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The political ideas behind Bitcoin
- 1. The Philosophical and Political Ideas behind the Creation of Bitcoin Or Bitcoin: Towards a Peaceful Economic Revolution
- 2. “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” The Genesis Block
- 4. The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. -Satoshi Nakamoto, 2009
- 6. The Rothschild Banking Dynasty
- 7. "Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
- 10. The inability of colonists to get power to issue their own money permanently out of the hands of George the III and the international bankers was the PRIME reason for the Revolutionary War. -Benjamin Franklin
- 14. What is the Federal Reserve System - Really? • It’s America’s fourth Central Bank •It is a private corporation with its own privately held stock • It is by far the most profitable corporation in America. • It creates money out of nothing and loans it to government • It charges perpetual interest on these “loans” , the “National Debt” • National Debt is paid by citizens through income tax. • Its profits are tax exempt.
- 16. "[Every circulating FRN] represents a one dollar debt to the Federal Reserve system." -Money Facts, House Banking and Currency Committee
- 19. All fiat currencies eventually return to their intrinsic value—zero. -Voltaire
- 25. The issuing power [of currency creation] should be taken from the banks and restored to the people, to whom it properly belongs. --Thomas Jefferson
- 26. • Deflationary (price of everyday goods drops) • Decentralized (not controlled by corporation or government) • Limited supply (rare) • Has intrinsic value (backed by the network computing power, p2p technology) • Cannot be counterfeited (or overprinted) • Democratic (for the people, by the people) • Optional (no legal tender laws involved) • Digital Asset Characteristics of Bitcoin
Editor's Notes
- My name is terry jang. I own and run a small e-commerce consulting company called Hanapay. I bought the Lamassu ATM not really for profit seeking but to help spread this revolutionary technology, I first heard about bitcoin in 2011. Well at that time, I had a lot of time on my hands, and I decided to try learn something about how the world really operates. Maybe in the back of mind, I was bitterly disappointed with Barack Obama and his hope and change pledge so I decided to dig deeper In 2008, we had a major financial crisis with Lehman Brothers going bankrupt, and AIG and the entire US banking system requiring a 700 billion dollar bailout to keep it from collapsing. I decided to revisit that period by reading as much as possible about watching all the documentaries I could about the real causes of the banking crises. Anyway, today I want to present to you what I believe are the main reasons Satoshi Nakamoto created bitcoin.
- To truly understand bitcoin and its purpose, we should know the intent on the inventor, Satoshi Nakamoto. He clearly gives us hint in this encoded message in the first block (the genesis block) of the blockchain.
- He was referring to this article in the Times published January 3rd 2009. We can guess that Satoshi was infuriated that banks need to be and are allowed to be bailed out.
- On a web forum Satoshi explained the root problem of the current banking system. I’ve highlighted the two key phrases that concern Satoshi: Debasing the currency and Fraction in Reserve. Now I want to talk about Fraction in Reserve, or more correctly, Fractional Reserve Banking. We will come back to what debasing the currency means. Here’s how it Fractional Reserve Banking works:
- Literally, Fractional Reserve Means to keep a fraction in reserve In this scenario, the bank has to keep 10% in reserve but can lend out 90% of the initial $1000 deposit. The initial $1000 plus the $900 become part of the money supply. Where did that $900 come? Nowhere! It is simply a book entry. You will notice money is borrowed into existence which means money = debt. Not an asset having any real value. This is what we mean by creating money out of nothing! Does it not infuriate you that the bank can foreclose on your property if you do not pay back your mortgage in time when it gave you nothing of real value. You will also notice the The money supply keeps on growing, At the end of the 3rd cycle the bank only has $271. But in the people’s bank account there is $3439. If everyone wanted his money back at the same time, there would be a run on the bank and the bank would collapse. Now lets go back in time to find the origin of this insane banking system
- How many know who the richest person/people on earth are? A Saudi prince? George Soros? Warren Buffet? Bill Gates? How many of have heard the name Rothschild? You never heard about the richest family in the world? Most likely the only trillionaires in the world worth an estimated 100 trillion dollars? Some speculate the own half the worlds wealth as they and their agents own media companies, oil companies, the largest corporations in the world and of course banks. The founder of the Rothschild banking dynasty, Mayer Amschel Rothschilld realized lending money to people was nice, but what about lending money to governments and entire countries?
- He realized money creation is the root of all power, not laws.
- His son: The person who controls the money supply, controls the government. So the Rothschilds took control of the Bank of England when England was heavily in debt and made it their bank.
- So now you understand the proper relationship between private bankers, the government, and yourself, it should dawn on you our political system is hopelessly flawed and corrupt until we break the relationship between private bankers and governments. And democracy cannot be achieved in this current monetary system. Some questions to consider: Why are we paying income tax? And to whom? Why does the government outlaw nature’s plants? Like hemp, and marijuana? Why isnt chemotherapy outlawed and natural cancer cures suppressed? How can we possibly call ourselves “free” in this system?
- From England, we move to America where the Rothschilds tried very hard to open their private bank. In history class, we were never told that Revolutionary War was a revolt against international bankers, the same people who are controlling governments and people. It would be hard to believe if the people at the top also control publishing houses and educational institutes.
- Jefferson knew that with central banking, governments grow unnecessarily large and eventually become tyrannical as we seeing in America today. After 9/11, the national deficit of around 16 trillion dollars has skyrocketed. CIA, NSA, TSA, Patriot Act are only made possible by a government that can borrow money endlessly. In addition, Central banking makes World Wars possible. The banks fund the wars.
- In america’s history there have been 4 central banks. Most were chartered only to pay for the war and did not last very long. However the 4th central bank, known today as Federal Reserve Bank, was enacted secretly into Law in 1913 on Christmas eve when all of Congress was on Christmas holiday. So since 1913, you could argue that there has been no democracy in America.
- The 4 basic principles of the Federal Reserve which apply to nearly all central banks around the world, including Korea.
- Where does FRB get the money to loan governments? Nowhere. The US treasury and FED merely trade pieces of paper. Folks, we’ve been scammed for more than 100 years.
- This is truly The BIGGEST SCAM IN THE HISTORY OF MANKIND. If you want to understand the entire monetary system and its history, I would recommend watching the videos at hiddensecretsofmoney.com. There are also great videos on Youtube: “The Moneymasters”, and “Money as Debt”
- As we touched on before one federal reserve note represents debt.
- Before the Federal Reserve Note, one could redeem the dollar for silver or gold at a fixed rate.
- Since the creation of the Federal Reserve, the dollar or the Federal Reserve Note has been losing value and now has only around 2% of its original value in terms of everyday goods.
- According to a study of the 775 fiat currencies that have existed, 599 are no longer in circulation. The currencies which disappeared only lasted on average --fifteen years. The average life expectancy of all fiat currencies is only 27 years. Only a select few have managed to live a long life. For example, The British pound sterling is over 300 years old. However, at its inception the pound was defined as 12 ounces of silver. 300 years later, the pound has lost 99% of its value.
- Why do fiat currencies return to zero worth? This is why. Politicians and bankers cannot resist the temptation to debase the currency.
- Keynes who just about anyone who has studies a little economics knows about is said to be the father modern economic theory. He advocated governments spending money to drive economic growth which natural drives deficits and the national debt upwards. He didn’t seem to care too much about the effect that inflation would have on people.
- So this debt monetary system is drowning us in the form of inflation. On top of that, we have taxes and interest payments to worry about.
- In the old system of slavery, the masters at least fed, clothed, and housed us. In this new system of economic slavery we are expected to do this ourselves. Well at least we have a choice of what brand to choose from!
- It doesn’t have to be this way, we the people need to take back our power, our sovereignty by taking the back the right to use whatever currency or monetary system we choose to use.
- Bitcoin gives us a chance to move from current corrupt system. Bitcoin has characteristics which are the total opposite of fiat money. Characteristics of the Dollar (and most fiat currencies) Dollar is inflationary. Prices rise over time. Central banking is of course centralized. We are trusting 8 men to handle something as important as money issuance. The dollar is not rare obviously. Money supply keeps growing every minute. There is a hard limit of 21 million bitcoins. Currently 12 million have been released. Has intrinsic value (backed by the network computing power, advanced cryptography, p2p technology) Dollar is being overprinted or counterfeited especially now with QE. Counterfeiting means producing fake money. Is the money that FED makes real? Not democratic. Not made by the people nor can it be considered a national asset of the people. It enriches only the bankers. Government Fiat (order) makes fiat currencies legal tender. You must use it. Nothing else is acceptable as payment. The dollar is not backed up anything except by trust and faith. Dollar is not an asset but a piece of debt paper.
- So now that you understand our banking system, I hope that everyone in this room will join the cryptocurrency revolution to make a peaceful economic revolution…before tomorrow morning.