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Building a Bitcoin Prison


Jaydee
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“ Former Assistant Secretary of Housing and investment advisor Catherine Austin Fitts says you have to be careful and fully understand Bitcoin.  Fitts explains, “We do know they want to go to an all-digital system with central bank cryptos.  The easiest way to build the prison is to get freedom lovers everywhere to build the prison for you.  To me, Bitcoin has always been the prototype on the way to building the all-digital crypto system that they would love to put into place.  You have $400 trillion in fiat (currency) and it needs a place to go.  If you are trying to buy up all the gold, silver and farmland, the last thing you need is competition from retail.  They want to shift them into crypto and get them to build the crypto train tracks.  In a funny kind of way, it’s brilliant.

There is talk by big banks that Bitcoin could go to $300,000 per unit by the end of the year.  Fitts thinks, “This is absolutely possible.  This is pure politics.  This has nothing to do with economics.  How much will the central bankers, who can print as much money as they want, spend to get you into this platform?  Your guess is as good as mine.  The sky’s the limit as to how much they can spend.  Remember, once they decide to bring out the central bank currencies, and they have steadily been regulating the crypto currencies, Bitcoin and everything else, so the day they decide to take this to zero, they can do it.  If you are going to invest into cryptos and build our prison for us, what you need to know is this thing could go to $300,000, and it can also go to zero.  This is a highly speculative market, and you need to approach it accordingly.”

Fitts warns of a dark future if the central bankers get everything they want.  Fitts says, “When they decide to shut down our bank accounts and say you all get on crypto, universal basic income and take that injection or you can’t transact on the financial system, this is instituting a totalitarian system through the financial system. . . . When they shut that trap door, what you need to think about is where are you going to buy food?”

In closing, Fitts says, “We are in Never, Never Land.  We have two groups in our society:  One group that can print money, and the other who can earn money.  What we saw last year is the people who could print money declared war on the people who earn money.  They basically said we are going to shut down your businesses, and we are going to suck up and take your market share or buy you out with money we print out of thin air. . . . We have no pandemic.  What this is is an economic war.”

 

https://usawatchdog.com/building-a-bitcoin-prison-catherine-austin-fitts/

 

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2 minutes ago, Moon The Loon said:

If you're foolish enough to buy it now, the pyramid builders will LOVE you for it.

 

Isn't that exactly what people said when it was a $100 and a $1,000 and $10,000?

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News

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On the heels of yet another searing hot round of CPI digits out of the U.S., the Fed went all commando on interest rates last week, lobbing a .75% hike at the inflationary spiral, its third raise this year. Some might characterize this move as an overbearing, heavy-handed offensive.

Other central banks- Britain, Brazil, Saudi Arabia – promptly followed suit.


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Even Switzerland entered the fray with a rare 50 basis point salvo – Swiss Franc Surges Over 2% After SNB Surprises With Rate Hike

All told, nearly four dozen countries around the globe have pushed borrowing costs higher since the beginning of the year  – Interest Rates Rise Around the World, as War and High Inflation Grind On

Spiraling price pressure is everywhere. It’s insidious. It’s impacting the cost of everything, from patio furniture to Snausages. And it’s changing our spending habits, forcing some to give up on life’s little luxuries. For others, the impact is far more profound – One in five Canadians eating less due to food price rises…

As central bankers ponder their next foray, the risks of a full-blown recession intensify. Bloomberg economic models peg the current threat of an economic downturn at a 72% – US faces a Fed-triggered recession that may cost Biden a second term

We’re now on recession watch.


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It’s a volatile predicament: accelerating inflation, overzealous shoot-from-the-hip central bank chiefs, looming economic weakness… not to mention a tapped-out consumer that, according to the University of Michigan’s consumer sentiment index, is waaaaay low – Americans have never felt this bad about the economy (the revolution will not be televised).

The University of Michigan’s consumer sentiment index cratered to 50.2 from 58.4 in an early June reading, according to a Friday report. That reflects the lowest level since regular monthly data collection began in the late 1970s.


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Where the broader markets are concerned, the negative sentiment runs deep – “the liquidation frenzy (margin calls) that erupted recently coincided with hedge funds going on the largest two-day selling spree on record.” 

Broader market sentiment is so bleak, it’s possible we’ll see some positive short-term price trajectory as the market can only stretch so far in one direction before it reverses (somewhat).

 
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Commodity News

Gold? Resilient. Firm

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In the precious metals arena, the party faithful is convinced that the spring is coiling ever tighter. They’re confident we’ll bear witness to the mother of all breakouts before the year winds down. For now, gold is testing key support at $1,830.


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It would be good (constructive) if $1830 holds.

While nearly everything has been laid to waste (look at crypto), this neutral price action in the metal could be characterized as positive.


Crypto – Bitcoin

Precious few asset classes have been spared the relentless, unabated selling pressure we’ve witnessed over the past few months. But investors in the crypto space have had their heads handed to them – Crypto Black Monday: Celsius Suffers Liquidity Crisis, Plummets 70% in One Hour

With Bitcoin having broken through what many thought would stand as strong support at $20k, Peter Schiff weighed in, his pessimism towards crypto largely substantiated. The CEO and chief global strategist of Euro Pacific Capital has been wary of Bitcoin’s steep trajectory since it began defying gravity. A few choice tweets…



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According to strategists at Glassnode, “The current bear market is now entering a phase aligned with the deepest and darkest phases of previous bears,” the strategists wrote in a note. “The market, on average, is barely above its cost basis, and even long-term holders are now being purged from the holder base” – Bitcoin Rout Enters Deepest And Darkest Phase; Entire Market Underwater


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This one is bound to ruffle a few feathers – Bitcoin investors tend to have low financial literacy, according to BoC research

There’s a broad range of opinions out there…

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Bitcoin versus Gold? Being a hardcore ‘gold is real money’ bull, I’m hopelessly biased about which camp I’m pitching my tent.

If we are right about what’s coming down the pike, our diligently prospected shortlist of junior explorecos will go on a tear that will challenge the imagination of even the most fervent gold bull. I’ve seen this movie before. Accumulating asset-rich companies in the early innings of the last bull run earlier this century was akin to buying dollars for dimes.

Moving along…
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