It's no secret that the most powerful jobs in the current administration
are held by anti-crypto geriatric shills who were bought and paid for
by Wall Street a long time ago.
It's hard to find anyone who's been more sold out to the big banks longer than Janet Yellen.
In this video, we're going to take a closer look at one of the biggest swamp dwellers in the business,
Janet "No Tellin,' Definitely a Felon" Yellen,
current Secretary of the Treasury for the United States
and one of the best Bitcoin salespersons to ever live.
I'll try to make fun of her haircut in this video.
If you need a mop, let me know.
Let's get it!
Welcome to BitBoy Crypto!
My name is Ben.
Today, we're going to be going over the long and questionable career of Janet Yellen,
paying particular attention to how she always manages
to take care of the good old boys down on Wall Street.
Janet Yellen holds the distinction of being both the first woman to serve
as chair of the Federal Reserve
and the first woman to serve as secretary of the United States Treasury.
Janet also led the White House Council of Economic Advisers
under the Clinton administration.
Like I said,
old Yellen has been hollering about the economy around Washington for quite a while now.
Over the course of her career,
Yellen has served as an advisor to the Congressional Budget Office,
the Brookings Panel on Economic Activity,
and the National Science Foundation's Panel in Economics.
She was also a research associate at the National Bureau of Economic Research.
She's taught economics at Harvard, Berkeley and the London School of Economics.
And her husband is George Akerlof,
a Nobel Prize-winning, you guessed it, economist.
What do you think those two live wires talk about at dinner?
I'm sure the conversations must be riveting.
Go and smash that like button on this channel if you like riveting content.
It puts you in the BitSquad
and makes you stay up to speed to what's new in the world of crypto.
In the height of the 2008 financial crisis,
Janet Yellen famously remarked that things were so bad,
people were literally breaking into piggy banks to get cash,
saying in an FOMC meeting in March 2009
that December inventories of quarters and dollar coins were up more than 50% from 2007
and even pennies were up nearly 25%,
which just goes to show you the kind of high quality analysis
our nation's top economists are doing in Washington these days.
Alright. So it's clear that Yellen is an economics wonk
with an impressive resume, to say the least.
But what's even more impressive is how she always finds a way
to protect the big boys on Wall Street.
And those guys really know how to show their appreciation.
In the years leading up to her appointment as Treasury secretary in 2021,
Yellen got paid more than $7 million in speaking fees to do some hollering
for Wall Street banks.
Yellen hauled in nearly $1 million from Citigroup alone,
according to her financial disclosure documents.
And since stepping down from the Fed in early 2018,
Yellen gave paid speeches at Google, Goldman Sachs, Bank of America,
Salesforce and several others.
Some people might say all these speaking fees were sort of pre-emptive bribe,
kind of a nice send-off before she went into public service
to make sure that she remembers who she really works for.
The mainstream media just called it awkward.
Oh, good.
I feel so much better, don't you?
Alright. Bringing things up to modern day,
on June 1, 2022,
Janet admitted on CNN that she'd been wrong about the path inflation would take.
Shocker.
Which is a nice way of saying she completely botched her job
and kind of wrecked the global economy.
Oops!
I want to play for you what you said about inflation last year.
Listen to this.
Is there a risk of inflation?
I think there's a small risk.
And I think it's manageable.
I don't anticipate that inflation is going to be a problem,
but it is something that we're watching very carefully.
Janet Yellen also said that President Biden knows
what an important and huge burden inflation is placing on American households.
But the question I would ask is,
do they get it wrong?
Or do they just not care?
Maybe there are things that are more important to the powers that be
other than middle class grocery bills.
It seems like Biden and Yellen were too busy pushing for ESG controls and climate change policy
to notice that inflation was blowing up in their faces.
Well, President Biden,
and I feel the same way too,
believe that climate change is an existential threat
that absolutely must be addressed.
It certainly seems like Janet had other priorities besides what's best for the average American
on June 13, 2023
when Janet did some more yellin' in a congressional hearing
titled The Annual Testimony of the Secretary of the Treasury
on the State of the International Financial System.
Now, usually, hearings with titles like that are just a bunch of hot air,
but I was surprised at how open Janet was about how the system actually works,
or doesn't work, depending on whether or not you're part of the elite.
The past few years have demonstrated the importance of these institutions
as part of our broader economic and foreign policy toolkit.
Since 2020,
global shocks, such as the pandemic and Russia's legal war against Ukraine,
have had significant impacts on American families and businesses.
In the face of these shocks,
the international financial institutions advance US national interests
by fostering a more resilient global economy.
They enable us to mobilize swift responses to mitigate global risks to the US economic outlook.
And they help drive us economic growth by expanding global demand
for American products and services.
Instead of just saying international fiat is super broke,
"My bad, fam,"
Janet went into more detail.
In her opening statements,
she effectively admitted that the global financial system has historically bowed
to US geopolitical and economic interests
and the US is currently trying to use the war in Ukraine
as an opportunity to reshape the country to their liking,
which is a nice way of saying they want to use Ukraine as a guinea pig
for the World Economic Forum's social experiments in totalitarian civilizations
where you'll own nothing, be happy and use a dystopian CBDC.
Another great Bitcoin sales pitch from one of the best ever to do it.
Thanks, Janet.
It's worth noting here that Zelenskyy has already publicly reached a deal
with BlackRock and JPMorgan
to coordinate investments into rebuilding Ukraine.
So the ink is dry.
The deals are done.
And it seems that Janet Yellen still knows who her bosses really are.
And I've got to say,
it's not every day someone hands you a whole country with a bow on it
for you to use to launder money and run socioeconomic experiments.
I hope they appreciate your hard work.
We actively shape the priorities of these institutions
as a leading shareholder, in nearly all of them.
A major project over the past few months has been to evolve the World Bank
to better deliver against global challenges
as part of its poverty reduction and development mission.
We have already introduced reforms that will stretch the World Bank's balance sheet
to unlock as much as $50 billion in additional lending capacity
over the next decade.
She went on to say the Biden administration is actually seeking to increase its influence
over international financial organizations,
particularly the International Monetary Fund, or IMF,
which has been ramping up loans to countries around the world
and spreading the supremacy of the almighty dollar, dollar bill, y'all.
In your own mind, and look,
this, this collapse happened in a matter of two days?
Yes.
Can you think of any alternative in retrospect that might have existed
other than using the financial risk exception?
All of us involved in making those decisions were tremendously concerned
that the failure of these two banks created a huge risk of contagion
to banks throughout the country.
And we felt that we needed to ensure depositors broadly
that their deposits were safe.
And I believe it succeeded.
When asked about the current banking crisis,
Janet says the worst is over
but seems to imply that more small banks could still fail.
That's okay with her though
as it wouldn't really matter in the grand scheme of international finance.
I'd love to hear her tell tens of thousands of regional bank investors all across the US.
Are you familiar with, in December 2022, FinCEN issued a request for comment
on a potential rule that would ban self-custody?
Which is essentially the ability for individuals to own their own assets
and have a permissionless payment system.
So I'm not familiar with the details of that rule,
but certainly we are concerned about the use of cryptocurrencies and digital assets
for illicit--
I think we're all concerned about illicit activity.
Last and most importantly, if you ask me,
Congressman Warren Davidson asked Janet about a rule
proposed by the Financial Crimes Enforcement Network, or FinCEN,
which is part of the Treasury Department technically under Yellen.
The rule would ban self-custody of crypto assets.
This is in keeping with policy proposals coming out of the other financial regulators
like the Financial Action Task Force.
Yellen was uncharacteristically quiet about this.
She claimed not to know about the proposed rule,
just like she claims not to know who the Tweety Bird is.
Come on, Janet.
She even denied the Treasury Department had been discussing such a subject.
But clearly she's either playing dumb or dumb or lying.
Really, there's no telling with Janet Yellen.
But regardless, that kind of answer to a question about banning out being self-custody
means that definitely she cannot be trusted.
Neither can the system.
Okay. So, what's the takeaway here?
Well, if Miss Transitory Inflation's career has taught us anything,
it's although the legacy system claims to look out for the best interest of American practice,
it really looks out for the best interests of the ultra wealthy elites,
not everyday folks like you and me.
Janet Yellens and Jay Powells of the world aren't interested in you,
or your financial well-being.
They're interested in maintaining the United States' global economic and political dominance.
And they don't really care if you get financially obliterated in the process,
or if inflation destroys your wealth.
But isn't it the fact that the use of the dollar has diminished and gone down
against competing currencies over the years?
There's been some increase in holdings of other reserve assets--
So we should expect less use of the dollar is what you're saying?
We should expect, over time, gradually increased share of other assets
in reserve holdings of countries.
It's a natural desire to diversify.
Yellen, in her testimony, for the first time, openly admitted
that the dollar is going to continue to lose its dominance as a reserve asset
and continue to weaken over time.
Secretary of the Treasury has given her testimony on the state of international financial system.
It's corrupt and dying through and through.
Crypto offers an escape, a system of truth where you don't have to trust central banks
and their shills like Janet Yellen.
Never forget why we're here.
Never forget what's at stake.
Never forget the most iconic Bitcoin salesperson of all time,
Janet Yellen.
Let me know down below in the comments,
what felonies do you think Janet Yellen-ies has done?
That's all I got.
Be blessed.
BitBoy out.