Egg yolk what is going on. Viewers of the two. My name is Tyler the host of this channel and I’d like to introduce you to the channel of that now these jail escapes are only the beginning. That is not the you know our Shawshank Redemption. It’s time for Chico crypto. Well, I think it’s time to dig down into the rabbit hole as many viewers have been asking for it. And things have been playing out exactly as I predicted. Why did I predict that coming gadget old dollar last week on March 20th? I made this video. Cash stimulus to Americans. How. By checks. No. It’s crypto. Well, things really started to get interesting during the night on March 20 3rd. News started be released that the stimulus bills for economic relief here in America contain language about creating a digital dollar coin desk brought the news. House stimulus bills and vision digital dollars to ease coronavirus recession. And according to the article under the draft bill shared last week dubbed that take responsibility for workers and families act and the financial protections and assistance for America’s consumers states businesses and vulnerable populations at the Federal Reserve the nation’s central bank could use a digital dollar and digital wallets to send payments to qualified individuals consisting of a thousand dollars for minors and two thousand dollars to legal adults. Well that news cycle it went quick because by yesterday the twenty-fourth one of the bills removed the digital dollar language just ten hours later from their first article coin desk posted this one digital dollar stripped from the latest U.S. corona virus or a leaf though. And in the article the latest version of the take responsibility for workers and family act revealed late Monday does not contain any language around a digital dollar in its section on direct stimulus payments. Hmm I wonder why it was removed so quickly. Why was it in there in the first place. Well the newest draft of the bill is much more vague. How people will be paid which starts on page one thousand ninety. It’s just nonspecific and there’s just a mounts name but not how the payments are coming through a check a debit card or digitally. Although there is that other bill the financial protections and assistance for Americans consumers states businesses and vulnerable populations act here is that Bill and as we can see it will require member banks to maintain pass through digital dollar wallets for certain persons and for other purposes. And if we search by the term guests at all it is found thirty five times throughout this bill. Now this one isn’t proposing creating a digital crypto dollar but a digitized version of the existing dollar. According to the draft the digital dollar will be dollar balances consisting of digital ledger entries recorded as liabilities an account of any Federal Reserve Bank. So it would be on a digital Ledger as the bill says consisting of digital ledger entries which means they would be using a block chain. Most likely a private consortium change fully controlled by the Fed and its member organization. But here is what is interesting going back to that coin desk article about the first bill being stripped of its digital dollar language. They mentioned this bill at the end and say it still mentions the digital dollar although that language is expected to be removed from that bill as well. According to a source familiar with the matter. So once again why was it introduced to only be stripped in the blink of an eye. We can’t just blink and let the fact that they were planning on doing it slip right by as I’m sure that is exactly why they did it. They only accidentally revealed their ultimate plans and things are going to get hairy. Let me try to explain why. So the FDIC the Federal Deposit Insurance Corp. They are the agency that insures your deposits and the bank will actually be there. And this FDIC is in the Fed. It’s a completely independent agency. The FDIC is a primary federal regulator of banks that are not chartered by the states and that do not join the Federal Reserve System a.k.a. they regulate the private banks. And you know what. They were created in response to bank failures and the bank runs during the Great Depression as there was a desperate scramble for cash. A liquidity crunch and a failing stock market. Sounds similar to what is going on right about now. Well that old FDIC tweeted this yesterday. Forget the mattress keeping large sums of cash at home is risky. The best place to protect your money is in an FDIC insured bank where it’s safe and sound. Learn how the FDIC safeguards your money. Well let’s just learn from FDIC chairman Elaina McWilliams. We are living in unprecedented time at a time of a pandemic like this. It is way too easy to get confused and to have fear about what you should be doing. Put your money in your account especially as you’re looking at the volatility in the stock market and the financial sector. This is what I would like you to take away from this. Your money is safe at the banks. The last thing you should be doing is pulling your money out of the banks. Now thinking that it’s going to be safe for someplace else you don’t want to be walking around with large amounts of cash and you suddenly don’t want to be hoarding cash in your mattress. It didn’t pan out well for so many people. And I will tell you this. No depositor has lost a penny of their insured deposits since 1933 when the FDIC was created. So if you’re talking about having your money in a safe place please keep it in an FDIC insured. So to me that reeks of desperation basically begging you to keep your dollars with the bank and so why would they do this because they know a bank run is coming and the banks across America don’t have and never had the deposits to fulfill an American population withdraw. And that is why I personally think we should not count out that digital dollar. You got to realize something. The head of the Treasury Department Steve Nugent’s new Jeep Gs. He just brought on somebody interesting to the office of the Comptroller of the currency. What is this branch. Well it serves to charter regulate and supervise all national banks that federally licensed branches and agencies of foreign banks in the United States basically regulate what the FDIC does. So back in 2017 when Steve Newton was brought in as a Treasury secretary he was bringing in some friends with them who worked at one West Bank. Yeah that Bank formerly IndyMac who feed bought after the financial crisis. He changed his name and then was accused of highly unethical foreclosures including on elderly and widows. So who did he bring on. According to this CNBC article back when he was nominated people familiar with the discussions the Trump administration is considering two of his deputies to head key regulatory agencies. Former one with General Counsel Ryan Brooks for the Consumer Financial Protection Bureau and former one with Chief Executive Joseph OD’ing for the office of the Comptroller of the currency. Joseph Harding. He made it. He was sworn in shortly after. Andy is currently the most powerful person in the banking industry as the control of the currency. But Brian Brooks Yeah we remember him we talked about him a few days ago. He didn’t get the position for the consumer financial protection bureau. So what did Brian go do. He went to coinbase became their chief legal officer created the roadmap for the U.S. D.C. Quinn based digital dollar. So when I made that video last week about Brian leaving Coinbase and joining the office of controller as their chief operating officer I didn’t realize Brian was best friends with Steve and Joseph. At one was. These guys have worked together really freaking closely. Going back to that group one last photo there is Brian and there is Joseph. So what is going on. Why was Brian suddenly brought on after a short stint at Coinbase after creating a stable point. What was he even doing there. Well here is where things start to get wonky and not make full sense. But I will try to wrap it up towards the end. Here are Steve Manute words in December on a bad coin like a digital dollar. Let’s listen in. Yeah but the Chinese have decided again this as well. And so last half my question was there’s been some thought process about the Fed getting into it and having your own digital currency is it’s something you see necessary something you don’t want to get into something that shouldn’t be out there where you see this going. So again I would differentiate what China is doing from what a bitcoin or a Facebook would do with China’s doing is really issuing digital currency in lieu of physical cash and they can track all that. So it’s they will be able to track where that goes. That’s different than a bitcoin is no different than in the US if money is spent on the Fed wire system. It can be tracked and money through SWIFT has identifiers. So again I would differentiate kind of what central banks are doing from what a laborer or a bitcoin is doing as it relates to the Fed and share power. And I have discussed this at length. I think we both agree for the near future in the next five years we see no need for the Fed to issue digital currency. And that’s because again we have a very sophisticated system. The Fed is working on electronic payments system. We do. We need to make sure they’re real-time electronic payments system in the US. But thank you for your concern. So Steve says no way to a Fed coin. Not in the next five years but his buddy is working in the private sector being a strong advocate for crypto and stable coins per example just a month before Steve public words in November 20 19 Brian authored this Fortune magazine piece. A digital dollar for a strong United States financial system. Let’s just read some of his own words. The time has come for a token nice version of the dollar and it’s not just for those of us in the cryptocurrency world who think so. In recent months senior U.S. officials have been exploring the idea of minting greenbacks on the distributed ledger software known as blockchain. The idea appears inevitable. The only question is who should create the digital dollar. The government or the private sector. He then explains. Top Fed officials in Congress were pushing for it. Chris Giancarlo former CFTC head is a strong advocate and I like what he says here. The timing of these considerations is not coincidental. And it reflects new challenges to America’s role as a linchpin of the global financial system. Brian then explains the path forward. The true question facing our policymakers is whether our government needs to create the digital dollar or whether the private sector can do so effectively. The best path forward is one that harnesses our country’s remarkable capacity for innovation and also reflects government‘s historical practice of setting broad guide rails for private innovation within the financial system. That means letting innovators event and letting the government regulate. In short the private sector should build the technology and the public sector should set monetary policy. Crazy words from a guy that is the second most powerful person now in the baking industry. But let’s just get back to Steve because he has had more recent words about cryptocurrency. In February during the House hearing on the 20 21 budget just a month before he brought Ryan on to his new position. How does your department Mr. Secretary plan to respond to this rapidly evolving technology of cryptocurrency and other digital assets. Well thank you and as you’ve commented we’re we’re very supportive of bringing the Secret Service back home to the treasury where it started and the efficiencies of having it together. We’re spending a lot of time on the issue of crypto currencies and digital payment systems. It’s a crucial area and there’s a lot of different things that get grouped together into this one area. So let me just be brief but on pure crypto currencies like Bitcoin and there are others we want to make sure that these are not used as the equivalent of secret bank accounts. So we are working with Vincent and we will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering. There is another component of the market which people refer to is stable coins where we do think technology can be used to reduce payment processing quite considerably particularly for small dollar payments cross border. And then there’s a third component that people are looking at which is central bank digital issued currency. That is something that chair Powell and I do not think the U.S. needs to consider now but could consider again down the road doesn’t it seem like Manute chief new T Boone gs gs. Might just be warming up the crypto and he specifically brought up stable coins like USD ce of which Brian has worked on. So my friends if the government gets back into a stimulus funding bill corner which day by day seems more likely are they going to rely on private-sector technology like you c and Coinbase to issue the payment. Steve’s good buddy Brian says that’s the way to go and let’s just replay what he said about stable coin. There is another component of the market which people refer to as stable coins where we do think technology can be used to reduce payment processing quite considerably particularly for small dollar payments. Yep, stable coins could be used to reduce processing times for smaller dollar payments and then let’s just hear what Steve said recently about getting money to American. We’re looking at sending checks to Americans immediately. And what we’ve heard from hardworking Americans. Many companies have now shut down whether it’s bars or restaurants. American state cash now and the president wants to get cash now and I mean now in the next two weeks. Yeah. In just two weeks. And that was a week ago. You got seven days left in one frickin week. The traditional system will be impossible if they want speed. Next week in two weeks. Hell even if in a month and partnering with the private sector may be the only way. Cheers. Off the next time.