Bitcoin climbs above $9,000 for first time in over a year, Why Goldbugs are wrong about Bitcoin – June 17, 2019,
If you listen to most Libertarians and followers of Austrian economics, the gold monetary standard is extremely important to their philosophy, although most of the books I read come from Austrian economic thinkers, I’ve never been against central baking or fiat money. My stance has always been if we’re not forced to trade in it, then money can be whatever the hell people want it to be. Money can be backed by an army, food, water, oil, faith or… BLOCKCHAIN technology. I could care less what money is backed by, where there’s demand people will gravitate. I’ve often listened and observed Peter Schiff a brilliant stockbroker who is a firm believer in Gold but recommends stocks whose value are based on fiat dollars.
I bring up Peter Schiff because his focus appears to revolve around Non-U.S based stocks which usually baffling to me, to make most European nations revolve around regressive taxation, whereas minus the Democrat-run U.S states, Income taxation is typically the name of the game for U.S politicians. If you want welfare for the poor, if you want to grow the size of government it will come from your income taxes, your corporate taxes, but you can visit many U.S States that try to keep sales taxes or regressive taxes in general down or as low as possible, why? Because America is the one country that understands that if you want people to spend money, if you want to keep prices down, regressive taxes have to be kept to a bare minimum.
I can hear some Americans saying our cost of living is preposterous, however, I will argue that the U.S economy is one of the more consumer-friendly economies in the world, which is why obesity even exists among America’s poor. The America States with the largest homeless populations, tend to be U.S States with the most regressive taxation, the U.S States that try to mimic the European regressive taxation model, that raises the cost of living. I bring this up because whether there’s a Fiat standard or a Gold Standard bad economic policies are bad economic policies.
If we had a Gold Standard, of course, public debts couldn’t reach the level they are now, but money if history is the best teacher the reality is in a democracy the government would be diluting and manipulating the gold standard anyway. Why? Because people like barter flexibility, humans don’t like to nailed down to any rules, accepting the gold standard or any monetary standard should be a choice people make. There’s currently a market demand for fiat dollars, in the future maybe things will be different.
But the Gol Standard historically has always failed, I don’t get why Goldbugs think that the Gold Standard is the perfect standard that everyone should adhere too. No, historically people have always gravitated to a paper money system. The problem with a paper money system is finding and maintaining its integrity. Why has the U.S fiat dollar held up for 40+ years? Because until recently the U.S dollar has shown it has integrity, it symbolized something.
With the creation of near zero percent interest rates, it appears that unless the U.S Federal Reserve has the temerity to raise interest rates to normal levels, the U.S dollar monopoly will come to an end. But if the U.S dollar comes to an end, there’s no guarantee that it will be replaced with a Gold Standard, it could be replaced with Blockchain derived currency. People like fast bartered transactions and the reality is Blockchain actually helps law enforcement track down ‘criminals’. Personally, I’m not a huge fan of using Blockchain for money, but I’m not a fan of a gold standard either.
Goldbugs have been given ample opportunities to build an infrastructure for a gold standard economy, but they’ve refused, instead, they wait idly by for the fiat monetary system to end, so they can hopefully enrich themselves and scream at the top of their lungs – “SEE I TOLD YOU SO!”. Cryptocurrencies, on the other hand, have been building infrastructure all over the world, they’re building their own economy, they’re not only anticipating a fiat monetary crash they’re preparing and aligning themselves to take a large chunk of the money economy when it happens.
Goldbugs could learn a lot from the Cryptocurrency crowd about putting your money where your mouth is. Currently, in almost every gold mine, you’ll find a Labour Union raising the cost to mine, slowing down the trade and raising costs. People want a fast transaction, people want to Barter the way they’re accustomed to and Cryptocurrencies namely Bitcoin does this, which is why Bitcoin is currently worth more than Gold.
Executive Order 6102, Bitcoin and Bernie Sanders
In a democracy, you always have to take socialists seriously, free enterprise individuals tend to write off socialism and socialist politicians, No, never ever write off a socialist politician. Executive Order 6102 signed on April 5, 1933, by President Franklin D. Roosevelt “forbidding the hoarding of gold” really happened, it’s already happened and this happened during a Gold Standard.
Franklin D. Roosevelt was a Democrat and Leftist historically confiscate private property when they deem it necessary. When Nixon cut ties with the Gold Standard, there was a huge demand for it, as most people had already experienced gold confiscation, I think people forget the mood of the United States when the Gold Standard was axed. Gold Standards are problematic the moment you introduce laws like the minimum wage which artificially raise the cost of labor. Once market fundamentals are removed or altered in the market place, whatever pure system of governance you think you had is gone!
The creation of the minimum wages and the growth of the paid public sector created a whole new type of demand for money. How do you pay for a growing public sector? The answer is you don’t, you never do, you create a debt-fueled economy a consumer based economy based on consumer lending that appeases the banks. Now, if you’re against this monetary system you create assets, those assets could be Gold or Bitcoins and the reason you do this while allowing the fiat money system to grow is that you alleviate yourself from the inevitable Bernie Sanders types that will eventually come into the Presidential office. INFRASTRUCTURE, you prepare for these things
Democratic socialism is what Socrates warned us about, this is why Socrates hated democracy, it’s inevitable, it’s going to happen to democracy, eventually, a case will be made why the government should grow the public sector and whether it makes sense or not, portions of it will penetrate through the Republic, in California Americans have been able to see democratic socialism at work, in France people have been able to experience democratic socialism, in many parts of the Latin America, democratic socialism is the name of the game, it sounds wonderful to the ears of young and/or ignorant persona WHO ARE LEGALLY ALLOWED TO VOTE for the President.
Bitcoin and any ‘money’ with integrity that allows you to trade/barter shouldn’t be frowned upon, there shouldn’t be a war on different forms of money. It’s my personal belief that during Donald Trump’s second term in office there will be a market crash that forces interest rates up and also makes Donald Trump renegotiate America’s debts. Now, I’m not afraid to be wrong, but if I’m wrong, the reality is that if there is no debt renegotiation eventually democratic socialism will come to the United States and if you’re smart and if you care about your children, it’s wise that there be multiple monetary infrastructures in place, to give yourself and your family a fighting chance against the tyranny of democratic socialism.
Democratic socialism is mob rule, it’s how all authoritarian governments are formed, there’s always an excuse for the government to confiscate private and personal property and the only way to avoid over taxation from tyrannical governments is to not use their money and practice not using their money! This is the reality, this message has to be flesh and the message has to be spread globally, something that believers in Bitcoin are doing a lot better than Goldbugs! Bitcoin climbs above $9000, most techy’s see the writing on the wall, the market sees it, I see it, even the establishment Democrats see it.
Democratic Socialism is growing and it will destroy America, important to understand is that democratic socialism isn’t anything new, equally important to remember is that the Euro, the European Union currency(€) has only been with us since 1999, do people forget why the Euro was created? It was created because Western Europe embraced DEMOCRATIC SOCIALISM. Democratic socialism destroyed the currencies of most European nations! The creation of the Euro currency was actually an economic stimulus for Europe and look -_- within 20 years the stability of the European Union is already being put into question. Democrat Socialism typically results in growing the size of government and most importantly it equates to growing the public sector. Please observe the image below
Do you believe that individuals who work for the public sector have the right to Unionize? Because if you the Bernie Sanders 21st century bill of rights will be extremely expensive to implement. Collective bargaining in the Public Sector is why a lot of Public Sector pensions are at risk today. Public Sector workers collect a paycheck and without a productive private sector, the public sector will have a hard time collecting money. Making matters worse will be the collective bargaining of the public sector unions, Americans have gotten a taste of public sector unions via the Public School teachers unions.
- Affordable housing,
- A quality education,
- A secure retirement,
- Health care,
- a clean environment,
- A decent job that pays a living wage,
The above all require government intervention and enforcement into the economy as well as the growth of the public sector. Only the biggest and most profitable businesses can afford to participate economically in Bernie Sanders’s America. Artificially raising the minimum wage wipes out a lot of industries in U.S States that enjoy a lower cost of living. Raising the minimum wage FEDERALLY means certain businesses will hire fewer people, it also equates to higher prices, which hurts the poor. A secure retirement, I’m not entirely sure what that means but if it’s money or labor, again people can unionize and if you make a secure retirement law, it forces the young to be slaves to the old, because I mean somebody has to wash grandpa Bernie’s ass.
A quality education? Bernie doesn’t come across as a person that believes in the school vouchers, and if he does, I’d need to know what he considers to be quality education, is he talking about a common core curriculum? and again teachers can drive prices up if Bernie demands that quality education be administered by government-approved entities. Affordable housing, yea, well you see, the reality is some humans are destructive with government or other people’s property. So I’m not sure what Bernie means when he says affordable housing, because in practice housing requires maintenance and in poorer areas, where property rights aren’t respected, maintenance costs for housing will be extremely expensive.
I bring all this stuff up because Bernie plans on using U.S fiat dollars to pay for his democratic socialism, so I hope you see why Bitcoin, Gold and other forms of barter and trade shouldn’t be ignored if democratic socialism begins growing in popularity.
Bitcoin climbs above $9,000 for first time in over a year amid Facebook crypto talk – CNBC
interesting times ahead