Will Bitcoin slay the
Creature from Jekyll Island?
The flood of comments received in response to my recent report on Bitcoin shows, not only that our readers are intensely interested in this topic, but that they also are quite knowledgeable about the nature and function of money.
Most of their questions are profound and require a great deal of thought. Some of them (and my responses) are published in the Forum section of Unfiltered News.
The question asked most often, however, is not in that category. It is simple, direct, and practical:
Does Bitcoin have the potential to replace government fiat money?
Will it put an end to inflation and legalized plunder?
Will it lead to the demise of central banks, such as the Federal Reserve System?
In other words ...
Will Bitcoin slay the Creature from Jekyll Island?
The honest answer to that question is that it depends on two things: (1) the degree to which the public embraces Bitcoin as an alternative form of money and (2) the degree to which the advocates of fiat money (governments, banks, and their legions of beneficiaries) succeed in demonizing and outlawing it.
THE BATTLE LINES ARE DRAWN
Make no mistake about it, the battle lines are drawn, and that is precisely why the interest in Bitcoin is so intense. You who read my stuff every week are fully aware that the stakes are high ̶ very high, indeed.
It was Thomas Jefferson who said:
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks... ll deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Bitcoin has the potential to do exactly that.
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