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Video tags
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Russian
00:00:06
the board of governors follows the next00:00:08
decisions first we will continue to carry out00:00:12
net asset purchases under the00:00:15
emergency purchase program due to the00:00:17
pandemic with a total volume of 1,800 billion00:00:21
euros at least until the end of00:00:25
March 22 and in any case until the00:00:28
board of governors decides that the phase of00:00:31
the crisis caused by the coronavirus00:00:33
ended00:00:37
[music]00:00:39
good morning john the european central00:00:41
bank did what00:00:43
economists thought it was going to do they00:00:45
replenished their background with extraordinary purchases00:00:48
of 500 billion euros according to my calculations the00:00:49
total amount of the fund reached 185 trillion00:00:53
euros00:00:55
[music]00:00:57
this is an absolutely historical event both in00:01:00
terms of the speed of purchases by the Fed and of00:01:02
course the scale of the mod graph that00:01:05
shows what has happened since March the00:01:06
last three weeks have seen such a00:01:09
huge increase in the pace of purchases00:01:11
that we have never seen before00:01:13
let's see what has changed since the00:01:14
last meeting of the Fed $19 trillion00:01:17
in relief measures passed by00:01:19
Congress and a Democratic president The Senate00:01:21
has just published the text of your00:01:23
budget resolution for three and a half00:01:25
trillion dollars. You can either00:01:27
characterize everything that the Fed has done over the00:01:29
last week as flooding the system with00:01:31
money, yes that’s exactly it, and you can00:01:34
do it endlessly, we can do00:01:37
it endlessly, we00:01:38
just flooded the systems with money,00:01:42
yes we are you can do it and so to speak, you00:01:45
upload it where they come from you just00:01:48
print them we print them digitally00:01:51
plus a wash the central bank can00:01:53
create money digitally we00:01:56
do it buys treasury basil00:01:58
bonds or other securities00:02:00
guaranteed by the government and this00:02:02
actually increases the money supply00:02:05
we really We believe that in the twenty-00:02:08
first year, inflation will rise. I00:02:12
cannot find a single period in history00:02:14
when monetary fiscal policy was00:02:16
so inconsistent with00:02:18
economic circumstances.00:02:21
In the last six weeks, we bought00:02:23
more treasury bonds and the level of00:02:26
quantitative easing was higher than00:02:29
in the entire 9-year period. the period from 2009 to00:02:32
2018 and00:02:35
if we talk about inflationary psychology00:02:38
like for example it was when I was 2000:02:42
years old the 70s if this ever00:02:44
happens again if people ever00:02:47
start to get nervous about inflation00:02:49
in general is really the only thing that is00:02:52
ahead of inflation then commodity prices00:02:55
are the simplest tautology that00:02:57
can be, they can literally00:02:59
skyrocket in price by two to three times very00:03:01
quickly, and valuations of interest rates and00:03:04
stocks are at such a level that if you00:03:06
combine these two indicators,00:03:08
they are so overvalued that00:03:11
they are a hundred years old at the most, I don’t know what to00:03:13
do and I’m already afraid that a democratic00:03:17
state will understand that you can just00:03:19
print money to solve all the00:03:20
problems and in the end I know that00:03:24
nothing will work out in the end if you00:03:27
print too much then everything00:03:29
will end up like in Venezuela it’s00:03:32
just mathematics00:03:33
5 currency is the very defect leading00:03:37
to the growth of the numerator is the total world debt00:03:40
in relation to the denominator in the total00:03:42
world GDP00:03:45
they have reached the point of no return when the rye of00:03:48
the numerator will outpace the growth of00:03:50
the denominator in any true similar00:03:52
scenario,00:03:55
that is, you need to print money to00:03:58
break out of the debt and the spiral of00:04:11
everything we have heard about economic cycles and00:04:14
according to most modern books on00:04:16
economics, a period of very rapid growth and00:04:19
expansion of the economy followed by a00:04:21
period of contracting economic crisis00:04:23
is a normal scenario, as00:04:26
Arthur Burns, a former adviser to the00:04:30
President of the United States and after Mitchell, an00:04:32
American economist, wrote in 1946 economic00:04:34
cycles are a type of fluctuation observed in the00:04:37
total economic activity of00:04:39
countries, the cycle consists of booms00:04:41
occurring at approximately the same00:04:42
time in many types of economic00:04:44
activity, followed by the00:04:46
same general declines; such a sequence of00:04:48
changes is repeated but00:04:51
irregular; however, history shows00:04:53
us that until the twentieth century, financial00:04:56
crises followed external events00:04:58
the most popular of them was the war00:05:04
[music]00:05:09
[applause]00:05:13
[music]00:05:15
there was only one financial crisis not00:05:17
related to external events and it was00:05:19
the panic of 1825 when about 70 banks00:05:23
went bankrupt due to risky00:05:24
investments and all because of one man00:05:26
Gregor McGregor, who invested00:05:29
heavily in the plan for the tion of a00:05:30
non-existent country in the field,00:05:35
if you look into history, it turns out00:05:38
that this cycle began about a hundred years00:05:40
ago and00:05:44
the important thing is the fact that in 191400:05:48
all the major countries of the world began to move away00:05:50
from the gold standard and00:05:56
so gold standard is a monetary model00:05:59
in which all the money that00:06:01
the central bank stores or produces is00:06:04
backed by gold in its reserves,00:06:09
so the available volume of the money00:06:12
supply depends on the amount of gold00:06:14
that is available;00:06:16
this was abandoned and this is what led00:06:18
to the large financing of the First World00:06:21
War before and the Second World War wars00:06:23
because the government realized that they have00:06:25
enormous power which is that00:06:27
by getting rid of the gold00:06:29
standard you can simply print as much00:06:31
money as you want and in fact00:06:34
throughout history this happens00:06:36
quite often and also no less often00:06:38
was the reason why the government of the00:06:40
country and civilizations simply disappeared the00:06:43
Roman Empire is a great example of this00:06:46
Great Britain was the first country to00:06:48
abandon the gold standard00:06:49
around 1914 and from that moment00:06:53
we began to see these short and00:06:55
long term cycles00:06:58
especially the short term it has been over00:07:01
100 years since the abandonment of the gold00:07:03
standard00:07:04
this is how our economy works cyclical00:07:07
is a completely accepted fact the cycle is00:07:09
based on a period of inflation00:07:12
followed by a period of deflation the fact that it00:07:14
only began a hundred years ago suggests00:07:16
that our monetary system, despite00:07:19
its imperfections,00:07:20
is the reason for the incredible growth of the00:07:22
world economy in the 20th century00:07:25
[music]00:07:29
inflation is caused by our dependence from00:07:31
debts and loans, according to modern00:07:34
monetary theories, the driving force of00:07:36
economic growth is not productivity for a long time.00:07:38
Ray Dalio00:07:40
explains it well in his video how the00:07:42
economic machine works,00:07:43
gradually we gain experience and this general00:07:46
knowledge increases our standard of living, we00:07:48
call it productivity growth,00:07:51
the most inventive and hardworking of00:07:54
we increase our productivity and00:07:56
our standard of living faster than the slow00:07:58
and lazy,00:08:00
however, in the short term this is not00:08:02
always the case; productivity matters00:08:05
in the main long term, and credit00:08:07
in the short term is so because00:08:10
productivity growth changes00:08:12
insignificantly and does not cause00:08:13
economic fluctuations; debt00:08:16
because it allows us consuming00:08:18
more than we produce at the time of its00:08:20
acquisition forces us to consume00:08:22
less than we produce at the time of its00:08:25
repayment as Claire argues00:08:27
in her excellent article the end of the00:08:29
long-term debt cycle and the00:08:31
rise of Bitcoin although00:08:32
productivity is the most00:08:34
important aspect of any economic00:08:36
system in the long term the00:08:38
main drivers forces of volatile00:08:40
economic fluctuations are00:08:42
debt obligations not00:08:43
productivity returning to cycles00:08:45
roi share describes long-term and00:08:47
short-term debt cycles this is how they00:08:49
relate to human productivity00:08:51
debt fluctuations occur in two00:08:53
large cycles the first lasts 5-10 years and the00:08:56
second 75 hundred years although most of00:09:00
us feel These fluctuations in themselves are00:09:02
not usually considered cycles because they are00:09:05
viewed too close up,00:09:07
that is, on a daily or weekly basis, the00:09:09
short-term debt cycle can be00:09:11
observed by looking at various indicators00:09:13
including the debt-to-income ratio and00:09:14
interest rates set by the00:09:17
central bank until the central bank00:09:19
essentially sets the rules that00:09:21
allow debt in the economy 1 time00:09:23
from here to incredible size and then00:09:25
decides when this bubble needs to burst00:09:27
this is the so-called boom and00:09:29
bust cycle, the last one being the global00:09:31
financial crisis of 2008 and the00:09:33
dot-com bubble of 2000, the long-term debt00:09:36
cycle consists of many short-term00:09:39
cycles although during each of these00:09:40
cycles, our economy rises and00:09:43
falls in the long term, this00:09:45
leads to growth and with each cycle our00:09:47
economy continues to endlessly00:09:49
accumulate debt because we00:09:51
prefer to borrow rather than00:09:52
repay the debt, there comes a time when there are00:09:55
more debts to be paid than00:09:57
income, historically so it is00:09:59
at this moment long-term side00:10:02
chain changes people stop spending00:10:04
start paying back debt and instead00:10:07
of growing we fall we see recessions00:10:10
increase in government support00:10:12
currency devaluation social unrest and00:10:15
so on there comes a point when the00:10:17
economy is sufficiently00:10:18
deleveraged and begins to00:10:21
grow again during these downward events00:10:23
debt burden central banks00:10:25
use three strategies first lower00:10:28
interest rates interest rates00:10:30
are set by central banks and00:10:32
they set rules that determine00:10:35
the cost of borrowing money00:10:38
if they lower rates then it00:10:41
becomes cheaper to borrow money hence00:10:43
people will be more inclined to borrow that00:10:45
money this leads to them wanting to00:10:49
borrow everything more and more because00:10:51
it's simple and00:10:53
right now if you look at the numbers00:10:55
central bank central banks around the00:10:58
world have been doing this for many years00:10:59
because we work to a standard00:11:01
which is basically based on the us dollar it's00:11:03
important what the us central bank does00:11:06
and if he lowers the interest rate and then00:11:09
everyone else will also lower their00:11:11
interest rates this increases the value of00:11:14
assets and makes it easier to get loans00:11:16
this is the first strategy used00:11:19
today interest rates of the largest00:11:21
economies in the world have already dropped sharply and in00:11:23
many of them have even become negative00:11:26
if interest rates fall to zero then00:11:28
there is no logical financial incentive to lend00:11:31
money it may last for00:11:32
a while but not for long00:11:35
secondly there is quantitative00:11:38
easing also called00:11:41
money printing what this guy was talking about it00:11:44
allows the central bank to buy00:11:45
debt securities financial assets00:11:47
so money flows into the hands of00:11:50
investors but it doesn't helps citizens00:11:52
asset prices soar, usually creating00:11:55
inflation which makes00:11:57
asset owners even richer and the poor poorer as00:11:59
savings lose value and this is what00:12:01
is happening today when00:12:03
real estate commodities are00:12:05
skyrocketing in price all over the world00:12:07
the third and last is the increase in00:12:10
spending on social security or00:12:12
other instruments such as00:12:14
incentive payments if00:12:16
any crisis arises, then people who bought their00:12:19
home will not try to make any other00:12:21
investments or anything else that00:12:22
would allow them to protect their investments00:12:25
because they simply do not have the knowledge and00:12:28
skills and even the tools to be00:12:30
able to do this and they are the ones who lose the00:12:33
most because the investment00:12:35
banks know what will happen they know how to00:12:37
deal with it and get out of this situation00:12:39
but in essence this creates a gap between the00:12:42
rich and the poor and00:12:45
this has a lot to do with the printing of money00:12:47
because this money gets into00:12:49
the economy but does not into the hands of the people00:12:53
they are paid by the bank they00:12:56
are paid to the investors and it just00:12:59
gives them another type of income so00:13:01
they have more money00:13:03
which can be used to00:13:04
open new positions invest in a00:13:07
variety of assets be it the stock00:13:09
exchange gold whatever00:13:11
poor people don't have such opportunities and00:13:13
they don’t have this money because it doesn’t00:13:15
fall into their hands, which means that00:13:17
while all this is happening and some people are getting00:13:19
richer, others are becoming poorer00:13:22
because the savings that are not kept in the bank00:13:24
lose the value of the sealed money and00:13:26
therefore the government needs to00:13:28
help its citizens more because00:13:31
of course no one does not want gaps in00:13:32
welfare in the sense that this is00:13:35
not happening because you are part of this00:13:37
so-called are you who is in a00:13:39
better financial situation and you want the00:13:42
poor to live poorly because you need to00:13:44
raise the level of well-being of00:13:45
society and these people need to be helped00:13:48
directly through financing, no00:13:50
matter how formally accepted and in00:13:53
fact if you look at the numbers,00:13:55
social security spending00:13:57
increased so much precisely after the crisis of00:13:59
1929, this was the first big00:14:02
financial crisis after the abandonment of the00:14:04
gold standard which I said00:14:06
earlier and for example in France about 3000:14:09
percent of GDP goes to social00:14:11
security00:14:12
France is famous for this kind of00:14:14
expense, the medical system in France is00:14:16
one of the best, but we are also talking about the00:14:18
size of unemployment benefits,00:14:20
various incentive payments help00:14:22
to get housing allowance and the00:14:24
like, which of course is good for people00:14:26
who need it, but this is00:14:28
only necessary because of the actions that00:14:30
were taken cb before this as we know00:14:33
recently social spending00:14:35
has increased in the language of the form so we can00:14:37
only assume that now this00:14:39
graph looks something like this00:14:42
we see how quickly another00:14:45
indicator of the money supply is growing the money supply00:14:48
is the total amount of one currency00:14:50
that is currently available in00:14:52
the economy the more the government00:14:54
prints money the more00:14:56
supply increases this money supply directly00:14:59
correlates with the devaluation of our currencies00:15:02
you can invert this graph to00:15:05
show devaluation the more00:15:07
currencies are produced the lower its rarity00:15:09
therefore the more it loses in00:15:12
value00:15:13
we have all heard stories from parents00:15:16
that in those times money was more expensive00:15:18
seen archival photographs illustrating00:15:21
this such as for example this McDonald's menu in00:15:24
1972 which will have a maximum of 6500:15:27
cents an00:15:28
increase in the money supply that is the reason why00:15:31
this is happening in 2020 alone the00:15:35
money supply has grown greatly this is the00:15:37
money that was printed to00:15:39
finance the war with to species in the United States00:15:42
at the beginning of 2020, there has been an increase in the00:15:45
number of dollars in circulation by more00:15:47
than 30 percent,00:15:49
although the economic consequences do not00:15:51
appear immediately; long-term00:15:53
consequences will be felt by those who do not00:15:55
have savings in assets such as00:15:57
real estate, stocks and ladies.00:16:00
Long-term consequences will affect00:16:02
many of the above for example Let's take the00:16:04
technological sphere, technological00:16:07
goods are deflationary and due to the00:16:09
constant increase in00:16:10
production efficiency and technology, however,00:16:13
due to inflation, prices do not decrease, which00:16:15
essentially makes it difficult to develop new00:16:17
technologies;00:16:19
governments use various00:16:22
excuses, including climate change, to00:16:24
print trillions, but in the00:16:26
future this printing can lead to00:16:28
adverse consequences due to00:16:30
how the increased money supply affects the00:16:33
development of taxes and which could help us00:16:35
become a society consuming more00:16:37
renewable energy on central00:16:40
banks another agenda is being done to00:16:42
avoid the spread of00:16:44
panic in the financial and foreign exchange00:16:46
markets which could ultimately lead to a00:16:48
banking panic when everyone tries to00:16:50
cash out their money at the same time00:16:52
obviously this would be devastating00:16:54
to the economy when faith in00:16:56
the currency is lost recession occurs it00:16:58
takes decades to recover00:17:00
instead central banks00:17:02
use the consumer price index00:17:04
also called pc and pc this is an00:17:07
incorrect indicator however it00:17:09
is a generally accepted indicator for00:17:11
measuring inflation and the impact on prices and00:17:13
pc track the prices of the consumer00:17:16
basket of products, in fact, this is exactly how00:17:18
such an indicator should work, well,00:17:21
Pozzi is not suitable for these purposes because of the way00:17:22
this basket of00:17:24
products is selected, it is selected based on the fact00:17:27
that people prefer to buy00:17:29
therefore every year00:17:31
new products are added to this basket and others00:17:34
are excluded00:17:35
but what people decide to buy depends on the00:17:39
price of the product if inflation rises people00:17:42
will change preferences to00:17:44
adapt to rising prices and this essentially00:17:46
creates a new food basket and00:17:49
the patient will track the prices00:17:51
of the previous one food basket, he will00:17:53
track the price of the new basket and00:17:55
after the consumer makes00:17:57
decisions in response to the price increase, the00:18:00
middle muse clearly illustrates this in00:18:03
his book fiat standard imagine00:18:06
that you earn 10 dollars a day00:18:07
and spend it on eating delicious00:18:10
or estate that gives you have all the00:18:11
necessary nutrients in this00:18:14
simple shopping basket and it00:18:16
costs 10 dollars now00:18:17
imagine that one fine day the00:18:19
economy begins to hyperinflate and00:18:21
the price of your stack rises to a hundred00:18:23
dollars while your daily00:18:25
salary remains at 10 dollars00:18:27
what will happen to your grocery00:18:30
basket it can't grow 10 times00:18:32
because you can't00:18:33
afford a $100 steak anymore instead00:18:36
you settle for chemical crap00:18:38
i.e. eat a ten dollar soy burger00:18:39
and pc magically says00:18:42
zero inflation00:18:43
remember the government will never00:18:46
show us the truth the level of inflation and00:18:48
they will not connect it with the growth of the00:18:49
money supply which they themselves00:18:52
created if people really00:18:53
understood what was happening they would never re-00:18:56
elect politicians00:18:59
we have already said a lot about debt but now00:19:02
let's look at the numbers we see a00:19:04
sharp increase in the world debt even in00:19:06
recent years, to add context,00:19:09
this is what this debt represents00:19:11
as a share of world GDP00:19:14
three hundred fifty-six percent global00:19:17
debt is three and a half times higher than the00:19:19
actual amount of goods and services00:19:22
this growth of the debt bubble can be00:19:24
stopped or at least slowed down00:19:27
if central banks will raise00:19:28
interest rates making credit more00:19:31
expensive if they give the system a break00:19:33
but today it is most likely too00:19:36
late the us central bank tried00:19:38
to do this in 2018 because in their00:19:41
opinion the economy looked00:19:43
recovered after the global00:19:45
financial crisis it00:19:46
has been ten years since the00:19:47
financial crisis was a painful part00:19:50
of our history that told many00:19:52
Americans working at home about some00:19:54
hopes and dreams,00:19:55
in addition to keeping interest rates00:19:57
low to support the00:19:58
economic recovery, we have also00:20:00
taken many steps to00:20:02
make the final system more00:20:04
secure, I am confident that the system00:20:06
is stronger today and is in a much better00:20:08
position to support the financial00:20:10
needs of the business population both00:20:12
calm and in difficult times they00:20:14
decided to raise interest rates and00:20:17
because of this the stock market crashed us00:20:21
gift if 500 fell by more than 2000:20:23
percent in just a couple of weeks00:20:26
so the markets reacted to the00:20:29
action of the central bank00:20:34
and continues to update daily minimum00:20:37
prices are all 30 aps and are now in the00:20:40
red zone and once over the last year00:20:43
only our memories of songs00:20:46
500 went into correction this drives a00:20:48
percentage drop from recent highs00:20:50
all sectors this is the key point are now00:20:53
in the red and the nasdaq is at its00:20:56
lowest levels in recent years seven00:20:58
months look at Yandex I'm [ __ ] with00:21:01
greed CNN it's clear I know you do00:21:03
n't want to see this but we have to00:21:05
show it to you it measures the drags not the00:21:07
dynamics and demand for safe haven assets in00:21:09
the markets there is extreme fear so00:21:12
as soon as the market began to fall the00:21:14
central bank made a statement00:21:16
well we will return everything to the way it was we00:21:19
will return to the normal level of interest00:21:21
rates and from that moment on at the end of 201900:21:26
they again lowered the interest rate from00:21:29
two and a half percent to 0.2500:21:33
percent00:21:34
according to many books on finance and00:21:37
what people study at university00:21:39
that the scenario in which we find ourselves00:21:40
today with negative interest00:21:43
rates is impossible so what will happen00:21:45
next is difficult to say no one00:21:48
knows for sure we will have to find out because00:21:50
in any case the central banks have no00:21:52
other choice the only thing they can’t00:21:54
do is print even more money00:21:57
and really the only thing what the00:21:59
central banks can do is print00:22:01
even more money to pay off at least00:22:03
some of this long time that cannot be00:22:05
paid back they will work with00:22:07
governments to continue to00:22:08
increase taxes social00:22:10
security spending and devalue the currency it does not00:22:13
mean that these people have malicious intent00:22:15
they are using the tools available to them00:22:17
and have reached the point where they find themselves backed up to00:22:19
the wall and forced to abuse these00:22:21
tools00:22:23
[music]00:22:29
and are not looking for solutions to bring the00:22:31
economy out of the current situation, although00:22:34
these solutions do not necessarily meet the00:22:35
interests of citizens and their personal freedom, it00:22:38
is not for nothing that the initiative of the World00:22:40
Economic Forum is called the great00:22:42
reset, the name inspired a to00:22:45
make this documentary00:22:47
[music]00:23:01
part of their plan is to create00:23:04
digital currencies of central banks cb cb00:23:06
this will allow the central bank to create a00:23:09
new monetary system that cannot be00:23:11
separated from the existing one allowing people to00:23:13
move into this new debt-free system00:23:16
and gradually lower leverage and00:23:18
dump the debts of the previous one systems without00:23:20
increasing the risk to their currencies00:23:22
central bank digital currency will be00:23:25
launched soon this will happen not sat down and I00:23:28
think they have 12 months to00:23:30
conduct tests that need to be00:23:32
completed before launching the system00:23:34
on a permanent basis00:23:37
we are now actively working on it but00:23:39
allow me tell you what it is00:23:41
actually we are going to00:23:43
look at digital payments in a broad00:23:45
sense this means 100 and balconies00:23:47
of crypto assets as well as cb cb this whole00:23:50
group of issues and payment mechanisms00:23:53
that we believe00:23:55
are really at a critical point00:23:58
could you say that the crown The crisis00:24:02
has further shown the need for a00:24:04
digital currency or a central bank currency.00:24:09
Well, yes, I think that the corona crisis has00:24:13
greatly accelerated technical changes in00:24:16
the use of digital innovations00:24:18
everywhere,00:24:21
ideally in the sense that this applies not00:24:24
only to financial transactions, but to Internet00:24:27
commerce and show business,00:24:33
there are many examples, so this is what00:24:35
almost all central banks have been thinking00:24:39
about for the last few weeks of00:24:42
2020 the people's bank of china rolled out a00:24:44
pilot program in the chinese city of00:24:46
suzhou people had to download an00:24:48
app install it on their phone on a00:24:51
micro scale do you have an idea of00:24:52
how money flows through the economy00:24:54
in the west most likely not00:24:57
people in China will definitely not00:24:59
like the fact that at the micro level this00:25:01
will allow the authorities to track exactly what00:25:02
you or absolutely anyone00:25:04
is spending your money on. People are spending money00:25:07
on buying things that they shouldn’t00:25:09
buy, no matter how you determine00:25:11
what people shouldn’t buy. they gamble00:25:13
with their money or do00:25:15
something else the government says it's00:25:18
just a replacement for physical cash00:25:20
but of course this can only be the first00:25:22
step these cb cb will be adopted00:25:25
actually people will be forced to00:25:27
use them the government will start00:25:29
supporting citizens in need by issuing00:25:31
them stimulus payments only through a00:25:33
wallet controlled directly by the00:25:35
central bank the central bank00:25:37
could essentially eliminate the commercial banks00:25:39
which are currently the00:25:41
intermediaries between the central bank and00:25:43
citizens for the government it would00:25:45
simplify a lot of things if they decide00:25:47
to change interest rates they could00:25:49
act directly they would have to wait a few00:25:51
months for the commercial bank00:25:53
to implement this in their system, they00:25:56
will also be able to directly control00:25:57
interest rates based on the00:25:59
social rating of a person or business00:26:01
and will be able to set expiration dates00:26:03
for money for people, forcing them to spend and00:26:05
not allowing them to save. Raul Pal perfectly00:26:09
describes how this system can00:26:10
work in you see central banks00:26:14
want to be able to give00:26:16
money to people directly direct monetization00:26:19
now they can't do that now00:26:21
they print money this money goes into the00:26:24
banking system the banks get bailed out00:26:26
because we are in a credit00:26:28
crisis for them this is also a way to00:26:30
launch a universal basic income00:26:31
because the central bank can00:26:33
support the poorer layers of the population00:26:35
add money directly they do not go00:26:38
to the balance sheet of the government now00:26:41
central banks believe that they are00:26:43
omnipotent that they can continue00:26:45
to expand the balance sheet and endlessly00:26:47
modern monetary theory seems to00:26:49
be the number one idea and cb cb is only its00:26:52
continuation it feels like kenshi on00:26:55
stva has gone crazy central banks00:26:57
can also completely change the structure of00:26:59
how money works and monetary00:27:03
policy00:27:04
and fiscal policy because00:27:07
they can provide it to different people in00:27:08
different ways they can lend to a00:27:12
restaurateur but then penalize with00:27:13
negative interest rates00:27:15
the baby boomers who are trying to hold on to00:27:17
their funds because they want00:27:19
theirs back money into the economy00:27:21
they can offer students a00:27:23
positive interest rate to00:27:25
help them save they can change00:27:27
all this the rise of behavioral economics00:27:30
incentive systems00:27:31
so the government using00:27:34
big data can find who needs to be incentivized at any time00:27:36
and make00:27:37
appropriate changes they can00:27:40
do it dynamically this structural00:27:42
scale a shift in everything we understand00:27:44
about economics especially macroeconomics00:27:47
no one is ready for this but who among us doesn't00:27:49
know what it means it means they00:27:52
will push the system using the positives00:27:54
and I think there is a lot of positives in it and I think00:27:57
it is an elegant solution to some of00:27:59
our problems but elegant solutions in00:28:02
governments and central banks00:28:04
lead to unintended consequences00:28:07
the problem is that in order to00:28:10
create this new system you00:28:12
will have to give up your freedom every00:28:15
transaction you have ever made00:28:17
will ever be made will be00:28:19
recorded there will be no cash no00:28:22
there will be no way to pay the gardener00:28:24
except in cash this means they00:28:27
can tax you at every00:28:28
level of the transaction that's great we00:28:31
can get rid of the tax office of00:28:33
all tax collection agencies00:28:35
because it can be done directly that's good00:28:38
but again you've lost the freedom00:28:40
to transact anonymously how could you00:28:42
do this using cash no00:28:54
these digital currencies of central banks00:28:58
as I said are not the00:28:59
invention of governments and central00:29:02
banks in fact they are inspired by00:29:04
other digital currencies for example00:29:07
bitcoin which became a00:29:09
unique invention in its time and also altcoin which00:29:11
were created after it in00:29:13
reality cb cb is more like an00:29:15
altcoin and the likes of ethereum and the00:29:18
like which simply allow you to00:29:20
add programs to add00:29:22
functionality while bitcoin00:29:24
only exists for money transfers00:29:29
bitcoin is a payment network so where is this00:29:32
imagine you as a00:29:34
transaction log of a transaction that we can00:29:36
conduct with you the00:29:38
bitcoin network uses some00:29:40
information for example my address your address the00:29:43
amount of bitcoins that are sent to you and00:29:45
based on this information it creates00:29:47
a hash the information simply goes through an00:29:49
ordinary hashing algorithm00:29:50
that turns it into a code this00:29:53
information is then added to the blog00:29:55
any amount that passes within 1000:29:57
minutes will be to be considered a block there are also00:30:00
miners, that is, computers that00:30:01
are connected to the network to confirm these00:30:04
transactions, their task is00:30:06
to confirm that I really have00:30:07
this bitcoin and yes, I can send it to you00:30:10
and after I no longer have00:30:12
bitcoin and sent you a digital00:30:14
original, such a simple one work, but00:30:17
all these computers are connected to the network and00:30:19
they compete with each other for the00:30:20
opportunity to be the first to confirm the blog00:30:22
because the one who confirms the block and00:30:25
verifies these transactions receives a00:30:27
reward in bitcoins from two00:30:29
sources,00:30:30
the cost of the transaction, in other words, if00:30:33
I send you bitcoin, then I pay a00:30:35
certain commission that he will receive00:30:37
miners00:30:40
in addition to this, the00:30:42
emission of a new bitcoin is currently underway,00:30:45
today it is00:30:46
6.25 bitcoins per block if I, as a00:30:51
miner, can confirm this block I00:30:53
will receive six point twenty-five hundredths of a00:30:55
bitcoin00:30:56
this will not happen every time00:30:58
because there is a lot of00:30:59
competition among miners 625 Bitcoins00:31:02
per block every ten minutes is quite00:31:05
a lot, especially when you consider the current00:31:07
value of Bitcoin Bitcoin is built00:31:09
in such a way that there is a whole00:31:10
system of incentives invented by the creators,00:31:13
the emission will last until 2140 or00:31:16
so, that is, the number of00:31:17
bitcoins mined will be halved every00:31:19
4 years, so if today I'm a00:31:23
miner I earn 625 bitcoins per00:31:25
block which is confirmed 4 years00:31:28
after the next holding it will be00:31:31
half as much as 30 12 hundredths of a bitcoin00:31:35
this is an incentive for people to be as00:31:37
efficient as possible when running their00:31:39
mining business and00:31:41
also an incentive for the price00:31:44
to stay above a certain level00:31:46
because that manners will either simply go out of00:31:48
business if the price is too low00:31:52
or decide not to sell bitcoins because it does00:31:54
not cover their operating costs00:32:00
in the bitcoin protocol and changes can00:32:03
be made in two ways00:32:05
there is a simple way called a hard fork00:32:07
am when someone creates a copy of bitcoin00:32:09
makes changes to protocol and put00:32:12
it into operation, willing miners00:32:14
connect to this new network and00:32:15
use it instead of the original00:32:17
bitcoin network, and00:32:19
so projects such as bitcoin00:32:22
cache and bitcoin satoshi vision appeared, they tried00:32:25
to solve what their founder considered00:32:27
problems in the bitcoin network, and there was an attempt00:32:30
to scale up bitcoin remained00:32:31
money for the whole world it was called the00:32:33
72 x7 agreement from if you understand00:32:36
the technical aspects of cryptocurrency you already00:32:38
know what it is if not then don't00:32:40
worry about it according to the agreement the00:32:42
block size was to be increased from00:32:43
one megabyte to two thus00:32:45
increasing the block size and implementing00:32:47
the secret could increase the00:32:48
throughput of the bitcoin network by more than 200:32:50
times if you only make the transition from00:32:52
one megabyte to 2 will lead and00:32:54
the number of transactions seven years allows you to00:32:56
increase their number a little more for some00:32:58
reason part of the sect agreement was00:33:00
activated 1 when updating to two00:33:02
a megabyte was ultimately one, but I00:33:04
thought about it and came up with the following: like, if00:33:06
I need a tool that will allow00:33:08
everyone on the planet to exchange any00:33:09
amount of money with anyone who wants it, bitcoin is not00:33:12
suitable, you can’t do it00:33:13
because of the world block of one megabyte, it’s00:33:15
impossible and so there are a whole bunch of00:33:18
other cryptocurrencies which one do I00:33:19
think is most likely00:33:20
to bring the most economic00:33:22
freedom to the most people around00:33:24
the world in the shortest amount of time I've00:33:26
looked at all the existing crypto00:33:27
currencies bitcoin fergus trope my nipples00:33:30
since they launched these projects have00:33:33
failed against bitcoin00:33:35
losing price compared to the first00:33:37
cryptocurrency because people who00:33:39
held positions in Bitcoin did not want to00:33:41
switch; this reluctance was caused00:33:43
mainly by one reason for00:33:45
decentralization; decentralization in00:33:47
Bitcoin means that no one00:33:49
controls the network; it is an open,00:33:51
secure network that is controlled and00:33:54
improved by each participant in such00:33:57
projects like bitcoin cache, the number of00:33:59
participants is much less than in bitcoin,00:34:01
which reduces the security level of00:34:03
bitcoin satoshi vision is a great example00:34:05
because in 2021 it became a victim of an00:34:08
attack 51 percent the productivity of00:34:11
miners depends on the amount of00:34:13
computing power under their control00:34:14
and this power is usually00:34:16
called porridge there or00:34:18
caching speed mining power00:34:20
distributed across various nodes00:34:21
around the world which means it is not00:34:23
in the hands of a single entity,00:34:26
at least it shouldn't be but what00:34:28
happens if this Swede stops being00:34:30
distributed enough what happens00:34:33
if one single entity can00:34:35
get more than 50 percent of the00:34:37
hashing power by one of the possible00:34:39
consequences is what we call a00:34:41
51 percent attack, also known as a00:34:44
majority attack, a 51 attack is a00:34:47
potential attack where one00:34:49
entity or organization can00:34:50
control the majority of your rate,00:34:52
which can lead to disruption of the00:34:54
network in such a scenario, the attacker will00:34:57
have sufficient moment power00:34:59
to intentionally change the order of00:35:01
the transaction, he will also be able to cancel00:35:04
completed Internet shares, which is fraught with the00:35:05
problem of double spending. A00:35:08
successful attack 51 can also allow00:35:11
the attacker to prevent the00:35:12
confirmation of some or all00:35:14
transactions or interfere with the participants of the mine,00:35:16
which will lead to the so-called monopoly00:35:18
on Monino; the second method of making00:35:21
changes is called soft for com with00:35:24
soft for key changes are made to the00:35:25
protocol and must be accepted by the00:35:27
majority of miners; the miners themselves decide00:35:30
whether they want to switch to a new protocol and00:35:32
update the software of the equipment; as a result, if the00:35:34
change is approved by the majority of00:35:36
miners, then after a certain00:35:37
number of mined blocks they will be00:35:39
accepted at the protocol level;00:35:41
the miners will check blocks to00:35:43
comply with the new rules since the00:35:45
update, unlike many other00:35:47
protocols, every change made to the00:35:50
entire bitcoin must be backwards00:35:51
compatible, this means that if00:35:54
someone has bitcoin, their coins will be00:35:56
valid and after the changes, making00:35:59
changes to other networks is possible easier00:36:02
but they are not provide backward00:36:03
compatibility in such cases,00:36:06
owners are often required to transfer00:36:07
coins to another platform within a specified00:36:09
period or they risk losing their00:36:11
funds00:36:12
by 2140 no more than 2100:36:17
million bitcoins will be mined her mission will00:36:20
end there after that there will be no new bitcoins00:36:24
so we cannot allow00:36:26
losing a few bitcoins just by00:36:28
fixing a bug or00:36:30
implementing a feature00:36:33
is simply unacceptable00:36:35
so every change has to be00:36:38
backwards compatible and this makes it00:36:41
much more difficult to change00:36:43
unlike other projects that don't00:36:45
worry about this because they00:36:47
have a management team that decides00:36:49
what new vision they have for this00:36:51
coin and they will make the update00:36:53
no matter what the community thinks00:36:55
because they believe it is in the00:36:57
best interest of00:36:58
the community the fact that Bitcoin is so00:37:01
difficult to change is one of the reasons00:37:03
that makes it a great asset for00:37:05
long term00:37:07
buyers know what they are buying and00:37:09
know that the asset will remain unchanged no00:37:12
other asset in the world provides00:37:14
this level of security00:37:16
other cryptocurrencies were created but they were00:37:18
created groups of people who still00:37:20
control the networks will make00:37:22
changes to make a profit and00:37:23
for example Ethereum is the second largest00:37:25
cryptocurrency by market capitalization is00:37:27
still controlled by the same team00:37:30
that created these people control the00:37:33
networks promoting it trying to attract00:37:35
inexperienced or non-00:37:37
technological investors because they are the ones who do00:37:39
not understand what the lack of00:37:40
decentralization means for the future of00:37:42
cryptocurrency the00:37:43
Ethereum network is seeking to change the way the00:37:46
protocol works these changes will allow00:37:49
miners make a profit only00:37:51
if they00:37:52
have previously blocked 32 ethers on the network; anyone00:37:55
can mine bitcoins,00:37:56
but in order to mine ethereum, you00:37:58
will soon need to be one of the few00:38:00
in the world who can afford to buy00:38:02
32 ethers; this will make ethereum as00:38:06
good a currency as fiat money00:38:07
because the decision of a small group of people00:38:09
will influence the masses00:38:12
[music]00:38:37
[music]00:38:47
[music]00:38:49
imagine the bitcoin network and bitcoin00:38:51
asset as the first layer and on top of it00:38:54
you can build additional layers but00:38:57
the fastest growing second layer of00:38:59
bitcoin is called the lightning network and00:39:01
this is another payment a system to00:39:05
use that essentially I need to00:39:08
take some of my bitcoins and00:39:09
actually put them blood no00:39:12
network00:39:13
where I need to then open a channel and if00:39:16
they open a channel with you for example it00:39:19
means that I can transfer00:39:20
money to you this fact that this channel is open between us00:39:22
means that I have access00:39:24
to the channels that you have opened with other00:39:26
users and it scales very quickly00:39:28
in the sense that if we00:39:30
both use the lightning network and we have an00:39:32
open channel then you have access to00:39:34
all my contacts and you can00:39:35
interact with them I have00:39:37
access to to all your contacts I can00:39:39
do the same payments that00:39:41
are made will go through channels,00:39:43
possibly through several users00:39:45
to reach the destination and this00:39:47
allows payments to be almost00:39:49
instantaneous instant settlement of such00:39:52
finance has not existed until now and00:39:54
they are free or almost free in00:39:56
most cases simply because how the00:39:59
network is built, a00:40:01
transaction in the main bitcoin network is00:40:03
carried out only when I withdraw00:40:05
money from citylight, not and only when I00:40:07
withdraw money from city lightning and return it00:40:09
back to the main bitcoin network, at this00:40:12
moment the transaction actually ends up in the00:40:14
main network, which means that you can00:40:16
carry out much more more transactions are00:40:18
much faster and cheaper but at the same time00:40:20
bitcoin remains the settlement level00:40:22
which confirms that all this00:40:24
happened00:40:44
[music]00:40:51
[music]00:40:58
[music]00:41:07
manin digital currencies lead to a negative00:41:10
impact on the environment or00:41:16
bitcoin consumes more energy than00:41:19
entire countries and00:41:21
according to forecasts in this year it will00:41:25
consume the same amount of energy as00:41:27
all the center dates around the world00:41:30
there is no 1 bitcoin transaction one00:41:36
purchase sale00:41:38
or transfer consumes the same amount of00:41:40
electricity as an ordinary00:41:42
American family in more than a month the00:41:46
main layer of bitcoin is considered very00:41:49
energy-intensive and indeed in my00:41:51
2021 when The bitcoin network has reached00:41:54
its maximum,00:41:55
it consumed as much energy00:41:57
as the whole of Sweden consumes,00:42:00
although this seems like a lot. We need00:42:03
to understand what kind of energy this is, where00:42:06
it comes from and where we are going, and also00:42:08
understand where large miners are moving00:42:10
to reduce their costs and environmental impacts00:42:15
before The most important thing is to understand how the00:42:18
mining business works: miners are an enterprise,00:42:21
the most serious of them are00:42:23
international companies00:42:25
registered on stock exchanges,00:42:26
creating a mining business requires the00:42:29
purchase of equipment,00:42:30
asic computers, necessary for00:42:32
connecting to the bitcoin network and starting00:42:34
mining, as well as real estate for00:42:36
storing equipment, they are also asic miners00:42:38
and Wherever miners are located around the00:42:41
world, the prices for these two elements00:42:43
will often be the same, of course you can00:42:45
get better deals, but00:42:47
given the prices of electrical00:42:49
components, the supply chain costs00:42:51
here will be difficult for miners to gain a00:42:53
competitive advantage, the most important thing00:42:55
for miners is energy is the third factor and00:42:58
it is the most important00:43:00
this energy that they spend on the00:43:02
miners to make calculations00:43:05
prices vary depending on the country of00:43:07
the region and depending on the00:43:09
energy source they choose the00:43:12
cheapest energy today is produced from00:43:14
renewable energy sources or00:43:16
a.s. but nuclear power is now oregano by00:43:19
many governments in general these00:43:21
companies by default should direct00:43:24
and promote the development of these more00:43:26
renewable energy sources00:43:28
because in the long run they00:43:31
will cost less00:43:33
cheap energy can be obtained from00:43:36
two sources00:43:37
green energy energy that is wasted00:43:41
human produced energy is always in00:43:43
In excess, we never consume one hundred00:43:45
percent of the energy generated by00:43:47
power plants, otherwise it would put00:43:49
the population at risk of blackouts. It is00:43:52
estimated that 5-6 percent of the00:43:55
energy produced in the United States is lost during00:43:57
transportation, which is about 21100:44:00
grass hours.00:44:03
This amount alone is almost00:44:05
half that consumed. Bitcoin network00:44:07
at its peak00:44:11
Currently the government is pushing00:44:13
for the introduction of solar and00:44:15
wind energy and wants to limit the use of00:44:17
nuclear energy unfortunately although on00:44:20
paper it may look good there00:44:23
will be negative consequences00:44:25
with our current technology the00:44:27
energy produced cannot be00:44:29
stored so solar and wind energy00:44:32
can produced only in sunny00:44:34
or windy weather this makes it very00:44:37
unreliable and requires constant operation of00:44:39
backup power plants to cover the00:44:42
lack of energy00:44:44
this is really not favorable00:44:47
because for example Germany00:44:49
the largest producer of00:44:50
solar wind energy in Europe is now again00:44:53
producing the same amount of co2 emissions as00:44:55
it was 20 years ago,00:44:59
green policies around the world stopped the00:45:02
introduction of nuclear power plants and00:45:04
indirectly forced the world to consume more00:45:06
natural gas than before00:45:10
natural gas has its disadvantages00:45:13
natural gas is produced more than00:45:15
consumed as well as other00:45:17
sources00:45:18
which leads to the desire for gases to flare flaring00:45:21
it is simply an excess of00:45:24
what is produced of gas that needs to be burned,00:45:26
this is inevitable since it is00:45:29
standard in the industry, it is estimated that00:45:33
in 2019 alone, 150 billion00:45:36
cubic meters of natural gas were burned,00:45:39
this is the same amount as Japan and Korea00:45:42
imported in the same year and all of this00:45:45
went into the air, producing approximately 30000:45:48
million tons of co200:45:51
as much as Italy's total annual00:45:53
emissions00:45:56
in order to reduce production costs and00:45:59
energy costs, miners are directly connected to00:46:01
these energy sources that00:46:03
were until now inaccessible00:46:05
since Bitcoin miners can be00:46:08
located anywhere in the world without00:46:09
the need to be near00:46:11
populated areas they already directly00:46:13
benefit from this energy thanks to00:46:15
attractive prices which they00:46:17
can negotiate with producers00:46:19
they use energy that would00:46:21
otherwise be flared00:46:24
or lost to transit they also00:46:26
have access to more distant00:46:28
natural energy sources that00:46:30
cannot be used by the population this00:46:33
includes hydroelectric dams and even00:46:35
new approaches being explored such as00:46:37
obtaining energy from volcanoes as the00:46:41
mining industry grows over time, the00:46:43
likelihood that they will move on to find00:46:45
energy sources to increase their00:46:47
profits00:46:49
other enterprises are working on00:46:52
innovations in the field of00:46:53
energy production to serve miners00:46:56
allows for clean, cheap00:46:58
energy the long-term positive00:46:59
effect that the adoption of00:47:02
bitcoin can have on production energy is00:47:03
largely underestimated and00:47:06
even hushed up by governments and00:47:08
other mainstream media00:47:10
they can use energy consumption00:47:13
as an argument but it is negligible especially00:47:17
when compared to what energy is00:47:19
actually used throughout the world and00:47:21
if you compare this also to the00:47:22
energy consumption of traditional00:47:24
financial systems by banks and the like00:47:27
they use much more energy00:47:29
because each of them needs00:47:30
to create their own00:47:31
settlement infrastructure separately because00:47:34
they do not share this information with anyone,00:47:37
while bitcoin is a network where the00:47:40
same thing happens without00:47:41
any regulation,00:47:44
so we have a small00:47:47
amount spent energy and the00:47:49
output is a powerful effect: financial00:47:52
freedom and freedom in general, in fact,00:47:58
Bitcoin was created by a person or group of00:48:00
people under the pseudonym Satoshi Nakamoto,00:48:04
he wrote a white paper, created a network,00:48:07
released it and participated in discussions on00:48:09
many forums before one day00:48:11
disappearing00:48:12
[music]00:48:16
brilliant unknown a person combined technologies in a new way,00:48:21
encryption protocols, creating a final currency and00:48:23
then took the most noble important00:48:25
step of all, disappeared00:48:28
after the creation of Bitcoin, public00:48:31
discussion on forums, promotion of the idea of00:48:33
discussing improvements, creation of the00:48:37
first miners, the moment came when the00:48:39
development of Bitcoin fell on the shoulders of00:48:41
the community,00:48:43
Satoshi Nakamoto simply disappeared stopped00:48:46
responding on any forms he stopped00:48:49
writing anything;00:48:50
moreover, the coins that he then on00:48:53
the main never moved,00:48:59
so he donated bitcoin to the community00:49:02
because the whole point of it is to00:49:05
get rid of control over00:49:07
our current monetary system and00:49:09
open it up for people00:49:13
so they say that bitcoin was00:49:15
created by people for people it is00:49:17
controlled by the community they are00:49:19
central authorities00:49:22
anyone can participate in00:49:24
improving the network by doing translations00:49:27
reviews of code or creating applications00:49:29
that add functionality to00:49:31
bitcoin but only the bitcoin core team00:49:34
can actually make changes to the entire00:49:36
bitcoin and00:49:37
[music]00:49:38
me I think that the00:49:41
developers will play a significant role in the management of this,00:49:44
we are bitcoin core before I00:49:48
met and I had the honor of00:49:51
meeting many of them,00:49:54
it was part of the ecosystem00:49:58
that was alive that I did not take part in, but00:50:02
in fact I was able to sit down and00:50:05
talk with them00:50:09
if I there is a need for training,00:50:12
then this is of course from the technology side,00:50:16
but if you talk to me in the economics of the00:50:18
economic theory of historically00:50:21
unsuccessful monetary regimes, then many00:50:23
of them00:50:24
know the history of but Mickey is better than00:50:27
anyone I've ever met00:50:31
so that's why I'm sure she knows doesn't00:50:36
really believe that they are on a00:50:37
noble mission they could00:50:40
earn much more00:50:42
than they do now if they worked with google00:50:46
facebook or other similar companies00:50:49
they set themselves a noble00:50:52
goal and they have incredible00:50:55
technological knowledge as well as a00:50:58
good understanding of00:50:59
economic history especially monetary00:51:01
history and this inspires much more00:51:04
trust in this ecosystem than any00:51:07
other sword and00:51:14
gold has always been considered what is00:51:16
called hard money, in00:51:19
fact the expression hard money comes00:51:21
from the fact that gold has a physical00:51:23
form is hard just like the00:51:25
expression specie00:51:27
comes from the fact that gold makes a00:51:29
certain sound when it falls that's why00:51:31
gold has always been considered the hardest00:51:33
money now bitcoin follows the same00:51:36
rules but they are strictly controlled by00:51:38
the protocol which makes it a better form of00:51:40
gold that is not only is it the best00:51:42
form of money the best form of gold00:51:44
gold is controlled by governments I00:51:47
mentioned this very beginning when it00:51:49
came to the abolition of gold standard at that00:51:51
time and also during the second world00:51:53
war for example in the UK people were not00:51:55
allowed to store gold the same thing00:51:58
happened in the USA in the 70s you were00:52:01
obliged to sell your gold to the00:52:03
government because the government00:52:05
needed to increase their reserves this00:52:07
has happened throughout history and00:52:09
if any disaster happens again,00:52:11
as has happened in the past, it00:52:13
will be the same, for example, we00:52:16
are recording this video in Poland, if you00:52:18
want to buy gold in Poland, then you00:52:20
need to provide your00:52:21
personal data to the government so that00:52:23
they know where you can be found if they00:52:25
suddenly decide increase your reserves but00:52:28
will not be able to purchase gold in00:52:30
this case it is much easier to confiscate what00:52:32
you have on the basis of how00:52:36
sheep deception of Iran and sludge who I will00:52:38
go to health00:52:40
on we look black highways on solo strong00:52:43
nation that Navka you and will continue to00:52:47
drive my eyes away from Iran and noise is not a spatula and a00:52:51
butt and two of it00:52:53
glued00:52:56
cause the rest Jenin Aurora are full I00:53:01
guessed [music] it’s00:53:03
worth what to give a preschooler for an00:53:08
economist this is a barbell that’s new00:53:11
golimy and I have test points for00:53:15
theft or test Oksana 6 you are worthy yes I00:53:18
think it will upset you calms and let’s take a00:53:22
step from your team suspend and there was a00:53:24
market he gave it to her and the00:53:27
agreement social ex after an old and00:53:30
conditions this year strain00:53:32
setting up dollars or is it necessary somehow00:53:35
for the00:53:37
Bretton Woods Union to establish an agreement00:53:40
according to which presumably from00:53:43
1945 to end of the war all currencies00:53:47
were convertible from the dollar and the dollar was convertible into00:53:50
gold00:53:52
previously gold reserves were the final00:53:55
mechanism for settling00:53:57
balance of payments deficits but Bretton Woods00:54:00
changed everything by allowing a00:54:02
single reserve currency to be viewed as00:54:04
official reserves for foreign00:54:06
central banks so they00:54:10
could settle all their deficits in00:54:12
dollars as well they are in gold,00:54:14
this is the fundamental00:54:16
difference between the classical gold00:54:18
standard and the so-called exchange00:54:21
gold standard, which Breton Woods00:54:23
enshrined in law and in an agreement in00:54:27
1971, in Great Britain, a number of other00:54:29
countries decided to exchange their huge00:54:31
dollar reserves accumulated within the framework of the00:54:34
Bretton Woods system for gold and00:54:39
Of course, President Nixon in his own way decided to00:54:42
outplay them00:54:44
[music]00:54:49
for a share of lipstick and00:54:53
almost a00:54:55
rocket, we are supposedly a Loredana horde of blocker00:54:59
giraffes and the organ of the selection swamps says and00:55:01
you are a slave to the terrorism chamber ok if these00:55:05
countries could demand gold to buy back00:55:08
their dollar reserves00:55:09
it would make the united the states were00:55:12
insolvent00:55:20
[music]00:55:36
60 were full of financial crises00:55:38
associated with the dollar but the complete collapse00:55:40
came in 1971 on August 15, 7100:55:44
before Lucas said sorry, we00:55:47
will not pay our debts, we00:55:48
certainly will not pay our debts with00:55:50
gold00:55:57
such play00:56:00
[music]00:56:03
against i am a container protein bye00:56:10
why are you playing mom on the edge pan I00:56:13
’ll teach yours this is its simplicity us here 200:56:17
do Sarah coat numbers emily bloom00:56:21
and sobbing close00:56:23
to this day gold can be traded on the00:56:27
markets only on weekdays because00:56:29
some people decided so in case with00:56:32
Bitcoin, no one can make such00:56:34
decisions;00:56:35
individual exchanges can, but they will not be00:56:37
competitive;00:56:40
governments have no way of knowing00:56:42
whether people own Bitcoin; this is the00:56:45
safest way to store savings; native00:56:46
to the Internet; therefore, it is00:56:49
available always and everywhere;00:56:51
no asset in history could be00:56:54
bought so seamlessly allowing00:56:57
anyone with an internet connection to00:56:59
anonymously connect to the network and00:57:02
access their assets regardless of their00:57:04
geographic location,00:57:06
again anonymously00:57:10
this scares the government00:57:13
they understand that if people stop00:57:16
using fiat currencies new00:57:19
debt is needed to create inflation00:57:21
currency devaluation will not be created by by the00:57:23
same rules, this threatens the00:57:25
entire status quo of both themselves and their friends,00:57:30
which is why they are afraid of it and why they00:57:33
want to destroy it, for example, just00:57:36
this year in China they banned the mining of00:57:38
bitcoins and closed any types of exchange00:57:41
from the point of view of a totalitarian state,00:57:44
this is excellent strategy if you think about00:57:47
freedom for people then this is not so china is not00:57:50
alone in its struggle this year00:57:52
the UK also carried out attacks on00:57:54
bitcoin they banned advertising of bitcoin00:57:56
on buses and subways00:58:00
all advertising of bitcoin was banned by the00:58:03
government00:58:06
they are also putting pressure on00:58:08
commercial banks blocking transfers from00:58:10
bank accounts of UK citizens00:58:12
on a cryptocurrency exchange so that they00:58:15
cannot buy bitcoin00:58:21
so they are not only scared but they are00:58:25
also taking action to00:58:26
subsequently introduce their own00:58:27
central bank digital currencies if00:58:30
you do not have bitcoin they offer you00:58:32
this alternative what are you using00:58:35
alternatives you have no choice the reason00:58:38
they want to ban bitcoin00:58:40
is because they know how much00:58:42
power it has00:58:43
and they know that the government will lose its00:58:45
power as long as the government controls the00:58:47
money they can make decisions00:58:50
that the citizens agree with or they00:58:52
just don't understand what those decisions00:58:53
will have a direct or direct impact on them indirect00:58:55
influence as long as the government controls00:58:58
the money they can maintain their00:59:00
monopoly on violence00:59:01
Bitcoin was created 12 years ago as a00:59:04
response to the global financial crisis00:59:06
it was created as a solution to the00:59:07
financial problems overwhelming00:59:09
the economy and to free our00:59:11
monetary system from abuse00:59:13
Sayyidina Musa says the following is00:59:16
important to understand that the fiat system00:59:18
was not carefully consciously or00:59:20
intentionally designed by a financial00:59:23
system like bitcoin rather it00:59:25
evolved through a complex process of00:59:27
compromise between political00:59:28
constraints and expediency00:59:31
bitcoin is a real asset and it is00:59:34
not going anywhere and its maximum mission of 2100:59:37
million makes it the rarest asset00:59:40
on earth and ultimately account, the most00:59:42
attractive asset, listen to00:59:44
investment managers who00:59:46
understand bitcoin, if we are right and00:59:50
companies continue to diversify00:59:53
their funds,00:59:54
something like bitcoin and00:59:57
anal investors will begin to01:00:00
allocate five percent of their funds,01:00:03
we believe that the price will be01:00:08
10 times higher than today, that is, instead of01:00:12
reaching 45,000 more than 500 thousand in a jacket01:00:17
and look about01:00:19
kay sneakers wine old portfolio kirin01:00:23
bercy together I would recommend people01:00:26
to prepare several defensive strategies01:00:28
Personally I believe that bitcoin is an asset for01:00:30
long-term investment I invested some01:00:33
money bitcoin is a small percentage of01:00:36
what I have in gold which is01:00:38
relatively a small percentage of01:00:40
what I have other asset classes and01:00:42
so on I think it has its01:00:45
advantages I use bitcoin for01:00:47
diversification01:00:49
I'm always asked what should I do with01:00:51
my portfolio my employees ask01:00:54
answered listen the only thing I know01:00:57
for sure is that at the moment I01:00:59
I want to have five percent gold 5 that's01:01:02
not five percent for personal five01:01:04
percent of goods01:01:06
I don't know what I want to do with the other01:01:09
80 percent I have a little bit it's01:01:12
grown a lot since I'm01:01:14
obviously the nature of this01:01:16
asset class is changing I think that what is it01:01:19
consider all the boarding you cash and01:01:21
all the alternatives to some financial01:01:24
assets01:01:28
bitcoin one of these alternatives in the01:01:32
last couple of years we have printed 2601:01:34
percent of all dollars ever01:01:36
received01:01:37
then there are more of them than in the last two hundred and01:01:39
forty four years if we take into account01:01:41
quantitative easing it will happen01:01:43
what is it another plus 16 percent of dollars of01:01:45
circulation, so we will see 4001:01:47
percent of the increase in the money supply of01:01:48
dollars, which will reflect the valuable ones01:01:56
he is guilty of the topic and01:02:00
[music]01:02:05
if the 10th century cooperative for the men of01:02:08
their new ones are some imbecile 701:02:11
painted in Perm.01:02:13
seasoning energy from it obliquely at least01:02:17
empirical make an or install01:02:19
speaks about itself enough minutes for01:02:21
fun whether torrent I01:02:27
have a baron when circumstances change01:02:30
and adapt the thing is that I am an investor01:02:32
a lot more often than not what really01:02:35
matters to me are the steps taken by01:02:37
regulators in Switzerland and am engaged in01:02:39
investing in cryptocurrencies,01:02:41
France, Germany, England, then Canada opened01:02:44
on their exchange, now 7 different financial instruments are traded on their exchange,01:02:46
which are based on01:02:48
cryptocurrency, which is the complete01:02:50
opposite of what happened01:02:52
before, if you really understand01:02:55
bitcoin, you will understand why companies01:02:57
like morgan stanley are starting to enter01:02:59
this the sphere is rare and active, as we01:03:02
said last time, the balance of supply and01:03:04
demand simply and the crime of01:03:05
the blockchain make this asset very01:03:07
attractive in the modern world and01:03:09
constantly printing money01:03:11
is an amazing achievement to go all01:03:15
this way from development to the place01:03:17
where it is today to pass the01:03:19
test of time01:03:21
they have done incredible marketing01:03:24
work it's been around for 13 years and01:03:26
today millennials are looking at it01:03:28
like I've always watched onlookers I like01:03:34
bitcoin it's math math01:03:37
has been around for thousands of years and two plus two01:03:40
equals four and will for the01:03:42
next thousands so I like01:03:45
the idea of investing in something- then reliable01:03:47
follow honest and one hundred percent01:03:50
invariably with01:03:53
pairs of legs no, but your enemies are01:03:55
millions and straight women only01:03:58
angry peer-to-peer do not donate to the moon on a01:04:03
tank from the nickname the director of01:04:06
the sun and the Germans to ask and so01:04:10
you are free I like bitcoin because01:04:13
it is a way to invest in something what01:04:15
can you be sure of and the01:04:17
strange one that uses bitcoin01:04:20
Switzerland is a region where you can01:04:22
pay taxes in bitcoins just all01:04:25
this all this acceptance recognition that is01:04:28
happening now all over the world even by01:04:30
governments it just changes the01:04:32
rules and makes it more and more01:04:34
reliable01:04:37
the community supports there is life in it,01:04:39
regardless of political01:04:42
geopolitical and other situations, the01:04:45
fact that the government themselves allow01:04:47
it to be used in any form and in any01:04:49
way confirms this01:04:52
I am called to the game cell the president of01:04:55
El Salvador great day beautiful ones01:04:57
have enormous power but like01:04:59
most beautiful things they cannot01:05:01
be more fragile than we think when01:05:03
I was a child we thought about the future and01:05:05
were delighted with its possibilities, we01:05:07
couldn’t wait for it to come and01:05:09
wanted to be involved in its creation, but01:05:12
now ask almost any person01:05:14
what they think about the future, they will answer01:05:16
something like nuclear wars climate01:05:18
catastrophe famine comrade we have not put into01:05:21
practice the wonderful idea according to which01:05:23
we create our own future, that we as01:05:25
humanity can do almost anything we can01:05:27
imagine, our ingenuity01:05:30
distinguishes us from other species in El Salvador,01:05:32
we are trying to save this idea by starting to01:05:35
design the country in the future01:05:36
using the best ingredients that01:05:38
make us who we are and at the same time we01:05:41
use 4 to find the best example01:05:43
go from the history of the whole world I believe that01:05:46
bitcoin is one of such ideas as this is why01:05:48
next week a bill has been sent to01:05:50
Congress that will make01:05:52
hand legal tender in01:05:54
El Salvador in the short term this01:05:56
create jobs will help01:05:58
ensure we are accessible to thousands of01:06:01
people outside the01:06:02
formal economy01:06:05
lawmakers in El Salvador erupted in01:06:07
applause after voting to01:06:09
approve Bitcoin as01:06:11
legal tender on Wednesday,01:06:13
making the central American01:06:14
country the world's first to fully adopt the01:06:17
cryptocurrency01:06:20
bitcoin era around the world time abdominal we are01:06:24
ready01:06:26
this is a zoom ambassador port of Antep new traffic jam01:06:29
from this is an important step for our country a step01:06:32
for technology a step into the future that01:06:34
will bring our country financial01:06:36
inclusion investment tourism innovation01:06:39
economic development01:06:42
Baba Kelly has even more to be different01:06:45
plans regarding bitcoin environment he01:06:47
stated that he wants use01:06:48
renewable energy from the volcanoes of the party01:06:51
to provide power for my whether01:06:53
bitcoin is and has instructed the state-owned01:06:55
geothermal energy company flags01:06:57
and to develop a plan for the implementation of this01:07:00
initiative, the01:07:01
goal wants to be to01:07:03
use bitcoin as an01:07:05
actual means of payment by01:07:07
means of exchange to make its01:07:08
use kraz will allow a01:07:10
trial whether the country will eliminate all01:07:12
capital gains taxes some as01:07:14
you know are a sociable01:07:16
obstacle to actually01:07:17
using bitcoin as in01:07:19
lubeck potentially to01:07:21
make bitcoin based remittances01:07:23
cheaper and more free it01:07:25
seems that this is the main point of such01:07:28
as you think that us awaits in the future01:07:30
besides the adoption of bitcoin by El Salvador, will01:07:32
we see other countries following the01:07:35
example of El Salvador come01:07:39
I know that bitcoin is other cryptocurrencies01:07:42
from that balcony and is widely used in01:07:44
places such as the heads of the dark lager01:07:45
Genkin of Latin America of course in an01:07:48
alien sovereign default or periods of01:07:50
high inflation or monetary and01:07:52
repression, so there you can update01:07:54
a lot of users,01:07:55
of course, there are a lot of politicians who01:07:58
see the opportunity for the planet of lecturers01:08:00
to speak their side at their disposal,01:08:02
you know, we'll see what comes of it, but01:08:06
this is the first case01:08:08
1 legal state that you threw01:08:11
from the use of bitcoins in the room you01:08:13
followed so to be honest01:08:15
it looks like big changes are coming in a zigzag01:08:17
gexecik01:08:19
banks, unlike governments, are01:08:21
businesses; of course, they have their own personal01:08:24
interests, but they will adapt to what01:08:26
customers need; in fact, they are already01:08:29
adapting; they understand that they must01:08:31
offer new financial services01:08:33
that will be related to cryptocurrencies01:08:35
differently they will not be competitive01:08:37
because a person like me, a01:08:39
person like you, simply will no longer01:08:41
need their services because all01:08:43
this already exists in a completely01:08:45
decentralized and uncontrolled01:08:47
form, crap cryptocurrencies and firms,01:08:49
find 100 American banks want to01:08:51
start offering bitcoin to their clients01:08:53
they plan to allow customers to01:08:55
buy and sell digital01:08:57
cash through their existing accounts01:08:59
as early as this year, let's01:09:01
go to the banking reporter for details on01:09:04
what needs to happen for people to be able to01:09:07
access bitcoin at their01:09:08
banks hi kelly nice to meet you there is a01:09:12
company fps fps and one of the01:09:15
oral providers for banks, they have about 30001:09:17
million current accounts opened with01:09:19
thousands of their banking clients,01:09:21
so they are01:09:23
technology providers that serve many01:09:26
banks, in addition, there is also a company for01:09:29
storing cryptocurrency bitcoins01:09:31
called find the [ __ ] in on these01:09:33
made a deal with morgan stanley01:09:34
for example to offer01:09:36
institutional honda to their wealthy01:09:38
clients so you have a few up01:09:40
and coming players joining01:09:42
some established tech providers01:09:45
you know fs this is a skype company01:09:47
catalyzing $95 billion and they01:09:50
basically said we're going to make it easier for01:09:52
people to interact with bitcoin01:09:55
after all it's a financial asset they've done the01:09:57
research which showed that if01:09:59
people have the opportunity to own bitcoins01:10:00
through the service and which they already01:10:02
use to work with their other01:10:04
money, you know, their fiat01:10:06
money,01:10:07
if they can do this you will have01:10:10
a lot of adoption so essentially they01:10:12
will have access to clients of clients of these01:10:14
local regional banks who01:10:16
want to gain access,01:10:18
they will be able to go there through their01:10:21
banking application to see01:10:22
the cryptocurrency next to their other01:10:24
deposits and savings,01:10:29
we want to be at the center of any movement of01:10:31
funds, we are not trying to decide what will take off01:10:33
or not take off, we do not choose a winner01:10:36
or a loser,01:10:37
we are just ready for what may happen01:10:40
surpass I think that cryptocurrencies are a01:10:43
new trend there are cryptocurrencies01:10:45
which is a kind of digital01:10:47
gold for example bitcoin that's what we01:10:49
're trying to do is give the opportunity to01:10:51
use it that is a breeze to01:10:53
make sure that our card and visa can be01:10:55
used to buy bitcoin and01:10:57
then when someone finishes01:10:59
converting your bitcoin vat currency you01:11:01
can use your visa card01:11:03
to shop at 70 million01:11:05
merchants around the world so we01:11:08
are trying to give this opportunity we01:11:10
work with thirty five of the largest01:11:12
cryptocurrency wallets around the world01:11:14
so that these different digital currencies01:11:16
can be converted feat currencies and01:11:20
then spend this money from the visa card01:11:22
again at any of the 70 million01:11:25
merchants around the world01:11:28
[music]01:11:34
today markets are at record01:11:37
levels any ratio screams that01:11:40
we are at the peak of a cycle01:11:44
we have companies that are failing01:11:47
even now starting with china there is01:11:50
now a huge01:11:52
amount of money in the financial markets and it will be withdrawn01:11:57
the vast majority of this money is01:11:59
in digital form, much more01:12:02
than even all the cash reserves of all01:12:04
people combined this usually01:12:06
happens before a fall when the markets are at their01:12:09
peak of course so the money loses its01:12:12
value01:12:13
so investors should will spend01:12:16
money this way they always do this because01:12:18
they don’t want to lose money their01:12:21
work and the duty towards the01:12:22
client is to01:12:25
make a profit and they make losses so01:12:27
they will withdraw money from the financial01:12:28
markets this of course will lead to an even01:12:31
sharper drop but this is standard01:12:33
situation it happens in every cycle,01:12:35
however, as a rule, at this moment,01:12:37
most investors will begin to pour01:12:39
money into bonds,01:12:40
that is, government obligations with01:12:43
their interest rates are paid by01:12:46
them by governments,01:12:48
but these interest rates reflect the rates01:12:51
set by the central bank,01:12:53
so today the yield of many01:12:55
bonds is negative, which01:12:58
means what if I, as an investor, want to01:13:00
receive a certain income annually,01:13:02
even if it’s one percent, but today if01:13:05
I buy a European bond,01:13:08
I’ll end up losing money because01:13:10
it has a negative interest rate, that01:13:13
is, in fact, I’m losing money when01:13:15
buying this bond, which was01:13:17
positioned as a reliable01:13:18
investment instrument that gave01:13:21
at least some kind of profitability01:13:23
now, even this is not the case, therefore, in the case01:13:27
when money is withdrawn, it will not be01:13:29
sent to bonds because there is01:13:32
no point in this, because the government can no longer01:13:34
detain the value of this01:13:36
instrument in the long term and01:13:38
trust in them has been lost, and01:13:40
now when trust in there is no01:13:43
where the money will go,01:13:44
it can go into gold, but gold, as01:13:48
we just saw, can be01:13:49
controlled by the government,01:13:50
was controlled by the government, and over the01:13:52
last ten years has not increased in price,01:13:54
it costs the same as 10 years01:13:56
ago, and so of course some of the money will go into01:13:59
gold because this is a classic01:14:01
defensive asset and money will go beyond gold,01:14:05
but at the same time, a new01:14:08
global financial market is being created,01:14:10
led by bitcoins, but also all01:14:13
other cryptocurrencies, too. Bitcoin is the01:14:16
first time in the history of finance when an01:14:18
asset reaches such a valuation level so quickly,01:14:23
in addition, the speed of adoption of this01:14:25
technology the Internet was spreading at an unprecedented01:14:29
rate not so long ago,01:14:35
I want to say that we have never seen01:14:37
something spread so rapidly,01:14:39
that the introduction of01:14:41
technological progress was so01:14:43
rapid, today Bitcoin and cryptocurrencies01:14:45
are developing faster than the Internet, which in01:14:48
my opinion is logical because they are close to01:14:50
many, especially the young generation of the01:14:52
older generation, the powers that be are of course01:14:55
far from the two warriors,01:14:59
I want to especially emphasize bitcoin01:15:02
because bitcoins are a safe01:15:04
foundation about the application created,01:15:07
including by other crypto projects, is now01:15:09
also built on the basis of bitcoin,01:15:15
so for funds with serious money and01:15:18
long-term goals, buying bitcoin01:15:21
is one of the best decisions that01:15:23
can only be made and given its01:15:26
volatility and the01:15:28
hedging opportunities it provides, its risk01:15:30
compared to the traditional assets they are used to is01:15:33
much lower, which is why I am sure and01:15:36
no one is convinced that Bitcoin will become a01:15:39
black hole that will absorb01:15:42
most of this money from ticking01:15:44
traditional markets because the value of the01:15:46
latter will simply dissolve, there01:15:51
have never been assets01:15:54
like this that would combine01:15:56
technological progress with financial01:15:58
systems, it is time for us to01:16:00
have money that would be01:16:02
as openly anonymous as the01:16:04
Internet itself bitcoin is taking control of01:16:07
money from governments and giving it back01:16:09
people he deprives the power of governments and01:16:12
politicians deprives of power those01:16:14
corrupt officials who01:16:16
abuse their position and01:16:18
limit our freedoms we have seen that01:16:20
our financial system needs a01:16:22
reboot and the only solution01:16:24
that governments have is to01:16:26
print more trillions devalues01:16:28
our currency along the way they will01:16:31
continue to do people are more dependent01:16:33
on governments because01:16:35
social security spending must01:16:37
increase to cover their01:16:38
irresponsible money management this01:16:41
creates a snowball effect for governments01:16:42
inflation leads to higher levels of01:16:45
poverty in the population leads to increased01:16:47
social security spending leads01:16:50
to increased government control01:16:52
bitcoin is a way out of control01:16:54
a system that only favors01:16:56
the rich and flies is also the first time01:16:59
that because of the incentives created by these01:17:01
people to ensure that bitcoin never01:17:03
becomes the world's money, ordinary people01:17:05
can get ahead of them and increase their01:17:07
personal wealth before these people01:17:09
consider themselves or you will get a chance to01:17:12
do it Bitcoin is slowly taking over the world01:17:15
and will absorb a significant part of the value01:17:17
that is currently stuck in the01:17:19
traditional financial system. Do you01:17:21
really want to be left behind01:17:23
along with the outsiders?01:17:26
translation and voice-over made by the01:17:28
bitcoin youtube channel with the participation of the 21 ideas project01:17:32
[music]Description:
ДОПОЛНИТЕЛЬНЫЕ РЕСУРСЫ В ОПИСАНИИ НИЖЕ Великая Перезагрузка и Становление Биткоина - документальный фильм, исследующий текущее состояние экономики и влияние, которое может оказать на мир новая денежная система, такая как Биткоин. Узнайте правду об экономике, долгосрочных и краткосрочных циклах, инфляции и Биткоине. 💙 Телеграм: https://t.me/BitKornRUS Фильм переведён с разрешения автора. Оригинал: https://www.youtube.com/watch?v=xw9VshkgxJ4 💙 Твиттер автора: https://twitter.com/CierrePorbin 💙 Твиттер фильма: https://twitter.com/thegreatreseta1 Сайт: www.thegreatresetfilm.com Если хотите поддержать развитие канала и видеть здесь больше видео, то можете это сделать по следующим адресам: 💸 Bitcoin: bc1qk59cm2vtreu8qezutlsf292zpmhpr2khrsv4hj ⚡ Lightning: https://coinos.io/BitKorn ⚡ [email protected] Перевод сделан при поддержке проекта http://www.21ideas.org (ex. Bitcoin Translated): YouTube: https://www.youtube.com/c/21%D0%B8%D0%B4%D0%B5%D1%8F WWW: https://www.21ideas.org/ Telegram: https://t.me/bitcoin21ideas Мои переводы и озвучка для 21ideas: https://www.youtube.com/playlist?list=PL4Iznl-WZTbArxUBKEQo1whK74GX8Hl97 Дополнительно к этому видео рекомендую. Видео: 🔗 Подробное объяснение как работает майнинг и хэш функций: https://youtu.be/MtRTtOf49EQ 🔗 Действительно ли майнинг вреден для окружающей среды? - https://www.youtube.com/watch?v=XheVp8h_Nug 🔗 Перевод интервью с генеральным директором MicroStrategy (владеют ~120 000 Биткоинов): https://youtu.be/4EkHhln73Qo 🔗 Открытое письмо Рэю Далио: 1 часть - https://youtu.be/c1A1OVFL5yo 2 часть - https://youtu.be/rWyx6VYMO0w 3 часть - https://youtu.be/Sqe9S51EmDs 🔗 Как действует экономическая машина. Автор: Рэй Далио - https://www.youtube.com/watch?v=8BaNOlIfMLE Книги: 🔗 Сейфедин Аммус - Биткоин Стандарт: https://www.ozon.ru/product/kratkaya-istoriya-deneg-ili-vse-chto-nuzhno-znat-o-bitkoine-150505206/?sh=9xmM7gAAAA Сейфедин Аммус - Фиатный Стандарт: https://saifedean.com/the-fiat-standard/ Перевода на русский пока нет. Проект 21ideas в том числе занимается переводами книг (https://www.21ideas.org/books/). Интересующихся обращаться к Tony Lightining
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