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Export date: Sun Jul 23 22:49:13 2017 / +0000 GMT
Why The Federal Reserve Will Not Use Bitcoins For Money (but you can)
"As Federal Reserve chair Janet Yellen testified before Congress today (July 13, 2017) one attendee gave some attention-grabbing advice. Peering over Yellen's shoulder as she was testifying to Congress that she opposes an audits of the Fed, the man quietly raised a yellow legal pad on which they'd scrawled, 'Buy Bitcoin' in black ink."
Editor CEC adds: For those who do not get it, the man with the sign is saying US Dollars are fast becoming worthless due to the wanton printing by the Federal Reserve System, that Yellen is appointed Chairman of, and Bitcoins cannot be printed out of nothing, even though few understand how it works. We do not agree or disagree with Bitcoin's claims, but we do know the man with the sign is right about the FED. It is absolutely insane to think college teacher Yellen, appointed to her job by Barrack Obama, can actually create and control the money we all depend upon.
In fact, the FED is controlled by super-bankers who must laugh at the notion that we taxpayers take Janet Yellen seriously, or that she controls anything more powerful than her hair dryer! The story tells us Yellen was in the act of protesting against an audit of the FED when the Bitcoin sign was raised.
Congress might have asked Ms. Yellen, "When the FED sells its $4+trillion of Treasury bonds, will it refund the full proceeds to the Treasury since it never paid real money to buy this vast position in the first place?"
Within minutes of Yellen's so-called "dovish" speech, and clearly as a result of it, the market price of US Debt bolted upward by about $810 billion. But 24 hours later the same debt had plunged back about half way. with no apparent explanation for the drop. The man with the "Buy Bitcoin" sign seems to be right on. Americans might well be better off if our dollars were converted to bitcoins, but Janet Yellen and the FED will never do this because they probably cannot print bitcoins like they can dollars!
Post date: 2017-07-14 03:49:27
Post date GMT: 2017-07-14 03:49:27
Post modified date: 2017-07-14 03:49:27
Post modified date GMT: 2017-07-14 03:49:27
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