Most currencies used in the world today are just pieces of paper or digital numbers created by central banks. When they print more money, supply and demand still applies, so the money loses value. Authorized banks employ fractional reserve banking, which allows them to create money out of thin air with a loan to someone while only holding a fraction of the cash behind it. Because the printing or digital creation of more money inflates the supply, this is referred to as the “inflation tax.” This delicate combination of force and fraud is designed for theft on a massive scale.
If people could avoid the inflation tax by using money that doesn’t consistently lose value, they would. To impose a currency, governments must outlaw competing currencies. This means if you use a different device of accounting for trade than the official money, you will be locked in a cage or face other “legal” sanctions. Eventually, a government’s money becomes so widely used that no one even questions it. Propaganda about how essential this racket is to the economy keeps it going.
Government money that isn’t backed by anything allows all who benefit, either as early recipients of the new money or bankers authorized to create it, to siphon off massive amounts of wealth from the entire economy. It doesn’t matter if banks have monopoly power from governments, or governments themselves run the banks, they exist to serve the super rich. As with all taxes, the purpose is to transfer wealth from the poor to the rich. In the case of the inflation tax, it is also a great way to convince the poor they aren’t being taxed at all. The inflation tax hurts the poor and working class the most, and no one who uses government money is safe from it.
Chapter 5 Section II From FREEDOM! by Adam Kokesh
I am the author of FREEDOM!, a book endorsed (I mean banned) by the US Department of “Justice.” You can get a copy here. I’m running for Not-President in 2020 on the platform of the peaceful, orderly, and responsible dissolution of the United States federal government. You can find out more here. I am currently on my #TaxationIsTheft tour! You can find an event near you here. Whoever has the top comment on this post after 24 hours can claim a free signed copy of FREEDOM! by sending me a message with their address.
This is precisely why I have had such a difficult time getting my friends to come to Bitcoin and other cryptocurrencies like Steem. I first discovered Bitcoin back in 2011 and bought about $100 worth back when it was like $10. I fully believed that Bitcoin would explode someday, and I told all of my friends that they needed to invest in it.
No one really listened to me, so I got discouraged and eventually spent all my bitcoins like a dumbass. I was such a foolish kid back then, lol. Sure enough, though, when Bitcoin started to skyrocket years later, everyone who I had told about it before started coming to me and telling me that they should have listened.
Of course, by that point, I had nothing to show for my own belief in Bitcoin because I had spent it all. Now I'm back in it and working my way up the hard way. The more people start to see cryptocurrencies being used widely across society, the more widely used they become, the more the average layperson will be willing to at least look into Bitcoin and other cryptocurrencies.
I, for one, eagerly look forward to the decentralized, cryptocurrency-using world that we are quickly heading into!
They likely won't listen to your steem recommendation either.
Looking forward to that as well brother!
Good thing we have cryptocurrencies that are civil asset forfeiture resistant...
Taxation was never intended to benefit anyone except for the landowners on whose lands the originally-taxed peasants lived. These days its the corporations and the government officials who are representing said corporations while maybe, and that's a big maybe, putting some of the taxed funds aside for projects on their land or adjacent to their land (which also, of course benefit their corporations).
The worst thing about taxes isn't the fact that you got to pay them or that a portion goes to pave the street and all that but the fact that they're used to grant contracts to a piece of shit minority. It's the same in every country everywhere. I'd like to see an open and distributed services participation process, if what I'm saying makes sense to you here. Don't think we'll see it anytime in any lifetime as money and power instantly corrupt.
I believe smart contracts may provide an elegant solution. I can envision a community pooling resources voluntarily for infrastructure and spelling out the stipulations of the contract. Only when the stipulations in the contract are met the funds are released.
Should governments, maybe at the local level, turn to smart contracts and blockchain technology it'll make a difference in where the money goes and how its used. Could eliminate a lot of embezzlement, misappropriation and waste.
I think so....since the terms of the contract must be fulfilled until funds are released. I thought many years ago that all governments could be replaced with AI type voting mechanisms. Smart contracts look to be an elegant solution.
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." -- Lord Acton
Good work Adam.
Thank you!
Banks LOL For last few months they are calling me few time per month because I owe them 20$ hahahahaha What a bunch of morons!
I saw recently video about beautiful chicks on the beach. Video started with these line 'Everybody knows that banks create money from air, but let forget about it and watch this beautiful chicks...' LOL
Serfdom was never abolished; they just made it more efficient. Just as in mideval times, our labor is used as collateral to secure more funding for wars, higher payouts for the donor class, and more gifts for friendly dictators.
Exactly!
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Beep! Beep! This humvee will be patrolling by and assisting new veterans, retirees, and military members here on Steem. @shadow3scalpel will help by upvoting posts from a list of members maintained by @chairborne and responding to any questions replied to this comment.
Well... this is the way we got fiat money.. The governments monopolized the right to print money and create supply... e.g. spend as much as they would like to.
This is the major challenge to crypto, I believe. Crypto has to be able to defend itself from any efforts of governmental control. Or the very idea of independent, value-preserving money can get compromised.