Valuetainment - The Dark Side Of CBDC Explained

00:00:00.000 Everybody's talking about CBDC, central bank, digital currency.

00:00:03.460 Some are saying it's a great idea.

00:00:05.440 You know, my question is, in that similar vein, what would make a well-designed CDPC system

00:00:14.060 that helps overcome some of these existing issues that we have seen with banks and with just the

00:00:22.500 delivery of stimulus checks?

00:00:23.820 Some are saying it's a horrible idea.

00:00:25.580 Are you interested in giving these economic central planners more power over our economy,

00:00:32.200 more power over your daily life and your economic activity?

00:00:37.440 And I answer that question, H-E double hockey sticks, no.

00:00:42.580 Who's right?

00:00:43.420 All right, so if you get value from this video, give it a thumbs up and subscribe to the channel.

00:00:46.420 Let's get right into it.

00:00:47.180 What is CBDC?

00:00:47.860 The easiest way to explain it is, think about Bitcoin, right?

00:00:50.580 It's a decentralized currency that's used, but it's decentralized.

00:00:54.520 No one's regulating it.

00:00:56.680 No one knows who owns it.

00:00:58.580 Now imagine if a Bitcoin currency is created, but it's controlled and regulated by the government.

00:01:05.980 That's CBDC.

00:01:07.540 So how much momentum are they creating with the sole concept of CBDC?

00:01:11.360 Who's for it?

00:01:11.960 Who's against it?

00:01:12.740 According to AtlanticCouncil.org in May 2020, only 35 countries were considering a CBDC.

00:01:17.700 Today, 114 countries are exploring CBDC, equal to 95% of the global GDP.

00:01:25.240 Currently, 60 countries are in the advanced phases of exploring their own CBDC, while in

00:01:30.660 the last two years, 11 countries have already launched their own currency into full operations.

00:01:36.180 We're talking Nigeria, Bahamas, Anguilla, Dominica, Granada, St. Lucia, Montserrat, St. Vincent,

00:01:42.200 St. Kitts, Nevis, and most recently, Jamaica.

00:01:44.980 Obviously, these are all small countries, they don't have high GDPs, but G7 economies

00:01:49.300 have now entered the development stage of CBDC, and China's pilot is set to be rolled

00:01:53.840 out to most of the country sometime this year.

00:01:57.140 And on top of that, 18 of the G20 countries are now in the advanced stages of CBDC development,

00:02:01.980 and nearly every G20 country has invested a significant amount of time and resources into

00:02:06.920 these projects over the past six months.

00:02:08.800 So obviously, we're far along.

00:02:10.440 This isn't something that they're just kind of playing around with.

00:02:12.440 But what do you think?

00:02:13.060 Do you think it's a good idea or a bad idea?

00:02:14.800 Here's what they're saying.

00:02:16.580 The pros and the cons are.

00:02:18.380 Increase payment efficiency.

00:02:20.380 Complement current forms of money and financial services.

00:02:23.100 Deterd criminal activity.

00:02:24.420 Improve international payment options.

00:02:26.100 Potentially reduce net transaction costs, benefiting lower income households.

00:02:30.220 So now here are the cons.

00:02:31.160 Overhauling the current financial system could create instability.

00:02:34.500 The effectiveness of monetary policy may deteriorate.

00:02:37.320 Operational difficulty.

00:02:38.480 Cyber security risk.

00:02:39.480 And last but not least, privacy as there is a loss of ability to transact anonymously.

00:02:44.740 So let's talk about that one.

00:02:45.980 Anonymously.

00:02:46.420 Do you like to be anonymous for what you're purchasing?

00:02:48.180 What if I ask you right now, you go to your job, and I'm the boss.

00:02:51.340 I'm trying to hire you for a job.

00:02:52.800 And I say, hi, before we consider you as an employee, could you please submit all your credit

00:02:56.700 card and your expenditure on what you've spent the last 90 days?

00:02:59.740 A Tim's donut and coffee is the original collab.

00:03:02.560 And now, any classic donut is a dollar when you buy any size original or dark roast coffee.

00:03:06.760 Get a deal on the iconic duo with a Tim's dollar donut.

00:03:09.780 Plus tax at participating restaurants for a limited time.

00:03:11.780 Terms apply.

00:03:12.320 See app-free details.

00:03:13.160 It's time for Tim's.

00:03:15.080 You know, six months, we'd like to see what your buying habits are.

00:03:17.760 What would you say to me?

00:03:19.740 Actually, what would you say to me?

00:03:21.680 Are you not upset right now or offended right now? 0.97

00:03:24.420 You'd say, who the hell are you? 0.92

00:03:26.040 To ask me a question like that. 0.95

00:03:27.100 You know when's the last time somebody asked you where they tracked everything you bought?

00:03:31.660 You were probably 17 years old and you were using mommy or daddy's credit card and they

00:03:35.380 tracked every one of your purchases.

00:03:37.120 Why?

00:03:37.860 Because you were a kid.

00:03:39.240 So let me get this straight, U.S. government.

00:03:41.000 I'm 44 years old, a grown band of four kids, and you get to see everything I buy, invest in.

00:03:48.700 What kind of data does that give you?

00:03:50.440 Do you now automatically, you can go based on seeing what purchases people make and say,

00:03:55.340 I know where this guy leans.

00:03:56.540 I know what this guy's doing.

00:03:58.020 I know what that guy's doing.

00:03:59.340 Let's help this guy with more financing.

00:04:00.860 Let's hurt this guy.

00:04:01.520 Let's hurt that.

00:04:01.980 So you know what I'm saying?

00:04:02.580 So are you okay with people tracking everything you're buying, you're purchasing, decision-making

00:04:07.300 process?

00:04:08.060 And what if all of a sudden you get too loud?

00:04:10.160 And what if right now, like the silencing of somebody is if you are against vaccine?

00:04:14.060 But it may be something else that you're from now, five years from now, 10 years from

00:04:16.720 now.

00:04:17.000 What if you have an opinion?

00:04:18.120 What if there's a cultural war again in 10 years, 20 years, 30 years?

00:04:21.060 You're like, no, I'm not against these robots doing this.

00:04:23.020 What if one day they're like, hey, robot can be a better president than the average

00:04:25.560 person?

00:04:25.940 Let's vote for robot.

00:04:26.760 Are you out of your mind? 0.90

00:04:27.860 Are you serious?

00:04:28.600 But if all of a sudden you fight against it, hey, bring that access down.

00:04:31.420 Hey, you can't say too much.

00:04:32.400 You know, his digital currency or her digital currency.

00:04:34.220 What if?

00:04:34.760 Now, somebody may say, Pat, that's not going to be happening.

00:04:36.720 Well, okay.

00:04:37.220 No problem.

00:04:38.080 I think an author back in the days wrote a business book called Only the Paranoid Survive,

00:04:42.920 Andy Grove.

00:04:43.660 Let's stay a little bit paranoid, okay?

00:04:45.540 I want you to think about this.

00:04:46.820 Who's for it?

00:04:47.820 Well, the top five banks are for it.

00:04:50.020 They think CBDC is a great idea.

00:04:52.240 Why would Chase, B of A, Wells City, why would these guys want CBDC?

00:04:56.560 Well, because there's not a founder in those banks.

00:04:58.860 Those banks are pretty much working for the U.S. government.

00:05:02.240 No, they're not.

00:05:03.260 Yes, they are.

00:05:03.980 The government dictates the rates.

00:05:05.720 The government gives them money.

00:05:06.980 The government bails them out.

00:05:08.380 They have to work with the government on a daily basis, pretty much.

00:05:10.980 So they're pretty much owned by the government.

00:05:12.560 Not necessarily, it's still on the stock market, but they communicate more with the government

00:05:16.380 than they do with you.

00:05:17.700 They don't want no Bitcoin to blow up.

00:05:20.080 They want CBDC.

00:05:21.440 With Bitcoin, they can't control you.

00:05:23.960 It's decentralized.

00:05:25.460 They like control.

00:05:26.820 Are you okay with the way they're thinking?

00:05:28.980 If you are, you should be for CBDC.

00:05:31.300 Elizabeth Warren is for CBDC.

00:05:33.320 AOC is for CBDC.

00:05:35.520 U.S. government is for CBDC.

00:05:37.740 Who's not for CBDC?

00:05:39.360 Freethinkers, entrepreneurs, libertarians, guys who are innovators, disruptors,

00:05:44.960 who want to live their lives and kind of be left alone.

00:05:48.160 They want to make the decisions that they're making, and as long as they don't break the

00:05:51.160 laws, they're kind of going out there about themselves.

00:05:52.980 These guys don't want to be controlled.

00:05:54.980 So this whole CBDC thing comes down to two things.

00:05:59.460 If you like to be controlled, you're for CBDC.

00:06:02.520 If you want to think for yourself and not be controlled, you're not for CBDC.

00:06:06.240 If you like somebody else to make decisions for you, you are for CBDC.

00:06:09.900 If you want to think for yourself, and if you make a mistake, great, no problem.

00:06:14.280 You pay the price for it, no problem.

00:06:16.200 You're not for CBDC.

00:06:17.380 This is what it's really coming out to.

00:06:19.100 And by the way, many, many years ago, when everybody was talking about Bitcoin, I said

00:06:22.700 my biggest fear about Bitcoin is Bitcoin scares the most powerful institution in the

00:06:30.160 world, which is the U.S. government.

00:06:31.680 Governments don't like when they cannot control a currency.

00:06:35.240 They can't control Bitcoin.

00:06:37.320 They're going to do whatever they can to trash it, bash it.

00:06:40.400 They'll talk about all the criminal activity that happens in Bitcoin to get people to eventually

00:06:45.300 say, yes, this is not a good idea.

00:06:48.040 It's better if the government controls it.

00:06:49.960 And then you'll go over here.

00:06:51.120 And then all of a sudden, 10 years later, you're like, this was a bad idea.

00:06:55.220 It's too late by now.

00:06:56.720 Everybody's using their money through this whole CBDC that they're selling to.

00:07:00.240 And by the way, you know how they say things like, well, look, we're becoming a cashless

00:07:03.000 society.

00:07:03.540 How many places are you going to nowadays that they don't even accept cash?

00:07:06.200 Yeah, but we've been using cards for a long time and it's okay.

00:07:09.200 Well, the fees are high.

00:07:10.280 What if you can save 3%?

00:07:11.540 I'm okay paying 3% fees in the money that I'm transferring and it taking a day or two

00:07:16.540 and no one knowing about my decision except me and that credit card company.

00:07:19.460 Then you, the government knowing exactly what everybody else is doing.

00:07:22.380 Again, freedom, you're not for CBDC.

00:07:24.700 Control, you are for CBDC.

00:07:26.460 But I want to hear your thoughts.

00:07:27.460 If you got value from today's episode, give it a thumbs up, subscribe to the channel and

00:07:31.740 comment below.

00:07:32.320 And by the way, a part of why they're able to capitalize off just to sell the American

00:07:36.400 people on CBDC being a good thing is because of what happened with Silicon Valley and the

00:07:39.860 banking crisis.

00:07:40.580 I did a private webinar on that a week ago.

00:07:42.920 If you've never seen it, it's data, intel we've never shared before.

00:07:45.960 Our research team pulled up all this data.

00:07:47.540 I highly recommend you seeing it.

00:07:48.900 Click here to watch the banking crisis webinar.

00:07:51.120 Take care, everybody.

00:07:51.820 Bye-bye, bye-bye.

00:07:52.280 Take care, everybody.

00:07:54.160 Bye.

00:07:58.520 Bye-bye.

00:07:59.280 Bye.

00:08:00.380 Bye-bye.

00:08:02.260 Bye-bye.

00:08:05.560 Bye-bye.

00:08:16.440 Bye-bye.

00:08:17.440 Bye.

00:08:18.080 Bye-bye.

00:08:20.000 Bye-bye.

00:08:20.680 Bye-bye.

00:08:21.440 Bye-bye.

Valuetainment - April 20, 2023

The Dark Side Of CBDC Explained

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