One of our latest video reports!
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Josh Sigurdson talks with author and economic analyst John Sneisen about the recent attempts by central banks to create their own cryptocurrencies including the Federal Reserve with "Fedcoin" and the Bank of England with what we at WAM will from here on call "Britcoin".
The funniest part is that they will fail much like Venezuela will fail with their petro coins. Cryptocurrencies are doing so well because people are flocking away from centrally planned currencies. All fiat currencies eventually revert to their intrinsic value of zero. They have since their inception in 1024 AD in China.
While the fundamentals are off the table in the monetary system due to the level of manipulation and we can't put a date on the coming crash, we know it's going to happen and this is a desperate attempt by central banks to keep people's faith. It's simply not going to work.
The global establishment wants to put forward a centrally planned cashless society through the IMF's SDR as we've seen most notably in China, India and Sweden, but this attempt is losing valuable time as the Fed attempts to push interest rates up in order to drop them out at the inevitable fall, and in doing so thus far they will end up with negative interest rates.
So they're offering gruel at the cafeteria while people are flocking to the 5 star meal. This is going to be to their detriment.
Individuals are intrinsically free and we will see people continue to flock to decentralized cryptocurrencies as well as gold and silver. The centrally planned systems will come crashing down as they should.
Stay tuned as we continue to cover these important issues.
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