Transcript of the above video: 

As the title of this video suggests, we are discussing a Payment System versus a Common Currency in the context of the so-called BRICS - that's Brazil, Russia, India and China - we're sort of seeing that on the rise. Mr. Trump has come out with a lot of recent major announcements regarding Economic Policy of the United States. That said, I thought of making this video because I wanted to parse out, and I'm not trying to be semantic here, people need to understand the difference between these two things. 

I thought of making this video after watching a recent video over on Redacted, that's Redacted's channel here on YouTube. I'll throw a link to that video in the description below, but the title is: Holy-"S" word!!! Did China just CAVE to Trump? Or is something BIG about to happen? Okay and the point of this video If you go to about the 5 minute 30 second mark - I believe the man's name who was in the video, his name is Clayton Morris - I think that is his name and I just want to give a tip of the hat. I love your work. But on this point he points out that Putin came out and said, "hey BRICS is not trying to create a Trade Currency" and then Mr. Morris comes out and he actually he puts up, we'll try to find this in the actual clip, but he actually puts up, again it's about the 5 minute 30 second mark, he puts up one where it's a headline, I think from the Guardian where it says, oh but he is saying a currency but in the headline it actually says, “yes we are trying to do a payment system”. That's a big difference. BRICS has never said they're not trying to do a payment system; they've been somewhat opaque about a currency, probably for strategic reasons, for sort of strategic ambiguity reasons they wanted to put some smoke out there while they were doing this stuff behind the scenes, but long story short what BRICS is trying to do it looks to me like is create an alternative to Swift. It's not trying to create a new currency per se. Currencies already exist. There are how many perfectly legal tender lawful currencies of how many sovereigns that currently exist in the world that are not the dollar? Okay. Like we don't need really a new - not we, I'm not really part of this - but I don't think those who are making these moves feel that they need a new currency. No, they need a new infrastructural system - as I call it, sort of a rail network, that's how I see it in my mind, in my brain - they need a new rail network for Capital movement. mBridge is a good example of this down here in Southeast Asia utilized with the Hong Kong Monetary Authority, UAE and the Bank of Thailand, that would be a good example of yeah that's an alternative payment system. This should not be confused with a currency per se.

And here's the difference. The two things are different sides of the same coin if you will. How so? When you create a new currency like the Euro, the payment system is not the issue because you created the new currency. The currency is payment, so whatever payment system then arises is utilizing your currency. If you're changing to a different payment system, you just keep your currency and you're now using a different system to move that capital around and to make accounts and to make offsets - debit and credits and things - in the Central Banks with regard to International Trade to keep the trade balance metric accurate basically. That's what you're using your own currencies to do, and that's what you would be using one's own payment system, payment platforms to do. Understand this is a different thing than a currency. It's creating the platforms to move already pre-existing currencies, not create an alternative new currency to any currency that presently exists. That's what it looks like they're doing. I'm not necessarily sure they're doing that out of any sense of altruism. It's probably more out of the sense of that's the easier way to do it and that's the more direct way to do it, just set up a new payment system and we'll just interact with each other in our own sovereign legal tender. That's basically what it looks like they're doing to me.

But understand, that's a big, that's a far cry and a very different thing from creating a currency and that needs to be understood not because it's a 'hey I'm right, you're wrong' or we need to be right in the argument on this. No, because creating a new payment system has very different ramifications than creating a new currency. So understanding what precisely is happening, is very important right now in order to make good policy decisions moving forward.