S15 E56: Prof. Richard Werner on Bitcoin, CBDCs & Banking

·51 min·5 clips

Why does a former central banker who could be making millions now support Bitcoin?

The episode begins with host Vlad introducing Richard Werner, a world-renowned economist and former central banker who now supports Bitcoin. Werner explains his interest in Bitcoin stems from a desire for alternatives to the current central banking system, which he views as problematic due to central planner dominance. He details his empirical studies from 2014 and 2016, which proved that banks create money out of nothing when issuing loans, a fact disputed by mainstream economics. Werner argues that this power can be used for good, such as through small local banks, but is often misused. He strongly criticizes central bank digital currencies (CBDCs), describing them as a means for central planners to gain unprecedented control over transactions and behavior, potentially driving ordinary banks out of business. The host raises questions about Austrian economics and ideological approaches, prompting Werner to advocate for the empirical scientific method over deductive theories. They discuss the importance of cash as a tool for privacy and freedom, with Werner encouraging its use to resist centralization. The conversation shifts to recent banking crises, including Silicon Valley Bank and Credit Suisse, which Werner analyzes as orchestrated takedowns by central planners. He explains how the Federal Reserve failed to act as a lender of last resort, drawing parallels to historical events like the 1930s bank failures that led to centralized agriculture in the U.S. Werner emphasizes the resilience of community banks, using the German system as an example, despite pressure from central banks like the ECB. Throughout, the episode includes sponsor ads for services like Sideshift.ai and Layer 2 Labs, related to Bitcoin and blockchain technology. The host and guest explore potential models for small community banks and the challenges they face from big banks and governments. Werner concludes by stressing the need for decentralized banking systems to counter central planner influence.

As heard by us

A Bitcoin conversation that keeps cash, banks, and CBDCs in sharp focus.

Bitcoin Takeover brings Richard Werner, a world-renowned economist with deep central banking experience, into a conversation about Bitcoin, CBDCs, cash, and central planning.

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Why you'd press play

For a Bitcoin conversation that treats cash as a political issue.

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