Debt Ceiling: Americans, Buy Your Bitcoins!

Does anyone find it strange that Boehner isn’t backing an objection to the debt-ceiling hike? Where are Rand Paul, Ted Cruz, John McCain, Mitch McConnell, the ever so fiscally conscious Charlie Schumer and his spry acolyte, Pat Leahy? Have they nothing to offer?

It’s called the “Default Prevention Act of 2013” and it brought an end to fiscal propriety in Washington; now the President, with a stroke of a pen, can suspend the debt-ceiling at any time to avoid default and challenged only by way of an “untitled” (often done to conceal its nature and intent) joint resolution by both Houses of Congress. So you see, even in the face of economic disaster Congress has chosen to abdicate its fiscal authority preferring instead to continue the march toward economic destruction while assuring the public, with great sincerity, that they have your best interests at hand.

Yes indeed America; your dollars purchasing power is on a fast-track to below worthless but then you already knew that. There are some who believe this wholesale mediocritization is planned however I disagree; this type of precision is incongruent with bureaucracy however any form of chaos is prone to appear deliberate; still, and fortunately so, one undeniable truth remains: though often hiding in plain sight every challenge is coupled to a solution.

Consider: A man, well within site of the shore, finds himself standing on the overturned hull of his boat. Unable to swim and terrified of the water he wildly waives and calls to a woman walking on the beach. The wind and the waters relentless break upon the shore make it difficult for her to hear and so she makes her way, thru never-more-than waist-deep water, toward the capsized vessel and as she approaches she says; “I’m so sorry, I just simply couldn’t hear you; did you say you can’t swim?”

The following are a select group of responses to questions/comments received after the original article was published. We believe you will find them of interest.

#1: First, my reference to “Bitcoins” (above) was intended to send a message; your dollars are being phased out right before your very eyes and whether due to the ravages of inflation or an actual conversion to a regional economic currency (it is no secret that the U.S. and European Banking Cabal is actively strategizing this move).

I’ve long argued that the best way for Americans to counter the direct economic-threat is to leverage and disperse their economic actions. Simply going to a cash-only medium particularly where the U.S. Dollar is the medium of exchange is, in no way, a reliable “leverage and disperse” tool. Now, to the question: “What is Bitcoin?” (see the next post/comment)
 #2: BitCoin in simplest terms is an alternate medium of exchange, purely electronic (no different than if you only use a debit card) as a currency and not unlike the dollar (or any other paper currency) it can be denominated (like a penny, nickel, quarter, $1, $5, $10 and so on) into sub-values as your purchase or exchange requires. Key points: (1)Again it is purely electronic. (2) The system is self-managed because there is no central bank (per se) as the system is orchestrated by the system of computers/users who participate in the system by way of using a proprietary software (specific to the Bitcoin system) that establishes your electronic “wallet” once you download and sign-in to the Bitcoin system. This is one of the most clever features of the Bitcoin System; it is complete dispersed, decentralized and secure (by way of quantum cryptography that constantly scours the system for fraud and duplicate transactions and because your own volume and transaction history resides solely on your own computer only you have access to it. (3)You purchase “in” to the system using whatever currency you please purchasing Bitcoins at the prevailing market-rate at that time (there are “exchanges” online where you can view the various exchange/purchase rates). (4) The currency volume is forever fixed at a maximum of 21 Million Bitcoins each subdivided into 100 Million smaller units called “satoshis.” (5) It is a pure market-based system based solely on the “demand” for exchange and on the “capacity” of the system to fulfill that “demand” so, in essence, the currency floats in direct proportion to the value exchanged and not by the amount of currency in circulation.

This is the way a medium-of-exchange should work as it avoids the inflation of demand due to the over-supply of currency which, as it presently occurs, is simply printed when banks/governments think they need more of it and NOT because they have a “value” to “exchange” for it. The extent to which the system is valid is in direct proportion to the banking systems objection to it (which is massive). It is also being incorporated into eBay, browsers and smart phones.

I believe it to be a perfect market-response to adverse circumstances which, by the way, is a pure element of market-based economics and completely voids Capitalist intrusions. For my regular readers the following statement will not be new: Capitalism is not Free-Market Economics; it is the complete antithesis of it. Capitalism is to Free-Market Economics as Democracy is to Republicanism. If you want more details feel free to post at will.

Curtis C. Greco, Founder


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