Sign New Mexico Banking Forbearance Agreement Myself

Mark governance agreement

this is digital perspectives with brad kymes subscribe for new content notifications now here's brad kinds come on in welcome back to the show everybody you can follow me on twitter at backup bradley above at the top of the screen and everything that we're talking about here today okay so we're going to start with a little post from chris larson here and then we're going to move into the news we got a lot to talk about because i want to discuss this idea of this adoption and of of stable coins the creation of central bank digital currencies how they're the on and off ramps and i want to talk about four or five things here that i think are very very key components to a level playing field and we're going to show you some of that evidence in these pieces of information so let's go ahead and get into it first thing we have before we get started here is a post from chris larson as some of you may have noticed i moved an xrp wallet to nydig i've known the founders for a while and i'm impressed by their security and top-notch institutional standards this is truly custody 2.0 check them out at ny dig and there is the actual uh post itself now i will say uh god bless crypto bidlord i know he's hung up on the fact that he believes ripon xrp is a scam and he says through this custodian you're able to sell ripple without having to move to an exchange this is what someone would do if they wish to sell discreetly because we know the wallet was safe by moving it there you've unlocked the liquidity look i just i just want to say that if chris larson was planning on doing anything underhanded i don't think he would have broadcast it on twitter you know it's a little bit like having a sign outside your secret hideout that says secret hideout sometimes you know and everybody's got a right to think what they want there's plenty of people that fall in line with him and others that think that uh ripple is or xrp is a stable coin or a crap coin or there's manipulation and all of this and you're going to believe what you want i i personally believe that the people that have not done enough research to understand exactly what's going on here and this isn't the same as bitcoin and i'm not beating up on bitcoin it certainly isn't the same as ethereum and they all have their own lanes that they've kind of fell into um but for me honestly you know if you really have done the right amount of digging and research on xrp i think you come up with every time that when you look at the board members that some of them are former economic advisers to presidents of the united states when you look at the level of individuals that have left many different companies like the cme group or even the u.s treasury department and they've all left to come work at ripple because they believe in what they're doing because i believe they understand they have an opportunity to participate in what will become a global stable coin or an asset that a global stable coin is launched off of and adopted and used by the world i really do believe that so there we have that let's keep it moving here so moving on let's start into these things so we saw the recent news at the second issue issuance or letter from the occ shout out to brian brooks about allowing federally chartered banks to hold some stable coin reserves this is remarkable if you haven't seen my video from this morning please watch that video i really feel like i lay out a pretty strong case on how i believe that this opens the door for banks to be able to hold these reserves which they obviously can now and this provides a whole nother window of thought about what can take place so please go check out that video from this morning and let's keep moving because with the u.s we see that the stable coin reserves letter has come through they can now do that and then we see a post here shout out to michael vowell five links and everybody else who sends information xrp crypto wolf any digital currency released in the european union may not fully replace fiat said president of the ecb christine lagarde former managing director of the imf i agree with her i do believe that is going to be a process but i also believe that there will be a central bank digital currency that will be digital and obviously it has to in my eyes it has to be something that is more desirable than fiat and i think some of that could be the simple uh fact that it will be a more ubiquitous experience in the digital world whether you have it on your phone you can just pay from your phone or any other in a business situation versus a consumer situation then you have other elements of all of this that is going to come into play let's take a look at some of those so furthermore before we move on here is the pdf to the ecb paper occasional paper series talking about stable coins implications for monetary policy financial stability market infrastructure payments and banking supervision in the eu area or euro area excuse me the u.s releasing what they did yesterday about federally chartered banks being able to really hold reserves for stable coins the european central bank releasing information on stable coins financial stability market infrastructure and payments very timely and if you don't think this is all coordinated i tell you you got another thing coming let's take a look at just some of these posts this is from gregor stewart hunter these next two which are from this pdf that i just showed you and i'll put the pdf in the comments section for everyone to look at so just here it talks about something i want to go to go to next which is the ability to adjust the interest rate structure on the on the tokens themselves so to be able to offer a zero interest rate on a sustained basis that talks about stablecoin initiatives would have to charge fees to avoid significant losses losses alternatively they would have a cross subsidized to issuance of stable coins because collateralization makes them subject to lower rate environment as well so widespread investment into non-interest bearing stable coins could induce substitution out of assets yielding negative interest rates to the point where further cuts in key policy rates no longer transmit to other interest rates in the economy so let's keep this moving because we know just a handful of days ago the bank of england steps up negative interest rates work as economic threats mount i think there's a well first of all there's a lot here okay you have the introduction of stable coins and central bank digital currencies stable coins normally are coming from a private sector company that are backing a stable coin that's pegged the ability in the u.s to be able to hold reserves for these stable coins really brings some legitimacy and accountability to the private sector participating in this in this part of the market by holding those reserves in a federally chartered bank you can now be fdic protected and you will also be watched and held to a higher prudential where they'll be at the very least there'll be daily calls on what your reserves are to make sure that you're one-to-one or at a surplus so that's good news there to legitimize that private side and to know that you know hopefully you don't wake up and your money's gone because somebody ran off with it now the cbdc side of things is interesting because there again they can introduce a central bank digital currency a digital dollar from the central bank and thereby adjust the rates on it creating a sub-zero rate or negative interest rate if they need to just like that what's interesting about that is and if you don't understand it if you have a hundred bucks negative interest rate does not mean that they're going to pay you okay it does not mean they're going to pay you to uh put your money there in fact it's quite the opposite so if they go to a three percent negative interest rate and you had a hundred dollars in there you now have ninety seven dollars because they just charge you three percent to hold your money your money mm-hmm that's right well listen you know like i said we see the coordinated effort with the stable coins in the u.s we see the coordinated effort with the financial stability board that i covered this in this morning video and all of those things and matter of fact i'll show you those really quickly here there is the regulatory super supervisory oversight challenges raised by global stable coins arrangements consultative document i've gone over this many times before but this is a regulatory body connected to the g20 okay so with that being said we know that this is an international conversation about stable coins and global stable coins we know that this is an international effort by the development of central bank digital currencies we know that they have the ability once they release these things to adjust that interest rate to whatever it needs to be at the time while they claim that this would all be done to encourage spending and not sitting and hoarding on the cash to get the economy moving again because it was deliberately shut down due to a liquidity crisis which they never talk about and a pandemic so with that being said we're looking at stable coins digital currency coins these are the on and off ramps to the new digital world and you can see the pace in which they are rolling out the right framework to allow this to happen to get more than just retail investors and speculators into this market but real consumers everyday consumers that are just participating in this market as well as the back side of this market which would mean institutional level play and banks and financial institutions and payment providers so very very exciting but there are these pros and cons to this new digital world now moving on does anybody remember when trump back in may just a handful of months ago was asking the fed to give him below zero interest rates president donald trump has been pushing the federal reserve this is from may 17th just before summer uh jerome powell so far uh resisted and said this week that the fed uh federal open market committee does not intend to introduce negative interest rates and still to this day they do not say they're going to do that with over 13 trillion dollars of negative interest rate debt around the world there has been little discussion of its significance and implications think about that number 13 trillion dollars of negative interest rate debt floating around the world right now then there's this post here shout out to xrp crypto quebec who shared this and i believe i covered this the other day but let's just take a look at this because this is the point of all this so one of the bigger points of all this that so-called stable coins have the potential to spur innovation improve financial inclusion but warns that if they reach mass adoption particularly if sponsored by large tech telecoms and financial firms there could they could be tapped by criminal criminals and terrorists the chance of reaching mass adoption is higher for stable coins than many virtual assets precisely because they are sponsored by big firms and remain stable in value however because mass adoption is likely to require a degree of centralization fatf concludes that its revised standards on anti-money laundering and countering the financing of terrorism designed to address virtual assets more broadly are up to task of addressing the stablecoin threat importantly central developers and governance bodies of the so-called stablecoins will have aml cft obligations under revised fatf standards where they are carrying out activities of financial institution and virtual asset service providers says the report so this is really about the anti-money laundering and fraudulent activity like the big banks have gotten caught with here hsbc to pay 1.9 billion u.s fine in money laundering case wow how about that that's not exactly uh pocket money right there right i mean 1.9 billion dollars in a u.s fine for money laundering case from you hsbc i mean the fraud and the level of just illicit activity going on there is remarkable now jp morgan deutsche bank named in a money laundering port as well and this just goes to show you that these big entities on the old traditional payment system it's really a you know one of the elements about this is the money laundering the fraudulent activity that's been going on and when we move to a new system when we're talking about elements of a level playing field this is one of those elements you can't have the old corrupt activity on the new system because if you do you're going to get caught because you're talking about being on a digital ledger you're talking about being on an immutable ledger right you're talking about traceability tracking things you know you're not going to be able to cover your tracks on the new financial system so it's important to note i think as we move into this stablecoin cbdc world this is really one of the major elements we're talking about here all right so let's keep this moving because we got a couple more things to look at here remember when we covered this from the pandemic is throwing so many playbooks out the window yesterday's action flies in the face of decades of precedent signs point to further dollar debasement in the near term now this is really interesting as well okay so now looking on to this because this is enormous about the dollar debasement you know if you're talking about a dollar debasement we're really talking about the idea and the understanding that there will be an external adjustment to the actual value of the dollar against every other pairing of currency on the planet an external adjustment to the exchange rate peg oh now brad let's not get carried away you know you say that but you know you're just a youtuber brad now where are you coming up with this well i'll tell you where i'm coming up with it i'm coming up with it from the imf webinar that happened just a handful of weeks ago and if you look here in the corner it's a replay of dominant currencies and the limits of the exchange rate flexibility and what they talked about was an external adjustment through this entire entire webinar of dominant currencies like the us dollar you're looking at barry ikengreen who was the week before this week or two before this was on block stars podcast for ripple talking with david schwartz listen to what he says here about the problem with the us dollar being the triffin dilemma now the triffin dilemma we're going to get into what that is just listen to this little clip really quickly right here and if you haven't watched this video that i have get the title put it in my search bar put it in youtube search bar and watch this video but here we go and the second part of the question would be what do we have to do to get out of this position of dollar dominance because it has the undesirable effect of weakening monetary policy and it will run up sooner or later against the 21st century drifting dilemma problem well there you have it 21st century trip and dilemma problem don't believe me when i say it but you might want to start believing people that have the kind of credibility that get asked to participate in an imf webinar where they talk about it okay let's get to a tripping dilemma for those that don't understand or no triffin dilemma is really when you have a world reserve currency that's also a national currency and when you make policies in the national side of your currency to to you know national policy it really usually most times you can't do that without it affecting negatively in some way the rest of the globe because your dollar your national dollar also serves as a global reserve currency consequently the same thing happens in reverse if you make something policy wise decision that's good for the globe it more than likely will probably have some negative effects in the national side of your policy okay so let's take a look at the key takeaways of the you know how the trip and dilemma affects currencies i want you to just listen here robert triffen believed the dollar could not survive as the world reserve currency without requiring the united states to run ever growing deficits well he was right about that because 26 27 trillion is where we're at now popular reserve currency lifts its exchange rate which hurts the currency issuing countries exports leading to a trade deficit a country that issues a reserve currency must balance its interest with the responsibility to make monetary decisions that benefit other countries exactly what we just went over here another reserve currency replacing the dollar would increase borrowing costs which could impact the united states ability to repay debt i'm going to read that one again another reserve currency replacing the dollar would increase borrowing costs which could impact the united states ability to repay debt then it says a new international monetary system could potentially help countries maintain a reserve currency status tell me that that's not where we are today tell me that we are not on the doorstep of those last two bullet points is this on okay so when we're looking at the idea of the second to the last bullet point which could impact the united states ability to repay the debt then i take you to what david malpass from the world bank has been saying for the last several months honestly and what he's been dealing with and these are with lower tier countries third you know third world nations smaller countries in general but they are pushing and they have what is called a dssi which is a debt service suspension initiative and they want to extend urges the g20 to extend the suspension of debt through 2021 because of the pandemic now what's interesting about this to me is is because if we're already in a situation where they're doing a debt forbearance or a debt suspension and pushing the debt back or putting it on the back of a loan we're really not that far away from having a conversation about a debt jubilee and it doesn't have to be a hundred percent it could be a thirty percent haircut or a fifty percent haircut i don't know what the number would be but what i do feel like i do know is is that this does lean into what you hear people talk about with nasara and jasara which is a national economic security and recovery act and the jussara is a global economic security and recovery act and essentially what they are about is about a act that was introduced and basically it is a proposed economic reform for the united states and obviously a gesara would be for the globe which would replace the income tax with the national sales tax abolishing compound interest on secured loans and returning to bimetallic currency would result in zero percent inflation and a more stable economy the proposals were never introduced before congress however right so now you know and to be fair you know this is something that has become more known uh among a cult like conspiracy theorists right and you have to take this with a grain of salt but one thing i do want to bring some weight to about a nasara or some form of a debt jubilee all of this is about a level playing field that's what it's supposed to be about the stable coins are about you know the on and off ramps to let everybody participate in the system the cbd sees the same thing as as well as being able to track you as well as being able to monitor anti-money laundering and fraud just like we pointed out here today it's also about the potential to move into negative interest rates because this particular crisis is not like the last one the last one was a collapse of the hedge funds and the mutual funds and the central banks bailed them out well now it's come around again because these things have been cyclical for decades and now that we're here again with another collapse much bigger now it's on the back of the central bank and they have no one to turn to and ask for money so what i believe it is about this time is it really is about a new monetary system and it really is about more accountability and traceability and tracking things what i do believe is that if we can get everybody on a new financial system in an immutable ledger where we can track these new transactions in a math-based system we can start to eliminate some of the fraud or at least trail it back to the doorstep where in which it came from but i don't know how you attain a level playing field without two very important components in this thing amongst the other points that we talked about and that is some form of a debt jubilee because to the point that was made from robert triffin himself another reserve currency replacing the dollar would increase borrowing costs which could impact the united states ability to repay the debt so the reality here is another reserve currency replacing the dollar would increase borrowing costs which could impact the united states ability to repay the debt how do you relieve the united states dollar of its global reserve status and have it remain a national sovereign currency knowing that the money is out here in this world has been printed to serve the world i don't know how you do that without introducing some form of debt jubilee to relieve it of its status because at the end of the day how can you have what everyone refers to as a level playing field but allow the united states to continue to carry the debt when they were serving the globe with the use of its dollar as the current status or global reserve status i don't see how it's possible that speaks to the triffin dilemma and that speaks to the idea that at some point i believe the role of the us dollar as the global reserve status has to change it has to be a moment where we actually consider or make a move because i believe the imf is going to make an external adjustment to the exchange rate peg of the dollar and the deep further debasement of the dollar as brad garlinghouse said and i believe because of that you could see that moment fall into the dollar losing its global reserve status something else introduced in between maybe it's xrp maybe it's a global stable coin created off of xrp the possibilities are really quite vast but what i do know is i don't see anything in the digital space any more suited than ripple and xrp and the potential of a stable coin launched off of it all right guys that's going to do it for me make sure you hit the like and subscribe leave a comment below and share with somebody you know let's keep this conversation going i'll catch all of you on the next one