Simon Black – Yesterday Senator Elizabeth Warren used a Wall Street oversight hearing to whine about cryptocurrency.
At one point, almost as if a well-choreographed football play, she passed the ball to Jamie Dimon — CEO of JP Morgan Chase, the biggest bank in the world — to “explain why crypto is such an attractive financial tool for terrorists, drug traffickers, and rogue nations?”
It’s hard to imagine a more loaded question.
Mr. Dimon gleefully caught the pass and said: Continue reading
Greg Hunter – Macroeconomic analyst Rob Kirby has long predicted Fed money printing would have to go “on a vertical curve where money has to be added to the system . . . to keep the system from crapping out and imploding.” Kirby said this more than a year ago. Massive money printing can no longer be hidden, and it has disastrous and dire implications for the dollar.
Kirby explains, “They are not hiding it. It’s too big. If you have an elephant under your carpet in the living room, you can’t say ignore the bump. Elephants are hard to hide.
Greg Hunter – Geopolitical and financial analyst Warren Pollock says you should study up on Bitcoin before you buy it. Pollock says, Bitcoin (crypto currencies in general) carries “high reward, but also some very high risk.”
Pollock explains, “First of all, Bitcoin and these other crypto currencies are not currencies. Most of all, they are not efficient ways of having transactional exchanges between people. They just don’t work the same way the credit card network does or the check writing does.
https://youtu.be/BSfJ2X3nPWo
In fact, the speed in which Bitcoin can clear a transaction is downright pathetic. . . . I was able to obtain Bitcoin transaction speed at about 6.9 transactions per second. That’s what I evaluate the network capacity to be.
Greg Hunter – Internet data mining expert Clif High has just finished an in-depth dive on crypto currencies such as Bitcoin. High uses what he calls “predictive linguistics” to spot trends and make predictions for future events. With the latest price spikes in so-called blockchain type crypto currencies, what does Clif High see with his latest Internet mining report?
High reveals, “We are not at a period of time where we are valuing one store of wealth, Bitcoin against a store of debt, the dollar. We are, instead, looking at an episode of hyperinflation. It is an episode where a great many people lose faith in the dollar, and they rush into Bitcoin and other crypto currencies. . . .
There are people coming in and out of the crypto space based on the degrading levels of confidence in the U.S. dollar. So, we are at a global currency reset at this point. There will be no Bretton Woods conference.
Charles Hugh Smith – A number of systemic, structural forces are intersecting in 2016. One is the rise of non-state, non-central-bank-issued crypto-currencies.
We all know money is created and distributed by governments and central banks. The reason is simple: control the money and you control everything.
The invention of the blockchain and crypto-currencies such as Bitcoin have opened the door to non-state, non-central-bank currencies–money that is global and independent of any state or central bank, or indeed, any bank, as crypto-currencies are structurally peer-to-peer, meaning they don’t require a bank to function: people can exchange crypto-currencies to pay for goods and services without a bank acting as a clearinghouse for all these transactions.
This doesn’t just open the possibility of escaping the debt-serfdom of central and private banks–it opens the door to an entire global economy that’s free of the inequality and concentration of wealth and power that is the only possible output of central bank created and distributed money.
Max Keiser and Stacy Herbert and I discuss these possibilities in The Keiser Report: Radically Beneficial World (25:43).
Recall that central bank money is borrowed into existence, which means interest must be paid until the money is extinguished by the payment of debt.
In effect, today’s wars, bread and circuses, etc. will be paid for in perpetuity by our kids, grandkids and their kids. This is debt-serfdom. The only possible output of borrowing money into existence is debt-serfdom.
Debt jubilees, no matter how well-intended, simply maintain the system of bank-issued money and debt-serfdom: dialing back the debt load from impossible to bearable does nothing but continue financial feudalism. Continue reading