00:17.6
Nasa harap ng buong cameras natin
00:20.2
This is also what's happening
00:23.4
Behind the scenes
00:24.7
So apparently behind the scenes
00:27.3
And I heard it from my own sources
00:30.2
And we saw some of the other stuff
00:32.7
May purge yan nangyari
00:36.5
Ayon sa report na ito
00:38.8
Nagpa-purge na ang
00:41.4
Administrasyon ng mga holdovers
00:45.2
Duterte appointee people
00:47.3
Na pinipilit na magstay sila dyan
00:49.3
So ayon dito sa report
00:53.0
Bureau of Custom Insiders are on edge
00:54.7
Amid swirling speculation of major checkups
00:57.4
Set to target key appointees
00:59.0
Linked to former President Rodrigo Duterte
01:01.3
Ayon sa isang source
01:03.9
May nangyari na loyalty purge
01:09.6
So tatanggalin yung mga
01:11.4
Questionable yung loyalty
01:13.0
Or yung mga tingin nila
01:14.1
Masyadong malapit kay Digong
01:16.3
Or hindi significantly loyal
01:18.8
Or fully reliable
01:20.4
Sa tingin ng kasalakuyan na administration
01:23.1
Among those rumored to be in the crosshairs
01:25.7
Are Deputy Commissioner
01:29.4
Deputy Commissioner
01:31.6
Imports and Assessment Service Director
01:37.5
Daming Deputy Commissioners palang
01:39.8
Baka pwede matanggal
01:40.8
Hindi ko na lang sinabi ng mga pangalan
01:42.2
Pwede niyang basahin on your own
01:43.3
Because hindi pa final ito
01:44.5
Medyo may pagkamarites itong
01:47.4
Call out the names
01:50.0
But this actually guys
01:51.7
Jives with a number of other
01:55.9
And actually new appointments
01:58.5
That we saw in the administration
01:59.8
Kung saan tinatanggal talaga
02:02.3
Sa dating administration
02:04.4
So what's going on here?
02:06.8
This is where you see
02:08.1
Politiko rin talaga si BBM
02:10.6
So BBM is trying to play nice
02:12.3
Hindi siya nagpipik ng fight
02:15.5
Hinaya niya si Digong
02:17.1
To think that Digong
02:19.6
He can get away with anything
02:20.9
And then pwede siya magpakiyot
02:22.0
And then pwede siya mag
02:24.1
Pwede siya mag ano
02:28.3
Hindi po naive si BBM
02:34.0
He may look indecisive
02:36.1
He may look as someone who's not
02:38.5
Drawing the line in the sand
02:40.2
Allowing the Thor's hammer to fall
02:43.3
At the end of the day
02:44.2
Behind the scenes po
02:45.6
May mga unting adjustments
02:46.8
And adjustments nangyari
02:48.4
One perhaps big reason
02:50.5
Why the president
02:51.6
Is very comfortable
02:56.4
Gonna be a logistical nightmare
02:58.9
Potentially a plebiscite
03:01.1
For a new constitution
03:03.0
Isa ba isang midterms
03:04.6
Logistical nightmare yan
03:05.8
Kawawang komeleg dyan
03:07.2
We can have a separate discussion
03:09.0
Logistical technicalities of that
03:10.8
That's gonna be a serious case
03:12.4
So I think one reason
03:14.3
Very openly comfortable
03:15.4
With charter change
03:16.9
And then you are seeing
03:21.8
Hindi naive yan si BBM
03:23.3
Matagal na sa politika
03:26.8
Underestimate them
03:29.6
All of these interesting
03:30.8
Games happening here
03:35.5
Relax ka lang dyan
03:38.3
Away ni presidente
03:39.1
Wala akong sinayong masama
03:40.0
Yung presidente naman
03:41.8
Pero behind the scenes
03:43.0
Everyone is making moves
03:44.4
So this is the reality
03:46.0
This is the house of court
03:47.3
Situation that we have
03:48.3
In the Philippines
03:55.2
That's the basic reality
03:56.8
With Philippine politics
03:57.9
The problem though is
04:00.2
Masyadong obvious
04:01.9
Masyadong obvious
04:05.1
There's no reason to believe
04:06.9
Any of the official statements
04:08.0
Or public statements
04:08.8
Of these politicos
04:09.7
That at the end of the day
04:10.5
They're all playing their games
04:11.6
Kaya we are in this
04:14.6
Extended state of suspension
04:16.7
Na nakikita natin dito
04:20.9
Ano ba nangyayari drama sir?
04:22.0
Kung ano na nakita
04:34.6
May mga hugot-hugot pala
04:36.4
Nagta-totga-totga
04:41.2
May exam na natin
04:42.9
Now before we draw
04:50.6
Gustong pag-usapan
04:51.4
But maybe we have to have
04:52.4
A different episode
04:53.1
Just talking about
04:55.0
In a very simplified fashion
04:57.3
Ito po yung sinasabi
04:57.9
habin natin dun sa isang post natin.
04:59.8
And as I said, we need a full episode
05:01.7
podcast on this to discuss really
05:03.8
the nitty-gritty of this. Pero ang point ko is
05:05.6
for a very long time,
05:08.1
you see, money has
05:09.5
two fundamental functions, right?
05:13.6
bearer of value or a storage for
05:15.7
value. And the other one is for
05:17.7
exchange purposes, right?
05:20.4
And those two elements are very
05:23.6
something's value is
05:25.8
also determined by its scarcity.
05:27.9
Kung something is
05:29.8
unlimited in availability,
05:35.1
not going to be very high, right?
05:39.6
dapat limited yung supply ng money
05:41.7
or coins. But the other thing is
05:43.7
traditionally, up until the 20th
05:45.9
century, gold standard po
05:48.8
monetary policies across the world.
05:54.1
sorry, metal-based standard.
05:55.9
Precious metals-based standard.
05:57.6
So, it was silver standard under the
05:59.6
British system. Here in Asia, for
06:01.6
instance, all the Britain itself was
06:03.5
gold standard. U.S. was gold standard. So,
06:05.5
I won't get too much into it. And then, later
06:07.6
on, we moved into
06:14.5
international system.
06:15.6
I think we're talking about Bretton Woods systems,
06:17.5
which is roughly from mid-1940s
06:19.6
to early and mid-1970s.
06:23.9
essentially, since 1980s, we're
06:25.6
in what you call a fiduciary.
06:29.3
the value of money
06:31.5
is essentially a reflection of
06:33.5
confidence of markets
06:35.0
in sovereign guarantees.
06:37.8
Now, this is an important thing. I know
06:39.5
maraming haters, or sorry,
06:41.4
maraming mga supporters ng Bitcoin d'yan
06:43.0
love to hate the central banks of the world,
06:45.8
love to hate authority. So, there's
06:47.5
always this kind of a utopian, anarcho,
06:49.9
libertarian, blah, blah, blah
06:53.2
the thing with the state
06:55.4
is that, and the state has many
06:57.5
evils, and the state can go wrong in many
06:59.5
ways. But, the thing with the state,
07:01.7
guys, is that pagdating sa
07:03.5
estado, ang estado, especially yung mga
07:05.3
malalaking bansa, a state
07:12.7
capacity to raise taxes.
07:16.4
Right? It is that
07:17.4
perpetual capacity to raise taxes.
07:19.3
Because, going back to the definition of a state,
07:21.6
a modern state per Max Weber
07:23.6
is a centralized political
07:25.7
authority that exercises
07:27.5
monopolized use of violence over
07:29.3
defined territory and people.
07:31.8
Kahit pagdating ako, I can
07:33.1
almost say it verbatim.
07:37.4
a state and central bank
07:42.1
of the state, meron siyang
07:43.4
kakayaan na mag-raise ng taxes
07:45.2
every year, and we're talking about
07:47.5
trillions of dollars of taxes
07:49.2
in the case of bigger economies and countries.
07:52.1
So, if you look at the biggest currencies
07:53.5
in the world, whether it's the US dollar, whether it's the Japanese
07:55.6
yen, whether it's the euro, or increase
07:57.4
in the yuan of China, but I won't
07:59.4
bring renminbi and yuan of China
08:01.5
because there's a more technical issue there, which is capital
08:03.6
account, liberalization.
08:05.5
Now, if you look at fully convertible currencies,
08:08.0
because renminbi of China
08:09.4
is not fully convertible yet. There are many capital
08:11.6
controls and monetary restrictions.
08:13.9
But, ibang usapan yan.
08:15.4
If you look at the fully convertible international
08:17.4
currencies of yen,
08:19.1
euro, and dollar,
08:22.3
they are issued by
08:23.6
central banks in countries
08:25.5
where you have states'
08:27.4
that can raise trillions of
08:29.3
dollars of taxes every
08:33.2
hindi totally scam.
08:37.5
trying to be even critical here.
08:39.3
Hindi mo pwede sabihin na totally scam yung pera nila
08:41.4
because this is backed by sovereign
08:43.5
entities that can raise
08:45.1
trillions in taxes every
08:47.4
year to back up the value of
08:49.4
that money. The reason why we got
08:51.4
rid of precious metal
08:54.1
monetary system is
08:57.4
because there's just not enough gold
08:59.3
and silver in this world
09:05.5
of dollars of transactions sometimes
09:07.3
every few seconds or so.
09:11.4
if you look at currencies throughout
09:13.3
the past millennia,
09:15.8
either they were backed directly
09:17.7
or pegged directly to
09:19.4
a precious metal like gold or
09:21.4
silver, and literally before,
09:23.5
yung hawak mong coin,
09:25.2
yung silver na ginamit doon, yun yung
09:27.3
more or less value niya. Of course, sometimes,
09:29.1
there were a lot of distortions here and there.
09:31.9
But that's the idea. Gold coin
09:33.5
was literally gold, right? So,
09:35.3
it's not only used for exchange,
09:37.9
for transaction, it also
09:39.3
has its own direct value. But at some
09:41.4
point, because the world economy was just booming,
09:43.4
population was booming, and the financial
09:45.4
system became so sophisticated,
09:46.8
you cannot just rely on
09:50.9
kasi limitadong pwede i-back up yan.
09:54.9
what you call fiduciary system, right?
09:57.3
Whereby the value of a currency
09:59.5
of countries is determined
10:01.3
by the, essentially, international
10:03.5
network of interaction, right?
10:05.4
And by the level of confidence
10:06.9
you have in the economy of a country.
10:09.8
Now, obviously, the U.S. did some cheating.
10:12.2
Again, mahabang usapan yan.
10:13.4
Because one of the cheatings the U.S. did was
10:15.1
the post-World War system
10:17.3
that was created,
10:18.3
it favored the United
10:21.4
States, alright? In a way
10:23.5
that it made dollar the global
10:25.3
reserve currency. But let's not
10:27.3
forget again, the U.S. is what?
10:30.5
economy. Yes, marami silang utangan
10:33.1
problem, but it's still a huge
10:35.5
economy. It's a huge
10:37.3
state that can raise trillions of dollars
10:39.1
in revenues and resources every
10:41.3
year. So, it's not totally
10:43.2
Mickey Mouse money. To just dismiss that
10:45.3
as scam and Mickey Mouse money, and to
10:47.2
ignore the ability of the U.S. government to
10:49.2
raise so much resources. I mean, they're spending, what,
10:51.4
a trillion dollar on their military and army
10:53.3
alone every year. You see, to
10:57.3
and then suddenly to say, I'm all for
10:59.0
Bitcoin because, you know, Bitcoin, I don't know whoever invented
11:01.2
it, and then you come up with some
11:03.1
complicated, you know,
11:05.1
I mean, basically the idea with
11:07.0
Bitcoin is a network, horizontal
11:12.8
mechanism, right? Now, the
11:15.0
problem with the Bitcoin is that it's neither
11:17.0
based on a precious
11:18.9
metal or anything that carries
11:20.8
intrinsic value with it,
11:23.1
nor is it backed by any sovereign
11:25.1
entity or polity that,
11:27.3
again, can raise significant
11:29.0
amount of money every year.
