Posted 10 months ago | by Ben Armstrong
EX-FDIC Chair Sheila Bair Knows the System is Dirty – it Will End in Spectacular Fashion!
Who sets up other people to fail – so they can win?
A real @$$ho*& is who.
There is little doubt that the Western financial system is designed to keep a very small group of people fat – while the serfs try to eek out whatever living they can manage.
Fiat currency sucks. The idea is ok – we can 'let there be' currency, but in the hands of a money monopoly, it is a terrible way to delegate resources. At its most basic level, money is just a means of transferring information.
The problem today is that people have confused the message for what matters, and the people at the top of the financial system are using social trust to keep a crooked system going.
The Bailouts are a Sham
Sheila Bair knows that the modern monetary system is meant to keep the rich in power – with the poor making up the base of the proverbial Marxist diagram.
She recently tweeted:
As with the related “side effects” of yawning wealth and income inequality, sustained low interest rates help the big get bigger, stifling innovation and productivity, while inflating the value of financial assets overwhelming owned by the rich.
— Sheila Bair (@SheilaBair2013) August 23, 2020
Bair was the head of the US Federal Deposit Insurance Corporation (FDIC) – so you can be sure that she has some idea of how corrupt the US (and Western) financial system is.
The real problem isn't that the financial system is based in the USA.
The problem is that the global financial system is monopolistic. It eschews innovation for dominance. The US was a vibrant economic power when it was on the gold standard, and people actually had to compete for a living.
Now, everything has changed, and the global banking elite can print money as they choose – supporting whatever economic ideals they decide to back.
In other words – capitalism has turned into central planning – and people still think they are living in a market economy. The prognosis on this one is dire. Central planning leads to planning a disaster, which is where the West is headed.
Bend Over – We Need to Take a Look
It doesn't take much to see that fiat currency in the hands of humans leads to corruption on a scale that was unimaginable prior to 1971. We might be looking at a total collapse of the global social structure – WW3 could be the best case scenario!
Clearly, anyone who wants to stack up dollar bills in their hand is an idiot, and anyone who wants to move up in a bank's digital ledger is all the more stupid for trusting computers with the future of human cooperation.
We need some serious medicine, but we can't let the cure kill the patient.
Cryptos are what the DR. ordered, and we need to make sure that the needed ideas are kept in the public mind for long enough for the dollar-stacking masses to realize that honest money means sustainable growth.
This is ALL Riding on a High-Tech Wave
One of the biggest arguments that has been made against cryptos is that the entire sector relies on computers and the internet to function. Of course, this is 100% true.
When that argument is made the person behind it usually omits that our entire global economy is in the same position – with central bank backed fiat included. To take this line of thinking even further, our modern economy relies on a global tech industry to operate.
Cryptos can be seen as a symbol of the modern world – a world that needs to maintain a massive amount of high tech gear to survive. If we stop making the gear, away goes the world as we know it. Cryptos and all.
Make Better Money
The European enlightenment was chiefly concerned with a political revolution that relegated the church to a far less political role. The arguments over how to govern that emerged over the coming centuries focused on politics – not monetary systems.
The reason for this was simple – money was gold and silver – and not much else.
You might be a little surprised to know that this was the case until 1971, which may be seen as one of the most influential times in Western history.
The world we see today is a direct result of then-President Nixon's move to decouple the US dollar from gold – and allow global Western central banks to begin their wild experiments.
To be sure, the time to reconsider central banking has come and gone. The trend that has created cryptos – and reinstated precious metals as one of the most important assets globally – is a runaway train that will create a mess the likes of which the world has never seen.
We now have to consider what to do about money once this terrible ride is over – and new systems have to be put into place. There is no saving the current system, and it should act as a lesson in what should never be done again.