BITCOIN
The article says that Bitcoin has no intrinsic value, but no currency has. Currency does not physically exist except in the form of tokens or electrons on a disk. Money is essential for day to day life where money goes in to your bank account and is used to pay for bills and goods. The ‘value’ doesn’t matter – it is just far better than barter.
However, because money does not physically exist it can be created in any amount. The trick is to make people think this money has value and will take it exchange for things which do exist. That is the next trick : to convert this intangible asset in to physical assets.
The best way is debt. Lend individuals, companies and whole countries money, preferably more than they can repay. You can then acquire their assets at a fraction of their true worth. There are wrinkles to make things cheaper….
The IMF always insists countries who borrow should open up their markets to international competition. Obviously the multinationals wipe the floor with small local companies, putting people out of work, lowering the GDP and reducing the worth of the local currency as well as creating a balance of payments deficit.
‘Austerity’ is a new wrinkle – obviously designed to reduce GDP and make it more difficult to pay off debts. Then you can demand the country helps pay off some debts by selling their assets at whatever price they can get, like Greece.
All financial assets do not physically exist : money, bonds, derivatives, futures, etc. yet these things are used to control the world.
I read that the top 1% own 50% of global wealth but I see nothing to stop it increasing.
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