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

“That's why I read into this stuff because I feel like it's an infringement on software nations. Like if you think about America as a republic, we elect representatives that represent sovereign individuals who make policy for our country, but you have this organization full of unelected officials.”
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
“They didn't want to have direct relationship with the borrower and the creditor between central banks. They wanted this neutral bank in between for whatever reason. And it's amazing because this was 1947. And this is the same system we have today in a world that has changed so much since then. But, you know, this is just the world we live in where the biz is like in between everything. And it's amazing because they take a fee and commission when they use their services. But it all goes back to the central banks. And so it's like this, it's like this, I picture like an octopus. I know it sounds funny, but who has tentacles who just moves everything around for the central banks and above them and also keeps an eye on all the flows and then shares their research with them and warns them about maybe some cracks in the system here and there and what they're seeing. And that's kind of what I picture the as being.”
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
“Does the secrecy of these organizations makes it so you feel like you're being a conspiracy theorist by thinking about these things? But in reality, we're just looking at this stuff. And wondering about their role in the global financial system, right? And so their mission is financial stability to promote stability and economic growth and prosperity for all. And in 1947, basically there was an agreement made between central banks that they wouldn't transact between each other directly. They would work through the biz to do like foreign currency transaction, cross-border transactions. So, they do play a role there, but from what I've read, it's more of just an infrastructure and they're just moving funds around.”
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 no auditor. So, yeah, I've thought about this, and there's still questions that arise around it. But, you know, the Bank of International settlements, they're really open about their research. They're really open about what their plans are. So they kind of promote transparency, but what they're not transparent about is their internal operations. And so like I said, there's nobody above them. So it's hard, there's nobody, there's no audit, like you said. So it's 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
“Central banks from third world countries that haven't gotten big enough to become member banks. And they still use the services of the Bank of International Settlements. And so they pay fees and commissions, they add to the profits, but they don't receive any of the dividends. And so in my mind, it's like, is this just like a perpetual machine of almost wealth inequality at a level that I haven't even thought about? Because if the only member banks are large central banks, large developed nations, and they receive part of the dividends that go straight to their treasuries and the smaller clients that aren't member banks are using their services, like you see what I'm saying here. It's like, is this just like a massive perpetuation of wealth inequality on a level?”
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
“Their profits are up like 169 compared to 2019 when it was a more normal year before the pandemic. Since the pandemic, their profits are up $169. And that really was curious to me. And then I looked into where the profits go. And like about 25% go to dividends to member banks. And then there's like these three opaque funds that I'm not sure what happens to those profits or what they're used for. And I don't know if anybody does, to be honest with you. That's where they get really secretive about their internal operations. I know one of them is used for like emergencies to provide liquidity for countries that go through financial crisis. But yeah, it gets mysterious once you understand like where do these profits go? And then they have 180 clients. And there's 63 member banks who receive the dividend of the profits, but there's 180 clients. And all I can surmise is that those are smaller.”
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
“You know, it is interesting. I've looked into, I've tried to dig into the profits of the Bank of International Settlements”
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, it's a little different in every single country from my understanding. So it just like differs from case to case, but it gets confusing because you're like, okay, there's this huge organization that's making profits and then they pay out dividends to central banks. Like, what's the point, really? But when you look at Bank of Canada and the Federal Reserve, when they receive the profits or the dividends from the Bank of International Settlements, they have a system where it just goes straight to the Treasury. So in a way, it's just like basically feeding into the treasuries of both of those countries. And I think a lot of countries are similar structured.”
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 there's a board of governors, it's pretty much like the who's who of central banking. Like right now, I think Christine Lagarde is one of the board of governors, which is the ECB. And it's basically finance ministers, central bankers, and other members of high finance that sit on the board of governors. And then they vote for a managing director, which right now is Augustin Carstens, who's been at it since 2017. So that's kind of like the structure. And then they answer to their shareholders who are central banks. And so there's 63 member banks, which make up 95% of GDP. And they're just the biggest central banks in the world. And those are the shareholders in the biz. So, you know, they receive a portion of the profits that the biz makes. And it's just like any other business, essentially.”
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 you know, they still have a lot of power and they still have a lot of use. I think it just, you know, most people think about the financial system and they just think about, you know, the Federal Reserve, the U.S. Treasury, and that's where they think it stops. But we live in a very globalized world. And there's these organizations that are filled with unelected, you know, they're non-governmental. I didn't vote for anybody at the biz, but they work in this stratosphere, like above everything else. And actually, it just when they make these plans and they have a lot of influence over what happens and the design of the global financial system. And so I think that it deserves to have some oversight and some accountability, but unfortunately, that's pretty much non-existent today.”
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's amazing because it always goes back to the Treaty of 1919, the Versailles Treaty to end World War I. It's amazing how poorly that treaty was made and how many after effects was caused by it. It was a very emotional treaty. There wasn't a lot of logic to it because they basically put all the blame of World War I on the losers on Germany. And they made them pay outrageous war reparations. And it was very unpayable for Germany because they went back and they had no productive capacity. Their land was destroyed. Their labor force was killed off. Millions died. And there's just no way that they could pay back these unreasonable war reparations set up by that treaty. And so what followed was the Wyver hyperinflation because they tried to prick their way out of it and they tried they were just these war reparations and they were tried to rebuild. And the easiest thing to do was print money, right? And so once they stabilized in about”
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, so they are a bank beyond the reach of any national or international law. And it's because they're set up under international treaty. So they're in Switzerland, but the Swiss have no authority, or they can't even enter the business premises. And their assets can't be seized. Employees and the biz are exempt from paying any kind of taxes on any profits that they get. They just have extraordinary legal privileges that extend not just to the bank, but also the bank managers and the directors. They're basically treated like ambassadors or diplomats, just like the UN or the IMF. And so these bank officials that are traveling are immune under Swiss law for life, for all acts carried out in the act of duty, which is, I guess, just going to their headquarters and hanging out. I don't know. But yeah, it's pretty phenomenal, or I guess not phenomenal, just like insane that they have completely.”
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 they do all the services of a regular commercial bank. They are a research center where they collect all the data and then as well as an event planner where they kind of host all these very elite, exclusive events for people of high finance.”
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
“Data, and kind of they are the eye in the sky, best vantage point to understand the flows of international finance. And so because of that, they're also kind of like a research center for essential banks. And then the last thing they do is they are basically like an event planner. So they have an innovation hub. They have a nice headquarters in Switzerland. And central bankers go there to get away from those pesky politicians and those journalists. There's no cameras there. There's no recordings of those conversations. They can let their guard down and behind closed doors just kind of speak candidly with other central bankers about issues facing the global economy, what they're doing policy-wise. And so they have all these kind of events and committees and big time kind of planning sessions with other central bankers and members of high finance. So that's kind of what their functions are. They're essential.”
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, BIS is best explained as a bank for central banks. And so just imagine like a commercial bank, like a Wells Fargo or JP Morgan and the services that they provide their clients. Now bring that up and where the clients are central banks. And so they make money from fees and commissions that they charge central banks for their services that could be like short-term liquidity and credit, gold swaps or like providing a range of investments and opportunities. They actually have their own deposits and they have their own investment strategy where they're trying to get their best risk adjuster return just like everybody else. And on top of that, they do a couple different functions in the global economy. And one of them is that they're one of the largest databases of financial data in the world. And so they have a mainframe computer that sweeps all the data.”
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, thank you. I'm a big fan of the show and super excited to get into this stuff. I mean, it's funny you say that because it's almost like they're purposely complicated. So it's hard for outsider to understand how they function, which is why I usually like to dig into them. And I've been reading about them for a while now. But how they fit into the global financial system and their purpose, it's confusing because it's actually changed many, many times throughout history. So I'm happy to get into it. Big fan of the show. Happy to be here, man.”
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