All central planners will always prefer more power in the hands of fewer people. The end point of all these systems is all power in the hands of one person. All failures lead to demands of more concentration of power.
Good show! Richard is illuminating as always, especially so here re. the difference between 'wholesale' and 'retail' CBDCs - very interesting! It's great when Richard is allowed to expound, uninterrupted and at length, on a topic. This approach makes for his best interviews 👍 Keep it up & looking forward to the next one!
I got ahold of "The Princes of the Yen" and it is absolutely essential for understanding history! Expands the brain, which is the highest praise you can give!
The committees that have selected the Economics “Prize” have made very, very few selections that will stand the test of time (can you say Paul Krugman?)
So I just read Valhalla white paper to understand the underling technology and interestingly, it only mentions in passing Gnosis chain. Which is Ethereum based. But In fact, no mention of the ethereum chain. They write of DAO's like it was a given. Maybe it is by now..
While the interlocutor is not the sharpest knife, Dr Werner’s depth and breath of understanding are so vast - of course, powerful interests will always choose to ignore him (if not silence him completely) - that letting him free associate between linked topics is the wisest choice here. So glad that Dr Werner ignored the bilious comment by the interviewer about the Chinese “social credit system”… Dr Werner’s observation that the banknotes that everyone carries around are really the promissory notes of private companies - and have neither legal standing as money or any inherent economic value - is spine-tingling.
No ‘CBDC's’? “ . . . . That is, instead of the 144TWh per year used by Bitcoin, CBDCs would consume some 7,056TWh - more than three times the UK’s total 2019 energy consumption of 2,185TWh… In an increasingly energy-constrained global economy, it should - but likely won’t - be clear that programmable CBDCs are a non-starter… a solution looking for a problem to solve indeed! “
The Athenian Phocion was speaking to the Assembly and the crowd erupted in cheers and applause. Visibly worried and distressed, he turned to his friends and asked "What, have I said something stupid?" If the Nobel Prize we're awarded to the Professor, he would have to ask his friends...
Whatever the functionality of a "Digital Coin", are we not always at great risk of new controls and loss of daily living when the systems go down, or, as with MGM Casinos, the system is held hostage ?
That “increase in money used for consumption” policy, was it because of the purchasing done by governments worldwide for the speedily produced, massively expensive, “cocktails” that were to counter the not-so-novel and not-really-so-dangerous yearly infection that was being passed off as a pandemic?
If your scheming was true, whats the pount if setting up more smaller community banks? If ECB would want to shut down all private banks than also rhe community banks, if they could at all, since they alll work under a banking licence. But again, I dont see why and how ECB should want to do such thing, even if local national banks would agree to comply. Maybe you got a little bit to far down the rabbit whole. I guess also ECB knows that local banks are importan
I'm sorry, but my future will NOT consist of CBDCs no matter how hard they try. We'll build around it. I'll use gold, silver, cryptos, stupid paper fiat or barter BEFORE ever CBDCs. Thanks!
Richard, of "China central bank's beautiful job", many many banks, etc, but how about the present? China is now totally dominated by CBDC, even retail, so, what is going to happen to the 5000 banks?
Thanks for the vid, great as usual. Why would any central bank choose to write off debt from a subordinate agent? First of all, it is this debt (or better said: a claim from the Central Institute on resources from the peripheral unit) that gives the former its power.
Secondly, what kind of signal is a Central Bank giving to all its subordinates if it writes off debts from one member?
Central bank policy makes no sense if you improperly view them as government agencies. However, their policies make complete sense when you view the central banks as BANKING CARTELS. Their objective is to maximize profits for private banks.
@Wick Banks create new digital money out of thin air AFTER the borrower signs the loan contract. The entire money supply is created in this way and controlled by private banks. Less than 1% of the population understands this, so even if the people elected Federal Reserve governors, it would be meaningless. That is why our only chance at abolishing the bank-created money scam is to awaken tens of millions of people.
Remembering, they declared worthless a certain range of bank notes, to force people into digital money accounts, what did much harm to the country side. India seems to be kind of a fascist state.
Stumbled upon the valuetainment interview and felt very bad for Werner, stumbled into a situation with total f-cking morons. Didn’t look fun. Big platform though I suppose for a silver lining.
Interesting stuff. I've learned a lot from Richard Werner and his books. However, can a large part of the inflation we're seeing today not be attributed to rising energy prices?
Inflation is caused by too much money creation. All money is created digitally by private banks issuing loans. Therefore private bank lending creates all inflation.
I think so too. Increased consumer prices for energy are increasing the cost of living. Inflation in science means more money in circulation, what only banks can do.
Let's make a new, Many Monetary Worlds categorization, of the meaning of values in Health and Welfare? (I don't understand the current global social status, of the use of threats to coerce rather than persuade effective cooperation) ----- If the credibility of administrative powers has always been forced on populations subject to military oppression, then there's the self-defining explanation of what is now eventuating globally, the complete discredit of fraudulent posturing and accompanying financial shenanigans.
I’m not sure how accurate this is. Very simplified theories, the central bank absolutely does impact assessments on banks and regulates and monitors accordingly. He also sounds quite childish taking credit for the ECBs adoption of disaggregating credit reporting. I normally agree with Richard but he sounds a little bitter here, but he got his book ply in so he’s happy.
I love this man. He Is the real world Morpheus.
My Hero! Sir Richard Werner, bring the small Bank Community concept to Australia via our Post office network or along side of it.
He is one of the most important and ethical economists
This was a very insightful interview! Please have Prof. Werner back again
Great Interview. Props to you for taking the criticism from the first interview on board and acting on it. Very enjoyable watch :)
All central planners will always prefer more power in the hands of fewer people. The end point of all these systems is all power in the hands of one person. All failures lead to demands of more concentration of power.
Good show!
Richard is illuminating as always, especially so here re. the difference between 'wholesale' and 'retail' CBDCs - very interesting!
It's great when Richard is allowed to expound, uninterrupted and at length, on a topic. This approach makes for his best interviews 👍
Keep it up & looking forward to the next one!
Great episode. Thanks Richard. Thanks Paul.
Thoughtful conversation, Comments by Richard are insightful, right, real, practical. Thank you.
What a nightmare we live in! We cannot allow this to continue.
But we do......have you changed anything since,2020?
I got ahold of "The Princes of the Yen" and it is absolutely essential for understanding history!
Expands the brain, which is the highest praise you can give!
Thank you, I'll read it.
Thank you for this interview!
Morpheus yes, but there is no Neo
I pray for the day in which Prof. Richard Werner will receive the Nobel Prize for Economics. 🙏🏻❤🏆
Too contrarian, disturbing the big banks oligopoly and CBDC does not make you a favourite
Sorry, the day he wins that, my good opinion of the good Professor would require a rather detailed reappraisal.
fuck the nobel prizes lol he deserves way more
The committees that have selected the Economics “Prize” have made very, very few selections that will stand the test of time (can you say Paul Krugman?)
There really is a living God. 🌈🏆🌍
Love Richard ❤️
RFID Implant Mark of the beast in the future.. Revelation 13.
Which technology is Richard using with respect to his newly created digital tokens and DAO? Thank you for making these interviews!
So I just read Valhalla white paper to understand the underling technology and interestingly, it only mentions in passing Gnosis chain. Which is Ethereum based. But In fact, no mention of the ethereum chain. They write of DAO's like it was a given. Maybe it is by now..
While the interlocutor is not the sharpest knife, Dr Werner’s depth and breath of understanding are so vast - of course, powerful interests will always choose to ignore him (if not silence him completely) - that letting him free associate between linked topics is the wisest choice here. So glad that Dr Werner ignored the bilious comment by the interviewer about the Chinese “social credit system”…
Dr Werner’s observation that the banknotes that everyone carries around are really the promissory notes of private companies - and have neither legal standing as money or any inherent economic value - is spine-tingling.
Thanks for info on book. Purchased book and awaiting opportunity to learn more about banking cbdc dangers
No ‘CBDC's’?
“ . . . . That is, instead of the 144TWh per year used by Bitcoin, CBDCs would consume some 7,056TWh - more than three times the UK’s total 2019 energy consumption of 2,185TWh… In an increasingly energy-constrained global economy, it should - but likely won’t - be clear that programmable CBDCs are a non-starter… a solution looking for a problem to solve indeed! “
The Athenian Phocion was speaking to the Assembly and the crowd erupted in cheers and applause.
Visibly worried and distressed, he turned to his friends and asked "What, have I said something stupid?"
If the Nobel Prize we're awarded to the Professor, he would have to ask his friends...
Whatever the functionality of a "Digital Coin", are we not always at great risk of new controls and loss of daily living when the systems go down, or, as with MGM Casinos, the system is held hostage ?
What a fantastic alternative to crypto. Something of real value.
Wish I'd seen this when it came out. Now it feels hopeless cuz of my situation. :(
That “increase in money used for consumption” policy, was it because of the purchasing done by governments worldwide for the speedily produced, massively expensive, “cocktails” that were to counter the not-so-novel and not-really-so-dangerous yearly infection that was being passed off as a pandemic?
If your scheming was true, whats the pount if setting up more smaller community banks?
If ECB would want to shut down all private banks than also rhe community banks, if they could at all, since they alll work under a banking licence.
But again, I dont see why and how ECB should want to do such thing, even if local national banks would agree to comply.
Maybe you got a little bit to far down the rabbit whole.
I guess also ECB knows that local banks are importan
I'm sorry, but my future will NOT consist of CBDCs no matter how hard they try. We'll build around it. I'll use gold, silver, cryptos, stupid paper fiat or barter BEFORE ever CBDCs. Thanks!
You WILL comply slave !
Paul 4 president.
Richard, of "China central bank's beautiful job", many many banks, etc, but how about the present? China is now totally dominated by CBDC, even retail, so, what is going to happen to the 5000 banks?
You don’t have a clue what he talked about.
Sex, drugs and rock n roll created this specimen of cognitive failure.
@@sciagurrato1831 sciagurato e pure sfigato
Good video, Richard is economic genius
Still watching Frank G Melbourne Australia 🇦🇺 ❤️
Thanks for the vid, great as usual.
Why would any central bank choose to write off debt from a subordinate agent? First of all, it is this debt (or better said: a claim from the Central Institute on resources from the peripheral unit) that gives the former its power.
Secondly, what kind of signal is a Central Bank giving to all its subordinates if it writes off debts from one member?
Central bank policy makes no sense if you improperly view them as government agencies. However, their policies make complete sense when you view the central banks as BANKING CARTELS. Their objective is to maximize profits for private banks.
@Wick Banks create new digital money out of thin air AFTER the borrower signs the loan contract. The entire money supply is created in this way and controlled by private banks. Less than 1% of the population understands this, so even if the people elected Federal Reserve governors, it would be meaningless. That is why our only chance at abolishing the bank-created money scam is to awaken tens of millions of people.
India bringing both wholesale and retail CBDC!
Remembering, they declared worthless a certain range of bank notes,
to force people into digital money accounts, what did much harm to the country side.
India seems to be kind of a fascist state.
Yeah, typical.
Where can I find out more about this town Vogel? And the story Werner talks of here?
the town is called wörgl
en.wikipedia.org/wiki/Demurrage_(currency)
Time line would be helpful. Great video!
Stumbled upon the valuetainment interview and felt very bad for Werner, stumbled into a situation with total f-cking morons. Didn’t look fun. Big platform though I suppose for a silver lining.
✌️
Interesting stuff. I've learned a lot from Richard Werner and his books. However, can a large part of the inflation we're seeing today not be attributed to rising energy prices?
Inflation is caused by too much money creation. All money is created digitally by private banks issuing loans. Therefore private bank lending creates all inflation.
inflation was already at record highs before the war
I think so too. Increased consumer prices for energy are increasing the cost of living.
Inflation in science means more money in circulation, what only banks can do.
👍👍
Thanks 👍👍👍👍
your new proposal includes digital that people do not want. why not print new money for a specific private bank metals backed.
XRP
Does the escalation of WWIII bring us closer to CBDCs?
Let's make a new, Many Monetary Worlds categorization, of the meaning of values in Health and Welfare? (I don't understand the current global social status, of the use of threats to coerce rather than persuade effective cooperation)
-----
If the credibility of administrative powers has always been forced on populations subject to military oppression, then there's the self-defining explanation of what is now eventuating globally, the complete discredit of fraudulent posturing and accompanying financial shenanigans.
23:41
I’m not sure how accurate this is. Very simplified theories, the central bank absolutely does impact assessments on banks and regulates and monitors accordingly. He also sounds quite childish taking credit for the ECBs adoption of disaggregating credit reporting.
I normally agree with Richard but he sounds a little bitter here, but he got his book ply in so he’s happy.
Not so much theories than practical observations.
The two of you can go live in a world of your theories.
xrp
wtf? Guy is having a chronic throat deasese because he speaks Dutch. What was the name he pronounced after Steve Keen at 45:20 ?
sorry you couldn't follow me. I mentioned Dirk Bezemer. Cheers, Paul
No need to be an asshole.