May 31, 2023

169. Understanding the Shift in the Global Currency System


Show Notes

Wealth Without Bay Street
Wealth Without Bay Street
169. Understanding the Shift in the Global Currency System

Wealth Without Bay Street 169: Understanding the Shift in the Global Currency System

Have you ever wondered where the Canadian and global currency systems are headed? Many people have asked us this question, so Richard Canfield and Henry Wong decided to share perspectives and opinions on it. We'll be discussing the future of the Canadian currency and how the concept of sound money ties in. Plus, we'll talk about how the infinite banking concept can help us navigate any changes that come our way. So please grab a cup of coffee, and let's dive into this important topic. Tune in to this new episode Understanding the Shift in the Global Currency System.

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[00:00:30] Introduction: How exactly has our currency been shifting and
adjusting over time?

[07:09] The current Fiat model and looking in 1971 when President Nixon
removed the gold standard for the US dollars

[13:26] What is a central bank digital currency?

[20:20] How we're actually sending digital IOUs and digital claims to money
[22:42] Elon Musk's interesting point on the current monetary system
[33:48] Using 60yearold technology in a modern technological world

[35:17] Getting rid of the penny in Canada

[41:25] Richard's painstaking banking experiences

[51:37] Steps to start separating yourself from fiat currency dependency

[56:16] The infinite banking concept as an alternative sound money solution


A 60yearold technology widely in use is the backbone of the digital
money system that we operate in today.

Everything that is operated with fiat currency now is just based on the
confidence of the government.

The robustness in the design of how the insurance company works has
been historically proven for 200 years.

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