Brad Miller

Archive for the ‘Banking’ Category

Why Bitcoin over Banks?

In Banking, Bitcoin, Cryptocurrency, Liberty, True nature of the State on December 25, 2017 at 10:41 pm

Do you remember the 2008 World Financial Collapse? Do you remember the politicians and central bankers clamoring to bail out the banks and the entire financial system? They got their bailouts, did you? I know I didn’t and neither did the vast Majority of the American People.

The Bailouts were orchestrated by the Federal Reserve, The Secretary of the Treasury in league with the politicians in Washington. When they first tried to pass the TARP bailout the America people said no. But the banksters convinced the politicians that the financial sky was falling and that everything would collapse if they weren’t bailed out. So TARP was finally passed on 10-03-2008.

From that point on Banks were being bailed out left and right, Credit Card Companies and Insurance Companies were having their corporate structures changed to “Banks” so they could get bailed and an undisclosed number of companies received direct bailouts from the Federal Reserve, all the while individuals lost their homes to foreclosure, took pay cuts to keep their jobs or lost them completely.

Back in 2008 we had no viable option to exit this corrupt and inherently unstable financial system dictated by the Federal Reserve. Fast forward to today, we now have Bitcoin and cryptocurrencies which are the first true alternative to the US Dollar based financial system. More and more people are catching on to the possibilities of cryptocurrencies and they have a combined value of over five hundred billion dollars.

Do you think the banksters who failed to predict the financial collapse in 2008  would be welcoming this new technology that offers the individual an alternative to their Central Banking Cartel that spans the globe?

The answer is not surprisingly NO.

All those in the Central Banking ecosystem hate cryptocurrencies. They hate it because they can’t profit from it and they can’t control it. That is exactly why it was created.

Satoshi Nakamoto was inspired to create Bitcoin because of the Bank Bailouts of 2008 and 2009. He cemented this fact into the “Genesis Block”, the first Bitcoin Block mined on January 3, 2009 by including a copy of the Financial Times Newspaper with the headline “Chancellor on Brink of Second Bank Bailout”. This was the British version of TARP.

Why should anyone now listen to the former peddlers of TARP and the trillion of dollars of bailouts who are bashing Bitcoin?

Recently Ben Bernake the Former Head of the Federal Reserve said that:

“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success,”

I disagree that Bitcoin and Cryptocurrencies are an attempt to replace fiat currencies they are simply digital currencies that are competing with it.  The vast majority of people using cryptocurrencies aren’t criminals. Currently the financial system is providing the money to fight the wars around the world, building and filling up the prisons with millions for simply possessing a plant and keeping the banksters pockets fat with profits.

He further went on to answer if he thought Bitcoin was a rival to government controlled fiat money:

“Eventually governments will take any action they need to prevent [that],” he said.

You can feel the arrogance dripping from these statements. The Federal Reserve is as private organization. Its not a government entity. It is not something that the Constitution of the United States ever authorized. The Federal Reserve was created by an act of Congress passed in 1913. If you want to read about how a small powerful group of bankers conspired to create the Federal Reserve read:

Creature from Jekyll Island

Here are some of other quotes from Ben Bernake the former head of the Federal Reserve who is certain that Governments will eventually crush Bitcoin.

“The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost. Ben Bernake 2002 

This isn’t true at all.  Inflation is a true cost that affects every single American. As the number of dollars chases the same amount of goods prices increase. We all can see inflation right before our eyes. The Federal Reserve and the Federal Government don’t track the everyday stuff people use and so they say that there isn’t any inflation or that its at their 2% target. Thats a complete load of bull.

Everything costs more due to inflation. And the people who work for a living are always behind inflation because the goods and services go up in cost throughout the year and if their lucky they may get a 2% increase. Then if they’ve saved any money the money in their savings account is worth 2% less than it was last year as well.

Not only does direct inflation chew away at our savings and make the goods and services we rely on cost more it also causes whats called “Shrinkflation”. This is the practice of companies hiding the cost of inflation by keeping the price the same while offering a product in smaller size or lesser amount.

Check out this article further illustrating the devastating effect of Shrinkflation on the average consumer.

http://www.zerohedge.com/news/2017-07-24/shrinkflation-how-food-companies-implement-massive-price-hikes-without-you-ever-noti

Shrinkflation can be seen throughout the grocery store. Anyone who has bought a Little Debbie Oatmeal Cream pie is a lot smaller than they used to be. This goes the same for potato chips and packs of bacon. A large “Party Size” bag of chips used to be 160z. Now they are only 12 oz or even 10 oz in some cases. The next time you buy a pack of bacon check to see if it’s a full pound or merely 12oz.  Bernake and his ilk don’t account for this shrinkflation which their printing presses cause.

They act so smug and they pretend to be economic oracles. This is a total fiction which has caused misery and mayhem in society. Bernake in particular had no clue about the coming housing crisis.

“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.” July 2005

He was definitely wrong about the housing crisis and he’s wrong about Bitcoin. Not only was he wrong ,so were every other person working for the Federal Reserve, The US Treasury and those huge financial companies that were bailed out during the housing crisis.

If you had the government approved monopoly that allowed you to print trillions of dollars out of thin air and then give that newly printed cash to your friends, would you want anyone to disrupt the most lucrative racket in the history of humanity? That is why they are on one hand down playing Bitcoin as dangerous, unstable and unusable as a currency and while issuing a warning that they’ll use the force of government to ensure their money monopoly continues.

. They are afraid that individuals are going to recognize their true incompetence, their arrogance and their thievery and exit their current system and buy into Bitcoin and other cryptocurrencies.

Bitcoin and other cryptocurrencies can’t be stopped by the likes of Bernake or any government on Earth. They will try but they will fail. The BlockChain which is the public ledger that Bitcoin runs on isn’t stored in one place or even two places but in over a hundred thousand places including orbiting in space inside satellites.

Bitcoin has no central leader that the government goons can point a gun at to force him to shut it down. It isn’t controlled by a corporation the government can seize its assets and shut it down . It is something that those in government and in banking have never experienced before:

A true digital global currency that is borderless, not controlled by any individual, corporations, central banks or governments, and which individuals can transfer value from their smart phones to anywhere in the world without the need for the current financial system.

What the Old Financial Guard has failed to comprehend is that Bitcoin isn’t going away. The genie is out of the bottle and cryptocurrencies are the future. On GitHub right now there is the open source code for creating cryptocurrencies. Millions of people have the technological expertise to create their own cryptocurrency in about a weekend.

The Federal Reserve has had a nice run and has enriched the owners of the fractional reserve banking system with trillions of profits over the last 104 years, but those days are numbered. A new system of transferring value has been created and it doesn’t require a central bank, a government treasury, a government mint or their permission to use it.

This is a revolution that Bernake and the Bankers have yet to understand. Their monopoly on money creation and benefiting from being a part of the financial elite has ended. No longer will people be trapped in a banking system that profits by charging them for storing and facilitating moving their money.

Checking account fees will be a thing of the past just like long distance phone call charges.  Individuals who have the option of being their own bank for free with Bitcoin has no patience for a company charing for simply storing their money.

Wire fees of $30-$65 will be a thing of the past as well. Right now you can send a cryptocurrency from your phone to anyone in the world for at the most a few dollars. And it wont take up to a week like it does for International Wires. It can be done almost instantaneously. And you don’t have a government bureaucracy telling you who you can and can’t sent money to.

 

Every time you use your debit card banks make money. Interbank fees – fees they charge businesses for accepting debit cards generates billions per year for them each year. This profit center will be greatly diminished as more and more businesses accept Bitcoin as payment.

The only reason The Federal Reserve has the monopoly to create money in the United States is that the Federal Government benefits greatly from it. When the Federal Government spends more than it brings in with taxes it simply borrows money that the Federal Reserve Bank creates out of thin air. It would be impossible for the US Government to wage wars around the world, build and fill prisons at home and create the world’s largest surveillance system through taxation alone.

Ron Paul ran in 2008 and 2012 to End the Fed because of these very reasons. Up until Bitcoin was created there wasn’t a real means to accomplish this goal. Now with cryptocurrencies catching on around the world the grip of the Central Banking Cartel is beginning to loosen. As more and more people learn about why Bitcoin was created and what cryptocurrencies have to offer more and more people will begin to question the why do we still need a Central Banking System.

 

Brad Miller

Reformed Banker

 

Bitcoin and Banking

In Banking, Bitcoin, Cryptocurrency, Free Market Miracles, True nature of the State on December 15, 2017 at 1:20 am

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What will banking look like in five years? Bitcoin and other cryptocurrencies are challenging the money monopoly that banks and governments have functioned under for millennia.

Banks exist in this country today because of the Federal Government and its money printers at the Federal Reserve. This system is designed to siphon wealth from the masses into the pockets of bankers through fees and especially inflation.

Technology in Banking has changed enormously in the past twenty five years but its core principles of inflation and fee charging have not. The use of debit cards, direct deposit and online banking has habituated banking customers to viewing money as digital more and more.

I’ve been in banking for over ten years as a personal banker. Everyday I am trying to make my job more and more obsolete. I recommend customers do more and more self directed banking by electronic means. Individuals may soon realize that if they can move money electronically why can’t they do so without a bank?

Millions of people are having this realization today with all the attention around the price of Bitcoin.
We tend to think that how things work today is how they’ve always worked and that they will continue working this way into the future. Everything we use on a daily basis goes counter to this human tendency to dismiss new technology and forget how things used to work. Twenty years ago the long distant phone business was a 20 billion dollar a year business. Now 80% of all phone calls are done through Skype and no one even talks about long distant charges any more. The cost of storing and moving money is going through a similar revolution right now.

Bankers think that cryptocurrencies aren’t a threat because of their place on top of the Financial/Political Hierarchy. They believe that people will never be able to break out of the Federal Reserve/Federal Government Financial System. But it’s the Banking System’s regulatory controls,  loan requirements, invasion of privacy through spying on their own customers for the IRS and homeland security, charging fees for moving 1s and 0s, and using an archaic systems to process the movement of those funds which is driving customers to become angry and unsatisfied enough to consider an alternative.

Bitcoin is that alternative. It and other cyrptocurrenices offer movement of money around the world for pennies. It also ends the ability of the government to use banks to spy on you. Every transaction you make with a debit or credit card is recorded. Banks work hand in hand with the government and are basically deputized agents of the IRS, Homeland Security, DEA, and FBI. (The transactions of Bitcoin are transparent with the blockchain but near anonymity can be achieved which is totally impossible with traditional banking).

There are other more privacy focused coins like Monero and Zcash which can totally anonymize transactions if that’s your preference. I believe that as governments move against cryptocurrencies privacy coins will be more and more used.

Cryptocurencies are also apolitical. They don’t require the power of the state to create them or require their permission to send them to whom one chooses. Right now the US government monitors every outgoing and incoming wire into the US. They do this to prevent individuals from sending money to individuals in countries the US government doesn’t like.

Bitcoin will never need a bailout. As time passes on we forget about how insane the bank bailouts were. The entire financial world was collapsing because of the Federal Reserve System which is based upon Fractional Reserve Banking and Printing money out of thin air. This system is built to be unstable. That’s why it requires the FDIC and uses government regulations to lull the public into believing its not going to implode again in the near future, which it will.  Since Bitcoin and other Cryptocurrencies aren’t issued by a government sanctioned central bank or regulated by them they can never be bailed out.

Banking should be treated like every other business in America and be responsible for its actions. Those who choose to use Bitcoin are taking the risk themselves. Those that invest in companies that mine Bitcoin are taking a risk. Those that trade Bitcoin are taking a risk. Life is inherently risky. No one can predict the future. Unless you are a banker. You know that the Financial System will fail again and again you’ll be calling up your Senator or Secretary of Treasury demanding to be bailed out.

Remember that Congress voted no at first to a bank bailout, for about 700 million. But after pressure they caved and authorized it along with countless other measures to ensure the criminally ran Federal Reserve Financial system wouldn’t fail. The American people weren’t for this at all. It will be interesting to see what happens the next time the banks fail and go to Congress.

Another great aspect of Bitcoin is that it can’t be confiscated or effectively banned by governments. The push to ban cash is hot right now in the banking world and governments are keen to do this. They want cash banned because it is anonymous and governments think every one of their citizens is a criminal.  Last year India banned the two biggest denominations, constituting 83% of the value of their currency. This devastated small businesses and people who transacted in cash which are those who don’t have bank accounts.

The reason given for banning cash is to catch tax cheats and money launderers. The true reason is that cash gives people freedom and privacy. Those are two things that all governments want their citizens to have less of. Banning cash forces people into their version of digital money which is far different than Bitcoin. It is a money that can be seized in a second even if you’ve never been convicted of a crime, you can have your accounts closed without your knowledge for sending money to an individual who lives in a country the US government is at war with, and governments can steal your money through negative interest rates. Surveillance and theft are the tools of the state.

 

Fortunately Government monopolies create terrible products, whether it’s the post office, public schools or the current dollar based system. Bitcoin is a cutting edge product that will outcompete the dinosaur that is the Federal Reserve System. It will revolutionize not only how individuals think about money but also how they perceive the role of government interference in their daily choices. Once you can be your own bank and send money around the world without any financial company or government involvement you will start looking at the other surveillance and control systems that rule our lives and begin to wonder if we truly need government involved in the choices we make.

The two most regulated industries are banking and healthcare. If we don’t need government to create or to move money maybe we don’t need them involved in healthcare either. The track record of government involvement with healthcare is worse than banking. Maybe we don’t need or want them to tell us anymore what we can or can’t consume? No huge financial institution created Bitcoin and no government “approved” it. Maybe we are on the verge of people rejecting the idea we need government involved in our healthcare decisions and that entities like the FDA and DEA are as unnecessary as the Federal Reserve?

Satoshi Nakamoto in 2008 wrote the “white paper” describing Bitcoin and how to implement it. His motivation to create this incredible invention was the 2007 Financial Meltdown and the ensuing Bank Bailouts. In fact the “Genesis Block” the block that launched Bitcoin has within it a copy of the “Financial Times” dated Jan, 03 2009. The headline reads “Chancellor on Brink of Second Bailout of Banks”. This is the day Bitcoin was born.

The more governments use surveillance, theft and force to control our lives the more innovations will be created to challenge them. Bitcoin is the greatest step in the advancement of human liberty in the last 200 years. I believe that words on parchment are terrible ways to secure individual liberty. As we’ve seen with the total disregard for the Constitution by our Government overlords.

The only way to secure liberty is through the immutable laws of mathematics. No matter how powerful a government maybe, no bombs, or laws or armies can change the laws of math. Force is useless against cryptography, which is the branch of mathematics cryptocurrencies are named after and that Bitcoin uses. Bitcoin is the first invention in the history of the world that secures individual sovereignty which can not be intimidated, destroyed, or stopped by any government in the Universe.

Every individual owns themselves and ownership denotes control. You have the innate right to control what you ingest or what you use as money or who you send that money to, without the need for government or corporate involvement. Right now anyone in the world with a smart phone can send digital, decentralized, secure, cryptocurrenices to anyone in the world in seconds for just pennies anonymously.

This is truly an amazing time to be alive.

Brad Miler

Advocate of Liberty

Two True Government Conspiracies Bryan Callen should know about

In Banking, True nature of the State on December 12, 2017 at 10:28 pm

Bryan Callen, a hilarious stand up comedian and actor was recently on The Joe Rogan Experience Podcast episode #1045. For three hours Joe and Bryan talked about many subjects and actually busted out signing a duet at one point. It was a good listen.

During the conversation government conspiracies came up. Bryan Callen’s opinion is that governments aren’t able to pull off big conspiracies because someone involved would spill the beans and in general governments are incompetent.

I think that is a naive and ill-informed opinion. In fact there are two huge government conspiracies that are going on right now and they affect every American. They are the Federal Reserve Central Banking System and the CIA’s involvement in The War on Drugs. Both of these continuing conspiracies erode personal liberty, promote violence, and destroys lives.

The Federal Reserve System was cooked up and passed due to the conspiring of a few powerful bankers and their political allies. This system was designed to use inflation to siphon off wealth from the American people and deposit it into the pockets of the bankers. For the privilege of printing the currency in the United States the Federal Reserve Bank would loam limitless amounts of this newly printed paper money to the U.S. Federal Government. This is still going on to this day.

I highly recommend Bryan read “The Creature From Jekyll Island” to get the full story of this true life conspiracy.

The second example of a legitimate conspiracy is the CIA’s involvement with the War on Drugs. In fact the CIA has been aligned with and supported drug traffickers around the world since the Korean War.

Instead of “fighting” the War on Drugs they actually facilitate the growing and distribution of them. During the Korean War they armed rebel Chinese Generals in Burma in exchange for intelligence on the North Koreans. These Generals used the weapons to guard their poppy fields.

During the Vietnam War the CIA armed drug producers in Laos and even used their own airline called “Air America” to fly the heroin out. In fact in one instance two agents with the Bureau of Narcotics and Dangerous Drugs (precursor to the DEA) stopped a plane that had Tide detergent boxes filled with heroin. Turns out it was a CIA owned plane and the CIA told the BNDD agents to stand down and it flew away to deliver its cargo of drugs.

The CIA’s involvement in East Asia created the Golden Triangle which was the largest producer of Heroin up until The War in Afghanistan. A year after the US invasion, Afghanistan became the number one producer of poppy plants for illegal drugs in the world.

To this day Afghanistan grows 90% of the world’s illegal poppy plants. Are they really illegal poppy fields if the CIA and the US war machine are helping protect them? U.S. soldiers have guarded poppy fields because the CIA wanted to use the Warlords who control these areas as informants.

The Federal Reserve System and the CIA’s involvement with the War on Drugs are two true life government conspiracies that continue to have terrible negative consequences to this day. Bryan is a smart dude and once he starts digging into these he may change his mind about the possibility of massive government conspiracies.

Personally I believe that all drugs should be legal. This would end the War on Drugs and prevent the CIA from using the black market premium on them. And I believe we shouldn’t have a Central bank controlling the value of our money. Fortunately we are seeing the rise of Bitcoin and other cryptocurrencies which are threatening to unravel the whole Central Banking scheme. Legalizing Drugs and Ending the Fed would eliminate two huge scourges on humanity and truly limit the government’s ability to perpetrate vast conspiracies.

Brad Miller

Advocate of Liberty

Bitcoin explained in 60 sec

In Banking, Bitcoin, Cryptocurrency, Free Market Miracles, Liberty, natural rights on December 4, 2017 at 1:55 pm

What is Bitcoin? Bitcoin is a proven and secure decentralized digital currency and payment system. There are about 800 other crypto-currencies out there but Bitcoin is the grandfather of them all. Bitcoin and other decentralized digital currencies are the next evolution in money because they aren’t issued and controlled by a government and do not require financial institutions to store or to send them. This technology is revolutionizing banking, politics and global peace because individuals are now empowered to send money to anyone around the world with just their phone.