No Reserve Disaster

The Internet is a blessing as well as a curse. It's funny, because to know that means you're on the internet a lot, which creates the circumstance in which you meet a lot of people who are stuck in their own social-platform-enhanced bubble, but you also read and hear a lot of people who have genuinely sound ideas.

One of the soundest of those ideas has been bitcoin; the 2009 whitepaper introduced us to the idea and possibility of honest money, and from that spark a lot of us learned more about money, banking and how they relate to the concentration of power. All of us here in the crypto-sphere have learned that the globalized neoliberal economy is tightly wed to the global system of central banks, and that governments are no longer the ones who mint coin, but the privately owned banks. Since neoliberalism has as its first objective the creation and protection of markets, they've tasked the world's central banks with keeping up the appearance that the markets are doing well, even when they're not.

But we also know that this game of keeping up appearances can only last so long, before reality catches up and we're once again thrust into the next economic depression. We also know that the rich persons and corporations for whom the central banks play make-belief are not the ones bearing the burden of the depression; it'll be us who will once again bail out the banks and corporations that are "too big to fail", that are vital for the economy to even keep on existing. New money is created from the thin air that is government debt, and finds its way to the stocks on the Wall Street stock-exchange, so that the talking heads on "the news" can proclaim that the economy is doing just fine, even when the general population is facing evictions, foreclosures and medical bankruptcy on a biblical scale.

More than a month ago, in my post No Reserve Banking, I already wrote about how fractional reserve banking had been reduced to, you've guessed it, no reserve banking. This in effect means that banks can now create money without limits. This means that one fifth of all the money that's ever been created, was created in the year 2020 alone; you can read the aforementioned post for more on that. With that in mind, I'd like you to seriously consider the information given in the below linked video by a bitcoin veteran; the video's title, "I am very scared", refers to the possibility that we might only now, or in the near future, see the consequences of the unprecedented money-printing that's been going on for more than a year now. It may well be the case that the astronomical price-forecasts for bitcoin are related to the astronomical devaluation of the U.S. dollar that is upon us...

Thanks so much for visiting my blog and reading my posts dear reader, I appreciate that a lot :-) If you like my content, please consider leaving a comment, upvote or resteem. I'll be back here tomorrow and sincerely hope you'll join me. Until then, keep safe, keep healthy!