If the BRICS countries were supremely well-positioned to dethrone the dollar, they would have done so by now--this year's BRICS summit was their 14th such get-together. The economic and political motivations for challenging the dollar's presumed (and greatly exaggerated) hegemony are hardly new forces in the international arena.
While recent events have placed a spotlight on the confluence of corruption that permeates the West's "rules based order", the sobering reality of all currency is that the two primary reasons governments throughout history have debased their currency are war and social spending.
China is unleashing successive rounds of monetary and fiscal stimulus just to prop up their collapsing real estate sector, a reality made worse by their ongoing "Zero COVID" lockdowns.
For its part, Russia is already flirting with expansionist monetary policies with its recent interest rate reductions, even as inflation remains in double digits. That Moscow has a war effort to fund surely plays a role in Russia's adoption of looser monetary policy.
These are not circumstances that give rise to sound money.
While cryptocurrencies are an intriguing proposition, Bitcoin itself is ultimately just an expression of existing fiat currency dynamics, which is why its value has collapsed against the world's fiat currencies even as those same currencies engage in wholesale monetary debasement.
Until cryptocurrencies establish themselves as actual currencies in use as a widely accepted medium of exchange, they will remain forever tethered to the same corrupt fiat currency system crypto fans hope to replace.
Why put all the blame on the prostitutes and ignore the johns and pimps? As long as there is an oligarchy, it will always find willing puppets to run gov'ts for its own benefit. If you don't cut off the head of the snake, nothing can be really changed.
Free market has never, ever, beem the goal. Maintaining the staus quo is the goal. Rich get richer, poor gets to work more for less until they again are serfs, and the middlemen (the bourgeoisie as the older term is) are kept in perpetual fear of losing what they've got, should they lag or lapse in devotion to the Lords of Capitalism, and in equal perpetual greed and ambition in the hope of being uplifted to the lofty ranks of the Masters - the proverbial donkey pulling a cart through chasing a carrot on a stick.
In a free market, I could hop a plane to China, buy a steamer trunk full of brand spanking new smartphones for less than 1/10 what the price is here, fly back and sell them on the curb.
But that would undercut the owners of production, capital, money, and so on. So they instead use the state as their corporate police force to keep profits up and people down.
Leaving the people of any nation the only options: comply, or unite around something outside the control of the corporate capitalists and their "democratic" Kapos. Nation. Creed. Race. Culture. Tradition. Unfortunately, capitalists are very good at using these to sow dissention - witness political correctness, woke, and so on. Are you black if you vote Trump? Are you a real Democrat if you don't like Biden? Fallacy upon fallacy to create strife and dissention - not even the Golden Apple created as much chaos and fighting.
As a non-american watching and listening from the outside, to me it appears you are finally becoming a nation and a people. You have an ideal of what American the person is, but that ideal is to the people of your nation something quite different than it is to your corporate and political masters. To me, saying "an arab can never be a swede" is natural and right, since the only way to become a swede (or an arab for that matter) is to be born one. But American? Again, as an outsider, an American to me has no skincolour in particular, no specific faith, and no unique tradition except what has amalgamated from all the consitituent peoples origins.
But now your elites have for 50 years emphasised difference. Different everything. Smaller and smaller tribes, each more doctrinaire than the other. Europeans, africans and asians - we have all seen this in our respective histories when rulers have played empire: but your rulers are doing it to you for the only reason of keeping you splintered and at loggerheads.
OK. Pretend I'm a really bright kindergartner. Explain how Bitcoin attains value, who controls it, etc. etc. etc. Why should I trust it more than anything else? (This isn't snark or anything near it. Take me by the hand and explain it so it makes sense to me.)
At the very least, we need to take back control of the money supply from central banks. It would then be an easy matter for the Treasury to issue money (e.g. greenbacks) that is debt free. The root of our money problems lies in the central bankers's profit motive, and the interest we pay on the debt is used to control and enslave us all.
The only problem with your thesis is the dollar has strengthened against all major currencies the past several years. Simply supply and demand, and more people want the dollar than the yen, euro, or pound for whatever reason. Doesn't need to make sense.
Jordan, the founding fathers DID seperate the money from the state in actuality. As Merrill Jenkins has stated in his book, "Money The Greatest Hoax on Earth", "The writers of the constitution knew exactly what they were doing when they wrote in Article I Section 10 paragraph 1 'No state shall... make anything but gold and silver coin a tender in payment of debts. ' People able to barter with gold and silver coin control government and are free. Loss of the right to trade in gold and silver coin enslaves people to the creators of psychological 'money.'":
-Merrill Jenkins, Sr.,
Money - The Greatest Hoax on Earth
Note his statement... BARTER with gold and silver coin... Let me say this...
That is why I post this quite regularly. And I know it is a bit of a read but it is WHY we are in the predicament we are in right now.
There is a reason that "they" don't listen to the people anymore. It is also the reason they ignore the provisions of the 2nd amendment. The reason is that the lynch pins to the Constitution were removed in 1903 & 1913. In 1903 the blatantly UNconstitutional Dick Act, which was a blatant act of TREASON, eviscerated states rights with the ending of STATE militias. Those first 13 words of the 2nd Amendment are perhaps the most IMPORTANT 13 words in the whole Constitution. A well regulated MILITIA being NECESSARY for the SECURITY of a FREE State. It is the ONLY place the word NECESSARY is used in the Bill of Rights.
And once that happened it became easier to do what they did in 1913. Which was removing the monetary system from the hands of We The People.
Once the control of the monetary system was taken from the people and those in control could create all they wanted out of thin air with the collusion of the Federal Reserve, none of what we think matters anymore. None of what we do matters anymore. ESPECIALLY since we don't have the MILITIAS to enforce the Constitution.
They have effectively enslaved the world to their fiat money systems based on nothing that they create out of thin air and are able to use to do whatever they want. We have no say in what they do. They control us because they have stolen the lynch pins to the system that was designed by our founding fathers to work. No, it was not perfect, as mankind is not perfect, but it gave us a very limited government that was taken away from us when the monetary pin was stolen in 1913. You see, Article 1 Section 10 and Article 1 Section 8 and the first 13 words of the 2nd Amendment ARE what hold the whole governmental apparatus together. Without it, we are nothing but serfs on a plantation that they control with their fiat unlawful, unGodly, theft system of paper money backed by nothing, created out of thin air with no recourse.
Understand, that when the money had SUBSTANCE of SOME THING, and not just IMAGINATION, one of the recourse's we the people had was to withhold taxes which could effectively shut the government down if they were engaged in some sort of insanity that no one agreed upon. Today, we could all quit paying them and they would just print up what they needed and thumb their noses at us. Worse yet, they create it without even printing. They just create numbers on a computer and print out checks.
COMMUNIST MANIFESTO:
Fifth Plank: Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly. (The Federal Reserve Bank, 1913- -the system of privately-owned Federal Reserve banks which maintain a monopoly on the valueless debt "money" in circulation.) And the monopoly is ENFORCED by Federal firepower. Violating the very principle of the first 13 words of the 2nd Amendment.
The Federal Reserve is a blatant violation of Articles 1 section 8 and 10. Those are the two places that Roger Sherman, the founding father that signed all three of our founding documents put paper money in a casket and for all intents nailed it close. But due to the apathy of earlier generations their progeny are suffering under this sick theft system.
What are those two provisions? The Federal reserve "notes" violate Article 1 section 10 of the US Constitution which states in part, No State shall...coin Money; ... make any Thing but gold and silver Coin a Tender in Payment of Debts. And section 8 says CONGRESS shall have the power to COIN MONEY, regulate the value there of and to fix a standard of weights and measures. COIN doesn't mean paper money. COIN doesn't mean gold or silver "backed" paper money. COIN MEANS WHAT IS SAYS!
Sadly enough, with a little research you can see the United States is a functional communist country with all 10 planks of the Communist Manifesto in place. And it has been that way for many years. And that most Americans would fight to the death to keep it that way. Voting is a joke, writing your CONgressman/woman/it is also a joke, (heavy on the CON) almost anything we do is a JOKE TO THEM because THEY control the MONEY, or should I say TOKENS.
If we were using the gold and silver coin that the founding father, Judge Roger Sherman had wanted, the prices of goods and services would actally go down due to the law of supply and demand. Think about it. And if you want to read WHY Judge Sherman made sure the monetary clauses were placed in the Constition, read his Caveat against a fluctuating medium of exchange. A Caveat Against Injustice, or an Inquiry Into the Evils of a Flucuating medium of Exchange released by Spencer Judd Publishers many years ago.
If you think the $ is toilet paper then BRICS is a corn cob and Bitcoin is a photo of a corn cob. Conceptually digital blockchain currency is a solution but sadly Bitcoin has already been highjacked by the Chinese. See "The End of the World Is Just Beginning", by Peter Zeihan.
The FED has been creating $$$ to fund the overseas Central Banks, buy assets/bonds/ bailout the big banks, and keep the REPO markets going. It is an artificial rigged system. Moreover the FED is akin to the Mafia, it takes it cut from money printing and the rest of the profits go back to the Federal government. So if the FED takes in say 500$Billion in interest payments, the FED takes 6% and the rest goes back to the government , meanwhile the public is said to owe $trillions. We are on the verge of modern monetary theory whereby tokens will be handed out directly from the Federal government/FED and the big banks will be bypassed as the Bond buying scheme will end.
If the BRICS countries were supremely well-positioned to dethrone the dollar, they would have done so by now--this year's BRICS summit was their 14th such get-together. The economic and political motivations for challenging the dollar's presumed (and greatly exaggerated) hegemony are hardly new forces in the international arena.
While recent events have placed a spotlight on the confluence of corruption that permeates the West's "rules based order", the sobering reality of all currency is that the two primary reasons governments throughout history have debased their currency are war and social spending.
China is unleashing successive rounds of monetary and fiscal stimulus just to prop up their collapsing real estate sector, a reality made worse by their ongoing "Zero COVID" lockdowns.
For its part, Russia is already flirting with expansionist monetary policies with its recent interest rate reductions, even as inflation remains in double digits. That Moscow has a war effort to fund surely plays a role in Russia's adoption of looser monetary policy.
These are not circumstances that give rise to sound money.
While cryptocurrencies are an intriguing proposition, Bitcoin itself is ultimately just an expression of existing fiat currency dynamics, which is why its value has collapsed against the world's fiat currencies even as those same currencies engage in wholesale monetary debasement.
Until cryptocurrencies establish themselves as actual currencies in use as a widely accepted medium of exchange, they will remain forever tethered to the same corrupt fiat currency system crypto fans hope to replace.
No they don't care about us Jordan that’s correct.
They aren't noble either & I’ve been saying this for a very long time -
they hate us & spit in our faces.
The Federal Reserve is a private banking cartel.
Why put all the blame on the prostitutes and ignore the johns and pimps? As long as there is an oligarchy, it will always find willing puppets to run gov'ts for its own benefit. If you don't cut off the head of the snake, nothing can be really changed.
They cite low unemployment as an important positive economic indicator. But if we were all slaves, employment would also be high.
How do you know the dollar isn’t already separated from the government?
And bitcoin is a truer fiat than the dollar. Since the dollar is a debt-backed fiat currency. If you reject fiat, you need to reject bitcoin.
Free market has never, ever, beem the goal. Maintaining the staus quo is the goal. Rich get richer, poor gets to work more for less until they again are serfs, and the middlemen (the bourgeoisie as the older term is) are kept in perpetual fear of losing what they've got, should they lag or lapse in devotion to the Lords of Capitalism, and in equal perpetual greed and ambition in the hope of being uplifted to the lofty ranks of the Masters - the proverbial donkey pulling a cart through chasing a carrot on a stick.
In a free market, I could hop a plane to China, buy a steamer trunk full of brand spanking new smartphones for less than 1/10 what the price is here, fly back and sell them on the curb.
But that would undercut the owners of production, capital, money, and so on. So they instead use the state as their corporate police force to keep profits up and people down.
Leaving the people of any nation the only options: comply, or unite around something outside the control of the corporate capitalists and their "democratic" Kapos. Nation. Creed. Race. Culture. Tradition. Unfortunately, capitalists are very good at using these to sow dissention - witness political correctness, woke, and so on. Are you black if you vote Trump? Are you a real Democrat if you don't like Biden? Fallacy upon fallacy to create strife and dissention - not even the Golden Apple created as much chaos and fighting.
As a non-american watching and listening from the outside, to me it appears you are finally becoming a nation and a people. You have an ideal of what American the person is, but that ideal is to the people of your nation something quite different than it is to your corporate and political masters. To me, saying "an arab can never be a swede" is natural and right, since the only way to become a swede (or an arab for that matter) is to be born one. But American? Again, as an outsider, an American to me has no skincolour in particular, no specific faith, and no unique tradition except what has amalgamated from all the consitituent peoples origins.
But now your elites have for 50 years emphasised difference. Different everything. Smaller and smaller tribes, each more doctrinaire than the other. Europeans, africans and asians - we have all seen this in our respective histories when rulers have played empire: but your rulers are doing it to you for the only reason of keeping you splintered and at loggerheads.
Divided like that your nation cannot stand.
Alas., It is too late now! They will separate you from your body before you even daydream of it.
OK. Pretend I'm a really bright kindergartner. Explain how Bitcoin attains value, who controls it, etc. etc. etc. Why should I trust it more than anything else? (This isn't snark or anything near it. Take me by the hand and explain it so it makes sense to me.)
At the very least, we need to take back control of the money supply from central banks. It would then be an easy matter for the Treasury to issue money (e.g. greenbacks) that is debt free. The root of our money problems lies in the central bankers's profit motive, and the interest we pay on the debt is used to control and enslave us all.
The only problem with your thesis is the dollar has strengthened against all major currencies the past several years. Simply supply and demand, and more people want the dollar than the yen, euro, or pound for whatever reason. Doesn't need to make sense.
Bitcoin maximalists are neoliberalism at its worst
This explains in detail what is going on with the monetary system...
https://courageouslion380.substack.com/p/a-caveat-against-injustice
Jordan, the founding fathers DID seperate the money from the state in actuality. As Merrill Jenkins has stated in his book, "Money The Greatest Hoax on Earth", "The writers of the constitution knew exactly what they were doing when they wrote in Article I Section 10 paragraph 1 'No state shall... make anything but gold and silver coin a tender in payment of debts. ' People able to barter with gold and silver coin control government and are free. Loss of the right to trade in gold and silver coin enslaves people to the creators of psychological 'money.'":
-Merrill Jenkins, Sr.,
Money - The Greatest Hoax on Earth
Note his statement... BARTER with gold and silver coin... Let me say this...
That is why I post this quite regularly. And I know it is a bit of a read but it is WHY we are in the predicament we are in right now.
There is a reason that "they" don't listen to the people anymore. It is also the reason they ignore the provisions of the 2nd amendment. The reason is that the lynch pins to the Constitution were removed in 1903 & 1913. In 1903 the blatantly UNconstitutional Dick Act, which was a blatant act of TREASON, eviscerated states rights with the ending of STATE militias. Those first 13 words of the 2nd Amendment are perhaps the most IMPORTANT 13 words in the whole Constitution. A well regulated MILITIA being NECESSARY for the SECURITY of a FREE State. It is the ONLY place the word NECESSARY is used in the Bill of Rights.
And once that happened it became easier to do what they did in 1913. Which was removing the monetary system from the hands of We The People.
Once the control of the monetary system was taken from the people and those in control could create all they wanted out of thin air with the collusion of the Federal Reserve, none of what we think matters anymore. None of what we do matters anymore. ESPECIALLY since we don't have the MILITIAS to enforce the Constitution.
They have effectively enslaved the world to their fiat money systems based on nothing that they create out of thin air and are able to use to do whatever they want. We have no say in what they do. They control us because they have stolen the lynch pins to the system that was designed by our founding fathers to work. No, it was not perfect, as mankind is not perfect, but it gave us a very limited government that was taken away from us when the monetary pin was stolen in 1913. You see, Article 1 Section 10 and Article 1 Section 8 and the first 13 words of the 2nd Amendment ARE what hold the whole governmental apparatus together. Without it, we are nothing but serfs on a plantation that they control with their fiat unlawful, unGodly, theft system of paper money backed by nothing, created out of thin air with no recourse.
Understand, that when the money had SUBSTANCE of SOME THING, and not just IMAGINATION, one of the recourse's we the people had was to withhold taxes which could effectively shut the government down if they were engaged in some sort of insanity that no one agreed upon. Today, we could all quit paying them and they would just print up what they needed and thumb their noses at us. Worse yet, they create it without even printing. They just create numbers on a computer and print out checks.
COMMUNIST MANIFESTO:
Fifth Plank: Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly. (The Federal Reserve Bank, 1913- -the system of privately-owned Federal Reserve banks which maintain a monopoly on the valueless debt "money" in circulation.) And the monopoly is ENFORCED by Federal firepower. Violating the very principle of the first 13 words of the 2nd Amendment.
The Federal Reserve is a blatant violation of Articles 1 section 8 and 10. Those are the two places that Roger Sherman, the founding father that signed all three of our founding documents put paper money in a casket and for all intents nailed it close. But due to the apathy of earlier generations their progeny are suffering under this sick theft system.
What are those two provisions? The Federal reserve "notes" violate Article 1 section 10 of the US Constitution which states in part, No State shall...coin Money; ... make any Thing but gold and silver Coin a Tender in Payment of Debts. And section 8 says CONGRESS shall have the power to COIN MONEY, regulate the value there of and to fix a standard of weights and measures. COIN doesn't mean paper money. COIN doesn't mean gold or silver "backed" paper money. COIN MEANS WHAT IS SAYS!
Sadly enough, with a little research you can see the United States is a functional communist country with all 10 planks of the Communist Manifesto in place. And it has been that way for many years. And that most Americans would fight to the death to keep it that way. Voting is a joke, writing your CONgressman/woman/it is also a joke, (heavy on the CON) almost anything we do is a JOKE TO THEM because THEY control the MONEY, or should I say TOKENS.
If we were using the gold and silver coin that the founding father, Judge Roger Sherman had wanted, the prices of goods and services would actally go down due to the law of supply and demand. Think about it. And if you want to read WHY Judge Sherman made sure the monetary clauses were placed in the Constition, read his Caveat against a fluctuating medium of exchange. A Caveat Against Injustice, or an Inquiry Into the Evils of a Flucuating medium of Exchange released by Spencer Judd Publishers many years ago.
http://bornagainclassics.com/Books/ACaveatAgainstInjustice-Shermann/
If you think the $ is toilet paper then BRICS is a corn cob and Bitcoin is a photo of a corn cob. Conceptually digital blockchain currency is a solution but sadly Bitcoin has already been highjacked by the Chinese. See "The End of the World Is Just Beginning", by Peter Zeihan.
The FED has been creating $$$ to fund the overseas Central Banks, buy assets/bonds/ bailout the big banks, and keep the REPO markets going. It is an artificial rigged system. Moreover the FED is akin to the Mafia, it takes it cut from money printing and the rest of the profits go back to the Federal government. So if the FED takes in say 500$Billion in interest payments, the FED takes 6% and the rest goes back to the government , meanwhile the public is said to owe $trillions. We are on the verge of modern monetary theory whereby tokens will be handed out directly from the Federal government/FED and the big banks will be bypassed as the Bond buying scheme will end.