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Top Three Videos – July 20 2023

Doug Casey: Why BRICS Currency will Fail
Doug Casey’s Take

Quick Summary Bullets:

  • The need to eliminate the US dollar as a global currency arises from the potential for manipulation and surveillance by the US government, as demonstrated in the case of the Russians.
  • The BRICS currency may act as a limited theoretical currency, preventing excessive printing of money, just like the gold backing of the US dollar before 1971.
  • “Let’s say there’s 20 trillion US Dollars outside of the US and it rests on nothing but faith…at some point when Faith blows away like a pile of thunderstorms okay everybody will start dumping them at once.”
  • The US government’s increasing national debt and rising interest rates could lead to a collapse of the dollar, making it a risky currency to hold.
  • “I think the price of gold is going to have to go way up if they’re going to use if we’re going to use gold as day-to-day money which we should.”
  • The collapse of the BRICS currency would lead to a global depression and the collapse of stock markets, real estate prices, and credit markets.
  • Doug Casey suggests that despite being a politician, Bobby Kennedy appears to be more honest, sincere, thoughtful, and intelligent compared to others, making him a potentially good choice despite the corrupt nature of politics.
  • “I will continue accumulating gold coins and silver coins” – Doug Casey believes that investing in gold and silver is a wise choice in light of the potential failure of the BRICS currency.

Transcript Summary:

  • 00:00 The BRICS currency is likely to fail because it is not backed by gold, but using a gold-backed currency may also be manipulative; the US dollar’s role as the global reserve currency may not last.
    • The BRICS currency is seen as a necessary alternative to the US dollar due to its inflation, but it is likely to fail because it is not backed by gold.
    • Doug Casey questions the trustworthiness of storing gold and suggests that using a gold-backed currency may be a way to manipulate or inflate the value of paper currency, while also emphasizing the need to move away from the US dollar due to its inflation and potential for manipulation by other countries.
    • The US dollar’s role as the global reserve currency has allowed Americans to enjoy a higher standard of living and given the US government more flexibility, but this system may not last.
  • 04:04 The BRICS currency will likely fail because it will be a fantasy currency used by governments for accounting purposes and not accessible to the average person, and if it were gold-backed, it would give individuals too much power to isolate themselves from inflation.
    • Casey discusses the inconvenience of using the US dollar as an international reserve currency for non-Americans and believes that the introduction of a new trading currency by the BRICS countries will be a failure.
    • The BRICS currency will likely fail because it will be a fantasy currency used by governments for accounting purposes and not accessible to the average person, and if it were gold-backed, it would give individuals too much power to isolate themselves from inflation.
  • 06:55 If faith in the US dollar diminishes, people will start selling their dollars, but since no one wants to buy them, they will have to trade them for US assets like stocks and real estate.
    • The BRICS currency is being discussed as a potential trading currency, similar to how gold was used in international trade, and it may serve as a way to limit the creation of new dollars by the US.
    • China’s export-driven economy relies on accumulating gold, but if they continue to spend all their gold on imports, they will eventually run out and need to find a way to obtain more, which is why BRICS countries are hesitant to use the US dollar.
    • The speaker explains that if faith in the US dollar diminishes, everyone will start selling their dollars, but since no one wants to buy them, people will have to trade them for US assets like stocks and real estate.
  • 11:06 The US dollar is a time bomb due to exported dollars causing inflation and increasing national debt, while the BRICS currency will likely fail due to lack of trust in a gold-backed system.
    • The US dollar is a time bomb that will eventually explode due to the massive amount of exported dollars coming back to the US, causing inflation to skyrocket, and the increasing national debt and interest rates.
    • The BRICS currency will likely fail because it requires governments to switch to a gold-backed system, which lacks trust among the various countries involved, unlike the Euro.
  • 13:50 Casey believes that the BRICS currency will fail due to lack of trust and criminal involvement, and suggests trading gold as a more viable option.
    • Gold should be used as day-to-day money, but governments are unlikely to allow it due to the power it would give to the average people.
    • Fractional reserve banking would collapse, leading to a global depression and the collapse of the stock market, real estate prices, and credit markets, but the BRICS currency will not work and is essentially a phantom.
    • The speaker believes that the BRICS currency will fail because it is being structured in a way that lacks trust and is being issued by criminals, and suggests that trading gold may be a more viable option.
  • 16:55 Bobby Kennedy is a promising Democrat candidate who wants to integrate gold, Bitcoin, and Platinum into the US monetary system, appealing to dissidents but facing potential issues with global warming and gun confiscation.
    • Bobby Kennedy is seen as a more honest and thoughtful politician who wants to integrate gold, Bitcoin, and Platinum into the US monetary system, making him the only acceptable potential Democrat candidate.
    • Trump and Bobby have different voter bases, with Bobby appealing to dissidents who oppose vaccine mandates, distrust authority, and dislike war, but Bobby’s stance on global warming and gun confiscation may be problematic for some.
    • Casey  praises the intelligence and thoughtfulness of someone’s ideas, contrasting them with the scripted talking points of others, but also expresses concern about the potential influence of certain individuals on this person.
  • 20:39 Casey  believes the BRICS currency will fail unless backed by gold, but sees hope in associating money with something real, and suggests investing in gold, silver, oil, and gold stocks due to impending rough economic times.
    • He believes that the BRICS currency will fail unless it is backed by gold, but sees hope in the idea of associating money with something real and acknowledges the impending rough economic times due to the global debt problem.
    • The speaker believes that the BRICS currency will fail like the SDR, and suggests investing in gold and silver coins, as well as certain stocks like oil and gold stocks.
  • 23:03 Despite hopes for success, the BRICS currency will fail, but the speaker wishes them well.
    • BRICS currency will fail despite hopes for success, but the speaker wishes them well.

America’s Weaponization of Money: Bank Account Seizures Are Only the Start Warns Rick Rule
Stansberry Research

Concerns about the abuse of power and lack of public outrage regarding the potential seizure of people’s savings through digital currencies, and the US dollar’s status as a reserve currency is threatened by the weaponization of money.

Quick Summary Bullets:

Threats to Financial Freedom and Privacy

  • “America’s weaponization of money: bank account seizures are only the start.”
  • The combination of social scoring, central bank digital currencies, and cancelable features is a terrifying prospect for individuals’ financial freedom and privacy.
  • The weaponization of money and bank account seizures pose an existential threat to personal freedom and liberty.
  • “If people view this as a technology that makes it more efficient for the state to enslave them to confiscate some measure of the value that they created for other people through their skills and labor.”
  • “The enemy of our status as a reserve currency is not cited in Moscow or Beijing or Buenos Aires or Sao Paulo. It’s cited in the United States.”
  • “The United States needs to evolve into a mindset where we acknowledge that other people have their own ideas about their future and I believe that we need to find a way to settle peacefully into that role.”
  • The United States has weaponized the US dollar and the Swift banking system, potentially starting in the Bush Administration, leading to the erosion of the US franchise as a reserve currency.
  • Texas is considering creating its own digital currency as a way to challenge the control of the Federal Reserve and regain some autonomy.
  • “Elections are Advanced auctions of stolen property…canceling the obligation that those former students had to society…is a transfer of wealth from the Savers to the Spenders and I think it’s very bad policy.”
  • “Bank account seizures are only the start” warns Rick Rule, highlighting the potential weaponization of money by America.

Impact of Central Bank Digital Currency

  • Rick Rule believes that the potential impact of a central bank digital currency on humankind could be worse than the cumulative impact of cancer.
  • “I’m very impressed by the apparent strength of the U.S economy given the interest rate Rises that we have experienced.”

Transcript Summary:

The key idea of the video is that there are concerns about the abuse of power and lack of public outrage regarding the potential seizure of people’s savings through digital currencies, and the US dollar’s status as a reserve currency is threatened by the weaponization of money.

  • 00:00 Rick Rule discusses his upcoming appearance on the Daniela Camboni show and the impact of AI on jobs and wealth creation.
    • Goldman Sachs predicts that AI could affect 300 million jobs and create trillions of dollars in new wealth, leading to a global race to commercialize AI and Wall Street Legends Mark Chaikin and Dr David eifrig will reveal how AI has shattered barriers in technological history on July 19th.
    • Rick Rule, founder of Rule Investment Media, is the inaugural guest on the Daniela Camboni show and discusses his recent interviews and the anticipation of his appearance on the show.
  • 02:08 Governments with too much power could potentially use digital currencies to seize people’s savings, leading to concerns about abuse of power and lack of public outrage.
    • The potential impact of a central bank digital currency on humankind could be worse than the cumulative impact of cancer.
    • Governments with too much power and a tendency towards war and abuse could potentially use digital currencies with cancelable features to seize people’s savings and wealth if they don’t comply with their desired behavior, which is concerning when combined with social scoring systems like the one in China.
    • The speaker expresses concern over the government’s power to seize bank accounts and silence political opponents, and discusses the potential implications of the arrival of the FedNow system on the path to central bank digital currencies.
    • The speaker expresses concern about the potential abuse of power by the government and questions the lack of public outrage and discussion on the issue.
    • Mainstream media does not provide enough information about the Federal Reserve system, but it is reassuring that people may not passively accept it and may question the actions of future presidents and the new Fed chair.
    • The potential reversal of bank account seizures and the confiscation of private wealth by politicians is unlikely due to their lust for power, and this action can be seen as a means for the political class to silence effective voices and control society by canceling the benefits of individuals’ goods and services, which is akin to slavery.
  • 11:29 The US dollar’s status as a reserve currency is threatened by the weaponization of money, leading to a multi-polar world, but it is unlikely to be replaced in the speaker’s lifetime.
    • Russia, China, and other countries are working on a competing currency backed by gold to stand up against the US and its imposition of will on other nations.
    • The United States’ possession of the reserve currency status is seen as an exorbitant privilege, and in order for a common currency to succeed, it needs to be widely adopted.
    • The US dollar’s status as a reserve currency is threatened by the weaponization of the dollar, the Swift banking system, and the twin deficits and debts, which erode confidence in US treasury securities, and this threat comes from Congress and the voters, not from other countries.
    • The concern is that a currency backed by gold does not have enough gold to support the expected transactions, making it a mistake to consider it a gold-backed currency.
    • The US dollar’s supremacy will continue to be challenged as more countries find ways to finance trade outside of it, leading to a multi-polar world, but it is unlikely that the dollar will be replaced as the reserve currency in the speaker’s lifetime.
    • The United States has weaponized the US dollar and the Swift banking system, with both Democrats and Republicans being responsible, in order to attain their short-term goals at the expense of the country.
  • 20:23 Texas considering creating its own digital currency to assert control against the Federal Reserve, while the Federal Reserve plans to continue raising interest rates due to concerns about inflation and Congress’s lack of fiscal control.
    • Texas is considering creating its own digital currency as a way to assert control against the Federal Reserve, which is likely a politically motivated move.
    • The United States benefits from a common currency and common laws, representing a large portion of the world’s savings and investment assets, and Texas should focus on balancing its budget and reducing government burden.
    • The Federal Reserve is concerned about inflation and plans to continue raising interest rates, as they believe Congress will not control fiscal spending, and the strength of the US economy has allowed for rate hikes without major disruptions.
    • The speaker criticizes the Consumer Price Index (CPI) for not including taxes as a component of the cost of living, stating that the purchasing power of savings is greatly affected by inflation, which is more important for individual families than the stated rate of inflation.
  • 25:31 Maintain a diverse portfolio, pay attention to the market, and keep cash for liquidity and market opportunities, while viewing long bonds as speculative assets rather than investments.
    • The speaker discusses the current state of the U.S. economy and suggests that Janet Yellen may be using a technique to maintain confidence despite potential shortages in the copper and oil markets.
    • Maintain a portion of your portfolio as recession insurance and pay more attention to the market than to Ms Yellen, in order to be prepared for potential economic downturns.
    • Cash is still important for liquidity and taking advantage of market crises, while long bonds should be seen as a speculative asset rather than an investment.
  • 29:09 Education should not be free as it can lead to a misallocation of resources, honoring debt is important to maintain stability, there is a lack of unity in American politics, and there is a desire for a unifying leader even if it means deception.
    • Education should not be free because the ability to invest time and money in pursuing degrees that do not generate enough utility for society has skewed the educational markets.
    • Contractual obligations to honor debt should not be obviated, as it sets a bad precedent and results in a transfer of wealth from savers to spenders.
    • Americans identify as Democrats or Republicans, and there may be international warfare within both parties, which could continue rather than the rise of a third party candidate.
    • Rick Rule discusses the possibility of a government even less functional than the current one and mentions Kennedy’s chance at the presidency, stating that there is a longing in the US for someone who unites the country, even if it means a common lie.
  • 33:39 Battlebank, a branchless bank offering competitive interest rates and loans secured by bullion gold and silver, is gaining interest from potential customers, while the speaker emphasizes the importance of kindness and offers a portfolio ranking service at the Rule Investment Symposium.
    • Battlebank, a new bank started by the team behind EverBank, aims to succeed by not having branches, offering competitive interest rates, and making loans secured by bullion gold and silver in segregated storage, with strong interest from potential customers.
    • The speaker discusses the progress of their bank application with regulators and mentions the positive experiences with the people on the ground in these institutions, as well as the impact of paying waiters and waitresses in cash.
    • Acting with kindness towards those who serve you is a powerful way to make the world a better place.
    • Rank your natural resource stock portfolio and receive valuable comments from Rick Rule at the rule investment Symposium in Boca Raton, Florida, where he guarantees to give you your money’s worth or refund all your money.
  • 38:39 Bank account seizures are just the beginning of America’s weaponization of money, warns Rick Rule.

Will It Really Be Gold-Backed? | Dr. Edwin Vieira
Liberty and Finance

A gold-backed digital currency can only be stable and trustworthy if individuals have the right to physically possess gold and if currency units are expressed as a weight of gold to prevent inflation and manipulation.

Quick Summary Bullets:

Gold-Backed Currency and Financial System

  • The upcoming announcement of a gold-linked currency for international trade settlement by Russia and other BRICS nations is a major event that could have a significant impact on the global financial system.
  • “Under our constitutional assistance…the currency would be actually gold and silver…there’s nothing behind that, that’s where the buck stops.”
  • Unlike the current banking system, where gold coins deposited at a bank become the bank’s money, in a gold-backed system, the gold coins remain the property of the customers.
  • “You want the customer to own that gold at all times when he deposits that gold into the depository.”
  • “The ultimate thing that some institution will pay well at least be liable to pay will be gold and then all of the countries will then unlike the international gold standard of the early 20th century.”
  • “There’s no way that you can play games of inflation or deflation increase decrease the money supply because there’s really no way that you’re going to destroy the gold.”
  • “Here we have these other countries saying no we don’t want to participate in this fraud anymore so we’re going to set up a system that actually has a gold anchor to it.”

Constitutional Money and Currency

  • “Dr. Edwin Vieira is an expert with published works on constitutional money, highlighting its essential role in the United States Constitution.”
  • The removal of the gold backing from the Federal Reserve’s paper currency in 1933 was considered fraudulent both domestically and internationally.
  • “Let’s go back to a system of backed currency and then we’ll move further and further into a system of real here in the United States constitutional currency.”

Transcript Summary:

  • 00:00 Vieira discusses the potential problems with a gold-backed digital currency and the current availability of American silver eagles at a discounted price.
  • 01:21 Russia plans to announce a gold-linked currency for international trade, but the US is unlikely to join as equals, preferring to maintain its position as the world reserve currency.
    • Dr. Edwin Vieira, a constitutional attorney and expert on constitutional money, discusses the importance of sound money for the well-being of the people.
    • Russia is planning to announce a gold-linked currency for international trade settlement, which is supported by approximately 50% of nations representing 50% of the world’s population and more than 50% of the world’s GDP, but the United States currently has no role in this operation.
    • The United States wants to maintain its position as the world reserve currency, but if it joins a new system like the BRICS currency, it would become just one of many units within that system.
    • The United States is unlikely to join a global gold-backed currency system as equals with other countries, as they will likely resist and fight against it.
    • The concept of a gold-backed currency is questionable as, under the constitutional system, the currency would actually be gold itself without any backing, with the possibility of digital currencies being generated from it.
  • 06:54 Vieira explains the gradual removal of the gold-backed system of currency, suggesting that a return to this system may not provide real gold and cannot address the pressures of multiple countries.
    • He explains how the gold-backed system of currency was gradually removed, starting with the banks issuing their own notes and eventually the government removing the backing in 1933.
    • He  speaker suggests that the move towards a gold-backed currency is an attempt to recreate a system similar to the pre-1933 United States, with a digital unit and possibly paper currency.
    • The gold-backed system may not actually provide real gold unless there are strict controls on the issuance of digital or paper units, similar to the pre-1933 Federal Reserve system.
    • A gold-backed system does not solve the problem as it failed in the past due to currency expansion within one legal system, and it cannot address the pressures of multiple countries.
  • 12:05 The proposed gold-backed currency system may face challenges, but owning actual gold in a digital depository without intermediaries is crucial for a sound currency.
    • The proposed multinational gold-backed currency system may face political instability and challenges, but if one wanted to establish a sound currency, the solution would be to use gold.
    • Customers own actual gold in a digital depository without intermediaries, making transactions occur digitally.
    • When it comes to gold-backed currency, it is important for individuals to own the gold they deposit into a depository, as the digits in the accounting system are not backed by gold.
  • 16:13 Countries may adopt a gold-backed currency system similar to pre-1933, but there are concerns about nations opting out and people mistaking the digital accounting unit for actual money.
    • The internationalization of a gold-backed currency raises concerns about the ability of nations to opt out and the historical failures of previous attempts at an international gold system.
    • Countries will adopt a system similar to the pre-1933 Federal Reserve System, with a digital accounting unit backed by gold, but people may mistakenly view the accounting unit as the money instead of the gold.
    • Banknotes and checks are not actual money, but rather accounting devices or bookkeeping entries that people mistakenly treat as currency.
  • 20:09 Individuals must have the right to physically possess gold for a gold-backed currency to be stable and trustworthy, with each state having a gold depository where currency is a physical amount of gold that can be digitally transacted but physically obtained upon request, and currency units should be expressed as a weight of gold to prevent inflation and manipulation.
    • If a gold-backed system is implemented, it is important for individuals to have a legal right to obtain physical control of the gold in order for the currency to be considered stable and trustworthy.
    • Each state could have a state gold depository owned by customers, including public entities, where the currency would be a physical amount of gold.
    • The gold-backed system would be digital, with transactions occurring electronically and gold remaining in the depository, but individuals could physically receive the amount of gold they own upon request.
    • Currency units should be expressed as a weight of gold to prevent inflation and manipulation by banks and treasuries, as introducing intermediaries allows for debasement of the currency.
      • 25:04 Concerns arise about creating an unstable pre-1933 Federal Reserve-like system with a digital currency as other countries consider setting up a gold-backed system due to the loss of credibility of the Federal Reserve System in 1973.
    • Banks make money by loan lending, taking a portion of deposits and loaning out the rest, but this system relies on confidence and can lead to bank runs when people realize the banks are overextended.
    • Bad loans and runs on banks in the 19th century led to the creation of the Federal Reserve System, which also failed in 1933.
    • After World War II, the United States had the Federal Reserve System, which lost credibility in 1973, and now other countries are considering setting up a gold-backed system, but there are concerns about creating an unstable pre-1933 Federal Reserve-like system with a digital currency.
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