The US government is the most bankrupt government in the history of the world. At $19.9 trillion, nothing even comes close. The next closest are the EU and Japan with approximately $9 trillion in debt… not even half as much as the US!
And, when you add up all US government debt and liabilities - which are things already spent but which need to be paid for in the future - it works out to somewhere between $100 and $200 trillion.
The reason there is such a big gap in estimates is because the US government hasn’t actually been audited properly in roughly 27 years. The thing is out of control; no one even knows what's going on.
Even the Department of Offense, stationed at the Pentagram, has said it has no idea what happened with $6.5 trillion! Yes, trillion!
But, if you take the lowest estimate of the US government’s debt and liabilities, of $100 trillion, or $100,000,000,000,000, that works out to over $300,000 for every man, woman, and child in the US!
A family of four has over $1 million in government debt and liabilities overhanging it.
Do you know many families that can afford to pay back $1 million? Neither do I. Especially with half of Americans currently living paycheck to paycheck.
That means there will be a massive collapse at some point… and soon. Things can sometimes stay irrational longer than you can stay solvent. But they can’t stay irrational and mathematically impossible forever.
And, for this reason, the US government is now trying to find anything it possibly can to steal from its tax slaves to stay alive just a little while longer.
And, it was only a matter of time, until they zeroed in on cryptocurrencies.
“COMBATING MONEY LAUNDERING, TERRORIST FINANCING, AND COUNTERFEITING ACT OF 2017.”
It seems a day doesn’t go by without the bureau-rats in Washington, District of Criminals, trying to steal, extort, kidnap or kill people.
The latest is called the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”
Forget for the moment that the biggest financier of terrorism at the moment is Donald Trump, who recently inked a deal to sell $110 billion in arms to the Saudi Arabian government. The Saudi government that was intricately involved in 9/11, chops people’s heads off regularly and is currently committing genocide in Yemen.
Also, forget that money laundering is a euphemism for “extortion evasion”.
And, forget also, that the biggest counterfeiter in the world is the Federal Reserve which prints up trillions of dollars and gives it to their banker friends regularly.
Forgetting all that, the new bill aims in part, to extend sentences from five to TEN years in prison for US citizens who are caught transporting more than $10,000 in cash without filling out the proper declaration paperwork.
It’s called “Civil Asset Forfeiture” and surprise, surprise, there's nothing civil about it. It’s really just another term for legalized larceny. It gives road pirates the authority to plunder all your booty - no warrant, no trial, and no due process required.
This bill takes a further step to target bitcoin and wants to put any business which “issues” cryptocurrency under this umbrella of anti-money laundering regulations. Plus, bitcoin is included in the list of monetary instruments that must be reported when entering or leaving the US.
The funny part is bitcoin and other cryptocurrencies actually exist nowhere. When you “own” bitcoin you don’t actually have the bitcoin sitting in your pocket or in your house. What you have is a key to a ledger with which you can then send bitcoin to other people.
But you never physically hold it.
That’s what makes this new bill ridiculous. They want you to declare your cryptocurrencies you are “holding” when you physically cross their imaginary line (called a border).
The government just has no clue how to deal with cryptocurrencies. Governments are based on one thing: violence. They know how to extort, rob, kidnap, threaten and kill people.
What they don’t know how to do is to steal your cryptocurrency… because they can’t.
And that’s why we love cryptocurrencies!
You know who hates cryptocurrencies? Governments and central banks. Here’s more proof.
SHOCKER! GERMAN CENTRAL BANKER DOESN’T LIKE CRYPTOS
Most recently, the head of the German central bank, Jens Weidmann took a jab at cryptocurrencies like bitcoin claiming that if anything, the use of them will worsen the next financial crisis.
Wait, how does he know there is an upcoming financial crisis? Well, that’s because it is baked in the cake!
He stated - to paraphrase - that digital currencies - whose flow can not be blocked by conventional means - make an instant bank run far more likely, and in creating the conditions for a run on bank deposits, lenders would be short of liquidity and struggle to make loans.
Am I the only one who doesn’t see a problem with that? That’s exactly what should happen so that people wake up to the fact that their money is not safe in fractional reserve banks!
Then, Weidmann continued to explain that if existing banking payment systems could just be made more efficient, then that would stop the public from flocking to cryptocurrencies.
He clearly doesn’t understand why people love cryptocurrencies. Nor does he understand just how evil central banking is.
Sure, cryptos are more efficient than wire transfers in many cases, but that is absolutely not the sole reason people use them. Rather, most people are attracted to their structure, or lack thereof - the fact that many are decentralized. People have more confidence in decentralized payment systems because they aren’t attached to a physical headquarters that can be attacked by violent government thugs.
And, furthermore, cryptocurrencies cannot be inflated at will behind closed doors by a cabal of communist style central planners. People also seem to like that a lot.
Jens Weidmann believes cryptocurrencies will make the upcoming (planned) financial crisis worse than it would have been otherwise because many people will pull out of the banking system and into cryptocurrencies.
If so, expect cryptocurrencies to skyrocket in the next crisis.
The best coverage of cryptocurrencies in the world is in The Dollar Vigilante newsletter (subscribe here) where we have been covering them since 2011 and gained subscribers more than 100,000%!
Or, if you still aren’t sure about cryptocurrencies, watch my free four video tutorial here where I explain why it is so important to have some exposure to cryptocurrencies.
In this article, alone, we have already described how the US government is trying to figure out how to steal your cryptocurrencies. And, the German central bank is already front running the next financial crisis and trying to blame it on cryptocurrencies.
Why do they care so much about this computer money?
Because it has the potential to destroy governments and central banks completely.
And we wish it all the best of luck!
About the Author
Anarcho-Capitalist. Libertarian. Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante and host of the popular video podcast, Anarchast. Jeff is a prominent speaker at many of the world’s freedom, investment and cryptocurrency conferences including his own, Anarchapulco, as well as regularly in the media including CNBC, Bloomberg and Fox Business. Jeff also posts exclusive content daily to the new blockchain based social media network, Steemit.