The Fiat Standard Quotes

Ethereum, or some other Cryptocurrency is going to be the global standard of payment. It’ll be of greater value than national fiat.

Bitcoin effectively combines gold’s salability across time with fiat’s salability across space in one apolitical, immutable, open-source package.

Johnson asked a federal bureaucrat to concoct a fraudulent health scare around perfectly nutritious food for reasons that had nothing to do with science.

The fundamental engineering feature of the fiat system is that it treats future promises of money as if they were as good as present money because the government guarantees these promises

Now imagine one day hyperinflation strikes, and the price of your ribeye increases to one hundred dollars while your daily wage remains ten dollars. What happens to the price of your basket of goods? It cannot rise tenfold because you cannot afford the one-hundred-dollar ribeye. Instead, you make do with the chemical shitstorm that is a soy burger for ten dollars. The CPI, magically, shows zero inflation.

The problem with fiat is that simply maintaining the wealth you already own requires significant active management and expert decision-making. You need to develop expertise in portfolio allocation, risk management, stock and bond valuation, real estate markets, credit markets, global macro trends, national and international monetary policy, commodity markets, geopolitics, and many other arcane and highly specialized fields in order to make informed investment decisions that allow you to maintain the wealth you already earned. You effectively need to earn your money twice with fiat, once when you work for it, and once when you invest it to beat inflation. The simple gold coin saved you from all of this before fiat.

Unsurprisingly, these [university] departments are heavily populated with semiliterate intellectual midgets of the Marxist variety, as that ideology is perfectly conducive to the furthering of government power and the anointing of a parasitic, unproductive class to control the lives of the productive.

The messianic antimeat message might have been drowned out in a sane world, but it was highly palatable to the agricultural industrial complex who could cheaply produce the crops which were to replace meat in the fevered visions of the Adventists. It was a match made in heaven. Agroindustry profited enormously from producing these cheap crops, governments benefited from understating the extent of inflation as citizens replaced nutritious meat with cheap slop, and the Adventists’ crusade against meat provided the mystic romantic vision that would make this mass poisoning appear as if it were a spiritual step forward for humanity.

One bitcoin block is expected to be produced around every ten minutes. Every 210,000 blocks, or roughly four years, the protocol halves the number of coins produced with each block. This means that the daily bitcoin production on any given day is half of what it was four years earlier. Four more years of successful operation will likely increase people’s awareness of bitcoin and increase the chances they place on its continued survival, thus increasing their subjective valuation and demand for it. So as long as bitcoin continues to operate, and its supply drops by half every four years, it is highly likely that marginal demand for it will be higher, and the marginal supply lower, than four years previously. This monetary time bomb keeps clicking with each new block, and it is time for economists to begin to seriously contemplate what its continued clicking means for the world’s monetary and financial system.

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

In November 1914, the British government issued the first war bond, aiming to raise £350 million from private investors at an interest rate of 4.1% and a maturity of ten years. Surprisingly, the bond issue was undersubscribed, and the British public purchased less than a third of the targeted sum. To avoid publicizing this failure, the Bank of England granted funds to its chief cashier and his deputy to purchase the bonds under their own names. The Financial Times, ever the bank’s faithful mouthpiece, published an article proclaiming the loan was oversubscribed. John Maynard Keynes worked at the Treasury at the time, and in a secret memo to the bank, he praised them for what he called their “masterly manipulation.” Keynes’s fondness for surreptitious monetary arrangements would go on to inspire thousands of economic textbooks published worldwide. The Bank of England had set the tone for a century of central bank and government collusion behind the public’s back. The Financial Times would only issue a correction 103 years later,7 when this matter was finally uncovered after some sleuthing in the bank’s archives by some enterprising staff members and published on the bank’s blog.8

In the 1860s, during its civil war, the US suspended gold convertibility and printed paper money (known as “greenbacks”) to help monetize war debts. Around the time the US returned to its gold peg in the mid-1870s, a number of other countries joined the gold standard; most currencies remained fixed against it until World War I. Major exceptions were Japan (which was on a silver-linked standard until the 1890s, which led its exchange rate to devalue against gold as silver prices fell during this period) and Spain, which frequently suspended convertibility to support large fiscal deficits. During World War I, warring countries ran enormous deficits that were funded by central banks’ printing and lending of money. Gold served as money in foreign transactions, as international trust (and hence credit) was lacking. When the war ended, a new monetary order was created with gold and the winning countries’ currencies, which were tied to gold. Still, between 1919 and 1922 several European countries, especially those that lost the war, were forced to print and devalue their currencies. The German mark and German mark debt sank between 1920 and 1923. Some of the winners of the war also had debts that had to be devalued to create a new start. With debt, domestic political, and international geopolitical restructurings done, the 1920s boomed, particularly in the US, inflating a debt bubble. The debt bubble burst in 1929, requiring central banks to print money and devalue it throughout the 1930s. More money printing and more money devaluations were required during World War II to fund military spending. In 1944–45, as the war ended, a new monetary system that linked the dollar to gold and other currencies to the dollar was created. The currencies and debts of Germany, Japan, and Italy, as well as those of China and a number of other countries, were quickly and totally destroyed, while those of most winners of the war were slowly but still substantially depreciated. This monetary system stayed in place until the late 1960s. In 1968–73 (most importantly in 1971), excessive spending and debt creation (especially by the US) required breaking the dollar’s link to gold because the claims on gold that were being turned in were far greater than the amount of gold available to redeem them. That led to a dollar-based fiat monetary system, which allowed the big increase in dollar-denominated money and credit that fueled the inflation of the 1970s and led to the debt crisis of the 1980s. Since 2000, the value of money has fallen in relation to the value of gold due to money and credit creation and because interest rates have been low in relation to inflation rates. Because the monetary system has been free-floating, it hasn’t experienced the abrupt breaks it did in the past; the devaluation has been more gradual and continuous. Low, and in some cases negative, interest rates have not provided compensation for the increasing amount of money and credit and the resulting (albeit low) inflation.

Non-convertible gold bullion standard. This is where the issuer declares that their currency is worth a certain amount of gold, but doesn’t allow you to redeem your money for gold. This is starting to blur the lines between representative and fiat money.

The world solidly abandoned the gold standard in 1971. Since then, countries have used fiat money—that is, money not backed by anything.

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Whenever any nation entrusts to its legislators the issue of a currency not based on the idea of redemption in standard coin recognized in the commerce of civilized nations, it entrusts to them the power to raise or depress the value of every article in the possession of every citizen.

Instead of nutrients, Americans are increasingly subsisting on drugs and toxic industrial products. The ever-growing variety and quantities of flavored industrial sludge filling Americans’ refrigerators is not food, nor is it a satisfactory substitute.

WHEN PEOPLE DISCOVER that there is such a thing as spirituality, they understandably feel as excited as did Columbus upon setting eyes on the shores of America. Spirituality affords them a broader vista than they ever considered possible. They suddenly realize that conventional society is designed—partly consciously but for the most part quite unconsciously—to prevent us from seeing our full potential as human beings. Conventional life primarily revolves around the pursuit of rather limited goals: physical comfort, material possessions, sex, emotional gratification, mental stimulation, and power. According to Hinduism, there are four legitimate pursuits to which we can dedicate our time and energy: (1) artha—material welfare, (2) kāma—physical, emotional, and intellectual satisfaction, (3) dharma—morality (notably, justice), and (4) moksha—spiritual fulfillment. Much, if not most, of conventional life falls into the categories of artha and kāma. Our civilization has invented countless ways to keep our attention focused on comfort and pleasure. Every year billions of dollars are spent in advertising to make sure that we keep up our consumption of material goods, whether we need them or not, and that we strive for a “comfortable” life. Dharma is pursued in a much more limited way. Our moral standards appear to be at an all-time low, which is in keeping with the Indic notion of the kali-yuga or dark age, which is expected to prevail upon Earth for many millennia more. By comparison, the contemporary New Age belief in the imminent upliftment of humankind, by magical fiat and without any effort at all, appears like a mere whimsical hope. We must acknowledge that American society in particular suffers from widespread injustice in the legal system and that litigation has become a way of life. If moral integrity is not high on our list of priorities, spiritual aspiration is almost entirely absent from our lives. Few people really understand what spirituality is, and fewer still actively pursue a spiritual path.

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Why Verified Binance Accounts Matter in Crypto Trading In the fast-moving world of cryptocurrency, having a verified Binance account offers substantial benefits. From increased trading limits to enhanced security features, account verification on Binance opens the door to a more efficient and trustworthy trading experience. Benefits of a Verified Binance Account Higher Transaction Limits: Verified users can deposit and withdraw larger amounts of crypto and fiat currencies. Enhanced Security: Verification ensures compliance with Binance’s KYC (Know Your Customer) standards, reducing fraud risk. Access to Full Features: Certain advanced features like fiat trading, margin trading, and P2P services require verification. Improved Credibility: Verified users may be viewed as more trustworthy in the Binance community, especially in peer-to-peer transactions. If you want to more information just knock us – Contact US 24 Hours Reply/Contact Telegram: @eglobalaccountss Skype: eglobalaccounts WhatsApp: +1 (620) 869-1326 ▬▬▬▬▬▬▬▬▬▬▬

Why Verified Binance Accounts Matter in Crypto Trading In the fast-moving world of cryptocurrency, having a verified Binance account offers substantial benefits. From increased trading limits to enhanced security features, account verification on Binance opens the door to a more efficient and trustworthy trading experience. Benefits of a Verified Binance Account Higher Transaction Limits: Verified users can deposit and withdraw larger amounts of crypto and fiat currencies. Enhanced Security: Verification ensures compliance with Binance’s KYC (Know Your Customer) standards, reducing fraud risk. Access to Full Features: Certain advanced features like fiat trading, margin trading, and P2P services require verification. Improved Credibility: Verified users may be viewed as more trustworthy in the Binance community, especially in peer-to-peer transactions. If you want to more information just knock us – Contact US 24 Hours Reply/Contact Telegram: @eglobalaccountss Skype: eglobalaccounts WhatsApp: +1 (620) 869-1326 ▬▬▬▬▬▬▬▬▬▬▬

Why Verified Binance Accounts Matter in Crypto Trading In the fast-moving world of cryptocurrency, having a verified Binance account offers substantial benefits. From increased trading limits to enhanced security features, account verification on Binance opens the door to a more efficient and trustworthy trading experience. Benefits of a Verified Binance Account Higher Transaction Limits: Verified users can deposit and withdraw larger amounts of crypto and fiat currencies. Enhanced Security: Verification ensures compliance with Binance’s KYC (Know Your Customer) standards, reducing fraud risk. Access to Full Features: Certain advanced features like fiat trading, margin trading, and P2P services require verification. Improved Credibility: Verified users may be viewed as more trustworthy in the Binance community, especially in peer-to-peer transactions. If you want to more information just knock us – Contact US 24 Hours Reply/Contact Telegram: @eglobalaccountss Skype: eglobalaccounts WhatsApp: +1 (620) 869-1326 ▬▬▬▬▬▬▬▬▬▬▬

Why Verified Binance Accounts Matter in Crypto Trading In the fast-moving world of cryptocurrency, having a verified Binance account offers substantial benefits. From increased trading limits to enhanced security features, account verification on Binance opens the door to a more efficient and trustworthy trading experience. Benefits of a Verified Binance Account Higher Transaction Limits: Verified users can deposit and withdraw larger amounts of crypto and fiat currencies. Enhanced Security: Verification ensures compliance with Binance’s KYC (Know Your Customer) standards, reducing fraud risk. Access to Full Features: Certain advanced features like fiat trading, margin trading, and P2P services require verification. Improved Credibility: Verified users may be viewed as more trustworthy in the Binance community, especially in peer-to-peer transactions. If you want to more information just knock us – Contact US 24 Hours Reply/Contact Telegram: @eglobalaccountss Skype: eglobalaccounts WhatsApp: +1 (620) 869-1326 ▬▬▬▬▬▬▬▬▬▬▬