YouSaid · the spoken record

Sam Callahan

lines on the record: 66
first: 2022-02-16
most recent: 2022-02-16
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I write blog posts at Swan, so I work at SWAN Bitcoin, so we're just a place to buy Bitcoin for cheap. We match that with a lot of education. And so I write a lot of content. So you can check out some blog posts by going to swan.com. I write a lot of more kind of beginner-friendly Bitcoin stuff on there. And so that's kind of where you can find some of my work. And then like you said, Twitter at Sam Cala, S-A-M-C-A-L-A-H where I kind of share some of my thoughts around some of this other stuff, which I, when I'm not busy teaching people about Bitcoin at SWAN, I like to read about organizations like this.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Political IMF loans in history in 1982 during their civil war. And it really, they're still working off the loans from that super controversial loan in the early 80s and it builds and it builds and it builds. And the IMF to turn around and say like, well, well, you know, they haven't listened to our reforms. They just put the blame on them. They should look in the mirror and say, why aren't they in this position? when we were supposed to be the ones advising them to build economic growth. And so who has really failed here in El Salvador? And I just think everyone should look into the history of IMF in El Salvador. It's really quite fascinating.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I, you know, just one more thing. This is just more of an interesting thing because when El Salvador did this, I immediately looked at their history with the IMF. And I just think this is interesting. People should know about this, where they say that El Salvador has a debt problem. And they say, well, like their fiscal position isn't well. And they're 100% right. They have about 84% debt GDP right now. You know, they've had a hard time building their labor market over the last 30 years. And we talked about the unbanked situation there too. But this has all happened on the IMF and World Bank's watch under their policy direction and advisement. And nobody thinks about how the debt problems happened a long, long time ago. And El Salvador was the recipient of one of the largest, most controversial.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and it's ironic because they actually preach free market neoclassical. That's what the IMF and World Bank always, they want competition. They just don't want competition in their monopoly of distrust. So it's a little bit ironic”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Freeman said of working around these organizations and taking a little bit of power away from them and providing an option, just an option, an alternative for these countries to look to. And so I hope I got that message through, but I hope everyone just kind of like thinks about that and understands the history here because it's a big deal. It's a big deal that there's at least just some alternative that these people can go to. And that's kind of the message I wanted to get across.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is real. And these countries have suffered. And I can't get that message out enough that I don't know if Bitcoin is the all and be all of the solution here, but at least it's something that's going to free these people from these organizations that have basically just entrapped them. And one of the things I did in my research was I looked at political cartoons. And it sounds funny. But when you look at political cartoons, it gives you an idea of the sentiment on the ground about these organizations. And I looked at political cartoons from 1984, 1996, and they're all telling the same story about these organizations, about what they do to these countries. And I just can't get that message through enough that we're in a situation here where finally there might be a sly roundabout like milk.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All the history of the IMF, and I really just touch the surface. It's like, man, when I'm doing my research and you can think what you want and I implore everyone to just do your own research here, like obviously I'm biased, I have my own life experience that I'm looking at this stuff through and I'm a Bitcoiner. So I'm going to have like a more negative connotation towards these organizations. So I hope that everyone just kind of does their own homework here. But when I'm doing my research, there's a couple things that come to mind. And that's, you know, I'm looking at, I'm watching videos in YouTube of a random economist in Ghana who's saying the exact same thing about the IMF as a protester in Argentina who's saying the exact same thing as a Nobel Prize winning economist who's saying the exact same thing as somebody else if you get my gist. And this is across multiple decades. So this is.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's interesting. That's an interesting question. I probably say, man, to the IMF and World Bank are more like arms of the United States because we have the most voting rights and control over there. The biz is really like its own thing. So I think the biz probably has most independence and outside of politics. So I think the biz kind of acts in its own stratosphere. And so I probably say the biz, to be honest with you.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and it reminds me of is like Facebook when they tried to come out with their DM where they actually included some other things besides the fiat currencies. And so it's something like that. That's kind of what it reminds me of with the Bitcoin bond because when Facebook came out with the DM, that's what kind of lit the fire under these central banks to start really looking into CBDCs. And now I feel like the Bitcoin bank or Bitcoin bond is lighting the fire under the IMF and World Bank into looking at Bitcoin as well. So things should get interesting here in a bit.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And these international global organizations. And I don't really see it like it seems like it would be almost like going backwards to like change the system to an SDR. And then you're trusting these organizations full of unelected officials with seniorage, which that doesn't sound like a good idea for anybody. Like how would that work in terms of governance when you have one organization that is that absorbent privilege over the rest of the world? So I really don't see the SDR becoming like a big thing”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Do. And so Robert Triffin in that paper where he termed that, he said, hey, let's have the IMF create a currency that can be used for liquidity for reserves. And so that the dollar can have a little bit more flexibility. And so that's why the SDR kind of came about. And so if you provided a new source of liquidity for these banks, and so you could kind of allow the US to have a little bit more flexibility with its deficits. And so that was created in 1968. And it's basically a basket of currencies now. It used to be in that area. It was backed by about like 0.88 gold, which equaled $1. Today, it's a basket of currencies that changes weights every five years, and it's equal to about $1.4 for every one SDR. And it's used as the unit account for the Bank of International Settlements and the IR.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, the special drawing, right? You know, it came out of the Triffin dilemma. So that's why the special drawing right became a thing. It was actually the idea for it kind of started with John Maynard Keynes with the Bancorps in 1944. But in the paper that Robert Trippin describes the Trippin dilemma, and for everyone who doesn't know that in the Bretton Woods system, it was the dilemma where the US dollar was the reserve currency of the world. And so they had to run constant current account deficits. And so if they wanted to reduce the deficits, it would actually remove liquidity from the system and create kind of depress economic activity. So that wasn't good. But if they kept running deficits, it kind of jeopardized confidence in the dollar itself if they had enough gold reserves to back the dollar. So it was this dilemma where they couldn't really figure out what to do.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Has the inflationary policies behind it, why would somebody want to hold that when there's something that nobody can control that has much more, that preserves its value over time? And so that's when it's like, who would choose to use a CBDC that surveills, that's being surveilled by politicians and bankers and has less attractive monetary policy versus something that's open permissionless, that's not controlled by anyone that has a much more attractive monetary policy. And so it's going to be really interesting to see how it all plays out.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so it is a moment in time where they have to be thinking about this stuff really seriously. And that's what it seems like is happening behind the scenes. Like you're seeing more reports coming out, more research reports. The Fed just came out with their first research report, which was kind of a huge letdown, honestly. They didn't really say much in it. They've been thinking about it for three years and there wasn't really much that we didn't know in that report that came out like I think a month ago. So we'll see what the CBDC come out with. But when I look at this and I think about how the CBDC can be implemented in a way that protects the privacy of everyday people, it's tough to see a scenario where people would want to use that and it's basically just a fancy dollar that still”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Who's going to want that? Who's going to want that? I don't know who would want that, but that's what I'm saying. It is moving fast and the system seems to be breaking or seeming increasingly fragile, let's say.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's true. And there's also a competitive nature. I mean, we know that China has been making their digital wand and experimenting on it for a long time. So it's kind of like a race there too with Bitcoin, but also between China and America in terms of who's going to be the digital currency in the future. Obviously, I think the dollar wins privacy wins. Privacy wins.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I think that's probably realistic. I would go further, I would say probably closer to 2030 that we're actually going to see a functional product here because they move slow. They know that this is like a very important, this is going to be the foundation here. So that's kind of how I see this playing out.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and they usually think about the government, they usually use the private sector to make things for them. It's not like they do it all internally. And with stablecoins, it's one of those things where the Fed has to think about they don't want to rush this. Like think about if my biggest worry actually is that Bitcoin starts to put a ton, like starts to put a ton of pressure on them quickly, if Bitcoin starts to explode and then they rush out their CBDC and it has some kind of like critical bug in it or something like that. Think about how devastating that would be. In this environment for a country's currency to have an inflation bug in the code, like it's kind of a crazy thought to have or a vulnerability where it could be like hacked or something. And so you want to make”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That have been really regulatory compliant and kind of like the Fed reaching out to them being like, hey, can you help us create a Fed coin? And that's kind of how I see this playing out.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think most of the regulatory pressure that you're seeing today is not actually about Bitcoin. I think it's mostly about the stablecoin adoption, which has been explosive. Really, in a lot of these third world countries in reality. And the thing about it is this is when like centralization comes into play because they're all also centralized. So it wouldn't be hard for these governments and central banks to shut down these private stable coins. I mean, in reality. And so what I see, though, is government's not very good at tech. And the Federal Reserve I really question their ability to come out with a really good stable coin. And so it's my theory that actually they're going to eventually talk to really well regulated stable coins into maybe using their technology to create their Fed coin. So I see kind of a merge happening with especially some of these US-based stablecoins.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The design planning stage of how a global CBDC system would work in our world. And it's moving quite fast. So it's early days in terms of like what they're thinking about, but I think like 83% of central banks are doing research and have their own programs of central bank digital currencies. So a lot of people say like Bitcoin is inevitable, but CBDCs are also inevitable. They're coming and they're going to come in some kind of shape or form and it's going to be interesting to see how it plays out.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is where it gets into basically the Bank of International Settlements because, like I said, the Bank of International Settlements is more of like the research and innovation hub. And they're the ones putting out all these working papers on central bank digital currencies. And then they interact with the IMF and World Bank and kind of let them know what's going on. But to them, like Bitcoin is still just a speculative asset. It's not really a threat. I think maybe the Bitcoin bond woke them up a little bit. in reality they still just think it's like a play toy they don't really respect it as an actual threat to their power and and really when i look at them they've held on to power for a very very long time you know it's going to take a lot to take them out if you will but you know when you when you're looking at the central bank digital currencies there's a lot of different ways that they can kind of go about this they they're they're figuring it out basically they're”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Help the poor, and they cut them to pay off the debts that they brought on these people. And that happens time and time again. And if you know anything about the history of the IMF, after they do that and they cut the subsidies, it leads to riots. It leads to protests. It leads to civil unrest. In the 1980s and 1990s, there was literally a term called IMF riots because they were so frequent. In 1976 to 1992, There was 146 IMF sponsored program or riots against IMF-sponsored programs. Ask the IMF can I do this? But they just did it, it's incredibly empowering for these third world countries. And I just don't think people really understand the history of how hard of a time these third world countries have had dealing with these organizations.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With deregulation and liberalization opens up their financial markets, which allows capital flows to go into these nations. And then once things hits the fan and there's a recession, all the money flows out. It's a hot money cycle. And all the capital flows go out and all the investment. And then the IMF recommends that they increase the interest rates. And then suddenly the interest rates go up 60, 70, 80 percent in these countries and the economies are just wrecked. And this happens over and over and over again. And then when there's a recession after it's wrecked, the IMF recommends austerity. They recommend cutting spending. And what they cut is subsidies for food, essential consumer products. They cut everything, all those healthcare programs, all the education programs in order for these countries to afford to repay their IMF debt. So they take all the programs that are meant to”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Parasitic self interest as well as pillaging the wealth of these nations. And so the chief economist of the World Bank, Joseph Stiglitz, in the 90s, he was one of the first whistleblowers of these policies. He came out in 1999. He was the first one that had really high ranking in these organizations, Nobel Prize-winning economists. He said, we need to reform these policies because they are doing the opposite of what the goals are. They are worsening these third world countries. He said there's basically a four-step process here. They basically privatize state-owned assets and industries, particularly electricity and water companies in a process that involves a ton of backhands behind doors and significant amount of corruption. And then he basically explains how they open up the third world countries.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, it raises the question that a lot of people have had for a long time is what the true intentions of these organizations are. Because it doesn't seem like it is to help the people of these developed nations. It seems to be. Very, very different.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“30 years, let's try something different. And that is a huge deal to me. And I'm very empathetic to the millions of faceless and nameless victims of these policies throughout the entire world from the IMF and the World Bank and to see them take sovereign rights back into their own hands and use Bitcoin to do that. I mean, it makes me incredibly excited. incredibly excited.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's insane. It's insane. And they estimate that the potential benefits of remittances alone could save them about 0.25% of GDP a year. So about $54 million in savings back to Salvadorians by using the Bitcoin. They expect Bitcoin tourism to bring in an additional $5 million a year, which isn't a lot, but still entrepreneurship. And the IMF is sitting there and they're like, their arms are crossed and they're like, no, because they don't like it because they've had a monopoly on this sovereign debt for so long. And what they're really worried about is other nations looking at El Salvador and being like, hmm, this is interesting. I don't like the IMF either. They've actually made our lives really hard for the last.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If you look at even since they made Bitcoin legal tender, 30% had bank accounts before Bitcoin became legal tender. And that's after 40 years of IMF and World Bank policies. 30% only had bank accounts. Four months later, after making Bitcoin legal tender, that number has doubled. They have doubled the amount of people who have access to financial service in four months what the IMF and World Bank policies did in 40 years. And so this is like a huge deal.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In these less developed countries. In another study, they looked at from 1965 to 1995, they looked at about 48 out of the like 90 loan recipient countries were not better off than before in terms of real per capita wealth. And 32 of those 48 countries, their economies actually shrunk by an average of 50% after they've received a loan from the IMF. And so there's real data to support the fact that is the IMF actually helping these countries? And I think when you look at El Salvador, like El Salvador has finally trying to get themselves out of relying on the IMF. And they're using this open monetary network that doesn't have any gatekeepers that is completely permissionless to raise money and to use it the way they want to without any conditions attached to it, like the IMF loans.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it looked at how long the countries relied on the IMF. So the ideal situation is that they take the loan, they create economic growth, and they don't have to use the IMF again. They don't have to go into debt because the policies worked and they grew their way out of it and they're self-sustainable, right? Well, six of those countries relied on the IMF every year for 30 plus years. And 24 countries relied on them from 20 to 29 years. And 47 countries relied on them from 10 to 19 years. And 83% or 83 of those developing nations who received IMF loans relied on the IMF every year for 60% of the years from 1947 to 1989. So it creates long-term dependence on these external creditors. And so are they actually doing their job? And then do they actually create economic growth?”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Let's back up a little bit about the IMF. All right, so the IMF, I mean, it's amazing. There's basically two critiques of the IMF. One of them is why do they exist when their original purpose no longer exists after 1971, right? Because they basically do the exact same job as the World Bank. They're both just like developmental agencies now giving out loans to distress third world countries and influencing their policy and advising them on what to do to achieve economic”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, in this low rate environment, it's kind of looking pretty attractive with the upside potential of just Bitcoin's price appreciation. And then you have 50% of it's just. Bitcoin and the other 50% is infrastructure to build out their mining operations and the city And so it kind of depends on their execution a little bit as well.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“because they have had a monopoly on distress sovereigns for a long, long time. And it's basically, like I said, it's a way for them to control the policies of these countries and it basically infringe on their sovereignty for a long, long time. And El Salvador is basically like a proof of concept in my mind. And they're on it now. So it's going to be really interesting how it plays out”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Six months ago, I'd say no. Recently, so the IMF has reports, annual reports of all their recipient countries of their loans, and they just monitor them and make sure that they're spending the funds the right way. And El Salvador has came out like five days ago. And I read it. And Bitcoin's mentioned 236 times in that report. And so they're on it now because I think not only the legal tender, but the Bitcoin bond has them shook.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In the midst of the Cold War. And so it's kind of wild, but that's exactly what happened. And that's what the World Bank themselves say what happened. Really interesting”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“American countries, and they were massive loans, and in hindsight, they were pointless infrastructure projects. They had insufficient social programs. They built these expensive dams that went nowhere. Energy projects that went nowhere. And they had no action to curb embezzlement or corruption. And most of the funds were siphoned to the political leaders, to their personal accounts. And so they granted loans to these countries that were adopting political policies that went against the capitalist model to basically stabilize them and control them to basically align back with U.S. interests. And this is like even the World Bank's own research looks back on those loans and those projects of Robert McDameras, and they call them bailiers. They were complete failures. And so the World Bank was almost co-opted to have a different purpose around the 1960s.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Leader of the World Bank, Robert McDamero was a secretary of defense for JFK as well as Lyndon B. Johnson in Vietnam. And after Lyndon B. Johnson left, he became the chief of the World Bank. So this was a man with a military background and an economy background. He was an economist, but he decided that he would control these nations by basically entrapping them in debt. Because once you own them, when they have a bunch of debt, you can kind of control their policies. And so the World Bank kind of shifted from an organization that had really good intentions to one with ulterior motives, I would say. So after Robert McNamara became the leader of the World Bank from 1968 to 1973 in five years, the World Bank granted more loans than the last 23 years combined. And it was mostly to poor South.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And reduce poverty. Now, over the years, when it was created in 1944 into the 1950s, third world countries kind of became ideological battlegrounds for the Cold War. Each of them wanted to support countries that were in alignment with their interests. And 1950 up to that point, the World Bank was pretty much used the way it was meant to be used. World Bank chiefs actually went to third third world countries and walked around and met them and understood the problems that they were trying to solve and were empathetic for poverty. It was around in the 1960s in the midst of the Cold War that I would say that World Bank funds and loans became almost geopolitical. And it went because of when Robert McNamara became”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, the World Bank has the most, I'd say, like benevolent or altruistic mission because they were created at Bretton Woods as well. And they were created for the purpose of post-war reconstruction and to foster economic development. And so they were always meant to be that lender for developing nations to help foster.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that's a good question. I mean, the thing about the IMF is they kind of have control over a lot of these third world countries because the third world countries have come to the, it's come to, they depend on them. They depend on them for loans to keep going. And so when you have that power over a third world country, you can kind of decide through conditions in those loans what they do policy-wise. And so I think China maybe thinks it's a way for them to influence policies in other countries to their benefit to kind of spread their policies around the globe. So that's probably my best guess.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, yeah, exactly. So if you have a grid of quota, you're also providing more funds to the fund, if you will, right? And so IMF has basically two forms of how it gets revenues or money. And one of them is quotas. So every year, you know, depending on how many voting rights you have or what your quota number is, you receive money from that nation, as well as just interest from their loans that they give out. So that's kind of the two ways they make money”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, there is some kind of like discrimination. And this is where it gets into who actually is a part of the IMF and it gets into their voting rights. So the voting rights are based on the quotas. And the quotas are determined on two things. They're determined on the GDP of the country and the openness of the country. And meaning like with trade. So that's why the U.S. has a lot more voting rights than, say, China, because technically they're more of a closed economy, you could say. And so the US has about 18% of the voting power in the IMF. To give you a sense, the next highest is 6%. So we almost have triple the voting rights of everyone else. And so over time, it can be said that the IMF kind of is used to push US interest because the US has greater voting rights than everyone else. And that's kind of what you see historically.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That focus on providing loans to distressed nations. And this happened in the early 1980s when the Latin American debt crisis happened. And then the IMF kind of shifted roles completely. Like just think of them as like no longer being the same role post-1971 than pre-1971.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, nothing really. That's the funny part because in 1976, like I said, all the rights went back to them after the Jamaica accord, to the original sovereign nations to control those interest rates. So that's why it's kind of funny because they just say firm surveillance, but they really had no authority. But before 1971, they had all the authority. They could tell anybody what to do with the exchange rates. And if they got out of whack, they just said, no, you're not doing that. We're going to fix this right now and soothe everything out and make sure that all the exchange rates are the balance of payments are in a good equilibrium. But after 1971, and especially after the Jamaica Accord in 1976, they really didn't have any authority. And this is when the IMF shifted its purpose into an organization that maintained exchange rates into basically an international development agency.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Firm surveillance, and there's no justification or no detail explanation what that meant to make sure that they didn't competitively devalue their currencies. And so it kept the IMF kind of alive because there was really no reason for it to exist.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Originally created for. And then that lasted until 1971, when Nixon overnight just took us off that and suspended convertibility of gold. And suddenly there was a free floating exchange system and the IMF no longer had a purpose, like literally. I wonder what they thought when they went to work that day and they were like, well, what do we do? Because it's just a completely different system. And our purpose is gone now, right? And then in 1976 at the Jamaica Accord, they basically gave the rights to manage exchanges back to the countries. So the countries could look at their own economies, set their own exchange rates, and the IMF couldn't tell them what to do anymore. But there was a very important stipulation where, quote unquote, they said the IMF is still going to do”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And what they were worried about was in the 1930s, there was a lot of competitive devaluations occurring when people went off the gold standard and then they devalued their currencies, essentially currency wars at the expense of their trading partners. So there's a lot of disequilibrium of the balance of payments between countries. And so the IMF was created to be almost like a monitor and supervisor of all the countries and make sure that they maintained competitive exchange rates, but they didn't do it in a way that they were devaluing their currencies excessively at the expense of their trading partners. And there are certain ranges that they kept watch on. And then if it came out of, it became out of whack and it wasn't disequilibrium between the balance of payments, they would provide loans and liquidity to certain trading partners. And then it would kind of soothe everything out. So that's kind of what the IMF was.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, the IMF, man, the IMF was created out of Bretton Woods. So everyone remembers Bretton Woods as being the creation of the US dollar reserve system, all right? And, you know, coming out of that, it's basically the way that was there's a fixed rate of the US dollar to gold.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it just so happens they're in the ears of politicians all the time because it's their job to track everything. It's their job they have the best vantage point. And they have all the data. And so politicians increasingly listen to them. And I didn't vote for them. And nobody voted for them. And you have to wonder, what are their intentions? And it's unfortunate because there's no way for us to know. And if you look at history, what they plan to do becomes our reality like 10 or 20 years later. Like the perfect example is the euro. Like they had planned the euro as early as the early 1980s. And then fast forward 20 years later, the euro becomes a reality for the people of Europe. And this was all the business plans. And so who elected them to make these plans that became vital part of the global financial system? And for the people of Europe, I know that they didn't vote.”
2022-02-16 · We Study Billionaires · BTC065: What does the BIS, IMF, & World Bank even do w/ Sam Callahan (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT