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Edward Snowden: “Our monetary system is commanded by people who literally believe changing the “one dollar” stamp on a platinum coin to “one trillion dollars” is the solution to running out of money. Imagine if you tried that with your student loans.”

Edward Snowden: “Our monetary system is commanded by people who literally believe changing the “one dollar” stamp on a platinum coin to “one trillion dollars” is the solution to running out of money. Imagine if you tried that with your student loans.”



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29 Comments

  1. I’m not certain that most people understand that when the Fed increases monetary supply, it is done by buying real asset such as a US treasury or MBS on the open market, not from the Treasury.

    This offered a legal check that the Fed can not just make a journal entry in the Treasury’s account at the Federal Reserve to give them more $ by buying treasuries directly from the Treasury

    I always said when the law breaks down and the Treasury can just add to their account by selling treasuries directly to the Fed Reserve was when the wheels will fall off our monetary system.

    This is similar, but rather than selling a treasury to the Fed, they will give a coin to load their Federal Reserve Account.

    This is dangerous, but might be necessary to avoid a stagflation recession, if the politicians won’t do their job.

    With that said, if this this becomes a precedence, it really opens the door for currency debasement at levels we have never seen.

  2. It’s not a solution to running out of money, it’s a solution to a political stalemate.

    I don’t know why anyone gives a shit about what this guy says about economic policy, he’s not an economist. He was a low-level IT contractor who leaked some documents he had access to. That’s his entire claim to fame.

  3. If it worked for me, I would do it. It actually does work for the government. The really interesting part is to think through what that actually means. The govt is reducing its obligations in minting this coin, but clearly not creating value. So that means it must be transferring value. Value from whom? That’s the important question.

  4. Bitcoin has often been mocked as being a joke currency. Perhaps this is the reason the “Join us -magic internet money” was so popular.

    Bitcoin must look to a surface level thinker locked in a paradigm the way Dogecoin looks to us. It’s a joke that should not be taken seriously.

    But how can someone see something like this and not realize that it is government money that is the joke that people should reject as non-serious money.

    If you want a money that is capable of holding its value, you should probably look to Bitcoin instead of the clown currency alternatives like US dollar & the Euro.

  5. It’s almost like who’s doing the changing matters 😂

    Stated differently, how come when I grab someone, tie them up and throw them in the basement it’s CrImE, but when the police do it, I’m getting arrested?

  6. If they actually went ahead with this (I don’t think they will, but stranger things have happened) I don’t think I will be able to hold back laughter and mockery towards people who still value fiat. We live in a ridiculous clown world, people.

  7. Went to the bank and got a credit card… once it arrived I went back to the back after never using it to set up some bill payments to it.
    The next month my credit card bill was the credit card no.
    The teller had taken my card no. And by accident removed the card no. As a cash withdrawal… all my bills bounded and I got extra charges etc…

    It took 8 months to rectify as the bank could not believe that a teller was that stupid I must have the 5000,0000,0000,0000 in cash… that’s the obvious answer and I need to give it back lol.
    It went to court, and 5 minutes before the hearing was due to start the lawyer for the bank turned to my lawyer and just said “what do you want for this not to go forward and not be recorded in to record?”
    The result is under NDA but the first part of the story isn’t. 🙂

What do you think?

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