About this Video

• Video Title: Stablecoins Are WORSE Than CBDCs! with Mark Goodwin
• Channel: corbettreport
• Speakers: James Corbett, Mark Goodwin
• Duration: 00:49:27

Introduction

This Corbett Report video discusses stablecoins, focusing on their potential dangers and comparing them to Central Bank Digital Currencies (CBDCs). The interview with Mark Goodwin explores the implications of the "Genius Act," a proposed legislation regulating stablecoins, and its connection to the broader context of global finance and the US dollar's dominance.

Key Takeaways

• Stablecoins are digital representations of real-world assets, primarily pegged to the US dollar. Their purported stability is a deceptive marketing ploy, as the value of the dollar itself fluctuates.
• The Genius Act aims to regulate stablecoins by requiring them to hold US government debt. This compels stablecoin issuers to invest in US debt, benefiting the government and potentially furthering its control over the financial system.
• Stablecoins, despite being presented as a private alternative to CBDCs, share concerning similarities. They are equally programmable, allowing for restrictions on spending, and potentially just as susceptible to seizure and surveillance. Furthermore, their existence on public blockchains creates unprecedented opportunities for surveillance by powerful entities.
• The development and proliferation of stablecoins are linked to influential figures and organizations. This includes the Trump administration, and the broader "PayPal Mafia," suggesting a coordinated effort to extend US financial hegemony globally.
• The video argues that stablecoins are potentially worse than CBDCs. While CBDC concerns revolve around government control, stablecoins combine the programmability and seizeability of CBDCs with the additional vulnerability of public blockchain surveillance.

Mark Goodwin connects the "PayPal Mafia" (Peter Thiel, Elon Musk, Reid Hoffman, etc.) to the stablecoin industry by highlighting their early involvement in PayPal, whose original mission was described as creating a new world currency. He points out their deep connections in intelligence (mentioning Palantir's origins within PayPal as an anti-fraud algorithm) and their understanding that technology could circumvent the limitations of traditional political and military power in achieving global financial dominance. He suggests that this group foresaw and facilitated the use of technology, specifically stablecoins, for dollarization of the world.