Richard Werner - ECB wants to become the only bank in town
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- Опубліковано 3 лип 2020
- Paul Buitink talks to professor of banking and finance Richard Werner. Richard is also author of number 1 bestseller in Japan 'Princes of the Yen'. Furthermore he is founding father of Local First, a community interest company establishing not-for-profit community banks in the UK (including the Hampshire Community Bank).
Richard states that central planners create and use crises to further their interests and powers. He particularly believes how in that light the European Central Bank, through negative interest and excessive regulation, has been destroying small banks and is bent on ending the big ones too, ultimately becoming the only bank in the eurozone. The tool to be used in that process will be central bank digital currencies.
Links:
/ scientificecon
/ paulbuitink
professorwerner.org/
Documentary Princes of the Yen
• Princes of the Yen | T...
Brilliant interview but try not to jump in before the answer is completed. Otherwise, great interview
brilliant interviewee, despite crappy interviewer. just how crappy you can calculate by the number of times Richard was obliged to say "no" in response to an interrupting question.
@@Silly.Old.Sisyphus not to mention when he had to say "let me answer your previous question" or "let me come back to the previous point"
"So much things to discuss" and only breifly. Good enough.
Let him talk man.
But I want to show everyone how smart I am. 😳👉👈
I took a drink every time he interrupted. I'm dead now.
I think a child can understand what Richard is saying, l am unsure if the interview understood? Maybe he should listen before interrupting.
God bless you Richard, your too honest.
I always enjoy listening to Prof. Richard Werner, thank you!!
First of all, thank you for making this interview public. I really do appreciate it. As a side comment I agree with the others. I feel that Richard Werner deserves our respect for showing us the light, and attempting to bring us out of the Financial Dark Ages.
Keep up the good work prof Werner!
Dude, why don't you let him speak?
Thank you for letting him speak
"Princes Of The Yen", one of the best books on Economics I''ve ever come across.
A classic in its own right.
It took you years to get him on, and then you insisted on talking over him again and again....? Yeah, that makes a lotta sense.
Brilliant interview, many thanks.
Yet another stellar guest. Subscribed.
Thank you for this Richard and the interviewer.
Great content from the guest but sometimes painful process with the interruptions
Thanks Paul. Good talk.
42:00 Paul Buitink>You want more decentralization but then if I follow your logic do you believe then that by introducing central bank digital currency for example in the Eurozone, the end result will be a one-bank Soviet style financial system where the ECB has gained all the power and all the other banks have dissapeared - even the big banks? Is that the end result?
Richard Werner>Of course. There's no question about it. In fact there's actually a study now just come out by the Federal Reserve Bank of Philadelphia saying just that - that once we introduce central bank digital currency the banks will dissapear...
This is the study he refers to www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2020/wp20-19.pdf
I say "Good riddance".
Central banks are technically working with the government. So, the problem in the EU is not the ECB becoming too powerful, it is the corrupted governments that make the decisions about the finances of the Eurozone.
So long as Europeans allow corporacists by-products like Macron in power, you will have the unfair ECB policies that you deserve.
#Giletsjaunes.
Stop interupting him. You are just repeating his words.
Paul please, you have to learn NOT to interrupt the very interesting interview partner. Anyway, very good video.
Point very taken by now :) Thx
V. Interesting discussion! Sadly, the local currencies here in south-west UK (the Totnes £1 & Bristol £1) have both been abandoned after many years due to the increasing use of debit & credit card cashless payments in local shops. This has been accelerated of course by the exaggerated fear of infection on paper notes.
Amazing interview ! Thank you !
Great info. Thank you
Wonderful education. Thank you.
Richard Werner speaks common sense and I find him enormously interesting. It must be depressing for him to see such destruction from central planners who seem to have their interests far removed from their claimed target of economic growth and stability. Everything he says is clear and backed by empirical data. If only the UK Governement would implement his ideas. Then, post brexit, we would rapidly see the UK grow and outperform our European partners.
The very idea of proving empirically and still being totally ignored is maddening. A whole life of work, and for what?
@@xxczerxx It is worth the Interest of things and people, the right way of living.
Dankeschön - Thank You🤗
awesome I watched twice lots of good information👍
Though a bubble right now, I can't help but wonder what Werner's opinion is on DeFi...
The big bankers which caused the New York stock exchange crash of 1907 were exactly the ones who then concocted the Federal Reserve Bank in 1913 in order to regulate and never let such crash happen again.
...until 1929.
- Arsonists as fire brigade.
I want to name my kids after this brilliant man.
Some of the most important information in the world right here, that no one is talking about.
Need to make him huge on YT somehow. Any ideas?
Good Interview, great, great guest.
I agree with others, need a better interviewer, he keeps interrupting
CBDCs is equal to programmable money, i.e. it gives the Central Banks full power over Monetary & Fiscal Policy.
Superb interview because you let the guest speak. Well done
Richard outlines our problems very clearly
You're interviewing wasn't bad, but I agree with the other commenters. Especially with a guest of this caliber the best thing you can do is ask a question and intently listen. Interject only to clarify for the audience. If you have questions save them for the end of the interview. Anthony Pompliano is a genius at this, Michael Miyazaki is the epitome of what not to do.
"Deng Xiao Ping founded thousands of local banks"
I never heard that here in Germany, our Politicians only spoke about privatisation....
Thank you so much for your video!
Professor Richard Werner, brilliant!
WEF?
Thanks.
Thanks Paul, awesome interview and congrats on getting richard on the channel. How do you think the central banks will eliminate the smaller banks, death by a thousand cuts or do you think one day they'll just refuse to bail them out ??
Also how do we prepare ourselves and our family for the coming CBDC implementation ?? I think bitcoin and gold are great ways of opting out of the system, do you think it's dangerous to have a home mortgage during the transition of central banks taking over ??
Wow, Paul, de mensen die je regelt voor je podcast is echt ongelofelijk. Ik was Richard via Real Vision op het spoor gekomen. Super interessante dude. Anyway keep up de good work. Ben benieuwd of je Chris Marcus nog gaat doen. Succes!
Good interview
Good interview Paul. Thank you for sharing this video and also asking Richard challenging questions.
Once the Central Banks have all the power by providing direct retail banking who will they blame for the next Boom Bust Crash? Of course, they will only have themselves to blame.
Will a collective memory still exist of more prosperous times and how a decentralized banking system made success possible by conducting sustainable productive lending to local Small and Medium Sized Enterprises?
Why do we even need banks? Governments could offer the same service but with accountability to the public.
High Energy 😎👌
Nice interview. Gorgeous interviewer! 😍
R.A.W.'s research has led to a profound change in my understanding of macroeconomics. His research points out that the 'best way' to increase income/output is to ensure that the private banking system issues the 'right' type of credit.
Thus, prof. Werner, has a {correct} theory of how to 'better' increase income/output {growth}.
The problem, is of course, the negative externalities associated with economic 'growth'.
He does mention 'green growth' and I'm sure that he is sincere. However, he is an economists {like most macroeconomists} whose 'days have passed'. The problem of negative externalities {CO2 and other 'greenhouse gases'} is the existential problem that needs to be tackled.
TIPS IS THE MODEL TO WORK WITH AND NOT AGAINST LOCAL BANKS
Whistleblower style interview - ULTRA VALUBLE!👏 Great questions asked as well but man you need to let him finish talking. It is disrespectful especially with a guy like Richard Werner who is a treasure chest full of experience and knowledge!
The Reichsbank was made accountable when it was unprivatized and came under Chancellorship control. Schact then had government authority to fight hyper inflation.
ECB days are numbered.
A central monetary authority that issues loaned and debt free money was successful in Canada from 38 to 74. BOC was the authority and it was regulated by MOF. Lower down in the system was private banks and trusts. Trusts channeled existing money toward housing thus preventing real estate bubbles.
deflationary policies have allowed the Japanese prices to fall back inline with its major trading partners, hence forth the cost of living in Japan are a lot more affordable today than they were at the height of the bubble economy.
I waited for a long time to watch the german
It would be good to understand the relationship between various central banks, particularly the major ones: ECB, FED RESERVE, IMF, WORLD BANK, and other major ones.
Address they working together at some level?
Hahaha.. you mean what they all have in common tricky that but i will have a go.. roths ermm child .. and family..
Before you interview someone do some research about there ideas so you can ask relevant questions. Most of the questions you ask were the opposite of his work.
after 20 minutes interuption of the flow of information and destroying the "rote Faden" i quitted your interview for a while ... thx to Richard for his effort ... and to you - like this Richard didn’t arrive “just telling his story “ - he had to think anew
17:20 The eu environment and safety rules push out the sme's in the european open competative economy as well. Try installing a kitchen as a restaurant-owner and comply...
Can someone tell me, within the Quantity Theory of Credit, how does QE for financial markets actually increase 'credit creation' in the financial market? What even is 'credit creation for the financial market'? I thought most banks with corporate divisions (ie banks that issue loans outside of basic house/student/personal loans) only issue credit for capital expenditure and revolver loans for corporations?
Werner is the best👍👍
The end-game is a handful of very large banks in each country controlled by the Central Bank. e.g. Britain - 5, Canada - 6. it is easier to bribe / coerce / blackmail a handful of bank executives than a whole lot of small regional bank executives. A handful of banks also gives the illusion of choice.
Thanks for a great interview.
The Landesbanken didn't not have been like other Big Banks.
They were owned by the small banks and by the "Lands", and helped to finance, where the local Banks needed help.
They were more or less only a bit bigger, local banks.
These several federal Landesbanks crushed because of EU competition Regulations,
that said on on side, they owned to low capital reserves and therefor they had to increase them quickly,
on the other side the EU said, the Landesbanken had to be allowed to take as much risk als the Big Banks.
In this pressured situation, Goldman Sachs came with the criminally faked ABAKUS Assets,
and told the Landesbanks via Deutsche Bank that these high rent "assets" were nearly made as a solution for the Landesbank problems.
If only a couple of years these assets performed like they did in the past, the Landesbanken were saved.
What else could doe the managers of Banks, that in the decades bevor were strictly forbidden, to take speculation risks.
They were completely naked, and therefor an easy prey for the Big Banks with the help from their EU.
"A bank that doesn't create money, isn't a bank." Paraphrasing Prof. Richard Werner.
(klein)zoon van?
Paper money eventually returns to it's intrinsic value: zero. - Voltaire
As a small bank - wouldn't you be the perfect customer for a "big bank". You're 1 customer and could borrow perhaps $100 mil. from them to then lend out for productive purposes in the community i.e help micro and small and medium businesses.
I wonder why Prof Werner didn't get shut down already. Probably soon.
That was my thoughts. I hope he carries a gun or has security.
The belief that there is an all powerful overarching enemy is part of the myth. The greatest power of Ignorance is the kill off of Curiosity and the Courage to ask Questions and Seek Truths that are evidenced.
I thaugt, the positive Money "Vollgeld Initiative" in Switzerland was in the interest of the people,
and therefor fought by the money of the banks.
Very intelligent trap, to blame the nearly powerless banks for all problems,
to take with the help of the direct vote of the people all the power to the central bank.
The people should better make an initiative, to get the central bank under their control.
Wow.
Nice video. PS you are supposed to speak into the side of the blue yeti microphone, not the top
Thanks for the advice!
The key question -is If you were sitting an exam today to Graduate would you pass , given that the text books still describe Banks as Intermediaries ( ie take deposits and lend money) which is now proven not to be true ( Professor Werner's empirical evidence)?.
That’s not exactly true. What happened was that Japan refused to open up its markets to overseas products and what they did instead was to grow the domestic economy through property price speculation... like all bubbles it eventually collapsed...
Punt van kritiek: hij zegt "Big banks are not powerful". Het is de directie van de groote banken die het beleid van de Fed en ECB bepalen. Dat overheden iets te zeggen hebben is een redelijke illusie, zeker bij de Fed, iets minder bij het ECB.
Het verdrag van Lissabon stipuleert letterlijk dat geen enkele overheid zich mag moeien met het beleid van de ECB. Ze is dus maw 100% onafhankelijk.
token-based cbdc is cash-like. it's not account-based cbdc. token-based cbdc still limits cb control to some extent, that is by at least preserving the ability of banks to still create credit. that's the route China is pursuing with their two-tier cbdc model.
So sad to see the end game for "CBDC". It was like a serial cartoon i like to watch some 30 years ago - that a mad guy wakes up everyday to do just 1 thing - To control the World! Just how many youtubers could bring you such ultimate insight?
why do commersial banks do credit creation of they know that would kill them?
"You are not supposed to notice", and when you do, thank your lucky stars you don't live in some other places that could be worse.., and other such FUD.
The manner in which societies are "improved" is always done by revolutionary new advertising labelling, according to recorded history, since Babylonian Tablets at least. And it's almost impossible to counter the spin technique of accusing someone who has been selected to be an opponent, willing or not. That's how Empires are conquered.
"By their fruits you will know them", not by the Claims of benefits yet to come.
What kind of help would Richard expect from the big banks?
Yes, please let him finish a thought before jumping in. so many times I was following what Richard Werner was talking about, then you jump in and the conversation moves off the thought he was just trying to explain.
By observation ..
No matter who you attribute the concept of studying the activities of phenomena to, this is the dead-alive before-afterlife continuous creation connection cause-effect context of Sciencing. Agricultural reality in Fruits of the Tree, (of the knowledge of good and evil).
Speculators, (the opposite of Investors and Guarantors), prefer volatility and the abstract application approach to the "market" by the detached methods of Quant Analysis.., and then use the educational method to put humanity back into humans.
-----
It's one thing to note that any concept is fundamentally based in coherence-cohesion objectives, a line-of-sight floating point in "open space" perspectives, and another to realise that it is also the reason why it is possible for political objectives to float independently and in parallel coexistence, seemingly relevant, but opposed 180⁰ to the common good, ie that is the Observable constant creation Communication problem inherent in Actual Intelligence Intuition applied to Artificial Intelligence requirements of management systems.
"The Economy" is detached and abstracted from the Gaian Ecology and in the hands of a restricted few, +/-.
Every Loan is individualised and supposedly is established in Contract Law. (Good luck with that) In principle that loan contract recognises the total environment of finance and material circumstances, by default logic, but the participants are guessing based on previous experience. (Everyone knows the warning given to Investors in the Financial Markets about previous behaviours)
In Ancient defence systems, Covenants, expectations of general circumstances, preceded ordered behaviours in accordance with the Almanac-Calendar and all participants could see what was happening outside of their own personal responsibility. This is now 180⁰ around, by Privatisation, so responsibility is focused on the defensive resources management system. (?).
Danielle de martini booth does this interview brilliantly. So if I butcher her name. She knows her stuff but does not interrupt Richard.
Cherrs guys
Paul dublin Ireland
Very interesting about Chinese digital money planned to work with the banks not against them - but he does not mention the Chinese have majority ownership of their banks.
I think Werner is wrong about banks being replaced by central banks in that the banks could continue like savings and loans, and like credit unions. We can set up a system where
1. central banks fund government shortfalls,
2. and everything stays the same except the Central bank lends money to banks with perpetual consuls, instead of banks creating money.
3. Or central banks just fund government shortfalls and raise interest rates to prevent banks from lending too much money, particularly to prevent land inflation.
...
Disliked the video because the interviewer has made a complete muck of the opportunity.
Here's a chance to learn something useful from a seasoned expert and you constantly interrupt with your banalities
😊😊😊😊😊😊😊😊😊😊😊😊
😊😊😊😊😊😊
He claims the boom and bust cycles that occur now happen because of the central banks, but doesn't specify the causal mechanism. Minsky's financial instability hypothesis would rather indicate that it's driven by banks and other financial intermediaries, and that government (de)regulation is what allows for this. Generally he seems to mix things done by national governments, central banks and international institutions into one, and attribute it to central banks.
Who is this interviewer and why is he interrupting the great Richard Werner
The « i » in the word « stifling » is long, pronounced like its name in the alphabet, not as in the word « stiff. »
The largest crisis?
'We' have ten years?
“ . . . our best estimate is that the net energy
33:33 per barrel available for the global
33:36 economy was about eight percent
33:38 and that in over the next few years it
33:42 will go down to zero percent
33:44 uh best estimate at the moment is that
33:46 actually the
33:47 per average barrel of sweet crude
33:51 uh we had the zero percent around 2022
33:56 but there are ways and means of
33:58 extending that so to be on the safe side
34:00 here on our diagram
34:02 we say that zero percent is definitely
34:05 around 2030 . . .
we
34:43 need net energy from oil and [if] it goes
34:46 down to zero
34:48 uh well we have collapsed not just
34:50 collapse of the oil industry
34:52 we have collapsed globally of the global
34:54 industrial civilization this is what we
34:56 are looking at at the moment . . . “
ua-cam.com/video/BxinAu8ORxM/v-deo.html&feature=emb_logo
Redelijk interessant spul. Maar je mist nog het echt Amerikaanse rabiate "end the fed!. Dat hebben we meer nodig.
Oh en mening over Klaas Knot?
Ai, dat is leerzaam
Paul ButIn always buts in
Painful to listen to the interviewer talk over the guest. I am sure he will do better in the future. Thanks for the interview though, good information and effort
The ECB may want to become the only bank in town.
However.
It's 'too late'?
'We' have ten years?
“ . . . our best estimate is that the net energy
33:33 per barrel available for the global
33:36 economy was about eight percent
33:38 and that in over the next few years it
33:42 will go down to zero percent
33:44 uh best estimate at the moment is that
33:46 actually the
33:47 per average barrel of sweet crude
33:51 uh we had the zero percent around 2022
33:56 but there are ways and means of
33:58 extending that so to be on the safe side
34:00 here on our diagram
34:02 we say that zero percent is definitely
34:05 around 2030 . . .
we
34:43 need net energy from oil and [if] it goes
34:46 down to zero
34:48 uh well we have collapsed not just
34:50 collapse of the oil industry
34:52 we have collapsed globally of the global
34:54 industrial civilization this is what we
34:56 are looking at at the moment . . . “
ua-cam.com/video/BxinAu8ORxM/v-deo.html&feature=emb_logo
Damn, after watching the interview I’m convinced we need a regulator on interviews. When somebody like Werner is talking - you keep shut
It could be so easy.
But what would then rest to gods choosen people.
In Germany we have it right. i did not found a R.W. video in german language.
Richard Werner my 2nd favorite economist. .. checkout his awesome documentary of the same name The Princes of the Yen...
Dear Richard, UA-cam economist videos are my favorite. I’ve watched your documentary probably fifty times. Economists are reaching rock star status on you tube. I constantly watch Michael Hudson, Steve Keen and so many others.... show your face more online if you are interested in raising your profile. There are many layperson Economist junkies that would love to watch and learn from your perspective. Thank u for the amazing book.
who is the 1st?
I agree, Prof Werner should use UA-cam as a platform to get his message out. It's criminal how ignored he is
Ah! So, we should stick to Bank of England?
The interviewer is extremely annoying by his interruptions of Prof. Werner. The questions where very good, but speaking over the person interviewed is a "no no!"
Wanna be friends?
Reiffezen Bank is about to be assimilated, so 1 less bank I guess..
DUDE, LET HIM TALK!!!! 😤😠
Very frustrating that Werner wasn't allowed to finish his points. What a waste of a great opportunity, I had just subscribed but will have to unsubscribe, I can't take this frustration.
Is that a crucifix over your left shoulder?
I believe thats a door handle
Bro let him talk.You need to Listen first.