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The Criminal Banking Cartel's End Game: A 100% Digital Monetary System
There is no doubt that the elite have always sought to carefully manufacture news and to control the beliefs of the masses through their interests in funding education and in owning media distribution channels for centuries. There is a wealth of history that chronicles the elite’s desires to control and sway public opinion by manufacturing news versusthe honorable journalism pursuit of reporting news in a fair and accurate manner. For example, in 1917, Congressman Oscar Callaway stated, as documented in the Congressional Record:
"In March, 1915, the J.P. Morgan interests, the steel, shipbuilding, and powder interests, and their subsidiary organizations, got together 12 men high up in the newspaper world and employed them to select the most influential newspapers in the United States and sufficient number of them to control generally the policy of the daily press of the United
States. These 12 men worked the problem out by selecting 170 newspapers, and then began, by an elimination process, to retain only those necessary for the purpose of controlling the general policy of the daily press throughout the country. They found it was only necessary to purchase the control of 25 of the greatest newspapers. The 25 papers were agreed upon; emissaries were sent to purchase the policy, national and international, of these papers; an agreement was reached; the policy of the papers was bought, to be paid for by the month; an editor was furnished for each paper to properly supervise and edit information regarding the questions of preparedness, militarism, financial policies, and other things of national and international nature considered vital to the interest of the purchasers.”
"This contract is in existence at the present time, and it accounts for the news columns of the daily press of the country being filled with all sorts of preparedness argument and misrepresentations as to the present condition of the United States Army and Navy and the possibility and probability of the United States being attacked by foreign foes. This policy also included the suppression of everything in opposition to the wishes of the interests served. The effectiveness of this scheme has been conclusively demonstrated by the character of stuff carried in the daily press throughout the country since March, 1915. They have resorted to anything necessary to commercialize public sentiment and sandbag the national congress into making extravagant and wasteful appropriations for the Army and Navy under the false pretense that it was necessary. Their stock argument is that it is ‘patriotism’ They are playing on every prejudice and passion of the American people."
In the century that followed, the financial elites worldwide have learned much through their brainwashing campaigns and have successfully consolidated their power to manufacture, rather than report, the news through mergers and acquisitions of multinational media companies. Noam Chomsky & Edward Herman’s landmark 1988 book Manufacturing Consent chronicled the continuing consolidation of news control into the hands of just a few people. Today, at the FreePress website,one can peruse the handful of companies that dominate US media. One can further peruse the same controlled media environments worldwide in many countries at the Wikipedia webpage: “Concentration of media ownership”.
Today, the media is making a deliberate push to condition the masses to an extremely dangerous idea of a cashless society – the end goal that the banking cartel wishes to impose upon the world in an effort to control and subjugate anyone that may dare have the guts to oppose any of their multitude of anti-humanitarian banking activities. Just peruse through
some of the below articles from the past several months that have popped up in major publications:
“Does PayTag mean the end of cash in your pocket?” the UK Telegraph
“The [Spanish] Government Prohibits Payments of Transactions Exceeding 2,500 EUR in Cash”, Libre Mercado
“Time to Cash Out: Why Paper Money Hurts the Economy”, Wired Magazine
“How Cash Keeps Poor People Poor”, Time Magazine
The above is a mere sampling of dozens of articles with the same tagline or topic that have been disseminated in the mass media over a condensed period of just a few months. Below you can find a sampling of paraphrased key ideas and principles that these articles desire to promote.
The Prime Minister of Spain, Mariano Rajoy Brey, announced that the Spanish government now prohibits payment in cash for any transaction involving business professionals that exceeds EUR 2,500.Cayo Lara, leader of the United Left party, stated that those who violate the ban will face fines of 25% of the amount of any transaction that exceeds 2,500 EUR that are made in cash.
Coins and paper bills are the silent enemy of the poor. Vishnu Sridharan of the New America Foundation argues that cash-based economies “harm the poor by heightening the risks they face when carrying money and fueling government corruption and inefficiency.”
Any form of money that is not digital is bad for society and bad for the poor. Imagine literally having your life savings under your mattress or folded into a coffee can, vulnerable to fire, thieves, drunken relatives or nagging neighbors. Imagine having to ride the bus for hours to settle a bill, or traveling for days to deliver funds to a relative. Digital money solves nearly all money problems for the poor.
These arguments, put forth by banking shill David Wolman, would offend the sensibilities and intelligence of even 12-year old children like Victoria Grant. Anyone that has the most rudimentary understanding of our present monetary system knows that inflation and fractional reserve banking, not coins and paper bills, are the silent enemy of the poor. Furthermore, coins would be the biggest friend to the poor if they were made of pure gold and pure silver. Instead, Wolman attempts to serve up massive servings of rubbish to the readers of Time and Wired magazines by deflecting attention away from the root problems of poverty, the fractional reserve banking system that punishes the poor, the elderly and savers. Wolman pushes a ridiculous argument that the root causes of poverty are based upon the idea that because we have money in physical form, that makes it easy for poor people to have their wealth stolen.
Wolman, never once, reveals the fact that our unsound, corrupt monetary system silently steals wealth from the poor in perpetuity through the constant assessment of the inflation tax upon their savings and that the greatest warrior against poverty would simply be to institute a sound monetary system. Furthermore, if Wolman is going to quote someone that says the poor should never possess money that could be burned in a fire then why should anyone ever possess anything that could be ravaged by fire? Clearly, Wolman’s agenda is one of the banking cartel and not to assist the poor as a purely digital monetary system further devolves our already unsound monetary system into an exponentially more unsound
monetary system.
Wolman continues his propaganda and lies campaign in Wired Magazine when he states that no taxpayer should ever want to pay the fees associated with creating paper money and coins that the public considers to be a “nuisance”. Coins are a nuisance today because they contain hardly any metal of value. But mint coins from gold and silver as was specified in the Coinage Act of 1792 and as specified in Article 1, Section 8, of the US Constitution and I’m sure that US citizens would not consider as a “nuisance” coins that appreciated in value every year against other useless coins used as money around the world. Also of great irony are the names of the organizations that are quoted in these articles, like the renaissance-sounding New America Foundation and the humanitarian-sounding Consultative Group to Assist the Poor (CGAP). The CGAP’s Mark Picken’s states: “The cell phone is the best point-of-sale terminal ever.” I’m not sure with what kind of poor people Mark Picken has been associating, but when I visited poor villages in Cambodia, Thailand, Myanmar, Mexico, Indonesia, etc., I don’t ever recall observing a high percentage of cell phone ownership.
A little digging reveals the true anti-humanitarian agenda of the Consultative Group to Assist Destroy the Poor. Unsurprisingly, given the deceit of Picken’s comments, the CGAP is funded by the ultra-elitist, poverty-creating World Bank. Ditto goes for the New America Foundation. The NAF’s founders and board members reads like a Who’s Who list of corporate and financial elitists from Ivy League Harvard University professors to Council on Foreign Relations (CFR) members to Google and Bilderberg member Eric Schmidt to former Washington Post editor Steve Coll. It should come as no surprise that the information provided within these articles originate from members of elitist organizations that have always had a hand in manufacturing consent through their control of media outlets and news.
These articles, as they were all released within a very condensed time period, indicate a premeditated effort by the banking elites to pre-condition people into an eventual Pavlovian
acceptance of a cashless society. Just as it is no coincidence that Charlie Munger, Warren Buffet and Bill Gates all chose to very publicly denigrate gold within days of one another in their failed effort to help suppress gold prices just a few weeks ago, it is no coincidence that a handful of major publications all published articles peddling a strong push and acceptance for the creation of a cashless economy. Such an argument, if accepted by the masses, is truly dangerous for a number of reasons.
First, the coordinated media deluge of articles pushing for a cashless society clearly delineates, in my opinion, the end game of the banking cartel run by the Rothschilds, Warburgs, Morgans, Rockefellers et al. –the collapse of our current fiat currency system. There are those that argue that these unprincipled men want to uphold our current system but I think that they are missing multiple signals that they actually want to bring our current monetary system to a great fiery crash in order to install an even more repressive monetary system to replace it.Secondly, these articles are dangerous because they are also clearly designed to condition the masses to adopt the erroneous beliefs that gold and silver will lose their value, for what value could gold and silver possibly have when all future money is to be represented by digital bytes passed back and forth among computers? These articles are designed with three purposes in mind in my estimation. One, to ensure that people that were on the fence about buying gold and silver will not purchase gold and silver. Two, to goad those that hold gold and silver now to make a bad decision and sell their physical stores of gold and silver for fear of a gold and silver “crash”. And three, to eventually seize more control over the people as 100% digital money makes it very easy for the banking elite, as described by the Morgans in 1915, to suppress “everything in opposition to [their] wishes.” If we ever were to gravitate to an all digital money society, and were the masses to believe Time Magazine’s propaganda that “coins”, and not fractional reserve banking-induced inflation, is the “silent enemy of the poor”, then once a dissenting voice grows too strong and too loud, the banking cartel merely needs to zero out the digital bytes in that opposing voice’s bank account to effectively forever silence dissent.
Or consider other scenarios in which a 100% digital monetary system makes it incredibly easy to silence dissent. What if you believe in solar-activity based global warming but believe that the carbon-based global warming theory is a banker manufactured fraud to increase taxes on the people and you refuse to pay some bogus government legislated carbon tax because you sincerely believe it to be unjust? If we live in a 100% digital money world, civil disobedience and refusal to pay what you feel to be an unjust tax may become impossible as the banking cartel can merely digitally siphon off your funds without protest being possible. Banking cartel theft of citizens’ wealth (in addition to the already existing theft through inflation and income taxes) obviously is more difficult under our present cash and coin system than it would be under a purely digital system. Consider the repercussions of bankers that try to impose an unjust new tax under a physical gold or physical silver monetary system. In order to enforce payment upon resistors, the banking/government cartel would have to send armed men into a resistor’s house to extract that money, with the risk that this resistor may react violently to these home invasions. This is a scenario that the elite banking families want to avoid at all costs, and thus the reason for their strong push to gain widespread acceptance of a purely digital monetary system.
In the meantime as Central Bankers push for mass acceptance of their digital monetary system through their media propaganda blitz, Central Banks continue to buy massive amounts of gold, even though they still employ their shills to tell you that gold is not money, affecting a remarkable about-face in policy from just a few years ago when they were consistently net sellers every year of 500 tonnes of gold or more. Today, Central Banks have to transformed from massive sellers of gold into massive net buyers of gold. At a minimum, this turnaround from net selling to net buying in just the past several years is 1000+ tonnes but could possibly be in the multiples of this figure as “official” figures of gold purchases are always significantly understated due to Central Banks’ delays in reporting gold purchases or avoidance of reporting purchases at all. For example, China has not reported any increase in their official gold reserves since 2009 although their imports of physical gold through the port of Hong Kong has recently been skyrocketing. Could it be a mere coincidence that Central Banks are so concerned with buying as much physical gold as possible right now at a time when their owners are engaging on a massive propaganda campaign in pushing an agenda of a 100% digital monetary source? I think not.
Furthermore, the Central Bank race to the bottom in their fiat currency devaluation war and their devolution into a permanent Zero Interest Rate Policy continues to chug along. Just this past week, the Reserve Bank of Australia cut its key interest rate by 25 bp. When is the last time you heard a Central Bank in any major global economy help protect the purchasing power of people’s savings and in particular, help the elderly in their country that depend upon the preservation of the purchasing power of their savings, by raising interest rates? Thus despite the global stock market’s surge in the past couple of days that is largely attributable to the leaked news from the WSJ’s Jon Hilsenrath that QEIII is back on the table, I’m not as positive as everyone else seems to be that the Feds will make such an announcement at their next meeting this upcoming June 19th and 20th. Why my uncertainty in a sea of certainty? For one, the Feds have a reputation for deviously building expectations in the public eye and then doing the exact opposite of what the public expects to gain the maximum desired effect in their manipulations. As I’ve stated dozens of times in the past, I believe that the end game of the Central Banking cartel is to usher in another manufactured crisis that utterly destroys the US dollar and the Euro so that they can implement measures, perhaps a pure digital money society, that allows them to consolidate their power over the people to an even greater degree. Of course, creating and introducing trillions of additional dollars into the monetary base will effectively destroy the dollar over time, as it reinforces their current “extend and pretend” strategy.
However, should the Rothschilds, Warburgs, Rockefellers, Morgans et al decide that they want to expedite the destruction of people’s wealth in a more efficient and rapid manner, they could withhold the creation of the trillions of more dollars that would be necessary to uphold the financial derivatives market afloat, and instead, in withholding this money, cause the derivatives market to implode, thus triggering the blowback of bank failures across Europe and the US. And voila! The Central Bankers would accomplish their mission of destroying the people’s wealth in a much more timely manner than continuation of their "extend and pretend" policy. Thus, this is the great irony of our current situation. The criminals that run the Great Ponzi Embezzlement Scheme that is our global monetary system can deliberately destroy people’s wealth (that have no physical gold and physical silver and that store their wealth in fiat paper currency) through a number of options, and only they know what option they will choose. Thus, in the end, though global markets are reacting now as if QEIII is a done deal already, I would proffer up a guess, that at best, it’s only about a 50/50 shot that this will happen. If gold and silver continue to rise into the June 19th and 20th Federal Reserve meeting then the chances of inaction and the probability against another massive round of fiat money creation rise considerably above 50/50.
In any event, does a 100% digital money society benefit any citizen in any of the 193 countries in the world? In one word, no. Thus, we must do everything in our power to ensure that this global banking elite agenda is not fulfilled. I know that many people feel that the fight against the immoral banking cartel is futile, but I assure you that this is not the case. Recently, I conducted a simple poll at the SmartKnowledgeU Facebook page to try to assess what percent of the population understands that our current monetary system is inherently fraudulent and immoral. Of 649 people that read the post in the first two days after I posted it, 53, or 8.2%, stated that they understood this fact. Though some people that responded to the poll stated their frustration that the percentage was not much higher, when I conducted a similar poll 5 years ago, this percentage was much lower, at less than 4%. So the percentage of people that are awakening to the truths of our monetary system has doubled in just five years and I believe, continues to grow every day. Thus, unlike politicians that always preach but never deliver hope, we do have reason for real tangible hope to win the war against the banksters. Furthermore, one anthropology study determined that the trigger point for knowledge to go viral in a community is only 8% so we possibly may be right on the verge of monetary truths about our corrupt banking system going viral around the world. And when this happens, our war to establish a sound monetary system becomes infinitely more winnable.
One of the most effective tools of countering the elite banking cartel’s agenda is simply to buy more physical gold and physical silver and/or to convert a comfortable percentage of your paper fiat savings into physical gold and physical silver. I’ll explain exactly why such a simple maneuver will continue to protect you from the possibly devastating consequences of the global monetary end game in future writings. In the meantime, please don’t be fooled by the current banking cartel propaganda campaign that they want to offer us a purely digital monetary system for our “convenience” or to help solve “poverty”. Such an agenda to get rid of all other forms of money other than digital money is 100% about the banking elite’s desire to attain absolute control over us and nothing more. If we allow such an atrocity to become reality, we can effectively kiss what little economic freedoms we still retain goodbye. Thus we have no choice but to keep faith that we will win this battle.
About the author: JS Kim is the Founder and Managing Director of SmartKnowledgeU, a fiercely independent research & consulting firm that concentrates on
providing guidance in using the Precious Metals of Gold & Silver to preserve and grow wealth with a greater mission of fighting for the re-establishment of a sound monetary system worldwide. The SmartKnowledgeU Crisis Investment Opportunities newsletter has returned a cumulative positive yield of +155.57% from its inception in June, 2007 to June, 2012 despite the massive volatility and banking cartel manipulation of gold and silver. In the meantime, from 2001 until June 2012, the S&P 500, when priced against gold, has lost 84% of its value. Follow us on Twitter @smartknowledgeu.
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Politicians don't use cash for drugs and hookers. Legislative sponsorship and votes as lobbyists direct are their currency. The drugs and hookers show up prepaid by those asking for political favors ..... all very discreet. Travel expenses, use of cars, use of vacation homes, golf green fees, $1,000 bottles of wine, contractor shows up and repairs your house, flat panel TVs get delivered, sweetheart deals on real estate purchases, etc. etc.. There are a thousand ways to hand over value without using cash. Then there are lobbying consulting fees after office.
No self-respecting politician with any savvy is actually getting or handing over paper cash of any significance. Please. So naive.
Shares in GLD or SLV are theoretically backed by physical PMs and are traded digitally. Any currency (like the old Swiss Franc or gold backed USD) which can be redeemed at at a fixed rate to gold and or silver can be so used. The USD could be revalued to gold, made convertible and the present USD digital dollar system continued if monetary inflation was prohibited.
Digital money has its utility... but should it become the only way to transact or 'store' money then we truly have lost our freedom... WHO CONTROLS THE NETWORK?
Personally, I'm a big supporter of private enterprise... and have always wondered why the "Commons" doesn't just take the transaction network?
Not by a government 'owning' it... but by an ownership forumula along these lines: one user, one share, non-transferable expiring with death.
The "trigger" for catalyzing this user-owned network is the speech related micro-transaction (an unrecognized fundamental of speech).
This model is along the lines discussed by Doc Searls for a user-centered Internet instead of the current cow/calf model...
Stop making cows. Quit being calves.
A brief explanation of the model:
The Chagora Model: Scaling Speech
And here is some good theoretical crapoly about the biological connection that stands behind the corruption of both the TBTF banks and the duopoly:
Issues in Scaling Civlization: The Monsters-from-the-Id Dilemma
(there used to be a commenter over on Yves Smith's Naked Capitalism that would always close with "Deception is the strongest political force on the planet"... HE'S RIGHT!)
Catalyze the Network!
Very Interesting... CE stick around...
interesting, thanks
All-Digital currency = Track Everything, Tax Everything, Control Everything.
Its the wet dream of every fabian socialist control freak. Ever wonder why socialists admire the command/control structure of the military so much? (I know, the answer is they're souless idiots)
Will not work as long as the rule of law is not enforced, period. Far too many people already waking up to the fact that they can not access their "digital wealth", nor can they turn it into anything of real value. Very shortly it will be illeagal to cash out your 401k at all. You can have access when you die. Why people are not executing their "representatives" now is beyond me.
"Look out kid, because they keep it all hid."
And hack everything. If the stakes are so high, it will be only a matter of time until somebody unleashes the equivalent of Stuxnet on the banking system.
Don't you see? That's exactly the risk. The terrorists want to blow up your financial system including your currencies and exchange systems. Believe you me, if they can make steel buildings defy physics and shut down NORAD, they can do this. That is why we must let our saviors control, track, and tax everything. Homeland Security you can take to the bank...
Imagine living in an all digital currency world where you happen to make an enemy of a government. They will revoke your digital currency accounts and you will quite literally cease to exist.
They already do that. There are many people in the US who found out that the FBI was "investigating" them when thir credit and cash cards were suspended.
I would agree completely when the US eliminates private ownership of Gold/Sliver... Then we all are in trouble.
JS,
you concentrate on the problems with store of value, redistribution, and shifting control to the state and banksters. However, you neglect that the primary function of money is to serve as a medium of exchange, and that is why the choice of money is driven by transaction costs, not on control or redistribution. Gold cannot compete with digital payment systems on transaction costs. In other words, while it's a good store of value, it's not a good medium of exchange, as long as digital payments exist. If you have a system based on gold, the only way to achieve digital payments is through money substitutes, which will give power back to the banks and with that you're back to arbitrary restrictions and credit expansion.
The alternative, of course, is Bitcoin, which combines an inelastic supply, low transaction costs, decentralisation and high resistance to all kinds of manipulations, including credit expansion and confiscation by the state. If the financial system collapses, Bitcoin will continue to work. How can gold compete with that? It won't magically become cheap or even possible to send gold over the internet (ask GoldMoney).
Control the medium, control the exchange, control the man.
Bartering and every conceivable alternative is "illegal." It already is according to the IRS.
Get a clue.
Neither bartering nor the use of foreign currencies are illegal. They are merely penalised.
Moron, gold cannot compete because it is outlawed as a means of payment. Let people choose whether they want bitcoins, fed notes, gold coins, copper coins, gold deposit certificates or whatever.
Gold is not outlawed, it is merely penalised. On the second part I agree. But that still does not address my argument that gold has high transaction costs. Empirical data also suggests that when legal tender laws are abolished, people do not choose gold, they either remain with the local currency or amend it with foreign currencies (e.g. Somalia, Iraq).
Spot on. That's why its called fiat (that means by executive order). Free competition, the most important economic principal in the history of mankind is the solution to all these issues. Cartel controlled mediums of exchange (fiat currency) and banking systems are just plain inefficient and subject to massive boom/bust cycles. Indeed, let people choose just as we do in other economic matters-then the inexorable law of supply and demand will choose both the "best" currency and its "price". How can a small group of "experts" (the FED) determine the price of money (the interest rate) better than a market? If you can answer this tell me the correct price for milk, bread, gas etc. Currency is no different.
Fiat money comes to power by legal action, but that's not how it sustains itself. It sustains itself through the network effect. Merely abolishing legal tender laws does not lead people to choose gold (in addition since it does not decrease transaction costs). An increase in transaction costs of local fiat (e.g. hyperinflation), or a high degree of international trade can do that, on the other hand. But then again people tend to choose foreign currencies, not gold.
Other than that, I agree, legal tender laws and the monopoly on money production need to be abolished. I'm just pointing out it's not sufficient to motivate people to switch to gold.
How can gold compete with that?
Because at the end of the day, Bitcoin is just a bunch of 1's and 0's and it could (as far as a single individual in concerned) all go *poof* in any number of ways.
That's not to say that it isn't a great innovation with a lot of potential but at some level it can never compete with gold which has a huge track record and exists only in the physical world which is the same world where human beings live.
...
...
There are a couple of ways Bitcoin can fail:
Other than that, it will last as long as the Internet lasts.
"Fractional bitcoin reserve" would not act as a medium of exchange, since it does not decrease transaction costs. So no credit expansion. (most likely)
Outlawing Bitcoin would only work if it was enforced worldwide, and in space (e.g. bitcoin nodes in low orbit). There are also practical issues with enforcing it, since unlike gold, it's unclear where the specie is which to confiscate. So if anything, this is an argument against gold, not Bitcoin.
Internet is not strictly necessary (one node is sufficient), even though without it Bitcoin would lose much of its advantages. But if internet goes, we might well have more pressing needs.
100 years ago, Ludwig von Mises rejected that the value of money is determined by its physical properties:
As long as Bitcoin has an advantage in the transaction costs, and these are sufficient to compensate for the network effect of encumbent money (not counting hybrid fiat/Bitcoin payment systems like those provided by Bit-Pay or Mt. Gox, which allow Bitcoin to be used as transparent infrastructure and work in its favour), it will continue to exist. In my opinion, empirical data leads to the conclusion that Bitcoin already crossed the liquidity threshold (=critical mass for network effect) and is therefore self-sustaining. To claim that Bitcoin would be replaced by gold is analogous to claiming that the internet will be replaced by horse carriages because they are real, whereas the internet is just 0s and 1s.
Now, I agree, of course, all kinds of things could happen which would break the transaction cost advantage of Bitcoin and gold would come at the top. Similary as if strong solar storm or EMP wipes out all electronics, that would give a horse carriage an advantage over the internet (which would cease to exist). But potential issues exist with any medium of exchange.
This wouldn't be the first time that an economic model didn't match reality.
Of course there is little reason why a near utility-free substance like gold should be humanity's default, universal store of value but it is and always has been. It's elemental nature, scarcity, durability, portability and aethetic properties are apparently good enough.
Besides, the best medium of exchange and the best single store of value when TSHTF are two different things.
You might have a point, I'd just like to add that the function of store of value is a consequence of the function of a medium of exchange, so it's not that simple. When the financial system goes, Bitcoin will continue to work. There are also projects like http://bitcoincard.org/ which further decrease the dependence on the electric grid and communication networks.
In 5000 years of history we have learned through trial and error and as a result engineering and medicine have made great strides. Yet in matters of money we have regressed beyond belief.
It always strikes me as funny how they are pushing electronic transactions on to us so that customers and merchants can be charged bank fees yet banks and other financial institutions are resisting a financial transactions tax with tooth and nail.
Paradoxically, it's the attempt to have a monetary system based on gold that would end up with bankster control. At a lower degree than fiat, admittedly, but still. With Bitcoin, the user is back in control.
100 Percent Gold Backed Currency FTW
100% backed substitutes have higher transaction costs than fractional reserves (as the maintenance of reserves costs money), so without enforcement, it wouldn't work. Furthermore, it would need to be enforced around the whole world, as otherwise people can just open an account with a foreign FRB bank. Then there's also the problem that illegalising FRB as such would violate property rights.
Edit:
Also, money substitutes do not fix the problem with centralisation and control. The state can still confiscate your money, and the banks can still f*** with you, just like paypal can freeze your account anytime for any reason they like even though they don't run FRB.
So gold, even with 100% reserves (if it is actually even possible to implement on a free market), only solves the problem of credit expansion and leaves the other problems unaddressed.
gold BACKED? why not cut out the whole bs about currency and just use gold already?
Agreed. How the hell anyone can beleve that wealth can be stored in a computer is beyond me. Cyber terrorism, an EMP event, hackers, or even a spiteful government can write off your fantasy money with the push of a single button.
Just like I said in the original post, you're concentrating on the store of value while ignoring the medium of exchange. That's not to say that it's bad to have a store of value, just that that's not how people choose money.
You do not have to store Bitcoins in an electronic medium, any object that can record 64 bytes of information would do. Furthermore, gold is easier to confiscate by the governments. Bitcoin can provide protection features that you cannot implement with gold (e.g. split key, encryption, multiple copies).
As a store of wealth, sure. Gold is great for that, as long as you can keep it somewhere safe. For transactions, though... I'm in the UK. Say you want to buy something I'm selling, cos you need it for your business and can't get one locally. How precisely am I going to get your gold?
Without some proxy for the value of the underlying gold, trade across any reasonable distance becomes difficult.
Bitcoin
Who is to blame for this? Is it Europeans? It seems that countries with majority European populations are the quickest to embrace the high tech police state. Are European people born tyrants? Control freaks? Simply more obedient to authority than others?
It seems to me that men can be free outside of European majority nations, but not within them. It's not a religious thing, as even atheist Sweden is quick to embrace the police state and digital currency while Catholic Mexico refused the body scanners at the airports and is by all accounts a nearly lawless society.
I just want to be free and live in peace. It is clear to me that's impossible within the Anglosphere and most of Western Europe. Seems all those libertarian/anarcho capitalist types that fled to South America a decade ago were on the right track.
Thank goodness (Roman) Catholic (Spanish) Mexico is not European. And South America, no European blood there.
Europeans still consider having kings and queens as normal societal structure. Hard to erase that paradigm when it goes back over 1,500 years. I did not know about the mexican refusal of the body scanners, but they and other hispanic cultures are just as fond of monarchies as europeans, although they seem to have morphed this a bit from kings to military strongmen.
It is what made this country so great in its early stages. For once free people were in a position to govern themselves, absent the presence of a 'royal lineage' or Supreme Imperial Generalisimo. Too bad we only had a short run of it before we totally fucked it up into the quasi-communist-banana-socialist-tin-pot-oligarchical-farce it is today.
In the early days of the American republic, American diplomats in European royal courts were often mistaken for waiters or undertakers or lower servants because of their plain dress .
Use the Remedy within the Federal Reserve Act. http://savingtosuitorsclub.net/ Stop being a Slave!!!!!! This is Tax Free Money!!!!!!!!
The Republic vs THE CORPORATION http://www.usavsus.info/
The Communist Takeover Of America - 45 Declared Goals
http://www.rense.com/general32/americ.htm
How corporatism replaced the Republic Thru the Federal Reserve Banking System
http://www.blacklistednews.com/Federal_Reserve_Banking_System_/19014/0/0/0/Y/M.html
You'll know the push to go cashless will be complete when they make a new Star Trek movie focused on the concept of Federation Credits.
https://en.wikipedia.org/wiki/Federation_credit
I agree that a 100% digital monetary system is coming, and soon. What is my solution? Go long land and cattle. Good luck outlawing or digitizing pasture and beef.
Most anyone, most anywhere, can take some of his or her fiat currency and buy a little land with a little water and a few head of cattle. Before you know it, you have built up some real wealth and are having some real fun.
You would be shocked to learn how easy it is to do, and how profitable it can be.
+1, hedgeless_horseman...
Start with a simple Jersey cow for all your home dairy needs...
Learn to make butter, cheese and yogurt, my friends...
Outfits like Conagra and Monsanto have been working on that little problem, you know.
It's hard to say how far they will get, but they've been working on it. Starting with repurposing the FDA and USDA, kicking over lemonade stands and aggressively enforcing their "intellectual property rights" to drive non-compliant farmers out of business and take their land.
Wow, that is quite a bit of internet hyperbole. Monsanto does not force farmers to use their seed. However, if you do elect to use their seed, then you need to pay. If you do not pay, it is called theft. Transgenic plants are the same as software, pharmaceuticals, music, or any other technology. You create it, then you own it for the life of the patent or copyright.
Only someone who either does not believe in the concept of private property, or does not understand transgenics and/or farming, would put quotes around intellectual property rights in this instance.
You are wrong hh...
Monsanto GMO and Round up resistant crops spread into neighbouring farm fields that don't use Monsanto.
Then Monsanto ass hole terrorists trespass on these farmer's land, take samples and claim the farmer who never bought, never planted Monsanto seeds and owes them...
The farmers are sued in court, all across the Midwest and Canada...
Monsanto is a fascist, criminal, terrorist organization.
Then please, provide one concluded legal case (not pleadings) where, "Monsanto is suing farmers who did NOT steal anything..."
Again, that should be easy enough, since they are such an evil company, with so many lawyers, there must be dozens if not hundreds of cases all across the Midwest and Canada. Right?
I want to believe you, I really do. But as a farmer with a degree that allows me to understand transgenics, I have not seen the evidence. I do, however, see farmers, like most other Americans, trying to get something for nothing on a daily basis.
HH
"Then please, provide one concluded legal case (not pleadings) where, "Monsanto is suing farmers who did NOT steal anything..."
I don't have a dog in the fight, but any large corporation or government can easily bankrupt a small guy long before a judgement, and even after a judgement.
Here's the primary case driving all of the stories. Luckily, he actually finally managed to beat Monsanto. Of course, it only cost him several years of his life travelling around the world in order to get support.
http://www.percyschmeiser.com/