Yesterday Today Tomorrow

Voiceover (Male): Yesterday, connecting past. Today, with an outer view. Tomorrow, to understand future. Yesterday, Today, and Tomorrow is the program that covers the current contemporary social issues in the light of our history. To understand our yesterday, to live fully today and tomorrow. Yesterday, Today, Tomorrow with Inseong J Kim.

Inseong J Kim: Hello, this is Inseong J Kim from Yesterday, Today, and Tomorrow. This program is after 250 years of our independence. I want to talk about the continuation of part one, which I recorded last month. This is part two about independence and what independence truly means, tied into the monetary system. Our title is "No country will surrender its currency." Independence's connection to globalism, or surrendering to the Yuan system, all of these tie directly into challenging our freedom of being independent.

We're going to go over more in-depth how this monetary system affected our country and where we are at today. No one needs to surrender its currency when the petrodollar was utilized all over the world. That's the difference between using the dollar system over the new system that can come, either through globalism or through the Chinese system. That's the biggest difference connected to our independence.

When you surrender your currency, then you are losing your freedom. That's the end of the story. America has solved every monetary crisis of the modern era in single meetings three times. Each time, the world said it was impossible, and each time, the world was wrong. History shows what has been done before, and America will do it again as history supports it. We have a belief system that believes in freedom and independence.

That's what we wanted to promote all over the world: to equip them, protect them, and provide for them to be independent so they have their own sovereignty, their own currency, and their own constitutions. They set the interest rate and manage their own money. That is freedom. A dollar did not really intervene in each country's currency. Look at all of the world. Who helped those countries, including China? America did. America's petrodollar actually brought prosperity for all of the world up to this point, and we are in a very critical point.

Every 40 to 50 years or so, the world monetary system reaches a breaking point. The existing architecture no longer reflects the underlying reality of power, production, and genuine human need. The pressure builds until it cannot be contained. Then, not through gradual evolution, not through international consensus, and not through a global currency that no nation would ever accept, the world changed through one meeting, in one room, over a matter of days.

It has happened three times in the modern era. America convened and decided each one. Each time, the crisis looked unsolvable from the outside, and each time, a small group of clear-thinking people walked into a room and solved it. Each time, the world followed. The system that we had was respect for each country. That was key. That's why South Korea was able to thrive economically. If the dollar controlled their economy, then they couldn't.

A lot of other Southeast Asian countries were allowed to grow through using the dollar monetary system. We are at the fourth breaking point right now, connections to the Iran War. People have to understand this situation that we're in. It is very surprising how our views are all diverse about this Iran War, but I don't think a lot of people understand what is really going on. The pattern is worth understanding precisely because understanding it is the most honest basis for confidence that America will navigate this one, too.

A global currency is not the answer and never was. If it ever happened, it would not last long. Throughout history, whoever attempted the globalism idea to dominate the world, they failed. History proves that. Before tracing three meetings, it is worth stating plainly what the answer was not and will not be. The answer was not and is not a global currency. It was not the answer for 1944 when Keynes proposed the Bancor.

Bancor was a global currency. It's not new that we're hearing about a global digital currency. All of that was not a new concept. It happened already in 1944 when they introduced Bancor, and it was overruled. It is not the answer today. The answering why clarifies everything that follows. No country will surrender its currency: not America, not China, nor Germany, India, or Brazil. This is not stubbornness or nationalism. It is understanding the monetary policy.

The ability to set the interest, expand and contract the money supply, and devalue or strengthen relative to the trading partners is one of the most powerful tools a government has over its own economy. Surrendering means surrendering the ability to respond to unemployment, inflation, recession, or financial crisis on your own terms. Manipulations of underlying currency mean entering into complex issues as deep as the complex problems that have not been foreseen.

We had a virtue of designated manufacturing systems to China. We thought we were the white-collar workers. We diversified the whole world as a kind of corporation and expected it to work like one corporation. But we have to understand we don't have one corporation. We can't even have one corporation in America. What if we thought that your state does one thing, the other state does different things, and then we just make it whole as one corporation?

That doesn't even happen in one country. How about the world? Each country will not give up their own system. Not just giving it up, it's not working because look at what happened. Because we designated the whole manufacturing system to China, the whole world is suffering. A lot of the young generation don't have a job, not just in America, but all over the world. This system of centralizing is not working.

Whoever has a dream of utopia, I think we have to reexamine it. It can happen in the movie, but not in reality. The Eurozone is the world's most advanced experiment in shared currency, and its experiment is educational. When Greece faced a financial crisis, it could not devalue its way to competitiveness as Britain did outside the Euro. When the southern Europe needed monetary stimulus, it had to negotiate in Frankfurt rather than decide in Athens, Madrid, or Rome.

The benefits of a shared currency are real, but the cost of surrendered monetary sovereignty is equally real, and it falls unevenly. That is the fact. Even though Euro tried it and Brexit tried it, the economic system is so complex when you just combine all of those. It gets really complicated unless you are a super genius to navigate whole things. Even one single country's economy is complex enough. Combining different countries' monetary systems and managing them is going to be very complicated.

As far as the AI hype goes, I don't know. A lot of people say AI is so smart. I don't think we're there yet. It might get there someday, but it will be a broken system. Even though World War I or World War II were attempts for globalism, they failed. All the AI systems that we're building will fail. It will not be a perfect system. It might work locally where they can try it and control it, but eventually, it will fall apart.

Even the Bible proves that the end in Revelations falls apart. That's the truth that we are in. Rather than living in fear at the end of the day, the system that we have in human nature doesn't change. Human nature's love for freedom and being independent does not change. Scale the Eurozone's tension to a global currency now, including China, the United States, India, Brazil, and a hundred other nations with fundamentally different economic structures and interests.

The governance problem becomes unsolvable. Whose central bank sets the global interest rate? Who decides when to expand the money supply and when to contract it? Who absorbs the adjustment cost when the single global rate is wrong for half of the world? It creates problems and tension again. It's not a solution. The global currency is not the answer because it cannot be the answer.

The question is not how to replace the national currencies with one world currency. The question is what arrangement among sovereign currencies best serves the world's genuine need for stable, trusted, accessible means of exchange and reserve. History proved the world has prospered from the petrodollar since World War II, whether the main media or social media disapproves of it or not. We are gobbling up the wrong history, and it's incredible to watch people believing lies and failing to see clearly that they are admiring a different system over our system.

The reason our system failed is because we surrendered our manufacturers to China. That's the biggest failure that we did. That's why we look like we are failing. But at the end of the day, we are waking up and we are going to come back to where it was. Three meetings changed the world, and each answered the question differently for their moment. None of them required any nation to surrender its currency.

None of them produced a global currency. Each of them produced an arrangement that the world accepted, however imperfectly, with costs, because it addressed a genuine need. The question has always been what arrangement among the sovereign currencies best serves the world's genuine need. That is a difference: dominant versus serve. That is a different approach to how globalism is approached from the US or the CCP system.

Since the CCP is controlling all of their economies and it's not freely going in and out, there's no freedom. Again, the monetary system is tied to our freedom and independence. That's something we cannot neglect and oversight. Being educated about this monetary system that we're in and understanding current events all over the world, we see freedom has a cost. A lot of people shed blood to protect our freedom.

I think our time is here to decide how we respond to protect our own freedom. A lot of people on podcasts say we don't have freedom in America. We might not have a perfect system, but when you get up in the morning, you will realize what kind of freedom we have versus where everything is controlled in the dark. I'm going to go over the three meetings that changed the world in more detail, but rather than just briefly understanding each event, I would like our audience to really comprehend what they mean.

The history of modern monetary arrangement is, at its core, the history of three rooms. What happened in each room, who was there, who decided, how long it took, and what surprised the world is worth understanding in precise detail. The pattern understood clearly is the evidence for hope. I am suggesting that we share this message rather than the hopeless message that AI is going to take over all the jobs.

Our government has so much information about how there are so many jobs that need to be filled. We have to reexamine this AI-hyped message that AI is going to take over. We're also promoting a generation of children not to be motivated to work and thrive, robbing them of that motivation. That is another thing connected to this monetary system that we have to understand.

Meeting one was in 1944 at the Mount Washington Hotel in Bretton Woods, New Hampshire. It lasted for 22 days, from July 1st to July 22nd, 1944. There were 730 delegates from 44 nations in the room. The two principal architects were Harry Dexter White of the US Treasury and John Maynard Keynes of the British Treasury. The real decisions were made by White, representing America, backed by the full weight of the American gold reserve, approximately 20,000 tons and 70% of the world's monetary gold.

What happened was the dollar was fixed to the gold at $35 per ounce. All other currencies were pegged to the dollar. The IMF and World Bank were created. The International Clearing Union that Keynes proposed with a neutral Bancor reserve currency was rejected. White's dollar-centric plan prevailed because America held the gold and White controlled the commission agenda.

Bretton Woods lasted 27 years. That was long enough for Europe and Japan to rebuild and long enough for global trade to reach the scale that its architecture could no longer support. By the late 1960s, America's deficit had accumulated dollar liabilities to foreign governments that far exceeded US gold holdings. Stop right here. Someday I'm going to have another program about connections to the decisions that we made with the Chinese economy along with these decisions, and why they gradually tilted in favor of China.

Draining all the money from the US through the Vietnam War was part of the plan. Just dragging it for a long time was a drain. As I shared, the white race in 1945 was 90%, and it went down to 50-something percent today. A part of that was a lot of people who fought for World War I or World War II were from the white race. The target of Critical Race Theory and all of that is the white male in America.

Something we have to reexamine is what that means to us as individuals in America. The economist Robert Triffin had predicted this in 1960. He testified to the Congress that the system contained a structural flaw that would eventually force a crisis, and he was precisely correct. The crisis arrived in 1971.

Meeting two was in 1971 at Camp David, Maryland, the presidential retreat. It lasted three days, from August 13th to 15th, 1971. We always have to think as a citizen in America and understand how it affects my family and this nation. President Richard Nixon and approximately 15 senior advisors were in the room.

Attendees included Treasury Secretary John Connally, Federal Reserve Chairman Arthur Burns, Paul Volcker, and George Shultz. No foreign governments were consulted or informed in advance. What happened was the American gold reserve had fallen from 20,000 tons to approximately 8,000 tons. Dollar liability to foreign central banks had reached $80 billion against gold holdings worth only $10 billion at the official price.

France had to send a warship to New York to retrieve its gold. A full-scale run was beginning, and Nixon and his team spent three days designing a reverse. On Sunday evening, August 15th, Nixon had to announce the Nixon Shock. That's the brief history, and I'm going to continue our program to finishing our understanding of what is happening with the monetary system and wars, where we are at today, and our freedom and independence. Thank you for listening to Yesterday, Today, and Tomorrow. We'll be back next week.

Voiceover (Male): You've been listening to Yesterday, Today, and Tomorrow with Inseong J Kim. You can also find more from Inseong J Kim at InseongKim.org. That's I-N-S-E-O-N-G-K-I-M dot O-R-G. Thank you for listening to the show.

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