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[Music] Ignition sequence starts six five four Three two one zero liftoff we have a Liftoff [Music] Hey everybody this is the digital asset Investor before we get going I want to Remind you Tax season is coming up and thus crypto Tax season so everybody needs to be Thinking about that and um Uh when the the thing I I use is coin Tracker coin tracker um and you can I'll Put a link to this in the top of the Description of this video this is is so Easy because it just literally sucks in All your transactions from you just uh Set up all the places where you're Buying and selling and then uh it sucks Them in then you can print out reports You can just email the reports to your Accountant nice and easy it's impossible To calculate all this stuff without Something like this now uh wanted to I Just had to do a video for you on one of The most interesting topics since I got Into crypto topics around Ripple and xrp And that is sdrs so I'm going to start You off here I went back for fun and Look at those so much interesting things That came out of yeah between 2018 and 2021 or so on sdrs so watch this this is A guy that's explaining kind of about SDR first and when I hit zero that's
That's the end the quantity of deposits Here doesn't change it's just being Transferred back and forth as opposed to The bank or plan where imbalances cause An increase in reserves an increase in The quantity of international money here The quantity of international money is Fixed And not only that when you hit zero you Paid out all your sdrs okay and you Still have a deficit what do you do well We all know what you do you go to the IMF and you say I now need to borrow Okay from you I need to borrow in order To make my payments and the IMF says Okay we'll lend you some money but it's Going to cost you and it's going to cost You in interest rates okay not negative Interest rates okay but also Conditionality and of of economic policy And all of that okay uh end game demise The US Dollars The Benchmark Global Reserve currency we'll still have Dollars but it'll be local currency well We all know that SDR is World money There's something called the permissions Hyperledger fabric version one I Released July 2017 by the Linux Foundation this is the future of the Blockchain bitcoin's a dead end the Current blockchain architecture is a Dead end hyperledger fabric version 10 There'll be subsequent versions is the Future of the blockchain a permission
System just means you can only be in it If we say so uh so the IMF is already Working on a permissioned hyperledger For 189 members so they can move strs Back and forth among each other in a Blockchain type format that you can't Participate in but that's how countries Will settle balance of payments and uh Sooner than later will price oil uh in Sdrs and that'll be the end of the Dollar and in a liquidity crisis when You have to re-liquify the world with Sdrs they'll use the speedo power to get Rid of the dollar so no no world powers To ever survive without it do you see IMF holding crypto assets in the future I did not no that's a video we've played Many times before that's Brad Garlinghouse with at the time the General counsel of the IMF he sure was Cut that up there confident Remember I'm from the legal department I'm supposed to be very conservative About these things Um I I don't want to go into great details About that I should take what the Alphabet is going to do I think we Stunned Ross into Silence with that one Okay under the current legal framework Some country would have to use a crypto Asset as its currency Okay then this you know Bob way showed Back up in social media recently but he
Said this back in April 12 2019 and a Threat he was in note I didn't say xrp Should replace the SDR nor did I even Say xrp should be included in in the Basket of currencies now but SDR is co Is cooperative is a Cooperative Mechanism of borrowing other liquid Currencies among countries The xrp Ledger is great at tracking those Relationships Interesting and here's Jim Rickards Again this is see these videos are from Back in any you ogs out there a lot of These the interesting videos that came Out of those times fascinating times Um you know the fact that the five Largest banks in America have a higher Percentage of total banking assets than They did in 2008 so there's more Concentration that's another respecter Take taking that all into account you Can say that the next Crisis will be Exponentially worse than the last one That's an objective statement based on Complexity Theory so you either have to Believe that we're never going to have a Crisis and I'm like well you had one in 1987 you had one in 1994. you had one in 1998 you had the.com crash in 2000 Mortgage crash in 2007 Lehman in 2008 Don't tell me these things don't happen They happen every five six seven years It's been 10 years since the last one Doesn't mean it happens tomorrow but
Nobody should be surprised if it does so The point is this crisis has come coming Because they always come and it'll be Exponentially worse because of the Scaling metrics I mentioned who's ready For that Well the central banks aren't ready you Know in 1998 Wall Street bailed out a hedge fund Long-term capital in 2008 the central Banks bailed out Wall Street Lehman you Know but Morgan Stanley was ready to Fail Goldman was ready to fail Etc in 2018 2019 sooner than later who's going To bail out the central banks and that Was the problem has never gone away we Just get bigger bailouts at a higher Level What's bigger than the central banks who Can bail out the central banks there's Only one institution one balance sheet In the world that can do that which is The IMF The IMF actually prints their own money Uh the SDR the special drawing right you Know SDR is not strawberry daiquiri on The Rocks it's a special drawing right It's World money that's the easiest way World money that's a thumbnail by the Way Um anyway this these are interesting an Interesting um series of of video like Just some some interesting ones that I Found now this is a clip from uh Jim one
Of Jim rickard's books and I don't see Which book it is but it's worth it's Worthless going through sdrs are issued Infrequently let me adjust my glasses Here sdrs are issued infrequently there Have been only four issuances in the 47 Years since sdrs were invented most Recent issuance I'm having a hard time With the way this thing's most recent Issuance was in August 2009 near the Depths of the global session uh that Followed the 2008 Panic last issuance Before that was 1981. by September 30th 2016 SDR 204 uh one billion were Outstanding equal to them uh to about 285 billion then current exchange rates One interesting property of the SDR is That it solves triffin's dilemma no I Got to write that down triffin's dilemma That's a great thumbnail Um once again okay all right it solves Triffin's dilemma this economic Conundrum was posed by Belgian Economist Robert triffin in testimony to Congress 1960 triffin observed that the issuer of A global Reserve currency had to run Persistent deficit it's to supply the World with sufficient reserves for Normal trade yet a nation that runs Deficits long enough goes broke in this Context going broke means trading Partners lose confidence in the stable Value of the reserve currency and reject It in favor of Alternatives sdrs solve
This problem because the issuer the IMF Is not a country and does not run Deficits there are no confidence Boundary on the amount of sdrs issued The IMF has no trading partners to Reject its money the IMF encompasses all Trading partners SD sdrs are not issued In in the conduct of normal monetary Policy they are not issued to bail out Individual firms or even countries they Exist primarily provide liquidity from Thin air when there's liquidity crisis Or loss of confidence other money forms Sdrs are World money fire brigade to Dallas Financial infernos I like that Financial Uh in infernos Almost like The Rising Phoenix right Uh financial affairs sdrs are the Perfect complement to Ice Nine Remember Ice Nine those videos I've Shown you Um of Jim Rickards where he's talking About how the banks will shut down Declare a bank holiday and you won't be Able to get your money and then we've Covered the bail-ins recently Perfect compliment to Ice Nine in the Coming collapse the financial system Will be frozen because central banks are Unable to re-liquify the system as in The past the G20 will convene an Emergency meeting Um emergency meeting
I'm writing these down Um Emergency meeting has happened in November 2008 the direct IMF to Re-liquify the system with sdrs if Successful Banks and Brokers will Gradually reopen customers will be Allowed to access cash transactions and Cash in Securities still will still be Denominating dollars Very interesting passage right there now I want to show you a couple more uh Things I've shown you this this is the End of a gym records video where he says In game this is interesting Jim Rickards Um this digital Nomad investor a while Back had uh posed this hello Jim Christine lagar the IMs said she can see A digital asset coupled with the SDR in The future what is your opinion on that Happening it will happen but it will be Controlled by the IMF not a bunch of Freelance devs And then there's this one this is Mark Carney okay used to be the governor of The bank of England he's on the board at Stripe stripe just happens to um be the Company that invested early in Stellar By the way Listen to this but the payment system Itself Um and how can that be improved there's A variety of ways that it is being Improved and there's others but one of
The issues which is links back to the Speech is uh whether or not there are Going to be Central Bank digital Currencies Um uh in order for there to be Instantaneous Costless payments Domestically And potentially cross-border which would Be the benefit of citizens and Businesses in particularly small Medium-sized businesses but all Businesses And the question is whether if that if Could could that happen the answer is Yes it could happen in fact Mr holiday Is helping to lead our efforts in Thinking about how the various ways and There's more than one way you could do It and various Avenues to do it Um but the question is if you do have That happen Um does it make sense to do it on a Coordinated uh fashion with some of the Core central banks which Brings benefits in and of itself from a Cross-border perspective but happens to Be a component of a more seamless Rebalancing of how transactions are Priced because and I'll finish with this It's not just about the financial Spillovers although those are incredibly Important and they're one of the reasons Why the equilibrium interest rate is so Low and Dr gallegan another speech
Pointed out that one of the left-hand Tail risk is higher But it's the fact that a Disproportionate amount of real Transactions purchases of goods and Services are priced in US Dollars even When the two countries have nothing to Do with the U.S they're not they don't Touch the U.S Um and as more and more activity moves Online the question is what is the Currency of choice online Um and could the currency of choice Online be better balance between a Basket or Central Bank digital Currencies which is not a new currency But it's a back-to-back of those Choice Online was Elon musk's on Twitter What if it was a currency that started With an X What if then this is um uh what's her Name Lynette Zhang I believe she's very Smart listen to this IMF has approved a Historic 650 billion SDR allocation of special Drawing rights now if you haven't been Watching my work for a while I'll go Over a little bit with the SDR is in Just about two seconds but this is a Historic decision the largest SDR Allocation in the history of the IMF and It will benefit all members so it is a General allocation To all of their members which is pretty
Much everybody on the planet 189 members All of those their members at the IMF Are treasury secretaries and Central Bankheads now the SDR is the currency of The international monetary fund the IMF It is a basket of currencies that are Composed of five different currencies The US dollar the euro dollar uh the Chinese Yuan uh the British pound and I Don't know something else but they can Expand that basket to include all the Currencies that they want it was created In 1969 to take over as the world Reserve currency from the US dollar but Then Kissinger went to Saudi Arabia they Created the Petro dollar and so the SDR Went to sleep and all the mechan that They that they created to make this Transferred happen went to sleep in 2008 Of course we had the financial crisis And it was actually one of the in China They came out and said well what about The SDR and I thought well that's Absolutely right and so they tested all Of these mechanisms to see if they would Work and so Yes there is a crisis but it's much Bigger than that so the special drawing Rights you know I mean why do you care Right well I'm telling you right now you Really need to care about this because It has impact on your very life your Standard of living Bingo I'm the digital asset investor I'm
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