Michael Hudson – Changes in Superimperialism: The Position of the USA and China in our Global Economic System Nearly 50 years after the original publication of “Superimperialism”, Michael Hudson revisits how the lucrative dollar-based economic system that the US set up after WWII has evolved with the rise of China and the Covid-19 pandemic. What financial weapons is the US likely to use, and does China’s de-dollarisation protect it from such attacks? The book provides a detailed analysis of how the US has used its economic might to control international relations. The book is complicated, but essentially documents how after WWII the US held an unprecedented amount of the world’s gold reserves (50%). These reserves were depleted with the incursion into Korea, and subsequent involvement in Viet Nam, requiring the US to abandon the “gold standard” for valuing world currencies. A failure that proved itself valuable, pushing the US to develop multiple strategies that today allow it to make other countries pay for its military dominance. Michael Hudson is Professor of Economics at the University of Missouri-Kansas, former balance of payment economist at Chase Manhattan, political consultant, and has written on many topics relating to the history of debt and the international financial system.
0:00 Introduction
2:16 Talk
40:13 Q&A
What IMF Policies propose for Bitcoin and Crypto
I’ve been behind enemy lines reading everything the IMF has put out in the last 2 years.
Here are 10 pieces I found most relevant to Bitcoin.
“When you are thoroughly conversant with strategy, you will recognize the enemy’s intentions and thus have many opportunities to win.”👇 pic.twitter.com/ssDWlWpDGZ
— Sam Callahan (@samcallah) April 21, 2022
Let’s start with the IMF’s note titled “Blockchain Consensus Mechanisms: A Primer for Supervisors”
It might as well have been titled “Slander Proof of Work and Promote Proof of Stake”.
Here is an excerpt that sums it up in a nutshell👇 pic.twitter.com/JYAJsjnPnK
— Sam Callahan (@samcallah) April 21, 2022
You read that right…the IMF hints that virtual assets are being used to finance the proliferation of nuclear weapons.
Is there any evidence of the direct connection between VAs and weapons of mass destruction? 😂
I didn’t find any, but it sure does sound scary!
— Sam Callahan (@samcallah) April 21, 2022
Here, the IMF explores how to regulate virtual assets (VAs).
“VAs pose a significant threat to the integrity of the global financial system, money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction”
— Sam Callahan (@samcallah) April 21, 2022
They support FATF guidelines that VASPs do due diligence on customers & non-customers for transactions that are >$1,000.
They acknowledge the threshold is lower than traditional standards, but they argue that given the “particular risks of VAs”, stricter standards are justified.
— Sam Callahan (@samcallah) April 21, 2022
The IMF justifies stricter standards despite a recent report that found illicit activity consisted of 0.15% of crypto volume.
Also, don’t forget that AML policies have impacted only 0.05% of criminal finances.
This appears to be more about control rather than stopping crime. pic.twitter.com/XKbOOgIokt
— Sam Callahan (@samcallah) April 21, 2022
In this IMF report, I came across a new term, “cryptoization”, which refers to the risk of currency substitution occurring in emerging markets.
The IMF now has a term for when citizens opt out of their failing local currencies into digital assets…
— Sam Callahan (@samcallah) April 21, 2022
The IMF would prefer people not to have an exit at all, which is why they’re so excited about CBDCs.
This paper is an overview of 6 of the most advanced CBDC projects: China, Bahamas, Sweden, Canada, Uruguay, and the Eastern Caribbean Currency Union.
— Sam Callahan (@samcallah) April 21, 2022
None of the CBDC projects covered fully protect user privacy.
Some of them offer “quantitative restrictions” in that they offer anonymity for “lower tier” people to help them onboard if they don’t have IDs.
Central banks make the rules that determine who gets privacy and why. pic.twitter.com/O7GU3JOIDb
— Sam Callahan (@samcallah) April 21, 2022
This contains remarks from an IMF employee on how CBDC design choices can overcome the risks.
It displays the coercive nature of CBDCs and the power it would grant central banks. Notice the choice of words: “limit”, “restrain”, “impose”, and “capped”. pic.twitter.com/AOYgGWU6Q4
— Sam Callahan (@samcallah) April 21, 2022
On CBDC development, they write, “The IMF is collaborating with the BIS, the CPMI, and the FSB to establish relevant guidelines.”
That’s multiple non-governmental organizations designing the future global financial system with zero oversight.
Who voted for any of these people? pic.twitter.com/FrztxsP3UL
— Sam Callahan (@samcallah) April 21, 2022
10.)https://t.co/pXQcLnCxqI
Lastly, this interview in the IMF’s flagship magazine, proves the IMF is well aware of the real risks posed by CBDCs but is continuing with its plans anyway.Author Eswar Prasad candidly explained to an IMF employee the danger that exists with CBDCs👇 pic.twitter.com/yfOtFh6Fxc
— Sam Callahan (@samcallah) April 21, 2022
This one argues for a transition to electronic money to enforce negative interest rates.
They stress that a design requirement of CBDCs is they must be interest-bearing to allow for the implementation of negative interest rates.
How about…no.🖕
— Sam Callahan (@samcallah) April 21, 2022
From their own publications, one can see how the IMF attacks Bitcoin.
They scold PoW’s energy and criticize Bitcoin for facilitating illicit activity to justify regulatory overreach.
They push CBDCs and centralized PoS coins as viable alternatives cuz they’re easier to control.
— Sam Callahan (@samcallah) April 21, 2022
PoW vs PoS/CBDCs and BTC vs ESG
These are the battlegrounds.
The IMF wants to push PoW alternatives because they allow them to enforce their unsound policies with impunity. Negative interest rates, surveillance, inflation, etc.
The IMF can’t exert its power & control with PoW.
— Sam Callahan (@samcallah) April 21, 2022
Only Bitcoin is decentralized & censorship-resistant. Its energy use enables it to function as sound, incorruptible money.
Bitcoin consumes ~0.05% of global energy consumption.
So why all the fuss about Bitcoin?
It’s because Bitcoin can’t be controlled..and the IMF hates that. pic.twitter.com/a0imgJgP60
— Sam Callahan (@samcallah) April 21, 2022
Tesla gets kicked off S&P ESG List, where Exxon Mobile holds a top spot.
Caitlin Long and Dr. Manmohan Singh: The Real Mechanics of Monetary Policy and the Plumbing of the Financial System
If you are one of the few who have studied the mechanics of monetary policy and the plumbing of the financial system, most of what you learned may be out of date—that is, if you haven’t done so in the last five years. In this interview with Caitlin Long, CEO and founder of Avanti Financial Group, Dr. Manmohan Singh of the IMF explains the massive changes that have come about in the past decade and tries to dispel some of the preconceived notions many have about this complex system. In addition to this focus on the true mechanics of the current system, they also discuss the difficulty of trying to make sense of such an opaque and interconnected global system where laws and data reporting are not uniform from country to country. Moreover, Long and Singh zoom in on the tsunami of change that could be brought about by the growth of digital assets both inside and outside of the traditional financial system, and they highlight the intense focus on these developments by the private banking sector and bodies like the IMF. Filmed on December 7, 2020. Viewers can find more of Dr. Singh’s work here: https://www.risk.net/collateral-markets-and-financial-plumbing-3rd-edition and https://www.imf.org/en/Publications/Publications-By-Author?author=Manmohan++Singh&name=Manmohan%20%20Singh
Key Learnings: The plumbing of the financial system continuously evolves as institutions, regulations, and technology change. Coming from entirely different perspectives, Long and Singh both stress the level of attention digital assets are receiving from the highest levels of global finance and how important they will be to the future development of the financial system.
Privacy Provision, Payment Latency, and Role of Collateral
by Charles Kahn, Caitlin Long, and Manmohan Singh
The new boundary between publicly and privately provided payments systems and the role of collateral may be changing. Recent technological developments have made it feasible for markets and policymakers to contemplate abolishing physical cash, and replacing it with electronic alternatives like digital tokens. This paper focuses on two concepts: (i) privacy provision that results in increased awareness of and concern with problems of privacy in payments systems; and (ii) payment latency, and how the new fintech world is likely to result in reduced counterparty and interest rate risk for corporate treasurer. The paper ties these issues from the lens of collateral, especially the analogy of collateral reuse and digital tokens.
Jim Rickards: His Gold Price Prediction Explained…($50,000+ )
Jim Rickards, legendary gold expert, says soon 👉YOU MIGHT NOT BE ABLE TO BUY GOLD AT ANY PRICE!! 👈I reveal the insider information YOU NEED to understand Jim Rickards reasoning and determine if you should buy gold now or wait. And how gold could go to 100k an ounce!! Jim Rickards is the foremost expert on the price of gold, when he talks the markets listen and YOU SHOULD TOO. If you’ve followed his work you know Jim Rickards is one of the premier macro thinkers in the world. And if you don’t know who Jim Rickards is, you need discover his ideas RIGHT NOW. Understanding and listening to Jim Rickards now, could save and make you a lot of money in the future.
Jim Rickards is a heavy hitter in the world of macro economics and gold. He’s revered as one of the top thinkers in the country and he’s made some huge calls on the price of gold saying it can easily to to $10,000 to $50,000 an ounce. Jim Rickards comes to that conclusion in a very scientific manner. It’s really just about math.
In this Jim RIckards video I explain how he comes to those conclusions and then go on to reveal how the price of gold could actually go to $100,000 an ounce!! As shocking as it sounds its realistic, but you’ve got to watch the video to discover the details.
This is a must watch Jim Rickards video, I discuss the following:
1. How experts like Jim Rickards, Peter Schiff, and Jim Rogers think the dollar will crash.
2. You’ll discover the actually math behind how Jim Rickards comes to his 10k-50k gold price.
3. I reveal how, using Jim Rickards logic, the gold price could actually go to 100k and higher!If you’re interested in the gold price or Jim Rickards you’re going to love this video!!
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