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Oct. 6, 2022 - David Icke
24:35
Former venture capitalist Dan Tubb talks to Right Now about the financial crisis and what comes next
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Time Text
This week on Right Now, former venture capitalist and podcaster Dan Tubbs comes on to break
down the current financial situation.
Vanessa Bealy joins us from Syria to tell us about her attendance at the Russian annexation vote in the Donbass.
Child sexual abuse survivor Gloria Masters talks to us from New Zealand about her ordeal and how she's healed by helping others.
and Nikita and Angela of Artemis Birth Attendant Academy will be talking about the over-medicalisation of childbirth
and the trauma that that brings.
MUSIC PLAYS MUSIC CONTINUES
MUSIC FADES Hello and welcome to Right Now.
Remember last week we were talking about being bombarded with fear porn, you know, to demoralise the masses?
Well, this is this week's recent upload to Forlorn Hub, otherwise known as the Daily Mail.
NATO issued an intelligence warning indicating the Russian Belgorod nuclear submarine has been mobilised somewhere in the Arctic Sea.
That's somewhere in 14 million square kilometres.
It's vague.
It may test its Poseidon drone torpedo.
It's Russia's doomsday nuclear weapon that creates massive 1,500-foot radioactive tsunamis.
So not a sharknado, then.
The article reads, it may test.
OK, that's not news, though, is it?
Eh, love, it says here that Putin may bum a pigeon.
Thank you very much.
But it does stoke the fire of fear, and that, coupled with distraction, is the name of the game.
If you fear Putin, if you fear the Rona, if you fear climate change, then you will accept them as reasons to take away everything you hold dear.
Your freedoms, your money, your privacy.
You'll give them all up just to be kept safe from the bogeymen.
But not only will you give up everything for these manufactured illusions, you'll actually fight to the death to protect the illusion that you've been programmed to believe.
You'll attack anyone that gives you another version of them, in the same way that you would attack anyone that told you your husband was having an affair.
Because the acceptance of that is too hard to compute.
It would make you question everything in your life and you ain't willing to do that.
So you attack the well-meaning messenger.
You were always jealous of our marriage.
We're in the lash-out period now, particularly in one medical area that we're not allowed to talk about.
But eventually there will come apologies.
Not that I want them, personally, but I absolutely understand why some people do.
And I hope, in the end, there will be reconciliation because we is the peasants, folks.
And I quite like the idea of a revolt.
Our first guest this evening is a former venture capitalist who is now trying to alert people about the fall of our current financial system and what that means for the people.
Dan Tubbs has been warning us on social media and on his Dissident Factor podcast for some time and we're pleased And daunted to welcome you to the show.
Banking and finance generally I find people kind of just tend to leave that to the experts.
They don't really know that much about it.
So what is happening at the minute and what is the cause for all this alarm?
So you hear a lot of stuff in the media which is basically focusing on only the most short-term possible effects.
So you'll hear a lot of noise about, you know, the budget or what happened to sterling yesterday.
The truth is that these problems have been accumulating for quite some time.
We have had essentially 50 years of fiat currency, paper-backed money, which has allowed governments to spend more than they earn.
And they've made up the difference with debt.
And the debt has now accumulated to a point where it is starting to... it's like a toxin that has built up in the blood flow and it is starting to poison the host.
So all of what you're seeing at the moment is essentially a result of these vast debt levels and the fact that the governments no longer have any good solutions to it.
So I hear what you're saying, people have left it to the experts.
That was probably a mistake because the experts then made a real mess of this one.
When I think of a kind of, because I hear the terminology all the time, a financial crash, the financial system is going to collapse, what does that mean for me and you?
For the everyday guy on the street?
So it really depends on how it happens, how fast it happens, and the manner in which it happens.
So, I mean, I'll set out what I think my base case is.
I don't think we're going to have a sudden collapse.
I think that this system is effectively going to rot, and it's going to sort of take a good sort of 10 years, and it's going to be increasingly obvious that the system is broken.
However, it is not impossible that there is a sudden collapse.
So I point you to the events of Wednesday before last, where guilt yields started to spiral upwards.
And according to some reports from within the pension industry, we came very close.
We came hours away from 90% of the pension funds in the UK from defaulting and going bust.
If that had happened, it could have triggered a domino effect that then would have taken down other asset managers, and then the banks, and then the banks in other countries.
So a sudden collapse is not impossible.
That is effectively what the whole financial systems, the regulators, and the central banks are there to protect.
So even though I think that this is going to be a long, drawn-out process, and that's my plan A, I am prepared for a sudden collapse, so I do have, you know... Well, at its most fundamental levels, I have enough calories in the house to feed the family for a while if we go through that sudden collapse, because actually the immediate effects would be really quite nasty.
Is it a case of, then, the bank's collapse, that means your money's gone, so all that money you've saved for that rainy day, all of a sudden it's absolutely tipping it down and there's nothing there?
On a basic level, that's what happens, it evaporates?
So, I mean, a lot of people, they end up getting into an argument with their bank and they say something like, well, it's my money.
Well, I hate to inform you that actually when it's in the bank, it isn't your money.
It is legally their money.
You are a creditor to the bank.
And people in Holland are starting to find this out.
People are trying to take out money and they're being told by the bank,
no, actually you don't need that much, you can't have it.
You know, we will allow you to take a certain amount out at a time.
And that's why I think there's great advantage in holding, I'm not a big fan of cash,
because the value of cash is being inflated away, but I do feel there is an advantage
to holding a certain amount of paper cash, so that if we were to get into a situation
where the banks were to fail, you know, there's a big advantage
being able to walk into your local shop with 500 pounds and saying, I'll take, you know,
that row of tin food if it comes to that.
Like I said, I don't think it's going to come to that, but, you know, I don't think my house is going to burn down tomorrow, but I still have insurance, and I don't think that I'm going to get a nasty disease tomorrow, but I still have health insurance.
So, you know, just because these things are unlikely, and hopefully won't happen, doesn't mean that you shouldn't be prepared for them.
Oh, absolutely.
I did the same thing, actually.
Pastas, rices, things that last a long period of time that I would love to waste.
That would be great if it came to a point where people looked at me and went, you're a bit of a wally for all that prepping, you've spent that money.
That's great, that's the best case scenario for me, that it is a stupid thing to do.
So the banks fail, people lose all their money.
Obviously then, well, you can't pay your mortgage then.
So then the lenders don't get their money.
So literally everything collapses.
Yeah, so one of the unfortunate things about a debt-based system is that the debt must always grow.
So there isn't enough money in the world to pay off all of the debt that we have.
Because actually, the way that money is created in our system, it is created when you take out a loan.
So, I mean, to oversimplify this somewhat, but it makes the point, you know, if I were to give you £100, you don't care whether, you know, that money is saved up or whether I just borrowed it.
It spends from your point of view.
And actually, the way it works in our system is, if I give you £100 and you pay it into your bank, they can lend out most of that, so they can lend out, say, £98 of that, and then somebody can pay that into their bank, and they can pay out 98% of that, and so on and so on.
So it's not possible to pay off all of the debt that we have in the world without creating more debt and that's why we're getting into this spiral where more and more debt must be created but it's having diminishing returns.
So 200 trillion of debt has been created in the last 20 years And that only created 45 trillion of GDP, world GDP.
And it's worse than that because most of that GDP was created at the beginning of that period, and it's becoming harder and harder.
So the debt levels are going up, inflation is going up, you're finding that your money is buying you less and less, and this is why we've sort of got into this toxic system, and why governments are not left with any good options, which is why you're hearing this sort of doom saga all the time.
Now ultimately where this leads is there's going to have to be either a change of mindset fundamentally in the West where we start living within our means effectively or there is going to have to be something messy, a financial crisis that basically puts us in our place and Western Europe and perhaps the US can no longer spend beyond its means and there is a sort of a global realignment.
I think people generally, everyday people like me and you, we're already at that point where things don't work.
I mean, for instance, I went to a shop a couple of weeks ago and I was being lazy and so I just grabbed a pizza, an oven pizza, because I couldn't be bothered to cook, and it was £9.
And I was like, it's £9 for an oven pizza.
I swear that was like £2.50, like 25 minutes ago.
That's not sustainable for anyone, you know, for things to leap up that far.
In terms of ways out of this, I know Cyprus did it many years ago, they did something called a bail-in.
Is that a real possibility as well, where actually the government can just go into your bank account and, I'll have that money please, and I'll use that to spend on X, Y and Z?
Yeah, you're right.
Cyprus did that in the last financial crisis.
Well, actually, I would say that this financial crisis is basically a continuation of the last one, but, you know, it's sort of gone cold war.
But yeah, back then, what Cyprus did is they decided, and I can't remember how much it was, it was something like, I don't know, 300,000 euros.
If you had more than that in your bank, They simply came in and took it.
Now, you might think, OK, well, if you've got more than 300,000 euros in your bank account, well, you're quite wealthy and you can afford it.
But actually, you know, you had some people who were just moving house and just happened to have a large amount of money in their bank at the time.
So it was quite devastating.
Or you had people who'd saved up their whole lives and were retiring.
Now, we thought at the time that that was something that wouldn't come here.
I was slightly alarmed to note that the Bank of England published guidance, I think it was July of last year, Where they set out how a bail-in would be conducted.
So that is something that could happen here, and actually they've flugged up how they're going to do it.
But again, that's not my base case.
I think what's going to happen is that the governments around the world, in the developed nations, they're going to try and inflate their way out of it.
Because it is politically too difficult to cut spending explicitly.
You know, we have got to the point in the UK where we've got something like 2.4 trillion of debt.
So 2,400 billion is the amount of debt that we've accumulated.
If you wanted to pay that off honestly, and you were to look at how the UK spends its money, that would mean significant cuts to pensions, welfare, the NHS and the whole rest of it.
It's not the case to say that we could simply tax the rich more, because unfortunately if you look at the numbers, there simply aren't enough of them.
Not certainly when you've got up to sort of 2.4 trillion debt that the number is vast.
So I think the possibility of governments paying back this money honestly is simply not going to happen.
It's not politically viable.
So the only option they really have left is to inflate the money away by increasing the money supply.
Now, what that will do is if you have things that cannot be printed, such as gold, land, productive businesses, those sort of things, and the whole range of financial assets, those things will go up.
Now, the rich tend to own a lot more of those things, and so the rich will become richer.
But a lot of people, actually, their main source of economic value comes from their wages.
Now wages do increase with inflation, but with a significant lag.
So typically wages won't start to rise for at least two years, and actually the whole effect takes at least 10 years to wash through properly.
And even worse is when that happens, the wages, they don't rise by the same amount of inflation.
You can see that the real wages earned by somebody in the 1950s were significantly higher than it is now.
I mean, I think everybody implicitly understands this, that people in the 50s and 60s, a working man could have a family home, he could have a wife who could choose to stay home and work with the family, and he could pay off his mortgage at a reasonable time and he could retire in some comfort.
Obviously that is not the case anymore.
We can tell that our wages are being squeezed.
And I think that is the probable outcome.
The next 10 years is going to be more of it.
So if you think it's bad now, I would suggest brace yourself.
Sublifting, Dan.
I was hoping for something to go on.
So they talk a lot about the Great Reset.
That's been spoken about pretty much throughout the sort of, you know, coronavirus three years nearly or whatever.
First of all, it was a conspiracy theory, even though it was available to buy on Amazon.
Now it's accepted as, OK, this is a thing.
But what exactly is it?
Because you have a slightly different view in terms of what the Great Reset is and why the Great Reset is going to be implemented, or at least attempted to be implemented.
Yeah, I have great fun on the Great Reset speaking to some of my Normie friends, because they say exactly what you've just said, oh, it's a conspiracy theory.
And then I say, OK, well, it has a website.
You can go and look it up.
Here's the book.
You can get it on Amazon.
There are thousands of hours on the Davos YouTube page where they give speeches about it.
So no, it's definitely real, and it's all out there in the open.
And I've looked a lot of this stuff.
I also disagree slightly with the people who are more in our sphere, who say that it is a plan to crash the economy.
I have a slightly different take.
So I think the people behind this, they are perfectly happy with the current system because they are wealthy and powerful.
Now, there's really nothing that they're lacking.
However, they have recognised, the same thing that I've recognised, that the financial system we have today is a house of cards, and it is very likely to come crashing down at some point, or at least it is going to, you know, slowly implode over the next 10 years.
So what they want is they want a series of policies that give them greater control.
So that when that collapse happens, they get to be wealthy and powerful on the other side of it.
And that's why the Great Reset is so heavy on control mechanisms, things like digital IDs and central bank digital currencies, because it gives them that ability to say, you know, OK, you know, yes, we brought everything down, but we have such a level of control that we get to remain in charge rather than what would normally happen, which is a new group rise up and sort of overthrow the old because of the mess they've made.
What do you think the whole kind of you will own nothing, you will have no privacy, but you'll be happy model is about in terms of, you know, is it a case of perhaps, you know, everything collapses, everything falls apart, the wealthy few kind of, as you've said, get to keep that wealth, but there isn't really enough to go around.
So actually, you know, the everyday people are basically, you know, renting what they would have previously owned.
And like you said, in the 50s, what a lot of people would have owned.
A great microcosm of this is the game Monopoly.
Again, I'm going to slightly oversimplify, but it does make the point quite nicely.
If you play a game of Monopoly long enough, somebody who gets a bit of an advantage at the beginning will end up owning everything.
Now, normally, at that point, what happens is people walk away from the table, or they flip the board, or they start a new game.
But our system is one where they do not want to start a new game.
They do not want to, you know, honestly reset everything and go back to, you know, where it is effectively how much economic contribution that you deliver that determines your value.
So it's all about the stock of assets that you or your family have accumulated.
So imagine a game of Monopoly that could never end.
It's going to get to the point very soon where every time you go past go, £200 is not going to cut it.
You're going to need to be provided ever greater sums, but then of course you're immediately going to spend it on rent going around the system.
And that's effectively where we got to in our real economy as well.
So I think that one of the things that is probably going to be coming down the track is central bank digital currencies.
And I think that when it comes, you will discover that your friends, relatives and neighbours are going to be begging for it, because they're going to say, you know, we need help with the cost of living.
and the central bank digital currency will be sold to you is if you sign up for one of these we will automatically pay 300 pounds a month or or you know i don't know a thousand pounds a month whatever the number is into your into your account and that will help you with the cost of living so when it is offered All of us who are warning against it are going to look quite mad to the rest of the people in our lives, because they're going to say, why on earth wouldn't you want this?
So they're going to suck us into it.
The media is going to be pushing it.
Everybody's going to be screaming for it.
Well, the problem with the central bank digital currency is it offers the people behind it, the government, such a vast level of control.
And they won't use it on day one.
It will be incredibly tempting over the coming years to unlock the capabilities for that.
Offers to shut out people who they find inconvenient.
You know, people like you and I, you know, we might be told, well, you're disruptive and therefore you will only be able to spend your money within five mile radius of your home.
Or other things will sort of shut us out of debate, or we won't be able to buy access to the internet so that we can't talk to people about this.
Other people, they might find that they're only allowed to fill up their petrol tank once a week because otherwise you're hurting the environment.
Or you can only buy red meat once a month as a treat because otherwise you're hurting the environment.
That control mechanism, once it's in, it is going to be so alluring to governments that they will not be able to resist.
It's that bait-and-switch, isn't it?
They give you something.
I was thinking this the other day, actually, about sat-navs, actually.
It randomly kind of came to my head, the fact that if you'd said to the people, everyone, carry a phone with you at all times, and it's a device that I can follow you, I know where you are at all times.
In fact, put one in your car, and I know where your car is at all times.
Most people would go, you're having a laugh, mate.
That's, no, I want some privacy, please.
But if you say, you know, take this device, then you won't get lost again, you type where you're going into it, and everyone's like, oh, this sat-nav's great.
Yeah, but they know where you are at all times and you've just agreed to it because it's been sold to you in a different way.
Finally, is there any positivity?
Is there any good news?
Is there anything?
Because like you're saying, you know, there's this great reset plan where people get to, you know, keep all the wealth and us kind of plebs at the bottom can kind of fight for scraps.
But is there an alternative solution to that in the sense that actually, you know, there is a better wealth distribution and actually we have a fighting chance?
Yeah, I think there is.
So, I mean, look at it from their point of view.
There's not many of them, and they are at the top of this house of cards which they know is going to fall down.
So, you know, these guys are extremely nervous.
They're very worried about what's going to be happening to them in the next couple of years.
So even though they look powerful, please understand that they are Very, very worried about what's going on at the moment.
And we do have possibilities for good outcomes from here.
So obviously we're going to need a new financial system because the current one is crumbling.
What they want us to do is they want us to go to a central bank digital currency, ultimately.
However, that technology is not ready.
It's simply not there.
They are working on it, but it doesn't exist yet.
Even in the private sector, some of the chains that could be used for this, some of the blockchains that could be used for this, it's just not ready.
It's not there.
However, there is Bitcoin.
That is viable.
And that cannot be controlled by any government or any corporation.
It is much more diffuse.
It is like the original Internet.
That currently has about 300 million users.
And it is growing at twice the speed that the Internet was.
So in terms of users, it's about where the Internet was in 1997, but it's growing twice as fast.
It is possible that in the next few years that has gained such adoption that we could convert over to a system like that.
Whereas the government version, the sort of evil version, the central bank digital currency, is not ready in time.
So you could have this sort of nice situation where adoption goes up, the old system fails before they've got their central bank digital currencies ready, and then we sort of step across onto this new one.
It is a possibility, and if that was the case, then money would be removed from the state.
A lot of people think that gold is the answer.
Because again, that is sort of somewhat removing money from the state.
I have concerns about that because the logic of gold is that you need to centralise.
You need to basically store it in vaults and then governments need to trust each other as to how much they have.
You know, you wouldn't actually be trading your local shops with a lump of gold.
You'd need to store it in a bank and then they'd have to digitise it.
So it brings you back to sort of that central control.
So, you know, and I know people are suspicious of Bitcoin, but actually I think it's probably the only good solution that we have left at this time, unless something else develops in the meanwhile.
What about the... I mean, it would take away the kind of the luxury side of it, of the ability of going, boop, and, you know, walking away with something, but is there a point, do you think, where barter comes back into the game?
Where people kind of take themselves out of the financial system, just say, you know what, screw money, none of us have got any anyway, but I can do X, Y, and Z, and you can do X, Y, and Z, and this guy here grows potatoes, right, let's all... I know it sounds like you're going back to medieval times, but that is an answer, maybe in the short term.
Yeah, I mean, in the immediate local, you know, that could work.
I mean, you know, certainly one of the things we need to do is we need to develop our local networks and we need to develop our skills.
It's very difficult to run an economy at size with that sort of system.
And actually, I think one of the advantages of Bitcoin is that you can actually, you don't need a bank.
You can trade sort of peer to peer without going through an intermediary.
So that's one of the reasons I like it.
So, you know, I've spent the last 20 years being very sceptical of the financial system, even though I worked within it, I could see the flaws.
I spent the last 20 years being a gold bug and I thought that that was the solution, that was probably the best alternative.
And in the last couple of years, I have reluctantly come to think that actually some sort of open source blockchain is probably going to be the least worst solution out of here.
Because it really is important that we get the ability to issue money away from governments, because they have abused it so heavily.
And it gives them just so much control over us.
Absolutely.
Well, thanks so much for talking to us, Dan.
And I'm going to take away from this the idea that those all powerful people are just as terrified as everyone else, because that makes me feel better.
Yes, very much so.
That was Dan Tub there.
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