7 chapters across the catalog
The hosts share personal stories from traveling to the Soviet Union before the fall of communism, including drinking vodka on Red Square with Sebastian Bach and Ozzy Osbourne. They recount the absurdity of Soviet laws, such as the prohibition on making change for purchases and the requirement to use rubles for airport luggage carts despite it being illegal to carry the currency outside the airport. These anecdotes serve to mock David Brooks' comparison of the US to the late-stage USSR.
The concept of a North American Union (NAU) and a shared currency known as the "Amero" is revisited in light of current border policies. The discussion explores the theoretical economic merger of Canada, Mexico, and the United States, potentially utilizing a central bank digital coin to replace national currencies.
The European Union has classified Bitcoin as a currency, providing it with more legitimacy despite its continued volatility. In contrast, the IRS in the United States does not recognize it as a currency, viewing it instead as property. The hosts discuss the long road ahead for Bitcoin to become a fully established global financial instrument.
Maastricht Treaty Violations and the Euro's Original Sin
A former IMF director stated that the "original sin" of the EU was entering a currency union without a political union. Many countries, starting with Germany, flouted the Maastricht Treaty rules by running budget deficits exceeding 3% of GDP. Some analysts suggest these violations were permitted on purpose to eventually force a consolidated political and fiscal union during a crisis.
The United Nations has officially called for the creation of a new world currency based on Special Drawing Rights (SDRs) to replace the US dollar. Evidence of this shift is noted on Ryanair boarding passes in Europe, where passenger liability amounts for loss of life or limb are now listed in SDRs rather than Euros or Dollars.
Protesters at the G20 summit are observed marching for "jobs, justice, and climate." The hosts argue that these protesters have been co-opted by the very institutions they oppose, as climate change regulation aligns with the G20's agenda for a global currency and a low-carbon economy.
Scientists have reported success in allowing monkeys to control robotic arms using only their thoughts via brain probes. Transitioning to a lighter topic, the hosts explore the "Kids Corner" of the European Union website, which features games about the Euro. They discuss the various colors and denominations of Euro notes and the difficulty of spending high-value bills in European shops due to counterfeiting concerns.
