Video Transcript / Subtitles:( AI generated. About AI subtitles » )

* AI ("Artificial Intelligence") subtitles on Tagalog.com are generated using "Whisper" by OpenAI (the same company that created ChatGPT and DallE2). Results and accuracy may vary.
* The subtitles do include errors occasionally and should only be used as a tool to help with your listening practice.
* You can request this website to create a transcript for a video if one doesn't already exist by clicking the "Request AI Subtitles" button below a video. Transcribing usually takes 30-40% of the length of a video to complete if there are no other videos in the queue. For example, a 21 minute video will take 7-8 minutes to transcribe.
* Running a super fast cloud GPU server to do these transcriptions does cost money. If you have the desire and financial ability, consider becoming a patron to support these video transcriptions, and the other tools and apps built by Tagalog.com

Just when

Digong is taking positions

Which are very very close

Dun sa positions ni BBM

Or at least

He's walking back

Lahat ng mga attack niya kay BBM

Just a month ago

Nasa harap ng buong mundo

Nasa harap ng buong cameras natin

Etc

This is also what's happening

Behind the scenes

So apparently behind the scenes

Per reports

And I heard it from my own sources

And all this

And we saw some of the other stuff

May purge yan nangyari

So

Ayon sa report na ito

Nagpa-purge na ang

Administrasyon ng mga holdovers

Or yung mga

Duterte appointee people

Na pinipilit na magstay sila dyan

So ayon dito sa report

Ng Billionario

Bureau of Custom Insiders are on edge

Amid swirling speculation of major checkups

Set to target key appointees

Linked to former President Rodrigo Duterte

Ayon sa isang source

May nangyari na loyalty purge

Alright

Loyalty purge

So tatanggalin yung mga

Questionable yung loyalty

Or yung mga tingin nila

Masyadong malapit kay Digong

Alright

Or hindi significantly loyal

Or fully reliable

Sa tingin ng kasalakuyan na administration

Among those rumored to be in the crosshairs

Are Deputy Commissioner

Ah

Ah

Ah

Ah

Ah

Ah

Ah

Ah

Ah

Ah

Ah

Ah

Ah

Deputy Commissioner

Um

Imports and Assessment Service Director

And

Deputy

Other

Daming Deputy Commissioners palang

Ano eh

Baka pwede matanggal

Hindi ko na lang sinabi ng mga pangalan

Pwede niyang basahin on your own

Because hindi pa final ito

Medyo may pagkamarites itong

Outlet na ito

So I don't wanna

Call out the names

Necessarily

But this actually guys

Jives with a number of other

Um

Reports

And

And actually new appointments

And shakes

Shake ups

That we saw in the administration

Kung saan tinatanggal talaga

Yung mga loyal

Sa dating administration

Kay Digong

So

So what's going on here?

So

This is where you see

Politiko rin talaga si BBM

Right?

So BBM is trying to play nice

Hindi siya nagpipik ng fight

Hinaya niya si

Hinaya niya si Digong

To think that Digong

Can feel na

He can get away with anything

And then pwede siya magpakiyot

And then pwede siya mag

Ganyan-ganyan

Pwede siya mag ano

But

Hindi po

Hindi po naive si BBM

Alright?

He may

Weak

He may look weak

He may look indecisive

He may look as someone who's not

Drawing the line in the sand

Or

Allowing the Thor's hammer to fall

But

At the end of the day

Behind the scenes po

May mga unting adjustments

And adjustments nangyari

And as I said

One perhaps big reason

Why the president

Is very comfortable

In fact now

Almost openly

Supporting

What is

Gonna be a logistical nightmare

Which is

Potentially a plebiscite

For a new constitution

In 2025

Isa ba isang midterms

Grabe yan

Logistical nightmare yan

Kawawang komeleg dyan

You know

We can have a separate discussion

About the legal

Logistical technicalities of that

But

That's gonna be a serious case

So I think one reason

BBM is suddenly

Very openly comfortable

With charter change

And then you are seeing

This purge

Connect the dots

Right?

Hindi yan yan

Hindi naive yan si BBM

Matagal na sa politika

Mga OG yung mga

Marcoses na yan

Diba?

You shouldn't

Underestimate them

Right?

So we're seeing

All of these interesting

Games happening here

Right?

Yung isa

Biglang

Ay wala yan

Ibaloy

Relax ka lang dyan

Alos

Ay wala kami

Away ni presidente

Wala akong sinayong masama

Yung presidente naman

Ay wala

Unity

Pero behind the scenes

Ayan

Everyone is making moves

So this is the reality

This is the house of court

Situation that we have

In the Philippines

Alright?

So kaya

Yeah

Nothing is

As it appears

That's the basic reality

With Philippine politics

The problem though is

Masyadong obvious

Masyadong obvious

Na

Na

There's no reason to believe

Any of the official statements

Or public statements

Of these politicos

That at the end of the day

They're all playing their games

Kaya we are in this

Ano yan eh

Extended state of suspension

Na nakikita natin dito

Alright?

Ano ba nangyayari drama sir?

Kung ano na nakita

Ay

Ay

Ay

Ay

Ay

Ay

Ay

Mga ano pala yun

Mga

Sorry

May

May mga hugot-hugot pala

Yung mga

Nagta-totga-totga

Drama pala

Yung mga artista

Celebrity dyan

O may

May exam na natin

Pag-usapan

Now before we draw

To a close

Kasi

Medyo late na

Marami tayong

Gustong pag-usapan

But maybe we have to have

A different episode

Just talking about

Bitcoin

I mean

In a very simplified fashion

Ito po yung sinasabi

habin natin dun sa isang post natin.

And as I said, we need a full episode

podcast on this to discuss really

the nitty-gritty of this. Pero ang point ko is

for a very long time,

you see, money has

two fundamental functions, right?

One is as a

bearer of value or a storage for

value. And the other one is for

exchange purposes, right?

And those two elements are very

important. Now,

something's value is

also determined by its scarcity.

Kung something is

unlimited in availability,

then

its value is

not going to be very high, right?

So, that's why

dapat limited yung supply ng money

or coins. But the other thing is

traditionally, up until the 20th

century, gold standard po

ang basis ng

monetary policies across the world.

Well, I mean,

sorry, metal-based standard.

Precious metals-based standard.

So, it was silver standard under the

British system. Here in Asia, for

instance, all the Britain itself was

gold standard. U.S. was gold standard. So,

I won't get too much into it. And then, later

on, we moved into

gold-pegged

dollar-dominated

international system.

I think we're talking about Bretton Woods systems,

which is roughly from mid-1940s

to early and mid-1970s.

But,

essentially, since 1980s, we're

in what you call a fiduciary.

system, whereby

the value of money

is essentially a reflection of

confidence of markets

in sovereign guarantees.

Now, this is an important thing. I know

maraming haters, or sorry,

maraming mga supporters ng Bitcoin d'yan

love to hate the central banks of the world,

love to hate authority. So, there's

always this kind of a utopian, anarcho,

libertarian, blah, blah, blah

to that. But,

the thing with the state

is that, and the state has many

evils, and the state can go wrong in many

ways. But, the thing with the state,

guys, is that pagdating sa

estado, ang estado, especially yung mga

malalaking bansa, a state

has

technically

perpetual

capacity to raise taxes.

Right? It is that

perpetual capacity to raise taxes.

Because, going back to the definition of a state,

a modern state per Max Weber

is a centralized political

authority that exercises

monopolized use of violence over

defined territory and people.

Kahit pagdating ako, I can

almost say it verbatim.

That means,

a state and central bank

as an expression

of the state, meron siyang

kakayaan na mag-raise ng taxes

every year, and we're talking about

trillions of dollars of taxes

in the case of bigger economies and countries.

So, if you look at the biggest currencies

in the world, whether it's the US dollar, whether it's the Japanese

yen, whether it's the euro, or increase

in the yuan of China, but I won't

bring renminbi and yuan of China

because there's a more technical issue there, which is capital

account, liberalization.

Now, if you look at fully convertible currencies,

because renminbi of China

is not fully convertible yet. There are many capital

controls and monetary restrictions.

But, ibang usapan yan.

If you look at the fully convertible international

currencies of yen,

euro, and dollar,

they are issued by

central banks in countries

where you have states'

that can raise trillions of

dollars of taxes every

year. So, kaya

hindi totally scam.

I mean, I'm

trying to be even critical here.

Hindi mo pwede sabihin na totally scam yung pera nila

because this is backed by sovereign

entities that can raise

trillions in taxes every

year to back up the value of

that money. The reason why we got

rid of precious metal

based

monetary system is

because there's just not enough gold

and silver in this world

to support

trillions

of dollars of transactions sometimes

every few seconds or so.

So, in short,

if you look at currencies throughout

the past millennia,

either they were backed directly

or pegged directly to

a precious metal like gold or

silver, and literally before,

yung hawak mong coin,

yung silver na ginamit doon, yun yung

more or less value niya. Of course, sometimes,

there were a lot of distortions here and there.

But that's the idea. Gold coin

was literally gold, right? So,

it's not only used for exchange,

for transaction, it also

has its own direct value. But at some

point, because the world economy was just booming,

population was booming, and the financial

system became so sophisticated,

you cannot just rely on

gold and silver

kasi limitadong pwede i-back up yan.

So, we move into

what you call fiduciary system, right?

Whereby the value of a currency

of countries is determined

by the, essentially, international

network of interaction, right?

And by the level of confidence

you have in the economy of a country.

Now, obviously, the U.S. did some cheating.

Again, mahabang usapan yan.

Because one of the cheatings the U.S. did was

the post-World War system

that was created,

it favored the United

States, alright? In a way

that it made dollar the global

reserve currency. But let's not

forget again, the U.S. is what?

A $20 trillion

economy. Yes, marami silang utangan

problem, but it's still a huge

economy. It's a huge

state that can raise trillions of dollars

in revenues and resources every

year. So, it's not totally

Mickey Mouse money. To just dismiss that

as scam and Mickey Mouse money, and to

ignore the ability of the U.S. government to

raise so much resources. I mean, they're spending, what,

a trillion dollar on their military and army

alone every year. You see, to

dismiss that,

and then suddenly to say, I'm all for

Bitcoin because, you know, Bitcoin, I don't know whoever invented

it, and then you come up with some

complicated, you know,

I mean, basically the idea with

Bitcoin is a network, horizontal

network

exchange

mechanism, right? Now, the

problem with the Bitcoin is that it's neither

based on a precious

metal or anything that carries

intrinsic value with it,

nor is it backed by any sovereign

entity or polity that,

again, can raise significant

amount of money every year.