reSee.it Video Transcript AI Summary
Speaker 0: I had a guy who worked, very, very, very high up at Citibank. And he told me around 2008, he said, Glenn, you know, don't worry about the financial system. And I'm like, uh-huh. And he said, you know, we're never gonna go broke. I mean, do you know how much just the national parks are worth? And I looked at him and said, are you seriously telling me that we should commoditize the national parks? And he said, it's gonna happen. And I wonder now if this is what he was talking about. If it was just a digital not actually selling them, it's just a digital commoditization of our parks.
Speaker 1: Yeah. So apply this now to the the phrase that we all heard during the COVID era, you'll own nothing and be happy. Well Yes. There's certain people that want to own everything, and that includes things that have never been able to be owned before that were considered things like the public commons, like rivers, lakes, the ocean itself, natural forests, all sorts of it. These people want to put all of that into the financial system, fractionalize it, tokenize it, and sell pieces of it around, use it to speculate on.
Mean, it's It's very insane. Yeah. And so, this is just one aspect of digital currency play. Obviously, there's a lot more than that just going on as well. I would argue that a lot of this push, particularly in The US for dollar stablecoins supposedly being better than a central bank digital currency, also falls into this paradigm we talked about earlier of, you know, moving from the public to the private of the public private partnership because a lot of these stablecoin issuers, you know, if the the big concerns about CBDCs was that they're seasable, they're surveillable and they're programmable, Well, all of those three things also can apply to stablecoins.
The only difference is that you would have a private company issue it and control it. But we've seen time and again how a lot of these private entities are willing to do that. When contacted, just look at how Bank of America behaved with January 6, people accused of wrongdoing on that day, for You know, they have no qualms in doing that and engaging in those type of activities. And the biggest dollar stablecoin issuer, Tether, which just hired Bo Hynes from the White House, they have openly said that they are a close partner of the US government for dollar hegemony globally and have uploaded the FBI, the Secret Service and other aspects of the US government onto its platform directly and have seized tethers from people just because government told them to, and this was during the Biden administration. So they obviously are willing to do that under any administration, and it's essentially functioning as a de facto public private partnership, even though we're being told it's a it's much better than a CBDC, but in terms of its impacts on civil liberties, you know, that's not necessarily true.
So, again, vigilance is is important here.