Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Very pleased to welcome to KOA Christian Briggs. He is
an economist and we were talking off the area studied
physics as well. There's actually a lot of interesting overlap
between understanding that kind of stuff and derivatives in particular.
He's also CEO of Hard Asset Management and you see
(00:21):
him on TV and see him published in various places
about financial issues. And I thought we'd have Christian on
today to talk about something that I have probably only
talked about one or two times in all my years
on radio, even though it deserves more time than that,
and that is Central bank digital currencies. They are called
(00:44):
CBDC for short, and some people have a lot of
interest in them. They concern me quite a bit for
reasons that we will probably get into now.
Speaker 2 (00:55):
So Christian, welcome to KOA. Thanks for being here.
Speaker 3 (00:58):
Hey, thanks for having me. Let's do it.
Speaker 2 (01:00):
Let's do it. Why don't we start with the basics.
Speaker 1 (01:01):
What is the CBDC and maybe in your answer you
can talk about how it's different from bitcoin or something
like bitcoin?
Speaker 3 (01:08):
Okay, So in physics you have what they call intra
and inter so it's kind of the basis of how
internet works. You've got intro which is closed in loop systems. Right,
So you might have where you have an isolated environment
where you're testing let's say protons at nearly light speed.
(01:31):
They cannot leave a centralized centrifuge, okay, So which means
is they're closed. They cannot leave an environment or a
almost kind of like a centralized systems that's central bank
digital currency. Bitcoin is like the Internet. It means it
has everywhere it can go, So you don't have closed
(01:53):
in loop systems or environments that would otherwise be limited
to whatever the powers that be would give out access
for anybody that wanted to transact. So bitcoin is a
decentralized system where centralized digital currency centralized is centralized between
centralizing power in order for a handful of people to
(02:13):
control the masses. Where bitcoin the masses control, and there
really is other than just maybe some some oversight within
custodial asset holdings like wallets, there is some oversight there,
but otherwise you're free to move around the world and
transact at will with the same kind of safety, convenience,
and efficiency you would have. But centralized systems are all
(02:36):
about programmable money. So a centralized digital currency, the old
saying is how do you control the masses? You centralize
power to a few. So that's exactly the difference once
permission based where you're going to need to understand that
there are people that will either give you permission to
transact and one is where you're freely able to transact
with no permission base.
Speaker 1 (02:54):
So you just based on your description there, I get
the sense that you're not a big fan of CDC,
and neither am I, and we will get into that
for a second in a moment, but what I would
like to do is for you to tell us. For
the people who do promote CBDC Central Bank Digital currencies
(03:15):
and think we should at least talk about it, or
maybe some of them are more aggressive and think we
should adopt one, what's their argument as for why we
should have one.
Speaker 3 (03:24):
Well, it's a three words, efficiency, ease of use, convenience
pretty much. Those three words when you hear those things
coming out of the government, is giving you the opportunity
to do something, but your rights or you're going to
have limitations on the freedom or access to whatever that
(03:45):
is being talked about. You know, they say that nobody
is smart enough to be custodials of their own assets.
So if you look at what Central Bank digital currency
CBDCs are is their third party custodial accounts, which means
you're under self custody or self custodial. So like a
four to h one, you have self directed IRA is
very simple. Self directed means that you are you are
(04:08):
the determination of where those things end up. You determine
whether you want it over here at Schwab or Merrilands
or any number of different places. But you're still self custodial.
When you have CBDC, you're using a third party. You're
using usually a government or in some cases a license.
Think take take Finra. Finra is a private corporation that monitors,
(04:30):
obviously and and watches over the securities industries from borca
dealer standpoints. It's still a private agency, but it is
it is a government oversight. So when you start to
talk about what we're about to happen, there's legislation that's
pending that would limit our rights for self custody. You
might have domestic self custody, but international. As we start
(04:51):
to become a globalized system of payment and we move
from the antiquated systems of yesterday to the more modern
ones of tomorrow, which is all digital algorithms, which is
really just you're you're, you're, you're removing cash from society,
You're removing the ability in which a private transaction can
take place, to more of a system where you're going
(05:13):
to have always have surveillance, control, containment. That's your centralized systems.
Decentralized again are where you can still have anonymity, autonomous,
as well as freedom to transact on a global basis.
Speaker 1 (05:28):
We're talking with Christian Briggs from Hard Money Asset Management
and uh and did.
Speaker 2 (05:35):
I say that right? Did I say your company name?
Speaker 1 (05:37):
Right now?
Speaker 3 (05:37):
Heart Heart Asset, Hard Asset Manage added to work hard assets,
precious metals and select uh uh type portfolios for individuals.
Speaker 1 (05:45):
Herd Asset Management. So I want to try to paint
a picture. What We'll start with what the proponents would
argue it will look like, and then we'll talk about,
or you can talk about what.
Speaker 2 (05:57):
You think it'll actually look like.
Speaker 1 (05:58):
But when I can imagine the people who or proponents
of these things is they'll say.
Speaker 2 (06:02):
Well, it'll just look like what you're used to right.
Speaker 1 (06:04):
Now with PayPal or Venmo or any of these things,
and it'll just be you know, it'll just be a
government version of that and you can pay anything you
want to pay, and there won't and there won't really
be anything. I mean, are they going to try to
sell it like that? Or are they going to try
to sell before you talk about what you don't like?
Is that how they're going to sell it? And if so,
(06:25):
even if they were going to try to sell it
like that, why do I need that instead of zell
or Venmo?
Speaker 3 (06:32):
Okay, so go back to two thousand and nine when
bitcoin first debuted. Everybody has to realize at this point
that in order to be able to create the complexity
of what bitcoin was able to do on a global
basis and the system of which that it would ultimately
get to today, there's no way anybody but governments could
(06:52):
have been involved. Because the cost structure and the planning
of this and the adoption by governments, there's no pushback. Yeah,
they've had some interesting times where they've said, oh, we're
not so sure, but but in the day bitcoin and
crypto in general, bitcoin would be the leading one. Was
an experiment. Okay, it was an experiment, and so what
(07:14):
you do is you start to think about it having
a software company where we built hundreds and hundreds of
patents in early stage AI that I did back in
six all the way through sixteen, and we continued a
lot of those continuations of IP all the way through today.
It took me hundreds of millions of dollars and I
was a small, small scale compared to what Bitcoin accomplished.
What bitcoin was was a It was a system to
(07:36):
condition us that something of nothing, because relatively there is
no there is nothing to bitcoin. If the power goes off,
it doesn't exist. And then after they conditioned us to
program us to use it as a means of value.
So something I had relatively zero value has none other
than the perception of what people would want to be
(07:58):
able to utilize it for next thing. You know, all
the times forward that we've ever tried to push back
on it, governments have now started to embrace it. So
it was a way to which to program people to
go from cash lists society into a full blown digital environment,
and not just like Venmo or cash at see those
(08:18):
things are peer to peer systems, but they're not centralized,
not in the same way that you would have a
government oversight centralized system. Because remember with Venmo, even though
there are limitations and regulations and all that kind of stuff,
you know, you still have somewhat of a free access.
You can transact anywhere. But at the end of the day,
(08:40):
those two were get to get us to go from
an adoption of cash checks to an adoption and consumption
of digital payments. Basically, algorithms, that's all it is. It's
algorithms than the tokens that we would use. When you
authenticate tokens within a point of sale system, within a
gateway for credit card processing online or in used to
(09:02):
be before apps came, it was online processing, you know,
gateways and those things would authenticate the token that was
going from a cardinal hi to the quary bank to
create the transaction in the merchant base. That's the same
thing we have today. That's cash app, that's venmos. It's
a more sophisticated system. It's peer to peer like Napster was.
Now we're talking about something a whole different thing. Now
(09:23):
you're in a closed in loop where governments are able
to watch in real time and within certain perimeters can
limit you to what you can spend on. And I'll
give you a real scary example of the dozens and
dozens of providences in China which are basically states. It's
like fifty or sixty. About ninety percent now are only
(09:44):
allowed to transact in the digital you want, which is
a CBDC. The only exception our taxis that can take cash. Still,
the majority of all providence, not all of them, but
close are now only allowed to transact on an app,
and that app is a centralized way of which to
(10:05):
buy and sell goods.
Speaker 1 (10:06):
Yeah, I mean, folks, and we're we don't have a
lot of time left Christians, so I want to keep going,
but maybe give me just some slight and shorter answers,
but just for so listeners understand what Christian is saying here. Right, So,
proponents of CBDC are gonna are going to try to
sell this to us as something like more modern version
of a debit card, an online debit card, something like
(10:27):
that kind of sort of. But really, since it is
a central bank digital currency, it means the central bank
will be able not only to see everything you're doing,
but they could even set up categories. So, for example,
let's say they will put and this is a perfectly
I think credible hypothetical, They'll create a category for gun stores,
(10:50):
and they'll say, you know what, We're not going to
let you spend your money at a gun store. And
then you are trying to send money to something in us,
to a business that is this particular category, and they're
going to say no, or they're gonna say we think
you drink too much. You can't buy any more wine
or or whatever it is. And I mean, is that
Christian you think I'm you think that's far fetched or
(11:11):
about right or what?
Speaker 3 (11:13):
Oh? I think I think you're right. I think what
they're gonna do is say, yeah, you can have a gun,
but good luck and ammunition. We don't want to prohibit
your Second Amendment rights. Yeah, so we'll just make sure
that you don't have any bullets to put in there.
And then you can use them as well. I guess
you can use them as doorstops and maybe the door
wall will stop just in time for the bad guy
coming into your house to kill you. See, you got
to look at it is. They're very clever and Marxist
(11:35):
communist agenda, which is that which is atheist by definition,
because you're taking away all rights of an individual. There's
only three areas of which a society can be sustainable,
and that is healthcare, transportation, and money. If you centralize
all three of those, what did Obama try to do?
Affordable Care Act, socialized medicine? What are we doing with
(11:56):
electric vehicles? Turn on? Turn off? That's that now centralized systems,
so centralized power grid. Third thing is left is just
centralize the money. Once you centralize all of that, you
can have all the guns you want, there are no bullets.
You can have all the freedom of what you want,
but you can't go more than two hundred miles from
your house. Oh you can have all the money you want,
but you can't buy certain things. So they're centralizing everything
(12:19):
under the pretense of efficiency, safety, convenience. None of that
is true. It's all about the containment of the individual
to create a dependency on government. No different than why
we increase entitlements like welfare, snap, Medicare, and medicaid. We
increase those benefits in order to create a dependency. Why Well,
(12:39):
because it's called buying votes.
Speaker 1 (12:41):
We're talking with Christian Briggs from Hard Asset Management just
a minute or so left here. Did you say that
you think bitcoin is an you said an experiment, But
did you say that you think it's an experiment that
was run by government.
Speaker 3 (13:00):
No, it's built by government. This is impossible. Can think
about the connectivity value of what bitcoin did when it
launched globally. Think about that for a second. How many
countries bought into it are allowed it to pliferate throughout
their economies. I want you to think about that. It
wasn't like two servers cooked together and all of a
sudden they started writing scripts for period of peer environments.
(13:23):
It's impossible. I'm telling you it's impossible. So you had
to have billions and billions of dollars, but you had
to have buy in. There are three agencies that are
the only agencies that could have made this possible with
their outside dark money budgets, CIA, MI six and MOSSAD.
If you go online and start to look deep into
the rabbit holes, you'll start to see that there's evidence
(13:43):
of it. In fact, there's a lot of politicians that
have now come to the conclusion the value of which
bitcoin represents was not a value of monetary policy. It
was used for one reason, to program people to use
digital case in point twenty two twenty three, twenty seven
percent of all transactions were digital twenty four fifty percent
(14:05):
this year, seventy percent next year, one hundred percent.
Speaker 1 (14:09):
It's over right, But right now, it's true that a
lot of people, a lot more people, including me, using
digital payments when I can.
Speaker 2 (14:17):
But so far it's not a CBDC.
Speaker 1 (14:20):
It's not government controlled, which probably doesn't make you, especially
in your business of managing you know, true hard assets
probably doesn't make you feel a lot better, but maybe
not quite as bad as a CBDC.
Speaker 3 (14:34):
So if you go ahead and try to do something
on Venmo that looks for let's just say, less than kosher,
watch what happens. They'll shut you down. The digital systems
have it on and off system. That's the power. So
you think that you're not in a centralized system, it's quasi,
it's hybrid, But you are in a centralized system. The
(14:55):
more we transact in digital environment, the more control you
give up, the more rights of freedom and access to
privatization of cash. Think about this, if we get rid
of cash, how many people still know that you do
a transaction? All of them, everybody, But the most important
people are the ones who control the flow of that
of that algorithm, because that's all it is. It's a
(15:17):
token with a unique serial number. And if you really
want to know, go to the Funeral Reserve's website and
put in CBDC. Look at how many articles there are
and how many architectural understandings and first to market. It's
not even summaries, are briefs, but actual understandings of actions
that they're taking place.
Speaker 1 (15:36):
Christian Briggs, economist, he is CEO at hard Asset Management.
Fascinating conversation.
Speaker 2 (15:43):
Thank you so much for your time.
Speaker 3 (15:45):
You got it. Thank you having me.
Speaker 2 (15:46):
I appreciate it all right, Glad to do it.
Very pleased to welcome to KOA Christian Briggs. He is
an economist and we were talking off the area studied
physics as well. There's actually a lot of interesting overlap
between understanding that kind of stuff and derivatives in particular.
He's also CEO of Hard Asset Management and you see
(00:21):
him on TV and see him published in various places
about financial issues. And I thought we'd have Christian on
today to talk about something that I have probably only
talked about one or two times in all my years
on radio, even though it deserves more time than that,
and that is Central bank digital currencies. They are called
(00:44):
CBDC for short, and some people have a lot of
interest in them. They concern me quite a bit for
reasons that we will probably get into now.
Speaker 2 (00:55):
So Christian, welcome to KOA. Thanks for being here.
Speaker 3 (00:58):
Hey, thanks for having me. Let's do it.
Speaker 2 (01:00):
Let's do it. Why don't we start with the basics.
Speaker 1 (01:01):
What is the CBDC and maybe in your answer you
can talk about how it's different from bitcoin or something
like bitcoin?
Speaker 3 (01:08):
Okay, So in physics you have what they call intra
and inter so it's kind of the basis of how
internet works. You've got intro which is closed in loop systems. Right,
So you might have where you have an isolated environment
where you're testing let's say protons at nearly light speed.
(01:31):
They cannot leave a centralized centrifuge, okay, So which means
is they're closed. They cannot leave an environment or a
almost kind of like a centralized systems that's central bank
digital currency. Bitcoin is like the Internet. It means it
has everywhere it can go, So you don't have closed
(01:53):
in loop systems or environments that would otherwise be limited
to whatever the powers that be would give out access
for anybody that wanted to transact. So bitcoin is a
decentralized system where centralized digital currency centralized is centralized between
centralizing power in order for a handful of people to
(02:13):
control the masses. Where bitcoin the masses control, and there
really is other than just maybe some some oversight within
custodial asset holdings like wallets, there is some oversight there,
but otherwise you're free to move around the world and
transact at will with the same kind of safety, convenience,
and efficiency you would have. But centralized systems are all
(02:36):
about programmable money. So a centralized digital currency, the old
saying is how do you control the masses? You centralize
power to a few. So that's exactly the difference once
permission based where you're going to need to understand that
there are people that will either give you permission to
transact and one is where you're freely able to transact
with no permission base.
Speaker 1 (02:54):
So you just based on your description there, I get
the sense that you're not a big fan of CDC,
and neither am I, and we will get into that
for a second in a moment, but what I would
like to do is for you to tell us. For
the people who do promote CBDC Central Bank Digital currencies
(03:15):
and think we should at least talk about it, or
maybe some of them are more aggressive and think we
should adopt one, what's their argument as for why we
should have one.
Speaker 3 (03:24):
Well, it's a three words, efficiency, ease of use, convenience
pretty much. Those three words when you hear those things
coming out of the government, is giving you the opportunity
to do something, but your rights or you're going to
have limitations on the freedom or access to whatever that
(03:45):
is being talked about. You know, they say that nobody
is smart enough to be custodials of their own assets.
So if you look at what Central Bank digital currency
CBDCs are is their third party custodial accounts, which means
you're under self custody or self custodial. So like a
four to h one, you have self directed IRA is
very simple. Self directed means that you are you are
(04:08):
the determination of where those things end up. You determine
whether you want it over here at Schwab or Merrilands
or any number of different places. But you're still self custodial.
When you have CBDC, you're using a third party. You're
using usually a government or in some cases a license.
Think take take Finra. Finra is a private corporation that monitors,
(04:30):
obviously and and watches over the securities industries from borca
dealer standpoints. It's still a private agency, but it is
it is a government oversight. So when you start to
talk about what we're about to happen, there's legislation that's
pending that would limit our rights for self custody. You
might have domestic self custody, but international. As we start
(04:51):
to become a globalized system of payment and we move
from the antiquated systems of yesterday to the more modern
ones of tomorrow, which is all digital algorithms, which is
really just you're you're, you're, you're removing cash from society,
You're removing the ability in which a private transaction can
take place, to more of a system where you're going
(05:13):
to have always have surveillance, control, containment. That's your centralized systems.
Decentralized again are where you can still have anonymity, autonomous,
as well as freedom to transact on a global basis.
Speaker 1 (05:28):
We're talking with Christian Briggs from Hard Money Asset Management
and uh and did.
Speaker 2 (05:35):
I say that right? Did I say your company name?
Speaker 1 (05:37):
Right now?
Speaker 3 (05:37):
Heart Heart Asset, Hard Asset Manage added to work hard assets,
precious metals and select uh uh type portfolios for individuals.
Speaker 1 (05:45):
Herd Asset Management. So I want to try to paint
a picture. What We'll start with what the proponents would
argue it will look like, and then we'll talk about,
or you can talk about what.
Speaker 2 (05:57):
You think it'll actually look like.
Speaker 1 (05:58):
But when I can imagine the people who or proponents
of these things is they'll say.
Speaker 2 (06:02):
Well, it'll just look like what you're used to right.
Speaker 1 (06:04):
Now with PayPal or Venmo or any of these things,
and it'll just be you know, it'll just be a
government version of that and you can pay anything you
want to pay, and there won't and there won't really
be anything. I mean, are they going to try to
sell it like that? Or are they going to try
to sell before you talk about what you don't like?
Is that how they're going to sell it? And if so,
(06:25):
even if they were going to try to sell it
like that, why do I need that instead of zell
or Venmo?
Speaker 3 (06:32):
Okay, so go back to two thousand and nine when
bitcoin first debuted. Everybody has to realize at this point
that in order to be able to create the complexity
of what bitcoin was able to do on a global
basis and the system of which that it would ultimately
get to today, there's no way anybody but governments could
(06:52):
have been involved. Because the cost structure and the planning
of this and the adoption by governments, there's no pushback. Yeah,
they've had some interesting times where they've said, oh, we're
not so sure, but but in the day bitcoin and
crypto in general, bitcoin would be the leading one. Was
an experiment. Okay, it was an experiment, and so what
(07:14):
you do is you start to think about it having
a software company where we built hundreds and hundreds of
patents in early stage AI that I did back in
six all the way through sixteen, and we continued a
lot of those continuations of IP all the way through today.
It took me hundreds of millions of dollars and I
was a small, small scale compared to what Bitcoin accomplished.
What bitcoin was was a It was a system to
(07:36):
condition us that something of nothing, because relatively there is
no there is nothing to bitcoin. If the power goes off,
it doesn't exist. And then after they conditioned us to
program us to use it as a means of value.
So something I had relatively zero value has none other
than the perception of what people would want to be
(07:58):
able to utilize it for next thing. You know, all
the times forward that we've ever tried to push back
on it, governments have now started to embrace it. So
it was a way to which to program people to
go from cash lists society into a full blown digital environment,
and not just like Venmo or cash at see those
(08:18):
things are peer to peer systems, but they're not centralized,
not in the same way that you would have a
government oversight centralized system. Because remember with Venmo, even though
there are limitations and regulations and all that kind of stuff,
you know, you still have somewhat of a free access.
You can transact anywhere. But at the end of the day,
(08:40):
those two were get to get us to go from
an adoption of cash checks to an adoption and consumption
of digital payments. Basically, algorithms, that's all it is. It's
algorithms than the tokens that we would use. When you
authenticate tokens within a point of sale system, within a
gateway for credit card processing online or in used to
(09:02):
be before apps came, it was online processing, you know,
gateways and those things would authenticate the token that was
going from a cardinal hi to the quary bank to
create the transaction in the merchant base. That's the same
thing we have today. That's cash app, that's venmos. It's
a more sophisticated system. It's peer to peer like Napster was.
Now we're talking about something a whole different thing. Now
(09:23):
you're in a closed in loop where governments are able
to watch in real time and within certain perimeters can
limit you to what you can spend on. And I'll
give you a real scary example of the dozens and
dozens of providences in China which are basically states. It's
like fifty or sixty. About ninety percent now are only
(09:44):
allowed to transact in the digital you want, which is
a CBDC. The only exception our taxis that can take cash. Still,
the majority of all providence, not all of them, but
close are now only allowed to transact on an app,
and that app is a centralized way of which to
(10:05):
buy and sell goods.
Speaker 1 (10:06):
Yeah, I mean, folks, and we're we don't have a
lot of time left Christians, so I want to keep going,
but maybe give me just some slight and shorter answers,
but just for so listeners understand what Christian is saying here. Right, So,
proponents of CBDC are gonna are going to try to
sell this to us as something like more modern version
of a debit card, an online debit card, something like
(10:27):
that kind of sort of. But really, since it is
a central bank digital currency, it means the central bank
will be able not only to see everything you're doing,
but they could even set up categories. So, for example,
let's say they will put and this is a perfectly
I think credible hypothetical, They'll create a category for gun stores,
(10:50):
and they'll say, you know what, We're not going to
let you spend your money at a gun store. And
then you are trying to send money to something in us,
to a business that is this particular category, and they're
going to say no, or they're gonna say we think
you drink too much. You can't buy any more wine
or or whatever it is. And I mean, is that
Christian you think I'm you think that's far fetched or
(11:11):
about right or what?
Speaker 3 (11:13):
Oh? I think I think you're right. I think what
they're gonna do is say, yeah, you can have a gun,
but good luck and ammunition. We don't want to prohibit
your Second Amendment rights. Yeah, so we'll just make sure
that you don't have any bullets to put in there.
And then you can use them as well. I guess
you can use them as doorstops and maybe the door
wall will stop just in time for the bad guy
coming into your house to kill you. See, you got
to look at it is. They're very clever and Marxist
(11:35):
communist agenda, which is that which is atheist by definition,
because you're taking away all rights of an individual. There's
only three areas of which a society can be sustainable,
and that is healthcare, transportation, and money. If you centralize
all three of those, what did Obama try to do?
Affordable Care Act, socialized medicine? What are we doing with
(11:56):
electric vehicles? Turn on? Turn off? That's that now centralized systems,
so centralized power grid. Third thing is left is just
centralize the money. Once you centralize all of that, you
can have all the guns you want, there are no bullets.
You can have all the freedom of what you want,
but you can't go more than two hundred miles from
your house. Oh you can have all the money you want,
but you can't buy certain things. So they're centralizing everything
(12:19):
under the pretense of efficiency, safety, convenience. None of that
is true. It's all about the containment of the individual
to create a dependency on government. No different than why
we increase entitlements like welfare, snap, Medicare, and medicaid. We
increase those benefits in order to create a dependency. Why Well,
(12:39):
because it's called buying votes.
Speaker 1 (12:41):
We're talking with Christian Briggs from Hard Asset Management just
a minute or so left here. Did you say that
you think bitcoin is an you said an experiment, But
did you say that you think it's an experiment that
was run by government.
Speaker 3 (13:00):
No, it's built by government. This is impossible. Can think
about the connectivity value of what bitcoin did when it
launched globally. Think about that for a second. How many
countries bought into it are allowed it to pliferate throughout
their economies. I want you to think about that. It
wasn't like two servers cooked together and all of a
sudden they started writing scripts for period of peer environments.
(13:23):
It's impossible. I'm telling you it's impossible. So you had
to have billions and billions of dollars, but you had
to have buy in. There are three agencies that are
the only agencies that could have made this possible with
their outside dark money budgets, CIA, MI six and MOSSAD.
If you go online and start to look deep into
the rabbit holes, you'll start to see that there's evidence
(13:43):
of it. In fact, there's a lot of politicians that
have now come to the conclusion the value of which
bitcoin represents was not a value of monetary policy. It
was used for one reason, to program people to use
digital case in point twenty two twenty three, twenty seven
percent of all transactions were digital twenty four fifty percent
(14:05):
this year, seventy percent next year, one hundred percent.
Speaker 1 (14:09):
It's over right, But right now, it's true that a
lot of people, a lot more people, including me, using
digital payments when I can.
Speaker 2 (14:17):
But so far it's not a CBDC.
Speaker 1 (14:20):
It's not government controlled, which probably doesn't make you, especially
in your business of managing you know, true hard assets
probably doesn't make you feel a lot better, but maybe
not quite as bad as a CBDC.
Speaker 3 (14:34):
So if you go ahead and try to do something
on Venmo that looks for let's just say, less than kosher,
watch what happens. They'll shut you down. The digital systems
have it on and off system. That's the power. So
you think that you're not in a centralized system, it's quasi,
it's hybrid, But you are in a centralized system. The
(14:55):
more we transact in digital environment, the more control you
give up, the more rights of freedom and access to
privatization of cash. Think about this, if we get rid
of cash, how many people still know that you do
a transaction? All of them, everybody, But the most important
people are the ones who control the flow of that
of that algorithm, because that's all it is. It's a
(15:17):
token with a unique serial number. And if you really
want to know, go to the Funeral Reserve's website and
put in CBDC. Look at how many articles there are
and how many architectural understandings and first to market. It's
not even summaries, are briefs, but actual understandings of actions
that they're taking place.
Speaker 1 (15:36):
Christian Briggs, economist, he is CEO at hard Asset Management.
Fascinating conversation.
Speaker 2 (15:43):
Thank you so much for your time.
Speaker 3 (15:45):
You got it. Thank you having me.
Speaker 2 (15:46):
I appreciate it all right, Glad to do it.
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