Brad Miller

Posts Tagged ‘Financial Collapse’

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