By Jack Mullen, TGR Intelligence Briefing
Royal Bank of Canada CEO, David McKay, was recently on CNBC and asked to talk about the cryptocurrencies. During the interview projected the problems of fiat currency on to the cryptocurrencies, particularly Bitcoin.
Bankers are now in panic mode as more than $160 Billion has moved into the crypto market over the past year.
As a spokesman for the 400 year old banking swindle, called central banking with debt, currency, Canadian Central Bankster, David McKay says,
The purpose it [bitcoin] seems to serve today is really to help move money in a hidden way and facilitate, potentially facilitate, criminal activity of moving money in an undetected way.
This, of course, is nonsense; however, it does explain why banksters hate cash – because people spend it without bankers’ knowledge.
McKay continues, signaling psychological projection as he says,
A currency is a promissory note on a future good and service and economy. I hold a dollar, or a pound, or a euro because I want to exchange it for physical good or a service sometime in the future and I’m confident in holding that note because of the political system backing it, because of the strength of the economy, because of a central bank with reserves.
At this point, he has just explained why centrally controlled, printed-out-of-thin-air-and-sold-at-interest, banker script is worthless. There is no economy, the bankers have devoured it, the political system is a fraud and the banks have NO RESERVE.
Western Financial Systems are bankrupt and the coming asset bubble collapses (multiple at the same time) will produce staggering currency devaluations. McKay is jawboning a Bitcoin hit piece, while at the same time Canadian banks are rewriting their law so bank depositors, bond holders and creditors will bail out the banks when they fail — it’s called a ‘BAIL IN.’
In contrast, Bitcoin has all the features of a currency which preserves value, it is not dependent on a corrupt government, it cannot be printed (counterfeited) as needed by degenerate central planners conjuring war (to profit from currencies lent,) and is NOT CREATED BY BORROWING (a fictitious loan created to saddle taxpayers with fraudulent interest payments to banksters who have done nothing to earn the interest.)
Further, the cryptos, like Bitcoin, can provide anonymity, can be spent without central bank/government/intelligence-agency/corporate/social-media monitoring. The coin is fungible, transferable, durable, divisible and in LIMITED SUPPLY and can be used in every country in the world.
McKay further embarrasses himself by projecting
So when you look at those characteristics and the real need for a currency, how do you apply that to a cryptocurrency? Most of those criteria don’t fit; it’s not backed by a government, it’s not backed by rule of law, it’s not backed by economy, there’s no reserve against it, you actually have to mine it in a distributed chain environment’
Western countries no longer have rule of law, their governments are “borrowing” phony script and demanding citizens pay interest devouring the “wealth of nations.” Cryptos need no law, or middle men, or bankster exchanges and clearing houses. The distributive ledger (blockchain) obeys the law of mathematics and the law of economics which says when the price of cheating is too high, (higher than rewards received), or even infinite, and the rewards for honesty are also high, honesty prevails.
Warning, Banksters are now squawking about creating their own fiat-cryptocurrency, the next trick in their book of money-demonic sorcery.
Fiat currencies and their debt are the bane of mankind and are used to enslave the world. UnBank the Bankers, move out of fiat.
The problem with the dollar or any other unbacked paper currency is that it/they aren’t real wealth. Real wealth can’t be printed or folded and is measured with a scale and comes in grams, ounces and kilos (as well as a few other things). Not govt approved and specially inked paper printed out of thin air and unbacked or worse yet, virtual digits credited to one’s account, based on debt, fraud, lies and illegal and unconstitutional banking schemes perpetuated by those higher ups both in govt and finance that should (and do) know better.
The problem with using their dollar is the Central Bankers skim several percent when you earn their dollar (income taxes) and several more percent when you spend their dollars (sales taxes).
Money is a great tool for facilitating economic activity, but the cost of using their tool, the dollar, has become ridiculous.
But the cost of printing is negligible.
Sovereign currency, created in the same way banks do, but with out the interest, is the way to go. Governments can issue ‘bonds’ to investors, that trade on the market, much as ‘gilts’ do now. These bonds would pay wages which will be spent into the economy, making Productivity our Growth and not Borrowing as it is now!
I’m for anything that might bring down the unfederal b.s bank that was given to the unholy ones on 12/21/1913 and pump and dump ever since.
But how do we claw back the trillions stolen?
i might be ignorant, possibly even stupid, more likely the latter
i don’t understand how crypto-currencies can’t be regulated – that just doesn’t make any sense to me
demonizing a crypto-currency so that rebels (constitutionalists and other outlaws) will take a closer look at the concept
until the day that the crypto-currency becomes currency of choice, with ALL of the negatives and probably even fewer of the positives (are there any?) of cash
my understanding (very simplified for even the simple to understand) of economics
barter – i will swap (exchange like for like) services and/or goods. if your service and/or goods have greater value than mine, we will by contract or gentlemen’s agreement come to terms – in good faith (the good faith of the two parties involved, ONLY those two parties)
gold (and silver, gems, semi-precious stones, other minerals and metals) – a value assigned to goods or a service, matched (by agreement by both parties) by the particular method of payment chosen – no outside or third party interference
cash – a piece of paper (fiat currency) – a promissory note – i may not barter, in fact in various parts of the world, barter may even be illegal, therefore i am forced to use this piece of paper against a specified value for the goods and/or services received (the good faith of buyer and seller, both of which is/are negated by the NOT SO good faith of the central bank / note issuer, government taxes payer and payee on transaction, bank charges to cover costs)
cheque – a piece of paper / promissory note – IOU – present this piece of paper and get paid out, my bank will honour it, because they honour me, NOT (good faith of buyer and seller, and less good faith of the bank -cheque issuer, government taxes both payer and payee, bank demands exorbitant fees to cover costs)
credit card – a piece of plastic – use or swipe this and the vendor gets paid, my bank / credit card will pay, (over a “budget” period of up to six months) because they honour me, NOT (good faith of the buyer and seller, and the less well-intentioned values of the issuing authority, government theft, sorry… taxes, bank steals, sorry… gets their cut)
debit card – also a piece of plastic – use or swipe and the vendor gets paid, because i have funds, no promise involved (the good faith of the buyer and the seller – where the bank hopefully backs the buyer up, and the government extorts, sorry… claims their share, bank also gets their cut)
EFT (electronic fund transfer) INTANGIBLE – nothing to see, smell, hear, taste, touch, feel – a promise (in good faith between buyer and seller, where the bank hopefully backs the payer up, both government and bank get their NOT fair share)
crypto-currency – INTANGIBLE – nothing to see, smell, hear, taste, touch or feel – a promise of nothing grabbed out of thin air by the buyer to the seller, who accepts that promise – UNREGULATABLE! sorry, you’ll have to pull the other one, i can’t see that government and banks have already got their dirty, nasty claws dug in deep (next you’ll be telling me that Elon Musk (Pay Pal – if not the first real, realistic crypto-currency, then the prototype, the idea that made the concept real) doesn’t know how to make money