Economist and banking expert Richard Werner addressed the European Parliament during an event hosted by MEP Christine Anderson, raising concerns about the future of digital governance and financial systems. Werner questioned the expansion of Digital ID programs, central bank digital currencies (CBDCs), and proposals involving the tokenisation of assets and natural resources. He argued that increasing reliance on digital systems could concentrate power and reduce individual autonomy if these systems lack strong safeguards and democratic oversight. His remarks have sparked debate among policymakers and commentators, with supporters and critics clashing over the implications of emerging financial technologies and digital control mechanisms.
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NewsTranscript
00:00We know that people like Jeffrey Epstein, it's now a public record, were involved as early as 2017 in setting
00:07up the scheme of this great pandemic for some investors to make a fortune, such as Bill Gates.
00:13The problem, as Epstein and Bill Gates discussed, a matter of public record, of how to get rid of the
00:17poor people.
00:19And of course, it was used at the same time to push digital ID.
00:23I'll talk about CBDCs, the tokenization of life, and the digital ID prison.
00:32Now, the central planners are keen to introduce digital currency.
00:40According to a McKinsey study of 2022, at the time, 90% of all central banks pursue a central bank
00:49digital currency project.
00:51Okay, and what's new about this?
00:55We're being told it's the digital aspect.
00:58That's how they're marketing it.
00:59And there's various statements from, for example, the European Central Bank and other central banks where they emphasize, oh, you
01:07know, we need something digital.
01:09It's the digital age, so it's quite natural.
01:12Well, is that narrative really true?
01:16Because most of the payments we're doing nowadays in our everyday lives have been digital.
01:25They've been digital for decades, whether it's debit card payments, credit card payments, Apple Pay, Google Pay, Monzo, even, you
01:33know, the ones that appear to be new and novel.
01:36Well, they still all link back to a bank account.
01:44And so banks are involved.
01:46And how do banks process this?
01:50How are transactions made?
01:52Well, our bank money, which is the money we've been using for a long time, certainly at least half a
02:00century, has been digital.
02:02We have been using digital money.
02:06That's an important point because it shows that what they're selling this ad as the novelty being the digital aspect
02:14is just not true.
02:17We've been using what you could call BDC, bank digital currency, for decades.
02:23That's not new.
02:25The digital aspect is not new.
02:26So what is new?
02:28What is new about CBDCs?
02:31Well, we've been using BDC.
02:33What's the difference to CBDC?
02:35It's the C.
02:36What is the C?
02:38It's the central aspect.
02:40That is the new thing.
02:42And they do not emphasize that in their marketing efforts that we have to pay for.
02:49So what's really happening is that they want us to move away from what we've had so far, which is
02:55decentralized banks and decentralized bank money creation and decentralized digital money to centralized money.
03:10And when you think about that and you realize the centralization aspect is actually the key aspect, then I'm sorry,
03:19but you know, the reality is the centralization of power into fewer hands is not a good trend.
03:28Fascism was about the concentration of power, but when you look at the politics, it's very clear in our day
03:48and age and where we live, the politics is not convincing because actually the opposite should happen.
03:57Again, we claim to be fans of democracy.
04:01That means equal rights for people, participation of people in the decision-making process, not one-way dictates from above
04:11by central planners.
04:14Now, the politics is clear.
04:16There's no justification for this, but they're selling it as on the economics.
04:20What about the economics?
04:22Well, the economics is also very clear.
04:24There's no justification for centralization, even in the economics.
04:32What is the economics?
04:33Well, in order to have both democracy and economic success and prosperity, we need decentralization.
04:41The principle of decentralization is also known as the principle of subsidiarity, officially subscribed to where we are by Brussels.
04:51But of course, in reality, ignored almost all the time is about delegating power and decision-making, the actual decision
05:00-making to the lowest possible level, wherever possible.
05:05And it's been shown any organization involving humans will be more successful if you follow that principle because it works.
05:14People on the ground, at the front line, whatever it may be, they can react quickly.
05:19They can make decisions.
05:20So the decision will be better, be more effective, but also people will be motivated.
05:25That's why the Soviet Union didn't really work so well, because you had these crazy instructions, which made no sense,
05:31but you still had to do it anyway.
05:34So this principle is well established.
05:36I wrote a paper on this.
05:37Subsidiarity is a secret of success.
05:40It's an HR journal, Employee Relations.
05:43It's open access, so have a look at it.
05:46So we have no political justification and no economic justification.
05:50And yet the central planners demand more power and more concentration of power into their hands.
05:57And it's pretty bad, I tell you.
05:59It's been going on for years.
06:01They want to control all transactions.
06:04Let's start with transactions.
06:07Since the 2014 e-invoicing directive and the Regulation 910,
06:14the Commission has made law that there will have to be electronic identification in order to allow for the creation
06:22of EU digital identity wallets.
06:25And some countries have already implemented this.
06:27Hungary, of all countries, actually has moved ahead of others in implementing this.
06:34And that means that there's no more economic transaction freedom because as a company, you're not allowed to issue an
06:40invoice.
06:41If it's not through the system with specific software, which is part of the centralized control.
06:49And of course, that is the first step to then also intervene and, you know, perhaps stop transactions, whatever you
06:56want.
06:56Once you have the infrastructure, you can use this power.
07:00But it's not just Europe.
07:02We see the same trends, just like in 2020, when suddenly everyone had the same very strange list of prescriptions
07:09that needed to be implemented.
07:11Japan already has a qualified issue, invoice registration system, and so on.
07:16So what is this?
07:18This is actually the fallback plan B route to impose digital ID and total digital control of all our transactions
07:26in case things don't work out so well with plan A.
07:30So we have to be aware of that plan A is central bank digital currency that are programmable, the power
07:35to create and allocate new money, which would give this to the central bank and therefore also transfer fiscal powers.
07:44It's the only sort of remaining power in the hands of parliaments, which is one of the definitions of democracy
07:49for parliaments to decide over budgets.
07:53Obviously, you know, we're not in the parliament here because that's not, you know, that's not the democratic parliament when
07:58you don't have those powers, but they want to take them away from those parliaments in Europe that have those
08:02powers.
08:03The central planners want to take that job, but it's so it's it's the transactions.
08:11And here, of course, what is the programmability or is the infrastructure being created?
08:14It could be anything.
08:15It could be climate change, carbon footprint.
08:19That could be the principle, but it can be other principles.
08:22You know, do you support the war?
08:24Are you on the right side in here with your opinion on whatever currently is, you know, countries we're making
08:29war on?
08:30It could be anything could be you're stepping outside a 15 minute city.
08:33And so your money perhaps shouldn't work.
08:37But it's not just transactions.
08:39It's also assets.
08:42And this gets pretty scary here, I think.
08:45The Bank for International Settlement, the central bank, Central Bank, originally created like most central banks as a privately owned
08:52institution, but extraterritorial created the precedent for extraterritorial organization.
08:58That is above countries, outside countries.
09:02So it's sort of in Switzerland, but it's not actually in Switzerland in Basel has suggested that, well, we need
09:09to tokenize everything, all assets and bank deposit, bank money, central bank money, as well as other assets.
09:18And there needs to be seamless integration of all this and programmability in one platform, we are told.
09:26So what are these other assets?
09:28It turns out we already have national organizations that are currently compiling asset registers.
09:36And you think, okay, that's financial assets, perhaps add land.
09:41Well, you can add quite a lot.
09:43They want to add everything, natural assets, the air we breathe, the water we drink, the oceans, everything.
09:51Now, why is this?
09:52Tolstoy wrote a good piece on this when he criticized economists for only having land labor capital in the production
09:59function.
10:00Why is the air not in there, the energy, the sun?
10:03Well, because they haven't figured out how to control access and charge for it.
10:07And that's what's happening with digital ID.
10:10They now are able to do this.
10:12And now they want to do it.
10:13As we hear from World Economic Forum Agenda contributor Lindsay Hooper at Sustainability Institute in Cambridge.
10:22We need to bring nature onto the balance sheet, allocate a value to it and bring it to the accounting
10:27and financial mechanism.
10:30Well, and of course, there's various agencies in the U.S., in the U.K., in Europe, in many countries
10:35already doing this for nature.
10:37And they're digitalizing it now.
10:39A natural capital register, the value, the quantity and the quality of natural resources in one place.
10:44Now, this agency in the U.K. says, well, there's some critics that suggest we're trying to put a price
10:50tag on nature.
10:51It's important to understand that this is not the intention of natural capital accounts.
10:56Of course not.
10:58Because the intention is to control access to nature and charge for it.
11:03And they themselves go on.
11:05Well, actually, what we're going to do is put monetary terms to nature, calculating where possible monetary value to the
11:11benefits produced by natural assets.
11:13And this will support, they say, prioritization.
11:17In other words, some people will get access, others not.
11:21And the criteria, well, they can be made up.
11:27Europe, the EU, is creating the Anti-Money Laundering Authority, AMLA, under a lot of secrecy and not exactly very
11:33transparent itself.
11:35And of course, this asset register will then have all sorts of assets in it.
11:44And of course, we then have as a next step, the tokenization of these assets.
11:47And why is that important?
11:48In Switzerland, they're building the European Digital Asset Exchange.
11:51There will be other asset exchanges.
11:53Well, tokens can be useful to the extent that they facilitate the process of issuing, storing and transferring value.
12:00So, access can be programmed, not just on transactions, but also access to assets, including natural assets and the air
12:08we breathe.
12:09And ownership of these tokenized assets can be transferred from you to the central planners.
12:18That seems to be the agenda.
12:19So, why aren't they rolling this out faster?
12:24Well, McKinsey in its study said, oh, there's some obstacles, technical challenges, you know, for example, internet connections, things like
12:33that.
12:34Secondly, a clear or substantiated market value proposition has yet to be documented.
12:40In other words, there is no actual benefit of this for ordinary people.
12:45Some consider CBDC benefits to be limited relative to already established private solution.
12:50We have digital money.
12:51It works.
12:52And thirdly, I'm still quoting McKinsey, trust remains a hurdle for a meaningful share of citizens and system participants to
13:00accept this,
13:00who question the motives behind CBDCs, often suspecting governments of aiming to monitor or restrict financial activities.
13:09Of course, we now realize it's not just financial activities, it's about all activities.
13:13And the programmability is a key feature.
13:15The Bank of England asked the government, the politicians in the UK to give them the power to have programmable
13:23digital currency.
13:24And that is a control tool.
13:28The pilot CBDC projects that are ongoing, you know, for example, this one in Brazil in particular, experts have already
13:35found out.
13:36But yes, it has all those features, you can freeze transactions, you can take people's money away, you can intervene
13:42in those ways.
13:43Now, the central planners claim we will not abuse the limitless power that digital ID and CBDCs will give us.
13:52Okay, well, should we trust them?
13:54Well, I can be brief here.
13:55I think all of you know examples of how sort of this sort of power has already been abused.
14:00Just thinking of Justin Trudeau's ending the peaceful demonstrations of by truckers in Ottawa.
14:06The bank accounts were frozen.
14:08The ability to buy food is how they got them.
14:11Too few used cash and digital currency.
14:15Well, they didn't have CBDCs.
14:16They had to pass laws to do it.
14:18And that will be very easy once you have CBDCs.
14:21The police froze 206 financial products, including bank and corporate accounts,
14:26disclosed 56 entities associated with vehicles, facial recognition,
14:30even 253 Bitcoin addresses were identified and PayPal was also shut down.
14:36So that's how they can do it.
14:38Now, interestingly, no such financial controls had been used previously to stop criminals.
14:45But of course, peaceful demonstrating citizens.
14:48That's when it seems the central planners get pretty creative about how to stop people.
14:54And of course, we all know what happened in 2020.
14:57Digital IDs suddenly were a topic.
14:58Vaccination passports as a backdoor to introduce digital ID.
15:03And then, of course, programmability.
15:05You can, you know, close access if you don't do X, Y, Z.
15:09It can be anything the government central planners decide.
15:12And now we have the EU commissars already abusing their dictatorial powers that they've had for a while.
15:18But now they're showing these powers by declaring polite, very polite, considered critics like Jacques Bourne,
15:26you know, a Swiss former sort of army officer in his, you know, just giving his opinions.
15:33He's an outlaw now.
15:34He's been sanctioned.
15:36He can't buy food.
15:37He can't leave the country, Belgium, in order to travel back to Switzerland.
15:41It is quite extraordinary.
15:43Now, on the monetary front, the CBDC is the biggest upheaval in our monetary system in more than 300 years.
15:50But the digital aspect is not new.
15:53What is happening, therefore, is the centralization.
15:56But it's a particular type of centralization.
15:59The central banks are ripping up the old agreement between the banks and the central banks,
16:03which was that the central banks deal with banks and the banks deal with us.
16:07And overall, the banks haven't really abused that.
16:10You know, they've never sold our data ever, our transactions data.
16:14They haven't.
16:14That's really why they've become the enemy, because that is supposed to be a currency that they want to sell
16:19and trade.
16:20And banks have refused to do that.
16:22So the central banks are now stepping into the arena and want to compete against their regulated, the banks.
16:29This is like playing football.
16:30The umpire saying, well, it's a bit boring.
16:33I'm going to join.
16:33I'm going to score some goals, but I'll still reserve the right to blow the whistle, give the red card,
16:39give the yellow card.
16:40Who's going to win that game?
16:41So the bank regulators will compete against the banks.
16:44Because CBDC is just a current account at the central bank.
16:48That's what's happening.
16:50Of course, this conflict of interest explains what the central banks have been doing.
16:54They've been taking anti-bank policies for many decades.
16:58Already in 2002, I warned about how the central banks were creating these asset bubbles, banking crises.
17:04Recessions.
17:06And of course, that has continued ever since.
17:09Unabated.
17:10We've got regulatory moral hazard.
17:11The more crises they create, the more powers we give them.
17:14Each time they demand, oh, it's because we didn't have enough powers.
17:17Which is not actually true and should have been stopped earlier.
17:22So can we trust the central banks to give them yet more power?
17:25I think the answer should be a resounding no.
17:27The high inflation that started in 2021 was created by the central banks.
17:32No matter what they tell you about wars, the economics is very clear.
17:36I could forecast it quite successfully from May 2020 onwards that 18 months later we'll get significant inflation.
17:42Because the money creation was just massive off the charts.
17:45Then the central banks imposed a fake pandemic.
17:48You know that story.
17:49And we know that people like Jeffrey Epstein, who's now a public record, were involved as early as 2017 in
17:56setting up the scheme of this great pandemic for some investors to make a fortune, such as Bill Gates.
18:03And then we can also make money injecting people with stuff and solve the problem, as Epstein and Bill Gates
18:09discussed, matter of public record, of how to get rid of the poor people.
18:13And of course it was used at the same time to push digital ID.
18:19Now, this is, you know, what they're giving us is not the only option.
18:24We can have prosperity.
18:26Their goal is zero growth, negative growth.
18:29Germany now, third year of recession.
18:31First time this is 1933.
18:32But actually we could have high growth everywhere in the world and prosperity for all.
18:37How do you do that?
18:38200 years of strong economic growth in Germany were due to many, many small banks, local money creation, money lent
18:45to small firms.
18:46They're the main employer, 60%, 70% of employment is with SMEs.
18:50That's how you spread the prosperity.
18:53These hidden champions in Germany, where Germany really sticks out, is small firms that are global market leaders.
19:00Yes.
19:00Now, how is that possible?
19:01Because Germany has the largest number of banks in Europe.
19:05Well, we should use past tense, had the largest number of banks and they were mostly small local banks.
19:11That is the way to generate prosperity.
19:14But the central planners don't like that.
19:16And they've been killing banks.
19:17So ECB policies have been very successful under the ECB, a very young central bank.
19:21Already 6,000 banks have disappeared in Europe.
19:24And surprise, surprise, it's not Goldman Sachs that has disappeared.
19:28So, last chance saloon, and I'm wrapping up here.
19:31The overarching trend of the 20th century was the concentration of power in the hands of fewer and fewer people.
19:36Lord Acton, quite wisely, and he was really an observer of politics for many decades, concluded power corrupts.
19:43That's the reality.
19:44That's human nature.
19:45If you give people power, too much power, it will lead to bad results.
19:49Absolute power corrupts absolutely.
19:51So, we have to stop the further spread of digital ID and the introduction of CBDCs.
19:57Already Europe is being deindustrialized, economically destroyed.
20:00We can't give these central planners that have delivered this yet more powers.
20:04Instead, we need to decentralize, break up the concentrated power, oppose digital ID.
20:09We are sovereign individuals.
20:10We don't need to prove our identity.
20:12If somebody wants to check identity, well, that's their problem.
20:14We need to oppose digital asset registers and tokenization of our assets and of nature.
20:19And we need, most of all, of course, to oppose CBDCs.
20:22A decentralized monetary system is the future.
20:25Many small local banks in a decentralized fashion implementing subsidiarity.
20:30That has proven to be very successful.
20:32That's how China became an economic superpower within one generation.
20:38They moved from one bank in the Soviet system, central planners loved it,
20:41to 5,000 banks with 30 loan offices in 35 branches.
20:47That's more than 5 million people checking millions and millions of small firm loan applications for productive business investment.
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21:00Download the One India app now.
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