In the featured video, Ivor Cummins interviews professor Richard Werner, author of “Princes of the Yen — Japan’s Central Bankers and the Transformation of the Economy”1 on “The Fat Emperor Podcast.” Werner, who has a Ph.D. in economics from Oxford University, discusses various topics including central banking, digital currencies, and the power of central bankers.
Werner explains that central banks are controlled by a small group of insiders who manipulate the economy by controlling the quantity of money and credit creation. These insiders, known as the “princes,” are selected in their early 30s and are groomed to become the governor of the central bank in 30 years’ time. They use their power to engineer events that serve their own interests.
Werner warns about the dangers of central bank digital currencies (CBDCs) and their potential to eliminate competition from private banks. He believes that CBDCs will give regulators and central planners even more power, which could lead to more banking crises in the future. He argues that we already have digital currencies in the form of bank digital currency (BDC), and there is no need for CBDCs.
Furthermore, Werner discusses the technical challenges of implementing CBDCs, such as the reliance on a network of technologies and the vulnerability to power outages. He also mentions the issue of trust among European citizens, who are skeptical about the intentions of governments and central banks in implementing CBDCs.
Werner concludes by stating that CBDCs are a form of population control, as the central bank will have full control over the rules and regulations governing the use of the currency. He raises concerns about the potential for censorship and restrictions on transactions, especially for those who criticize the government or central banks.
Overall, Werner’s interview sheds light on the power dynamics within central banks, the potential risks of CBDCs, and the need to critically examine the motivations behind their implementation.