The STABLECOIN MONSTER | Mark Goodwin
“while everyone is afraid of CBDCs, they’re missing
the Stablecoin monster that’s being built right in front of them“
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I interviewed Mark Goodwin, the Editor in Chief at Bitcoin Magazine and the author of the The Bitcoin Dollar, his new book that dissects the mechanisms of the new financial system that consists of Bitcoin and dollarized tokens.
Will CBDCs be deployed in the United States? Mark doesn’t think so. He sees an ecosystem of private banks issuing stablecoins and tokenized dollar deposits that will achieve the very same objectives.
As he puts it “Stablecoins are the bait and switch for direct issued government CBDCs”
“Stablecoins can be programed. Exactly like how we fear Cbdcs will be programed. They’re exactly the same tokenized mechanism…They can be taken out of your wallet. Your wallet can be blacklisted. A lot of the things that we fear about CBDCs are totally available within the tool set of Stablecoins.”
Stablecoins and bank issued tokenized deposits have all the problems of programmability that CBDCs have.
“If they want at any point, they can use those programs in the protocols and the blockchains to blacklist your money to prevent you from making a transaction and to prevent you from accessing your wealth that you’ve saved in these tokens.”
“We’ve actually recently seen Tether, which is the biggest stablecoin issuer in the world. They’ve actually onboarded the Secret Service and the FBI directly to their system… this is not this freedom technology, this financial tool that people claim that it is. This is a control system.”
This interview shot in the making of the documentary CBDCs: The End of Money.
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Here are the main points covered in this eye opening interview:
While we see CBDCs being deployed in BRICS countries like China, Brazil and Nigeria, he doesn’t see it flying in the United States or the UK. In those countries the same result can be achieved through the use of highly regulated stablecoins issued by private banks.
“The public sector likes to hide behind the private and it likes to use these highly regulated, highly controlled private, really in name only, you know, companies to do the innovation that the public sector needs.”
“Companies like a Facebook or a Twitter or a YouTube or a Google algorithm, they’re able to manipulate what information gets out. They’re able to silence voices, all stuff that would be totally First Amendment violations if done by the public sector but [not if] done by the private [sector]…..they won’t be directly government issued, they will be a whole conglomerate, an aggregate of interoperable private sector banking coins, highly regulated that are controlled by the public sector in many ways, but actually carried out and issued and settled via the private sector.”
Another confusion in the arena of CBDCs has been the FedNOW program. So what is FedNOW?
“All it is is an interbank settlement network. It’s a way for banks to trade security fees between banks. It’s a way for the Federal Reserve to pick and choose who gets to be in the Federal Reserve system and give them 365 24/7 Control over the funding rate of money…. It’s just a way for banks to settle debts and securities between each other.”
“The big fear is this black mirror kind of spooky world where you open up yourself phone and, you know, you scan your iris and you get a fed coin… That’s the picture that we’re all expecting that the future is going to be…And they’re creating this to basically manufacture consent so that when they defeat this red herring, cbdc and replace it with the private sector, that we all feel that this is a win.
“It’s a false victory. And so we’re seeing an establishment of a new system that uses these tokenized dollars to really increase the velocity of the dollar and increase increase the reach of the dollar at a global scale.”
The use of private issued dollar pegged stablecoins are being used to forward the use of the dollar globally. Mark points out that “by digitizing the dollar, we can spread it all across the global south, all across Asia, all across Africa, and we increase the demand for treasuries that back these stablecoins. So when the US government wants to service their debt, they can sell trillions of dollars of securities to these stablecoin issuers that have so much demand for a dollar instruments across the world that they will be able to offset and service the US government’s budget by selling these Treasuries to stablecoin providers.”
“[The stablecoin] market is going to go to trillions and trillions of dollars. We have people on record like Walter Hester, who’s the head of strategy for Paxos, who developed the PayPal stablecoin. And he has said verbatim to me, ‘I do not see any world where we do not have a stablecoin market of being in the trillions of highly regulated stablecoins it’s going to be a trillion trillions of dollars market easily.'”
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