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At This Juncture…
Former US federal reserve chairman Ben Bernanke recently wrote this tribute to self:
As the chairman of the Fed during the 2008 financial meltdown, Mr. Bernanke stated the following sentence just prior to the calamity that destroyed the financial well-being of thousands of people whilst leaving the super rich bankstas responsible for the fiasco unscathed:
At this juncture, however, the impact on the broader economy and financial markets of the problem in the subprime market seems likely to be contained – Ben Bernanke, Testimony before the Joint Economic Commission March 28, 2007
Maybe the book should have been truthfully titled:
Bedfellows
In theory, central banks are supposed to act independently of governments for the good of the national economy. In practice, central banks and governments jump right into bed with each other when either of them finds itself in a financial pickle.
When privately funded banks need bailing out because of idiotic, greed-driven behavior, the central bank uses fear-mongering to act on their behalf and get the government to bail them out with our hard earned money. On the other hand, when the government needs money to finance massive wars and welfare programs they know they can’t afford, the central bank simply prints money out of thin air to finance the reckless behavior – the inflation tax.
The precious metals, of which gold is king, have always served as the ultimate hedge against fiat currency collapse. That’s why the price of gold rises whenever the populace’s faith in fiat currency decreases.
Since the birth and continuous rise of Bitcoin, the average Joe Schmoe now has 2 ways of protecting himself against greedy bankstas and irresponsible politicians. Mr. Schmoe can use the Gold and Bitcoin dynamic duo to keep a watchful eye on “those in charge” of your long-term financial fate.
“The threat of Bitcoin places constraints on monetary policy. In jurisdictions that finance large amounts of government spending through the inflation tax, such a constraint may become binding”. – VP of the federal reserve bank of St. Louis
Bitcoin is an even better hedge than gold against nefarious institutional monetary behavior. Bitcoin is waaaay more difficult for deadbeat governments to steal from its people to pay off bad debts. Bitcoin is for the little person, like me….. and you?
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WTF?
Meh!
D'oh!
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