“Why do you hold on to your Bitcoin? Because you understand that it has future value and it can’t be inflated away by the money printers. When I talk to people here in El Salvador and they have maybe 10 or 15 or 20 in their cheap wallet, they’re quite proud of it. They’re like, I’m saving this for the future because I know in the future the purchasing power of Bitcoin will be where it is or greater, no doubt much greater, whereas in the fiat money world. They just dump all their toxic sludge into the river, they spend it right now on trinkets and garbage, and they have fiat lives and they live fiat lives, and they’re going to die in a fiat grave singing songs of fiat misery.”
Max Keiser is a proud Bitcoin OG who has been in the space since 2011, buying his first Bitcoin when it was only $1 per coin. As a result of his love for the crypto asset and disdain for the fiat world, Keiser and his wife have relocated to El Salvador to support the great Bitcoin innovations being planned in the Central American country. After becoming the first country to make Bitcoin legal tender, El Salvador plans to roll out the world’s first Bitcoin-backed bonds. The proceeds from the sale will also be used to fund Bitcoin City, which will be powered by geothermal energy from the nearby coinchain Volcano. El Salvador, Keiser and Herbert have continued to spread the Bitcoin message through the Max and Stacy Report. In a recent episode, Stacy and Max, who are both television presenters and broadcasters, talk about the decay in the traditional financial system, especially in developed countries like the United States and the United Kingdom and Japan. Stacy Herbert compares the decay in the traditional financial system to just about all of our extremely polluted water sources. Coincidentally, the same generation responsible for the rot in the financial system is also responsible for the rot in our oceans and rivers because boomers have gotten away with both forms of pollution for decades. Herb explains that younger generations have been left with not very appealing clean-up jobs in both the traditional finance industry and the environment.
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Fortunately, Bitcoin comes to the rescue of these younger generations; the Bitcoin generation is looking to escape the mess created by the older generations. We will now take you to Max and Stacy’s Bitcoin broadcast. Let’s dive right in.
“For the past 40 years, we’ve had a bond bull market. Interest rates have been going down, down, down and this has been encouraged in this all fiat global dollar system since 1971. What it has encouraged is high time preference because you could always throw your bad debts into the future. You could always roll over your debt and have somebody in the next generation, somebody not yet born, pay the cost of it. So, when we had some floods here with a tropical storm Bonnie in El Salvador, what was found was that some manufacturers of clothing dye had poured a bunch of toxic waste into the river, and what the president had tweeted about it was that they considered us their garbage dump, like their dumping ground, and the thing that stood out. You can see the video there of the water all red and toxic. You and I the week before had spent the day in Apopa under a bridge which connects the San Francisco and Los Angeles communities with a bunch of young people who were cleaning up the trash in the river along the river banks that had been deposited over the previous 40 years by that same generation with the high time preference where you could always throw your trash, whether it’s your trash, your trash, your trash, financial products, or your trash, your trash, into the environment and into the economy of the next generation. So here’s a little clip just so you see, like, look at these young people cleaning up that same exact river system. It’s not the same exact river stream there, but closes by. That is the case here. They are cleaning up. And a week later, some boomers throw trash and toxic waste into that same river that these young people, who are the future, have spent cleaning.
Come on, boomers, stop being disgusting pigs. It’s terrible and the new generation coming up has to work extra hard to make any progress because you still have the boomers that have that old mentality, as you say, whether it’s throwing toxic risk into the marketplace with bonds that are now collapsing or actually throwing real garbage into the rivers, which is another form of pollution. It’s all pollution and the boomers. Essentially, they thrive on pollution. This new generation, this Bitcoin generation here in El Salvador, understands the pristine collateral that is Bitcoin and they reject the idea of fouling the environment for a quick penny. They understand the long-term value of it and its relationship to their overall well-being, and I think that the tide is turning, the rivers are flowing differently and the Bitcoin, Ethos is permeating everything.”
Keiser and Herbert also discussed the unfettered money printing of the past two or three decades and how Bitcoin came just at the right time before everything collapsed. Bitcoin was created in 2009, on the heels of a severe global economic decline. The financial crisis of 2008, also known as the Global Financial Crisis, was a severe worldwide economic crisis mainly caused by the excessive risk taken by global financial institutions. Their predatory lending targeting low-income home buyers and the bursting of the housing bubble created a severe economic meltdown that brought down many other sectors. It was the most serious financial crisis since the great depression of 1929. Worldwide, financial institutions suffered severe damage. It reached a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis.
In their bid to end the crisis, regulators created a temporary fix with dire effects on the economy, especially for younger Americans. First, the Federal Reserve added $24 billion in liquidity to the banking system to end the mortgage crisis. Congress also approved a $700 billion bank bailout, now known as the Troubled Asset Relief Program, but the excessive money printing did not stop then. Our system of fiat fraud is probably still witnessing the aftermath of that collapse.
“Our system of fiat fraud is in decline. Ever declining interest rates and intervention by the central banks have allowed a generation to plunder the future and that changed their mind-set, that change lowered their morals, whereas, with what Bitcoin will do, and by the way, Bitcoin came at the right time. It came in 2009, during a financial crisis, when the worst of this plunder began, when the money printing, you know, ratcheted up. Luckily, that system is over, that system of plunder, and where you could just keep on rolling over all your risk, all your debt, all your toxins, all your waste into the future and steal from the future, that was over anyway. We have Bitcoin that was invented and birthed in 2009.
Well, it was the structure and the incentive model of that system that caused the baby boomers to become the greediest generation and the most selfish generation because of the money system under which they operated. So, once the U.S. went off the gold standard in 1971. It was all fiats. They could think that there was no cost, that they could get a free lunch that they could have abundant free energy, that they could defer costs that they could dump their costs onto future generations because it did seem like it worked for 50 years. It kept working properly. House prices kept going up, your job kept getting better, and you had to work less and less. Literally nobody works in America anymore. They’ve never been wealthier. The Fed says you’ve never been wealthier because your house price is at an all-time high and you don’t have to work. So it seemed like it worked, but what it was doing was degrading your morals and the entire system, not just the environment. As we saw, it’s treated as a dumping ground. The future is treated as a dumping ground in a fiat system in a proof of stake system. That is always going to be a dumping ground. Simply, because those with the most wealth, those who control the flow of that river of money, they get the money first. That’s what the Carnelian effect is. By the way, the cantilena effect is what we see around the world is that those who are closest to the source of new money, which is the New York Fed in America, Asia, Sri Lanka, and Africa are all served by Bank World Erica. It’s filled with toxic waste of risk of bad debts, bad economics, no work, no labour, and sloth.
Paper money has a lot of problems in terms of being inflated away and the purchasing power being destroyed. And the cotillion has an air effect as you described it. Because gold is traded by weight, it has some advantages over fiat money because somebody can say this is an ounce of gold. I can weigh it and it’s an ounce. I know it’s an ounce, but of course, over history there’s been a problem with fake gold, and it’s got costs associated with it in transporting and insuring the gold. Then Bitcoin comes around, and it’s a whole new paradigm. It’s validated by itself through the work of encryption and mathematics, and it’s perfectly confiscatable behind an impenetrable wall of encryption. It is superior to gold and obviously superior to fiat, so it appeals to the psyche and appeals to the emotions, or it appears to the human wellness that would be incumbent on us as humans as part of nature. This is why this generation is so excited to be part of it. I’m staring into space because I’m channelling the words of Satoshi himself. I’m the bishop of Bishcoin. I am Satoshi’s representative here on earth. If you see me staring into space, it’s because I’m actually chatting the thoughts and words of Satoshi.
But I also wanted to point out that one word that you didn’t mention there was “trust less.” Because Bitcoin is trust less, you don’t need a trusted intermediary like you do in the fiat system. As we mentioned in the previous episode, Bactria proved and pointed out long ago (1850) that man by nature seeks to plunder. We’d rather plunder than have to work hard out in the fields and build wealth. So that is the point about Bitcoin, that it’s trust less. Gold is not trust less because you need to trust that whoever’s selling you that is not selling you a bar of tungsten. They’re not trading you tungsten for your cow. And you need a lot of equipment to trust that Bitcoin. You don’t need to do that because the settlement is in the trust of.”
The Federal Reserve, other regulators in the United States have not done much to gain the trust of citizens, especially because of their knack for temporary fixes that lead to bigger problems in the long run. Take a look at what they’ve made of the traditional financial sector. The economy should be enough to convince, everyone about the urgent need to switch to something. That is more assuredly stable and untainted by their inefficiency and greed. That’s exactly what we get with Bitcoin and other cryptocurrencies. The good news here is that we are still so early in this technology that it will no doubt shape the future of finance. What do you think about Max Keiser and Stacey Herbert’s broadcast?
[This article is a transcription of a video made by Savvy Finance]
[Original video: https://youtu.be/JYu2IkYbjHw]