Gary Gensler was totally ineffective as a regulator.
Like many things in the world of Joe Biden (don’t fool yourself – he really should not be called “President”) the SEC is wasting away into obscurity. We shouldn’t be surprised. Biden appointed an ex-Goldman banker in the middle of the pandemic, and Gensler has been every bit as impactful as “The President”.
We plan to tar Gensler later on – and his time is almost over. As is Biden’s.
The USA has been totally ineffective in regulating cryptos, which seems like par for the course in major nations. Big countries have big control issues. While the USA is doing better than China in crypto development, its inability to accept the decline of the Western financial system leaves it in a lurch.
The Graveyard of Growth
The US dollar was relevant as the global hegemonic currency around the time Pets.com was a thing. The dot.com bubble. Now, it’s a throwback to the good old days when the USA could conceivably pay down its debts without the help of double-digit (or higher) inflation.
Cryptos are the way forward for global commerce.
The USA had the opportunity to take pole position in the global economy by allowing the use of cryptos on even terms in its capital markets – but Gensler et al. f$%#ed it all up. Much like his boss, the great Joe Biden, Gensler isn’t really to blame. He is a front man (dance on the strings b!*%#).
Broken Systems Destroy Value
The USA no longer creates value. Gensler approved the Bitcoin ETF because his old paymasters at the banking cartel (Goldman, BlackRock, The FED, etc…) wanted it to happen. Please remember that The FED is a privately owned bank. It has owners – who control the US monetary system.
While the USA no longer creates value – it does create huge amounts of US dollars!
Given the huge amount of US dollars (which is growing) – and the total lack of value creation – the maniacs at the banking cartel need another bubble. That is one of the major reasons why Gensler approved the BTC ETFs. And this gets a lot darker.
Bad Bubble Blowers
A bubble, or large-scale misinvestment, used to create value.
An example is the railroad bubble in the USA. While money was wasted on junk companies and projects, the USA did build a lot of viable infrastructure. So a decade (or more) after the railroad bubble burst, everyone was still riding the rails, and enjoying cheaper logistics.
We could even argue that the dot.com boom helped to build out and popularize the internet. It’s more of a stretch – but why not. The internet is a vital part of the global economy today, and many people are unable to stop using smartphones for more than a few seconds.
Depending on your definition, that could be success!
Prices for internet access have fallen since Y2K – and Elon Musk is creating Starlink, which will allow the US DoD to operate drones anywhere in the world without moving satellites around (while the native people surf porn for the first time ever).
The next FED-led bubble is where things get sketchy. The housing bubble.
Jam This In Your Arm!
The housing situation is $h!t. Most young people in the USA, UK and EU just can’t afford a house – apartment – or anything decent to live in. More and more people can’t even afford to rent.
Given the lack of both jobs (don’t believe the stats – look at all the people living rough) and housing, we shouldn’t wonder why the Western world is covered with people who would rather shoot synthetic opiates like fentanyl spiked with animal tranquilizer.
Here is the thing – these poor souls are the victims of horrific central planners.
Central banks and massive economic entities like BlackRock (the f$#*ing banking cartel) have taken over the role the Politburo played in the USSR. This group (the cartel – not just BlackRock) sets the price of money, controls who gets access to debt, and directs the flow of capital. It is central planning by any other name.
Like any central planners – the banking cartel is concerned with its own power above all else. The statistics are massaged until they bear no relationship to reality – and anyone who questions the official narrative is marginalized and shouted down by insiders (looking your way Krugman and Roubini).
The Global Depression IS Ongoing
So what about this new brew…?
Lies don’t make the impossible become possible. The official global economic landscape is a pack of lies that very few people trust. One of the most insidious lies today is how inflation is measured – and who benefits as a result.
Gary Gensler is an apparatchik for the banking cartel. He is not now, nor ever was, a regulator for US financial markets – as least as far as they serve the population of the USA or anyone exposed to the Western financial system.
Economists use a lot of numbers and equations, but there is a really simple fact you should know by now. If the government lies about inflation, it can make it look like GDP is expanding when it is actually contracting.
Unfortunately – governments HAVE been understating inflation to make the economy look a lot better than it really is. Depending on how much you like GDP as an economic metric – the US economy could be in a decade-long depression…that would explain all the poverty and human misery…
Come on Gary – this is pathetic.
By putting the banking cartel first – society as a whole is falling apart. Global business is flagging, and the risk of real civil unrest is rising.
A Monetary System Isn’t A Security
Cryptos are not money. Tokens like PEPE can be used as money, but cryptos are a fundamentally new system for value transfer and a lot more. We are limited by our vision and imagination, which is why there is so much junk in the blockchain space. It is also why cryptos have so, so much potential.
We are about 15 years into global crypto development. To put this in perspective, this is what a steam engine looked like (made by the famous James Watt) around 50 years after Thomas Newcomen introduced the first practical steam engine to English industry.
While both Newcomen and Watt were visionary innovators, they could never imagine that one day steam power would push nuclear subs around the ocean– or that the US nuclear triad would exist at all.
At the moment, we are cramming cryptos into a nomenclature we understand. They look sort of like money, and trade like a financial instrument. We have no idea what cryptos will be in a decade, let alone a century. And hey, engines are still measured in horsepower. We have a hard time letting go.
The banking cartel wants to keep its dog$#!* product (fiat currency) on the rails – which makes the cartel terrified of cryptos.
Gensler did what he could to stomp down promising crypto projects – like the ongoing nonsense with Ripple. Now the banking cartel wants to own enough BTC to “wag the dog” which should make BTC purists pretty nervous.
The Big Game
We don’t have to use fiat currency. The modern iteration of Western fiat currency only goes back to 1971 – when then President Nixon ditched the gold standard. Bitcoin alone can’t replace the Western financial system, but combined, the blockchains we have today – could.
If you look at the countries that adopt cryptos at the highest rates – you will notice they also have massive inflation problems. Hmmmm…maybe that is why the FED is TERRIFIED of inflation. The USA is an incredible debtor, so if the money loses value quickly, people will look for other options.
Please – don’t bring up the BRICS.
No one will use Chinese/Russian digital money unless they are forced to use it. That is the plan for those of you that don’t know. Force people to use junk digital money. The money cartel wants CBDCs because they can reboot their garbage fiat currency model in new packaging – with a lot more control for the Politburo.
There may be a few flavors – a BRICS CRAPdbc, a FED option, maybe something from the wildly corrupt governments in South America. But much like pesos from Venezuela and Argentina, no one will use this trash unless they are forced to.
Gary Gensler, just like Joe Biden, is not working on behalf of the USA. They have another agenda. Unfortunately, central planning doesn’t work for very long. How much you suffer depends on how hard you hang on to the broken Western socioeconomic model.
Remember – you have other options. Be creative!
