Valuetainment - October 02, 2023


G20's Hidden Agendaļ¼š Digital ID and CBDC Initiatives


Episode Stats

Length

15 minutes

Words per Minute

188.40579

Word Count

2,860

Sentence Count

217

Hate Speech Sentences

1


Summary


Transcript

00:00:00.000 So a couple weeks ago we talked about NATO. Today we're going to talk about G20. What's the
00:00:03.420 difference between the two? Who is World Economic Forum? Why are these guys in G20, the 20 countries
00:00:07.860 getting together in New Delhi to have a meeting? Stuck in that winter slump? Try Dove Men plus
00:00:13.920 Care Aluminum Free Deodorant. All it takes is a small change to your routine to lift your mood
00:00:18.800 and it can be as simple as starting your day with the mood boosting scents of Dove Men plus
00:00:23.100 Care Aluminum Free Deodorant. It'll keep you feeling fresh for up to 72 hours and when you
00:00:28.940 smell good, you feel good. Visit Dove.com to learn more.
00:00:34.240 It was called One Earth, One Future and the discussions points were around climate change,
00:00:40.660 healthcare, food security and digitalization. What do they mean by digitalization? Do they
00:00:45.420 want to create one currency that we all use and then do they score us on who votes the
00:00:50.080 right way, what we drive, how we eat, how we live? Who knows? We're going to talk all about
00:00:54.180 that today.
00:00:58.940 So if you get value out of this video, give it a thumbs up and subscribe to the channel. Let's
00:01:07.200 get right into G20. It started in 1999. The original inception of it was after the Asian
00:01:13.220 financial crisis as a forum for the finance ministries and central bank governors to discuss
00:01:18.380 global economic and financial issues. So G20, NATO, World Economic Forum. G20 is different than NATO.
00:01:25.160 NATO is military. G20 is economy. Then G20 is different than World Economic Forum because G20
00:01:30.580 is government. World Economic Forum is private companies. Just so you know the difference between
00:01:35.320 what these guys are. So who is part of the G20 members and why did two countries not show up to
00:01:41.580 this year's G20 summit? The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany,
00:01:47.460 India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey,
00:01:53.520 United Kingdom, US, and EU. And two countries didn't show up. And I bet you can guess who those
00:01:58.660 two countries are. Russia and China didn't show up to this year's G20 summit. Now, how big is G20?
00:02:04.800 How much influence do these guys have? Here's what it looks like. They account for about 80% of world's
00:02:10.080 GDP and 75% of global trade. G20 countries are home to 60% of world population, combined population
00:02:17.220 of over 4.9 billion people, combined GDP over $150 trillion. Hence, digitalization. Imagine the
00:02:24.980 influence they have of $150 trillion. They get to say, if we want to have one currency that you and
00:02:30.380 I have to lose, they got enough power and influence to be able to pull that off. It may take them 5,
00:02:35.020 10, 15, 20 years, but they're going to pull it off if that's what they want to do because they got
00:02:38.700 that kind of influence. 80% of world's greenhouse gases. They're responsible for about 75% of world's
00:02:43.900 military spending. G20 has been criticized for its lack of transparency and accountability. And
00:02:48.220 they've been criticized for its inability to reach consensus on important issues. And despite these
00:02:53.040 criticism, G20 remains an important forum for international cooperation on economic issues.
00:02:58.840 So remember earlier when I talked to you about the fact that the theme was one earth, one family,
00:03:02.720 one future, and they had these different bullet points I want to talk about. There was a 70H pay
00:03:06.740 document called the G20 policy recommendations for advancing financial inclusions and productivity
00:03:12.800 gains through digital public infrastructure. Keywords. Let me say it again. Advancing financial
00:03:19.000 inclusion. That's not the most friendly word. Inclusion. There's a part of force in there.
00:03:24.060 It sounds noble, but it ends up being through force to include you, whether you like it or not.
00:03:30.760 So obviously the interest rates right now are a little bit weird. They're crazy. One day they're 7.12.
00:03:34.460 You're seeing all these numbers for people that want to get a loan. Some people can't even get
00:03:37.340 a loan. If you're somebody that wants to get a credit line up to $250,000, the sponsor today,
00:03:42.740 Fund & Grow, can help you possibly do that. The great thing about Fund & Grow is even in today's
00:03:47.080 economy, they're able to get you a line of credit, which is hard to do with a lot of banks. They offer
00:03:51.160 a 12-month membership that gives small businesses an alternative to traditional funding or gathering
00:03:55.600 investors. They offer a way to get the operating capital you need without having to deal with the
00:04:00.340 current tedious and confusing red tape at banks. They help secure credit up to $250,000 at 0%
00:04:06.180 interest, all without giving up any equity of your company. These guys have a great reputation with
00:04:09.680 over 4,000 5.9 reviews online. And for our listeners, they have prepared a special business
00:04:14.900 funding masterclass that will uncover the five steps their clients have used to secure up to $250,000
00:04:20.220 in business cash and an exclusive $500 discount for their services. Go to fundinggrow.com forward slash
00:04:26.460 PBD again fund and spelled out F-U-N-D-A-N-D grow.com forward slash PBD for more information.
00:04:33.560 And then productivity gains through what? Digital public infrastructure. What are they talking
00:04:38.300 about with DPI? Like digital public infrastructure. The acronym DPI was used 441 times. The term
00:04:45.960 financial inclusion was used, ready? 263 times. Digital ID, 83 times. Government to person payments,
00:04:54.720 24 times. One more time. Government to person payments, 24 times. Do they want one government?
00:05:00.840 If they're able to get one currency, what can they do with this? What level of control can they have?
00:05:05.300 That's something some people are concerned about because it lacks transparency and accountability.
00:05:09.720 So again, what's DPI? Digital public infrastructure. Interoperable, open and accessible infrastructure
00:05:16.140 supported by technology to provide essential society-wide public and private services digitally,
00:05:22.660 such as identification, payments, and data exchange. They didn't say decentralized.
00:05:28.240 They said centralized. There's a big difference between being it centralized or decentralized.
00:05:33.400 So Bitcoin, one of their biggest things that people would talk about is the fact that decentralized,
00:05:38.260 where it's kind of like a government's not controlling you, there's going to be control
00:05:41.680 because obviously this is all these 20 members controlling that currency. So that's the DPI part,
00:05:47.700 but let's talk about the government to person payments. Remember how they use that phrase 24 times?
00:05:52.200 What is government to person payments? Look at the statistics. So here's some context. Globally,
00:05:57.000 government to person, G2P payments have increased significantly in scale, as if that's a good thing.
00:06:03.300 Government to person has significantly scaled. Look at the numbers. In 2021, over a quarter of adults
00:06:08.400 were receiving payments from the government, an increase of 400 million individuals from just four
00:06:15.720 years earlier. Not 40 years earlier. Four years earlier, 400 million more people were receiving
00:06:23.060 payments from the government. On average, in the past decade, across a sample of 46 developing countries
00:06:28.940 with available data, 1.5% of GDP was allocated to social assistance payments, 3.6% to pensions,
00:06:35.240 7.3% to public wages. And they talk about how COVID-19 helped accelerate the process. In their paper,
00:06:42.900 they say in 2020, in response to the COVID-19 crisis, spending on social protection programs
00:06:47.080 increased even further to at least $80 billion across developing countries. So COVID-19, beautiful thing
00:06:53.300 for G20, because it allowed them to increase their 400 million more people getting government
00:06:59.000 to person payments. The increased scale of G2P payment programs offers a huge opportunity to advance
00:07:05.100 ready financial inclusion, contribute to women's economic empowerment, and promote the development
00:07:10.600 of the digital ecosystem. Again, more of the same inclusion stuff that they now want to push down
00:07:16.880 people's throats worldwide. I'm not going to read the whole thing, but I'll give you a couple of them here.
00:07:20.700 Here's another one for you. Leveraging DPIs. DPIs can enable digitalizing G2P payments in an efficient,
00:07:27.440 inclusive, again, and adaptive way in the following areas. Beneficiary accounting opening,
00:07:33.320 account registration with government program, generating payment instruction,
00:07:36.980 payment cash out, or digital use. Watch this here. Jurisdictions that have in place DPIs,
00:07:42.660 such as digital ID, digital payment systems, and infrastructure for data sharing were also able to
00:07:47.560 reach more beneficiaries, generally respond in a faster, more targeted, and transparent manner during
00:07:53.480 what? The pandemic. The pandemic was the best thing for the people that wanted to impose CBDC.
00:07:59.820 They love the pandemic because it sped up their process. Look, if you want to get into this,
00:08:03.820 you can. I'm not going to read the whole thing in this episode here, but I'm going to read this thing
00:08:06.780 to you again. Indeed, according to the 2021 Global Findex, 865 million account owners in developing
00:08:14.820 economies opened their first financial account for the purpose of receiving government transfers during
00:08:20.700 what? The pandemic. So to kind of put it in some context where it makes sense to you, think about
00:08:25.340 your state may have a welfare program. Your state may have some entitlement programs where there's a
00:08:30.160 state welfare, state tax, you know, these things that you do. Now imagine the country has a
00:08:35.120 entitlement program welfare, the country has a tax. Now imagine global welfare, global tax. And then if
00:08:42.200 there's a scoring system to reward you or punish you based on certain behavior that you may have
00:08:47.780 that doesn't match with climate change, that doesn't match with what they consider healthy,
00:08:52.500 that's a little bit disturbing for the people that love freedom. And if you watch this content,
00:08:57.380 you're somebody that loves freedom. So watch this policy recommendations. I'll continue.
00:09:01.420 Enable and foster the responsible use of DPIs to accelerate financial inclusion
00:09:05.600 and productivity gains. Public authorities could leverage DPIs across public sector programs
00:09:10.720 and national strategies, as well as harness private sector capabilities through collaborative
00:09:16.080 approaches for rapidly advancing financial inclusion-led growth. They have two key
00:09:21.280 considerations. The first one is public authorities could consider development and harnessing DPIs in
00:09:26.040 their national strategies and roadmaps on financial inclusion, digital economy, and related areas.
00:09:30.380 Here's a second one that's the kicker. Public authorities may lead by example through fostering use of
00:09:35.460 DPIs in public programs, such as benefit transfers, social protection programs, and development
00:09:40.420 finance programs, CBDC, our own currency that we get to control, development finance programs,
00:09:46.080 as well as their internal operations and processes, including in interactions between individuals and
00:09:51.420 businesses and the government. So now, okay, let's set that aside, say it's all noble, good things that
00:09:56.000 they want to do. One of the organizations that was there, which is the BIS, was established in 1930.
00:10:01.520 It is owned by 63 central banks. It stands for the Bank of International Settlements, representing
00:10:06.320 countries from around the world that together account for about 95% of the world GDP. Now, here's who BIS is.
00:10:11.720 So imagine the Federal Reserve. What the Federal Reserve is to U.S., BIS is to the world. So they
00:10:17.140 kind of can dictate some of the things that can happen to the world economy. The BIS, most recent
00:10:22.260 CBDC survey, covered a record 81 central banks, representing close to 76% of the world's population
00:10:30.440 and 94% of the global economic output. This is the BIS 2022 report. Survey found out that nine out of
00:10:36.720 10 central banks are now exploring CBDC, half developing or running concrete experiments.
00:10:41.700 The survey also showed that more than two-thirds of central banks are likely to issue a retail CBDC
00:10:46.700 in the short term or the midterm, which is within the next six years. The Atlantic Council 2023
00:10:51.460 separately tracks CBDC developments in 119 countries and indicates similar results. Over 40 countries have
00:10:57.480 approached the IMF to request assistance through CBDC capacity development. And by the way, some people
00:11:02.900 may say, well, come on, Pat, you know, digital ID, what are you talking about? This is not going to happen.
00:11:06.360 I mean, it's not like during COVID, EU didn't take on a digital ID and a passport while you were
00:11:12.400 traveling for people to know you had taken the vaccine. Oh no, they did do that. Really? So when
00:11:17.480 I would go to the airport, I had to show them this digital passport so they could see that I took the
00:11:21.240 vaccine. Yes. Okay. Pat, what's wrong with that? Well, you know, CBDC, their own digital currency,
00:11:27.380 more ways for me to control what you're doing, what you're not doing. So then the question becomes for
00:11:31.260 you is what level of privacy are you willing to give up? What level of privacy are you willing to give up?
00:11:36.360 You may say, what do you mean by that? What level of questions do you think you're comfortable with
00:11:40.720 your boss knowing about you? What, what, what questions are you not comfortable with it? You
00:11:44.180 know, it's so weird in America. They're like, well, you know, you can't ask an employee when you're
00:11:47.360 interviewing them certain questions. Yeah. But the government can know if I took a vaccine or not
00:11:51.880 while I'm traveling for what? Yeah. But so, so this thing they push and you're like, no way I'll
00:11:57.720 never do that. And then you do. Okay. They listened. They're willing to conform. They push.
00:12:04.300 No way. I'll never do that. Then you do. Cause you're like, oh my God, I feel so judged by my
00:12:09.820 coworkers. If you don't take this, you're not a responsible person. Oh my God. And then they
00:12:15.000 introduce us. No way. Now imagine their vision is to come here, right? But they go,
00:12:19.360 and gradually and all of a sudden you're like, no way I did all of it. I give up all my privacy.
00:12:26.800 Exactly. That's what some people are uncomfortable with. And I bet you are too. So final thoughts here
00:12:33.460 before we wrap up. Remember how earlier we talked about the BIS, which is like the federal reserve
00:12:37.280 of the world, the bank of international settlements. They gave a report. And there's one thing that's a
00:12:42.400 little bit also disturbing for you to be thinking about. You know, as a parent, we program our kids and
00:12:46.780 we incentivize what for our kids to do and what for them not to do. You may discipline them in a
00:12:51.980 different way. You take away their iPad. You take away a toy. You take away a certain car, phone,
00:12:56.620 whatever it may be, right? But there's a reward punishment for it. That's fine. As a child, totally
00:13:01.660 get it. Do you think at 42 years old, a BIS should be doing that to tokenizing on how you vote? You know,
00:13:07.680 what kind of car you drive, the decisions you make? Well, watch the word BIS uses on their report. I want
00:13:12.480 you to read this here with me. Tokenization of money and assets has great potential, but initiatives
00:13:16.600 to date have taken place in silos without access to central bank money and the foundation of trust
00:13:22.440 it provides. Look at the second one is the main one we're going to focus on here right now. A new type
00:13:26.660 of financial market infrastructure, a unified ledger could capture the full benefits of tokenization by
00:13:32.040 combining central bank money, tokenized deposits, tokenized assets on a programmable platform.
00:13:39.260 Programmable platform. Programmable. I program you. Okay. Programmable. They program you.
00:13:46.300 On your behaviors, how you vote. Maybe what vaccines you've taken. Maybe all of these things
00:13:52.360 programmable. And then all of a sudden somebody gets more benefits than another person based on
00:13:56.840 who is following the government's guidelines better. Who's following the world, the BIS report
00:14:02.200 that's being given out that all these G20 members are using. I don't know about that. By the way,
00:14:06.240 I want you to know this. I'm not sitting here telling you these are all dark people that want to
00:14:10.400 come and take over and ruin your life. I'm not telling you that. Are there some people that are
00:14:14.100 driven by evil and power and control that are at these G20 summits? Of course. I'm not sitting
00:14:19.980 here disputing that. But I also think some of them are there for the right reasons. What I am willing
00:14:24.080 to tell you is the following. I lean on being paranoid and trusting after verifying and seeing
00:14:32.420 what their motives are. And historically, governments don't have a track record on what they do with power
00:14:38.480 because somebody may come up with some good ideas at first and that they're noble. But eventually
00:14:43.300 somebody may rise up that comes after them who is not noble. They're driven by power and they end
00:14:49.000 up ruining people's lives. You've read about it. You've watched many videos. You've seen many
00:14:53.600 documentaries. Won't be the first time. It's best you and I stay paranoid and keep watching what these
00:14:58.400 guys are doing at these big meetings. So if you got value out of this video, give it a thumbs up,
00:15:02.620 subscribe to the channel. And if you don't know a lot about CBDC, like Pat, I want to learn more
00:15:06.160 about CBDC. Click on the link here to watch the video. Take care, everybody. Bye-bye.