The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take away from them the power to create money and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in.
~ 1920, Josiah Stamp - Director of the Bank of England
Been thinking a lot about this and how it relates to cryptocurrency.
I've been involved in crypto in some way or another since 2012. Back then lots of people called it a pyramid scheme. People expected it to collapse, bottom falls out, bitcoin $0.
A lot of people back then only stuck with it because after the atrocity that was 2008, it was worth losing a few bucks on the dream of a world without bankers.
But it didn't collapse, and it doesn't look like it ever will. It seems that money creation is a different thing completely.
It seems like what Josiah was getting at was that in money creation, there is a magical power to organize people. Bankers have taken this power for themselves and told the world it doesn't exist.
Stamp suggested the power be banished from the earth, which is only partially possible. Establishing hard money partially removes it, but people will still take deposits and lend them at fraction ~ they'll just go bankrupt when there is a run.
Cryptocurrency is much better than this, it gives the power of banking to everyone, to make whatever currency they see fit and invite their friends to use it.
In this context, words like "Disgusting" and "Contrary to the principles of civilization" are to be expected from industrialists, whose companies exist only because of the decisions made by centralized bankers who have lost their monopoly on the creation of money.
@cjd Josiah seemed to have had a spiritual experience. Maybe he tripped and fell upon some mushrooms.
@cjd that hardware wallets actually let you be your own bank is one of the things that changed my mind. the banked don't at all seemed impressed by this.
and they have the wool pulled over their eyes re: money creation. last year US$3tn or 20% of the money supply was created, and we all know who that money went to and where it stays.
since they don't understand the problem or the solution, they don't understand the need for the energy costs.
but that's fine, because they can't kill an idea.
I dare say cryptocurrencies. Trust is the key and AFAICS it is quite difficult to measure it. Think about Musk and Doge.
@cjd they think they own the earth. they have to create law and force of might to convince others of this . they dont own shit. :) if mother nature wanted to, they’d be wiped out in an instant. and the reason we’re all here in this prison planet imho is because we fucked up last time around and let this happen… of course, its more complicated than that, but ye…
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