Bitcoin Falls 50% From Its December Peak

18.01.2018 • France

Simone Wapler – La Chronique Agora (France) –

Bitcoin and the family of cryptocurrencies have fallen sharply, 50% from the peak of December 2017. It’s almost a crash.

As you know, I have sympathy for bitcoin and other private virtual currencies. Bitcoin is a healthy defense against the monstrous actions of central banks. A reaction of the base against Parasitocracy, hence my affection.

Central banks have raised thousands of billions of their currencies.

They shamelessly pluck creditors of the system (those who earn money on open markets, those who save money for a personal project) to bail out the debtors (expensive governments, banks full of bad loans, multinationals in debt …).

The currencies of the central bankers have no intrinsic value.

Bitcoin and crypto-currencies either.

But the big currencies are backed by billions of taxpayers and an army of zealous tax collectors. And the dollar (or even the yuan) is leaning against aircraft carriers, missiles, submarines …

In this regard, advantage to the dollar, the yuan, the euro … Poor little bitcoin, where are your agents of the fisc, your rocket launcher? Bitcoin is only backed by trust in blockchain technology that prohibits infinite multiplication.

Some thought that a crash of bitcoin could degenerate into stock market crash. For the moment, it is not so.

Certainly, some hedge funds and family offices lick their wounds with $ 358 billion gone in smoke for a month. But for now, not enough to spread a global financial crisis.

The future will tell if Bitcoin and its peers will prove “antifragile”. For the philosopher financier and author Nassim Nicholas Taleb, is antifragile which improves with the tests. Conversely, what is protected and incubated by naive interventionism is doomed.

If Taleb is right, the fiduciary currencies as we know them are condemned and bitcoin – which will suffer the onslaught of the Parasitocracy – could become antifragile, conquer his nobility, become a victorious martyr against the official currencies manipulated.

Cancer of the official currencies

Today’s currency is 90% or 95% of the debt. If you think “I have € 1,000 in my bank account”, you are wrong. You have to think “the bank owes me € 1,000”. She will give them to you if she can.

Today, the financial system is backed by $ 233 trillion of debt. The continuation of their existence is due to artificially low interest rates.

To guarantee this debt, we need taxpayers whose number has not miraculously multiplied, contrary to the currency. If you are a fine observer of the financial news, it certainly did not escape you that the central bankers could multiply the money (the credit) but not the bipèdes taxpayers.

This is the problem.

If interest on the debt increases, taxpayers-guarantors will revolt.

They will gather.

They will call on their government to “do something”.

Imagine the success of a politician telling them:

I will erase your debts I will allow you a new start I will solve the question of inequalities We will organize a jubilee!

A jubilee and the resetting of debt counters

The jubilee is in tune with the times – witness the increase in queries on Google.

jubilee

Who will pay ?

We live in a democracy and there are more people who owe something than people to whom we owe something.

The minority to whom we owe something – the one who has a creditor bank account, life insurance, savings – will pay.

The majority – who owes something to this minority – will see their debts erased.

As soon as a country “too big to fail” talks about organizing a jubilee, all the others will jump on the occasion. Other crowds will say “we too! “.

We will have to put the global monetary system back on the ground.

The astonished crowd will rediscover a truth known to the Hebrews 3,000 years ago: a monetary system based on debt registers held by religious or political authorities can not work without limit to the debt.

To keep the debt down to a human size, it has to be reset periodically. The Hebrews had decided that 50 years was a good time.

Our debt-based monetary system dates back to 1971, the year from which no currency is backed by gold. This system will be 50 years old in 2021. [Editor’s Note: It is now that you must be placed to enjoy the jubilee. Gold – which is no one’s debt – has already begun a stealthy rise and a new bull market. Find out here how to get in and out.]

-Read more at la-chronique-agora.com (French)-

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