Coffee with Zester. 11/14/2024 “Hidden in S.4912 - BITCOIN Act of 2024”
Coffee with Zester. 11/14/2024 “Hidden in S.4912 - BITCOIN Act of 2024”
Some highlights by PDK-Not verbatim
Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: Zester has the helm this morning as I am traveling-Not RV related.
Member: Good Morning all!! Blessings on all that you do
Member: GM Zester and fellow hopium addicts……is this our week???
Zester: I do have a news update today from pops. He is on his way back to the states and he may be able to pop on for tonight’s podcast. We will see.
Member: Just curious if your dad traveled to the states to do his exchange? Maybe wishful thinking??
Member: Its very interesting that he left for the states and did not mention it last night…hmmmmm
Zester: This trip happened in a bit of a rush even though he had been planning a trip back home for the middle of November in order to see family. It just happening on different days then he expected.
Member: I was hoping Mark signed a NDA and couldn't tell Zester.
Zester: From Iraq: It appears there is progress on the Erbil HCL agreement I am posting links to these in chat….for you all to share
MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/
Zester: On the bond and banking side today….things remain particularly quiet. Pops is looking forward to having more information this evening…but he is particularly happy about progress in Iraq at this time.
Member: This is the calm before the storm…..or the deep breath before the RV plunge.
Member: Nadar said the Dinar is on the FOREX.
Member: Remember Sudani says Monetary reform done by Dec 10……hope its true.
Zester: “BRICS members hoping to develop a digital BRICSPAY crypto currency international trade system” BRICSPay is making the announcement to counter the US Petro dollar.
Zester: We have heard about the I-Dinar in Iraq …and countless other digital currencies from many other nations that are primarily backed by natural resources. These countries are major raw materials producers. We are seeing a massive push for an international crypto currency trade system
Zester Pops wanted me to highlight a bill that Senator Cynthia Lummis put out. The Bitcoin act of 2024. This is a bill that is supported by Donald Trump and a growing list of Congressional folks on both sides of the aisle.
S.4912 - BITCOIN Act of 2024 https://www.congress.gov/bill/118th-congress/senate-bill/4912
Zester : The plan behind this bill is to create a strategic Bitcoin reserve in order to back up the Us economy. And there are interesting ways to go about this. By doing this the plan is to massively reduce our national debt . Cynthia Loomis estimates we could eliminate half of our national debt solely by maintaining a Bitcoin national reserve in the coming decades…..
Zester: It gets very interesting when we look at what is actually in the bill. This is what pops wanted me to cover. It says Bitcoin Act of 2024…but this is not a crypto Bill. This bill also talks about gold reserves and actually creating a financial backing to the US economy. And it plans on doing that by actually going after the Federal Reserve.
Zester: I find this to be extremely interesting. They are talking about purchasing $200,000 Bitcoin per year…over a 5 year period with a goal of reaching a million Bitcoin which is about 5% of the total Bitcoin out there. The US already has about $100,000 Bitcoin supposedly ….But if you add another million to that it puts US at owning 5% of all the Bitcoin on the planet.
Zester: The reason behind this as I stated earlier …is to back up the US economy and to “decentralize” the US economy. The most interesting parts of this are the “proof of reserves system” and offsetting the cost and how they plan on paying for it.
Zester: The “Proofs of Reserves system “ requires the secretary to provide a quarterly proof of reserves that would be publically available. Everyone in the public would be able to see the balance sheet fr the Department of the Treasury. Including an independent third party auditor to verify the accuracy and integrity
Zester: This means they will actually bring the power back to the American people and the US Treasury to audit US reserves.
Zester: It has been up to the Federal Reserve in most cases in the past to tell us what they have. So this bill which includes crypto and other parts are not about crypto. It is also about removing power from the US Federal Reserve bank system
Zester: This bill is designed to set up a decentralized and secure network of Bitcoin and crypto holding facilities across the United States in order to decentralize the wealth of the nation and protect our futures.
Zester: It allows for states to voluntarily participate and then states can start their own sovereign funds in separate and segregated accounts from Federal Reserve money and sole ownership would remain with the states . This is huge and will allow for states to start having accountability in their own books.
Zester: How will they pay for this? The Federal Reserve has to actually give the US Treasury its money back.
SEC. 9. Offsetting the cost of the strategic Bitcoin reserve.
(a) Discretionary surplus funds of federal reserve banks.—Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by striking “$6,825,000,000”and inserting “$2,400,000,000”.
(b) Use of remittances to treasury.—
(1) IN GENERAL.—Notwithstanding the second subsection (b) of section 7 of the Federal Reserve Act (12 U.S.C. 290), for fiscal years 2025 through 2029, if the Federal reserve banks remit net earnings to the general fund of the Treasury during that period, the first $6,000,000,000 of these remittances (before repayment of any deferred asset) in a fiscal year shall be utilized by the Secretary for the implementation of the Bitcoin Purchase Program, pursuant to the purposes set forth under section 5.
(2) EXCEPTION.—Paragraph (1) shall not apply if the Federal Reserve banks do not remit net earnings in any given fiscal year during the period of fiscal years 2025 through 2029.
(c) Federal reserve system gold certificates.—Not later than 180 days after the date of enactment of this Act, the Federal reserve banks shall tender all outstanding gold certificates in their custody to the Secretary. Not later than 90 days after the tender of the last such certificate, the Secretary shall issue new gold certificates to the Federal reserve banks that reflect the fair market value price of the gold held against such certificates by the Treasury, as of the date specified by the Secretary on each new gold certificate. Upon issue by the Secretary, each Federal reserve bank that receives a new gold certificate shall remit the difference in cash value between the old and new gold certificates to the Secretary for deposit in the general fund within 90 days.
Zester: This is HUGE. They are going to revalue the gold held by the United States!!! And this paragraph is not about crypto currency. For those wondering what this means…Currently the Federal Reserve values all US gold at $42.00 a troy ounce….…If you were to look up the price of gold right now- you will see it is trading at about $2,569.00 per troy ounce……..
Zester: This means if the Federal Reserve Bank was forced to pay the difference in cash values between the new and old gold certificates- they would be on the hook for a huge bill.
Zester: Say the US Treasury revalues gold at $2,500.00 point….This would mean that for every single gold certificate-the Federal Reserve bank holds –they would owe the US Government @2,570.00 dollars minus $42.00 dollars…..so $2,528.00 per gold certificate that would need to be paid to the US treasury by the Federal Reserve banks.
Zester: This would bankrupt the Federal Reserve. The Federal reserve would not be able to pay back the gold it has improperly been valuing to the US Treasury. That is what makes this so HUGE. This is the revaluation of precious metals by the United States and the destruction of the Federal Reserve all in one bill…...
Zester: This is a legitimate bill on Congress.Gov . This is legitimate legislation and public information. This is a bill that will be introduced in the next administrations early days. If passed in its current form it would bankrupt the Federal Reserve.
Zester: Pops feels we will be discussing his topic a lot in the near future. And this could be how we see the revaluation of precious metals in the new financial system and get our natural resources properly valued to back our currencies. . And all of this is hidden inside a Bitcoin Act.
Member: This would definitely End the Fed.
Member: This is going to make the federal reserve insolvent, which is a good thing…
Member: This is about having a gold backed currency right???
Member: Is this an announcement of the new USTN?!!!!!!
Zester: one more Thing I really like in this Bill is “Protection of Property Rights”
(a) Rules of construction.—Nothing in this Act shall be construed to—
(1) authorize the Federal Government to seize, confiscate, or otherwise impair any property right in the lawfully acquired Bitcoin holdings of any person; or
(2) infringe upon the rights of individuals, businesses, or organizations to purchase, hold, transfer, or dispose of Bitcoin in accordance with the law.
(b) Affirmation of rights.—This Act affirms and protects the rights of persons to maintain full lawful control over the Bitcoin and other digital assets of those individuals, recognizing that the ability to maintain self-custody of private keys is fundamental to the principles of financial sovereignty, privacy, and personal liberty in the digital age.
Zester: so not only does this bill ensure the Federal Reserve cannot pay its bills…but ensures that we get properly valued gold (and most likely silver) and affirms our rights to self -custody of our money.
Member: WoW $11 billion dollars at $2050 would be $22,550 TRILLION dollars.
Zester. Yes the say there is 11 billion in gold certificates valued at $42.00 a troy ounce. This is where the US can pay off its debt. This is where we return power pack to the US treasury where it should have been all along. This bill was introduced with Trump onstage at the Bitcoin conference and is expected to be up for vote in 2025.This needs to brought to the main stream media.
Zester: This is going to be an insanely exciting bill to follow in the legal system. I hope you all read the bill….. S.4912 - BITCOIN Act of 2024 https://www.congress.gov/bill/118th-congress/senate-bill/4912
Zester: This bill is authored by Senator Cynthia Lummis – A Republican from Wyoming.
Member: I believe this is our USN’s, And QFS all rolled up in one. WOW
Member: How does this affect the RV?
Zester: Remember all of these currencies that are backed by nations and primarily “resource rich” well, the revaluation of those metals and resources would essentially mean a revaluation of the nation’s value which will become extremely important. Also a way to say “Hello Nesara/Gesara. I don’t believe any of us were expecting things to happen this way.
Zester This could just be a back up plan…and things could still happen sooner but I find it extremely exciting. Keep in mind that if the United States revalues our gold would essentially result in the rest of the world doing so
Member: Including Iraq and all the other currencies we hold. Zimbabwe would be crazy rich.
Member: What an amazing time to be alive!!!
Member: Thanks Zester for being here today. What a wonderful podcast today. Thank you for explaining things so well.
Member: our future is so bright- we have to wear shades.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
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Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.
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