Sometimes you can hear word of real truth. This time it is Peter Schaff with a little revelation of what governments are really about:
Printing money is merely taxation in another form. Rather than robbing citizens of their money, government robs their money of its purchasing power.
Well, this is the same guy who had previously said that cryptos are worthless. Almost all finance guys have said it's worthless at one time or another. Now they're slowly coming onboard, probably having bought the dip.
Finance companies get money from government, and then loan it out at 15% to poor people in the form of loans, credit cards, student loans etc. Governments have trillions in debt and must increase the supply of their FIAT currency in order to devalue that debt so it can be paid off. Governments devalue their fiat currency in order to allow their economy to be more competitive in global economy. Fiat currency is useful for loans, and it makes sense to get as much loans as you can at low rates - free money for certain people, certain banks, and re-invest it due to how it is being devalued and how they have a virtual monopoly to do this.
So yes, printing money is taxation on the poor.
Bitcoin and other cryptocurrencies give people a valid way to escape this layer of manipulation and deceit.
Do you know now why banks and financial institutions hate crypto?
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