Can you hear them squealing? They almost sound shrill.
I’ve never seen society’s elite in such a tizzy before… Every day a new warning on the looming ‘cryptocurrency bubble’.
‘Every generation gets sucked in.’ AMP Capital’s, Shane Oliver
‘Bitcoins a fraud that will blow up.’ JP Morgan boss, Jamie Dimon
‘Bitcoin is like Enron in the making.’ Saudi Prince Alwaleed
Thanks for your concern, rich folk!
So, is this a rare morsel of concern passed down to us plebs? Or something else?
There was a notable absence of such warnings during every other bubble in history.
Consider early 2007, before the Global Financial Crisis hit.
No, the elites’ attitude then was:
‘While the music’s playing you’ve got to get up and dance.’ Citi Group’s Chuck Prince.
I personally attended fund manager presentations back then that basically said, ‘The China mining boom will go on forever… We’re all going to get rich…’
Or words to that effect…
Then when the proverbial hit the fan?
‘Oops, sorry about that…’
But here’s something that’s conveniently swept under the rug. The fact a lot of elite firms actually made money on the crash!
A 639-page report from the US Senate released in 2011 found that when the GFC struck:
‘Goldman (Sachs) was in a frenzy to protect its own interests at the start of the crisis, and sold mortgage-linked derivatives at inflated prices and misrepresented the nature of the deals (to clients).’
Goldman Sachs reportedly made US$50 billion in revenue just two years later, their biggest profits ever. Just two years after defrauding the world, their customers and even US state governments…
A fact they ended up admitting, and paying US$5 billion in fines for in 2016.
This is the world you live in.
The less smart (or should I say connected) companies, that did lose money? Well they were OK too…
Taxpayers like you and I bailed them out.
In 2008 the US implemented a US$700 billion rescue program.
It was the biggest act of corporate welfare in history.
And executive bonuses were back at record highs within 12 months…
The money printing to prop up the banking industry has been going on ever since, resulting in stock market and property booms the world over.
The rich got richer…
What a cushy world some people live in.
Meanwhile you probably watched your superannuation plummet, your funds being frozen, cash rates slashed and your governments borrowing more money on your behalf.
Money you, or your children, will have to pay back.
Make no mistake…
This is the system that the elites want to remain in place.
And why wouldn’t they?
It’s rational for them to want this.
I mean, they’ve got the game sewn up.
Consider this fact…
The central bank of America — the Federal Reserve — is essentially a private company! Did you know that?
It’s actually made up of private bank governors, acting in their own interests. That is, the interest of the big US banks.
It’s a system J.P. Morgan put in place during the Bank Panic of 1907.
The renowned financier used a run on the banks to take control of the US money supply and resolve an issue that they had been pushing for, for almost a century.
It was a system the US came to regret in the 1930s.
In the Great Depression, the Fed stood by and watched as the country endured a decade of economic hardship.
By restricting the money supply at a bad time, the Fed starved out many individuals and businesses that might otherwise have survived.
It took the Second World War to lift the US out of the economic mire.
Central banks everywhere are in the control of the elites. Though maybe not in such a brazen way.
Whether it’s through corruption, coercion, threats or plain old cronyism, the rules of the game are always in their favour.
Ask yourself this… Why the elites’ growing concern over cryptocurrencies?
Why the constant fear spreading, bubble calling and doubt casting?
There are two possible answers.
You can either believe this is a gracious act of conscience from our ruling class.
Or you can believe instead that they’re trying to stop a threat to their own power.
If it is an attack of conscience, it’ll be the first time in history.
Obviously, I believe the second answer is the real truth. I think they’ve suddenly realised the existential threat they’re under. And are reacting accordingly.
Consider this. I’m sure you know the saying ‘money is power?’
As Mayer Rothschild said in 1838, ‘Permit me to issue and control the money of a nation, and I care not who makes its laws!’
Right now, a certain class of people control the money supply. They therefore have the power.
Well not for much longer…
The crypto world order
Cryptocurrencies offer a new paradigm of money. One that is not under anyone’s control.
For instance, there will only ever be 21 million bitcoins.
No one can change this fact.
There’s currently not enough whole bitcoins to go around if every millionaire wanted one. This in-built scarcity brings immense value.
Each cryptocurrency is set up according to a set of rules. Rules which no single party controls.
It’s a paradigm shift in money.
Suddenly you and I are on an equal footing to the rich and powerful. Isn’t that amazing!?
Now normally the elite would try and shut this down. And that’s exactly what they have being doing.
Government bans, attempts at regulations, prosecutions. They’ve tried it all for the last decade or so. But it’s not working.
The crypto juggernaut rolls on regardless. It decentralised, it’s nimble, and it’s technologically superior.
They’re realising now that they can’t shut it down.
A change of tactics is required.
So, the tactic now is to try and control it. To own it.
But guess what? This is actually hard for them to do.
You see, a lot of these cryptocurrencies are still minnows in terms of their overall value compared to the markets they’re disrupting.
At US$137 billion bitcoin is still only 1.8% the size of the total gold market. And bitcoin makes up 56% of the entire cryptocurrency market.
The problem they’ve got is this. The rich can’t buy in to such a ‘small’ market without showing what they are doing this (which would push up prices out of their control).
So instead they are trying to make ordinary people write it off, panic sell or fear cryptocurrencies. And sell. Or at least not compete with them to buy in.
Its economics 101.
Try to reduce demand and increase supply if you are the one buying.
‘Hang on, that’s market manipulation,’ you say.
Damn right it is!
Don’t get sucked in.
You have a once in a lifetime chance to get a stake in the future world order before the elites can do anything about it.
Sure, there are cryptocurrencies that are scams and ones that will fail. There will be winners and losers, like anything else.
But cryptocurrencies are not going away.
And when the dust settles, you’ll find yourself in a new era. A new world order.
If you move now, you can be part of it. It will be made up of ordinary people that have the prescience to take the plunge, ride the ups and downs, and bet on a better and fairer future.
The choice is yours.
Editor, Money Morning
PS: My colleague Sam Volkering and I have been involved in cryptocurrencies for the past six years. Sam first recommended bitcoin in December 2016, and his subscribers have made 10 times their money in return. We’re no crypto bandwagon jumpers here! Read this report to find out how we can help you claim your stake in this new financial order. It’s still not too late…