Richard Werner on how CBDC could be the end of banking and on the Sovietization of Europe

Paul Buitink talks to Professor Richard Werner again. Richard is author of 'Princes of the Yen' and came up with the Quantity Theory of Credit. He also coined the term Quantitative Easing (QE).
Two years ago Paul talked to Richard about how the ECB was trying to become the only bank in town in Europe. In this latest episode Richard tells in more detail how the ECB, through regulation and monetary policy, has destroyed small community banks. Since the inception of the ECB 5000 banks have disappeared. Its policies squeeze the margins of small banks while at the same time they lead to asset bubbles, inflation and crises, which are then used to gain more powers, says Richard.
The ECB is now looking into wholesale central bank digital currency (CBDC), like they do in China, instead of retail CBDC. This gives Richard some hope since it's potentially less destructive. The European Union is becoming like the Soviet Union says Richard and China is acting smarter. Creating credit and hence money is such a powerful tool that it needs to be in the hands of as many people and small banks as possible, China gets that. Once you have more local banks, they can be the core of a new monetary paradigm. Richard illustrates this with the experiment of Worgl in Tirol in the 30ies. So although Richard is worried about the future of the euro, it still makes sense to focus on building as many community banks as possible, to have the network ready to possibly introduce new currencies. For this reason he started the Valhalla Network. Richard furthermore thinks the gold price is suppressed and therefore cheap.
Links:
Previous video:
• Richard Werner - ECB w...
Richard and Paul on Twitter:
/ professorwerner
/ scientificecon
/ paulbuitink
Richard's work:
quantumpublishers.com/quantum...
valhallanetwork.io/

[@glenn9576]

My Hero! Sir Richard Werner, bring the small Bank Community concept to Australia via our Post office network or along side of it.

[@matteocicchetti2086]

I love this man. He Is the real world Morpheus.

[@DdrtAddh]

I pray for the day in which Prof. Richard Werner will receive the Nobel Prize for Economics. 🙏🏻❤🏆

[@Ofelas1]

Too contrarian, disturbing the big banks oligopoly and CBDC does not make you a favourite

[@jonswanson7766]

Sorry, the day he wins that, my good opinion of the good Professor would require a rather detailed reappraisal.

[@milire2668]

fuck the nobel prizes lol he deserves way more

[@sciagurrato1831]

The committees that have selected the Economics “Prize” have made very, very few selections that will stand the test of time (can you say Paul Krugman?)

[@sailnycsachiko5716]

Thoughtful conversation, Comments by Richard are insightful, right, real, practical. Thank you.

[@sciagurrato1831]

While the interlocutor is not the sharpest knife, Dr Werner’s depth and breath of understanding are so vast - of course, powerful interests will always choose to ignore him (if not silence him completely) - that letting him free associate between linked topics is the wisest choice here. So glad that Dr Werner ignored the bilious comment by the interviewer about the Chinese “social credit system”… Dr Werner’s observation that the banknotes that everyone carries around are really the promissory notes of private companies - and have neither legal standing as money or any inherent economic value - is spine-tingling.

[@dianasitek3595]

What a nightmare we live in! We cannot allow this to continue.

[@CosmicSeeker69]

But we do......have you changed anything since,2020?

[@TheKillaMali]

Great Interview. Props to you for taking the criticism from the first interview on board and acting on it. Very enjoyable watch :)

[@jonswanson7766]

I got ahold of "The Princes of the Yen" and it is absolutely essential for understanding history! Expands the brain, which is the highest praise you can give!

[@manflynil9751]

Thank you, I'll read it.

[@adamdahl3080]

This was a very insightful interview! Please have Prof. Werner back again

[@brutesque]

Great episode. Thanks Richard. Thanks Paul.

[@dazzleawakening]

Love Richard ❤️

[@webfreakz]

Thank you for this interview!

[@David-vq1pn]

Good show! Richard is illuminating as always, especially so here re. the difference between 'wholesale' and 'retail' CBDCs - very interesting! It's great when Richard is allowed to expound, uninterrupted and at length, on a topic. This approach makes for his best interviews 👍 Keep it up & looking forward to the next one!

[@CC-md5jp]

thank you for the guest and the content! 🤜🤛

[@modelmark]

All central planners will always prefer more power in the hands of fewer people. The end point of all these systems is all power in the hands of one person. All failures lead to demands of more concentration of power.

[@Notaslave1961]

Watch "The Prince of Yen" right on KZbin, Werner is in it several times...awesome documentary

[@jonswanson7766]

The Athenian Phocion was speaking to the Assembly and the crowd erupted in cheers and applause. Visibly worried and distressed, he turned to his friends and asked "What, have I said something stupid?" If the Nobel Prize we're awarded to the Professor, he would have to ask his friends...

[@independentmind6281]

Which technology is Richard using with respect to his newly created digital tokens and DAO? Thank you for making these interviews!

[@independentmind6281]

So I just read Valhalla white paper to understand the underling technology and interestingly, it only mentions in passing Gnosis chain. Which is Ethereum based. But In fact, no mention of the ethereum chain. They write of DAO's like it was a given. Maybe it is by now..

[@reinhardrinaldo350]

Thanks 👍👍👍👍

[@tomkarnes69]

Morpheus yes, but there is no Neo

[@victoriabarnett4279]

Thanks for info on book. Purchased book and awaiting opportunity to learn more about banking cbdc dangers

[@detectiveofmoneypolitics]

Still watching Frank G Melbourne Australia 🇦🇺 ❤️

[@ladyhawkNone]

Wish I'd seen this when it came out. Now it feels hopeless cuz of my situation. :(

[@sha2828]

That “increase in money used for consumption” policy, was it because of the purchasing done by governments worldwide for the speedily produced, massively expensive, “cocktails” that were to counter the not-so-novel and not-really-so-dangerous yearly infection that was being passed off as a pandemic?

[@marywest6844]

There really is a living God. 🌈🏆🌍

[@Nhoj737]

No ‘CBDC's’? “ . . . . That is, instead of the 144TWh per year used by Bitcoin, CBDCs would consume some 7,056TWh - more than three times the UK’s total 2019 energy consumption of 2,185TWh… In an increasingly energy-constrained global economy, it should - but likely won’t - be clear that programmable CBDCs are a non-starter… a solution looking for a problem to solve indeed! “

[@buddoyr]

Time line would be helpful. Great video!

[@jbwentworthe6082]

Whatever the functionality of a "Digital Coin", are we not always at great risk of new controls and loss of daily living when the systems go down, or, as with MGM Casinos, the system is held hostage ?

[@tomski2671]

What a fantastic alternative to crypto. Something of real value.

[@shanedowds4087]

Interesting stuff. I've learned a lot from Richard Werner and his books. However, can a large part of the inflation we're seeing today not be attributed to rising energy prices?

[@widehotep9257]

Inflation is caused by too much money creation. All money is created digitally by private banks issuing loans. Therefore private bank lending creates all inflation.

[@yes-vy6bn]

inflation was already at record highs before the war

[@thomasbentele2468]

I think so too. Increased consumer prices for energy are increasing the cost of living. Inflation in science means more money in circulation, what only banks can do.

[@donchedelnirvana2261]

Thanks for the vid, great as usual. Why would any central bank choose to write off debt from a subordinate agent? First of all, it is this debt (or better said: a claim from the Central Institute on resources from the peripheral unit) that gives the former its power. Secondly, what kind of signal is a Central Bank giving to all its subordinates if it writes off debts from one member?

[@widehotep9257]

Central bank policy makes no sense if you improperly view them as government agencies. However, their policies make complete sense when you view the central banks as BANKING CARTELS. Their objective is to maximize profits for private banks.

[@widehotep9257]

@Wick Banks create new digital money out of thin air AFTER the borrower signs the loan contract. The entire money supply is created in this way and controlled by private banks. Less than 1% of the population understands this, so even if the people elected Federal Reserve governors, it would be meaningless. That is why our only chance at abolishing the bank-created money scam is to awaken tens of millions of people.

[@108Rudi]

Where can I find out more about this town Vogel? And the story Werner talks of here?

[@bustermoon8297]

the town is called wörgl

[@Stadtpark90]

en.wikipedia.org/wiki/Demurrage_(currency)

[@Skimautomaat]

Paul 4 president.

[@dano2760]

Stumbled upon the valuetainment interview and felt very bad for Werner, stumbled into a situation with total f-cking morons. Didn’t look fun. Big platform though I suppose for a silver lining.

[@monkeybooth6448]

your new proposal includes digital that people do not want. why not print new money for a specific private bank metals backed.

[@stefan-stocksmadesimple5241]

👍👍

[@Saved-kp4sq]

RFID Implant Mark of the beast in the future.. Revelation 13.

[@tree2496]

✌️

[@himanshisingla1031]

India bringing both wholesale and retail CBDC!

[@thomasbentele2468]

Remembering, they declared worthless a certain range of bank notes, to force people into digital money accounts, what did much harm to the country side. India seems to be kind of a fascist state.

[@sciagurrato1831]

Yeah, typical.

[@DailyHeeDee]

23:41

[@CornutiContenti]

Richard, of "China central bank's beautiful job", many many banks, etc, but how about the present? China is now totally dominated by CBDC, even retail, so, what is going to happen to the 5000 banks?

[@sciagurrato1831]

You don’t have a clue what he talked about.

[@sciagurrato1831]

Sex, drugs and rock n roll created this specimen of cognitive failure.

[@CornutiContenti]

@@sciagurrato1831 sciagurato e pure sfigato

[@davidwilkie9551]

Let's make a new, Many Monetary Worlds categorization, of the meaning of values in Health and Welfare? (I don't understand the current global social status, of the use of threats to coerce rather than persuade effective cooperation) ----- If the credibility of administrative powers has always been forced on populations subject to military oppression, then there's the self-defining explanation of what is now eventuating globally, the complete discredit of fraudulent posturing and accompanying financial shenanigans.

[@Decentralized_Maze]

I'm sorry, but my future will NOT consist of CBDCs no matter how hard they try. We'll build around it. I'll use gold, silver, cryptos, stupid paper fiat or barter BEFORE ever CBDCs. Thanks!

[@jamesdean7756]

You WILL comply slave !

[@brandonblaylock4065]

XRP

[@maryanthonyb1burke871]

I’m not sure how accurate this is. Very simplified theories, the central bank absolutely does impact assessments on banks and regulates and monitors accordingly. He also sounds quite childish taking credit for the ECBs adoption of disaggregating credit reporting. I normally agree with Richard but he sounds a little bitter here, but he got his book ply in so he’s happy.

[@thomasbentele2468]

Not so much theories than practical observations.

[@sciagurrato1831]

The two of you can go live in a world of your theories.

[@bobdylan2843]

xrp

[@18WiddaBullit]

wtf? Guy is having a chronic throat deasese because he speaks Dutch. What was the name he pronounced after Steve Keen at 45:20 ?

[@reinventmoney]

sorry you couldn't follow me. I mentioned Dirk Bezemer. Cheers, Paul

[@cheesemccheese5780]

No need to be an asshole.