What is FTX? How does it tie into Ukraine, how does it relate to the DNC and intelligence services? We re going to get into it with Libby Edmonds of The Post Millennial and Jack Dorsey of The Daily Beast.
00:00:00.000Got a very special show for you today, all about the international FTX heist.
00:00:08.060What is FTX? How does it tie into Ukraine? How does it tie into the Bidens?
00:00:13.100And does it tie in to the intelligence services? We're going to get into it.
00:00:17.280And Libby Emmons is joining me from the Post Millennial.
00:00:19.660But first, I got to let you guys know that we just had a massive drop when it comes to new names, right?
00:00:26.440New names for America Fest. Yes, that is absolutely right.
00:00:30.940We've got new names that are going to be joining us.
00:00:32.720Newt Gingrich, Matt Walsh, Greg Gutfeld, Laura Ingram, Congresswoman Marjorie Taylor Greene, Michael Knowles, Congresswoman Lauren Boebert, Harmeet Dillon, Steve Hilton, Ali Stuckey, Seth Dillon, Congresswoman-elect Harriet Hagman, and Darren Beattie, Cash Patel, Eric Metaxas.
00:00:51.460Make sure, all right, guys, I told you guys, I told you there was going to be more names coming.
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00:01:13.200Sam is not a traditional billionaire because he believes in the concept of earn to give, which means his goal as a human is to make as much money as possible just to give it away.
00:04:10.000And what was their relationship, not only personally, but financially?
00:04:13.600So you have this guy, Sam Bankman-Fried, and he was touted as a boy genius, as so many people in this space are when it comes down to it.
00:04:25.160And his girlfriend, Catherine Ellison, was a CEO also of a hedge fund that he founded as well.
00:04:34.360And so they were involved in a relationship.
00:04:37.740There are allegations that he was involved in multiple poly relationships or things like this as well in the Bahamas.
00:04:44.140And what happened was essentially some doubt came into play as to the value of the coin that FTX issues.
00:04:53.240And that doubt was raised by another large crypto exchange, Binance.
00:04:58.900And once that doubt came into play, there started to be some concerns.
00:05:02.780And there was a run, essentially, on FTX with customers coming to get their funds out.
00:05:10.700At the point when customers came to get their funds out, it turned out that FTX didn't have their funds.
00:05:17.120So Bankman-Fried took a look around and said, you know, maybe what we need is a bailout.
00:05:22.480Asked Binance and other crypto companies, you know, for some help.
00:05:27.920Binance took a look and said, after a little due diligence, that they absolutely would not bail out FTX.
00:05:34.300And it was further discovered that FTX had, through a backdoor, without any real oversight or anything like that, given some $10 billion to Ellison's company in order to bail out that company.
00:05:50.800And that company was most of their holding.
00:06:17.700And because the companies were in the Bahamas, they pretty much were allowed to do whatever they wanted.
00:06:23.700And so once this was realized that he was skimming off the top, that the funds were going to this other company that he had an interest in, both personally and professionally.
00:06:35.420It sounded like he had an interest all right, Libby.
00:06:38.300He was very interested in that company.
00:06:41.760And then the whole thing really just fell apart.
00:06:45.140I thought it was interesting, too, that Binance, the CEO of Binance, said that he was not going to bail it out at all.
00:06:53.500And he took an interesting approach, saying that if the company couldn't stand on its own, then it would fall.
00:06:59.840And that that was a reasonable thing to have happen in an open marketplace.
00:07:03.860And for folks who need to understand this, and I'm going to ask the producers to show some of this, this guy was touted by people like former President Bill Clinton, like Tony Blair.
00:07:14.580He's donating tons of money to the Democrats.
00:07:19.360People can go check it out at the postmillennial.com.
00:07:21.540He became the number two donor to the entire Democratic Party throughout the 2022 cycle, only followed by George Soros through this essential Ponzi scheme that he was running, where people thought that they were making money.
00:07:38.240People thought that they were investing in this quote unquote coin.
00:07:41.860They called it the FTT coin that they were going to be issuing when it turns out the entire thing was absolutely worthless.
00:07:48.020It was actually a Ponzi scheme, and the only people making any money off of it that we can see here are, number one, himself, his girlfriend, and the Democrat Party.
00:08:02.100We're going to go to a quick word from our sponsors, but then when we come back, I want to talk more about this backdoor and the potential for these unregulated industries in the sector.
00:08:12.120So what I want to talk about, though, since we are talking about new economies, we need to talk about the importance of the parallel economy all across the country.
00:08:21.180Americans are discovering that if we want to change this nation, we must change the way the marketplace works.
00:08:26.680Woke corporations like the one we're talking about today are seeking to divide us.
00:08:30.660Big banks and exchanges like this will freeze the accounts of people who disagree with their political views.
00:08:35.760We sound familiar. And our supply chain is dependent on countries that actively work against our values and crooks like this guy.
00:08:42.080It is time for a change. And that change starts with you, your wallet.
00:08:46.340That's why Human Events Daily and myself, we are proud to partner with Public Square, the world's largest directory of freedom loving businesses that our nation has ever seen.
00:08:54.000Public Square is the first app that connects freedom loving Americans with the local community and the businesses that share their values.
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00:09:09.660Public Square is your guide. Just go to the download the app. It's completely free.
00:09:12.800Apple App Store or Google Play. You create your account and you begin to search.
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00:09:22.360Download the app today. Public Square, Public Square, Public SQ, build the parallel economy.
00:09:28.240So let's look at FTX. It certainly appears to be an egregious failure to treat customer assets as segregated assets.
00:09:39.000It appears that the leadership there attempted to fill a hole at an affiliated company.
00:09:46.340And it occurs to me that this is a worry that I don't have for one split second about my stocks or my bonds or my treasuries when they're held in custody by American banks.
00:09:57.320Mr. Sue, a predecessor of yours, said that there's no need for any additional guidance.
00:10:03.900It's it's it's a settled matter as to how banks should custody financial assets.
00:10:10.580And they do it all the time and they've done it forever.
00:10:12.840But my understanding is that your office discourages banks from providing custody services, among other services in the crypto space.
00:10:24.360And it seems to me, if people had access to custody services provided by a wide range of institutions, including regulated financial institutions, they might be able to sleep more comfortably knowing that those assets were unlikely to be used for some completely inappropriate purpose.
00:10:45.540So what you're hearing there is Senator Pat to me, my senator from Pennsylvania on his way out.
00:10:52.500He's being replaced by Fetterman, by the way. So we're very we're all very excited about that, that he is making a full throated endorsement of the regulation of the crypto space, specifically using FTX as an example.
00:11:06.480And he's saying that, well, if you if you deposit anything with a regular bank, a regular bank would never do that.
00:11:12.740Really, Pat? Really mean to tell me that your bank would never invest your own funds, that you're all your money is just sitting there in, you know, in a vault like Scrooge McDuck.
00:11:22.380Are we really supposed to believe that's what's good? Come on. Come on.
00:11:25.260We know that's not how it works. OK, but I get what you're trying to do, what what he represents.
00:11:30.720Pat to me, he's a huge Wall Street kind of guy, and he's representing the Wall Street angle of saying we want control and regulation over crypto.
00:11:40.600I've had a lot of crypto bros that are messaging me over this whole thing, saying, post.
00:11:44.860So I know you're focused on the election. You got to get into this FTX deal because we're looking at it going.
00:11:49.400When this guy took a fall and he's always wanted regulation, he's given money to candidates that support a regulation.
00:11:57.360He's spoken out in favor of regulation. And now it almost feels like because of his own inappropriate actions that we're going to have regulation over the sector because of him.
00:12:08.340You know, was this was it deliberate? Was this a setup? Libby Edmonds, what say you?
00:12:13.340Well, I think it's actually pretty interesting.
00:12:15.460I do think that there should probably be some regulation in the space similar to the way securities are regulated.
00:12:21.220And we do have to to me's point, we do have FTC protections of up to ten thousand dollars, one hundred thousand dollars rather for deposit accounts.
00:12:30.380So there are some protections there for American consumers of banking products like that.
00:12:36.200But the kind of regulation that the crypto space needs or that these kind of companies needs is is much more similar to securities regulation, which is transparency, full disclosure and a complete disallowance of the kind of conflict of interest that you saw between Bankman Freed and his girlfriend,
00:12:57.600as well as what we saw between him and his brother, who founded a big charity that he gave a ton of money to as well.
00:13:05.400So, you know, with securities regulation, you're not allowed to do that kind of stuff at all.
00:13:10.540You're not you're just you're just not allowed.
00:13:12.760And that's the kind of thing that should be completely disallowed in this space.
00:13:16.720Which and by the way, just to point out, one of the other places where money was coming in and going out of FTX was Ukraine because the Ukrainian government had signed deals with FTX.
00:13:27.960And we're going to save that for the third segment, because I've got this theory that there may be some intelligence connections here that we've seen from the national security state.
00:13:37.520And certainly wouldn't be the first time that that the national security agencies were using a bank or a financial vehicle as a pass through apparatus to launder money right for their own black ops operations or launder money for other operations, skim money, et cetera.
00:13:52.880But save that for the next segment. My question, though, Libby, is isn't the whole point of crypto that it is decentralized, that it's unregulated?
00:14:02.660Isn't that kind of the promise? And when you talk to the crypto bros and, you know, nothing but love for my crypto bros.
00:14:07.840But isn't that the whole point that it's decentralized? We don't want this tied to financial regulations.
00:14:14.140We don't want Big Brother looking over our shoulder and we certainly don't want central banks to be controlling the entire thing.
00:14:19.500We know, by the way, that a lot of the big Wall Street firms are now talking with the Fed, with the Federal Reserve about issuing.
00:14:26.460And you're seeing this with Rishi Sunak. I talked about this a year ago on this podcast.
00:14:29.920I said, this guy's going to become prime minister and he's going to be talking about central bank digital currencies for the U.K.
00:14:34.800And guess what? Liz Truss out in what, 46 days? And then Rishi Sunak comes in.
00:14:39.360Boom. First thing he says, central bank digital currencies. What are we hearing on Wall Street right now?
00:14:43.780Central bank digital currencies. And to an extent, the U.S. dollar is kind of a central bank digital currency.
00:14:49.500Right now. But y'all ain't ready for that conversation. I guess my point is, though, is doesn't this kind of detract from the overall promise of what crypto was supposed to be?
00:15:01.000Well, sure, it does. Yeah, definitely. But at the same time, do we want our assets to be part of some sort of Wild West scenario where anything can happen?
00:15:12.900And not only is all investment at risk, but we don't even know what the risks are and we don't even know what's going on with with those with that money.
00:15:20.860We don't know what the company is investing in. We don't know anything because there's absolutely no disclosures.
00:15:25.000That doesn't seem reasonable at all. And it certainly doesn't seem reasonable in terms of protecting investors.
00:15:31.540And just just in terms of because we don't have a lot of time to bring up the point, though, you know, the kind of libertarian argument against that would be that, well, you know, then maybe a company deserves to fail if it's not doing if it's doing stuff like that.
00:15:40.720And that in this sense, there was right. There certainly was a market correction because finance started looking into it.
00:15:47.440They did their due diligence. They found out it didn't work. And and shouldn't that be, you know, shouldn't that be enough?
00:15:53.260Because if you overregulate, you essentially get to the point where these big players that are in the in the industry and in the field,
00:15:59.380they're going to box out anybody that's trying to come up as an up and comer and they're going to solidify their monopoly over the market.
00:16:05.760So the regulation gets put in place and it actually decreases competition.
00:16:09.700So that's how you get your Walmarts, your Googles, your Verizons, your Cox Cables.
00:16:13.180And that really reduces selection and options for the consumer.
00:16:17.280And they are the ones who end up getting screwed in the long run because of higher costs.
00:16:21.320You know, I think for me, though, the way I come down on it is, look, if if these things are being issued by companies,
00:16:27.600regardless of what you call it, regardless of technology, it still inherently is a security.
00:16:31.780And I think I don't think there's a good argument for not regulating it as a security under existing law.
00:16:37.460But when it comes to something like Bitcoin, which is decent, which is truly decentralized,
00:16:42.260it's not tied to, you know, some dude and his girlfriend in the Bahamas.
00:16:45.500Then, you know, you know, regulation on that wouldn't make any sense because that's not issued by a privately held company.
00:16:54.060Yeah, I think these are securities and they need to be regulated by securities.
00:16:57.100And American investors need to be protected from people like Bankman Freed who are willing to play a shell game with consumers' investments.
00:17:05.360I don't think that's reasonable at all.
00:17:07.260I have concerns about privacy with centralized, you know, federally backed digital coin.
00:17:26.800One of the earliest things I learned about Bitcoin was not to keep your not to keep your Bitcoin on an exchange, to keep it on your own flash drive.
00:17:45.920In the end, my goal is to do as much good as I can for the world.
00:17:53.720I'm part of an effective altruism community.
00:17:56.540Basically, it's a group of people looking to try and figure out if you want to maximize the amount of good you do, maximize the positive impact that you can have on the world.
00:18:04.880What does that mean you should do with your life?
00:18:06.160And I think it sort of grew out of like, here's a group of charities.
00:18:09.840You're going to donate $100, which will save the most lives, right?
00:18:13.800Which saves the most lives per dollar donated.
00:18:17.000And, you know, it's centered on a bunch of really great developing world health charities.
00:18:22.820Things like, you know, the Anti-Malaria Foundation, Systemiosis Control, and some direct transfer charities to really poor areas of the world.
00:18:32.620And, like, you know, GiveDirectly is one there.
00:18:35.020And GiveWell is sort of the pioneer of evaluating these charities, comparing them, and trying to figure out, you know, how you can save as many people with your money as you can.
00:19:33.680You're just the face of the operation, man.
00:19:36.120And they're using you as a pass-through vehicle.
00:19:39.560And the great Darren Beattie said something to me the other day.
00:19:41.860And we pre-recorded a long-reform interview that's going to be coming out this Sunday with him, talking about the globalist American empire and the state of it.
00:19:49.100But one thing he mentioned was to look into BCCI.
00:19:58.920The Bank of Credit and Commerce International was seized last week by international regulators, was used as a front for central intelligence agency operations, according to the U.S. government and bank documents, as well as current and former government and bank officials.
00:20:13.760The bank was involved in secret arms deals, including the covert sale of American arms to Iran in 1986, according to court documents and officials.
00:20:22.740The family that was used to pass through these was the family of Saudi arms dealer Adnan Khashoggi, who helped to finance the secret deals.
00:20:30.240It is also believed that the CIA used BCCI, this bank, to aid the Afghan rebels.
00:20:36.200That would be the Mujahideen, which later elements of which turned into the Taliban.
00:20:40.100Libby, when I look at something like this and I see the Ukraine connection and I say there's all of this money going in, there's back doors built in, there's front doors, there's trap doors, you know, and this guy's given this total halo effect.
00:20:56.580New York Times is not talking about him this day.
00:20:59.580New York Times is saying, oh, he just tried so hard and he only slept four hours a day and he had a beanbag in the office and Reuters is out here.
00:21:05.660Well, it's actually good that he did this because now it can help us with regulation.
00:21:08.780And he actually the world owes him a favor.
00:21:12.700This whole thing looks to me like this guy and that we should we should actually have a discussion about the very real possibility that this guy could have been some sort of witting or unwitting federal assets.
00:21:39.720They were going to skim stuff off the top and the CIA is going to take their bit and you're going to make sure you fund, you know, the midterms and the politicians that you want to make sure they're getting their cut.
00:21:48.740But the problem was that he was skimming for his own girlfriend.
00:21:57.880Is it is it possible or is it crazy for us to think that when we know that the intelligence agencies have acted like this in the past,
00:22:04.300that we should not apply that same rubric to the things that we see before our eyes now?
00:22:09.780I think this should be thoroughly investigated.
00:22:11.860And you do have congressmen saying that they would like to get on that, you know, as soon as the next house is in session, that they want to see what's really going on here.
00:22:20.640You have a guy who is a baby boy genius.
00:22:26.100You know, it's a that's a big trope for the Democrats, really.
00:22:29.340And he gave some thirty eight million dollars, I think, in the twenty, twenty one, twenty two election season to Gillibrand and a whole host of other Democrat candidates.
00:22:43.180And, yeah, I think this should really be looked into what was really going on here.
00:22:49.900And he does have this idea of what's called ethical altruism, which is essentially I get rich so I can give money away to big causes that I believe in.
00:22:59.000And he had all of these things set up to fight future pandemics, you know, a fund that was started by his brother.
00:23:07.940And he was skimming off the top and giving it to his girlfriend to pump up her company, which held most of its assets and coins that were proprietary to his company.
00:23:17.180It's sort of, you know, what's that even about?
00:23:18.980Is that some sort of shell game or something?
00:23:35.720Could you find if you were looking for a patsy, if you were looking for a fall guy, if you were looking for someone who's obviously a total head case and a true believer that would never really question what was going on, never really question where the money was coming from, never really question what else was going on in his own company.
00:23:53.860Doesn't this seem like the exact guy that you would go with?
00:23:57.800Yeah, he does seem he does seem kind of like a strange fellow.
00:24:03.940I hate to cast aspersions or judgments, really.
00:24:06.700But yeah, he does seem kind of kind of bizarre and strange.
00:24:12.320He showed up on everything wearing T-shirts, didn't really seem to have a lot of consideration for the people around him.
00:24:18.700You know, what's yeah, what's going on here?
00:24:22.740No, look, I honestly think this is one of those situations where because the regime is the way it is, because the media is the way it is, that only only through Elon Musk asking questions.
00:24:34.180And he's asking questions as well on Twitter.
00:24:36.800Will we ever be able to even have a forum to be able to discuss these things?
00:24:41.040But I don't think that we'll ever actually get the true story, because I guarantee that whoever this guy's handlers were, if they're if they existed, right, they're gone.
00:24:50.820They are long gone. And I tell you one thing right now, they've already found another one.
00:24:55.100They've already found another one. And they're going to set up.
00:24:57.420It's like it's like the end of Guys and Dolls, right? Right.
00:25:00.080The game keeps going. It's the floating craps game.
00:25:02.480The game keeps going. Libby Emmons, thank you so much for joining us today.
00:25:06.100Give everyone your coordinates. Where can people follow you and your work?
00:25:09.920I'm at Twitter at Libby Emmons. And you can, of course, check out the post Millennial dot com every day.
00:25:16.020The action keeps moving, folks. Sky Masterson, Sky Masterson is going to keep the action going wherever.
00:25:23.700And Nathan Detroit or Nathan Detroit, he's always up to something.
00:25:27.240He's always up to something. If you don't know what I'm talking about,
00:25:30.420then you're never going to find out. Ladies and gentlemen, as always, you have my permission to lay ashore.