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Spotify Link: https://open.spotify.com/episode/2fIqQTEm8erGwgqRFvoA1D
Apple Podcasts Link: https://podcasts.apple.com/us/podcast/the-genius-act-how-americas-money-is-quietly/id1863496846?i=1000770185999
Patrick Wood is a researcher, author of multiple books and runs the website Technocracy.News. This is the first part of a two part interview with him about his latest, just released book “The New Economics of Technocracy - You Will Own Nothing.”
Billionaire Elites Are Replacing the Debt-Based System with an Asset-Based System
Patrick Wood argues that a fundamental economic transformation is currently taking place. This transformation is driven by high-tech billionaire technocrats and traditional billionaire elites who are in the process of deliberately dismantling the debt-based dollar system and replacing it with a privatized, asset-based financial system.
The ‘Geniuses’ That Devised the Genius Act
We discuss the role that the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) plays in this shift and which of our genius technocrats are behind it. The Act allows issuing private stablecoins that operate outside of Federal Reserve oversight. Stablecoins, by the way, are every bit as programmable as CDBCs.
The Mindboggling Grift and Corruption of the Trump Family and Its Affiliates
One of these private stablecoins is of course the Trump family’s. The Trumps have amassed an absolute fortune, many billions of dollars, since the launch of their USD1 stablecoin in March 2025 by World Liberty Financial (WLFI), a decentralized finance venture founded by Trump, his sons, and Steve Witkoff.
The unabashed enrichment, blatant grift and glaring conflicts of interest are absolutely mindboggling: USD1 grew rapidly after launch. By early 2026, it surpassed a $5 billion market capitalization, ranking it as the fifth-largest stablecoin globally. With Trump as President of the United States and Witkoff as U.S. Ambassador at Large and Special Envoy to the Middle East since January 2025.
Want to issue your own private stablecoin? Good luck with that. And here is why:
The GENIUS Act was signed into law by Trump on July 18, 2025, about three months after the Trumps issued their own stablecoin. The act allows private issuance of stablecoins but only by national banks, state banks or Nonbank entities that obtain a federal license from the OCC (Office of the Comptroller of the Currency).
World Liberty Financial, by the way, is NOT a formally authorized “permitted payment stablecoin issuer” under the GENIUS Act, but it’s in the process of applying to the status and will, no doubt, receive it.
Stripping People of Property Rights via Tokenization
Asset tokenization is another essential building block of the shift: it converts physical property, land, housing, forests etc. - even stock exchanges - into digital tokens that are traded globally, that are managed by appointed administrators, and that are governed by so-called smart contracts.
Wood argues that once all assets are tokenized and fractionalized, true ownership disappears. It’s no longer structurally possible in a world of complete tokenization to own things like a house or a piece of land. Citizens, he says, will be stripped of property rights without any government having to give an order to expropriate them.
A Technocratic System of Total Resource Control
What’s the ultimate goal of this tokenization scheme? It’s a technocratic system of total resource control, he says. A system where citizens live on algorithmically distributed universal basic income, under constant surveillance. Citizens will have to pay using programmable currencies that can be frozen or restricted at any moment in any way. Under such circumstances, traditional ways of protest against the regime will become impossible.
Early technocrats in the 1930s explicitly called for all private property to be turned over to a managerial class of scientists and engineers but they lacked the digital control mechanisms to realize their vision. Almost a hundred years later, this is no longer the case.
The Speed of the Shift Is Disempowering
The shift, says Wood, is happening too fast for a meaningful legislative or regulatory response.
He regards the Islamic finance world with its existing asset-based, debt-free model, as a catalyst that is used to accelerate the transformation from the global debt-based system to a global asset-based system.
Tech ‘Geniuses’ Have No Regard to What it Means to be Human
In the end, Wood warns, this technocratic system of absolute control over citizens’ every action will completely change what it means to be human. Except for the minuscule billionaire tech and banking elites, humans will no longer be allowed to own and to create.
CHAPTERS
00:49 Reading from Page 242: Life Under Total Technocratic Control
04:02 Gaza as the Prototype and the Architects of the System
04:57 The Genius Act: Creating a Parallel Monetary System
05:50 Mercantilism, Technocracy, and the Co-optation of State Power
08:56 What the Genius Act Actually Does: David Sachs and Private Finance
12:56 CBDCs vs. Stablecoins: Bypassing Congressional Oversight
13:51 The Federal Reserve, the BIS, and the Asset-Based Economy
16:11 Who Can Issue a Stablecoin and Who Gets Frozen Out
18:01 Stablecoins as an Instrument of Transition Away from the Dollar
19:19 The Debt-Based Economic System and Its Coming Collapse
23:51 David Rockefeller, Nixon’s Gold Standard Exit, and the Origins of Technocracy
28:12 The Layered Corporate Architecture Behind USD1 and World Liberty Financial
29:42 Barron Trump’s Role in Launching World Liberty Financial
31:56 Why Trump Entered Crypto: The Banking System Denial
34:14 The Speed of Technocracy and the UAE’s $500 Million Secret Investment
36:57 Islamic Finance and the Bridge to the New Asset-Based System
39:04 The Corporate Structure of USD1 and the Peter Thiel Monopoly Model
42:05 The Board of Peace and Permanent Unremovable Control
44:05 What Is Tokenization and Why It Destroys Private Property
48:36 Smart Contracts, Property Managers, and the End of Ownership Rights
51:03 A Practical Example: Tokenizing Your House
52:53 BlackRock, Mass Home Purchases, and the Rental Trap
57:51 Can You Ever Buy Back Your Tokenized Property?
1:01:04 Tokens, UBI, and the Permanent Loss of Wealth-Building
1:04:34 Do Tokens Appreciate? The Elimination of Market Mechanisms
1:06:06 Tokens Will Replace Money: The Final Bridge
1:07:52 The New York Stock Exchange Announces Full Tokenization
1:10:14 Tokenized Stocks and the Loss of Shareholder Voting Rights
1:12:24 Private Ownership as a Fundamental Human Need
1:13:53 Technocracy Is Anti-Human: The Sand Castle Analogy
1:15:57 The Technocrats as Gods, the Rest as Subjects
1:17:26 The New Economics of Technocracy vs. Politics
1:19:30 The Sri Lanka Warning: Popular Revolt Against Technocracy
1:21:32 Closing and Preview of Part Two
