Rep. Flood Questions Centrally Controlled Currency

Episode Transcript

(00:00):
Mike Flood back to the program.My good morning. Good to have you
back, very good, Thank you, thank you for having me on three
things I want to get into andI want to talk coming up here about
the idea of a of a Chinastyle central currency, which should give everybody
a chill. And then I gota scathing voicemail about you that i'd like

(00:24):
you to hear and respond to.But first I want to President. What's
that? Yeah, yeah, prettymuch. But I want to get into
this one thing if you can simplifythis because it is has not received a
lot of coverage. You're on theFinancial Services Committee in the House, and
I think what's notable about this isthis actually passed the House and the Senate

(00:46):
with sixty votes. And it hasto do with how banks handle digital currency,
right pretty much. So here's thelay of the land. We've got
countries all over the world, likeChina, the United Arab Emirates, even
the European Union. They want tobeat America to the punch with digital assets
so that they can dislodge the USdollar as the world's reserve currency. China

(01:10):
has a huge interest in this,and as American banks are saying, hey,
as long as there's going to bethese digital assets, some of it
didcoins, some of its stable coin, we should be able to take custody
just like we do of other people'smoney and hold that in reserve in a
safe place. Well, the Bidenadministration doesn't want that. They don't want
us to be a digital asset.They want, apparently countries like China to

(01:34):
lap us and dislodge the world's currencyfrom the US dollar. And so,
basically, Congress and I introduced thebill that would revoke the federal government's effort
to stop banks from taking custody ofthese digital assets. It passed the House
with twenty one Democrats and all theRepublicans. It passed the Senate with sixty
votes, including Chuck Schumer's vote.And now it's sitting on the president's death

(01:59):
he said of the veto, andwe'll find out by June third. I
think he ought to think twice aboutthat, because there's enough Democrats that are
saying, hey, even we getthis, is this related. This is
uh SAB one twenty one the repealthat's right, and that is that related
to the idea of a of aChina style centrally controlled currency. No,

(02:23):
so Okay, TOB one one isessentially just an accounting guidance and stops that
are publicly traded. But yeah,then there's the central bank digital currency,
which is the other issue you're talkingabout. Okay, Uh, how much
is there any noise serious noise inWashington about that about that happening? Well,
I can tell you the Democrats onthe Financial Services Committee and the ranking

(02:45):
member Max tin Waters, she isall for a central bank digital currency.
There's a lot of Democrats that say, hey, we don't know where this
is going. Let's not foreclose thefederal government from being essentially a retail bank.
It's a bad deal. It's likea China style surveillance currency, where
if the government doesn't like what they'redoing, they can shut you off.

(03:05):
The other thing about the central bankdigital currency is that it turns banks.
It turns the Federal Reserve essentially intoa retail bank, which completely snuffs out
innovation and free enterprise the United States. Tom Emmer of the Majority Whip from
Minnesota, he introduced a bill toprohibit any central bank digital currency. I'm
a co sponsor. I fought forit. It passed the House narrowly,

(03:30):
and it's on its way to theSenate. But this is the Republican Party
basically saying no, we're not doingthat. We're not going to have this
China style currency in the United States. Well that's chilling. Okay, here's
the message now, Congressman Mike Flood, Well, the twenty five thousand War
army aged male Chinese immigrants that haveillegally come into the country need a need

(03:52):
some They need their own currency totender so that they can buy stuff.
Just see enough, All right,Now, here's this, here's those voicemail
from somebody who's not a fan.Mike Flood, and the Nebraska delegate needs
to step down. We've sent somuch money to Ukraine. We could add
a refinery, a nuclear reactor andan acinerator. When there's things going on

(04:16):
here, you're sending money over it. That's just treason, is irresponsible.
How can I can't vote for thatanymore? It just it's a money laundering
scheme. It's for civil war.He knows it, and everybody knows it.
Okay, Mike Flood respond Relative toUkraine, well, we have a

(04:36):
situation here where Russia invade Ukraine.Their troops are raping women up and down
the border there in Ukraine and insidethe country. We convinced several years ago
Ukraine's to give up their nuclear weapons. We find ourselves in the spot now
where they've been attacked by a thug, Vladimir Putinen, and quite frankly,

(04:58):
he said, just like he isa great back in the seventeen hundreds,
he's not going to stop here.Next stop could be the Baltic States,
NATO members or Poland. And ifthat happens, we're sending our young men
over to Europe and they'll end upfighting on behalf of NATO. Either it
stops in Ukraine or he continues hismarch. We've seen this before. You
got to take Vladimir Putin at hisword. That's where he's going. And

(05:21):
at the end of the day,either it stops in Ukraine or it's spread
across Europe and we are more involvedthan we want to be. And right
now Ukrainians are fighting the battle andthey have the resources hopefully to do it.
You know, I respect, Imean, reasonable people can disagree on
an issue like this, but whenyou look at the human toll that has

(05:43):
been taken on the Ukrainians, ifyou look at you know, the number
of women that have been raped byRussian soldiers, the cities that have been
destroyed. There's a lot going onhere that if it were just spread across
the rest of Europe, would bea disaster for the United States and the
entire World War two world that welive in, where we've largely enjoyed peace.

(06:04):
Well, if that's the case conRichmand flood, then I think an
average American is legitimately capable and believesthat they are entitled to at least some
understanding of how much engagement financially WesternEurope has of this war. I don't
disagree, And let's remind everybody thatthe bill that we passed was not a

(06:26):
grant or a giveaway. It wasalone that we expect to be repaid.
Obviously, we've already made significant contributionsto Ukraine, but the last branch of
money was alone. And even Presidentformer President Trump said that he could accept
the idea of alone. So Imean, is there's more to the story

(06:48):
that gets reported every day, andGod knows there's strong feelings on most sides
of the Isle about this. Iam foreclosing our border. I have voted
every time I've gotten a chance toour border and to do everything we can.
I am very much in favor offiguring out a way to bring down
home prices and make sure that we'redoing everything we can in the United States
take care of our own people.We got to recognize, you know,

(07:11):
I've got an eighteen year old herein a week, and I've got a
fourteen year old. Do we wantthem over in Europe somewhere in Poland or
the Baltic States as part of ourcontract with NATO fighting a foreign war.
I don't think so. And that'swhere Vladimir Putin says he's going. Can
we all agree that the Ukraine Ukrainiansare not going to defeat the Russian army?
Can we agree on that? Andif we can? If we can,

(07:35):
why not focus our efforts and pushingthe Biden administration to insist on a
negotiated settlement over there and stop thiscarnage. Would you be on board with
that? At the end of theday, you're talking about an accord with
a with a ruthless killer that happensto be a thug running the country of

(07:58):
Russia. Ultimately, peace is whatwe want, and we have to find
a way to get there. Butunder Putin's terms. Right now, I
can't imagine that would be much ofa peace because he's already said what his
intentions are. Well, as yousaid, we can agree to disagree.
Mike. I appreciate the time always. We'll talk again soon. Nebraska first

(08:20):
District Congressman Mike Flood