[the Bank of England] understood all of this because the British have done this for 400 years. Tom Luongo
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[The British, or Bank of England] want the flow of control of money in Singapore. They want control of the flow of money through those economies. If they control the money, and they control the cost of money, and they control the flow, and they're pulling a vig off of every currency transaction. . . .
34:32 That's exactly what they did with the United States and it's my argument about Libor versus Sofr controlling the value of that and then in the 20th century as they finally installed the central bank here in the United States as they moved us off the gold standard and then they eventually gave us the London interbank offer rate for the period of the dollars it was a Libor Reserve standard I just cleaned that phrase literally like Idaho just now take reframe these things when you start to think about them what was actually controlling the price of dollars wasn't the Federal Reserve on this point I agree with Jeff Snyder completely the Federal Reserve hasn't been in control of its monetary policies and the growth of the euro dollar markets in the mid-50s agreed or I disagree with you is that that was a free market process it wasn't a free market process. It was created by the Marshall Plan. It was created by the underpricing of gold and the overvaluing of the dollar that came out of Bretton Woods; that was a policy. And then they just let the policy circumscribe the boundary conditions of the global economy and then s*** just slowed naturally from there. Then you can apply free market principles within that box: here are the boundary conditions of your problem, and now we can let free market forces operate within the box, and, oh, look! It looks like the free market but we've artificially determined what the free market is, where the free market is, and how the free market is going to operate. That's not a free market process. That's bullshit, and if you don't think that that doesn't fuel knowing full well what the excesses are going to be, what the mistakes are going to be, they understood all of this because the British have done this for 400 years. They've done this. They understand how to manipulate FX rates to get what they want and to have that underscore and undergird their foreign and domestic, their foreign policy and everybody else's domestic policy condition, so you just create an artificial boundary condition, let it operate, and then blame it on capitalism. You can then take the underclass that you've created and use them as your useful idiots
37:16 If I was Emperor Palpatine this is what I would do and if I can figure this out you don't think the people who've been running the system for the last 350 years aren't good at it? Is that air you think you're breathing it's always about getting the underclass or middle class fighting with one another and then letting the elites go scot-free no the
37:39 the elite to fight for them there's always a natural incentive structure or natural relationship Richard Poe talks about this in his latest book. It's a great ok, called How the British Invented Communism and Blamed It on the Jews. It's more about how the British have used the mechanisms, and how they use class warfare to affect their foreign policy over the years. If there's an alignment of incentives between the lower classes and the upper classes to betray the burgeoning middle class, the bourgeoisie because they are the ones that if you allow the bourgeoisie then they exert political power and they overthrow the upper class. So what do you do? You set the upper class and the lower classes against the bourgeoisie.
And what are we seeing today, is the ruinous effect of government policy all across the West targeted the upper middle class, middle-class wealth, small business owners, and everyone. And it's now they've just ripped the friggin' mask off completely. They did it for a long time and everybody was like, "You know why are you doing this?" to the dumbest thing imagine you're killing small businesses. "Well, we're trying to help the poor." No, you're trying to destroy us, and unfortunately, a lot of poor people fall for it. You know they're disenfranchised, the victim crowds and they just target individual victim crowds, knowing full well that when you set up systems like this, you set up patterns of abuse within society, the reactions, the psychological damage that's done within families, within communities, and whatnot. The deracination and all of it; it's all really predictable across human behavior that's going to take out the middle-class . . . in Peoria, then tomorrow we're going to work on Gary, Indiana; then on Thursday, we're going to work on Charleston, South Carolina. No, they just know that if they set the boundary conditions up in a particular way and then let the clock run, they're going to get 85% of what they want, and they just fine-tune it along the way by a politician here, put a terrible Supreme Court Justice on the bench there, kill an Eastern European president over there. I mean this is the way it works.
