Richard Werner on how CBDC could be the end of banking and on the Sovietization of Europe

Paul Buitink talks to Professor Richard Werner again. Richard is author of 'Princes of the Yen' and came up with the Quantity Theory of Credit. He also coined the term Quantitative Easing (QE).
Two years ago Paul talked to Richard about how the ECB was trying to become the only bank in town in Europe. In this latest episode Richard tells in more detail how the ECB, through regulation and monetary policy, has destroyed small community banks. Since the inception of the ECB 5000 banks have disappeared. Its policies squeeze the margins of small banks while at the same time they lead to asset bubbles, inflation and crises, which are then used to gain more powers, says Richard.
The ECB is now looking into wholesale central bank digital currency (CBDC), like they do in China, instead of retail CBDC. This gives Richard some hope since it's potentially less destructive. The European Union is becoming like the Soviet Union says Richard and China is acting smarter. Creating credit and hence money is such a powerful tool that it needs to be in the hands of as many people and small banks as possible, China gets that. Once you have more local banks, they can be the core of a new monetary paradigm. Richard illustrates this with the experiment of Worgl in Tirol in the 30ies. So although Richard is worried about the future of the euro, it still makes sense to focus on building as many community banks as possible, to have the network ready to possibly introduce new currencies. For this reason he started the Valhalla Network. Richard furthermore thinks the gold price is suppressed and therefore cheap.
Links:
Previous video:
• Richard Werner - ECB w...
Richard and Paul on Twitter:
/ professorwerner
/ scientificecon
/ paulbuitink
Richard's work:
quantumpublish...
valhallanetwor...