Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Digital Currency's Hidden Risks to Savings

6 Dec 2024 · 1 min

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A brief conversational transcript excerpt from a YouTube video where Richard Canfield interviews Barry about digital currencies. Barry argues that currencies need to be state-backed with uniform standards to prevent arbitrary money creation; he expresses concern that digital currencies and transfer mechanisms could enable manipulation of consumers' savings.

Chapters

From your perspective as you were doing the research for this book and some of the details that you have in the book, how do you view through your experience, Barry, the advent of these markets and what they've done to the North American consumer?
Any currency, what do you call the Canadian loony or the American dollar or whatever it is, it really has to be backed by the state. There has to be some uniform standards. Otherwise it's creating money out of thin air. Not that the central banks don't do that now, but they do. But at least with the central bank currency, there's some system awaits a measure. We have digital currency now through transfers and stuff like that. The fact of the matter, is it another way to manipulate people's savings?