ICONOCLAST: Alex Krainer "Its going to be fine!"@SaraHaboubi1 @NakedHedgie @CryptoRichYT @MakingSenseInfo @HealthFreedomIE https://t.co/2cb2CWLKV6 pic.twitter.com/NxK4ueZoOJ
— Ryland Media (@RylandMedia) June 23, 2023
A new currency will be announced at the St. Petersburg Economic Forum [June 14-17, 2023]. And I think the most interesting aspect of all this is that the Russians and the Chinese have signaled to the nations of the global south that the new bloc will not penalize them if they defaulted on their debt obligation to their Western financial institutions. And that they wouldn't penalize them if they re-nationalized their domestic industries and resources. You know, so many of these nations that find themselves squeezed and bled dry by the West, they have a choice: to simply throw off that yoke and to join the multipolar Integrations that are being led by Russia and China. I think that would be a spectacular change even for the West because it would turn a large segment of the collateral controlled by the Western financial institutions . . . it would render it worthless, and of course, they're not going to announce it, they're not going to say that. The last thing the bank is going to tell you is, like, "Oh by the way, we're toast, we're broke." But the markets find out sooner or later, so I think it's going to get very, very interesting, and I think the first signs of these changes is going to happen in the capital markets in the West.
3:40. So what does that mean for the ordinary person in the street then so if there are operating in a country with the feared currency?
3:55 I think it's going to mean a lot of inflation, not the next day, but . . . what is collateral for? It's the value on the basis of which you can create, generate credit. You can extend credit. If there's no collateral, credit is no good. I think a lot of the bank assets are going to be turning worthless and the only way to backstop all those losses is for the banks to go out of business, to fail and then take a lot of banks down with them, or for the central banking authorities to ramp up the printing presses into backstop all of those losses with freshly printed dollars Euros yens and whatever and that's going to create down the road and acceleration in inflation which means for the Ordinary People on the street the interest rates are going to go up a lot higher so getting a mortgage getting a car loan spending on credit card debt will become prohibitive and everyday goods and services are going to be a lot more expensive.
5:15. And doesn't that from a psychological perspective lead to hyperinflation, where people are spending as soon as they get the money. There's no saving at all, and that adds to driving the prices up?
5:24. We'll see, because, historically, inflation has tended to spend a long period of time, maybe 10 years or longer at moderate levels, accelerating very slowly, or in the case of the Weimar Republic 100 years ago and then post Soviet, after the Soviet Union collapsed, we had practically an overnight event and then prices shut up like 500% from one day to the next. And in the Weimar Republic, the whole thing unraveled in about 9 or 10 months that the money actually became almost completely worthless. It's impossible to predict. So I think we're just going to have to find out, you know, when it does happen.
If the feared currencies do collapse with hyperinflation, for example, is that the perfect opportunity for cbdc's to come in?
6:30. Maybe. Their visions of these cbdcs is very different from what they'll be able to implement because what they have envisioned is a means of complete and total control, meaning that the currencies would be programmable and that they would be able to control your every transaction of your moves you can only get so much of this you haven't done this or we're going to switch switch you off and so on everybody already understands this requires very sophisticated very technological Foundation which is not ready and it's so extremely complex it's so far Over ambitious that it's almost certainly going to be collapsing
