Crisis of Trust — Let's Double Down!
“The creditworthiness of US Treasury securities underpins the global system and sparks demand for US dollars that makes the dollar the world’s reserve currency. Losing confidence in Treasuries could spark mass selling of dollars with reverberations around the world, especially for high-debt developing countries.”
Inside the Beltway, jockeying over raising the debt ceiling has become a partisan ritual to gain political points. But…www.cnn.com
The Dollar is the currency that the world depends on to function. “The Global Reserve Currency” What would happen if that went away? Many have used armageddon or catastrophic. Basically, the end of life as we know it. So should we be concerned that the managerial clown class is playing political chicken with the fate of the world to gain a leg up in the next election? A guy who lied and cheated his way into office could be the deciding factor in the fate of the world. Crazy? No Batshit Crazy!
“But you can change the government at the ballot box.” Bullshit. The clowns who make and enforce the laws are having too much fun playing Russian roulette with our future. They would never consider changing that system when they have so much control; imagine the rush, the power trip, the money; they are drunk on the circus of media attention.
I can’t imagine how difficult it is for those who signed up (got elected) to make a difference and serve people when your team has to use the ultimate threat to humanity in order to further your agenda, kinda like “Little Rocket Man." What happened to rational dialogue and collaboration? That went out the window with that other cute notion, trust.
Is “Faith and Trust in the US dollar” only a matter of our military might? What happens when we can't pay the military because Congress trashed the whole economy in a game of chicken? Can they think past the next election cycle? I'm guessing not.
Here’s a scenario: the debt ceiling issue gets massively fumbled, the US economy turns to shit, and the global economy follows at the speed of light. BRICS and every other scheme to replace the dollar is history because those countries are also in the toilet. What’s left?
Some people take to Bitcoin, not because of the investment angle; if you are patient enough to take the time to understand the underlying technology and dynamics, it’s evident that Bitcoin would be the only survivor of an economic meltdown. I, for one, am tired of banks, the government, and lobbyists playing with our future. Trusting in math would be a welcome respite.
The fundamental nature of property ownership bestowed by Bitcoin means the games stop, power shifts to the owners of Bitcoin, and the debt-backed casino is closed.
But Brian, do I really think the government incompetents will trash the system? After all, it’s a game we have played for numerous cycles now, and we have only seen a 20+% drop in the power of the dollar over the past few years. YES, they have proven that trust is long gone. Trust in the election process, and trust in the integrity of public office, so global trust in the dollar is short to follow.
Trust is hard to build and easy to break. Money was invented to transfer trust in transactions to a globally agreed-upon medium that ensures fair and equitable transactions. Bitcoin makes that easy. Michael Casey wrote a book referring to Bitcoin as “The Trust Machine.” Bitcoin has proven itself reliable over the past 12 years, not for the speculators but for those who need to rely on stable money to escape the insanity of gamesmanship we see daily eroding our future.