21:22.860 Maybe you don't have jetothermal heating.

00:21:24.800 In that case, rather than paying the traditional 4%, 5%, 6% for a mortgage, you could be looking at 10%, 15%, 20% for your mortgage because you do not comply with the restrictions under this S-243.

00:21:41.780 So, now, it's important to note that, again, Bow Valley Credit Union does not need to follow these standards.

00:21:49.760 So, I think it's important that you go out and talk to some local credit unions in your area to see what they're doing around B-15 and S-243 and what the plan is.

00:22:00.780 Because the thing is, this could be very detrimental to people if this comes enacted and an oil and gas company thinks things are going along very well, and then all of a sudden they get stuck with a 35% mortgage.

00:22:15.380 And here's just a slide that I came across that was very interesting, and I think it's a great reminder that there's no such thing as a low-energy rich country.

00:22:27.520 And so, basically, if we decide in Canada that we're going to take away all our sources of energy, we're going to end up a third-world country.

00:22:37.800 And there's just no ifs, ands, or buts about it.

00:22:40.820 And, you know, there's got to be some ever better solutions.

00:22:45.180 I don't propose that we go off of oil and gas any time in the future.

00:22:50.000 But if you are concerned about carbon within the atmosphere, there's better solutions than kneecapping oil and gas.

00:22:56.920 We need to start looking at geothermal.

00:22:58.780 We need to start looking at nuclear if these are the roads that you want to go down.

00:23:02.540 But, unfortunately, the government basically just wants to kneecap the oil and gas industry with no alternative, which will put Canada in the poorhouse.

00:23:14.400 So, now, why are they doing all these things?

00:23:17.440 I think it's important to try and understand what is actually happening here.

00:23:25.040 And we came across this when I was doing a number of hours of research about three years ago and saw what the central banks were doing around the world, basically giving out free currency and doling it out to people in society throughout COVID.

00:23:45.260 This, of course, was massively inflationary.

00:23:50.480 And I don't think it's any surprise to people that they see their grocery prices skyrocketing.

00:23:56.180 They see housing prices skyrocketing.

00:23:58.620 Auto cars, automobiles and cars skyrocketing in prices.

00:24:03.960 Rental units skyrocketing in prices.

00:24:05.940 This is all of a result of, basically, the central banks around the world monetizing the debt that the government basically tried or was successful in creating and spent into the economy during COVID.

00:24:21.160 And so, this is not new.

00:24:23.420 It's been around for quite some time.

00:24:25.800 And I think it's just at significantly elevated levels right now.

00:24:29.980 And so, here's a great chart from when Nixon removed the U.S. off the gold standard.

00:24:36.060 And as you can see, the productivity of people in society continued to improve, but the hourly compensation that people received continued to just stay flat, maybe a little bit up.

00:24:48.580 And so, it's no wonder that people are constantly struggling in society today.

00:24:53.980 Way back when, like in the 70s, one person working outside of the home would be enough to support a family and have a house and to be able to afford two cars.

00:25:07.280 And then it slowly graduated into two people outside of the home.

00:25:11.380 And then it slowly turned into, oh, I need a side gig to make things meet.

00:25:17.320 And now we're at a point where families realistically need to think about stacking one on top of each other, where multiple families are living in one household, because the cost of living has gone up so significantly, and the hourly compensation hasn't kept up to be able to compensate for it.

00:25:38.600 So, here's another great slide that I came across, and it's of M2.

00:25:46.860 And if you think of M2, it's basically just the money that's in the real economy.

00:25:53.220 And so, as you can see, it sort of tails off at the end there and spikes after 2020 when they decided to give out all those stimulation checks.

00:26:02.620 And so, this is basically currency printing at its finest.

00:26:08.480 The government comes up with a program and then spends it into the real economy.

00:26:13.040 And it's no wonder on this next slide here that we see the consumer price index skyrocketing as well as that M2 money supply. 0.70

00:26:21.400 So, now, this hasn't been a problem up until about now.

00:26:26.460 So, we've had pretty much a lot of currency printing for about the past 15 years since the great financial crisis in 2008.

00:26:35.820 And it really hasn't been a problem until now.

00:26:39.040 So, now what we're seeing is the central banks and these governments really in a rock and a hard place of where their interest on their debt has basically skyrocketed.

00:26:52.260 In the U.S., it's about one quarter of all tax receipts received goes to service the debt.

00:26:59.120 And the thing is, inflation is not yet under control, not in the U.S. and not in Canada.

00:27:05.400 And I am of the view that they're going to have to increase interest rates to get this inflation under control rather than decrease them.

00:27:15.500 And that seems to be the general narrative that's out there, which means that even more money is going to have to go into interest payments.

00:27:25.020 And in Canada, it's so bad that when this budget came out in this March of 2024, not only did we spend, we plan on spending more than we actually bring in tax revenue.

00:27:39.800 But on top of that, they're adding debt of a quarter of a trillion dollars.

00:27:44.960 And so, when you get into this position where you actually have to print currency to pay for your debt, it's called fiscal dominance.

00:27:53.800 And it might not be as quick to be as inflationary as sending out a bunch of stimmy checks to everybody across Canada.

00:28:03.360 It does gradually get its way out into the real economy.

00:28:07.020 All those interest debts is owned by somebody, and they spend it somewhere.

00:28:11.840 And I think that inflation is going to continue for the foreseeable future.

00:28:18.100 And so, here's another final slide that's really great that sort of highlights this exact thing that was happening.

00:28:27.440 So, in 2008, basically what happened was that the governments printed all this currency, but it was actually just captured within the banking sector and never actually made it out into the real economy.

00:28:42.200 But as you can see on the far right there on the slide, not only did they print the currency, but they also got it out of the real economy.

00:28:52.720 And it's no wonder that we've seen such amount of inflation, and I expect that to continue for years to come.

00:28:59.260 I think we'll look back in the 2030s and go, wow, that was a very inflationary decade.

00:29:03.880 So, it's also very important to note of not necessarily listening to what central banks say, but what the central banks do.

00:29:14.880 And so, around the world, typically gold has been the reserve asset for governments around the world.

00:29:23.560 And over the last hundred or so years, we have gradually declined in the value of reserves that we've actually held.

00:29:32.540 But I think it's really important to note what's happened in the last couple of years.

00:29:37.940 Those reserves have started to move upwards, and that's largely a result of governments around the world not trusting the system anymore.

00:29:46.840 So, you think China, you think India, you think Russia, you think South America, you think Brazil, all have lost faith in the U.S. dollar because they continue to print it year after year, and it just gets devalued year after year.

00:30:02.840 And so, they are shoring up their reserves of gold within their balance sheets.

00:30:10.220 And so, what we're trying to do as an organization is basically we propose the same thing.

00:30:16.120 So, Bow Valley Credit Union is actually using the profits from our organization to purchase gold and silver to put on our balance sheet.

00:30:26.340 Do what they do, not what they say.

00:30:29.660 We're also looking at other hard assets, such as Bitcoin, to be able to do something like that.

00:30:35.220 But we want to be able to cater to our membership as well, not just protect our members within our organization, but also to help people get prepared for what we think is going to be a massively inflationary decade.

00:30:49.460 And so, within Bow Valley Credit Union, we have our partner, Silver Gold Bull, that we get wholesale pricing from, and you can go through Bow Valley Credit Union's website and get that same discount to purchase physical gold and silver for yourself.

00:31:05.460 We also have storage solutions, and we recently launched a program where you can actually borrow against your gold and silver.

00:31:14.740 So, basically, you have $10,000 in gold and silver.

00:31:19.020 Oops, your furnace blows up.

00:31:21.080 You can actually borrow against your gold and silver, get fiat currency, and pay for that solution.

00:31:27.000 But you actually retain your gold and silver, and it works more like a home equity line credit where you can actually take a loan of your gold and silver.

00:31:36.820 We're also working on a program where it moves directly from a store of value to actually a medium exchange.

00:31:47.100 And let me explain that just a little bit better.

00:31:49.060 Because we see all this devaluation of the currency happening in the world today, we want to be able to give people access to a stable store of value.

00:32:01.880 In this case, being gold or silver, that's your core asset that you want to be able to use.

00:32:07.080 But it's very difficult to spend gold and silver today into the real economy.

00:32:11.480 So, we're coming up with a solution to basically move directly from that store of value to buy that cup of coffee through your debit card or your credit card.

00:32:20.780 So, we're working on that program.

00:32:22.440 Should be up and running about in the three months.

00:32:25.800 So, a couple other things here.

00:32:29.580 As mentioned there, we were very opposed to freezing accounts during the trucker convoy.

00:32:36.840 As well as we did not force any of our staff to get vaccinated during the COVID pandemic, which was very different from any OSFI regulated financial institution in Canada forced their staff to get vaccinated.

00:32:54.240 That included RBC, TD, anybody that follows those guiding lines here in Alberta, even ATB, forced their staff to get vaccinated.

00:33:03.500 We weren't going down that road.

00:33:05.000 We are here to provide a financial service to people.

00:33:08.540 We are not here to dictate health status to people.

00:33:12.820 So, anyway, these are just a couple of things that we're doing as an organization.

00:33:18.260 And I encourage you to look into other credit unions, perhaps in your province, about what we could accomplish in various credit unions.

00:33:27.600 I think it's important that the time for action is now.

00:33:31.480 Some of these things like central bank digital currencies may have gone away for a bit of time frame, but they'll come back.

00:33:40.840 And with things like open banking and B15, they don't need a central bank digital currency to basically control the narrative that they want and push people into a direction that they want.

00:33:52.240 And so now, just finally wrapping up, this was a really interesting letter that's hanging on our wall in our first branch in Banff from 1953.

00:34:03.860 And it's basically the go had the green light that we were allowed to start our credit union.

00:34:11.080 And so an interesting story in Quebec way back when the English-speaking people controlled the banking sector.

00:34:20.340 And they didn't give any access to the French-speaking people to the banking services.

00:34:27.440 And so what the French-speaking people did is basically said, to heck with you, we're coming up with our own financial institution.

00:34:34.600 So now today, that cooperative, that credit union, has 6.5 million members, has its own act, and has significant political sway.

00:34:47.840 And that act is called the Desjardins Act, and that's around today.

00:34:52.920 And that's because they came together as individuals within their province and wanted change.

00:34:59.460 They wanted something different.

00:35:01.200 They wanted something unique to their services.

00:35:04.040 And that's what we're trying to create within Bow Valley Credit Union across Alberta.

00:35:10.300 Happy to answer any questions that you may have, and we can take it from here.

00:35:17.080 Thank you.

00:35:18.080 Okay.

00:35:18.740 Wow.

00:35:19.280 Super.

00:35:19.720 Thank you, Brett.

00:35:21.120 You've put that nicely into layman terms, so I think everybody could clearly understand, you know, how complicated the financial situation is in Canada.

00:35:32.700 I say complicated, but it's really quite simple, right?

00:35:35.880 They're messing around with people's money.

00:35:39.160 They're overstepping and getting into an area that the banking system should have stayed out of.

00:35:47.920 And I compare it right now as I'm thinking it's so invasive, knowing that they are watching all of our spending, no matter where we go, what we spend our money on.

00:36:00.180 And, you know, now we walk around our cities as well, and there's surveillance cameras everywhere.

00:36:04.680 It's just, it's the same thing, but just in a different area of our lives.

00:36:09.920 And if we don't like it, then we need to really take those simple steps not to comply.

00:36:15.660 And again, that would be using cash, taking your money out of the main banks.

00:36:20.140 I think they're really quite concerned about that, the big banks, as people were doing those bank runs and removing funds.

00:36:29.300 There was a period of time, and I think when Trudeau was overstepping, the banks were probably going,

00:36:34.820 holy smokes, what are you doing? 0.98

00:36:35.880 We're not ready yet, you goof. 0.99

00:36:38.980 Right?

00:36:39.300 And so I don't know that it was just a matter of the Senate overturning his response towards the truckers,

00:36:48.480 but I would imagine the banks were probably pretty afraid at that time too.

00:36:53.520 Yeah, absolutely.

00:36:54.820 And I think there's some estimates that within that week, $35 to $50 billion exited Canada.

00:37:01.360 And basically it was people that put capital into the country and said, no more, I'm getting my money out of there, I'm done with you.

00:37:11.020 And so I don't know how much of that has actually come back, but that it was one week that the implications of something like that happened.

00:37:19.780 And you're absolutely right.

00:37:21.420 I sort of put people in two different categories.

00:37:25.460 It's hard not to sort of categorize people these days.

00:37:27.780 There's the people that think they're in charge and try and rule the world, and the people that know they're not in charge and the man upstairs is actually in charge.

00:37:37.980 And I think it's a very important distinction that it's constant example after example after example of these people trying to micromanage people's lives.

00:37:50.940 And a big one is finances and currency.

00:37:55.060 And to be able to control that is a big step forward for them.

00:37:58.920 Yeah, right.

00:37:59.820 You just don't mess with people's money.

00:38:01.740 I mean, you don't mess with their kids and you don't mess with their finances.

00:38:05.800 And we have that power.

00:38:08.660 We've seen it down in the States against Target and other businesses that decided to go all woke and think they could push their agenda on the population.

00:38:18.640 But we have that buying power.

00:38:20.140 We have that investing power.

00:38:22.300 And so you have to be smart about that.

00:38:24.780 You mentioned that the services, your dream.

00:38:29.180 I mean, the Bow Valley Credit Union, I know that everybody is asking, is there one in my province?

00:38:35.500 And how do I go about this?

00:38:37.880 So I want to ask you, I experienced something here where someone had gone to a credit union and because of all of the ordeal with the trucker's convoy and money being pulled out,

00:38:49.620 they had to go through a very rigorous risk assessment and they were denied by this local credit union to invest their money or even open up an account.

00:39:01.920 What do you have to say about that?

00:39:03.420 So do the credit unions depend on who the board and the directors are?

00:39:07.540 Yeah, it's definitely something to it.

00:39:10.380 And, you know, we hear stories just about weekly of people continuing to get debanked where they'll show up with a letter that says something like,

00:39:20.860 you're outside of our risk profile.

00:39:23.420 Get your affairs cleaned up within 30 days.

00:39:25.640 You're done.

00:39:27.240 Today, we see that type of thing, which is really unfortunate.

00:39:31.600 It does have a big indication what we've done.

00:39:38.240 We've worked on this for the better part of three or four years.

00:39:41.560 We had to get the right people in place.

00:39:44.280 We had to get the right board in place.

00:39:47.700 What was really baffling to us during the trucker convoy is almost immediately when Christina Friedland stood up at the podium,

00:39:56.800 is financial institutions and ATB in Alberta started freezing people's accounts.

00:40:03.140 And you can't tell me that that wasn't preemptive, that within hours they start freezing people's accounts.

00:40:08.880 And what was really surprising is we didn't receive one letter, one email, one phone call regarding to do this.

00:40:17.880 And so it's just really troubling that they've gotten these bigger financial institutions within their pocket.

00:40:25.580 So we are sort of a few and far between organization for sure.

00:40:31.000 There are a few anomalies.

00:40:34.440 And what I would do is just ask around and see what some credit unions' responses were to COVID and the trucker convoy and that type of thing.

00:40:45.760 That's the best advice I can give if you're outside of Alberta and unfortunately can't join Bull Valley Credit Union.

00:40:51.980 It's a really tough scenario to be in.

00:40:57.960 But I think there is some progress being made and people gradually are getting more emboldened to tackle some of these issues right within the credit union and have had enough.

00:41:09.600 I think that if people came together within their communities, we've got over 100 chapters across Canada and we're trying to build these communities.

00:41:16.700 Because the globalists say that within the communities, it's the mayor and city council who are closest to the people who can bring about the greatest amount of change.

00:41:26.860 But those communities outnumber the globalists within there and the few people that are going along with it.

00:41:33.720 And if you applied enough pressure to a local credit union and provided them your business, I think that they would enjoy that business to the point where they'd more likely listen to the people.

00:41:46.500 But this whole thing that had transpired with the banks, I mean, the big five banks, there's obviously collaboration there with the government as well.

00:41:57.840 And I think it was FinTrack that was developed, wasn't it, after 9-11.

00:42:03.620 And it was all about terrorism again.

00:42:05.160 And they implement this so that to protect people's financing and to make sure that if there's any terrorist activity, they can shut it down.

00:42:13.540 And as you're speaking, I'm thinking about in Sweden and Switzerland right now, they're actually closing down mosques because of terrorists that are running them and their terrorist cells.

00:42:25.840 And they're saying, you know what, you can sell your assets and get out.

00:42:30.000 And here, we're not even able to open a bank account because of this little risk assessment.

00:42:35.520 And as average Canadians, we pose no threat or risk.

00:42:39.100 And so, it's really quite shocking when you compare the two, if you consider it that way.

00:42:45.220 Yeah, no, absolutely.

00:42:46.440 And again, after the Twin Towers went down, it was about our safety and security around that.

00:42:54.580 I saw a question popped up there.

00:42:57.460 It was through FinTrack that this order came out.

00:43:00.760 And so, now, if we did get an order from FinTrack to freeze somebody's account down, we would have to abide by it.

00:43:09.200 But the thing is, it doesn't mean that we're not going to push back.

00:43:13.320 And in this case, it was completely unfounded.

00:43:16.520 And if we were able to just drag our feet for that week, people would have been okay and not frozen out of their accounts and that type of thing, just because it did not last very long, this Emergencies Act, and was ultimately proven unconstitutional in the courts.

00:43:33.620 Right.

00:43:34.340 Yeah, and it wasn't even officially passed.

00:43:37.600 It was never officially passed at the federal level, these premiers.

00:43:41.480 And we should not forget the premiers that are out there doing great things for parents right now.

00:43:46.060 They buckled down and they were tyrants during this time.

00:43:49.540 They didn't help anybody out.

00:43:51.380 Every single one of them are sitting in office right now.

00:43:54.440 So, I'm not giving them a pass.

00:43:56.740 But definitely, you know, more needs to be done to protect ourselves from this in the future.

00:44:02.200 Now, somebody had made a comment here.

00:44:05.120 I think it was Mike.

00:44:06.280 Okay.

00:44:07.860 No, that's not the one.

00:44:09.180 Where was it?

00:44:11.480 Okay.

00:44:13.560 Yeah.

00:44:14.000 Mike, I've worked with and for Canadian credit unions for over 35 years and have witnessed virtually every credit union across the country, as well as the provincial central credit unions and regulators become captured by those who push a specific ideology.

00:44:32.280 Brett, he says, how have you managed to escape this stranglehold on the credit union system?

00:44:39.880 Yeah, I know.

00:44:41.280 And it's definitely a challenge because I agree that some of these organizations are captured.

00:44:48.600 A big part of it is management in place.

00:44:51.920 And so, the management is put in place by the CEO and the CEO is put in place by the board.

00:44:59.980 But the good news is, as a member of a credit union, you can go on the board.

00:45:05.540 And so, basically, what we had to do is get all the bad actors out and put in the good actors on the board and be able to basically get an uninterrupted view of the organization and instill management in place.

00:45:24.820 And, basically, what it did is harden the organization.

00:45:29.320 And so, once the general public starts to see what you're doing as an organization, they come flocking.

00:45:35.260 And so, people with the same value set that we have, freedom, liberty, entrepreneurial spirit, have come flocking to our organization.

00:45:43.920 And it hardens the organization and they show up to AGMs and they vote in the right people.

00:45:50.180 So, it's a long process, but at the end of the day, it is possible.

00:45:56.280 Right.

00:45:57.020 Yeah.

00:45:57.320 And people have nothing to complain about if they're not willing to invest some time.

00:46:01.820 And that's not just in the banking system.

00:46:03.680 It's regarding PACs, you know, for parents and being on as school board trustees and in elected positions.

00:46:10.280 I mean, we've really got to take a big, huge step forward and become actively, actively involved.

00:46:16.720 Okay.

00:46:17.320 So, I'll go through a few of these questions.

00:46:19.480 I saw and noticed that by June of 2025, the banks will no longer be valid and non-operational, some kind of contractual thing.

00:46:27.660 Any knowledge of that?

00:46:29.100 Will that affect you and other credit unions?

00:46:30.940 So, it's right within the Bank Act and basically the bank back in, I think, 1880 first started the Bank Act.

00:46:40.360 And originally when it was created, basically they put on the charter that they would expire after 10 years.

00:46:50.120 And so, it forced the government and the Senate to basically review the Bank Act every year.

00:46:57.620 And so, it's nothing new that there's an expiry on the actual bank charters.

00:47:04.900 And, you know, what they did do is they moved it from 10 years to 5 years.

00:47:09.260 And most recently, I think it was in 2023, they were supposed to review the Bank Act.

00:47:16.800 But what happened is if governments get distracted by Rainbow Sidewalks and SOGI and other things like that, they don't have time to look at, like, such low-level stuff like Bank Act.

00:47:28.060 So, what they did is they basically just punted it out a couple of years.

00:47:32.900 My expectation is that they'll come closer to that June 2025 deadline and move it out further.

00:47:40.060 I know I might be out on an island on my thinking there, but banking is very complicated.

00:47:47.300 For the actual government to take it on within a couple of years, getting the process and systems in place, I just don't think it's possible.

00:47:54.480 Okay, good. Yeah, and the more that people are pushing back against these systems as well, even if they do have these nefarious plans, they're going to have to think twice about it.

00:48:05.800 You know, even, I never understand, I know they're wanting to go towards a socialist system where everybody receives an income a month, whether it's $2,000, etc.

00:48:15.100 But then you don't have people making the taxes and paying for all of this, and so are they going to continually to print their magical monopoly money or pick it off the trees in Justin Trudeau's backyard?

00:48:26.420 I don't know. It just makes, socialism makes no sense to me. It's not my choice.

00:48:32.500 No, and the thing is, I'm a bit of a history buff, and, you know, socialism has killed more people than any other political structure under the sun.

00:48:44.220 And so, I just, it blows my mind that, especially the youth today, seem to be subscribing to this.

00:48:51.900 But history repeats itself in a lot of these circumstances that we saw that communist countries voted in cheering these governments because they were so desperate for change.

00:49:09.180 And I think it's important for education that we've gone down this road before.

00:49:14.340 Socialism does not work.

00:49:15.740 It's not perfect.

00:49:19.580 Capitalism is the best system that we have.

00:49:22.920 And I would even suggest today, we're not living in capitalism.

00:49:26.560 This is a crony capitalism.

00:49:28.100 There's way too much government intervention for this to be true capitalism.

00:49:32.220 And usually, it's the first talking point is like, see, capitalism didn't work.

00:49:38.300 We have to find a better solution.

00:49:40.300 This is not capitalism.

00:49:41.460 This is crony capitalism.

00:49:42.600 No, they're undermining capitalism to try to demonize it and then say socialism is the way.

00:49:50.860 But socialism is never meant to work.

00:49:53.400 It is meant to give power to tyrants.

00:49:57.460 And that's the only thing.

00:49:58.620 And then they're taking our kids through the education system.

00:50:01.280 They're indoctrinating them.

00:50:02.660 They're grooming them into this way of thinking that they're victims.

00:50:06.680 And so then, you know, they graduate.

00:50:10.020 And unfortunately, many kids, they don't feel like they can aspire to what we could be doing with them previously, like in the era that I was brought up and the input from my community and my family and to be able to achieve.

00:50:27.600 And so when you put kids under, you know, this type of pressure and the social justice things, they're not thinking about banking.

00:50:36.120 They're not thinking about what they're going to do as a profession and providing for their family and being responsible part of community.

00:50:42.900 They're thinking more about being victims and the handouts that come with that.

00:50:48.440 And anyways, we've got work to do there and we are.

00:50:51.920 So I'll get back to some of these questions.

00:50:54.960 I know that people would probably really want to know, if you're in another province, can you get an account in Bow Valley?

00:51:02.120 Unfortunately, you need to be a resident of Alberta to be able to be a member of Bow Valley Credit Union.

00:51:12.220 If you're really wanting to do it, there's a couple of options.

00:51:16.480 If you have a friend or family member within Alberta that resides in Alberta, you can basically get a co-account opened up with them and basically Bob's your uncle from there.

00:51:28.660 Or it's a more complicated route.

00:51:32.880 You can actually create a corporation within Alberta, but then there's a lot of sort of paperwork and bells and whistles behind that.

00:51:40.720 We are looking at options of how we can expand beyond our provincial borders, but we're a little ways off from being able to do that.

00:51:50.400 Well, I think there's…

00:51:51.820 My recommendation is just to seek out credit unions like ours in your individual provinces.

00:51:59.320 Yeah, and get on the boards.

00:52:00.340 But there's a lot of interest in this, Brett.

00:52:02.080 There's a lot of desperate Canadians who want to get out from under the thumb of the five big banks and make this work.

00:52:09.880 So you're giving us good information today on how to do that.

00:52:12.660 Hopefully, a lot of people will hear this message and then start signing up to become directors, have family and friends.

00:52:19.820 And I guess, yeah, if you're in another province and you have a family member, you've got to make sure you trust them, right?

00:52:26.060 They're going to have signing authority on your account.

00:52:29.740 Oh, exactly.

00:52:30.520 And the thing is, it doesn't have to be in perpetuity either.

00:52:33.360 It's just basically for the sign-up period and then you can live outside of province and be a member without that resident being in Alberta.

00:52:44.480 Yeah, and how would that work for checks?

00:52:47.280 Like if you have a check to cash, how do you get it to deposit it, you know, if you're in a different province?

00:52:53.620 Well, we have mobile check deposits, so you can just even use your cell phone.

00:52:56.480 Our ATM network is across Canada as well and basically it links directly into our banking system.

00:53:03.500 You pop in your Bow Valley Credit Union debit card, any ATM across Canada, you can make deposits or do transactions, pay bills, that type of thing.

00:53:14.480 Okay.

00:53:14.900 Phone, email, our app, our website are quite functional.

00:53:20.060 You can do just about anything without being at a branch.

00:53:23.720 Okay.

00:53:25.300 All right.

00:53:25.800 That's good information to know.

00:53:27.560 Okay.

00:53:28.100 So, I'm sorry, I'm trying to sift through these now.

00:53:31.700 Some of them are repeats.

00:53:33.640 Can you help the provinces start a similar credit union drafting constitutions?

00:53:37.540 Has there been any credit unions to reach out to you from other provinces and ask for assistance or advice?

00:53:45.280 There has been.

00:53:46.420 I'm probably not in a position to be able to speak to them yet because they may not want to go public with something like this.

00:53:56.240 My hope is to actually get to a point where I can create basically a documentation model and hand it to a credit union in a different province and go here.

00:54:08.000 This is what we did.

00:54:08.800 You know, but of course, that takes a willing management, a willing board to be able to sort of implement that strategic plan as well.

00:54:19.380 You know, I've had a lot of people come to me and say, well, how do I start our own credit union?

00:54:25.620 And unfortunately, the financial hurdle is pretty significant.

00:54:29.720 Even for a very rudimentary credit union, you're likely going to need about $10 million in capital.

00:54:35.500 And that's why we've been so wildly popular in Alberta.

00:54:39.540 It's people first go to how do we build our own credit union. 0.55

00:54:42.940 Next, they figure out, wow, that's a lot of capital and intensive work.

00:54:48.260 Why don't we just open up a branch within our community?

00:54:52.380 So do you have multiple branches throughout Alberta?

00:54:56.500 We do.

00:54:57.440 Our first one is in Banff, as mentioned, Canmore.

00:55:01.100 Our head office is in Cochrane.

00:55:02.600 We have two in Airdrie, one in Calgary, and a recent branch that we opened just at the beginning of May in Atchison, which is just west of Edmonton.

00:55:12.160 Okay.

00:55:13.460 All right.

00:55:13.920 And I know people are asking from their provinces, can you recommend a credit union?

00:55:18.020 And so I think that would be very difficult for you to do at this point.

00:55:22.900 And I think the best advice you've given is go in and see where the branch stands on some of the critical issues.

00:55:30.920 Yeah.

00:55:31.220 And I do have sort of a bit of a line of sight to a Saskatchewan one and an Ontario one, but I can't really in good confidence release that information until they're ready to sort of go down that road.

00:55:44.300 So, okay, well, maybe this will be another show and we could, you know, announce credit unions, give people more direction.

00:55:53.060 I really do.

00:55:54.180 I really see this as the way for the future as people want to move away from the banking system.

00:55:58.840 I love the fact that you're backed by silver and gold.

00:56:01.300 It's the smartest thing to do and bring stability to the, if I'm not mistaken, to the cash that people actually are holding in their hands through your banking system.

00:56:12.380 Is that, or their investment, sorry.

00:56:14.940 Yeah.

00:56:15.200 And that's the hope.

00:56:16.200 And I, I, I'm not a doomsdayer.

00:56:19.060 I think of gold and silver more of an insurance policy.

00:56:23.800 And it's basically just there in, in extreme situations like we seem to be living through today.

00:56:33.480 It's not designed to be backed one for one, dollar for dollar.

00:56:37.360 The organization, you don't need to do that.

00:56:39.740 A little can go a long way.

00:56:41.120 And, and that's what we're doing within our organization and encouraging people to take a bit of their savings, put it into gold and silver.

00:56:49.740 Some of these hard assets to, to be able to really prevent the significant swings in the devaluation of currency from impacting you.

00:57:00.100 So, okay.

00:57:01.200 And where the gold and silver is stored, because I know there was the bank bail-ins many years ago.

00:57:07.880 I wrote about it and I was trying to warn people because they snuck it into the, the finance or the, what was the document that was put in the, do you recall the bank bail-ins?

00:57:20.400 It became one of the financial agreements budget into the budget.

00:57:24.400 And I think it was in 2014, I was really surprised when Harper actually did put this in the, yeah, whatever act it came into.

00:57:34.740 And so a bail-in for those unfamiliar, basically, if you have any deposits in the banks over $100,000, they're at risk.

00:57:44.120 And if, if, if say TD failed or something like that, then any dollar over that $100,000 limit would basically get converted into some type of share of, of TD bank.

00:57:58.380 Wow.

00:57:59.020 Thanks for that.

00:57:59.860 You get a share of a failing bank instead of your actual deposit.

00:58:05.680 You know, I, I don't see the likelihood of that transpiring.

00:58:11.220 I think the likelihood of a bank failure in Canada is quite low, but there is a big difference between a nominal failure and, and a real failure.

00:58:24.480 So basically what the government is right now is, is on a real basis insolvent.

00:58:33.320 And so what they do is they print currency on a nominal basis.

00:58:36.700 And so that's why we see the economy not collapsing and things like that, and prices of housing not going down significantly, or the stock market not going down, is because they printed so many nominal dollars that it's propping up the system.

00:58:51.920 But on a real basis, your actual purchasing power has significantly declined.

00:58:56.900 And that's what happens when you increase the, the, the dollar supply by 40% in three years.

00:59:03.220 Right. And I know you were talking, when we're talking bank bail-ins, I mean, was it Greece?

00:59:08.660 We look at what happened when the whole blank banking system collapsed and that was the real concern.

00:59:15.080 We don't know if that's the direction the government is doing to agitate the system enough to switch. 0.71

00:59:21.740 I don't trust the government.

00:59:23.360 I find it very concerning.

00:59:24.760 And then many times I've heard that the CDIC, which is the Canadian deposit insurance, that they would never have enough money if people had $100,000 across the country.

00:59:35.080 They don't have enough money in the pot to even pay everybody.

00:59:38.900 So it isn't necessarily the best thing to have, you know, that kind of money invested in the banks.

00:59:47.920 Would you agree or disagree?

00:59:49.080 Well, you know, I agree, even with our insurance, the Credit Union Deposit Guarantee Corporation, it's only about a percent and a half that's actually stored somewhere.

01:00:00.500 I think, again, though, the risk is likely low.

01:00:03.720 If there was a failure, what would happen is the Bank of Canada would step in and print to high heaven.

01:00:11.720 And so that $100 that you have in your account, you'd get it back.

01:00:17.700 But the thing is, it doesn't do you much good if inflation really kicks in.

01:00:21.860 And if TD went broke, that's $1.2 trillion that they'd actually have to print.

01:00:29.540 So that would make inflation just go through the roof.

01:00:33.660 So that $100, it would still be yours, but, you know, doesn't do you much good if a loaf of bread costs $100.

01:00:43.040 Right.

01:00:43.980 Yeah.

01:00:44.380 So, yeah, those type of things are concerning.

01:00:46.480 And if you have a safety deposit box and you have things in a bank bail-in, they can take those items as well.

01:00:53.040 But tell me, what if you have gold and silver, but it's not in a bank?

01:00:57.700 It is stored in, I don't even know where they store it, those type of things separately.

01:01:01.840 Can the government, if there was a bail-in or something happened, can the government touch those facilities?

01:01:08.180 Well, there is precedent in the U.S. in the 30s.

01:01:11.120 They actually did make a law outlawing Americans owning gold.

01:01:16.440 So there is precedent there.

01:01:18.700 It was largely toothless, this mandate.

01:01:22.640 So basically what they said, they basically gave the carrot approach and said, at the time, gold was worth about $20 an ounce, and they were paying people $35 an ounce to get it.

01:01:35.960 So a lot of people just said, hey, that's a great increase in value.

01:01:39.640 I'm going to cash it in.

01:01:41.160 If they ever do something like that, I'm going to dig a deeper hole in my backyard and keep that in place.

01:01:50.460 Although I do have access to a bank account and security deposit, so that's usually where I keep mine.

01:01:56.020 I'll put it deeper in the vault.

01:01:57.740 Good, because if anybody finds out your address right now, you just gave it away, right?

01:02:02.180 They're going to be digging all – you're going to wake up one morning, your backyard's going to be dug up.

01:02:05.980 It's going to be the Wild West, man.

01:02:07.760 Yeah, no, I have access to our vault, so I put it there.

01:02:12.480 But anyway, yeah, for sure.

01:02:15.120 And so there is a confiscation risk that's out there, and I don't think it's any greater than any other risk.

01:02:23.740 So I think probably a more likely scenario in Canada is we have a whole lot of gold mines in Canada.

01:02:31.400 And what they do is either take them over and basically run the mines as a crown corporation or something like that and get the gold that way.

01:02:42.200 Or an even more likely scenario is they just put a royalty tax on it.

01:02:46.460 So for every ounce of gold, they would take a gram or something like that.

01:02:50.860 And that's how they'd sort of reshore their stores of gold.

01:02:56.400 And that would be much simpler than trying to go door-to-door, trying to collect gold and silver from people.

01:03:04.040 And even still, they don't have a right to it unless it's Royal Canadian minted bullion.

01:03:10.060 Again, you could be a jewelry dealer and make jewelry.

01:03:14.480 So if that ever is enacted, I could see a whole bunch of jewelry producers just come out magically.

01:03:21.200 Oh, no, I make jewelry for a living.

01:03:24.300 Right, so not the mint.

01:03:25.940 Okay, so yeah, that's really interesting.

01:03:30.360 You know, I just sometimes walk around and I say, I hate them so much. 0.94

01:03:34.180 They're so criminal.

01:03:35.240 We're to expose evil and we hate evil.

01:03:37.940 We're to pray for enemies.

01:03:39.460 I know that. 0.93

01:03:40.080 But man, is it hard sometimes when you realize what crooks these guys are.

01:03:44.700 Okay, so a couple more questions.

01:03:47.080 I know people are asking, is it better to take my cash out of a regular bank and put it into a credit union?

01:03:56.260 And is the risk less in a credit union?

01:03:59.080 But I kind of feel like we may have covered that already, depending on the way the credit union is going to do business.

01:04:06.280 Yeah, and it's important to note, don't be hyperbolic with this type of thing.

01:04:11.160 Don't take all your money out and put it under your mattress.

01:04:14.740 That's being a little impractical, I think.

01:04:17.700 But I think it is important to do a little research.

01:04:21.220 Do a little research on your financial institution.

01:04:24.680 And I'm always surprised that people do more researching a television than they do their financial institution where their savings are for their nest egg.

01:04:35.900 So ask the tough questions.

01:04:39.380 What did you do during COVID?

01:04:41.080 What did you do during the truck convoy?

01:04:43.280 Are you planning on implementing open banking?

01:04:45.540 What do you think of central bank digital currencies?

01:04:47.420 Like, and as we sort of talked about at the beginning of the show, good luck in getting somebody in TD that knows the answer to these questions.

01:04:57.360 But that sort of is a statement in itself.

01:05:00.600 So in general, credit unions are for the people and they listen to their members of the people.

01:05:09.240 And therefore, you have a voice there.

01:05:11.480 And if you want change, you can ring it up the flagpole a lot easier than you can with a large Schedule I bank.

01:05:21.020 Okay.

01:05:22.100 There were some questions from the last time when Rob was on.

01:05:25.840 A couple of people had asked, what do you think will happen to RSPs down the road?

01:05:31.480 I, you know, 30 years, 40 years ago, investing in an RSP, I look back now and I kind of see this as a big ripoff.

01:05:40.260 Because people are trying to get their money out now, very concerned about it being in the hands of the government and really stuck.

01:05:47.640 The better investment would have been gold or silver.

01:05:50.280 I want to say or in property, but we know that the globalists are going after our property as well.

01:05:55.960 So what do you have to say about those type of things?

01:05:59.140 And can people transfer them from a regular bank to a credit union?

01:06:03.480 Yeah, absolutely.

01:06:05.140 You can transfer your RSPs and you don't take a tax hit to be able to do that.

01:06:10.820 And you can actually transfer it even into physical silver and gold.

01:06:17.000 And we can help you do that.

01:06:18.520 It doesn't matter what province you're in.

01:06:19.980 We can help you do that.

01:06:21.580 And so you can have registered physical gold and silver from your retirement.

01:06:25.480 And regarding what the government's going to do with it, they're sitting on a jackpot right now.

01:06:33.020 These baby boomers have started retirement. 0.99

01:06:36.940 They're forced to take their savings out of their registered products.

01:06:43.540 And basically, they're going to be raking it in over the next number of years with all the tax regarding this RSP money.

01:06:53.460 Once it's registered, there's no real good way to get it out without sort of following tax law, unfortunately.

01:07:07.320 But there are better ways to do it.

01:07:11.260 What I'd recommend is actually talking to a tax accountant.

01:07:14.640 And it may sound expensive to start with, but a couple thousand dollars will go a long way if you're paying tens of thousands of dollars in tax or ten thousands of dollars less, in fact.

01:07:29.420 In transferring from RSPs to gold back, gold or silver back, you mean?

01:07:34.340 Yeah, so you go right into physical bullion.

01:07:37.340 So our partner, Silver Gold Bull, has like an RSP, TFSA, RESP, all registered programs where you can actually just transfer it in and use it to purchase gold and silver.

01:07:51.780 You have to store it with Silver Gold Bull, but it is that option if you're concerned about the stock market or the devaluation of currency.

01:08:01.920 It should hold up better over the coming decades.

01:08:08.800 Okay, that's really good information.

01:08:11.180 I know that there was one person, an elderly individual who is already on old age security and CPP,

01:08:17.900 and said, if I can get an account in a credit union, but my total income is government CPP and OAS, will that protect me or am I helpless regarding income due to me being government funded?

01:08:32.240 So I was just asking that question on behalf.

01:08:35.520 The banks don't have any control over CPP and OAS.

01:08:40.240 And if they wanted to eventually say you have to be jabbed to receive your CPP or OAS, God forbid it comes to that, that's dealing directly with the government and has nothing to do with the banking system.

01:08:52.740 Is that correct?

01:08:54.060 Yeah, that is correct.

01:08:55.420 The good news is, in that case, is old age security and CPP are indexed to inflation.

01:09:01.720 The bad news is the government, it's basically like the fox guarding the henhouse.

01:09:09.220 So it's the government reporting the consumer price index, so the actual inflation measure.

01:09:16.320 So they have an inherent bias to keep it lower.

01:09:20.920 So because if they were actually to report the actual consumer price index, so the actual inflation of 8%, 9%, 10%,

01:09:30.700 then they would have to actually index the CPP and OAS to increase each year by that amount.

01:09:39.220 Of course, they're not doing that.

01:09:40.760 They're saying inflation's at 2%, 3%, and so they don't have to increase it.

01:09:45.380 So yet another way they're sort of being quite shady.

01:09:48.120 And it's, yeah, that's a bit of a tough one.

01:09:54.120 I would hope that they don't go down that road of you need to be jabbed to get your CPP and OAS.

01:10:00.240 That would be something else that even the Trudeau government didn't step across that line.

01:10:08.280 Yeah, we wouldn't put anything past them.

01:10:11.780 But at that point, well, Brett, thank you so much for the incredible presentation.

01:10:16.800 And taking the time to answer all of these questions.

01:10:20.700 I'm sure more will pop up and we'll have to have either you or Rob back on the show again.

01:10:26.760 I would welcome you that if there is any further presentation you're doing or anything that will be breaking news

01:10:33.680 or that we should be advising or warning Canadians about, I'd love for you to give me a call and to have you back on the show again.

01:10:43.000 So is there any final words, advice, anything that you would like to tell our viewers?

01:10:48.900 Yeah, yeah.

01:10:49.360 Happy to help.

01:10:50.240 Really appreciate you having me on the show.

01:10:52.420 I think it's important to stress.

01:10:54.220 Don't be hyperbolic with this type of thing.

01:10:56.440 Don't put every red cent into gold or silver and that type of thing.

01:11:01.620 A little will go a long way.

01:11:04.680 And it's a bit of a long road to finding a financial institution that you trust in and agree with their value set.

01:11:15.160 But they are out there and I just encourage people to keep on hunting for them.

01:11:19.640 Excellent, excellent advice and information.

01:11:24.360 All right.

01:11:24.840 Well, thank you so much.

01:11:26.220 And we look forward to having you on someday again.

01:11:29.340 All right.

01:11:29.800 Thanks so much.

01:11:30.500 Take care.

01:11:30.960 Thanks for your time.

01:11:31.960 Thanks, Brett.

01:11:34.340 Okay.

01:11:34.880 Well, I think that was absolutely amazing.

01:11:38.020 We will have this interview available tomorrow.

01:11:41.940 We'll be uploading it to our Rumble page.

01:11:45.480 And we're going to ask to help us out, help Canadians out, help out friends, family, and coworkers.

01:11:49.640 And share this valuable information with them.

01:11:53.560 If you value the work of Action for Canada, please donate.

01:11:56.820 I am appealing to you to become a monthly donor.

01:11:59.660 It is taking a lot to keep this organization going.

01:12:02.760 We need the financial help.

01:12:04.240 There's so much more that we want to do.

01:12:06.700 I've appealed to you numerous times that I am in meetings with dignitaries, with people who are as concerned as us from other countries.

01:12:18.080 Please make arrangements and resolving some certain issues that are threats to Canadians.

01:12:27.560 And so we need your support.

01:12:29.300 We can't be in the battle without your support.

01:12:33.080 So please donate, one-time donation.

01:12:36.240 But I would really love it if you would become, please, a monthly donor to Action for Canada.

01:12:40.820 Okay.

01:12:41.460 So I am going to go to next week's guest.

01:12:46.480 It is going to be none other.

01:12:48.100 We haven't had him on quite a while.

01:12:49.860 It's going to be Dr. Stephen Malthouse.

01:12:53.140 But we're not going to be necessarily talking about COVID-19 injections and harms and things around that nature.

01:12:59.920 It is revolving around COVID-19 as well as expanding to the global agenda, including the 15-minute city attack, etc.

01:13:07.880 But we're going to be talking about the bills that are killing our freedom.

01:13:13.080 And it would be Bill 31, Bill 36, why we have 4,000 health professionals in B.C. that are ready to work.

01:13:22.080 And the B.C. tyrannical David Eby and Bonnie Henry.

01:13:26.220 Oh, my goodness.

01:13:26.760 I can't wait till these people.

01:13:27.860 I pray to God that they're going to end up in jail one day because of how nefarious it is what they're doing.

01:13:33.640 But anyways, those bills were designed by this government that are keeping good people from working and as well going into the future will stop doctors from, according to their oath, what they've sworn is to first do no harm.

01:13:49.280 And when they know that people are being injected with deadly vaccines or children with the immunizations, they have a duty to stand up.

01:13:56.680 And these bills squelch that.

01:13:58.480 It just silences them.

01:13:59.820 Then there will be Bill 44, 46, and 47.

01:14:03.560 That's going to go into what's happening with the rezoning in cities.

01:14:06.880 So it's going to be a great show because what's happening in B.C. other than Bill 31 and Bill 36, but these other bills are happening across Canada.

01:14:14.600 And they're all tied into the land grabs in the 15-minute cities, UNDRIP, the U.N. Agenda 2030.

01:14:21.440 So please make sure to join us next week.

01:14:23.100 It's going to be another fantastic show.

01:14:24.600 All right, finishing off, I'm going to read from Deuteronomy 23, 19 to 20.

01:14:32.340 And I know I just finished talking a whole lot about Islam, but this has to do with the Empower Hour tonight with Brett Oland when we talked about CBDCs and banking.

01:14:47.360 So the Bible says, we were talking about interest and different things like that as well.

01:14:51.200 So the Bible says, you shall not charge interest to your countrymen.

01:14:55.420 Shall we send this in a memo to Trudeau and the Liberals?

01:14:59.220 So interest on any money, food, or anything that may be loaned at interest.

01:15:04.720 You may charge interest to a foreigner, but to your countrymen you shall not charge interest, 0.63

01:15:09.440 so that the Lord your God may bless you in all that you undertake in the land which you are about to enter to possess.

01:15:15.620 And so since Canada is based on biblical principles, I would like to, you know, for the government to get this into place.

01:15:23.700 That means that immigrants, instead of all of our handouts and robbing us blind, 0.99

01:15:28.060 they would actually have to pay interest on loans and the privilege of living in Canada.

01:15:35.000 All right, and the final verse tonight is from Psalm 27, 2, 3.

01:15:39.400 I just love this one, and I think that it's important that people know it says,

01:15:45.260 When evil people come to devour me, when my enemies and foes attack me, they will stumble and fall.

01:15:51.500 Though a mighty army surrounds me, my heart will not be afraid.

01:15:55.700 Even if I'm attacked, I will remain confident.

01:15:59.280 And after all the heavy topics we've talked about tonight, it's good to embrace this psalm and know that the Lord is with us.

01:16:06.300 He doesn't call us up to handle these types of missions without equipping us.

01:16:14.320 And so I'm just so grateful and faithful to the Lord and that He is the way, the truth, and the life.

01:16:20.280 And no one comes to the Father but through Him.

01:16:23.420 So for all of you that may be unbelievers, may be from a different religion who are going to hear this,

01:16:31.700 There may be things that are niggling within your spirit to say, yeah, you know, my religion is maybe empty or it is violent.

01:16:39.140 I agree with you.

01:16:40.140 And Christianity has always come in to help the widow and the orphan and the oppressed. 0.91

01:16:45.780 And, you know, we created schools and we created hospitals and we were all and have been all about caring.

01:16:52.960 And then the world has come in and they've polluted that.

01:16:57.580 But Christianity, when a nation is fully believing in the Lord and our policies reflect that, there is life and there is peace and there is freedom.

01:17:09.720 And I just want Canada to return to such a time as that and to honor the Lord.

01:17:16.120 He deserves our worship.

01:17:17.840 All right.

01:17:18.260 So thank you so much for joining us tonight.

01:17:21.040 God bless you and God bless Canada.

01:17:24.660 Today's episode was sponsored by Galatians 5.1 Freedom Coffee.

01:17:29.200 Galatians 5.1 is the first freedom-fighting coffee company focused on bringing unity back into community by bridging the divide with gourmet coffee.

01:17:39.920 It goes beyond fueling the fight for freedom.

01:17:42.680 Action for Canada receives 10% of all coffee sales made.

01:17:46.880 Galatians 5.1 offer a wide selection of coffee products.

01:17:52.300 Go to Galatians 5.1 Freedom.Coffee to choose your own personal coffee experience made just for you.

01:18:09.500 That's what I've got to say.

01:18:11.200 Look at this crowd.

01:18:12.380 I'm going to thank God and God alone for the ground that I'm standing on.

01:18:26.660 I'm going to thank our founding fathers for giving their lives and sacrificing so much for our freedom.

01:18:35.300 And I'm calling on you today.

01:18:41.600 Don't put them to shame.

01:18:43.860 Don't waste what they did.

01:18:46.120 We have guaranteed rights in this country.

01:18:49.420 We are putting chapters across the nation.

01:18:59.740 We are going to be in every town and every city.

01:19:03.620 And we are going to build communities within these communities of like-minded people who are actually going to care for one another again and love on each other and give each other the help when they're down.

01:19:14.560 We are going to use the teams and the people that build within chapters to support our businesses.

01:19:22.620 The government's actions are completely 100% unlawful.

01:19:29.520 Judgment will again be found on justice and those with virtuous hearts will pursue it.

01:19:37.040 You have a virtuous heart if you are here today pursuing freedom and righteousness.

01:19:45.400 And then verse 23 comes along with a promise.

01:19:50.160 God says he will turn the sins of evil people back on them.

01:19:55.700 He will destroy them for their sins.

01:19:59.680 I take great comfort in that because I serve a mighty living God who has allowed us to go through this season of discomfort because we as a nation have turned our backs on him.

01:20:17.180 And we need to get right.

01:20:19.620 So I am just going to thank you so much.

01:20:23.560 I'm going to say God bless you and God bless Canada.

01:20:27.360 I'm going to say God bless Canada.

01:20:57.360 I'm going to say God bless you and God bless you and God bless you and God bless you and God bless you.

01:21:27.360 God bless you and God bless you and God bless you and God bless you and God bless you and God bless you and God bless you and thank you for my hope to find you again.

01:21:29.120 Thank you.

Action4Canada - May 30, 2024

Central Bank Digital Currency Part 2 With Brett Oland, May 29, 2024

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