Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
Awesome retort 😊 yeah like I will trust the fed with my $$. ESG Will happen. I think Peter is being a bit obtuse on this subject.🤔 i Will not submit to the WEF
@@shawnhampshirehick101 That fear of the WEF is pretty common, as well as the belief that the Davosites have their tentacles in everything, but I have a different concern. I'm more concerned that amateur authoritarians will act independently, thinking the WEF is there to back them. But if it turns out that the WEF isn't truly as influential as people think, things could devolve into chaos, and not even Herr Klaus would be able to control that.
Excellent point. More recently, the same can be said for government overreach on vaccines, lockdowns, information and several other topics. The government is not to be trusted regardless of who’s in power.
@@mikeguilmette776 so from this I understand you want a "professional authoritarian" not an amateur one. let me guess, the existing western professional authoritarians? Biden/Trudeau or maybe the eastern ones Putin/Xi? Or the amateurs: Trump/Orban? The professional ones all have in common that thing about the "mask should cover the nose" and also (although unspoken) the young that should be chained to radiators till the old achieve immortality.
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
Peter is a paid US-Govt Shill and Propaganda mouthpiece if y'all haven't figured out already. I listen to him purely to hear what the govt wants people to think. FedNow is a programmable currency controlled by the central bank... it IS a CBDC. They just haven't programmed in the bad stuff... yet. Gotta get people hooked first, then yank the fish out of the water.
I know PZ viewers aren't the best at this but you do have to do some thinking on your end too... How do currency controls benefit the government in any way? This isn't SM surveillance (which they do) and this isn't tracking transactions (which they also already do) it's reducing the cost of transaction by replacing the already legally required middleman with the fed itself. They only attack individual liberty when it's in the financial interest of their donors So think to yourself: how do the big Fortune 500 companies benefit from currency controls? Especially when the lack of currency controls is partly what keeps the dollar global There are plenty of reasons to be mad at the government this is not one of them
So that's why every developed country is working on its own CBDC... and US gov never spied on its own citizens - all inteligence agents uphold every letter of law and take care of privacy, cause that's what they are paid for. Right?
So what? People do bad things too. That doesn't mean you stop going out. Also, you trust the governmetn when it is conveniant. You trust the government in 99% of the cases. So please stop saying this bullshit!
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
-office naval intelligence; . . . salt water ? Excuse Me ? In other words it is the MAP that is classified too secret national security. Large land masses they do NOT tell you about . . .
It’s incredibly naive to believe that the government won’t overstep its boundaries without ‘an act of congress.’ I’m reminded of the NSA and every war since Vietnam
Zeihan seems to be some CIA agent who poses as a geopolitics expert. What he doesn’t let on to is that U.S. is already under a uniparty Neocons coup d'etat taking us intentionally into war in Ukraine which they created (not Pootin!) and under emergency powers act they can do what they want to do, analogous to Covid.
Wow, the level of trust this guy has in government is astounding. The Fed doesn't need a huge staff for enforcement and oversight...the IRS just expanded by 87,000 armed agents that would serve the purpose.
If I want to buy a used car on Sunday from some guy on Facebook let me do it, why the hell do I need to wait to go to a bank to get a cashiers check or take out cash, just let me pay the man in peace. The FED Is just fixing a problem that has been around for .... well forever. They can spy on me all the FED wants I could care less, whatever. Just let me live life as I want, why not let me buy a used car on Sunday and pay the seller right there. Why do I need to go on Monday, during work hours to a bank to take out cash or cashiers check, soooo stupid of a process. I lose work hours, I need to fight traffic, stand in line at a bank, then go meet the seller AGAIN a second time, and on a work day so now there is traffic...... What a pain.
@@drscopeify That's fine until the government decides what you can and cannot buy or who you can and cannot buy from. Government decides guns are bad and prevents any transactions from gun dealers. Government decides soda or cigarettes are bad and prevents those transactions. Furthermore, EVERY transaction will be taxed to death. No more simple cash transactions without a tax.
Hey, guess what . . . When those transactions pass through the Fed, no matter where they originate or terminate, that gives the US legal jurisdiction, both criminal and civil, over those transactions.
Was Peter not paying attention to what happened in the Ottawa Trucker protests? De-banking someone is in some ways just as bad as throwing them in jail, and that's already happening now to sex workers and other undesireables
The US government, or the government of ANY country, for that matter, ALREADY has legal jurisdiction over all transactions conducted within its borders: that's what governments are for. If you don't like what the government does with its power, you vote them out of office, and if that doesn't work, you organize a violent revolution: those are your only two realistic options.
Combine that authority, with the Patriot Act, & the TikToc ban legislation 🤔 . & you both lose all your money & go to prison if they can connect you to having just emailed or texted a foreign national once! Just once! Even unknowingly. Your going to jail just like Trump. Its WORSE than China's SYSTEM .
Wow, you just discovered how the government works. Right now you can call your congressmans office and get a spreadsheet of how for example funds are being spent on ukraine in a day to day basis, and you can go through and find irregularities to detect fraud
The FOIA is functionally useless. Whenever the gov wants to, it can stall FOIA requests indefinitely, or redact great portions of the docs. See: what they are doing now with Brandon's emails.
Bitcoin was always about being a Ponzi Scheme. The first people in reaped all the rewards. Now it takes a warehouse full of servers to generate a coin. How did you ever think that was going to be sustainable? Also, how did you ever convince yourself that Bitcoin was a currency?
I would agree with you except for one thing, an AI system could easily monitor every transaction in the US for anomalies as well as keep track of businesses that are suspiciously missing from the the data with only a few employees. TH-cam has been scanning millions of videos that are megabytes long for copyright for a long time now, tech has gotten way better in those years.
I'm ex-law enforcement. They are already doing it. Right now it does not show because they want to 1) hide from prying eyes, and 2) catch terrorists. But it is creeping into catching big fish on the Dark Web, and catching kiddie porn people, and I'm sure it will trickle down to other things like tax evasion. They start with things no one will object to, like terrorism and kiddie porn, then they go after the big fish tax evaders, everyone is for that And before you know it, Uncle Sam will have tentacles on everyone.
Yes, but also what he is saying is that there are numerous legal roadblocks in place to prevent any 'big brother' type behavior...even if the technology is able to do the tracking. But I agree...even that is probably not a big enough deterrent
The big issue with Central Bank Digital Currencies is censorship and blacklisting. Witness what happened in Canada when bank accounts were frozen during the trucker's strike. You may disagree with what the truckers were doing, but the government there gave us a preview of coming attractions. With a CBDC, a government can control HOW you spend your money. "No, you can only spend X amount on groceries this week because we are rationing due to shortages."
Well as you said, they were already effective at doing it against those truckers. This will just make it easier - but it’s been clearly demonstrated by the US in particular that it can weaponize its control over the major world currency. So this is nothing new, just faster.
@@abby42525 Yes Canada was effective at freezing legacy fiat accounts. Just like they will be able to with their FedNow and CBDC. Bitcoin was fine during trucker protests. The only money that worked because it cannot be censored by feds like Peter and his employers.
@@prsimoibn2710 No, not communism, which is government ownership and control of the economy. It's still capitalism, with just more government overreach.
In case you didn't know , the Fed is a private bank. However it does collaborate with the government. So yes ,CBDC is likely going to be subject to govt coercions.
Happens now w/ banks too. Ever hear of the truckers in Canada? I see stories about the same thing happening for customers in US banks though not in the same numbers.
I would note that while CBDC is called currency it is really just a digital accounting - a ledger. There is nothing to stop Treasury from maintaining ledgers and the Fed bypassed.
@@stephenbernard3003 In order for an investigatory body, like law enforcement, to look at your financial data, they need a court order and an active investigation its indexed to. FEDNOW wouldn't require any of that.
Yes, but the last time fedgov said "just deal directly with us" was student loans, and they made a godawful hash of that and reduced millions of young people to debt slavery. Also, any scheme that requires the government to regulate itself not to go too far will inevitably fail on grounds of "I have altered the deal, pray I do not alter it further."
Calling the people who voluntarily took on the debt "debt slavery" is also missing the big point of that having government guarantees on that debt sets up the beginning for it all to fall apart and leave all the taxpayers, including ones who never had the privilege of going to college at all, on the hook for bailing it all out and paying for those young people to spend 4+ years partying while ultimately not having to pay for their consumption.
@@Meton2526 Some of that debt is held by private entities behaving in a predatory manner, too. Frankly, bankruptcy protections should include students acting in good faith and not just people like Trump juicing a casino for cash.
I don't think it's that simple. The Feds got into student loans largely because private lending wasn't going to give out the amount of loans people wanted (for valid reasons) Also, as long as the government can control what they allow to be used for payments of public debt, they'll always have the last word on this subject.
@@Meton2526now repeat that statement, but substitute 'young people' with 'all the businesses that had their PPP loans forgiven' to the tune of millions of dollars per, or 'major financial institutions drunk on subprime lending' that were bailed out after the '08 financial crisis. What's the difference.
A large issue with this; consumers will have no choice in this. It is up to the bank and Fednow is pushing A TON of incentives for them to join. Before long it will be the 'edge' some banks have over others. It doesn't look good.
If the transaction fees are low or zero, like the transaction fee for cash, then the banks, and their credit card providers, may never adopt it. Banks do get a cut of the fees from their credit cards, right?
You don’t even need AI to automate the transfer process. This only requires simple programmatic workloads. However AI is required if the government is going to assume the Orwellian oversight role it so desires to have.
Like all US laws that suppress freedom the new law will have a good positive title like the "Fraud Protection and End of Crime Act" - Something you will cheer and totally get behind, you know like the Patriot Act, or the The Aviation and Transportation Security Act. "as long as you have nothing to hide" Truly the spirit of the founders - not. Due process is just a burden - we want instantaneous and free transaction please sir.
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
@@rythmicwarriorinflation is literally lower than the rest of the developed world The reason to be mad at the inflation reduction act is not because it failed to reduce inflation, it did a great job at that, it's because it covered way more than just inflation It included items that should have been on their own separate bills covered by their own separate legislation they had nothing to do with reducing inflation If you don't even know why something is bad how are we supposed to fix anything in this country
Y’all are having conspiracy heart attacks about this but I guarantee 90% of you use your debit cards and credit cards for almost all of your transactions 😂
Another huge problem is central control allows them to implement restrictions later such as limits on transfers or withdrawals. Preventing a digital bank run. If I want my money out of someone else’s hands like my bank, cash is the only option. And we all know they plan to do away with physical cash once this is interwoven into society. You will be at the mercy of a highly politicized bank literally controlled and highly influenced by politicians.
FedNow wants to monitor and control all transactions because American citizens and their overlords r debt junkies. U.S. fiat global control first American privacy last
let them do it, this will not end well for them like the Prohibition, and we have monero and other crypto's, so more black markets will be created. the more they lose grip the tighter they squeeze. so let them, this has been the fall of may empires, we can't take them down, but they will take themselves down
That explanation did nothing to alleviate my concerns of the government tracking and scoring anything they want. Plus justice in Canada, if we make them mad, they can turn off our currency.
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
Any programmer knows that most computing problems can be solved by adding yet another layer of indirection. It doesn't matter that individuals cannot have an account at the Federal Reserve. The individual has an account at a member bank and the member bank has an account at the Fed. That is a sufficient level of indirection to create Central Bank Digital Currency (CBDC).
@@WhyteHorse2023 You mean its the most easily programmable currency ever created. As we've seen in China & Canada, if you say or do anything that goes against what the authoritarian regime approves of...there goes your ability to buy food, ride the bus, or anything else that requires payment. This is the start of our Orwellian nightmare.
It’s free for the first part, then they start taxing and introducing regulations to control everything and basically control every aspect of “your money”.
@@kyleschlief4857 that is probably true. Much more efficient than our current system. A private and voluntary system of solutions to this problem can be just as efficient or close to it. Expanding the federal reserve cartel power is not a good direction to go down
There are also some potential risks associated with CBDCs. One concern is that central banks could use CBDCs to track and monitor all transactions. This could raise privacy concerns. Another concern is that CBDCs could lead to financial instability, if they are not properly managed.
Looks like a comment that ChatGPT would come up with. “Potential risks” “Privacy concerns” “Can cause problems if mismanaged” This is true about your local bank as well. Everything has potential problems and risk of mismanagement.
Our money supply is already mismanaged. Transactions today can be traced unless cash is used which most transactions are used with bank cards. Cash is not used all that often these days.
@@swaggitypigfig8413 "true about your local bank as well" The issue is ease and scale. Without CBDC, it's harder for the fed to invade your privacy. There's more friction. If they have constant and immediate access to everyone's transactions, the friction is gone.
@@swaggitypigfig8413 Can "your local bank" follow every CASH transaction, wherever you go, like DIGITAL currencies can? Of course not! Big hole there in your "analysis".
@@junkscience6397If you are worried about a bank tracking your transactions in cash then you should probably just put you cash under your mattress. There are about as many digital transactions a day in USD as there is paper cash in existence. Cash is dead and if you want our economy to keep growing, we will need a digital USD
There was no sign that the temporary implementation of an income tax would become a permanent facet in our lives either. If there is temptation and/or an excuse to consider 'the next step', government will take it.
Sure there was. Anything that's "temporary" in a nebulous and open-ended way is not truly temporary, and never was. That said, I think Peter's point is that it's unlikely the political will is there to take things farther anytime soon. As for the government, they already have the only tool they need to technically have the final word on this, namely that they get the ultimate say on what can be used to pay public debts, and if people decide to keep their assets in other forms of currency, they get to determine the official exchange rate when people need to convert in order to pay those public debts. Again, the firewall there is political reality. Could it happen? Sure. Will it happen? Not likely.
How about we get a "Bill of Rights" for FedNow. For example, you can't have your access to money cut off without a warrant, or conviction of a crime. In other words, let's thwart the bad guys ahead of time.
@@animal0mother The piece of paper represents an obligation on everyone else to act to stop it. To fail is to earn a bad reputation with the social consequences that follows.
I wish I could have the same confidence about my government's interest in CBDC as you have about an American CBDC. It feels like the majority of European governments look at the CCP and think to themselves _"I want the ability to do _*_that!_*_ I just totally won't won't use it to be a bad guy, and I'm 100% confident that nobody who comes after me will, either."_
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
You’re quote is also what the Democrat party in the US says about the CCP behind closed doors... except the part about not being bad guys. They literally don’t care. They just want unopposed control and power so they can more easily change laws to their liking without having to worry about that pesky Constitution thing, or separation of powers.
@@Adi-bo5do Right wing authoritarian parties in Europe are tiny because we've had enough of them, and I've seen none of them express any interest in CDBDCs.
In a World where the FBI is gathering DNA data on millions of people and people are still smarting from lockdowns and mandates... Digital dollars overseen by anybody is off the freaking menu but thanks for *-glowing-* playing.
You'll be fine, as long as you arent one of those "magas". If you are, you are going to prison for decades while they let their friends walk on far worse charges.
Peter - appreciate your opinions very much and often learn from them. Question - will this free service by the fed make it able to lock you out of your accounts as Canada did with the truckers? If no - could we later see legislation that does make that available to our elected partisan, “we know what’s good for you” -representatives?
“If we do go down that road there will be plenty of road signs between here and there”, right, lol. Im sure all the Canadian truckers saw it coming just before they got their assets frozen. The government doesn’t need to control or even monitor all transactions to be able to trample the rights of dissents.
Controlling the use of money is the only reason and there cannot be any other. The first grader story about "no transaction fees" sounds like a story the CCP would sell to their brainwashed people. Note that it doesn't need to happen immediately. Once cash is removed and the infrastructure is in place a sequence of crisis climate-pandemic-climate-Taiwan-climate ... etc will facilitate passing emergency laws that will gradually enable the activation of the control features on the already existing digital currency. and it will not be "undemocratic" since our own "last generation" would agree to anything
@@jonathangentile3447Canadian trucks were invading the capital, making life miserable for all the hospitals, disability facilities, and first responders. I know a senior Ottawa man who died After a long delay in getting into medical, caused by street blockages. Believe it or not, the government must act to protect citizens from other citizens. That has always been the case. The truckers had donations from the far right U S oil interests . They could not stay once they had no money. Picking off the truckers after was easy. Their trucks were large identifiers for who was illegally parked at the capital. Outsiders used the truckers. Sadly trucker have the shortest life expectancy, 57 years. So why would anyone take health advice from a trucker? Sadly most of the protesting truckers ( most truckers did not participate) smoked. I could see that watching their protests day after day. They have those plaqued blood vessels that make people angry easily, because their blood pressure is so high. They were independent truckers, meaning they did not have the security of working for a company. Independent truckers have had bad years as their costs increased but their contracts did not increase payments. You bet they were an itchy scratchy crowd. People go independent thinking they will earn more and end up earning less.
@@jonathangentile3447 Yep. For example, there were plenty of sign five years ago that they were going to teach my son that men can be women and vice-versa. We all saw that coming, right?
or just use the Palantir software. it was originally designed to flag suspicious transactions for paypall. The military already uses it. Individual transactions never cross human eyes unless the software sees a problem. privacy is maintained, security is insured, and it custs down on staffing requirements at the fed. win win win.
Will the government be able to disable your money as the Canadian government did to the truckers and anyone who showed support for them during the trucker protest
Peter is interesting and knowledgeable; however, nearly every topic has some amount of half-truths/lies embedded in it. He's interesting, but his information if flawed--to some degree--in my opinion.
"the whole branch covidian regime" So, you basically just outed yourself as a dim-bulb conspiracy theorist. And you expect anyone with more than 3 brain cells to give a flying fig what you think about anything remotely pertinent to the real world?
Yes, explain how we freak out because we currently have middlemen between us and the Fed. Nothing bad ever happens when you give the supplier, broker powers...
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
We already have a CBDC. Its not specific to exact items in a transaction yet, although it could be, every retailer is gathering that data, but knowing the amount and the retailer is good enough. I love his trust in the law - hilarious that he thinks the Feds care at all about laws.
according to my wife who read his book, he worked for the government, not sure what, but it;s how he got into demographics. but yeah he is naive about the government
It was obvious when in an interview with Jack Carr he went full "partiot" and tried defending the US's actions after the WW2 not as push for world dominance but as some kind of benevolent act, creating a system of international trade and being a security force to allow for commerce. Meanwhile conveniently missing out the fact the US were happy, until it became too suspect in my opinion, to allow their corporations to sell and profiteer for both sides of the war. This is one the main ways the US became a the world leading super power in the first place and the game hasn't changed too much since. It's scary how simplistic this crap is, yet most people still don't get it. The dumbing down of the populous has been very successful indeed for the powers that be.
Disagree with your last point, AI will make the size of the federal reserve only grow marginally and still allow the US government the ability to oversee virtually every transaction. Scary stuff
My problem with Fednow was pointed out 2000 years ago when (Virgil I think) pointed out that "any mans life when examined closely enough is ignoble". Whoever controls Fednow will not only know what you ate for dinner but how many times you had to flush your toilet. That is such a potentially powerful tool for control and corruption that I would be willing to pay for some degree of anonymity
@@leperabbot3343 Well since you asked.... , a health or life insurance company might raise your premium if they suspect you have inflammatory bowel diseases by counting how many times you flush.Perhaps a man gets up 3-4 extra times as he gets older so they could write a "no prostate coverage" rider on your policy. Your benovelovent government may demand you get a colonoscopy or a prostate screening very frequency. Big data is real, your doctor probably gets notified by your insurance company every time you are late filling your prescription; ask him.
Anyone else having weird audio moments watching this video? Seemed like the Colorado air would occasionally make itself known or the left and right audio would get slightly out of sync.
It used to be that the Fed wasn't allowed to run private companies out of business by using their market power. I will be surprised if it goes as smoothly as he is saying.
A system that allows the Fed to keep printing money call it Fed Coin now instead of dollars will not change anything. Besides what difference does it make if the rest of the world no longer needs US dollars to pay for things like, I don’t know…oil?
We should be concerned about the Fed's ability to provide reliable service. The government is quite bad at IT and customer service in general (consider the mess when Obamacare was rolled out or the IRS). Also, once the alternatives fade away, the Fed would have a monopoly--what could possibly go wrong?
People said the same thing about Indian government who's known for their record levels of bureaucracy😅😂. But they managed to pull it off with Unified Payments Interface (UPI). So that gives me hope that the US government should be able to do something similar having more resources at their disposal than the Indian government does. And there the government kinda has the monopoly over the payment backend, although cards and other forms of payment still exist, but they form a minority of the payments processed at the current date.
Why would someone use a central bank digital currency when they could use something independent? Oh, that's right, the government would have to outlaw independent digital currencies. Except it would be futile. They could try, but it won't stop smart people from using them (thereby gaining an advantage over those who are good little boys & girls) & they have no way of tracking who does. The days of managed economy & big, centralized government are numbered, it's that simple...
Zeihan is paid government shill. As if Bitcoin has reached the amount of adoption it has because it is 'free and instantaneous'. No, it was never fast or inexpensive. It's because of properties like it being permissionless, having finite supply and the capacity for self-custody that it has come so far.
because billions are wiped out and people ran away with those independent currency/coin. Because they fluctuate on every breath and people loose money. Your trust issues are valid but lets not ignore the weaknesses of independent currencies
Peter explained why someone would use the central bank exchange: it would be free. The Fed would provide access as a piece of government funded infrastructure. They wouldn't need to outlaw other options, for the same reason that they don't outlaw private companies from building their own bridges and trying to charge a toll to recoup the building costs: no one would use the toll bridge when the tax-payer funded bridge is free to drive over.
I think that's wishful thinking, they've outlawed independent physical currencies before, ending the Free Banking Era. All it takes is for new legislation to make the Fed's CBDC the sole legitimate digital currency (and it's easy to use), while making it difficult for people to conduct their business using the independent digital currencies. They don't necessarily have to stop you from collecting Bitcoins and what not, they can just go after merchants accepting them as payment, which is exponentially easier to do. Most people are going to be like water and take the path of least resistance.
Fednow for bank to bank or large corp to bank makes sense...its an improvement of the current system which is slow and inefficient. The problem I have with it is when it starts being a common "bank account" for individuals....that kind of centalization is too much information and power in a government organization. We should never trust a government with more of that kind of control.
Peter, I admire your optimism that FEDNOW won't be turned into something Orwellian in the future. Multiple acts of Congress will in no way be required.
@@adamseidel9780 yep. I get that he's a laissez-faire guy and that he's practical but there's no way this doesn't end terribly for the average freedom-loving American not in lockstep with the uniparty.
@@vercingetorix444 this is the exact opposite of laissez-faire, this is fed hands, and closely by government hands, in EVERYTHING. In everything, on everything, handling and seeing everything. I’m even a fairly pro fed person! Peter has interesting insights into the factual state of the world, but his predictions are shaky and overconfident at best and he treats countries like they’re playing a game of Civilizations with a single, unified controller and interest and minimal internal dissent or varied interests. Ridiculous.
Any currency dependent on electrical power and computers is less secure than minted currency. Too many ways to undermine it. You're one hack, blown transformer, or glitching server away from being effectively penniless.
In the past few years, I have learned that there are real living evil villains out here literally taking over the planet, but there are no James Bond or Indiana Jones heroes to stop them. In real life, there are no heroes, only supervillains.
@@DeusMachina-V he was born in Ravensburg, Germany. Edit: and he has never applied for Swiss citizenship despite living the majority of his life there.
I think the initial use case for Fednow is to settle interbank transactions in real time. Fed already does this, but it’s much slower at this time. Not sure there is a need for any AI as processing payments is a straight forward algorithmic task. If/when people can connect to it to the workload will scale up, but I don’t see a change in the process itself.
Why would anyone that is doing legit transactions choose to use anything other than the Fed? I ask this rhetorical question, being involved for over 25 yrs working in international payments settlement, Fed Reserve, Bank of England, EU Central Bank, Saudi Ministry of Finance, German Bundesbank, etc
Chairman Shi has done some intelligent things with the belt and road initiative but he is a total control freaked. When he cracked down on the tech sector a couple of years back he violated the unwritten rule: you give me power and I will let you get rich. The seeds of his downfall are just beginning to germinate.
Could you please explain what is the benefits the Fed gains from managing the free system? The other point is what is the impact of the financial tech company?
I appreciate Peter's sane and logical explanation of the CBDCs, yet I have such a high distrust in all the governments now, that I cannot stop being distrustful of them. I adore my privacy, and any threat to it seems like a huge thing. I would not do well in China, and hearing Klaus Schwab fawning over China as being such a wonderful role model? Yes, I still feel wobbly about the CBDC.
I'm curious, in Europe the CBDC was found to have lines of code, that would allow for deletion of funds & expiration date, how is one to be trustworthy of such options in money!? Looks like trouble ahead IMO... Thank you!
Y'know AI isn't this magical solution that you can just "hook things up" into. Even the act of implementing AI solutions still requires people to develop, implement, and test those solutions
The truth do technologies like AI is that to work anywhere near what promised they actually need more not less people - sure they replace jobs but they also create a heap of new ones. So no - you won’t be able to just hook up to AI.
I worked for the Fed for 30 years and I must say you are right about Fed Now. However, CBDC is a horse of a different color. It will be centralized and therefore programmable. It takes the control from the person and puts it into the hands of the government. You may trust the government, but lately I am very noir about that trust. Seeing what happened in Canada with the truckers, control is not only possible but probable.
What's not to like about giving your wallet to someone else, who decides what/where/when/if you can spend it on something or anything or how how much you have or conditions for having it? What could possibly go wong? The guverno mentis would never harm us? Right? 🥶
How so? Congress approved the surveillance state with the approval for the creation of the NSA and its far reaching power to surveil it's citizens. And that same government structure you wanna entrust with a digital centralized payment system... yea what can go wrong.
I have thought the same thing about FedNow since I heard about it. Also the other thing I think will happen is that when another emergency happens like Covid or the 2008 financial crisis, you will see the Fed sending money to consumers directly through their FedNow accounts, rather than using the banks like have previously, which has always just increased wealth disparity and favored investors over consumers.
You can take all the "it's not happening" talk and add the word "yet" to all of it. Incrementalism is a real thing. And algorithms only get better and they already have a history of trying to discourage things like firearm sales by debanking people. It's not here (yet) but it's becoming a lot easier.
Ever drive on a (non-toll) road? What about borrowing a book from a library? Are you a product of "Big Book" or "Big Road"? Taxpayer funded, no-user-fee, public infrastructure is not a new concept, and this is just the fintech version of the same thing.
@@instantsiv It is a US Government created, US Government empowered entity that exists in order to serve US Government objectives and enforce US Government financial regulations. (See: Federal Reserve Act 1913). Yes, elected politicians' control over the Fed is much more indirect than it is over other gov't departments, but that doesn't change the fact that the Fed is still a part of the US gov't apparatus. The phrase that the Fed itself uses is that they are "independent WITHIN the government, not independent OF the government."
@@boosterh1113 All independent means, if you read what they chairman was saying instead of reading Wikipedia, is that the Federal reserve is not funded by congress. It’s not public and it’s not private. It’s just clever legality to get around have to be responsible with the power. Kind of like how social media companies have the power to censor on behest of the government without being responsible. It’s not government.
What will prevent Western countries from doing the same as China? Quite frankly it could be just a matter of time. We have also seen that freezing people's bank accounts, closing bank accounts or forcing people to stay at home (list could go on), is not that hard anymore.
Freezing funds has been something the FTC has been perfecting for decades, but there's a big difference in effort between that and having people stay home without some national emergency. This is especially the case if the federal government tries to keep people at home instead leaving that to the discretion of individual states.
i think you are perhaps not looking at this in a long enough term. Once the Fed has out competed and driven the other players out of the market, they could then easily enforce controls if they wanted to do so. As for how many people it would take, when I worked for US Bank's credit card processing center, there were maybe 50 people managing risk management on all the transactions for all the various card brands, spanning the globe. This was 15 years ago. It would be even easier today.
You need to think more like WIC and SNAP benefits. Can only buy authorized manufacturers, sizes, etc in the case of WIC, and with SNAP there are limits to certain retailers and goods. CBDC could easily impose these kinds of limitations and many more.
They don't do that now because policies of that sort would be dragged for being discriminatory. They won't do it later either for the same reason. Exceptions are easy to make in I.T.
i am curious if you just don’t understand the topic or purposefully misleading people. CBDC will a) manage digital ledger and see every transaction that today private credit card companies or banks see; b) will require digital identity, which will enable tracking of all your online activity.
If it’s “for free” then we are the product. Fed will mine data off our transactions with a greater degree of precision than they can now with current macro tools for looking at the economy. So it is absolutely for greater control even if it’s not the same or quite as bad as china.
Quite underwhelming. India already has free instantaneous fund transfer of any amount for few years called UPI. And it is working for 1.4 billion people flawlessly. Also digital ruppes is launched but UPI still rules
3:45 That’s the same logic people used when talking about the Patriot Act. Glad that was never abused….
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
Awesome retort 😊 yeah like I will trust the fed with my $$. ESG Will happen. I think Peter is being a bit obtuse on this subject.🤔 i Will not submit to the WEF
@@shawnhampshirehick101 That fear of the WEF is pretty common, as well as the belief that the Davosites have their tentacles in everything, but I have a different concern. I'm more concerned that amateur authoritarians will act independently, thinking the WEF is there to back them. But if it turns out that the WEF isn't truly as influential as people think, things could devolve into chaos, and not even Herr Klaus would be able to control that.
Excellent point. More recently, the same can be said for government overreach on vaccines, lockdowns, information and several other topics. The government is not to be trusted regardless of who’s in power.
@@mikeguilmette776 so from this I understand you want a "professional authoritarian" not an amateur one. let me guess, the existing western professional authoritarians? Biden/Trudeau or maybe the eastern ones Putin/Xi? Or the amateurs: Trump/Orban? The professional ones all have in common that thing about the "mask should cover the nose" and also (although unspoken) the young that should be chained to radiators till the old achieve immortality.
Doesn't "unless you have something to hide" mean it can be; which means will be, monitored and eventually controlled.
Bingo
and Taxed
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
Peter is a paid US-Govt Shill and Propaganda mouthpiece if y'all haven't figured out already. I listen to him purely to hear what the govt wants people to think. FedNow is a programmable currency controlled by the central bank... it IS a CBDC. They just haven't programmed in the bad stuff... yet. Gotta get people hooked first, then yank the fish out of the water.
I know PZ viewers aren't the best at this but you do have to do some thinking on your end too...
How do currency controls benefit the government in any way?
This isn't SM surveillance (which they do) and this isn't tracking transactions (which they also already do) it's reducing the cost of transaction by replacing the already legally required middleman with the fed itself.
They only attack individual liberty when it's in the financial interest of their donors
So think to yourself: how do the big Fortune 500 companies benefit from currency controls?
Especially when the lack of currency controls is partly what keeps the dollar global
There are plenty of reasons to be mad at the government this is not one of them
So that's why every developed country is working on its own CBDC... and US gov never spied on its own citizens - all inteligence agents uphold every letter of law and take care of privacy, cause that's what they are paid for. Right?
And Big Brother LOVES you.
So what? People do bad things too. That doesn't mean you stop going out.
Also, you trust the governmetn when it is conveniant. You trust the government in 99% of the cases. So please stop saying this bullshit!
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
-office naval intelligence; . . . salt water ? Excuse Me ? In other words it is the MAP that is classified too secret national security. Large land masses they do NOT tell you about . . .
Something something something bridge in Brooklyn, something something oceanfront property in Arizona
I seriously don’t trust most governments on anything especially this
It’s incredibly naive to believe that the government won’t overstep its boundaries without ‘an act of congress.’ I’m reminded of the NSA and every war since Vietnam
I agree. I think it is very dangerous to encourage members of a free society to become lax.
Zeihan seems to be some CIA agent who poses as a geopolitics expert. What he doesn’t let on to is that U.S. is already under a uniparty Neocons coup d'etat taking us intentionally into war in Ukraine which they created (not Pootin!) and under emergency powers act they can do what they want to do, analogous to Covid.
Wow, the level of trust this guy has in government is astounding. The Fed doesn't need a huge staff for enforcement and oversight...the IRS just expanded by 87,000 armed agents that would serve the purpose.
If I want to buy a used car on Sunday from some guy on Facebook let me do it, why the hell do I need to wait to go to a bank to get a cashiers check or take out cash, just let me pay the man in peace. The FED Is just fixing a problem that has been around for .... well forever. They can spy on me all the FED wants I could care less, whatever. Just let me live life as I want, why not let me buy a used car on Sunday and pay the seller right there. Why do I need to go on Monday, during work hours to a bank to take out cash or cashiers check, soooo stupid of a process. I lose work hours, I need to fight traffic, stand in line at a bank, then go meet the seller AGAIN a second time, and on a work day so now there is traffic...... What a pain.
@@drscopeify That's fine until the government decides what you can and cannot buy or who you can and cannot buy from. Government decides guns are bad and prevents any transactions from gun dealers. Government decides soda or cigarettes are bad and prevents those transactions. Furthermore, EVERY transaction will be taxed to death. No more simple cash transactions without a tax.
Hey, guess what . . . When those transactions pass through the Fed, no matter where they originate or terminate, that gives the US legal jurisdiction, both criminal and civil, over those transactions.
Was Peter not paying attention to what happened in the Ottawa Trucker protests? De-banking someone is in some ways just as bad as throwing them in jail, and that's already happening now to sex workers and other undesireables
The US government, or the government of ANY country, for that matter, ALREADY has legal jurisdiction over all transactions conducted within its borders: that's what governments are for. If you don't like what the government does with its power, you vote them out of office, and if that doesn't work, you organize a violent revolution: those are your only two realistic options.
Combine that authority, with the Patriot Act, & the TikToc ban legislation 🤔 . & you both lose all your money & go to prison if they can connect you to having just emailed or texted a foreign national once! Just once! Even unknowingly. Your going to jail just like Trump. Its WORSE than China's SYSTEM .
@@jbalkam Pete is the Priest of the Elite Messenger Boy.
Peter is a statist. He is basically a neocon that's more articulate
Canada already blocked money with the truck strike. I can see US doing the same with digital currency.
It’s already digital. Just not central
You don't need digital currency for the government to block you. It just makes it job easier.
Wow…that’s a stretch
Nothing is safe or sacred with Trudeau.
@kerryconnelly6697 no stretch, Trudeau did it. Probably the only thing he will be remembered for.
Does that mean that Freedom of Information Act request could be used to investigate politicians for misusing funds?
No, it’s meant to perpetuate their power and blacklist normies
Wow, you just discovered how the government works. Right now you can call your congressmans office and get a spreadsheet of how for example funds are being spent on ukraine in a day to day basis, and you can go through and find irregularities to detect fraud
Corporations know how to keep secrets
The FOIA is functionally useless. Whenever the gov wants to, it can stall FOIA requests indefinitely, or redact great portions of the docs. See: what they are doing now with Brandon's emails.
Could be? Probably. Will it be? No.
Bitcoin was never about being cheaper. It was about control and privacy. A digital dollar still has the same big brother problem as the dollar.
?? What? Bitcoin doesn’t have a big brother problem. It’s the solution to irredeemable bank note central bank scam.
Bitcoin was never designed to be anything. What it has evolved into is a way to scam people out of their hardworking money to enrich a few elites.
Bitcoin will be less mainstream, but more necessary after this is put in place.
Bitcoin was always about being a Ponzi Scheme. The first people in reaped all the rewards. Now it takes a warehouse full of servers to generate a coin. How did you ever think that was going to be sustainable? Also, how did you ever convince yourself that Bitcoin was a currency?
@@Finraen until it's outlawed... :\
I would agree with you except for one thing, an AI system could easily monitor every transaction in the US for anomalies as well as keep track of businesses that are suspiciously missing from the the data with only a few employees. TH-cam has been scanning millions of videos that are megabytes long for copyright for a long time now, tech has gotten way better in those years.
I'm ex-law enforcement. They are already doing it. Right now it does not show because they want to 1) hide from prying eyes, and 2) catch terrorists. But it is creeping into catching big fish on the Dark Web, and catching kiddie porn people, and I'm sure it will trickle down to other things like tax evasion. They start with things no one will object to, like terrorism and kiddie porn, then they go after the big fish tax evaders, everyone is for that And before you know it, Uncle Sam will have tentacles on everyone.
You don't know what ur talking about
They already have the storage capacity at the fusion centers.
This is exactly what I was thinking. It’ll happen.
Yes, but also what he is saying is that there are numerous legal roadblocks in place to prevent any 'big brother' type behavior...even if the technology is able to do the tracking. But I agree...even that is probably not a big enough deterrent
The big issue with Central Bank Digital Currencies is censorship and blacklisting. Witness what happened in Canada when bank accounts were frozen during the trucker's strike. You may disagree with what the truckers were doing, but the government there gave us a preview of coming attractions. With a CBDC, a government can control HOW you spend your money. "No, you can only spend X amount on groceries this week because we are rationing due to shortages."
Communisme
Peter is paid to push government propaganda.
Well as you said, they were already effective at doing it against those truckers. This will just make it easier - but it’s been clearly demonstrated by the US in particular that it can weaponize its control over the major world currency. So this is nothing new, just faster.
@@abby42525 Yes Canada was effective at freezing legacy fiat accounts. Just like they will be able to with their FedNow and CBDC.
Bitcoin was fine during trucker protests. The only money that worked because it cannot be censored by feds like Peter and his employers.
@@prsimoibn2710 No, not communism, which is government ownership and control of the economy. It's still capitalism, with just more government overreach.
In case you didn't know , the Fed is a private bank. However it does collaborate with the government. So yes ,CBDC is likely going to be subject to govt coercions.
Happens now w/ banks too. Ever hear of the truckers in Canada? I see stories about the same thing happening for customers in US banks though not in the same numbers.
The Fed has their own .gov emails and their own offices in federal buildings. They answer to the government. They are the government
more like the fed are the actual leaders and the gov is their paper pushing subsidiary
I would note that while CBDC is called currency it is really just a digital accounting - a ledger. There is nothing to stop Treasury from maintaining ledgers and the Fed bypassed.
The Federal government can lock you out of the banking system anytime it likes and take your money anytime it likes.
This changes nothing.
I don't need to have the government know what I do with my money.
Their money
They don’t need to use fed now. Your bank sells all that data to data brokers and the government can buy it whenever they want.
You are government property
@@stephenbernard3003 In order for an investigatory body, like law enforcement, to look at your financial data, they need a court order and an active investigation its indexed to. FEDNOW wouldn't require any of that.
@Michael-ro7uo When you put money in a bank you're the one lending it. That's why the bank pays you a percentage.
So its essentially a precursor to social creddit system so that it can be added as well a few years down the line in the USA
Yes, but the last time fedgov said "just deal directly with us" was student loans, and they made a godawful hash of that and reduced millions of young people to debt slavery. Also, any scheme that requires the government to regulate itself not to go too far will inevitably fail on grounds of "I have altered the deal, pray I do not alter it further."
Calling the people who voluntarily took on the debt "debt slavery" is also missing the big point of that having government guarantees on that debt sets up the beginning for it all to fall apart and leave all the taxpayers, including ones who never had the privilege of going to college at all, on the hook for bailing it all out and paying for those young people to spend 4+ years partying while ultimately not having to pay for their consumption.
@@Meton2526 Some of that debt is held by private entities behaving in a predatory manner, too. Frankly, bankruptcy protections should include students acting in good faith and not just people like Trump juicing a casino for cash.
I don't think it's that simple. The Feds got into student loans largely because private lending wasn't going to give out the amount of loans people wanted (for valid reasons)
Also, as long as the government can control what they allow to be used for payments of public debt, they'll always have the last word on this subject.
@@Meton2526now repeat that statement, but substitute 'young people' with 'all the businesses that had their PPP loans forgiven' to the tune of millions of dollars per, or 'major financial institutions drunk on subprime lending' that were bailed out after the '08 financial crisis. What's the difference.
It sounds like students loans are working as intended. Sounds like a successful prototype.
A large issue with this; consumers will have no choice in this. It is up to the bank and Fednow is pushing A TON of incentives for them to join. Before long it will be the 'edge' some banks have over others. It doesn't look good.
I think being free and secure is incentivize enough to switch. Especially when companies are looking for ways to penny pinch.
Bitcoin. Peter doesn't understand it yet, but he will in a few years.
If the transaction fees are low or zero, like the transaction fee for cash, then the banks, and their credit card providers, may never adopt it. Banks do get a cut of the fees from their credit cards, right?
@@EnzuWiz You're missing the point that plenty of people aren't interested in having the government know every detail of their financial transactions.
It’s already like that now. The banks and the fed are the same thing. The banks run the fed. Read “The Creature from Jekyll Island”.
If transactions are centralized it won’t necessarily take a lot of people if AI is used.
Bingo. pete was shilling pretty hard in the video to ignore this.
Bingo bingo bingo…give that man a cigar!
AI is probabilistic, won't ensure 100% accuracy, will need lots of humans to scrutinize financial transactions it facilitates
You overestimate AI -- for now.
You don’t even need AI to automate the transfer process. This only requires simple programmatic workloads. However AI is required if the government is going to assume the Orwellian oversight role it so desires to have.
Like all US laws that suppress freedom the new law will have a good positive title like the "Fraud Protection and End of Crime Act" - Something you will cheer and totally get behind, you know like the Patriot Act, or the The Aviation and Transportation Security Act. "as long as you have nothing to hide" Truly the spirit of the founders - not. Due process is just a burden - we want instantaneous and free transaction please sir.
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
Lol yah...like how the Inflation Reduction Act has helped bring inflation down so much! Give me more of that please!
@@rythmicwarriorinflation is literally lower than the rest of the developed world
The reason to be mad at the inflation reduction act is not because it failed to reduce inflation, it did a great job at that, it's because it covered way more than just inflation
It included items that should have been on their own separate bills covered by their own separate legislation they had nothing to do with reducing inflation
If you don't even know why something is bad how are we supposed to fix anything in this country
Y’all are having conspiracy heart attacks about this but I guarantee 90% of you use your debit cards and credit cards for almost all of your transactions 😂
I prefer the acrocymic, "Fraud Elimination and Criminal Accountability Law", or FECAL.
Peter's trust in the "system" is adorable.
You mean his acceptance of REALITY. Too many bitcoin Bros are upset because the Fed was NEVER going to allow digital currency without controlling it.
It really is cute
@@OnSiteTrav Cute in a borderline retarded kind of way.
Another huge problem is central control allows them to implement restrictions later such as limits on transfers or withdrawals. Preventing a digital bank run.
If I want my money out of someone else’s hands like my bank, cash is the only option.
And we all know they plan to do away with physical cash once this is interwoven into society.
You will be at the mercy of a highly politicized bank literally controlled and highly influenced by politicians.
FedNow wants to monitor and control all transactions because American citizens and their overlords r debt junkies. U.S. fiat global control first American privacy last
let them do it, this will not end well for them like the Prohibition, and we have monero and other crypto's, so more black markets will be created. the more they lose grip the tighter they squeeze. so let them, this has been the fall of may empires, we can't take them down, but they will take themselves down
Physical cash sucks.
@@BadOompaloompa79 lol, not to me
Do we all know that? Doesn’t going with payments processing over CBDC indicate the opposite?
when the product is free, you are the product
unpaid taxes are the product in this particular situation.
If a service is free to use, you are the commodity
Not Bitcoin wallet though...
This is true.
@@raiden72 until it's outlawed...
Any government service that is free is subsidized by taxes
@@ChrisWatson762if they were going to, or could, they would've done it alr
That explanation did nothing to alleviate my concerns of the government tracking and scoring anything they want. Plus justice in Canada, if we make them mad, they can turn off our currency.
Make them mad? U mean perform an illegal activity while threatening to remove democracy and destroying the economic life blood for thousands of ppl.
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
Any programmer knows that most computing problems can be solved by adding yet another layer of indirection.
It doesn't matter that individuals cannot have an account at the Federal Reserve.
The individual has an account at a member bank and the member bank has an account at the Fed.
That is a sufficient level of indirection to create Central Bank Digital Currency (CBDC).
@@WhyteHorse2023 You mean its the most easily programmable currency ever created. As we've seen in China & Canada, if you say or do anything that goes against what the authoritarian regime approves of...there goes your ability to buy food, ride the bus, or anything else that requires payment. This is the start of our Orwellian nightmare.
Yes but Visa and Mastercard are not the Federal Government. FedNow is.@@WhyteHorse2023
@@demetripapachristopoulos3295Agree 😅😅😓😓
It’s free for the first part, then they start taxing and introducing regulations to control everything and basically control every aspect of “your money”.
This is the path! This con man is only showing the golden gates but not the hellish path
I don’t care if it’s marginally more efficient. I’d rather pay more and not give the fed any more power
👏💯👏
If major credit card companies like Visa or your bank start using FedNow it should be transparent to us.
@Michael-ro7uo yeah that is very true, there won’t be a choice
It’s not marginally more efficient it’s and order of magnitude more efficient.
@@kyleschlief4857 that is probably true. Much more efficient than our current system. A private and voluntary system of solutions to this problem can be just as efficient or close to it. Expanding the federal reserve cartel power is not a good direction to go down
There are also some potential risks associated with CBDCs. One concern is that central banks could use CBDCs to track and monitor all transactions. This could raise privacy concerns. Another concern is that CBDCs could lead to financial instability, if they are not properly managed.
Looks like a comment that ChatGPT would come up with.
“Potential risks”
“Privacy concerns”
“Can cause problems if mismanaged”
This is true about your local bank as well. Everything has potential problems and risk of mismanagement.
Our money supply is already mismanaged. Transactions today can be traced unless cash is used which most transactions are used with bank cards. Cash is not used all that often these days.
@@swaggitypigfig8413 "true about your local bank as well" The issue is ease and scale. Without CBDC, it's harder for the fed to invade your privacy. There's more friction. If they have constant and immediate access to everyone's transactions, the friction is gone.
@@swaggitypigfig8413 Can "your local bank" follow every CASH transaction, wherever you go, like DIGITAL currencies can? Of course not! Big hole there in your "analysis".
@@junkscience6397If you are worried about a bank tracking your transactions in cash then you should probably just put you cash under your mattress. There are about as many digital transactions a day in USD as there is paper cash in existence. Cash is dead and if you want our economy to keep growing, we will need a digital USD
peter is a male hipster version of rachel maddow. same level of honesty & integrity.
There was no sign that the temporary implementation of an income tax would become a permanent facet in our lives either. If there is temptation and/or an excuse to consider 'the next step', government will take it.
Yes, because we all know it's wrong for the rich to pay taxes, we hear that pretty often already.
Sure there was. Anything that's "temporary" in a nebulous and open-ended way is not truly temporary, and never was. That said, I think Peter's point is that it's unlikely the political will is there to take things farther anytime soon.
As for the government, they already have the only tool they need to technically have the final word on this, namely that they get the ultimate say on what can be used to pay public debts, and if people decide to keep their assets in other forms of currency, they get to determine the official exchange rate when people need to convert in order to pay those public debts. Again, the firewall there is political reality. Could it happen? Sure. Will it happen? Not likely.
@@jeanlamb5026 No, it's wrong for the rest of us to pay taxes, particularly when governments go wayward.
@@skranz7790 I know, it's terrible for voters to pick someone who like them and not just Ivanka.
@@jeanlamb5026 What? Do you speak English?
How about we get a "Bill of Rights" for FedNow. For example, you can't have your access to money cut off without a warrant, or conviction of a crime. In other words, let's thwart the bad guys ahead of time.
Someone puts an axe over your head, and you think a piece of paper will stop it?
@@animal0mother
...I bet you get shocked every time th Scooby-Doo villain turns out to be Old Man Jenkins, and not a ghost holding said axe.
Or just use bitcoin and cut out the middleman and fed completely…
Peter is paid to push government propaganda.
Will never work… don’t trust the government!
@@animal0mother The piece of paper represents an obligation on everyone else to act to stop it. To fail is to earn a bad reputation with the social consequences that follows.
If you can't say no you are not free 💊😎
I would love to ask Peter directly if he trusts the federal reserve and their policies since its founding in 1913.
Pete thinks Trump was a danger to the republic. He trusts the Fed.
Of course he does , he thinks slavery is fine
Given his last name and cohort power over the banking sector, I'm sure the Fed is love, the Fed is Life to effete Pete.
Trust it to what?
Trust as opposed to what, Chinese currency? Russian? Indian? Moron.
I wish I could have the same confidence about my government's interest in CBDC as you have about an American CBDC. It feels like the majority of European governments look at the CCP and think to themselves _"I want the ability to do _*_that!_*_ I just totally won't won't use it to be a bad guy, and I'm 100% confident that nobody who comes after me will, either."_
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
You’re quote is also what the Democrat party in the US says about the CCP behind closed doors... except the part about not being bad guys. They literally don’t care. They just want unopposed control and power so they can more easily change laws to their liking without having to worry about that pesky Constitution thing, or separation of powers.
@@Adi-bo5do cautionary point! But in the U.S. it is currently mainly left wing.
@@Adi-bo5do Right wing authoritarian parties in Europe are tiny because we've had enough of them, and I've seen none of them express any interest in CDBDCs.
@@Adi-bo5do Sure, the Right Wing is arresting people for speech in Europe.
Wow, the level of trust this guy has in government is astounding.
He IS part of the government, LOL
Probably because hes on government supply 🤑
It’s naïve to the extreme
In a World where the FBI is gathering DNA data on millions of people and people are still smarting from lockdowns and mandates... Digital dollars overseen by anybody is off the freaking menu but thanks for *-glowing-* playing.
You'll be fine, as long as you arent one of those "magas". If you are, you are going to prison for decades while they let their friends walk on far worse charges.
Peter - appreciate your opinions very much and often learn from them. Question - will this free service by the fed make it able to lock you out of your accounts as Canada did with the truckers? If no - could we later see legislation that does make that available to our elected partisan, “we know what’s good for you” -representatives?
I think Peter is missing a very important point OR ?
“If we do go down that road there will be plenty of road signs between here and there”, right, lol. Im sure all the Canadian truckers saw it coming just before they got their assets frozen. The government doesn’t need to control or even monitor all transactions to be able to trample the rights of dissents.
Controlling the use of money is the only reason and there cannot be any other. The first grader story about "no transaction fees" sounds like a story the CCP would sell to their brainwashed people. Note that it doesn't need to happen immediately. Once cash is removed and the infrastructure is in place a sequence of crisis climate-pandemic-climate-Taiwan-climate ... etc will facilitate passing emergency laws that will gradually enable the activation of the control features on the already existing digital currency. and it will not be "undemocratic" since our own "last generation" would agree to anything
@@jonathangentile3447Canadian trucks were invading the capital, making life miserable for all the hospitals, disability facilities, and first responders. I know a senior Ottawa man who died After a long delay in getting into medical, caused by street blockages. Believe it or not, the government must act to protect citizens from other citizens. That has always been the case. The truckers had donations from the far right U S oil interests . They could not stay once they had no money. Picking off the truckers after was easy. Their trucks were large identifiers for who was illegally parked at the capital. Outsiders used the truckers. Sadly trucker have the shortest life expectancy, 57 years. So why would anyone take health advice from a trucker? Sadly most of the protesting truckers ( most truckers did not participate) smoked. I could see that watching their protests day after day. They have those plaqued blood vessels that make people angry easily, because their blood pressure is so high. They were independent truckers, meaning they did not have the security of working for a company. Independent truckers have had bad years as their costs increased but their contracts did not increase payments. You bet they were an itchy scratchy crowd. People go independent thinking they will earn more and end up earning less.
@@jonathangentile3447 Yep. For example, there were plenty of sign five years ago that they were going to teach my son that men can be women and vice-versa. We all saw that coming, right?
The Fed would not have to grow to monitor all transactions. All they would need is a well-programmed AI.
Agreed.
Mark of the Beast...
or just use the Palantir software. it was originally designed to flag suspicious transactions for paypall. The military already uses it. Individual transactions never cross human eyes unless the software sees a problem. privacy is maintained, security is insured, and it custs down on staffing requirements at the fed. win win win.
Or just allowing access of their servers/data to the NSA or FBI..there are so many tools now
Or... just innovation using technology. Depends on how strong your imaginary friend is.
Will the government be able to disable your money as the Canadian government did to the truckers and anyone who showed support for them during the trucker protest
Yes, if you let this happen.
Yes, that's the only reason they want to do it.
Peter was in board with the whole branch covidian regime too...I'll listen to him when it comes to resources and demographics and nothing else.
Ever consider there's a propaganda narrative for resources and demographics as well?
Peter is interesting and knowledgeable; however, nearly every topic has some amount of half-truths/lies embedded in it. He's interesting, but his information if flawed--to some degree--in my opinion.
He’s fine on some topics, awful on others.
"the whole branch covidian regime"
So, you basically just outed yourself as a dim-bulb conspiracy theorist. And you expect anyone with more than 3 brain cells to give a flying fig what you think about anything remotely pertinent to the real world?
@@keylargo5871 Peter is paid to push government propaganda.
You know whats free? Not havin’ a smart phone.
Yes, explain how we freak out because we currently have middlemen between us and the Fed.
Nothing bad ever happens when you give the supplier, broker powers...
Buy bitcoin, oopsie I meant to say bye bitcoin 😂 Now for the serious part. The U.S. became an Orwellian hellscape with lockdowns, vaccine and mask mandates and a coordinated (by tech companies and the government) censorship of anyone disagreeing. Some lost their jobs. Peter is a cool & smart guy but I would like to know what he thinks of Trudeau for example. That would tell me EVERYTHING I need to know about him.
We already have a CBDC. Its not specific to exact items in a transaction yet, although it could be, every retailer is gathering that data, but knowing the amount and the retailer is good enough. I love his trust in the law - hilarious that he thinks the Feds care at all about laws.
according to my wife who read his book, he worked for the government, not sure what, but it;s how he got into demographics. but yeah he is naive about the government
@@Zimbob2424...or maybe just knowledgeable enough to not be paranoid 🤔 (is that considered naivete' ?)
And what if the government decides to shut your bank account because they don’t like a donation you made to a political cause they don’t like?
@@WhyteHorse2023 i was referencing the Canadian truckers.
I believe that’s next if not already going on.
If you ever wondered who Zeihan works for, now you know
Rich men north of Richmond !
The perfume of CIA is all evaporating. No independent thinking to find here.
I don't understand how anyone couldn't know at this point.
It was obvious when in an interview with Jack Carr he went full "partiot" and tried defending the US's actions after the WW2 not as push for world dominance but as some kind of benevolent act, creating a system of international trade and being a security force to allow for commerce. Meanwhile conveniently missing out the fact the US were happy, until it became too suspect in my opinion, to allow their corporations to sell and profiteer for both sides of the war. This is one the main ways the US became a the world leading super power in the first place and the game hasn't changed too much since.
It's scary how simplistic this crap is, yet most people still don't get it. The dumbing down of the populous has been very successful indeed for the powers that be.
Peter Zion always oversimplifies massively. Isn't blockchain technology a big part of cyber currencies?
"This could never happen in the US..." see: 2021, 2022, 2023.
Disagree with your last point, AI will make the size of the federal reserve only grow marginally and still allow the US government the ability to oversee virtually every transaction. Scary stuff
Tell me you have no clue what AI is…
@@veronicamaine3813 enlighten me
My problem with Fednow was pointed out 2000 years ago when (Virgil I think) pointed out that "any mans life when examined closely enough is ignoble". Whoever controls Fednow will not only know what you ate for dinner but how many times you had to flush your toilet.
That is such a potentially powerful tool for control and corruption that I would be willing to pay for some degree of anonymity
what could someone do with how many times you flushed your toilet?
@@leperabbot3343 Well since you asked....
, a health or life insurance company might raise your premium if they suspect you have inflammatory bowel diseases by counting how many times you flush.Perhaps a man gets up 3-4 extra times as he gets older so they could write a "no prostate coverage" rider on your policy. Your benovelovent government may demand you get a colonoscopy or a prostate screening very frequency.
Big data is real, your doctor probably gets notified by your insurance company every time you are late filling your prescription; ask him.
Anyone else having weird audio moments watching this video? Seemed like the Colorado air would occasionally make itself known or the left and right audio would get slightly out of sync.
It used to be that the Fed wasn't allowed to run private companies out of business by using their market power. I will be surprised if it goes as smoothly as he is saying.
Yeah no the Fed doesn't need anymore abilities to have control. I like my physical paper notes
Give the fed enough time, they will link it to a social credit score
The simplest way to create the ultimate surveillance regime is to make all transactions digital and monitored by the government
A system that allows the Fed to keep printing money call it Fed Coin now instead of dollars will not change anything. Besides what difference does it make if the rest of the world no longer needs US dollars to pay for things like, I don’t know…oil?
We should be concerned about the Fed's ability to provide reliable service. The government is quite bad at IT and customer service in general (consider the mess when Obamacare was rolled out or the IRS). Also, once the alternatives fade away, the Fed would have a monopoly--what could possibly go wrong?
Exactly. Peter is paid to push government propaganda.
People said the same thing about Indian government who's known for their record levels of bureaucracy😅😂. But they managed to pull it off with Unified Payments Interface (UPI). So that gives me hope that the US government should be able to do something similar having more resources at their disposal than the Indian government does. And there the government kinda has the monopoly over the payment backend, although cards and other forms of payment still exist, but they form a minority of the payments processed at the current date.
Why would someone use a central bank digital currency when they could use something independent? Oh, that's right, the government would have to outlaw independent digital currencies. Except it would be futile. They could try, but it won't stop smart people from using them (thereby gaining an advantage over those who are good little boys & girls) & they have no way of tracking who does. The days of managed economy & big, centralized government are numbered, it's that simple...
Zeihan is paid government shill.
As if Bitcoin has reached the amount of adoption it has because it is 'free and instantaneous'. No, it was never fast or inexpensive.
It's because of properties like it being permissionless, having finite supply and the capacity for self-custody that it has come so far.
because billions are wiped out and people ran away with those independent currency/coin. Because they fluctuate on every breath and people loose money. Your trust issues are valid but lets not ignore the weaknesses of independent currencies
Peter explained why someone would use the central bank exchange: it would be free. The Fed would provide access as a piece of government funded infrastructure.
They wouldn't need to outlaw other options, for the same reason that they don't outlaw private companies from building their own bridges and trying to charge a toll to recoup the building costs: no one would use the toll bridge when the tax-payer funded bridge is free to drive over.
I think that's wishful thinking, they've outlawed independent physical currencies before, ending the Free Banking Era. All it takes is for new legislation to make the Fed's CBDC the sole legitimate digital currency (and it's easy to use), while making it difficult for people to conduct their business using the independent digital currencies. They don't necessarily have to stop you from collecting Bitcoins and what not, they can just go after merchants accepting them as payment, which is exponentially easier to do. Most people are going to be like water and take the path of least resistance.
@@ai_marketing_secret Yes, and hoping that they stabilize. It's imperative that they do.
Wow. My (Australian) cheque book was issued in the 90s is how few cheques I’ve written in the last quarter century.
Gorgeous spot in Colorado!
I think “control” transactions =/= “monitor” transactions. Is this something to consider?
That's what it is all about
Fednow for bank to bank or large corp to bank makes sense...its an improvement of the current system which is slow and inefficient. The problem I have with it is when it starts being a common "bank account" for individuals....that kind of centalization is too much information and power in a government organization. We should never trust a government with more of that kind of control.
Debanking. C'mon Peter. You may trust the givt, but the rest of us don't . Run. When they say, "I'm from the govt and I'm here to help."
Peter, I admire your optimism that FEDNOW won't be turned into something Orwellian in the future. Multiple acts of Congress will in no way be required.
Optimism is one thing. This is delusion.
@@adamseidel9780 yep. I get that he's a laissez-faire guy and that he's practical but there's no way this doesn't end terribly for the average freedom-loving American not in lockstep with the uniparty.
@@vercingetorix444 this is the exact opposite of laissez-faire, this is fed hands, and closely by government hands, in EVERYTHING. In everything, on everything, handling and seeing everything. I’m even a fairly pro fed person!
Peter has interesting insights into the factual state of the world, but his predictions are shaky and overconfident at best and he treats countries like they’re playing a game of Civilizations with a single, unified controller and interest and minimal internal dissent or varied interests. Ridiculous.
@@vercingetorix444 Yep.
Yeah, Im not a fan of the US Government monitoring my purchases.
Thanks Peter- Asking For a friend, Will the same computer engineers who set up the Obamacare website also set up CBDC’s?
Any currency dependent on electrical power and computers is less secure than minted currency. Too many ways to undermine it.
You're one hack, blown transformer, or glitching server away from being effectively penniless.
Bitcoin: I'm literally just an online ledger anyone can transact on
Peter: I hate you
“You vill use ze digital currenzy and you vill be happy!!!”
- Some real life German Bond villain…
In the past few years, I have learned that there are real living evil villains out here literally taking over the planet, but there are no James Bond or Indiana Jones heroes to stop them. In real life, there are no heroes, only supervillains.
@@DeusMachina-V he was born in Ravensburg, Germany.
Edit: and he has never applied for Swiss citizenship despite living the majority of his life there.
@@DeusMachina-V Saaaaaaame thing.
Giving the Fed that kind of control NO WAY!! I’ll gladly pay extra for MY ability to decide how to spend my money.
I think the initial use case for Fednow is to settle interbank transactions in real time. Fed already does this, but it’s much slower at this time. Not sure there is a need for any AI as processing payments is a straight forward algorithmic task. If/when people can connect to it to the workload will scale up, but I don’t see a change in the process itself.
Why would anyone that is doing legit transactions choose to use anything other than the Fed? I ask this rhetorical question, being involved for over 25 yrs working in international payments settlement, Fed Reserve, Bank of England, EU Central Bank, Saudi Ministry of Finance, German Bundesbank, etc
Chairman Shi has done some intelligent things with the belt and road initiative but he is a total control freaked. When he cracked down on the tech sector a couple of years back he violated the unwritten rule: you give me power and I will let you get rich. The seeds of his downfall are just beginning to germinate.
If you want an example an Orwellian economy, check the province of New Brunswick in Canada.
"Don't worry, you can trust us"
Peter will be the biggest cheerleader of the upcoming US social credit system. Welcome to Black Mirror.
Could you please explain what is the benefits the Fed gains from managing the free system? The other point is what is the impact of the financial tech company?
Peter’s data and research is impeccable, but sometimes his conclusions are not the same as my own. But I always listen.
In India we call it unified payments interface
And people here are losing their minds over it 😂
One currency to rule them all and in the darkness bind them.
This is the foot in the door.
I appreciate Peter's sane and logical explanation of the CBDCs, yet I have such a high distrust in all the governments now, that I cannot stop being distrustful of them. I adore my privacy, and any threat to it seems like a huge thing. I would not do well in China, and hearing Klaus Schwab fawning over China as being such a wonderful role model? Yes, I still feel wobbly about the CBDC.
Does it mean that FED will weaponize money? Does it mean also that will know everything about transactions that are occurring?
I'm curious, in Europe the CBDC was found to have lines of code, that would allow for deletion of funds & expiration date, how is one to be trustworthy of such options in money!? Looks like trouble ahead IMO... Thank you!
For the problem of the Fed not having enough staff to monitor things, couldn't they just hook that up to an AI in the future?
Y'know AI isn't this magical solution that you can just "hook things up" into. Even the act of implementing AI solutions still requires people to develop, implement, and test those solutions
@@lioraselby5328 so its just a matter of time
The truth do technologies like AI is that to work anywhere near what promised they actually need more not less people - sure they replace jobs but they also create a heap of new ones. So no - you won’t be able to just hook up to AI.
@@veronicamaine3813 At present, yes. Operative word PRESENT
The other replies don’t seem quite up to date with the latest AI advancements…
Justin Trudeau disagrees
I worked for the Fed for 30 years and I must say you are right about Fed Now. However, CBDC is a horse of a different color. It will be centralized and therefore programmable. It takes the control from the person and puts it into the hands of the government. You may trust the government, but lately I am very noir about that trust. Seeing what happened in Canada with the truckers, control is not only possible but probable.
Based on the Feds recent track record what could go wrong. Peter blink three times if there’s a Fed agent with a gun behind the camera
What's not to like about giving your wallet to someone else, who decides what/where/when/if you can spend it on something or anything or how how much you have or conditions for having it? What could possibly go wong? The guverno mentis would never harm us? Right? 🥶
Your accounts can be frozen in any bank by the government anyway. This doesn’t change a single thing.
How so? Congress approved the surveillance state with the approval for the creation of the NSA and its far reaching power to surveil it's citizens. And that same government structure you wanna entrust with a digital centralized payment system... yea what can go wrong.
The NSA is the only government organization that truly listens to the people.
@@dzcav3 😁
"There's no point in putting a percentage limit on income tax we only need 1% to help pay for this war, it's temporary!" Trust the government
I have thought the same thing about FedNow since I heard about it. Also the other thing I think will happen is that when another emergency happens like Covid or the 2008 financial crisis, you will see the Fed sending money to consumers directly through their FedNow accounts, rather than using the banks like have previously, which has always just increased wealth disparity and favored investors over consumers.
you think the fed is going to favor consumers over investors. what do you live under a rock.
You can take all the "it's not happening" talk and add the word "yet" to all of it. Incrementalism is a real thing. And algorithms only get better and they already have a history of trying to discourage things like firearm sales by debanking people. It's not here (yet) but it's becoming a lot easier.
Hey great video by the way. I find your words so inspirational. Keep it up!
“If it’s free you’re the product!”
Ever drive on a (non-toll) road? What about borrowing a book from a library? Are you a product of "Big Book" or "Big Road"?
Taxpayer funded, no-user-fee, public infrastructure is not a new concept, and this is just the fintech version of the same thing.
@@boosterh1113 Except the federal reserve is not government.
@@instantsiv It is a US Government created, US Government empowered entity that exists in order to serve US Government objectives and enforce US Government financial regulations. (See: Federal Reserve Act 1913).
Yes, elected politicians' control over the Fed is much more indirect than it is over other gov't departments, but that doesn't change the fact that the Fed is still a part of the US gov't apparatus. The phrase that the Fed itself uses is that they are "independent WITHIN the government, not independent OF the government."
@@boosterh1113 All independent means, if you read what they chairman was saying instead of reading Wikipedia, is that the Federal reserve is not funded by congress.
It’s not public and it’s not private. It’s just clever legality to get around have to be responsible with the power. Kind of like how social media companies have the power to censor on behest of the government without being responsible. It’s not government.
What will prevent Western countries from doing the same as China? Quite frankly it could be just a matter of time. We have also seen that freezing people's bank accounts, closing bank accounts or forcing people to stay at home (list could go on), is not that hard anymore.
Our Constitution.
@@minnesotastevea piece of paper will not protect you. Build skills and stay prepared.
@@minnesotasteve sure. The same that has been preventing all the rest of the nonsense for the last 10 years or so...
Oh, wait...
Don’t want to get jabbed? Oh well... looks like your transactions are frozen for some reason....
Freezing funds has been something the FTC has been perfecting for decades, but there's a big difference in effort between that and having people stay home without some national emergency. This is especially the case if the federal government tries to keep people at home instead leaving that to the discretion of individual states.
Digital currency is inherently traceable. The myth that it was private was just ridiculous. Criminals fell for that all over the world.
MONERO is not traceable.
i think you are perhaps not looking at this in a long enough term. Once the Fed has out competed and driven the other players out of the market, they could then easily enforce controls if they wanted to do so. As for how many people it would take, when I worked for US Bank's credit card processing center, there were maybe 50 people managing risk management on all the transactions for all the various card brands, spanning the globe. This was 15 years ago. It would be even easier today.
Don't Mess with the Ziehan.
You need to think more like WIC and SNAP benefits. Can only buy authorized manufacturers, sizes, etc in the case of WIC, and with SNAP there are limits to certain retailers and goods. CBDC could easily impose these kinds of limitations and many more.
They don't do that now because policies of that sort would be dragged for being discriminatory. They won't do it later either for the same reason. Exceptions are easy to make in I.T.
i am curious if you just don’t understand the topic or purposefully misleading people. CBDC will a) manage digital ledger and see every transaction that today private credit card companies or banks see; b) will require digital identity, which will enable tracking of all your online activity.
That's right, and they will also tell you what you can buy and not buy
How would greater control of the currency in China hurt their small business sector? I'm not following the connection there...
If it’s “for free” then we are the product. Fed will mine data off our transactions with a greater degree of precision than they can now with current macro tools for looking at the economy. So it is absolutely for greater control even if it’s not the same or quite as bad as china.
Quite underwhelming. India already has free instantaneous fund transfer of any amount for few years called UPI. And it is working for 1.4 billion people flawlessly. Also digital ruppes is launched but UPI still rules
Precisely