The Seatle government has directed that people who are “essential” workers during this pandemic are to be now paid $4 per hour extra for hazard pay. Kroger grocery has decided to close its stores. There is simply no proof of a pandemic and far more people die from cancer than COVID and grocery stores do high volume with a very low markup, but politicians do not understand how businesses operate. The press touts 500,000 have now died from COVID to scare the hell out of everyone, yet the total number of deaths 606,520 deaths are expected in the US in 2020 from Cancer, and of 1,806,590 new cancer cases were reported. The government does not outlaw cigarettes nor do they lock down the country. 1.35 million people die in road accidents worldwide every year, but we do not outlaw cars.
Both Fauci and the World Health Organization are touting the Great Reset. Both are supposed to be confined to health. Yet both are supporting Klaus Schwab’s attempt to take over the world and install his vision of economic precisely as Karl Marx. When will the world wake up and smell the poison in the air?
I wonder if you can comment on the potential of the swift system being replaced by Ripple lab’s XRP as a bridging currency between currency pairs making use of their patented “On-Demand Liquidity” system. If this is the case then it would appear the USD is set to be replaced as the world reserve currency commodities being priced in local currency.
The IMF has stated they want to renegotiate the Bretton Woods agreement. Mark Carney the Governor of the Bank of England said at the 2019 Jackson hole meeting that the USD is too dominant and proposed it be replaced by a green cryptocurrency such as XRP.
The world economic Forum is touting Ripple lab’s platform as the future.
Without going full conspiracy theory in this. It would seem plausible that something like this is in the offing
The SEC lawsuit against Ripple seems a little sinister given that the DOJ already found XRP to be a digital asset, not a security, and has the potential to push Ripple offshore to a more friendly jurisdiction. Which the globalists would love.
I’m rambling, I’m sorry, however, could you speak on the swift system and potential replacement and any other topic I’ve touched on if you have the time or inclination even to dismiss.
Thanks, Martin you were born to live through this moment.
ANSWER: XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger—an open-source, permissionless, and decentralized blockchain technology that can settle transactions in 3-5 seconds. The reason these people are pushing this is not about the dollar, it is to end paper money and thereby they see this as the solution to 6 years of quantitative easing which failed to stimulate the economy because the velocity of money declined as people hoarded their cash instead of spending it. This would also terminate all cryptocurrency.
Either Mark Carney and the IMF are completely ignorant as to why the dollar is the reserve currency that nobody else can displace, or they are deliberately hiding the truth which is a major default on world sovereign debt. The dollar is the reserve currency for three primary reasons.
The US dollar has no restrictions and anyone can issue debt in dollars without controls
The US dollar has never been canceled
The US economy is the largest in the world but with the core consumer market to which the world sells
Europe routinely cancels its currency which introduces risk which prevents it from being used internationally. While they have not canceled the €500 note, few people will accept them for fear of being canceled. Even India canceled its high-end notes which I have from the last time I went to India to meet with our institutional clients there. Only the dollar remains legal tender since 1861 and Trudeau had a law passed in Canada withdrawing the legal tender status of some notes by January 1sy, 2021, which now allows him to cancel all paper money at his pleasure. Canadian dollars now have a risk of cancellation as of January 1st, 2021.
Note that prior to World War I, most bonds issued by foreign countries using in another’s country currency involved the British pound which was the reserve currency prior to World War I. After that, it was the dollar that rose to the status of a reserve currency when Europe decided to blow each other up.
While Germany may be the biggest economy within Europe, the mercantile economic policy and high taxes in fear of hyperinflation since World War II has rendered the Germans near the bottom of the wealth list among the EU. The significance of this is very important. It means that Germany did not develop the same robust economy based upon consumer demand. They relied upon selling things to other countries which was why Kohl was pushing for a single currency to enable Germany to sell even more to the rest of Europe by reducing currency risk.
Pricing commodities in this XRP will by no means eliminate the dollar as the reserve currency. It would require the United States to terminate the dollar and accept XRP. Otherwise, all that will happen is introduce greater volatility forcing American companies into hedging FX risk between the dollar and XRP.
For years, all we ever heard was if they price oil in Euro that will kill the dollar. These people just totally fail to grasp the complexity behind what even makes a currency. Then we have heard how the dollar will crumble to ash because of debt. Yet total sovereign world debt is nearing $200 trillion and the USA is just under 15% of that. These people have no idea of what they are talking about. Other nations are in far worse shape not because of Debt to GDP, but because they lack the underlying consumer-based economy. This is WHY China is diligently following the US model and not that of Germany. They have turned inward and are moving to generate the world’s largest consumer-based economy which is WHY they will surpass the United States which is being taken over by the same European Marxist agenda which has relegated Europe to the third world status. The Top 10 economies in the world only include three EU countries in nominal terms:
1. United States 2. China 3. Japan 4. Germany 5. India 6. United Kingdom 7. France 8. Italy 9. Brazil 10. Canada
If we measure these economies accounting for purchasing power parity (PPP) exchange rates, which relate the exchange rate between currencies to consumer price levels, the picture changes. China is the world’s largest economy since 2017 in PPP terms according to estimates by the World Bank which uses international dollars to make better comparisons among countries. This introduces FX risk. Therefore, in PPP terms, the U.S. is second with about a 15.8% share of world GDP. The European Union was in third place, contributing $19.9 trillion, or 15.3%, of world GDP.
Therefore, the push behind XRP requires 5G communication speed to be able to instantly clear transactions. Without that, you cannot replace paper currency. Consequently, the only way to move to electronic money in order to eliminate non-taxable hidden cash and the underground economy is to move toward the digital world. In the United States, in 2020, it is estimated that the underground economy is about 11 or 12% of U.S. GDP, or roughly $2.5 trillion total. Politicians look at that and see dollar sign visions in their heads.
Politicians blame their fiscal mismanagement and their political failures NEVER on themselves, but always on we the Great Unwashed who are never trustworthy. Even an IRS, SEC, CFTC, or any agent who audits the private sector begins with the assumption everyone is a criminal. They have to find something or else they did not do their job.
As a result, politicians are obsessed with eliminating paper money to end the hoarding of cash and the underground economy. You hire the teenage girl next door to babysit and then pay her cash. OMG, the government laments, where is our taxes? Or you found a $1 bill in the sparkling lot. They can’t sleep at night worrying about how much they are losing in tax revenue.
Hence, XRP is primarily for that purpose. To eliminate the underground economy. This has been going on for thousands of years. Here is an ancient Roman prostitute token. Roman Empire Tiberius (14-27AD) declared that you could not pay a prostitute with a coin that bore the image of the emperor. So they trade coined these tokens. You would buy the token from a money changer and use that to pay the prostitute. She, in turn, would take them back to the money changer and he would swap them out for money.
No matter how politicians try to eliminate the underground economy, all they will do is give rise to the reestablishment of barter. In prison, cigarettes were money. Then packs of mackerel. Who knows what will emerge? USB sticks?
This is an engraving with a modern watercolor of machines making cotton thread by performing mechanical versions of carding drawing and roving in a mill in Lancashire England about 1835. What the Great Reset is all about is trying to ACCELERATE this Fourth Industrial Revolution by regulation to save the planet, as they see it. They actually are using the lockdowns to destroy employment and industries that they see as unfit which is why you hear Boris Johnson saying he will provide free education to retain people for a new type of job – John Kerry telling coal miners to learn how to work in a factory to make solar panels. They look down upon the people as just economic slaves. If you do not enjoy what you do, you will never do a good job. They simply do not understand human nature.
When the First Industrial Revolution closed down many of the small craft shops, lace-makers, for example, emigrated to the North of France. When they did, they took their English little bulldogs with them. The popularity of these little dogs spread from Normandy to Paris and soon the English lace-makers/breeders had a lively trade, exporting small bulldogs throughout France where they began to be called Bouledogues Français. They were favorites of ordinary Parisians such as butchers, cafe owners, and dealers in the rag trade. They became notorious as the favorites of the Parisian streetwalkers, les belles de nuit. The famous artist Toulouse Lautrec depicted in several works Bouboule, a Frenchie owned by Madame Palmyre, the proprietress of a favorite restaurant “La Souris.”
By 1896, the French Bulldogs made it back to England and they became the instant most popular breed by 1896 and they made the cover of the 1897 Westminster Kennel Club. By 1908, this photo of Anna Maria Sacher (1859-1930) who was the Austrian hotel heir, prominently displaying her two French bulldogs shows they were the darlings of high society.
The former English lace-makers who were put out of a job by the First Industrial Revolution stumbled upon an entirely new field of employment. That was not something that government could regulate or dream of no less decree. You cannot direct how the Fourth Industrial Revolution will unfold. It is completely absurd of Klaus Schwab to think he can accelerate it and direct it in such a manner to immediately destroy jobs with no idea how to provide new employment. Not everyone can make solar panels and wind turbines.
How I ended up as an adviser was all by chance. My father wanted me to go to law school, by I did not want to be a lawyer. He pushed me into computers which I did to please him. When I returned to trading, which I did love, because I turned down shipping off to Greenland, Guam, or Vietnam at RCA, I then realized I could write a program to assist me back in the 70s before there was even the first IBM XT. I was a market-maker in precious metals and then was going to retire after 1980 when the government wanted to declare me a bank because gold was still money under the Constitution. I had provided the advice to dealers provided they gave me the business.
When I was going to retire, that’s when my clients offered to pay for the advice. So I gave it a shot and the next thing you know, I became the highest-paid adviser in the world at $2,000 an hour they set the fee – not me. The journalist Joseph Perkins, called me back to say after talking to my clients around the world, he said that they commented that if I charged $10,000 they would pay it. Because I was involved in foreign exchange and there were few people around back then, I became international because of the FX markets. The Wall Street Journal wrote about it back in 1983 but focused only on what I made rather than what I did.
Consequently, there is no possible way the government can direct the Fourth Industrial Revolution and Klaus Schwab just fails to understand that things develop without some grand master plan. He talks about AI but does not have the slightest idea of real AI or how it even functions.
QUESTION: You seem to think that the Reddit people were just lucky. Is this the dawn of the little guy beating Wall Street?
ANSWER: Look, this is our Global Market Watch for GME on a Quarterly Basis. The major low took place during the 2nd quarter of 2020. This is a pattern recognition model and while it picked the decline and the rally, most professionals trade technically. I cannot imagine any program that would have been calling for a short position even if you used a simple stochastic. Any technical trader would have been long. I highly doubt that this was simply novice retail people who crated this push. It has all the hallmarks of a professional manipulation and if the SEC does not investigate, you know that means the real hands in the cookie jar are behind the curtain.