Most universities have evolved from being a place where some of society’s smartest would go for some additional learning to a place where most of society’s mindless sheep go into insurmountable debt just to be indoctrinated by morons into communist-style false economic beliefs.
Or, as I have put it in the past, college is where people who can’t think for themselves go for four more years of training.
So it was no surprise when Robert Skidelsky, professor of political economy at Warwick University and a member of the British House of Lords (another sign he’s human garbage), wrote a sniveling piece for FN London titled, "Stop Trying to Reinvent The Monetary Wheel With Bitcoin."
As the meme goes, it’s like an old man yelling at Bitcoin, so to spare you the headache (and the utter lies), we’ll break down the propaganda for you.
To start, Skidelsky embarrassingly asserts the unmatched “success” of central banks in keeping economies afloat:
“The fact is that human societies have discovered no better way to keep the value of money roughly constant than by relying on central banks to exercise control over its issue and to act directly or indirectly on the volume of credit created by the commercial banking system.”
Roughly constant? There is only one thing constant about fiat currencies. They constantly decline in value. For over 100 years the dollar has been heading towards zero.
If it weren’t for the Federal Reserve Note remaining so “constant,” a gallon of gas would cost just $0.20 today.
The next lie: “Paradoxically, although it is created out of nothing, it will offer no possibility of money ‘creation.’”
Clearly this hack does not understand that bitcoins are digitally mined within a limited, scarce amount. It is, for that reason, a much more sound form of money than fiat paper bills with pictures of dead criminals printed on them… and a pyramid with an all-seeing eye… and if you fold it a few times you can see the twin towers burning, and the Pentagram on fire, printed before September 11, 2001… and printed at will for a cabal of banksters to finance wars and human subjugation.
Money is defined as a “medium of exchange”, and that’s literally what BTC, BCH and others are used for---so guess what Skidelsky: crypto is the new, better money.
The next fraudulent claim is that Bitcoin has no elasticity:
“Bitcoin will be ‘mined’ in diminishing quantities until it is exhausted in 2040, having delivered 21 million digital coins. In other words, there is no elasticity in the currency… [T]he currency will run into the same problem as the gold standard: not providing enough money to support a growing economy and population.”
He can’t even get the basics right. Though putting an exact date or even year when the last bitcoin will be mined is difficult, it’s likely much closer to 2140 than 2040.
The old Keynesian myth of “there isn’t enough money” has been debunked by countless Austrian economists, but to justify complete control over the issuance of currency, tyrants just repeat this lie.
It’s the same rubbish statist central bankers preached just prior to the last hyperinflation they caused by printing too much money.
They shouldn’t have listened to college professors then… and we shouldn’t listen to them now!
When it comes to divisibility, Allen Scott of Bitcoinist.com accurately explains:
“Unlike gold, a bitcoin is merely the name of a digital unit (whose value is determined by the market). This makes it highly divisible. In fact, the smallest possible unit is one hundred millionth of a single bitcoin (0.00000001 BTC) — called a ‘satoshi’— making it possible to send tiny fractions of a penny at current market prices. This can’t be done even with digital fiat today, let alone physical cash or metal coins.”
Indeed, Bitcoin is so elastic that some calculations put the total number of units at over two quadrillion (2,000,000,000,000,000)!
Skidelsky goes on to fear-monger about the evils of saving your money, or as he refers to it, “hoarding.”
He should know it’s also called “capital” and it’s a bedrock of any robust economy. Simply put, “savings” leads to prosperity, but the Keynesians love to frame it as selfishly “hoarding” wealth from everyone else. It’s a backwards way of thinking and nothing could be further from the truth.
Still, Skidelsky continues to spew hilarious irony, alleging “cryptocurrencies provide no security against inflation.”
Compared to what? Central banks actually create the inflation---by their own admission.
Since its inception in 2009, bitcoin has been the best hedge against monetary inflation in the world.
As far as the monetary supply of Bitcoin is concerned, it’s the most reliable because it’s finite, can’t be centrally-governed and remains transparent for anyone to track.
Indeed, the blockchain’s public ledger is the biggest innovation in money we’ve ever seen, and no amount of senile bickering is going to change that.
“Stop trying to reinvent the monetary wheel with Bitcoin,” pleads Skidelsky, and certainly that’s what he’d like. But our movement is unstoppable.
Just as Freenauts rapped in our 2017 hit music video, Bitcoin All The Way Up, “[they] tried to call us crazy, very ineffectual. F**k you! Pay me. Lazy intellectuals…”
Here’s a clip of us performing that jam to open the last Anarchapulco concert:
In February, the largest gathering of freethinkers will once again assemble to build the future of freedom.
When guests like Ron Paul, G. Edward Griffin, and even members of Wu-Tang Clan show up to connect, entertain and learn from one another, magic happens.
Don’t expect any central banksters or Keynesian professors in attendance. Another plus!
Anarchapulco 2019 is already shaping up to be the most remarkable, so be sure to book your tickets now at the discounted rate, which ends July 31 (BOOK HERE).
Also, my newest single, EOS Is Gonna Rock Ya will be released and premiered upon launch of the EOS mainnet… soon!
Here’s a frame from the video shoot:
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.