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US Founding Fathers Would Make Bitcoin Primary Legal Tender

7 months ago
in Cryptos
3 min read
US Founding Fathers Would Make Bitcoin Primary Legal Tender
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US Founding Fathers Would Make Bitcoin Primary Legal Tender 101
Mount Rushmore National Memorial is a massive sculpture carved into Mount Rushmore in the Black Hills region of South Dakota. The sculpture’s roughly 60-ft.-high granite faces depict US presidents George Washington, Thomas Jefferson, Theodore Roosevelt and Abraham Lincoln. Source: Adobe/Zack Frank

Juan Villaverde is an econometrician and mathematician devoted to the analysis of cryptocurrencies since 2012. He leads the Weiss Ratings team of analysts and computer programmers who created Weiss cryptocurrency ratings.
Dr. Bruce Ng is an educator in the field of Distributed Ledger Technology (DLT) and has been a lead crypto-tech analyst for Weiss Cryptocurrency Ratings since shortly after their launch.
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I could hardly believe my eyes when I saw this headline: Fed’s New Facility Will Buy Junk Bonds With 7-1 Leverage. Apparently, it wasn’t enough for the Federal Reserve merely to skirt the law by pouring freshly printed money into junk bond exchange-traded funds (ETFs).

Now they intend to just scoop ’em up by the wheel-barrow load — directly.

We are fast becoming a world where a fake USD 20 bill can get you killed. (Remember, the chain of events that led to the murder of George Floyd — and nation-wide riots — began when a convenience store clerk refused a suspicious USD 20 banknote he tried to buy cigarettes with.)

Yet, when 20 people meet behind closed doors in the Federal Reserve’s marble-columned building (in Foggy Bottom, Wash.) and dole out trillions of freshly printed dollars to politically well-connected companies … we call that “monetary policy.”

Words cannot describe how morally depraved this is.

As chaos and riots sweep across the nation, the Fed is pumping more and more freshly printed money into big, badly managed corporations. (It reminds us of Emperor Nero singing and playing his lyre while Rome burned to the ground around him!)

At last count, nearly 46 million Americans have filed for unemployment benefits in just three months. Tens of thousands of businesses closed their doors, many of them forever.

But if you’re a giant corporation … with an army of lobbyists … you get all kinds of money thrown your way. The Fed says this must be done, because of a “liquidity” crisis.

Give me a break! Do words no longer have any meaning? What deadbeat company cannot claim to have a “temporary liquidity crisis.”

Not only is this monetary policy ridiculous … It’s fundamentally UNFAIR.

In a truly free market, collective buying and selling decisions of the masses dictate which businesses thrive and which go under — not a bunch of unelected central bank bureaucrats.

Buying the debt of big, politically-connected companies (that would be insolvent if not for endless bailouts) does not create new jobs. Nor does it generate the billions in earnings lost to pandemic lockdowns.

All this does is create zombie companies and a permanent underclass — of folks the political bosses in Washington consider unworthy to feast…



Read more:US Founding Fathers Would Make Bitcoin Primary Legal Tender

Tags: Bitcoinbitcoin news todayFathersFoundingLegalPrimaryTender

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