ecstatichamster
Member
- Joined
- Nov 21, 2015
- Messages
- 10,538
the world depends upon the stability of the USD and treasury debt. The USD is the only currency that has lasted this long and it has tremendous value throughout the world.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Click Here if you want to upgrade your account
If you were able to post but cannot do so now, send an email to admin at raypeatforum dot com and include your username and we will fix that right up for you.
very true, but the world will also be fine when a new power rises to take the privilege of being the holder of the world's reserve currencythe world depends upon the stability of the USD and treasury debt. The USD is the only currency that has lasted this long and it has tremendous value throughout the world.
very true, but the world will also be fine when a new power rises to take the privilege of being the holder of the world's reserve currency
the world depends upon the stability of the USD and treasury debt. The USD is the only currency that has lasted this long and it has tremendous value throughout the world.
us optimists hope for numerous competing private cryptos instead of fiat when that happens
A truly independent, decentralized crypto currency will likely have such volatility as to make things like countries, national budgets, etc a thing of the past. Here we are with the Fed/bankers worrying if even a quarter of percentage point interest increase will destroy the economy. BTC can swing by 30%-40% in a single day. It can only work if there are no more govts around the world as no govt can survive such swings.
agree with everything you've said here. I think MMT distorts incentives. ill also add that while having reserve currency status is primarily a political advantage, it too has drawbacks. the US's large, seemingly perpetual trade deficits are essentially the result of a perpetual demand for dollars. since the 1970's when the current 'petrodollar' system began, the US balance of trade and net international investment position (how many foreign assets the US holds less how much US assets foreigners own) have completely collapsed. America went from the largest creditor nation to the largest debtor nation.Nothing wrong with that, and I hope it stays this way. The concern here is that the govt and the financial system (if it can even be called that, instead of a racket) seem to now be believing in (and practicing) the fantasy known as MMT, which directly undermines that global reserve currency status. If we can print some to "solve" a financial crisis, why not print a tiny fraction more and resolve all of the domestic issues like retirement, (unpayable) mortgages, student loans, medical bills, etc? Why pay any more taxes, ever? Just print everything that is needed. All of those retail "expenses" are no more than 20% of what has already been thrown at the banks just in the last 12 months, and likely in vain as they are in no better shape financially due to lack of productive investable assets in the "developed" countries. I don't think the world works that way...but just because it is madness does not mean it will not be practiced.
@davvid_1
Vigilant user @Drareg recently posted a few threads of interest to those who want to know just how deep the rabbit hole goes when it comes to the elite's financial shenanigans. One of the threads was an interesting analysis by a Reddit user, which shows that most publicly traded company around the world are owned by a mysterious entity that the Reddit user called "MegaCorp, Inc". In that post, the user demonstrated that Fidelity, BlackRock, Vanguard, and StateStreet are major components of MegaCorp.
View: https://www.reddit.com/r/Superstonk/comments/ows1a2/will_the_real_gme_bbemg_please_stand_up_cont_part/
Drareg also posted another thread on a recent post by WallStreetOnParade, alerting us to the impending release of data by the Fed showing which financial institutions were insolvent back in Q4 of 2019, whose insolvency triggered another global financial crisis and massive bailouts dwarfing the ones in 2008, and that financial catastrophe became known to the sheeple around us as the "COVID-19 pandemic".
2019 Bank Bailout
A good article highlighting the fed bailing out wall street in 2019 before covid started, once the WHO declared a pandemic they ramped up the bailout and framed it as covid stimulus. This is the reason for covid lockdowns and hysteria in general, on top of this they amplified George Floyd to...raypeatforum.com
I commented in that thread that based on bank public investing behavior and general state of the "developed" economies, my guess is that most Western financial institutions are insolvent.
2019 Bank Bailout
A good article highlighting the fed bailing out wall street in 2019 before covid started, once the WHO declared a pandemic they ramped up the bailout and framed it as covid stimulus. This is the reason for covid lockdowns and hysteria in general, on top of this they amplified George Floyd to...raypeatforum.com
It looks like the Fed data release from last night corroborates that fear of mine. I have extracted below the list of all institutions who took multiple emergency repo loans from the Fed back in Q4 2019, and have underlined the more important/troubling ones. I am also attaching the actual spreadsheet in case the Fed gets second thoughts and pulls it from their website due to media outcry.
Aside from the usual suspects (Wall Street megabanks), please note the presence there of multiple non-US banks of so-called "systemic importance" - HSBC, RBS, RBC, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, etc. In addition, please note the presence of Fidelity, Vanguard, BlackRock, StateStreet, etc as well as numerous other retail investing companies considered to be fully legit and not in financial trouble, while the first four are also the main components of MegaCorp. If MegaCorp is insolvent, then it is little surprise the bailouts took place. Furthermore, note the presence of Fannie and Freddie as well. Yes, we are in a massive housing fraud again, with the same players and the same illegal deeds going on again.
Perhaps worst of all, it looks like some of the largest depositor banks and money-market funds were also repeated recipients of such emergency funds, which paints a truly scary picture of the state of the financial system in the "developed" world. If depositor banks and money market funds are in trouble, it suggests either massive fraud on their part by investing in dangerous "assets" (which they are prohibited from doing by law) or them simply cooking the books and lying about depositor assets (which is also highly illegal).
One way or another, all this likely means one or more of the following: (1) nothing has been fixed in global economy/finance since 2008, and this time it is much more global in scale; (2) this time the bubble/fraud spans even the "safest" banks and their "instruments"; (3) if the Fed were to raise the interest rates by even a quarter point, the whole thing will crumble rapidly, and on a global level too; (4) anybody with a 401K and counting on that money is likely in for a very rude awakening; (5) anybody with deposits in the money market funds and/or the depositor banks listed below is probably in a similar position to the 401K holder; (6) regardless of what "pandemic" comes next, this mess below is unfixable and collapse of some sort is imminent, possibly including a run on the depositor banks too (this would explain the frantic cyber attack "simulations" IMF is performing as we speak: Israel and the coming cyber attack on banks).
@Regina @tankasnowgod @AlaskaJono
By Pancaking Term Loans, JPMorgan Had $30 Billion Outstanding from the Fed’s Emergency Repo Loans in the Last Quarter of 2019
By Pam Martens and Russ Martens: December 31, 2021 ~ Jamie Dimon, Chairman and CEO of JPMorgan Chase, likes to perpetually brag about his bank’s “fortresswallstreetonparade.comHistorical Transaction Data - FEDERAL RESERVE BANK of NEW YORK
www.newyorkfed.org
AB Fixed-Income Shares, Inc. - AB Government Money Market Portfolio
Ally Bank
American Funds U.S. Government Money Market Fund
Amherst Pierpont Securities LLC
Bank of America, N.A.
Bank of Montreal (Chicago Branch)
Bank of Nova Scotia, New York Agency
Barclays Bank PLC - New York Branch
Barclays Capital Inc.
BlackRock Liquidity Funds: FedFund
BlackRock Liquidity Funds: TempCash
BlackRock Liquidity Funds: TempFund
BlackRock Liquidity Funds: T-Fund
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
BofA Securities, Inc.
Cantor Fitzgerald & Co.
Citibank, N.A.
Citigroup Global Markets Inc.
Columbia Short-Term Cash Fund, a series of Columbia Funds Series Trust II
Credit Agricole Corporate and Investment Bank
Credit Suisse AG, New York Branch
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Dreyfus Cash Management
Dreyfus Government Cash Management
Dreyfus Institutional Preferred Government Money Market Fund
Edward Jones Money Market Fund
Federal Agricultural Mortgage Corporation (Farmer Mac)
Federal Home Loan Bank of Atlanta
Federal Home Loan Bank of Boston
Federal Home Loan Bank of Chicago
Federal Home Loan Bank of Cincinnati
Federal Home Loan Bank of Dallas
Federal Home Loan Bank of Des Moines
Federal Home Loan Bank of New York
Federal Home Loan Bank of Pittsburgh
Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of Topeka
Federal Home Loan Mortgage Corporation (Freddie Mac)
Federal National Mortgage Association (Fannie Mae)
Federated Capital Reserves Fund
Federated Government Obligations Fund
Federated Government Obligations Tax-Managed Fund
Federated Government Reserves Fund
Federated Institutional Money Market Management
Federated Prime Cash Obligations Fund
Federated Prime Obligations Fund
Federated Prime Value Obligations Fund
Federated Tax-Free Obligations Fund
Federated Treasury Obligations Fund
Federated U.S. Treasury Cash Reserves
Fidelity Colchester Street Trust: Government Portfolio
Fidelity Colchester Street Trust: Money Market Portfolio
Fidelity Colchester Street Trust: Prime Money Market Portfolio
Fidelity Colchester Street Trust: Prime Reserves Portfolio
Fidelity Colchester Street Trust: Treasury Portfolio
Fidelity Hereford Street Trust: Fidelity Government Money Market Fund
Fidelity Hereford Street Trust: Fidelity Money Market Fund
Fidelity Newbury Street Trust: Fidelity Treasury Money Market Fund
Fidelity Phillips Street Trust: Fidelity Government Cash Reserves
Fidelity Revere Street Trust: Fidelity Cash Central Fund
Fidelity Revere Street Trust: Fidelity Securities Lending Cash Central Fund
Fidelity Salem Street Trust: Fidelity Series Government Money Market Fund
First American Government Obligations Fund
First American Treasury Obligations Fund
General Money Market Fund
Goldman Sachs & Co. LLC
Goldman Sachs Financial Square Government Fund
Goldman Sachs Financial Square Money Market Fund
Goldman Sachs Financial Square Prime Obligations Fund
Goldman Sachs Financial Square Treasury Solutions Fund
Government Cash Management Portfolio
HSBC Securities (USA) Inc.
Institutional Liquid Reserve Portfolio
Institutional US Gov. Money Market Fund, a series of the State Street Master Funds
Jefferies LLC
JPMorgan Chase Bank, N.A.
JPMorgan Liquid Assets Money Market Fund
JPMorgan Prime Money Market Fund
J.P. Morgan Securities LLC
JPMorgan Tax Free Money Market Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Treasury Plus Money Market Fund
Master Premier Government Institutional Portfolio
Master Treasury Strategies Institutional Portfolio
Mizuho Bank, Ltd.
Mizuho Securities USA LLC
Money Market Master Portfolio
Morgan Stanley Bank, N.A.
Morgan Stanley & Co. LLC
Morgan Stanley Institutional Liquidity Funds Government Portfolio
Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio
Morgan Stanley Institutional Liquidity Funds Prime Portfolio
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio
Natixis New York Branch
NatWest Markets Securities Inc.
Nomura Securities International, Inc.
Northern Funds - U.S. Government Money Market Fund
Northern Institutional Funds - Government Portfolio
Northern Institutional Funds - Government Select Portfolio
Northern Institutional Funds - Treasury Portfolio
NTAM Treasury Assets Fund
PFM Funds Government Select Series
Premier Portfolio, a series of the AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Prime Master Fund
RBC Capital Markets, LLC
RBC Funds Trust, U.S. Government Money Market Fund
Royal Bank of Canada
Schwab Government Money Fund
Schwab Treasury Obligations Money Fund
Schwab Value Advantage Money Fund
Societe Generale, New York Branch
State Street Navigator Securities Lending Government Money Market Portfolio
STIT Government and Agency Portfolio
STIT Liquid Assets Portfolio
Sumitomo Mitsui Banking Corporation, NY branch
TD Securities (USA) LLC
The DFA Short Term Investment Fund of The DFA Investment Trust Company
The Money Market Portfolio
The Northern Trust Company
Treasury Money Market Master Portfolio
T. Rowe Price Cash Reserves Fund
T. Rowe Price Government Money Fund, Inc.
T. Rowe Price Government Reserve Fund
T. Rowe Price U.S. Treasury Money Fund
UBS Securities LLC.
Vanguard Federal Money Market Fund
Vanguard Market Liquidity Fund
Vanguard Prime Money Market Fund
Wells Fargo Bank, NA
Wells Fargo Cash Investment Money Market Fund
Wells Fargo Government Money Market Fund
Wells Fargo Heritage Money Market Fund
Wells Fargo Money Market Fund
Wells Fargo Securities, LLC
Wells Fargo Treasury Plus Money Market Fund
Western Asset/Government Portfolio
Wilmington U.S. Government Money Market Fund
Crypto is still debt based money. Whether it's Federal Reserve Notes or Bitcoin, or anything based on either of those two, both still rely on double entry accounting. There is nothing of value created, and it's all ZERO in the end. It's "Money of Account," not "Money of Exchange."us optimists hope for numerous competing private cryptos instead of fiat when that happens
In a sense, true, but that does make them bigger power brokers.I guess you and most of you already know that Vanguard, black rock and the likes actually are asset management companies? Vanguard (vg) has revenues of usd 6bn and usd 7.1 trillion under management. So when vg owns big shares of most companies it is not actually vanguard that owns them, but vg’s customers. Vg’s customers are mostly you and me trough savings in vg’s promoted funds. Their most popular fund are their index tracking funds and similar etfs. I am not saying they are not powerful, since they can control a big portion of ownership, but they do not own it, and you as an investor can redeem your savings from vg’s funds or other big asset managers and instead invest directly in companies.
Vigilant user @Drareg recently posted a few threads of interest to those who want to know just how deep the rabbit hole goes when it comes to the elite's financial shenanigans. One of the threads was an interesting analysis by a Reddit user, which shows that most publicly traded company around the world are owned by a mysterious entity that the Reddit user called "MegaCorp, Inc". In that post, the user demonstrated that Fidelity, BlackRock, Vanguard, and StateStreet are major components of MegaCorp.
View: https://www.reddit.com/r/Superstonk/comments/ows1a2/will_the_real_gme_bbemg_please_stand_up_cont_part/
Drareg also posted another thread on a recent post by WallStreetOnParade, alerting us to the impending release of data by the Fed showing which financial institutions were insolvent back in Q4 of 2019, whose insolvency triggered another global financial crisis and massive bailouts dwarfing the ones in 2008, and that financial catastrophe became known to the sheeple around us as the "COVID-19 pandemic".
2019 Bank Bailout
A good article highlighting the fed bailing out wall street in 2019 before covid started, once the WHO declared a pandemic they ramped up the bailout and framed it as covid stimulus. This is the reason for covid lockdowns and hysteria in general, on top of this they amplified George Floyd to...raypeatforum.com
I commented in that thread that based on bank public investing behavior and general state of the "developed" economies, my guess is that most Western financial institutions are insolvent.
2019 Bank Bailout
A good article highlighting the fed bailing out wall street in 2019 before covid started, once the WHO declared a pandemic they ramped up the bailout and framed it as covid stimulus. This is the reason for covid lockdowns and hysteria in general, on top of this they amplified George Floyd to...raypeatforum.com
It looks like the Fed data release from last night corroborates that fear of mine. I have extracted below the list of all institutions who took multiple emergency repo loans from the Fed back in Q4 2019, and have underlined the more important/troubling ones. I am also attaching the actual spreadsheet in case the Fed gets second thoughts and pulls it from their website due to media outcry.
Aside from the usual suspects (Wall Street megabanks), please note the presence there of multiple non-US banks of so-called "systemic importance" - HSBC, RBS, RBC, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, etc. In addition, please note the presence of Fidelity, Vanguard, BlackRock, StateStreet, etc as well as numerous other retail investing companies considered to be fully legit and not in financial trouble, while the first four are also the main components of MegaCorp. If MegaCorp is insolvent, then it is little surprise the bailouts took place. Furthermore, note the presence of Fannie and Freddie as well. Yes, we are in a massive housing fraud again, with the same players and the same illegal deeds going on again.
Perhaps worst of all, it looks like some of the largest depositor banks and money-market funds were also repeated recipients of such emergency funds, which paints a truly scary picture of the state of the financial system in the "developed" world. If depositor banks and money market funds are in trouble, it suggests either massive fraud on their part by investing in dangerous "assets" (which they are prohibited from doing by law) or them simply cooking the books and lying about depositor assets (which is also highly illegal).
One way or another, all this likely means one or more of the following: (1) nothing has been fixed in global economy/finance since 2008, and this time it is much more global in scale; (2) this time the bubble/fraud spans even the "safest" banks and their "instruments"; (3) if the Fed were to raise the interest rates by even a quarter point, the whole thing will crumble rapidly, and on a global level too; (4) anybody with a 401K and counting on that money is likely in for a very rude awakening; (5) anybody with deposits in the money market funds and/or the depositor banks listed below is probably in a similar position to the 401K holder; (6) regardless of what "pandemic" comes next, this mess below is unfixable and collapse of some sort is imminent, possibly including a run on the depositor banks too (this would explain the frantic cyber attack "simulations" IMF is performing as we speak: Israel and the coming cyber attack on banks).
@Regina @tankasnowgod @AlaskaJono
By Pancaking Term Loans, JPMorgan Had $30 Billion Outstanding from the Fed’s Emergency Repo Loans in the Last Quarter of 2019
By Pam Martens and Russ Martens: December 31, 2021 ~ Jamie Dimon, Chairman and CEO of JPMorgan Chase, likes to perpetually brag about his bank’s “fortresswallstreetonparade.comHistorical Transaction Data - FEDERAL RESERVE BANK of NEW YORK
www.newyorkfed.org
AB Fixed-Income Shares, Inc. - AB Government Money Market Portfolio
Ally Bank
American Funds U.S. Government Money Market Fund
Amherst Pierpont Securities LLC
Bank of America, N.A.
Bank of Montreal (Chicago Branch)
Bank of Nova Scotia, New York Agency
Barclays Bank PLC - New York Branch
Barclays Capital Inc.
BlackRock Liquidity Funds: FedFund
BlackRock Liquidity Funds: TempCash
BlackRock Liquidity Funds: TempFund
BlackRock Liquidity Funds: T-Fund
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
BofA Securities, Inc.
Cantor Fitzgerald & Co.
Citibank, N.A.
Citigroup Global Markets Inc.
Columbia Short-Term Cash Fund, a series of Columbia Funds Series Trust II
Credit Agricole Corporate and Investment Bank
Credit Suisse AG, New York Branch
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Dreyfus Cash Management
Dreyfus Government Cash Management
Dreyfus Institutional Preferred Government Money Market Fund
Edward Jones Money Market Fund
Federal Agricultural Mortgage Corporation (Farmer Mac)
Federal Home Loan Bank of Atlanta
Federal Home Loan Bank of Boston
Federal Home Loan Bank of Chicago
Federal Home Loan Bank of Cincinnati
Federal Home Loan Bank of Dallas
Federal Home Loan Bank of Des Moines
Federal Home Loan Bank of New York
Federal Home Loan Bank of Pittsburgh
Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of Topeka
Federal Home Loan Mortgage Corporation (Freddie Mac)
Federal National Mortgage Association (Fannie Mae)
Federated Capital Reserves Fund
Federated Government Obligations Fund
Federated Government Obligations Tax-Managed Fund
Federated Government Reserves Fund
Federated Institutional Money Market Management
Federated Prime Cash Obligations Fund
Federated Prime Obligations Fund
Federated Prime Value Obligations Fund
Federated Tax-Free Obligations Fund
Federated Treasury Obligations Fund
Federated U.S. Treasury Cash Reserves
Fidelity Colchester Street Trust: Government Portfolio
Fidelity Colchester Street Trust: Money Market Portfolio
Fidelity Colchester Street Trust: Prime Money Market Portfolio
Fidelity Colchester Street Trust: Prime Reserves Portfolio
Fidelity Colchester Street Trust: Treasury Portfolio
Fidelity Hereford Street Trust: Fidelity Government Money Market Fund
Fidelity Hereford Street Trust: Fidelity Money Market Fund
Fidelity Newbury Street Trust: Fidelity Treasury Money Market Fund
Fidelity Phillips Street Trust: Fidelity Government Cash Reserves
Fidelity Revere Street Trust: Fidelity Cash Central Fund
Fidelity Revere Street Trust: Fidelity Securities Lending Cash Central Fund
Fidelity Salem Street Trust: Fidelity Series Government Money Market Fund
First American Government Obligations Fund
First American Treasury Obligations Fund
General Money Market Fund
Goldman Sachs & Co. LLC
Goldman Sachs Financial Square Government Fund
Goldman Sachs Financial Square Money Market Fund
Goldman Sachs Financial Square Prime Obligations Fund
Goldman Sachs Financial Square Treasury Solutions Fund
Government Cash Management Portfolio
HSBC Securities (USA) Inc.
Institutional Liquid Reserve Portfolio
Institutional US Gov. Money Market Fund, a series of the State Street Master Funds
Jefferies LLC
JPMorgan Chase Bank, N.A.
JPMorgan Liquid Assets Money Market Fund
JPMorgan Prime Money Market Fund
J.P. Morgan Securities LLC
JPMorgan Tax Free Money Market Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Treasury Plus Money Market Fund
Master Premier Government Institutional Portfolio
Master Treasury Strategies Institutional Portfolio
Mizuho Bank, Ltd.
Mizuho Securities USA LLC
Money Market Master Portfolio
Morgan Stanley Bank, N.A.
Morgan Stanley & Co. LLC
Morgan Stanley Institutional Liquidity Funds Government Portfolio
Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio
Morgan Stanley Institutional Liquidity Funds Prime Portfolio
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio
Natixis New York Branch
NatWest Markets Securities Inc.
Nomura Securities International, Inc.
Northern Funds - U.S. Government Money Market Fund
Northern Institutional Funds - Government Portfolio
Northern Institutional Funds - Government Select Portfolio
Northern Institutional Funds - Treasury Portfolio
NTAM Treasury Assets Fund
PFM Funds Government Select Series
Premier Portfolio, a series of the AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Prime Master Fund
RBC Capital Markets, LLC
RBC Funds Trust, U.S. Government Money Market Fund
Royal Bank of Canada
Schwab Government Money Fund
Schwab Treasury Obligations Money Fund
Schwab Value Advantage Money Fund
Societe Generale, New York Branch
State Street Navigator Securities Lending Government Money Market Portfolio
STIT Government and Agency Portfolio
STIT Liquid Assets Portfolio
Sumitomo Mitsui Banking Corporation, NY branch
TD Securities (USA) LLC
The DFA Short Term Investment Fund of The DFA Investment Trust Company
The Money Market Portfolio
The Northern Trust Company
Treasury Money Market Master Portfolio
T. Rowe Price Cash Reserves Fund
T. Rowe Price Government Money Fund, Inc.
T. Rowe Price Government Reserve Fund
T. Rowe Price U.S. Treasury Money Fund
UBS Securities LLC.
Vanguard Federal Money Market Fund
Vanguard Market Liquidity Fund
Vanguard Prime Money Market Fund
Wells Fargo Bank, NA
Wells Fargo Cash Investment Money Market Fund
Wells Fargo Government Money Market Fund
Wells Fargo Heritage Money Market Fund
Wells Fargo Money Market Fund
Wells Fargo Securities, LLC
Wells Fargo Treasury Plus Money Market Fund
Western Asset/Government Portfolio
Wilmington U.S. Government Money Market Fund
I guess the question for every American is..... why DON'T we do just that?If we can print some to "solve" a financial crisis, why not print a tiny fraction more and resolve all of the domestic issues like retirement, (unpayable) mortgages, student loans, medical bills, etc? Why pay any more taxes, ever? Just print everything that is needed.
Because they are greedy and also that wouldn't solve anything long term.Nothing wrong with that, and I hope it stays this way. The concern here is that the govt and the financial system (if it can even be called that, instead of a racket) seem to now be believing in (and practicing) the fantasy known as MMT, which directly undermines that global reserve currency status. If we can print some to "solve" a financial crisis, why not print a tiny fraction more and resolve all of the domestic issues like retirement, (unpayable) mortgages, student loans, medical bills, etc? Why pay any more taxes, ever? Just print everything that is needed. All of those retail "expenses" are no more than 20% of what has already been thrown at the banks just in the last 12 months, and likely in vain as they are in no better shape financially due to lack of productive investable assets in the "developed" countries. I don't think the world works that way...but just because it is madness does not mean it will not be practiced.
@davvid_1
It’s not debt based unless it is issued by a central bank buying government debt. It is not debt based. And we have had competing currencies over the centuries and it has worked well for a time. Until government and corporatism ruined it.Crypto is still debt based money. Whether it's Federal Reserve Notes or Bitcoin, or anything based on either of those two, both still rely on double entry accounting. There is nothing of value created, and it's all ZERO in the end. It's "Money of Account," not "Money of Exchange."
You don't have to hope for "numerous competing private cryptos," though I think that would be a good thing. You should do the same thing as the Federal Reserve did, and learn how to strike a deal with the US Government to issue your own money, through bonds or a bill of exchange. Many in the patriot community have done that, it's not as hard as you might think.
But it is debt based. Central banks and governments did not invent the concept of "debt." If you give someone a handwritten IOU, that can reference a private debt.It’s not debt based unless it is issued by a central bank buying government debt. It is not debt based.
But it is debt based. Central banks and governments did not invent the concept of "debt." If you give someone a handwritten IOU, that can reference a private debt.
If you "give" someone a Bitcoin (or fraction thereof), it has no value except for what they can sell it or spend it for. It is the same as a promissory note. Not like gold or silver. If the mining network collapses, any Bitcoin you have will have no value, and can't be sent anywhere. If gold mining stops today, gold still has it's own value and can be traded. If a builder stops building homes, the homes he built can still be lived in, or sold. Cryptos are still dependent on outside elements to give it value. Checks, bonds, stock, CDs, drafts, Bills of Exchange, coupons, they all are debt instruments. Cryptos are debt instruments as well, just a higher tech form. It's most obvious in the stable coins and company issued tokens, but it still applies to thinks like Bitcoin, Litecoin, Ether, Neo, and such.
All any crypto is is a distributed open ledger protected by cryptography. It does have some advantages over completely centralized systems, but it is still "Money of Account," and all "Money of Account" is debt based.