Birth of a New Financial System - Richard Werner

Chair of Valhalla Network, Prof. Richard Werner, and CEO, Oliver Studd, join investor George McNee to discuss DeFi, banking, and the benefits of Valhalla Network.
For more information on our Series A: ValhallaNetwork.io or [e-mail]
Valhalla Network: / valhalladao_
Prof. Richard Werner: professorwerner.org/

[@chessimate]

Please guys, can you try to get Richard onto Delingpod, Jerm Warfare or JRE podcasts. The world needs to hear from him!

[@seale1133]

Jr podcast would do it if you mention princes of the yen

[@seale1133]

Great shout

[@InformationMavericks]

JRE is a great idea...someone set it up!

[@seale1133]

Ngl this channel would have madness when they realize the emotion Richard is working from. JR is a guy that can make that clear in a few hours with interview skills

[@mikehardwicke23]

I totally agree. Wake up the world!

[@sheevamatimbas4300]

I am a student of Macro Economics student late in life, nevertheless better late than never. I just want to thank Richard for helping me understand and advance my knowledge in the world of Macro. 👍

[@wernereconomics]

Thank you for your kind words, Sheeva.

[@pipjersey8303]

the fact Mr Werner and this channel are not promoted in the algorithm etc tells you something

[@johnarthur9666]

This is very tangential, but I have never heard Prof. Werner's impressions and views on MMT and I would welcome hearing him discuss MMT at length. Thank you.

[@ziryabjamal]

I'd like to see Prof Werner outline a critique of MMT. I can't imagine he's got a good impression of it.

[@xada2397]

He has already written about MMT-esque 'Sovereign money' and doesn't support it at all, as it is centralization of money creation, and inherently non-productive.

[@seale1133]

MMT=AOC 😭😂

[@relobmit]

This is a good debunking of MMT: kzbin.info/www/bejne/p4S8na2umN90j5Y

[@xada2397]

@Bell Curve It is absolutely not the system we currently have. There are thousands of banks in the US, all of which create money. The Fed creates a small percentage of the money supply, the major banks create a large percentage of the money supply, and many small and medium sized banks create the remainder of the money supply. It's not an ideal system at all, but it is certainly better than MMT, which gives a monopoly of money creation to one entity.

[@seale1133]

You guys are heros❤️❤️

[@Retrofire-47]

I'd love to hear Werner's views on the recent increase in food prices & insecurity

[@leo16511]

thank you all so much this is so important

[@wernereconomics]

100% agree. Oliver

[@DistributistHound]

Thank you Professor Werner and your team for sharing your knowledge and teh remarkabke work you are doing. I would like to ask what is your opinion on social credit economics proposed almost a century ago by mayor Cliford H. Douglas? I think he had a similar view on how banks hinder economy however his solution of having a credit authority seems to like a diferent kind of central bank to me

[@mistersir3020]

Can you make a video on what _is_ the role of the central bank base rate? We see that it is used as a front for the CB to say: "look we're doing what the economy needs!", but what is really the impact of the base rate on the economy?

[@mistersir3020]

How do we sign up for Werner's periodical report / economic analysis?

[@lukaradojevic7195]

Rising interest rates is like universal basic income,but for rich people owning bonds

[@Tactical_Manatee]

Yeah I'm kinda lost in regards to understanding why high growth leads to high interest rates. And why we should have interest bearing bonds at all, based on exactly your comment.

[@lukaradojevic7195]

@@Tactical_Manatee because of powers that be aka rentier class.they are not as crazy as rest of us to work and create real products and services for money,they live off rent,interest and dividends,and they want it to stay that way no matter what.

[@AnitaCorbett]

Brilliant

[@mistersir3020]

Does somebody have the syllabus of Prof. Werner's course?

[@djamestersimarrmata2998]

Richard has been ardent proposer of the reform of present monetary sistem, dominated by the private interest, neglecting the public. He has conducted a field experiment, where the credit is not taken out of the already existed money in the vaults of the banks, but created out of nothing. Hence banks as intermediator between saver and investor is not true. Hence the present Nobel Prize on economics is contradicted to reality!

[@loniousmonk]

A loan is supposed to represent a relationship, small, local, tangible, accountable. If you loan out *money*, it’s completely the wrong representation because money can flow far afield- a person will accept money as payment without any knowledge about it. I think it is better to have money be a hard money like bitcoin, so the masses learn what hard money. Then what previously was achieved through loans should not dispense/create “money” but something else. They could be municipal government tokens for example. The municipal government issues a token which is designed to stimulate local infrastructure or cultural projects whatever, and it has some money-like properties in that one guy can pay another guys those tokens in order to subcontract him or whatever. But these tokens must, while promising some sort of money payout according to some schedule, also have accountability structures attached to them. For example the intent of this “loan” was for *local* projects; well then just code that into the token / smart contract definition. It cannot payout hard money (say bitcoin) anywhere but in that geographic locale. Sure fraud and things will be always possible but I think the whole idea may be inverted- I want money to be hard money. Money should not be generated by a loan because in the ideal case a loan is an extremely complicated contract. That should not be mistaken for money. It can contain monetary payout rules but this money has to be actual hard money collected by the municipality as tax. Worst case if a municipality or governmental unit has no savings and needs to do emergency spending, they can issue their “loan” tokens at a deficit. The loan tokens/contracts will contain some sort of payout promise, and everyone will be able to see that it is a deficit spend because their coffers are currently empty and therefore they will know their taxes are going to increase. Or in worst case it will be so grim that it will be clear that the government is probably going to start seizing property or even attempting to seize money. But this is transparent and there is no confusion about what money is. This is perfect because when a government gets really desperate and has a crisis and wants to deficit spend like crazy- the democratic hurdles have to be nearly insurmountable. If they can just finagle a loan then everyone rolls their eyes at the debasement of their money but doesn’t really know how to keep them accountable. Because in that world it’s binary- it’s either revolution or no revolution. Marching to the town hall or whatever. If you invert it so that in hard times the government has to go door to door begging people for some money, that is perfect. With bitcoin it is almost impossible for an out of control government to seize money, because of plausible deniability, duress systems for destroying or moving the funds elsewhere etc. Yes it’s possible that things would be so libertarian that people would start to casually trade in some tokens that aren’t real money but this is the guiding principle: 1. if it’s money (which can flow everywhere) it has to have decentralized governance like bitcoin. The money tokens don’t need accountability attached to them because of decentralization/consensus. If there’s anyone to blame it’s just “us”- there’s no town hall to march on. 2. if it’s a loan from some centralized body (eg municipality) it is *not money* because it has an intended purpose and scope and everything. It is colored money, or a token tied to use-case. It can be designed however you want but anyone holding one of those tokens has to know who the issuer was. It was XYZ municipal government. They should not mistake this for real money if someone tries to give it to them as such. - Maybe I don’t understand the Valhalla proposal yet but we need to know ASAP whether it is compatible with hard money like bitcoin or not, and *why* not. If the answer is just, oh yeah well these local banks will hold some bitcoin as reserves and people can hold their banks accountable to have X amount of reserves etc; and it’s all better because it’s transparent blah blah… Then okay that sounds alright but it’s still not good enough. Why not have hard money that cannot be debased and build on top of that. Rather than conflating the concept of money as a sometimes-value sometimes-loan. A bitcoin is a bitcoin. A dollar or coin or whatever in an ideal world where there is minimal big-bank scheming going on is still a strange and complicated instrument that I don’t think the common person should come in contact with. When money is creatable and fluctuated in this way and is dependent on the overall health of the banking system and the predominance of local banks versus big banks… that’s not money. That needs to be some kind of “stimulus token” that can possibly pay out money but is not granted the trust and eminent function that money has.

[@mikehardwicke23]

Very interesting historical perspective and information. 👍

[@108Rudi]

Where can I read about the monasteries that Werner mentions?

[@Tactical_Manatee]

Yes I would like that too

[@benjones8977]

The question is this, will the establishment and politicians in power ever going to let any competitor come in, even on a small scale?

[@xada2397]

It's not their call.

[@benjones8977]

@@xada2397 Ever since the federal reserve came into power, it’s been there call!

[@xada2397]

@@benjones8977 The banksters couldn't stop crypto even if they wanted to at this point.

[@benjones8977]

@@xada2397 You don’t seem to know much about the central banks! They’re already gathering list of names and getting taxes from all the crypto companies. My guess is the regulations will keep increasing as they get ready for their own CBDCs. Just the fact that they’re pushing for a global reset & a one world government, with a one world religion and Bio health ID cards, tells me they’re going to be in total control of everything. ESGs will rule and those who don’t follow the rules will get squashed! These are the same people who are putting together this one world government, so I think you’re very naïve to believe there will be any place they can’t touch you!

[@xada2397]

@@benjones8977 Monero and DeFi prevent the central banks from having any say in this. Obviously, they can and will target the centralized cryptocurrencies and exchanges, but solutions to that have already been created.

[@belalsager9247]

I wish I can have that magical wand for a day 😂

[@merfymac]

Interesting

[@mikehardwicke23]

Gibson's Paradox - 19th century?

[@merzto]

Please, please improve your audio. It is THE most importand thing you have to do to grow your channel. No channel gets anywhere when it's difficult to listen.

[@wernereconomics]

Hi Tobim, Thanks for letting me know, I'll remember for future! :-) We were in Lisbon for work and the interview was 'spur of the moment'. - Oliver

[@brianwhelan5382]

What happened to the monasteries to be supressed in Germany, what are offramps? It would help if presenters made an effort to explain what they mean when they use technical terms, not everyone listening has an economic background.

[@wernereconomics]

Apologies Brian, we try our best but I'll take it onboard. On/off ramps are usually crypto exchanges, a means by which fiat is deposited/withdrawn from the crypto market. - Oliver

[@brianwhelan5382]

@@wernereconomics Thanks Prof Werner, I greatly appreciate your work. I attended your talk in Dublin some years ago

[@mitchellyukon5757]

anything similarities between China covid zero policy and Netzero ESG policy? hummm

[@Tactical_Manatee]

I'm a little lost here on Prof Werner's interest rate study... How does higher growth lead to higher rates via market forces? I thought the interbank LIBOR/Federal Funds Rate was set by fiat?

[@relobmit]

If we forget *nominal* interest rates for a minute, then we can say that the *real* rate of interest is an OUTPUT of an economic system not an input. The *real* rate of interest is determined by time preference (apples today is more valuable than apples tomorrow), and the expected level of growth (lots of apples expected tomorrow means that you'll want to be highly compensated for forgoing apples today etc.).

[@ElizarTringov]

But it's only 33 pages of mostly technical jargon, what's so hard to understand?!

[@deanelleman6611]

Professor Werner with all due respect, if you want your idea to spread tell us, why you do the remarkable thing you do. Months ago, I sent you an email about that. So, again why is Valhalla Network doing the remarkable thing that it is doing. Then tell us were to send the funds. OK, You're the wizard who is going to create economic growth ( more jobs, productivity, healthy community, etc.) for communities everywhere or where ever you start. So, buy some two bit bank and start. How much do you need? Send the money where?

[@wernereconomics]

Hey Dean, check out our whitepaper for Valhalla Network. It details the why, the what, and the full breakdown of the use of funds. Available at: ValhallaNetwork.io Any questions, feel free to email me. - Oliver

[@webfreakz]

The audio is bad

[@wernereconomics]

Ah, sorry about that. We were using my laptop mic for this one as it was 'spur of the moment'. Thanks for letting me know for future interviews. - Oliver

[@chaseshadow]

Sounds rather Ashkenazi to me . . . . . . .

[@charlesponzi9608]

Khazarian Mafia

[@chaseshadow]

@@charlesponzi9608 Same Charles - They morphed. Former Kharzaria is the UK - Raine.

[@charlesponzi9608]

@@chaseshadow Revelation 2:9

[@bigweezo2341]

George McNee looks more like Richard Werner than Richard Werner 😂

[@Robis9267]

Although the ideas are interesting, Richard is too paranoid, and frankly, this does not look good if you want to tell the whole world, that they are wrong. You then look like some fringe deluded guy.