Western Standard - July 05, 2024


Brett Oland： Unique style of gold based banking...


Episode Stats


Length

4 minutes

Words per minute

152.91023

Word count

620

Sentence count

32


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Join Marty as he sits down with the President and CEO of the Canadian Federal Reserve Bank of Toronto to discuss what it takes to stand up for your employees and clients in the face of constant inflation. Marty and his team are dedicated to standing up for their employees and standing up to the government.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 And we did a lot of things that made us a lot more outstanding.
00:00:05.040 First of all, we didn't force any of our staff to get vaccinated with the COVID-19 shot,
00:00:12.720 which is much different than the bigger banks, which actually forced their staff to get vaccinated.
00:00:19.600 Secondly, when the trucker convoy was going on, we were one of the first ones,
00:00:25.380 if not the only ones, to stick up our hand and say, this is not right that you're freezing people's bank accounts.
00:00:31.340 And we were lucky enough that we never had to freeze anybody's accounts.
00:00:36.700 As we soon noted just previously, that it was deemed illegal to actually freeze people's bank accounts.
00:00:46.260 And then thirdly, we're very concerned about people's well-being within our organization
00:00:52.060 and see the constant inflation that seems to be worming its way through society today
00:00:58.240 because of so much printed money.
00:01:00.180 And we're making efforts to basically protect our membership and our organization
00:01:05.280 against what we see as constant inflation going forward throughout the years.
00:01:11.280 Hence, why we're at the Bitcoin rodeo and why we continue to absorb gold and silver on our balance sheet as an organization.
00:01:20.500 Yeah, I mean, the first two parts are outstanding.
00:01:25.020 I mean, you're an organization that's standing up on principle for your employees and for your clients.
00:01:31.700 I mean, a few did.
00:01:33.080 They just kind of go with the flow and the government push.
00:01:35.780 And, you know, I just really applaud you guys for making that stance because we know the pressure had to be huge.
00:01:40.800 But the difference, that's something that takes a little more explaining.
00:01:45.640 But it's really important that you're bringing more of a metal-based security,
00:01:49.880 a precious metal-based security to back the assets of your bank.
00:01:54.500 And, you know, it acts as, I guess, a hedge against fiat currency.
00:01:58.680 Can you explain how that works?
00:01:59.760 Sure.
00:02:01.140 When we first started looking at this, I think it took me by surprise,
00:02:06.260 and this goes way back to 2008 during the great financial crisis,
00:02:10.460 where governments around the world basically bailed out all the banks.
00:02:15.100 And at the time, I thought that would be incredibly inflationary.
00:02:19.820 I turned out to be wrong in that regard just because it was tied up in the banking system.
00:02:24.840 But this time, when they printed trillions and trillions of dollars in 2020
00:02:30.160 to give COVID relief and checks out to everybody,
00:02:33.040 basically they locked everybody in a cage, stopping production,
00:02:36.560 and gave them stimulus checks.
00:02:38.620 And so I knew that was going to be massively inflationary.
00:02:42.720 And sure enough, we're starting to see energy prices, housing prices, grocery prices.
00:02:48.000 Just about everywhere you look, you're seeing this constant burdened inflation.
00:02:52.720 And that is because the governments around the world
00:02:55.700 injected massive amounts of currency into society.
00:03:00.960 So now we wanted to be able to protect our membership
00:03:03.900 and our organization against that constant inflation.
00:03:08.560 And you need to do it with a hedge such as gold and silver,
00:03:12.000 which has stood the test of time throughout history
00:03:15.960 that goes and rises during times of inflation.
00:03:19.520 And basically, the motto is, a rich man's suit 2,000 years ago costs about a gold coin.
00:03:28.360 And today, it holds true.
00:03:30.580 A gold coin in Canada has a face value of about $50,
00:03:36.600 but it actually has a market value of about $3,300.
00:03:40.660 So if you think about a fine man's suit, a fine tailored suit, shoes, belt, hat if you want,
00:03:46.120 cane if you want, it has the same amount of buying power.
00:03:50.680 And so we're leaning on that within our organization to basically protect our membership
00:03:56.740 from that inflation that is going to be persistent over the next coming decade.