Peter McCormack & Jeff Snider , What Bitcoin Did with Peter McCormack

How the US Dollar Shortage is Driving Global Instability with Jeff Snider

17 Oct 2022 • 90 min • EN
90 min
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“You have to understand what the Fed says in public is not what it says in private. You look at some of the academic studies, the literature, they know they have no idea what they’re doing. But their job requires them to tell the public that they do.” — Jeff Snider Jeff Snider is co-host of the Eurodollar University podcast and Head of Global Research at Atlas Financial Advisors. In this interview, we discuss the crazy possibility that nobody knows what money is, and as a result, nobody knows how to run or fix the economy. Central banks and governments are essentially engaged in a high-risk game of pretend.   - - - -  Every year around 800 million containers (categorised as Twenty-foot Equivalent Units, TEUs) are handled by ports every year. This represents around 80% of official global trade. Harvard has produced an incredible visualization of total global trade. They have populated the globe with the origin of exports of every type of product. Each tiny dot represents $100 million of exports. The globe is covered in a mass of tiny dots.  This complex, interconnected and shadowy web of global trade, where final products, intermediate inputs and raw materials are exchanged on a massive scale, represents about 50-60% of global GDP. The rest is made up of all kinds of activities, business investment, personal consumption and government expenditure.  The IMF predicts that the combined GDP of the world economies will exceed $100 trillion by the end of 2022. However, this is dwarfed by global wealth, which is estimated to be over $1,500 trillion.  To put these numbers into context, US debt is currently estimated to be over $31 trillion, whilst global debt is reckoned to be over $300 trillion. Global finance, which helps manage and fuel global trade and debt, is expected to be valued at $25 trillion this year. These are obvious gigantic numbers. Yet, these figures aren’t the thing that should give you pause for thought. What should stop you in your tracks is that nobody really understands the workings of this complex system, let alone is in control of the resultant global economy.  Most of the global trade is conducted in Eurodollars, which is money generated outside of any control of the US or the nexus of other countries' Central Banking/Government institutional structures. Eurodollars are not understood by the major actors involved in oversight or management roles affecting global economics. That is why nobody knows how to fix the issues with the global economy. It’s because nobody knows what money actually is. - - - - This episode’s sponsors: Gemini - Buy Bitcoin instantly Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022 Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas BCB Group - Global digital financial Services ----- WBD568 - Show Notes ----- If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following: Become a Patron and get access to shows early or help contribute Make a tip: Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S QR Codes: Bitcoin If you do send a tip then please email me so that I can say thank you Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed Leave a review on iTunes Share the show and episodes with your friends and family Subscribe to the newsletter on my website Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

From "What Bitcoin Did with Peter McCormack"

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