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Something STRANGE is Happening to the Banking System · Man in America Podcast

• 0:01
  Seth Holehouse: Ladies and gentlemen, welcome to Man in America. I'm your host, Seth Holehouse. So the banking crisis contagion saga continues, but if you look at how the governments and the central banks are reacting to it, something just really doesn't add up. And there's a lot of components that just don't make sense. They're not rational decisions.
• 0:26
  And so we're gonna be diving into something joined today by Doctor. Kirk Elliott to look at this and try to make sense of this because if you put it all together, it really only leads to one direction, which leads us straight into this mark of the beast central bank digital currency. And I guess from that angle, could say it makes sense. We're gonna be looking at all of these different aspects of what's going on with some updates to the contagion that's really continuing to spread even if the mainstream media is saying, hey, things are better now. Biden came out and said it's gonna be all just all cozy and rosy.
• 0:59
  Before we get started, folks, make sure you're following me on social media at Man in America, and also every show is a podcast as well. So if you want to listen instead of watch, just head on over to your favorite podcast app search for Man in America, and you'll find me there. Alright folks, let's go ahead and bring on Doctor. Kirk Elliott. Doctor.
• 1:17
  Kirk. It's good to see you, man.
• 1:20
  Dr. Kirk Elliot: Good to see you. How are you doing?
• 1:22
  Seth Holehouse: Good. You know, I feel like, you know, like the storm watcher, you know, like the guy that's been sitting on the beach watching the clouds for the past couple of years and saying, Okay, there's a hurricane coming and everyone's like, No, there's not. It's like, I'm telling you like there's these things are different. And that storm is actually right off the coast now and you can see it. And it's like everyone else is now saying, Oh my gosh, that storm is here.
• 1:48
  I feel like that's where things are at right now. So I'm calm because I feel like I expected a lot of what we're seeing now. I knew it was coming. I just didn't know when. But there's also a little bit of this kind of surreal element to it because I just recently interviewed Ed Dowd and the the ramifications of what's happening, I mean, is significant.
• 2:10
  Mean, even Ed Dowd said that basically that we're at the end of this, you know, fiat Western currency based system. It's not like we're going into a recession. He's like, we're at the end of a system here. So anyway, it's just it it's kinda wild times to to be living in.
• 2:30
  Dr. Kirk Elliot: It it is. And the actions that are being taken by policymakers, by nongovernmental organizations, by World Bank, the Bank of International Settlements, the G20 nations, World Economic Forum, all of these decision makers, central banks around the globe, they're acting bipolar almost. So let's take a little trip down memory lane. So if we go back eight years, the G20 nations met in Australia. This was actually after after Lehman Brothers.
• 3:04
  It was quite some time after. Right? But but they met, and they said, you know what? That Lehman Brothers thing, that was stinking expensive. We're not gonna do any more bailouts.
• 3:13
  There is no such thing as too big to fail, right, because we we can't afford that. So that was eight years ago. Come to Friday a couple weeks ago when Silicon Valley Bank hit the skids. What did Janet Yellen say, chairman or the the treasury department secretary? She said, hey.
• 3:32
  Silicon Valley depositors, have hope, but we're not gonna bail you out. So that's in in lockstep with what they decided at the g twenty meeting in Australia Eight Years ago. No bailout. So if I'm sitting there as a depositor at Silicon Valley Bank, it's like, wait a second. My bank just failed.
• 3:52
  You just told me to have hope, but we're not bailing you out. How? Right? That's what I would say. And so I'm sitting there thinking the same thing as as an economist to say, oh, I know.
• 4:03
  Bail ins. They're gonna use bail ins and have the depositors and the taxpayers pay them out, not necessarily the government. Well, I was wrong in in thinking that because the future actions that she took after that showed that they never that was just talk. Right? She was just talking and and never intended just to do anything different other than bail them out.
• 4:28
  Right? So so over that weekend, you know, hindsight is twenty twenty. Right? What did they do? They bailed out every single deposit, uninsured and insured at Silicon Valley Bank.
• 4:42
  So I'm thinking about that's expensive because there was a hundred and $52,000,000,000 of uninsured deposits at Silicon Valley Bank. But why did they do it? I'm wondering why in the world did they do it? Well, you look at the the makeup of of SVB. Last year, 44% of all tech startups were funded at the the venture capital from Silicon Valley Bank.
• 5:06
  These are their cronies, These are the people who are involved in chat GPT and open AI and building the infrastructure for central bank digital currency, These are their people, They're not going to let them go under, so they bail them out. Then March 15, Janet Yellen speaks again saying, hey, you know, this is my paraphrase, right, from, yeah, we bailed out Silicon Valley Bank, but there's no more. We're not going to bail out financial institutions anymore after this. It's like, wait a second. Flip flopping, flip flopping, flip flopping.
• 5:39
  So then another flip flop. And this is that article you and I were talking about just on the twenty first, which was yesterday. Right? She spoke at the American Bankers Association. And what did what did she say?
• 5:56
  She said my paraphrasing, you have it highlighted there. You might want to
• 6:00
  Seth Holehouse: read Yeah. I'll say really quickly this the introduction of this. What it says is here, it's only appropriate that the day after the weekly dose of doom and gloom from Marco Kolonovic and Mike Wilson that stocks soared the highest level in almost two weeks. S and P futures spiked above 4,000 on Tuesday's fears about turmoil in the global banking sector global banking sector subsided following a Bloomberg Bloomberg report that the Biden admin was considering ensuring all deposits. And it says here in parentheses which highlighted, it's unclear how they will credibly ensure all $18,000,000,000,000 in deposits, some 75% of US GDP, about what whatever.
• 6:44
  Followed by an Feet article this morning previewing Janet Yellen's speech at the American Bankers Association on Tuesday in which the treasury secretary will signal for further US government backing for deposits at smaller American banks and needed, quote, a shift that seeks to protect parts of the country's banking system struggling in the recent financial turmoil. And so it's that it's that highlighted part there. This I think that's the key. It's that how is our government going to backstop or ensure $18,000,000,000,000 in deposits? I mean, you and I've been talking about the FDIC for quite some time saying, look, there's like, you know, FDIC only has the assets to ensure, you know, roughly around one and a half percent of the deposits.
• 7:30
  So how is it now that the US government's coming in and saying, yeah, we'll back it up to 18,000,000,000,000. I mean, how can you make sense of this?
• 7:41
  Dr. Kirk Elliot: Well, yeah, they've got the FDIC has a hundred and $25,000,000,000 in assets. I say they did. You know, when they bail out all this other stuff, it's like who knows what's left now, Right? Because even the the insured parts of just one bank, Silicon Valley Bank was 21,000,000,000. So if they had a hundred and 25,000,000,000, they just took 21,000,000,000 in one bank.
• 8:03
  That's 20% of what they had in one bank. But then Signature Bank went under. How about Silvergate Bank? You know, today, Pac West is going down in flames. I mean, there's a lot of banks.
• 8:14
  It's like, man, there's not enough money there. So you look at how they could fund it. Are they gonna fund it with tax revenues? Well, wages are coming down, so income tax revenues are coming down. Real estate's coming down, so property tax revenues are coming down.
• 8:30
  People aren't spending money as wages come down, so sales tax revenues are coming down. I mean, taxes across the board, municipalities, state governments, federal government, they're all coming down. There's no tax revenue that that's meaningfully growing. It's all coming down. Right?
• 8:45
  So x that one off the list. So how else could they do it? Well, by printing money. Right? So they would have to go to the printing press and just print their way out of it.
• 8:57
  Well, in article to fund all depositors, which is $18,000,000,000,000 worth of deposits potentially, what did they just do? I mean, you look at that. It's like, okay. This is what they're what they're saying is is one of two things, which is the lesser evil. So we could actually print potentially trillions and trillions and trillions of dollars to fund every bank, which is gonna cause so much inflation that people aren't gonna be able to afford to live and their money goes away, or they could not do that and just let the banks fail and people's money goes away.
• 9:33
  Either way, it's the same net net result. Right? So they're saying, we're not going to let the banks fail. Let's go with the other option of people's all their money going away via inflation because that's that's a softer approach to taking away everybody's money than just having it be evaporated out of their accounts right away. Right?
• 9:52
  So but the end result is the same. But here's the bigger creepier picture to me, Seth, is what does that mean when they say they're going to backstop all deposits? They just nationalize the banks. That to me, that's what that word means. They're basically saying if we're going to backstop all of it, just nationalize the banks.
• 10:14
  Of course they did, right? Because what's coming next? Central bank digital currency, which is nationalizing of all the banks anyways, so they're just taking the next logical footstep in the direction of where they're headed anyways, and they're using this crisis to do it.
• 10:36
  Seth Holehouse: Exactly. Well, it's interesting because the Ed Dowd interview, which I'm not sure if that will be out before or after this this, you know, today's show with you, you know, asking about this specifically and how he described it. He said, look, they know that this this system is coming to an end. So what they're trying to do is slow down the destruction, down the collapse to a manageable way. That way they can kind of guide it into their system.
• 11:02
  And this is what I've been how I've been describing the Great Reset for some time now and saying that, you know, the Great Reset is really about imagine we're all living in this this kind of older building that's existed for a hundred years and it's stable, they have some control over it, but it was built a hundred years ago before the modern levels of control. And but they don't want us to live that they want us to live in some modern FEMA camp, right, that has facial recognition and everything. So what they're gonna do is they're gonna they want to burn down that old building, right? But they want to do it in a way that that they can carefully get people to exit and go into the new building without realizing where they're going. So that way they want everyone to leave and be like, Okay, well, they're managing it.
• 11:42
  And thank goodness, they're helping us. And then they shut the door of the next building, everyone's inside of this digital prison, right? And I feel like that's really, that's a great reset, whether you're looking at it through the lens of finance and economics or the food systems or the energy systems, like they want us to kind of abandon these old systems and enter into that. And that's kind of how Ed Dow described it is that, you know, that's what he sees with this is that it's they're trying to go through this more gradual step by step of nationalizing the banks, getting rid of the smaller banks are gonna have less control over, centralizing as much as possible before at the very end of it, let's just say we end up with only a couple of giant banks, right, three or four big banks, and there's no other banks, no other small credit units, no other small local regional banks because they've caused the, they've triggered the collapse of all that and forced them into, it's like, okay, well, if you want to survive, you're gonna have to come into our system, right? And it's like, okay, when the government says that we're gonna backstop that, what comes with that?
• 12:46
  When the government comes in and says, hey, here's, you know, here's a $30,000,000 small local bank to backstop your bank. In that contract, it's like, oh, wait, you know, you know, I'll own the bank. Right? So, I mean, this is this what you see happening that they're just kind of slowly ushering us into this central bank digital currency?
• 13:10
  Dr. Kirk Elliot: Yeah, I mean, there's very so I looked at like banks that are for sale, right? Because I'm thinking, okay, there's going to be a lot of banks for sale right now as they're capital they're underfunded, they're in financial duress. There's really not many for sale that I can find big or small anywhere, right, across the whole country. Why? Because what you said, there's centralization of power to the bigger banks.
• 13:32
  The big banks are gobbling up all the small ones. They're coalescing into just a few. Right? And we just saw this in Europe over the weekend, right, as this banking mayhem that Silicon Valley Bank started caused all these regional banks in America to hit the schedule with their stock prices, you know, go into FDIC receivership for the first time, and I can't even remember how long, you know, because I've I've been telling everybody credit unions are generally the safest because they're owned by the members. They're never gonna do anything crazy.
• 14:07
  International derivatives debt, you know, and so but a credit union in New York went into receivership. For the first time I've seen a credit union fail.
• 14:17
  Seth Holehouse: So When did when did
• 14:18
  Dr. Kirk Elliot: that happen? This weekend or last weekend.
• 14:22
  Seth Holehouse: Wow. So an actual credit union collapsed?
• 14:25
  Dr. Kirk Elliot: Yeah. National Credit Union Administration sent out a memo. They're like the Fed like the FDIC, right, for for credit unions. They sent out a memo last weekend. It's like, hey, this this credit union in New York just failed.
• 14:42
  Right? It's like, man, now the safest of the pick of the litter, you know, credit unions in the whole banking world, then one of them just went under. So it's like, man, this is just telling me that there's not much safe in the banking world right now. When when people are running out of money, they have little wages, there's too much debt, and a lot of it's leveraged debt like derivatives, and and you see what's what's happening. It's it's not a it's not a safe system because when we think about a a bank, right, our our perception is wrong.
• 15:13
  It's not this place where there's wads of hundreds that just could fall out of the bank vault door when you open it. There's nothing in there since regulation d of the federal reserve in the summer of twenty twenty said reserve requirement zero. So I've got and and what I do as as a wealth manager, right? People call me all the time and they say, Kurt, heard you on shows, heard you, and we've been listening and and we're out of the stock market. We're out of the bond market.
• 15:39
  Right? We're we're actually just sitting in cash on the sideline riding this thing out, very defensive posture. Right? Well, when you think about it, your your deposit, your checking savings account deposit is a ledger entry because with a potential 0% reserve requirement, what are the banks doing with that money? They're investing in the same thing that you just got out of stocks, bonds, mutual funds, real estate, buildings, you know, companies.
• 16:04
  They're investing your money in the same thing that you got out of. So in reality, you never got out. And this is the problem because if it was going down for you, it's going down for them as well, but potentially at a faster rate because they've got derivatives debt, you know, massive trillions of dollars. The big banks have trillions of dollars of derivatives debt. So so what happened last weekend with with now the contagion spreading to Europe?
• 16:33
  Well, Credit Suisse, much bigger than Silicon Valley Bank. They have $1,300,000,000,000 in checking and savings deposits. 1,300,000,000,000.0. Silicon Valley Bank was a hundred and 73,000,000,000, so it's like eight times bigger. Well, who's their largest shareholder?
• 16:52
  Saudi Arabia. What did Saudi Arabia do with this contagion spreading that said, we're not gonna inject any more capital into your bank? You know, you stink. I mean, that's basically what their action said. So so what happened?
• 17:04
  Their share price at Credit Suisse went down like 20 something percent in one day. They were on the verge of absolute freefall having to probably go into receivership as well until the the knight on a shiny white horse comes riding in to save the day, UBS. So UBS even bigger than Credit Suisse. What did they do? They bought them.
• 17:29
  Over the weekend, they just bought them. But for $3,200,000,000 So I'm looking at this and this math
• 17:36
  Seth Holehouse: doesn't make It
• 17:39
  Dr. Kirk Elliot: doesn't add up at all because Credit Suisse has $1,300,000,000,000 in checking and savings accounts. They just got bought out for $3,200,000,000. It's like either the people at UBS are the best negotiators on the planet. It's like they got the biggest discount of all time, or it was the worst use of money spent ever. Because what we don't know is how much debt does Credit Suisse have.
• 18:06
  You know, like if if if we look at The US banks, right, I I can look up the amount of derivatives that they have real easy. I don't have that easy of a list for European banks, but but let's look at JPMorgan Chase, fifty five trillion dollars of derivatives debt. How about number two on the list? Goldman Sachs, they have about $53,000,000,000,000 of derivatives debt. How about number three, Citibank, they have like $43,000,000,000,000 and then Bank of America, twenty seven trillion, Wells Fargo, twelve trillion.
• 18:37
  It's like three of those big five have more derivatives debt than the entire debt of The United States since 1776 when we started up as a country. Just three institutions, three companies have more debt than The United States, each one of them. Right? So so let's let's kind of do a a comparison. Right?
• 18:59
  So let's just say Credit Suisse isn't as big as Chase, it isn't as big as Bank of America, it's up there. I mean, 1,300,000,000,000.0 in assets and checking accounts, that's huge. So let's just say they're at the Wells Fargo level at 10,000,000,000,000. Well, let's just say they're not even there. Let's just say they have 1,000,000,000,000 of derivatives debt.
• 19:21
  Why in the world would UBS spend $3,200,000,000 to buy maybe a trillion dollars of derivatives debt? I wouldn't spend a penny to buy debt. Wouldn't. I mean, that's insane, but yet they did it. And why did they do it?
• 19:37
  Because they're a bank in Europe as well. And if Credit Suisse goes down, the contagion spreads to all those other banks, and now they go into possibly receivership of some sort because their their derivatives exposure being even bigger than Credit Suisse. Now they're on the same playing field as some of these big US banks. They don't want that derivatives bubble to explode. So therefore they paid $3,200,000,000 of depositors money to buy potentially trillions of dollars worth of debt from another bank that's about to fail.
• 20:11
  Does this sound safe? No. It sounds stupid to me. Right? But this is the world that we're living in where Janet Yellen's actions and words seem to be bipolar, flip flopping, flip flopping, flip flopping.
• 20:26
  It makes no sense. That doesn't make sense except they don't want this to absolutely implode quite yet, right, because what they need to do is strike fear into the hearts and minds of people, and they're doing this systematically, Seth. So you look at what the BRICS nations are doing. Right? When when they they have the manufacturing superpower of the world in China, they have the largest oil and gas export in the world being Russia, massive agricultural producer in in Russia.
• 20:59
  Now they're adding the BRICS plus nations like Saudi Arabia, which at the World Economic Forum, Saudi Arabia told the whole world, we're getting rid of the petrodollar. We're gonna we're gonna trade back and forth in whatever currency of our trading partner is. So if they're selling oil to China, they're gonna use the yuan. To Russia, they'll use the ruble. To to Mexico, they'll use the peso.
• 21:22
  Right? So so they they got rid of the petrodollar. That means what did they cause in America? An inflationary pressure like none other because if there's no capital inflow coming in, we still have to fund our expenditures, our stimulus programs, raise the debt ceiling, all this junk. So we're gonna have to print our way out of it.
• 21:41
  One dismantling chunk. But still, if you're gonna bring in and usher in this new system, there's still a big problem, the US dollar. Right, because you have to dismantle people's faith in that as well. So how do you do that? You erode the banking system so people think not even my checking accounts are safe, which should be the safest asset in the world.
• 22:05
  Not even that's safe anymore. So boom, boom, they're eroding faith and confidence in the system so people will willingly give up their freedoms in exchange for a perceived security. Right? Because let's ask these questions. These are rhetorical questions, but yet real questions.
• 22:24
  Okay. Number one, do people around the world trust governments right now? Probably not, right? With everything that's happening in the banking system, do people trust banks? Probably not, right?
• 22:41
  So when Doctor. Pippa Momgrin, one of the chief economists for the globalist at the World Economic Forum, when she said at the World Government Forum in Abu Dhabi last summer, hey, central bank digital currency is right upon us. She didn't say three years, five years, ten years down north. Said it's upon us, and sure enough, a few months after that, it is. Right?
• 23:03
  But she said it's programmable money, and we have the ability to cut people off from buying or selling based on their digital social profile, her own words, right, which is the words of these globalists. So would you trust the government? No. Do you trust banks? No.
• 23:18
  Well, why would you trust this is an uphill marketing battle for them, PR battle. Would you trust a bank that's run by the government that's already said that we have the ability to cut you off from buying or selling? It was like, who in their right mind thinks that's a good idea? Well, it becomes a decent idea if everything around you, the foundations around you erode so much that you can't even live because the inflationary pressures, because your banks are failing, you can't even access the money in your bank. The the dollar is losing reserve currency status.
• 23:50
  The BRICS nations are rising up. There's wars. There's rumors of wars. There's all this stuff going on. People in a state of fear will make bad decisions and take it one step further.
• 24:02
  Seth Holehouse: So it kind of reminds me, I'll start real quickly, that reminds you of COVID, right? Like let's just say, you know, pre COVID, the government is sitting around saying, how can we get people to accept? They're gonna be forced to wear masks, gonna be forced to lock down their businesses, we're gonna shut down small businesses, forced to take some jab, how can we get them to accept that, right? Because you'd probably look at that and say there was no way that especially in America, no one's gonna do that. But then they make the fear of this so great that instead of irrational people saying, okay, there's this virus thing going around, I'm gonna research it, but I'm gonna make sure I get a lot of sunlight, I'm gonna exercise more, I'm gonna, you know, do these things to take control of it in a natural way that you're using the immune system that God gave me, or I'm gonna just be so scared that I'm gonna say, please lock us down, please, you know, like I'll wear two masks, you know what I mean?
• 24:55
  I'll get I'm on my third booster now. Like, this is is how it works. It's actually a very simple equation with with how they're doing this.
• 25:03
  Dr. Kirk Elliot: Well, it it is. It's it's simple. And and, you know, being a student of of history and and I I read the Bible all the time. Right? It's like when I read through prophetic words in Revelation and Daniel, you read Revelation thirteen sixteen, and it's like, you know, it's talking about the mark of the beast.
• 25:22
  Right? And I always wondered how in the world could something could the people of of the day that this is being prophesied about be so willing to have a mark of the beast. Right? It's like, how how could people be so duped? Right?
• 25:36
  Because Revelation thirteen seventeen or sixteen and seventeen said, it also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hand or their foreheads so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name. Right? So it's like, okay. What did Pippa Momgrin say? Unless your digital social profile fits with our narrative and our message, well, you're not going to have the right we'll cut you off from buying or selling if we don't like you.
• 26:06
  It's like, man, this sure sounds familiar, right? But how could they get the masses to buy into that system by doing what they're doing now? Let's take a potential one step further. If this is the thing, the central bank digital currency is the banking system of the country, right, and it's a government institution, what if you're a government employee? What if you're in the military?
• 26:30
  What if you have a TSP, a government pension? What if you're on social security? And they say, hey, you're not going to get a credit or a debit. You're not going to get any money out of the system unless you buy into the system. So people say, what?
• 26:43
  I can't get my pension. I can't get social security. I can't get paid unless I use your government system because I'm a government employee. Yep, that's what we're saying, right? I can easily see that happening, right?
• 26:57
  So in all of this, central bank digital currency to me is is awful. Don't accept it. Right? If you're watching the show, don't accept it. But but there's still what is the central bank digital currency?
• 27:10
  It's the repository of all your buying information. It's the digital reflection of you in the banking world, right? They know everything, all your spending habits, everything you spend your money on, they know all that data, and it's the holding place for your credits and debits for your money in a digital world, right? But there's still one thing missing is the tunnel, the conduit from you and your money to that system. Well, I sent you an article from the Federal Reserve Board of Governors that just came out on the fifteenth, and they said the Federal Reserve announces a July launch for the Fed Now service.
• 27:52
  So it's like, what is the Fed Now service? Well, the Fed Now services view it like it's an app for your phone, basically like Venmo or Apple Pay, you know, your Apple Wallet, right? Where all your banking information is basically an unbanked, it's on your phone, right? But what that is, it's the tunnel. It's the conduit from you and your money into the CBD system.
• 28:19
  So Fed now is not central bank digital currency. It's that technology to get the money from you and your heart and your passion, everything about you and all the data about you, all of your spending habits, because we want to force you to use that. They're getting rid of cash. They're getting rid of private paper money in exchange for this app, which is going to be so convenient. Imagine having your bank on your phone and it goes right to the Fed, right, which where there's rules and there's regulation and there's oversight.
• 28:49
  And don't worry about all these cryptocurrency going under. Right? That's decentralized. We're centralizing everything so you can feel safe. And it's like, oh my word.
• 28:58
  This is the last piece. Right? This is the last piece to put central bank digital currency to the tunnel of you and your money to then set up a beast type system. So when is this rolling out? Publicly released in July, but their beta test, they're testing it with three big financial institutions starting first week in April.
• 29:23
  That's next week. And then as you read through that article, that press release, what they're doing is they're actually telling everybody, it's like, hey, If you're a smaller financial institution, some kind of an intermediary, go to our website, sign up for the program because we want you to unleash FedNow and your clients' assets and your clients' accounts because we wanna gain momentum here. We're we're not just gonna stop this at these three big financial institutions or four or whatever it is. We want everybody to participate. Right?
• 29:55
  If this sounds cool to you, you know, money on your phone, add it as a value add to your clients to get direct connection to the Fed where there's rules, there's regulation, there's oversight, there's transparency of transactions. Oh, my word, I can just hear the horrible messaging that's coming from that, right? But people are going to do it. And I wanna tell everybody, don't do it. Right?
• 30:18
  It's like, don't would you give up your privacy so easily? I'm telling you, don't don't do
• 30:25
  Seth Holehouse: it. I think that
• 30:26
  Dr. Kirk Elliot: Because what is something that you don't want.
• 30:29
  Seth Holehouse: Oh, exactly. No, I think that people a lot of times they feel like they don't have a choice. Right? With the lockdowns or, you know, wearing a mask, it's like, well, I have to go to get my groceries and they say I have to, I have to do that. You know, like I always found ways to bypass that.
• 30:45
  Right? I just, out of principle, I did. And so I think that, you know, that's a big part of it though is people feeling like there's this massive kind of freight train that's that's coming towards us that that we can't control the the direction of it. This is what it means. And it was actually, I wanna pull up another article.
• 31:02
  This is from Edward Griffin, right, author, you know, creature from Jekyll Island on his, you know, website here need to know. And because this is interesting, I just found this this morning and so I want to walk people through this because but he also starts to look at solutions with this. What will a cashless society look like? Because if we have to, this is a conversation we have to be having right now, like what does it look like in their system, right? You know, before COVID you could say, what does a lockdown look like?
• 31:28
  What does it mean that I can't go to my local bar or restaurant? Right? Like, they showed us what that was like. So let me read through a few through a little bit of this. He says, a cashless society means no cash, zero.
• 31:43
  It doesn't mean mostly cash cashless and you can use a bit of a wee bit of cash here and there. Cashless means fully digital, fully traceable, fully controlled. I think those who support a cashless society aren't fully aware of what they're asking for. A cashless society means no more tuck away cash for those preparing to leave domestic violence. No more purchases off marketplace unless you want to risk bank transfer fraud.
• 32:10
  No more garage sales. No more cash donations to hungry homeless you pass. No more cash slipped into the hands of a child from their grandparent, no more money and birthday cards, no more piggy banks or tooth fairy for your child, no more selling bits and pieces from your home you no longer want or need for a bit of cash in return, less choices of where you purchase based on affordability. What a cashless society does guarantee, banks have full control of every cent you own. Every transaction you make is recorded, all your movements and actions are traceable.
• 32:43
  Access to your money can be blocked at the click of a button when and if a bank needs clarification from you, could take weeks, a hundred questions answered, and 500 passwords. If your transactions are deemed in any way questionable by those who create the questions, your money will be frozen for your own good. He says, we all need to take off our blinkers. Forget about cash being dirty. Cash has been alone for a very, very long time.
• 33:07
  It gives you control of how you trade with the world. It gives you independence. And he has some recommendations about, basically like, you know, transitioning to using cash. It's interesting because this was one of the things that in the discussion with Ed Dowd, where I said, what can we do? He said like the first step is actually stop using digital systems for buying and selling.
• 33:25
  Like the first step is using cash, you know, so your local grocery store or whatever, just start using cash. But then you run into the issue of what happens if the government starts printing a bunch of money or if you like the recent events like we're having with president, you know, you know, Putin and Xi, you know, happening where the de dollarization, so what happens when that cash starts to lose its value so that it just kinda it creates a difficult thing. But I for me, fundamentally, and I'm gonna explore this some more in some future shows, I genuinely believe from the bottom of my heart that the central bank digital currency will fail. Like I I really do believe that. I really believe that that people will not adopt it like they've they've screwed up, they've lost the trust exactly what you said.
• 34:13
  Who's gonna trust the banks and the governments working together to do something for us that they're saying is for our own good. So I think they're gonna try to roll it out, but it's all the people that are following you that are following me what I do, they're following all the people that are really looking at this soberly, they're gonna say, you know what, I've I've prepared for this. I've I'm not gonna enter into this system and because they probably need a certain adoption rate of this to make it work. Right? Because if only half the nation agrees to to kind of play into their CBDC and the other half says no way, they're not gonna be able to to implement it.
• 34:48
  Right? What do you what do you think?
• 34:51
  Dr. Kirk Elliot: Well, I think it's spot on, Seth. I think it's brilliant actually because here's where my take on it is, are we going to have central bank digital currency? Yes. Because they have way too much space on the runway, right? They're way far ahead.
• 35:08
  They've been planning this for decades. 90% of the central banks globally and non government institutions, BIS, World Economic Forum, World Bank, all of these are behind it. So we're going to get it. And we already basically have it here in America, July rollout. It's like, boom.
• 35:25
  However, just because we get it doesn't mean we keep it. Right? So this is where the part of us getting it is not up to us. The part of whether we keep it or not is up to us, right? Because just like anything in life, we get what we focus on, we get what we pay attention to, we get what we give momentum to.
• 35:50
  So if we give momentum and focus to some other currency and we just don't use that one, it won't survive. So what else could come up? And I've been thinking about this for the last couple of weeks is, okay, you'll have central bank digital currency as one option. A lot of people will think that's amazing because they just don't understand. Right?
• 36:10
  But you could have something as simple as using silver for barter. Okay. That's that's getting out of the system with a tangible asset that you're trading back and forth. Maybe a gold backed currency or a gold back of some sort comes into play as an alternative currency. Maybe it's some kind of other cryptocurrency that comes along, or maybe, you know, what a lot of people have been talking about for a couple of years now, Quantum Financial System as an alternative.
• 36:35
  Right? So there's five potential things just right there. Right? Or a sixth one is like, oh, this thing is so broken. Let's just go back to the way we had it.
• 36:44
  I mean, that's that's a potential option too, but I doubt we'll go that way. The system is so broken, you have to have something new to replace it. So you could go into all of those. So which one of those is gonna last? Is it going to be central bank digital currency?
• 37:00
  Well, it could be if that's what we give momentum to, or is it going to be something else? Is it going be quantum financial system? Is it going be a gold backed dollar? You know, the populist political movement globally, you know, you you look at what what populism's all about. It's about accountability, transparency, you know, truth.
• 37:20
  That's what they want. Now different versions of it. Right? Because Bernie Sanders is pretty much a populist. You don't have to agree with his politics, but that's kind of what he wants.
• 37:30
  Donald Trump is a populist. Nigel Farage in in United Kingdom, you know, caused Brexit as a populist. Right? It's giving power back to the people. Right?
• 37:40
  Taking it away from the government. That's ultimately what populism is all about. They don't trust central banks. They don't trust that they've done it right because now we're in this world that's full of debt, that's unsustainable, where things are collapsing, and they want something that's real. So when they ultimately see what they get is not what they wanted or what they thought it was, right?
• 38:04
  When they see that central bank digital currency is truly spyware on your bank account and politicians and the bureaucrats or the open AI computers are going to determine whether you can buy or sell, you're gonna have Christians, evangelicals, you know, Catholics all over the world saying this is the mark of the beast. There is no way. Well, if they're store owners, they're gonna say, we're not gonna accept this in our store. Right? Or you're gonna have libertarians.
• 38:33
  You know, like, Jennifer Griffin is gonna say, no. No way. This is complete loss of freedom and privacy in our bank account. There is no way I'm going into that sandbox and playing with those kids. Right?
• 38:45
  And you're going to have here in Denver, you know, in Colorado where there's a dispensary on every other corner and maybe religiously, politically unmotivated, you know, whatever, but they're used to paying cash for their marijuana, right? It's like now this is all trackable? What? No, no. So you're going to have everybody that looks at this and says, man, this isn't what we thought it was going to be, right?
• 39:11
  And you're going to have more of an opposition. And I've used this example before. I can't remember if I used it on your show or not, it's worth repeating in this conversation when the last time we had a big change in currency was the Euro. That was like decades ago, right? But what did those countries, what did Germany, France, Italy, you know, the Dutch, what did they all have to do?
• 39:35
  They had to give up their national sovereignty economically to go to a regionally traded currency. Did they want to? Did the Germans wanna give up their mark? Well, no. Did the Italian wanna give up the lira?
• 39:47
  The French give up the frank? No. They didn't want to, but the nature of political nature of Europe is war torn for centuries. Right? And they oftentimes give up freedoms in exchange for peace because they're just tired of battling.
• 40:02
  They're tired of battling their neighbor and boundaries and everything else. So that's what happened. They gave up their national sovereignty in exchange for an economic and political union. Okay, so they ultimately caved, but it took a few years. It's not like the euro came in and it was like boom all of a sudden.
• 40:18
  No, they still had multiple currencies. They were trading in it parallel until they finally caved and the Euro won. This time it's fundamentally different, but yet the same. So the difference is we're not giving up our national sovereignty, Seth, for this. We're giving up our individual sovereignty for this.
• 40:39
  We're giving up our individual sovereignty to buy and sell what we want to. That's a much more deep rooted, passionate feeling. Individual sovereignty is always more deeply rooted than national sovereignty. Right? And so this is why I think this battle is gonna be more intense.
• 40:57
  This is why I think once people get it, they're gonna realize this is not what we wanted because it affects you individually, your right to live free, your right to do what you want to, your right to privacy. Because when you give up your right to privacy in buying or selling, what are you giving up your right to? You're giving up your religious freedom, your political freedom, your economic freedom, your personal freedom, your health freedom, because everything that you spend money or donate to is now going to be at the whims of some robot someplace or some bureaucrat someplace that says, we don't like that. You know, we're we're not gonna we're not gonna let you do what you're gonna do. I mean, some of the research that I've seen recently about all of this is kind of rooted in the climate change and your carbon footprint.
• 41:51
  If they think you're polluting the world too much by getting on an airplane, well, restrict it like a geofence. Right? It's like you can't travel anymore out of this four state region in the Southeast. Right? It's like too much pollution is coming from you, so they could restrict your travel.
• 42:07
  They could restrict you buying gas if you have a gas guzzling truck. Right? It's like, no. Too much of a carbon you know, all this points towards things in the future that in the past people thought was a conspiracy theory, like agenda 02/1930 and things of that nature. It's like all this is playing into that basically fencing in of people, corralling them into their globalized system of people control.
• 42:36
  And that's what this looks like, and it smells like to me. Right? But this is where it is so deeply passionately held people's individual freedoms that I think it's not going to last too. That was a long answer to your short question, but I don't think it's going to last either for those reasons.
• 42:54
  Seth Holehouse: And, you know, you make a lot of sense of it too when you laid it all out like that. And I agree. And I think that what's kind of interesting looking at where we're at right now, it's like, well, what can we do? So a lot of people that are watching this show and others, they're trying to be proactive, right? They're trying to be proactive with how they live, know, like we vote with our dollars.
• 43:12
  And so one thing for me is that A) I'm gonna try to stop using my credit card unless I really have to, unless it's an online purchase. I'm gonna try to use cash as much as possible locally or etc. But what I'm also going to try to do is start working silver into my day to day life. Like it's funny because even this morning, I was talking to a friend of mine who's also a personal trainer and we kind do favors for each other and I said, look, I should give you some money. And he's like, oh, you could just Venmo me.
• 43:39
  I said, how about I shit, how about I mail you some silver? Because I was like, look, if I Venmo you, they're gonna a) they're gonna take charge a percentage of that, but then they're gonna see that I'm transferring money, there's taxes involved that you how are you gonna report that? I said, what if I just ship you some silver? And he was like, like, yeah, that'd be great. He's like, been wanting to get some silver.
• 44:00
  Right? So like, that's what it looks like. Like the parallel, see, the thing about parallel economies is that they are developed in parallel. It's not like, you know, everything is normal and then okay, CBDC time. Okay, let's go to the parallel economy now.
• 44:13
  It's like, no, we start looking for ways right now that we can start building that parallel economy. You know, and part of it is even, you know, buying gold and silver, which I've course, I know that's what your focus is, but that's part of it. It's like, well, kind of economy is keeping in the bank system until it's too late until they say, Okay, now your assets have been converted into a digital currency because, you know, we're getting away from the fiat because it's failed. It's like, No, you know what, like, I'd rather have that money sitting, you know, in a block of silver buried in my backyard. Do you know what mean?
• 44:46
  So it's encouraging. And then this is what kind of excites me a little bit is that it's like, can be proactive. It's like, you know, I'm gonna start carrying around a couple silver coins with me. And so if I go to a local shopkeeper, say, Okay, you know, how about I give you $40 and, you know, I'll give you two, you know, two ounces of silver in exchange for that. And I think I imagine a lot of local shop owners, especially if it's a business owner, they might say, I'll take silver and exchange like that's how we do it.
• 45:13
  Dr. Kirk Elliot: That's 100% how you do it. You're getting out of the system that way, right? You're using something that's real to pay for something that's real, rather than having this digital footprint, being a digital slave to somebody's digital world that they're wanting to create. So anything that's get out of the system that still remains its privacy, which in that G. Edward Griffin article that you had read, what was one of the key things there?
• 45:46
  If you use something outside of the system, well, then it's going to be some kind of bank fraud or something like that. Right? So so they know that this kind of stuff is is wanting to happen, and they're using fear tactics. So one of the plans of the enemy is to use fear to get people to comply. Right?
• 46:03
  Where when you look at at God's economy, he uses love to get people to comply. Right? And it's like and so this is where freedom comes into play. We have the freedom of choice. We have the freedom to do what we want to, and and I would encourage everybody to start using that freedom and use your freedom with your with your actions.
• 46:22
  Right? Don't give momentum. Don't give credit to these things that are going to strip away your freedom because they will. They absolutely will, and it's upon us. It's right underneath our nose.
• 46:36
  We don't even have to speculate anymore, Seth. We don't have to say. Like, three years ago, if you were listening to World Economic Forum speeches or reading the transcripts, like, it's like they're speaking in in hushed tones, and they're using code words and cloaking things and and hyperbole. Right? And it's like but they're not anymore.
• 46:56
  They're it's like they're just out there.
• 46:57
  Seth Holehouse: They're not hiding. It's
• 46:58
  Dr. Kirk Elliot: like, no. That's what we're gonna do. We're gonna take away your ability to buy or sell, and you're gonna like it. Right? And it's just like, oh my word.
• 47:06
  That so to me, that's like a missionary, you know, spreading their faith. Right? They're bragging about it. They they want everybody to know, well, to them, this globalized communist fascist control of your banks and how you spend and control over people is their faith. And so they're bragging about it.
• 47:26
  There's no hiding it anymore. You don't have to speculate. It's not a conspiracy theory when the people making those policies are saying, this is what we're gonna do. It's like, my word. It's here.
• 47:37
  You know, everything that the people have been talking about for years is here. Never was a conspiracy theory. It was just a conspiracy. Right? And so you look at that and it's like, okay, now that it's here, we adapt into something to thrive and don't settle for surviving.
• 47:55
  That's where there's hope in this message is if there's enough people that are in opposition to that kind of a command control fascist communist takeover of your bank accounts, it won't gain momentum.
• 48:09
  Seth Holehouse: Exactly.
• 48:10
  Dr. Kirk Elliot: That's where there's hope.
• 48:11
  Seth Holehouse: Exactly. Exactly. Well, folks, so we'll have to wrap up because I've got another interview right after this one. But, for folks that are interested in gold and silver, you know, you know that I work with Kirk. I trust Kirk.
• 48:22
  He's a good friend, strong Christian patriot. You can check out his company, go to GoldWithSeth.com or call (720) 605-3900. Again, 206053900. And you guys have all kinds of solutions for whether you want to transfer an IRA or four zero one ks, ways of bypassing the taxes and fees, or just, you know, plain, here's a check, you know, you know, ship it to my front door in a concealed box type situation. So, you know, I feel like that it's like kind of wars are fought in all different ways.
• 48:57
  And you know, in 1776, it was, you know, getting a musket going and joining the front line, you know, the front lines basically. I look at the the wars that we're fighting are different right now. And it's it's information war, it's are we gonna, you know, you know, give in to their medical tyranny. Also it's this, you know, it's financial warfare. And so to me, I look at this as saying, okay, well, if I'm slowly moving my assets out of their system and into something that, you know, gold, silver, etc, you know, silver is my favorite right now, it's like that's that's a way that I'm actually fighting them.
• 49:29
  That's a way that I'm using my actions to say I'm not going to be part of your central bank digital currency beast system.
• 49:40
  Dr. Kirk Elliot: Amen. That's all I gotta say. Amen.
• 49:43
  Seth Holehouse: Yeah. Well, Kirk, thank you again. You know, we'll have a weekly update for folks kind of really here on out because there's just so much happening and we might occasionally do an emergency broadcast, but it's always great having you on. You know, thanks for being here. Thanks for doing what you're doing.
• 49:58
  And until next time, have a wonderful rest of your week and and weekend.