Read_885 The Great Taking [P4]

[00:00:00] Speaker A: Only the Federal Reserve System was designed to survive and take over all assets and banking activities. Only the Federal Reserve banks and those. [00:00:10] Speaker B: Selected and controlled by the Federal Reserve were allowed to reopen. The Federal Reserve was also indemnified by. [00:00:18] Speaker A: The government, that is the public, for any losses. And so large scale closure of banks and taking of bank deposits is not unprecedented. Holders of cash in banks are unsecured. [00:00:33] Speaker B: Creditors with no enforceable claim to their money. [00:00:38] Speaker A: All deposits and assets will be taken. [00:00:41] Speaker B: By the protected class of secured creditors. This is where it is going. [00:00:49] Speaker A: The best in Bitcoin made Audible I am Guy Swan and this is Bitcoin. Audible. [00:01:12] Speaker C: What is up guys? Welcome back to Bitcoin. [00:01:15] Speaker A: Audible I am Guy Swan, the guy who has read more about Bitcoin than anybody else you know. [00:01:21] Speaker C: And we are closing out the great taking the book by David Rogers Webb. [00:01:28] Speaker A: On the everything bubble, the coming everything. [00:01:32] Speaker C: Crash, and the systematic structure that has. [00:01:36] Speaker B: Been put in place for 15 or. [00:01:38] Speaker C: 20 years that will funnel every bit. [00:01:41] Speaker B: Of collateral, securities and financial system ownership. [00:01:46] Speaker C: Into a select few secured creditors and central banking entities defined as quote unquote, the protected class. And this has been done without public scrutiny, without a vote, without the people even knowing they already own nothing. [00:02:05] Speaker A: It has all already been allocated as. [00:02:08] Speaker B: Legally confiscatable collateral for the giant banking and financial system Ponzi scheme. If you're only coming in on part four here, you need to go back. [00:02:20] Speaker A: And listen to part one through three. [00:02:21] Speaker C: Because this is the conclusion of a much bigger piece. [00:02:25] Speaker A: I want to share a really interesting. [00:02:27] Speaker C: Story and I guess kind of a warning actually that feels relevant to this piece that I got from the latest Financial Freedom Report. [00:02:36] Speaker A: So an elderly woman in China was. [00:02:39] Speaker B: Not allowed to withdraw her own money. [00:02:42] Speaker A: When she was trying to get to pay for medical costs. This forced her to show up in person in her wheelchair to pass a facial recognition scan. But for some reason the scans kept. [00:02:54] Speaker C: Failing, which I would assume is probably. [00:02:56] Speaker A: Because of how weak she is or. [00:02:58] Speaker C: Her illness or maybe the facial scans just suck. [00:03:01] Speaker B: But after struggling with this for a while and failing many attempts, she collapsed. [00:03:06] Speaker C: And died before the process could actually be completed. [00:03:10] Speaker A: I want to say that again. [00:03:12] Speaker B: She died trying to get permission to. [00:03:17] Speaker C: Use her own money to try and save her life. [00:03:21] Speaker A: And Western politicians have been praising China's success in setting up their surveillance and CBD system. [00:03:31] Speaker B: That is what this is. [00:03:33] Speaker A: This is not a hypothetical anymore. It's happening all over the place. [00:03:38] Speaker B: This is the future of fiat. [00:03:41] Speaker A: If you aren't taking Bitcoin seriously or. [00:03:44] Speaker B: You'Re not taking the fact that there are real risks, whether it's some explicit cabal that's orchestrating and designing all of. [00:03:52] Speaker A: This, or if it's just a confluence. [00:03:54] Speaker B: Of disincentives for a small subset of people and them trying to protect themselves. Whatever you think it is, it's real. [00:04:03] Speaker A: And you have to protect yourself from it. So get a wallet. [00:04:06] Speaker B: Hold your keys. In fact, you can get the BitKit. [00:04:08] Speaker C: Wallet, which makes on chain and lightning dumb easy. [00:04:12] Speaker A: And so you're not blindsided by all. [00:04:14] Speaker B: Of this, subscribe to the Financial Freedom Report, because that's where I get these stories. [00:04:17] Speaker C: And while you're realizing what a good. [00:04:19] Speaker B: Idea both of those are, you can. [00:04:21] Speaker A: Listen to Part four and the conclusion. [00:04:24] Speaker B: Of the Great Taking. [00:04:25] Speaker A: And we're jumping in on the section. [00:04:27] Speaker B: Titled Chapter 8, Bank Holiday they have bartered their birthright for a mess of pottage. William Blake My Aunt Elizabeth had been 10 years old when the banks were closed by executive order in 1933. When I asked her to tell me about the Great Depression, she said that suddenly no one had any money, that even wealthy families had no money and had to take their daughters out of private school because they could not pay the tuition. I wondered why even these wealthy families could not send their children back to their schools after the banks were reopened. The answer is that only the Federal Reserve banks and banks selected by the Federal Reserve were allowed to reopen. The Federal Reserve banks, writes Alan Meltzer, sent the treasury lists of banks recommended for reopening, and the treasury licensed those it approved. Meltzer's study, A History of the Federal Reserve, is considered the most comprehensive history of the central bank. People with money in banks that were not allowed to reopen lost all of it. Their debts were not canceled, however, these were taken over by the banks selected by the Federal Reserve System. If these people could not make their debt payments, which was now likely since they had lost their cash, they lost everything they had financed with any amount of debt, for example, their house, their car, and their business. Thousands of banks were never allowed to reopen. The grand facades of former bank buildings could be seen around Cleveland. There was such devastation of banks that a neighborhood Catholic church was built with massive stone columns salvaged from a bank building which had been demolished. The Cleveland Trust Company had grown through acquisition to become by 1924, the sixth largest bank in the United States. As noted by the Case Western Reserve University Encyclopedia of Cleveland History, quote, the bank survived the Depression. Well, how was that possible? It was selected by the Federal Reserve to consolidate debts. I had a finance professor who told the class that Cleveland Trust had run a systematic process of foreclosing upon and evicting many thousands of families from their homes in the Greater Cleveland area. After these families were evicted from their homes and their equity wiped out, they were offered the possibility of moving back into their former homes as renters, the advantage of Cleveland Trust being that these families would pay to keep the houses heated until they could be sold. Cleveland Trust did well. How did my finance professor know about this? His family was one of the many thousands of families whose home mortgage had been taken over by Cleveland Trust. Contrast this with the cheery image conveyed by William L. Silber, who was a member of the Economic Advisory Panel of the Federal Reserve bank of New York. In his article why did FDR's bank holiday succeed? Silber writes, much to everyone's relief, when the institutions reopened for business on March 13, depositors stood in line to return their hoarded cash to neighborhood banks. Within two weeks, Americans had redeposited more than half of the currency that they had squirreled away before the suspension. The market registered its approval as well. On March 15, 1933, the first day of trading after the extended closure, the New York Stock Exchange recorded the largest one day price increase ever. With the benefit of hindsight, the nationwide bank holiday in March 1933 ended the bank runs that had plagued the Great Depression. Contemporary observers consider the bank holiday in the fireside chat, the one two punch that broke the back of the Great Depression. The speed with which the Bank Holiday act re established the integrity of the payment system demonstrates the power of credible regime shifting policies. The Emergency Banking act of 1933 had been passed by Congress on March 9, 1933, three days after FDR declared the bank holiday. With only a single copy available on the floor of the House of Representatives and with copies being made available to Senators as the bill was being proposed in the Senate after it had passed the House. Was it successful? We are led to believe that the bank holiday was a brilliant scheme. Well, it was for some it was enormously successful. For those banking interests who took the assets and consolidated their power, it certainly demonstrated the power of regime shifting policies. We will see that it was not just about taking people's homes and other stuff. As to ending the panic, perhaps that is not so difficult to do when you have fomented the panic. In the Wikipedia article the Great Depression, we find the following illumination of the Fed's odd behavior in the years leading up to the bank holiday. The monetarist explanation was given by American economists Milton Friedman and Anna J. Schwartz. They argued that the Great Depression was caused by the banking crisis that caused one third of all banks to vanish, a reduction of bank shareholder wealth, and more importantly, monetary contraction of 35%, which they called the Great Contraction. By not lowering interest rates and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into into the Great Depression. The Federal Reserve allowed some large public bank failures, particularly that of the New York bank of the United States in December 1930, which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that if the Fed had provided emergency lending to these key banks or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of the banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. This view was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Ana regarding the Great Depression. You're right, we did it. We're very sorry, but thanks to you, we won't do it again. As this is ancient history, it was safe for Bernanke to make such an admission. But more to the point, it would allow him to posture as the wise man who had studied the mistakes of the Federal Reserve, and then to justify the Fed's extraordinary measures to follow in the global financial crisis. Is the Fed indeed very sorry? Can one believe the promise that we won't do it again? They have studied the lessons of the past in detail. However, their purpose has been to prepare a new and improved global version for the spectacular end of this debt expansion super cycle. That's what this book is about. Contrary to the image of success which has been handed down to us, the bank holiday did not end the Great Depression. There was no recovery which might have allowed people to service their debts and keep their property. Why was that? Inexplicably, the Federal Reserve kept conditions tight. According to the literature on the subject, the possible causes were a contraction in the money supply caused by Federal Reserve and Treasury Department policies and contractionary fiscal policies. If that was a comprehensive program to assure there would be no recovery, it worked quite well. Conditions remained broadly stressful for years, and they kept price Levels down so that people had no opportunity to sell assets for paying off debts. I know from family letters that despite having no debts, times were quite tough. Grandma Webb wrote to her son, who was in a youth athletic program on an army base, about Grandpa Webb having been out trying to get any work for Webb equipment. That was in 1936. Contrary to the image of FDR as a savior, the people in my family who lived through the 30s considered FDR to be something like Satan himself. And they were not religious people. Here is an interesting quote from the Emergency Banking act of 1933 passed by Congress on March 9th. Combined with the Federal Reserve's commitment to supply unlimited amounts of currency to reopened banks, created de facto 100% deposit insurance. So according to William L. Silber, who was an economic adviser to the Federal Reserve bank of New York, the Fed miraculously and suddenly in March of 1933, had the means to supply unlimited amounts of currency to reopened banks, which were, of course, only the banks selected by the Federal Reserve System. Clearly, the Fed had had the means all along to avoid the failure of those thousands of banks. A panic can be fomented easily when you run the system. They made it happen. They planned it and then brought their solution after they got their regime shifting policies in place. The Federal Reserve System and the banks selected by the Fed were prepared to take things from people on a vast scale. Their homes, their cars, and even their new electric appliances which have been sold to them with the innovation of consumer credit cards. Did the bankers need to take this property? What was the real purpose? Can you get past the idea that they were trying to help? Even if we can, we are always led to think about this in a small way, that it is always about a natural human greed for money and for material things. It was not then and it is not now. If they don't want your money and they don't really want or need your stuff, and they're not trying to help you, what do they want? What's the point of all of their efforts? This may be difficult to hear. It was deliberate strategy. It was about ultimate complete power allowing no centers of resistance. And so it was about deprivation. It was about subjugation, and it still is in more ways than we know. It was not about helping people then, and it's not about helping people now. It is all part of the same deliberate hurting of humanity and elimination of any pockets of resilience which plagues us still. While Cleveland is now a crumbling city, it was a center of incredible prosperity in the 1920s. The Federal Reserve bank building in Cleveland was completed in 1923, less than 10 years after the signing of the Federal Reserve Act. The bank vault is the largest in the world and it incorporates the largest hinge ever built. It seems they were preparing to put a lot of stuff in there and for the possibility that there might be some stress about that perhaps it was not to be filled with refrigerators, washing machines and toasters. There are machine gun turrets above the sidewalk. On the street level, there was a larger objective. The preparatory work had been laid when the Federal Reserve System was secretly planned. And with the passage of the Federal Reserve act in the quiet before Christmas 1913, the Federal Reserve act set up an inevitable logic that the Fed must take the gold of the public in a sufficiently major crisis with the justification that credit could not be expanded otherwise. This is exactly what is now set up to happen with all securities owned by the public globally. Here is an important excerpt from the Wikipedia article on Executive Order 6102. The stated reason for the order was that hard times had caused hoarding of gold. However, quote, the main rationale behind the order was actually to remove the constraint on the Federal Reserve, preventing it from increasing the money supply. During the Depression. The Federal Reserve Act 1913 required 40% gold backing of Federal Reserve notes that were issued. By the late 1920s, the Federal Reserve had almost reached the limit of allowable credit in the form of Federal Reserve demand notes, which could be backed by gold in its possession. The Executive Order to confiscate all gold owned by the public was made under the authority of the Trading with the enemy act of 1917, which had been enacted four years after the creation of the Federal Reserve. The act had been used to confiscate the property of interned natives of Germany and more. This is described by Daniel A. Gross in his article the US Confiscated half a billion Dollars in private property during World War I, whose subtitle reads, America's home front was the site of internment, deportation and vast property seizure. Apparently all the US Public was now the enemy. Think about this. People who were simply protecting themselves and their families from the actions of the Federal Reserve System were accused of hoarding gold and literally criminalized if they persisted in doing so. The rationale is incredible. You are hoarding gold, so we will take it. And do what with it? Hoard it. As we have seen, once they had taken the gold of the public, they did not then use the resource to expand credit. People remained in a debt trap. The deprivation continued and even worsened. Clearly the need to expand credit served only as a pretext for the confiscation of the public's gold, which was the real premeditated objective. I asked my father why people had turned in their gold. He said that if you did not, you were a criminal, but further that there was nothing you would be able to do with it because you could not legally transport or sell it. So essentially the use and value of gold had been confiscated. This was certainly the case because it remained illegal for a US person to own gold for more than 40 years. Here are some excerpts from Executive Order 6102. All persons are hereby required to deliver on or before May 1, 1933 to a federal Reserve bank or branch or agency thereof, or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership. Whoever willfully violates any provision of this Executive Order may be fined not more than $10,000 or if a natur may be imprisoned for not more than 10 years or both. Note that the penalties were quite severe and that all the gold was literally to be turned over to the Federal Reserve System. How nice. Now we can see the purpose of constructing in 1923 the largest bank vault in the world and a fortified building. Perhaps gold will not be confiscated immediately this time around. Gold has not been targeted as the essential collateral backing as was the case under the Federal Reserve Act. In this go around it is securities of all kinds globally which have been set up as the collateral backing underpinning the derivatives complex. The big banks are organized as holding companies with subsidiaries. The purpose of this structure is to legally separate risks. A subsidiary can be designed to take on liabilities which cannot attach to assets in other subsidiaries or to the holding company. The weakened subsidiary can be separately bankrupted. It is quite possible that the big banks have suppressed the price of gold by selling paper gold in subsidiaries which will be allowed to fail while accumulating physical gold in other subsidiaries which are designed to survive. This, however, does not assure that you, as a member of the Great Unwashed will be allowed to keep your gold. Not if this juggernaut continues in motion. I recall the words of my father who had lived through all of the only thing they can't take from you is your education. Only the Federal Reserve System was designed to survive and take over all assets and banking activities. Only the Federal Reserve banks and those selected and controlled by the Federal Reserve were allowed to reopen. The Federal Reserve was also indemnified by the government, that is the public, for any losses and so large scale closure of banks and taking of bank deposits is not unprecedented. Holders of cash in banks are unsecured creditors with no enforceable claim to their money. It has been promised that there will be no taxpayer bailout this time, as if that is a good thing. Why? Simply because this will allow the banks to be closed rather than nationalized. Then all deposits and assets will be taken by the protected class of secured creditors. This is where it is going. Some wealthy people may think they will hide from this by keeping their money with the too big to fail banks. Perhaps it will seem that they have succeeded in this through the early stages of the banking crisis. However, this regime shift is designed to be all encompassing. Ordinarily the deposit taking subsidiaries should be quite secure. But a strategy has been set up so that the deposit taking subsidiaries of the too big to fail banks can be separately bankrupted when the time comes. How can we know that the Fed has the power to give exemptions to any bank to move derivatives into deposit taking subsidiaries and it has done so. It has been tested and on a large scale. Apparently it is easily and unilaterally done by the Fed by granting exemptions to Section 23A of the Federal Reserve Act. Here are some excerpts from a Bloomberg News article from 2011 bank of America Corp. Hit by a credit downgrade last month, has moved derivatives from its Merrill lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company. Bank of America's holding company, the parent of both the retail bank and the Merrill lynch securities unit, held almost $75 trillion of derivatives at the end of June. About 53 trillion, or 71%, were within bank of America NA, according to the data, which represent the notional values of the trades. That compares with JP Morgan's deposit taking entity, JPMorgan Chase Bank NA, which contained 99% of the New York based firm's 79 trillion of notional derivatives. Moving derivatives contracts between units of a bank holding company is limited under section 23A of the Federal Reserve act, which designed to prevent a lender's affiliates from benefiting from its federal subsidy and to protect the bank from excessive risk originating at the non bank affiliate, said Saul T. Almerova, a law professor at the University of North Carolina at Chapel Hill School of law. In 2009, the Fed granted Section 23A exemptions to the banking arms of Ally Financial Inc. HSBC Holdings PLC Fifth Third Bank Corp. ING Group, NV General Electric Company, Northern Trust Corporation, CIT Group Inc. Morgan Stanley and Goldman Sachs Group Inc. Among others. And here are excerpts from another article on the same subject. Bank of America, NYSE BAC has shifted about $22 trillion worth of derivative obligations from Merrill lynch and the BAC Holding Company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion. This all has the blessing of the Federal Reserve which approved the transfer of derivatives from Merrill lynch to the insured retail unit of BAC before it was done. This is not an isolated instance. JPMorgan Chase is being allowed to house its unstable derivative obligations within its FDIC insured retail bank. IT other big banks do the same. Keep in mind when you see the scale of the derivative positions in these individual banks that the size of the entire global economy was around $74 trillion in 2011. So individual banks had derivatives books the size of the entire global economy and they moved them into their deposit taking subsidiaries with the approval of the Fed. Why has this been tested on such a large scale? It seems they are quite serious about something. Is the intent to make the deposit taking subsidiaries safer? What is the real purpose used? At the appropriate time this will assure the collapse of the deposit taking subsidiaries of the too big to fail banks, allowing the taking of money comprehensively, including from depositors in these deposit taking subsidiaries, leaving essentially no money anywhere and no pockets of resilience or of potential resistance. Meanwhile, in the chaos of the ensuing global wave of insolvencies peppered with contrived existential threats, the protected class of bank holding companies and their subsidiaries designed for continuance will not only survive but thrive taking essentially all collateral. This will be put forth as an imperative that is that they must survive and be strong for the sake of humanity so that the system might begin again and we all might move forward. People will be desperate and simply want the terror to stop. What fig leaf will depositors have to protect them from the protected class? The deposit insurance fund DIF of the Federal Deposit Insurance Corporation FDIC was $128.2 billion as of December 31, 2022, the FDIC is required to fund the DIF to 1.35% of insured deposits. The DIF can be exhausted and indeed has been totally depleted twice in the savings and loan crisis and in the global financial crisis. In these instances the FDIC was Allowed to borrow funds from the Federal Financing Bank. The FDIC has a line of credit with the treasury for up to $100 billion. If this credit line were fully utilized, total resources could be $228 billion. Roughly 2% of insured deposits. So if the entire banking system is insolvent, insured depositors get 2 cent on the dollar. That will not go far in a widespread banking crisis or if the deposit taking subsidiary of a major bank is bankrupted. For example, bank of America and JP Morgan have over $2 trillion and $2.5 trillion in deposits respectively. In Europe, banking union was initiated in 2012, supposedly as a response to the Eurozone crisis. This has transferred responsibility from banking policy from the national level to the EU level in 21 countries. Sweden has thus far resisted pressure from its own central bank to join the banking union. Denmark and Poland have signed but not yet ratified the treaty. The objective, I believe, was to create a construct, the goal of which is preventing stabilization of banks through nationalization under the simplistic pretext that as the wind down of the banks will be handled entirely privately, no taxpayer funds will be used. Resolution powers over the captured banking Systems, including around 3,000 banks and other financial institutions, have been conferred to a resolution authority, the Single Resolution Board, which will execute a single resolution mechanism. A Single Resolution Fund, or srf, will be used for the exercise of resolution powers. The SRF is composed of contributions from credit institutions and certain investment firms in the participating member states within the banking union. The SRF must by law reach the target level of at least 1% of covered deposits by December 31, 2023, at which time the deposit insurance regime is intended to be fully mutualized among the member states. The SRF is protected to be approximately $80 billion at that point. A revolving credit line from the European Stability Mechanism will match the SRF, stepping up total backing to 2% of covered deposits, approximately 160 billion euros, and thereby reaching harmonization with the level of 2% backing of deposits in the US. The SRB, or single resolution Board, is now aiming to capture and incorporate into the SRM the Single Resolution Mechanism, the Legacy National Deposit Guarantee Schemes or dgs. The SRB has a problem with something called Super Priority. In bankruptcy, Super Priority claims rank with or even above those of secured creditors. The SRB has stated that the Super Priority of DGS makes it de facto unrealistic to use DGS funds in resolution. The SRB has further stated that the SRB supports removing the DGS Super Priority and adopting a general depositor process preference. Why do they object to super priority for DGs? While these funds are quite small, with Super Priority the funds used from national DGs would certainly be recovered from the assets of the bank and thus could be reused. It would give the National DGs a seat at the table alongside the senior secured creditors, potentially involving the state in each resolution process. The SRB absolutely does not want that. They are attempting to force agreement that these funds will be treated as a general depositor preference which would put any such funds just ahead of unsecured creditors but behind secured creditors. Practically speaking, this means that the funds would not be recovered and would be wiped out in the first major failure that seems to be the objective. Super Priority is only for the protected class. The public can only be allowed an appearance of protection The Single Resolution Board. [00:33:22] Speaker A: Has directed the biggest banks to prepare. [00:33:24] Speaker B: For solvent wind down or swd. Again, that sounds like a good thing, but given the scale of the bubble, this cannot possibly mean the solvency of the entire banking system. I suggest that what this means is the preparation of certain portions of the biggest banks to remain solvent. All G SIBs globally systemically important banks are expected to work on SWD or solvent wind down planning as an RPC resolution planning cycle 2022 priority. Other banks will be identified and approached in the course of 2022 following a further assessment of the significance of their trading books to work on SWD planning as a RPC 2023 priority. G SIBs are expected to prepare to plan and ensure that capabilities are ready to deliver day one expectations in 2022, while other banks approached in 2022 are expected to deliver on these in 2023. Banks should take all the necessary steps to ensure that all Day one SWD related expectations are implemented on time. Here are further Excerpts from the SRB's Work Program of 2023. The SRB's 2023 Work Program is set against a backdrop of great uncertainty. While the start of 2022 saw economies beginning to emerge from the pandemic, 2023 will see added challenges in part stemming from Russian aggression in Ukraine. Rising energy costs have led to double digit inflation in many parts of the banking union. Now more than ever, it is important we finalize the work on banking resolvability and ensure that all of the goals set out in the SRB's expectations for banks are met before the year is out. This was the initial target date and we are on track to meet it. The coming 12 months will see the SRB's focus moving from the more general phases of drafting and fine tuning of resolution plans towards ensuring that each plan and preferred resolution strategy for each bank is implementable at short notice. At the same time, crisis preparedness needs to be further strengthened to equip the SRB with all tools needed to react to a looming crisis, implement a resolution scheme and manage any necessary restructuring of the bank. It is clear that more harmonized European measures are the way forward rather than re nationalizing and weakening European financial stability tools. Nevertheless, there will always be losses when a bank gets into trouble. Resolution is not a miracle fix all solution. Rather it is about attributing and sharing the losses a bank suffers. The year 2023 will be the last of a transitional period for the establishment of the main elements of the resolution framework in the banking union. It seems we are getting very close to showtime. An indication that the powers that be are extremely serious can be seen in the SRB press release from 2022 Principles of US European Banking Union and UK Financial Authorities meet for regular coordination exercise on Cross Border Resolution Planning the Heads. [00:36:34] Speaker A: Of Resolution, Regulatory and Supervisory authorities, Central Banks and Finance Ministries of the United States, the United Kingdom and the European Banking Union are among leaders participating in. [00:36:44] Speaker B: A trilateral principal level exercise on Saturday, April 23, 2022. The meeting is part of a series. [00:36:50] Speaker A: Of regular exercises and exchanges among the. [00:36:53] Speaker B: Principals of these key financial sector authorities. [00:36:56] Speaker A: To enhance understanding of each jurisdiction's resolution. [00:36:58] Speaker B: Regime for global systemically important banks and. [00:37:01] Speaker A: To strengthen coordination on cross border resolution. This Exercise builds on six prior cross. [00:37:07] Speaker B: Border principle level events going back to 2014 with the European banking union authorities. [00:37:12] Speaker A: Joining in 2016 from the U.S. the. [00:37:15] Speaker B: Participants are expected to include the Secretary of the treasury, the Chairman of the Board of Governors of the Federal Reserve System, the President of the Federal Reserve. [00:37:22] Speaker A: Bank of New York, the Acting Chairman. [00:37:24] Speaker B: Of the Federal Deposit Insurance Corporation, the. [00:37:26] Speaker A: Chairman of the securities and Exchange Commission, the Acting Comptroller of the Currency, the Chairman of the Consumer Financial Protection Bureau, and the Chairman of the Commodity Futures Trading Commission. Participants from the European Banking Union include principals from the Single Resolution Board, the. [00:37:41] Speaker B: European Commission and the European Central Bank. Participants from the United Kingdom include principals from HM treasury and the bank of England. [00:37:50] Speaker A: This level of attention from the US Side is extremely unusual. I have never seen anything like this happen, let alone seven times in eight years. It's almost as if they are planning something quite serious. The Atlantic Council is a think tank which creates a meeting place for heads of state, military and institutional leaders. It is a member of the Atlantic Treaty association, an umbrella organization which draws together political leaders and Academics, military officials and diplomats to support the North Atlantic Treaty Organization or NATO. The focus of the Atlantic Council is military strategy, not economics. And what is the Atlantic Council focusing on now? Central bank digital currency cbdc, which is virtual money backed and issued directly by central banks. [00:38:43] Speaker B: The Atlantic Council has quite a nice CBDC tracker. [00:38:48] Speaker A: Here one can see that as of this writing, central banks in 114 countries representing 95% of the global economy are working on CBDCs and that 11 countries have fully launched digital currency that all G7 economies have now moved into the development stage of CBDDC and that 18 of the G20 countries are now in the advanced stage of development. Why is this happening now globally? [00:39:16] Speaker B: Is it really a desire to bring. [00:39:19] Speaker A: Financial inclusion to the disadvantaged? Why would the Atlantic Council, a military strategy think tank, focus on cbdc? We are living within a global hybrid war, a component of which will be the collapse of the banking, money and payment systems globally. War aims will be achieved by means other than kinetic war. The foremost aim of the people who have privately controlled the central banks and money creation is that they will remain in power forever. They can risk no pockets of resistance. Augustine Karstens is the General manager of the bank for International Settlements or bis. One can see the following comments of his which have gone viral and just after the 24 minute mark in the video of the virtual meeting titled Cross Border Payments A Vision for the Future. We don't know who's using a hundred dollar bill today and we don't know who's using a thousand peso bill today. The key difference with the CBDC is the central bank will have absolute control in the rules and regulations that will determine the use of that expression, a central bank liability. And also we will have the technology to enforce that. In other words, CBDC means absolute control. And so if the old money system somehow collapses, new money will be provided by the central banks in the form of central bank digital currency cbdc, the New and improved Control System. Imagine it is chaos. You have lost everything but your smartphone. If you don't have one, don't worry. [00:41:05] Speaker B: You will be issued one. [00:41:07] Speaker A: You will download an app, you will click boxes agreeing to everything. You will become increasingly indebted. With each payment you make using the CBDC you are given on your phone. [00:41:21] Speaker B: You will be told what to do. [00:41:23] Speaker A: And what not to do. From then on you will comply. [00:41:27] Speaker B: If you want to eat. [00:41:31] Speaker A: Chapter 9 the Great Deflation Wisdom Comes Alone through Suffering Aeschylus I went down to the Cleveland Public Library and paged through the old chart books of commodity prices and stocks stretching back into the 19th century. I found that in the 1930s, all commodities, with the sole exception of gold. [00:41:58] Speaker B: Bottomed at the lows of the prior 60 years. [00:42:02] Speaker A: Most public companies ceased to exist. They had gone bankrupt. The shareholders were wiped out. The assets were taken by the secured creditors, the banks selected by the Federal Reserve System. Price levels did not recover for decades. 1923, Grandpa Rogers, the surgeon who had been in the first US medical unit into the Great War, bought three housing lots in Shaker Heights, a new upscale suburb of Cleveland. These properties would have gone up in value through the twenties. In 1929, the stock market crashed. He was probably quite glad that he had not sold the lots and put the money into the stock market in 1933, when the banks were closed. [00:42:49] Speaker B: He was probably quite glad that he. [00:42:51] Speaker A: Had not sold the lots and put the money in the banks in 1952. Three decades later, his widow finally sold the lots for one third of what Grandpa Rogers had paid for them in 1923. This was not because Shaker Heights was economically depressed in 1952. Shaker Heights was in the 1950s and into the early 1960s, statistically the wealthiest suburb in the United States. In 1905, my great great grandfather's coal yard was valued in a Bank appraisal at $126,000. A modern industrial building with heavy overhead hoist was built on the property in the 1920s by my grandfather. That became the site of Webb Equipment, the crane and hoist business. After my father's death in 1981, this property was with equipment and materials was sold for less than $80,000. This was after three quarters of a century. Further confirmation of the persistence of the deflation is found in this paper by Tom Nicholas and Anna Scherbina, titled Real Estate Prices during the Roaring Twenties and the Great Depression. Using unique data on real estate transactions, we construct nominal and CPI adjusted hedonic price indices for Manhattan from 1920 to 1930. The CPI adjusted index falls during the recession that followed World War I, rises to a local peak in 1926 and declines again following the collapse of the. [00:44:23] Speaker B: Florida real estate bubble. [00:44:25] Speaker A: It subsequently recovers to reach its highest value in late 1929 before falling by 74% at the end of 1932 and hovering around that value until 1939. A typical property bought in the beginning of 1920 would have retained only 41% of its initial value two decades later. And this was Manhattan. Consider that in the period from the 1920s into the 1950s, more than three decades there was little recovery in price level. Think of the absolutely massive demand drivers present through those decades, electrification and all. It enabled, for example, refrigeration, appliances of all kinds, industrial machinery, the automobile and the associated build out of the highway system and suburbanization, telecommunications, telephone, radio, television, air travel, a global war followed by the Korean War and Cold War, arms race and population growth. No such drivers of demand are present now. [00:45:29] Speaker B: It is quite the opposite. [00:45:32] Speaker A: Artificial intelligence and robotics are inherently deflationary. We are told that people are not needed. Perhaps that is a tad deflationary. The inflation that we are now seeing is not due to strength in the global economy. The underlying intractable problem of our time is not inflation, but deflation. The inflation is illusory. It is created by massive devaluation of money and artificial scarcity. Consider the implications of the Nord Stream sabotage. Perhaps you have heard of the Everything bubble. [00:46:10] Speaker B: What is it? [00:46:12] Speaker A: I will explain the horror of it simply. Let's take the example of a single bond with no fixed maturity date, that is a perpetuity. This bond pays a fixed annual dividend of $5. If the market rate of interest is 5%, this bond has a value of $100. If the Fed lowers interest rates such that the market rate of interest for this Bond is now 1%, what happens. [00:46:37] Speaker B: To the value of the perpetuity? [00:46:40] Speaker A: The fixed dividend of $5 remains unchanged. As 5 is 1% of 500, the value of the perpetuity goes up fivefold to $500. Now, if the Fed increases market rates back to 5%, the value of the perpetuity paying a fixed dividend of $5 returns to $100, and hence there is an 80% decline in value. It's basic math. The entire global financial complex is essentially a big perpetuity, or in other words, a financial instrument with no fixed maturity date. The prices of all fixed income instruments are determined by interest rates and all equity market and commercial real estate values are similarly driven. The Fed created the Everything bubble with the justification of fighting the global financial crisis, which of course the Fed had also created by lowering the Fed Funds rate from 5% to near zero and then keeping it near zero for most of the past 15 years. The Fed has now increased the Fed funds rate from near zero in April of 2022 to more than 5% in just one year. That the decline in global financial and real estate markets will be massive has been made certain. [00:48:10] Speaker B: This cake is baked. [00:48:12] Speaker A: The financial gains of the past 15 years have been an illusion. Some take comfort in thinking that the losses can be hedged in the derivatives market. If that is the case, the losses do not disappear. They are in the derivatives complex. Epic losses will be concentrated on the balance sheets of the CCPs which as we have seen are designed to fail. Some take comfort in saying that the Fed will lower rates again when they are forced to do so. Have you noticed that they are not lowering rates despite the first bank failures? This is just the beginning of such failures given the basic math explained above. The Fed is sharply increasing rates into economic weakness and a banking crisis. This is exactly what was done in the Great Depression and they are doing this with the bizarre and cruel justification of fighting wage growth. When the everything bubble is imploded, we will face a deflationary depression which will span many years, even decades. This coming great deflation is intrinsic to the Great Taking. The architects of the Great Taking have planned and prepared to use this dynamic fully, secure in their knowledge that as night follows day, massive and prolonged deflation will certainly follow the epic debt expansion. [00:49:37] Speaker B: Super cycle which they created. [00:49:40] Speaker A: The architects have assured that they alone are positioned to take everything and that you and your children are positioned on the other side of that. In other words, to lose everything, to be enslaved and even destroyed by it. People will be knocked down and not be able to get up again. That is intentional as the populace has been systematically encouraged to go deeply into debt. Whom the gods would destroy, they first cause to borrow at low rates of interest, as in the Great Depression. Prolonged deflation will assure that people who are in debt will not be able to make payments on their debts, let alone repay them. They will be trapped. All property and businesses financed with debt will be taken with profound and persistent deflation, assured to stretch over many years. Debt becomes a powerful weapon of conquest. Debt is not a real thing. It is an invention, a construct designed to take real things. It is instructive to look at the deeper meaning of the word debt. The root word is believed by etymologists to be an ancient proto Indo European word, gob, meaning to give, to hold or to receive. It is found for example in the Sanskrit gabasti, hand or forearm, the Latin haber to hold, have or possess the Old English gifan and Old Norse gefa, to give and in the present day Swedish ger gives. However, the Latin prefix d meaning to do the opposite or undo or to take away totally and completely. Think of the word defrost utterly negates this giving, having or holding. Again, According to the online etymology dictionary, the Latin word deber means to owe. Originally keep something away from someone from Die away to haber to have. In medieval Latin, the meaning of haber was goods, capital and investment. The bottom line is that debt has for centuries had the function of dispossessing, of taking away property, capital and investments from someone. We can plainly see in their deliberate preparations over decades to take on a vast scale that there will be no debt forgiveness. Ancient societies knew the practice of the debt jubilee, that is a comprehensive forgiveness of debts. It was enacted repeatedly in the interest of general human welfare. No debt forgiveness is intended now. But what purpose should the artificial constructs and institutions of society serve if not human welfare? What must vitally concern each and all of us if not human welfare? The powers that be have designed an elaborate legal construct to prevent individual states from directing their central banks to create the money to protect the depositors. If many trillions can be created to bail out private banks, the same could certainly be done to bail out the depositors as a social imperative. That it will not be done is a sign of the true intent, deprivation and subjugation. The Great Reset is anti human. It is intended to fix in place a system something like feudalism in perpetuity, in which the populace is held in a state of deprivation and fear with the empty promise of safety. Wake up. We have been living within a protection racket in which the protectors terrorize the protected. Those supposedly protecting us from the bad guys are the bad guys. Chapter 10. Let Every Soul submit himself unto the authority of the higher powers. There is no power but of God. The powers that be are ordained of God. Tyndale Bible, 1526. For his efforts in translating certain texts into the English of the day, William Tyndale was jailed in a castle just outside of Brussels and then executed by strangulation, after which his body was burned at the stake. Perhaps one might at some point come to question whether the powers that be are ordained of God. One can easily know that they conduct wars against innocent people. Curtis LeMay famously said there are no innocent civilians. It is their government and you are fighting a people. You are not trying to fight an armed force anymore. So it doesn't bother me much to be killing the so called innocent bystanders. As a human being, should this not concern you? What part of the organized slaughter of vast numbers of innocent people can you find acceptable? Do you believe that you are special in some way? That you were being protected or that you will be protected now? There has been abundant evidence of great evil at work in the world throughout time and in our present time. Do you really wish to be Ignorant of its existence and operation. There is an interconnectedness of all things. If you don't care about the obvious lies, the deaths of innocent children, the firebombings of cities, the suppression of dissent, the propaganda, the escalating terrorism in which, quite strangely, innocent people are always and everywhere the target, sooner or later it is coming for you or your children or your grandchildren. If you know and you're not doing anything about it or saying anything about it, it's time. It's time to start connecting the dots because they lead to you. If you are wealthy, you might assume that because the system has allowed them to accumulate wealth, they will be protected in some way, that they are special. [00:56:02] Speaker B: You are special. [00:56:03] Speaker A: They're saving you for dessert. You have been allowed to chase profits while the well being and resilience of your people have been broadly and systematically eliminated. There are monsters under the stairs eating people alive. But you don't want to look under the stairs because you want to keep using the stairs. To not know is bad. To not want to know is worse. Willful ignorance of the existence and operation of evil is a luxury even the wealthy can no longer afford. We are in the grip of the greatest evil humanity has ever faced or refused to acknowledge, as the case may be. Hybrid war is unlimited. It has no bounds. It is global and it is inside your head. It is never ending. Nothing focuses the mind like an imminent hanging, or as Samuel Johnson originally said, depend upon it, sir, when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully. Hybrid war can be stopped. Stopping it begins in your mind. During the Great War, Edward L. Bernays had worked with the Committee on Public Information to sell the war to the public. In 1928 he published his book Propaganda in which we can read this statement on the those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. The systematic psychological manipulation of society begun with the evils of the Great War has continued non stop and has escalated to the point that we are now subject to full spectrum continuous psychological operations. 81 years after the publication of Bernay's book, Chris Hedges wrote the A public that can no longer distinguish between truth and fiction is left to interpret reality through illusion. Random facts or obscene bits of data and trivia are used either to bolster illusion and give it credibility or discard it if they interfere with the message. When opinions cannot be distinguished from facts, when there is no universal standard to determine truth in law, in science, in scholarship, or in Reporting the events of the day, when the most valued skill is the ability to entertain. The world becomes a place where lies become true, where people can believe what they want to believe. This is the real danger of pseudo events. And pseudo events are far more pernicious than stereotypes. They do not explain reality as stereotypes attempt to do, but replace reality. Pseudo events redefine reality by the parameters set by their creators. These creators, who make massive profits selling illusions, have a vested interest in maintaining the power structures they control. The people behind the wars have never been investigated and removed from power. They have continued in control of all central banks and money creation and have extended their control globally. Certainly many who have abetted this are ignorant of the greater design. But the people behind the wars are quite literally lying, thieving killers, and they know it. To say that there is much evidence of this is an understatement. Perhaps they have not killed innocent men, women and children with their own hands, but they have deliberately caused these deaths. That this is done with intent can be known through the persistence of their planning and actions over many decades. While the scale and audacity of this criminality seems unimaginable to us, nothing is unimaginable to them. Their criminality has now reached unprecedented and ultimate scale, as its aim is the subjugation of the entire globe and of all people. Wars have always been not so much about taking things as about subjugation of populations on all sides. Vast destruction and death are acceptable to their planners. You might ask, how could the people plotting and executing such insane schemes be held together? I suggest that it has something to do with the binding power of shared guilt, of the criminal pact. The perpetrators are, each and all are bound, whether explicitly or unconsciously, by evidence of shameful, treasonous acts committed against their own people. The commission of crime is a power totem among them. The more heinous the crime, the more powerful is the binding force. In the past few years, you have been living within an escalating hybrid war. Globally, we have witnessed overt media control and propaganda campaigns, censorship, including arrests of people speaking in public, monitoring of all electronic communications and physical contact tracing, brutally enforced lockdown and masking requirements with people being beaten, handcuffed and arrested even in their homes. Suspension of healthcare services and weakening of healthcare systems, invasive testing requirements for employment and travel, forced quarantine of travelers and coerced quarantine and vaccination of the healthy general population. Governments dropped all pretense of democracy and were emboldened to practice open despotism. There were no functioning checks on this power, the courts, provided no effective recourse to the public. Governments broadly abused fundamental human rights, using as justification the need to prevent the spread of infectious diseases, which are in truth a great many ever present and continually evolving. And so this justification, if allowed to stand, affirms the end of democracy and the continuation of openly despotic government. Are you able to contemplate that this may have been about more than a virus? We have witnessed designs and real attempts to exert physical control over every person's body globally. And this is continuing. Why is this happening? I will make a startling assertion. This is not because the power to control is increasing. It is because this power is indeed collapsing. The control system has entered collapse. Their power has been based on deception. Their two great powers of deception, money and media, have been extremely energy efficient means of control. But these powers are now in rampant collapse. This is why they have moved urgently to institute physical control measures. However, physical control is difficult, dangerous and energy intensive. And so they are risking all. They are risking being seen. Is this not a sign of desperation? Where will they hide when they have all of the assets? When they have damaged all of humanity and caused billions to awaken through suffering? They promote the belief that they are all powerful. They are not. All they have had is the power to print money. The rest they have usurped from humanity. Never before has a system benefited so few at the great expense of so many. Is this not inherently unstable and unsustainable? Physical control, as opposed to rule by deception, requires enormous energy. Can this be sustained while destroying all economies and abusing all people globally? They do not know how to build back. Better look at their footprint around the world. The destruction, the economic devastation. When it comes to the real world, they are exceptionally good at just one fucking things up. Then they declare victory and fix blame on others for the horrific damage done. We are told by Hobbes that war is the natural state of man. Hobbes patrons were nobles. But is war natural and inevitable? How did humanity survive? Think about it. Did humans survive by killing each other? It is oxymoronic. War is aberrant. 100% of human survival is based on cooperation. You cannot survive alone. You depend on everyone else and everything else. That is sanity. That is reality. All organizations promoting war are criminal organizations. The people behind them are mass murderers. The men and women orchestrating chaos in country after country are criminals of the worst kind. The people following orders are not heroes. They are criminals. The people controlling this system are quite obviously not benevolent. They are not noble, they are not elite. [01:05:14] Speaker B: They are not. [01:05:15] Speaker A: They are insane. They are the antithesis of everything we could value, admire and love. These people do not represent human development or the future of humanity. They are lacking in essential human qualities. They are aberrant. Antipathy for humanity is aberrant. For 99.99% of human history. Sociopaths like these would not have survived the next winter. Their nature was seen and they were ostracized from the village to save the village. They operate today through anonymity enabled by inhuman scale of social organization. Even so, this will not allow them to continue indefinitely. We have entered a time in which their nature is being recognized. Knowledge of their existence has become unavoidable. Their grasping will come to an end because all of humanity cannot allow it to continue once it is recognized. Humans will bond against a common existential threat. People from all walks of life will join in common cause. We have witnessed this already. Their power structure can and must be dismantled non violently. The masterminds will not yet be known. However, the individuals and organizations near the levers of power, monetary, media, government, healthcare, military, police, legal and corporate, operating with criminal intent toward the mass of humanity can be identified. The allegiances of these functionaries are unstable, driven by narrow self interest. By directly and personally putting these people on notice that their actions are being documented and subject to criminal prosecution, they may be impelled to decline further involvement. This process can be accelerated. It is not necessary to wake up the majority. We are not fighting the 1%, but the 0.01%. Even without mobilizing the majority, it is entirely possible to realize an enormous advantage of intelligent, capable, activated people. If the people behind this great taking persist in their insane schemes, they will inevitably be found. [01:07:31] Speaker B: It will be quite simple to follow. [01:07:32] Speaker A: The collateral to those who have arranged to take it. Perhaps they aren't such masterminds after all. We will come to know who is behind this hybrid war against humanity. We will come to know who controls the bank for International Settlements, the Federal Reserve System and all central banks globally, and hence all political parties, governments, media and armed forces. We will come to know who controls the CIA. And we will finally know who has been behind the assassinations. And let me close with John F. Kennedy's own words. Our problems are man made, therefore they can be solved by man. [01:08:18] Speaker C: All right, and that wraps it up. [01:08:21] Speaker A: That was the great Taking by David Rogers Webb. [01:08:25] Speaker C: Now there is actually a huge appendix and other kind of like references and stuff where. And it's not like just nothing but like lists and I mean sort of is, but it's actually explained and there's commentary and there's references and sorts of things. Like it's not. [01:08:44] Speaker B: It's not just a strict like bullet. [01:08:46] Speaker C: Point of references and quotes, but it's essentially a lot of stuff to help back up what he has claimed and some of the things that he has referred to in it. What exactly was he referring to? What was the exact section and the wording and that sort of stuff. So I think it's useful, but it's also really dry and it's not very story esque. It's no longer part of the argument. It's just a bunch of associated and relevant pieces of the puzzle that just kind of illuminate everything in the book. So I think I'm going to have audio for that in the final audio. [01:09:27] Speaker B: Published for the book itself. [01:09:30] Speaker A: But I just didn't want to do. [01:09:31] Speaker C: It on the show because I think most people would just be like what am I even listening to? It's far better to just have it as something to look at or reference or sort through if you're looking for something specific. [01:09:43] Speaker A: And especially in the age of LLMs. [01:09:45] Speaker C: It'S super easy to navigate that kind of stuff. So I would actually go to the website, I'll have a link. I have had a link down in the show notes to this. But download this PDF because there's a lot of great stuff to reference and. [01:10:00] Speaker B: For further digging because of the things that he has referenced. [01:10:04] Speaker A: So you could go down your own. [01:10:05] Speaker C: Rabbit hole here and especially if you just know how to give this to AI and ask for certain information or sort through or ask for relevant quotes on this topic or this thing. This is a great piece to just kind of have in the bucket of things to reference. I've referred to these things that I put in my email like the Financial Freedom Report from hrf. This is one of the things that I do with it is I'll put it in this big batch of stuff that I think of I literally call the database. And even though I haven't done embeddings for all of it or set up my system on Linux properly to utilize this, the full intent. I do do this in a very manual sense right now. But I know I'm gonna have a. I'm very, very close to having all. [01:10:51] Speaker B: The pieces I need to put together. [01:10:53] Speaker C: For an automated system to do this where I can just search everything in quote unquote the database to find stuff relevant to conversations, to arguments, to topics that I have dug into or saved. And in fact that will Be another. I haven't done an AI episode in a while. I just as soon as I dropped AI Unchained as a separate show I kind of just got lost in this that I'm always doing. But I actually have been doing a crap ton of AI stuff in the background. I just haven't talked about it. So we will have some AI episodes soon and good God, I cannot believe how long this is taking but I've been using paradrive with my brother and. [01:11:30] Speaker A: With a friend of mine for a. [01:11:32] Speaker C: Good little while, for about a week and it still will like kind of like lose connection when I drop new stuff in after it's been like two days and nobody. We haven't done anything but essentially all I have to do is reboot the one of the main or reboot the one on my Linux machine and everything will connect and start working again. So it's just some sort of idle issue with not forcing a recheck on connecting back to the network. [01:12:00] Speaker B: So essentially it's just a very simple. [01:12:01] Speaker C: Whatever it is is going to be a really simple fix and Hope is putting out the new version of the CLI which is going to have the ability to list the files and then selectively download them. But this has been. It's working, it's working. I've been using a very rough like not even doesn't really have any of the tools. It's just kind of proving that this is working in stable version of the CLI here for a few weeks and it's now it's my best way to get files easily. Like my brother, we didn't do it because we were testing it. He was like I need a couple of movies, can you give them to. [01:12:39] Speaker B: Me over PEAR drive? [01:12:40] Speaker C: And I said yeah, here's the thing. Run npm run dev, which obviously we're not going to. This is not going to be a terminal tool. I'm not going to make people do NPM run dev. But booted up, which is not hard and he had a completely brand new machine. He booted it up, added the network and I dropped the movies in so that he and his fiance could watch them and that was that. It just worked. So we're really close. We're really close. I know I've probably said that like 10 times on this damn show and I hate getting ahead of myself but I'm so excited to finally get it across the hump because and I know it's like okay, we'll have a react native app out tomorrow and that won't be the case, it'll be two weeks from now. And in that same sense, we're looking. [01:13:22] Speaker B: For the update to the CLI today. [01:13:24] Speaker C: And that might be tomorrow or it might be Wednesday or whatever, and it'll probably be next week, who knows? But the foundation is no longer throwing errors and the test suite that we have built into it is, you know. [01:13:38] Speaker B: All green lights all the way. [01:13:40] Speaker C: So we should have another para episode very soon about that and another AI episode as I get a few of these tools finalized and working for me on this and exactly this sort of thing to have as just this, the database. Have my database just accessible for everything that I'm doing. And I'm super excited to show what we can build with it. And also, this is kind of a huge part of Pear Drive is the Hypercore Hyperdrive, Local Drive, Hyper B Hyperswarm. The pair stack is crazy complex and confusing, but Pear Drive creates a system with all of that that makes it easy and intuitive. And the whole idea is to have something that could be very, very easily given to an LLM with just a couple of examples of building other apps with Pear Drive Core and you could give it to an LLM and then. [01:14:39] Speaker B: Get the LLM to easily build stuff for you. [01:14:41] Speaker C: And then building a peer to peer app, a really small single purpose app, is kind of as easy to do it in a peer to peer way as doing it in a traditional central server way. So fingers crossed, stay tuned, lots to come on Bitcoin Audible and we will absolutely have a follow up to this incredible book by David Rogers Webb. The great taking, because I have tons to unpack with this one, so do not forget to subscribe. Do not forget to share this out with everyone you know who owns, who thinks they own securities and stocks and a pension and a retirement, because unfortunately. [01:15:23] Speaker A: I think they'll be in for a. [01:15:25] Speaker C: Rude awakening one day. And hopefully Bitcoin Audible can protect just. [01:15:30] Speaker A: One or two people. [01:15:32] Speaker C: That's. That's my hope. So with that, thank you guys for listening. Don't forget to check out the Financial Freedom Report from the HRF and the Bitkit Wallet from Synonym. [01:15:41] Speaker A: So much to come. [01:15:43] Speaker C: Stay tuned. I am Guy Swan. This is Bitcoin Audible. [01:15:48] Speaker A: And until next time, everybody. [01:15:50] Speaker C: Take it easy. Guys. [01:16:07] Speaker A: When you say that something is impossible, you have made it impossible. [01:16:14] Speaker B: Bruce Lee.