Bitcoin is a hedge against such practices, since previously, citizens had no other choice but to use their local currency. Outside of the US, many countries made use of even more extreme inflation than in the states. In those cases, global citizens have used US dollars, to opt out of their local failing currencies. However, that is just kicking the can down the road.
Of course, shit rolls down hill, so private banks make use of similar practices, funneling wealth from the bottom to the top.
When this gem first appeared in 1963, it took the form of a small paperback designed for mass distribution.
Innumerable economists, investors, commentators, and authors have learned from this book through the decades. After fifty years, it remains the best book in print on the topic, a real manifesto of sound money.
Rothbard boils down the Austrian theory to its essentials. The book also made huge theoretical advances. Rothbard was the first to prove that the government, and only the government, can destroy money on a mass scale, and he showed exactly how they go about this dirty deed. But just as importantly, it is beautifully written. He tells a thrilling story because he loves the subject so much.
The financial elites were responsible for putting through the Fed as a governmentally created and sanctioned cartel device to enable the nation’s banks to inflate the money supply in a coordinated fashion.
Back in April we published a comment, “Bank Earnings & Financial Repression,” that introduced the concept of the Financial Repression Index.
In a related working paper available on SSRN, “The Financial Repression Index: U.S Banking System Since 1984,” we define the index, which essentially shows the distribution of bank interest income between debt investors and bank shareholders.
The Money Masters is a 1996 documentary film that discusses the concepts of money, debt, taxes, and describes their development from biblical times onward. -imdb
-Debt - government, corporate & household has reached astronomical proportions. -Where does all this money come from? -How could there BE that much money to lend? -The answer is… there isn’t. -Today, MONEY IS DEBT. -If there were NO DEBT, there would be NO MONEY. -If this is puzzling to you, you are not alone. Very few people understand even though ALL of us are affected. -This fast-paced and highly entertaining animated feature by artist & videographer, Paul Grignon explains today’s magically perverse DEBT-MONEY SYTEM in terms that are easy to understand. - original playlists
References and Resources for the animated short Money as Debt
@ummjackson @jimmysong The Cantillon effect: “the first ones to receive the newly created money see their incomes rise whereas the last ones to receive the newly created money see their purchasing power decline as consumer price inflation comes about.” https://t.co/glvGFWi…
Want to know why the USA will eventually be stripped as the reserve currency of the world? Just take a look at this:
StLouisFed: “Corporate profits and employee wages have tracked each other closely for decades—until the mid 2000s, when profits leaped out in front.”
️Let me see, we had the $2008 Financial Crisis, lost 9MM workers and then the US gov’t IOU’d $1.2T/yr for 9 yrs ($11…
Currency against US Dollar, past year. Venezuela: -2,000,000% Sudan: -168% Turkey: -67% Argentina: -65% Angola: -57% Iran: -30% Brazil: -21% Ethiopia: -18% Pakistan: -17% Russia: -13% Sweden: -12% Tunisia: -11% Nicaragua: -8% Indonesia: -8% Myanmar: -8% Haiti: -8% India: …
1/ Just finished @andrewrsorkin’s “Too Big to Fail.” What a masterpiece in storytelling— a front row seat of the 2008 Financial Crisis.
2020 has been set as the date for the next financial crisis by the economist and experts alike that will break down everything as JPMorgan chase details the crashing we will be seeing. What role Bitcoin and cryptocurrencies will play here?
1/ Did you know, that the Vietnam war was a major contributor to the US going off the Gold Standard (aka the “Nixon shock”), which gave birth to the international fiat currencies system that we know today?
Economics 101 – “How the Economic Machine Works.” Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers t…
“Negative interest rates are purely a construct of the artificiality of the monetary system. There is going to a major bond crash - the challenge is that this could be years if not decades away, or it could be tomorrow.” — Caitlin Long
(Part 3 of 4: The Present, How Value is Tracked and Settled)
@BobMcElrath @_tessr There were public discussions after 2009 fin crisis, 2010 Greek crisis, 2011 MF Global collapse. Tri-party repo, securities lending and rehypo of collateral are necessary for the functioning of the financial system, per Bill Dudley (former NYFed). http…
If you look at the history of the US dollar, it has lost 98.5% of its value since 1792. What’s incredible about this constant, steady destruction of the currency is how subtle it is.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” ~ Henry Ford, founder of the Ford Motor Company.
The Triffin Dilemma refers to the double-edged sword of possessing a currency that serves as the world reserve currency. If a private cryptocurrency were to replace a given world reserve currency, this would eliminate the dilemma for that currency https://t.co/NgzPLcWbMM
(Part 3 of 4: The Present, How Value is Tracked and Settled)
History is instructive.
An Overview Of The Fed’s Intervention In Equity Markets Via The Primary Dealer Credit Facility Everything You Wanted To Know About Tri-Party Repo Markets But Were Afraid To Ask Shadow Rehypothecation, Infinite Leverage, And Why Breaking The Tyranny Of Ignorance Is The Only Solution A Rare Glimpse Into The Fed’s Discount Window Courtesy Of The Brewing Lehman-Barclays Scandal Why The UK Trail Of The MF Global Collapse May Have “Apocalyptic” Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else Tri-Party Repo Infrastructure Reform The (sizable) Role of Rehypothecation in the Shadow Banking System Velocity of Pledged Collateral: Analysis and Implications
A history of the Rothschilds, a prominent German family that established banking and finance houses in Europe.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a…
No cryptocurrency is a true unit of account or a payment instrument, and we have seen this year that they are a poor store of value. Buyers of cryptocurrencies are buying into nothing more than a software algorithm.” Agustín Carsten https://t.co/Z39zAhf6i2
Join thousands of others who receive this daily analysis of crypto markets & news in their inbox every morning - subscribe now. Banks aren’t going to go down quietly. Rather than completely ignore blockchain and crypto, the intelligent financial organizations are scrambling…
According to crypto pioneer Nick Szabo, the traditional finance sector has destroyed its tradition and has implemented inappropriately complex policies.
Expanding on an observation from his last talk, Andreas asks why we talk so much about the cartels in drugs and oil, but rarely about one of the largest cartels in the world: banking. He analyses recent (unacknowledged) history with the 2008 financial crisis, the corrupt revolving door
Vijay Boyapati (Software Developer, Austrian Economist) joins me to discuss his 2010 article, “Why Credit Deflation Is More Likely Than Mass Inflation”. Find out where economics comment…
Twitter went mad last week because somebody had transferred almost $150m in a single Bitcoin transaction. This tweet was typical: There was much comment about how expensive or difficult this would …
A framework for Bitcoin skeptics, part 1
Swift is showing more swagger in its rivalry with Ripple thanks to progress it has made with a multifaceted payments-tracking technology called GPI.
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation” - ALAN FUCKING GREENSPAN
More: http://HiddenSecretsofMoney.com Currency vs. Money is the 1st Episode of Mike Maloney’s Hidden Secrets of Money, a series presented by Mike Maloney as …
i have no idea just trying to connect the ……. #everyThingbubbLe excepT #Bitcoin
Beat back the propaganda about the Federal Reserve with this free eBook.
This is the history of bull and bear markets. Hang it on your wall. $SPX $DJIA https://t.co/ABRW500mrh
In the last 100 years, three periods were followed by HALF of the world’s currencies losing HALF of their purchasing power: 1. 1913 creation of Federal Reserve (+ Europe’s WWI gold standard abandonment) 2. 1933 US gold standard suspension 3. 1971 US gold standard abandonm…
Because I don’t assign you enough reading already, highly recommend @jfc3 finance history Sunday reads. Get that historical context, fam. https://t.co/kcAcHWAlxF
THREAD: The retail apocalypse in full swing: Gymboree closes 800 stores, Shopko 105, Payless 2300, Charlotte Russe 400. What’s behind it? Some blame Amazon or changing taste, but the real culprit is private equity. We’ll explain how PE makes money as these businesses…
That thing where the IMF declares its intent to drive everyone on Earth to use Bitcoin by openly stealing traditional banking deposits: https://t.co/O8NeFAr0AD
It makes me sad when seemingly smart, young people do not understand what capitalism is “The Morality of Capitalism” by @yaronbrook https://t.co/KpOxKZzgI8
The Fed is not independent. Bitcoin is independent. https://t.co/WfbWF6y9Rd
/r/bitcoin: why bitcoin? this is why. a must watch. The developed world is on the brink of a financial, economic, social and political crisis