The first thing I did in my old job as a sociology teacher, when I took over as Head of Department, was to introduce a module in Global Development to the department - I just felt this HAD to be the option we studied (rather than religion which was the 'majority option').
The module is essentially asking the question 'why are rich countries rich and poor countries poor' and needless to say the history of Colonialism and Neocolonialism and the role of the IMF, the World Bank and Debt in keeping poor countries poor were (and still are) a BIG part of this course, and having taught it ten times over I'm pretty familiar with this material (still not an expert, there's A LOT of content!)
I was thus VERY interested to hear Max Keiser discuss these issues in a recent interview in relation to El Salvador and (he thinks) other countires in Latin America about to adopt a BitCoin global standard, something he thinks very likely precisely because of the negative experiences in that region with adopting the dollar and its relation to debt-slavery over the past several decades.
You can watch the interview below:
Keiser argues that El Salvador adopting Bitcoin as its standard currency (albeit in parallel with the dollar) is big news, especially since Paraguay has now followed suit. He's envisaging a domino effect in South and central America now - with Guatemala and then Mexico soon to adopt Bitcoin rather than the dollar as their standard too.
His theory is that most of South and Latin America will be keen to ditch the dollar given the legacy of debt-slavery in the region, where lending has been used to impoverish whole populations and extract resources and cheap services to, well, the United States.
He further suggests that the question we should be asking is not 'when will what countries ban Bitcoin', but rather 'when will what countries adopt the Bitcoin standard' - contrasting countries in the global south as being run by dynamic, young entrepreneurs to the 'geriatrics' running the central banks in Europe and America.
Bitcoin is cheap now
Keiser thinks the fact that countries are now lining up to adopt Bitcoin will massively increase the demand for it - as those countries will need to store a certain amount of it to 'settle accounts' - this should also encourage countries to welcome Bitcoin mining, and he thinks China has made a fundamental strategic error banning Bitcoin now, with its own centralised digital currency being no different in essence to any other fiat country, just centralised and about controlling populations.
He likens the price of Bitcoin now to Apple Stock in the 1990s, or Amazon stock in the early days and suggests that there has never really been a good time to sell either of those, and the same is true of Bitcoin...
Outsourcing central banking
This is how Keiser puts what El Salvador is doing - he suggests that governments are generally terrible at managing monetary policy, and so why not outsource it to something decentralised and 'infallible' such as the Bitcoin Network, while governments stick to road building and dealing with the trash.
So is he right? Is now a good time to stack Bitcoin?
I'm inclined to agree, I do feel like we're at a pivotal moment in geo-politics where all of America, China, Russia and Europe are on the wane, though they may be in denial of it.
This seems especially obvious where their monetary policies are concerned - with America and Europe printing funds like there is no tomorrow, and China banning Bitcoin, which is probably because they see it as a genuine threat to their control of their territory.
Russia meanwhile has sold all of its dollars, and there are plenty of developing countries out there who will probably be sceptical about using the dollar as a store of value as they grow their GDPs, especially given the history of debt-slavery related to the dollar.
And Bitcoin has hardly disappeared, has it, it may have dropped from $60K down to $30K, but it's holding that level, and if entire countries are about to start ditching the dollar buying to Bitcoin and driving up the hash rate, that could be huge news for its price.
I am certainly going to look at accumulating more BTC in the coming weeks and months, now I'm done stacking my stable coins, enough with that for now!
I had no idea Max Keiser did this sort of analysis
I've heard the name before, but TBH I had no idea that Max Keiser is a critical economic pundit who has been criticising fiat money and central banks since before Bitcoin, which is also something I've been doing - so I'm going to have a deeper dive into what he's been saying.
I'm not convinced about his price predictions, but I do think there's something in this geopolitical analysis in the context of the history of global debt.
I guess his answer to 'why Bitcoin' (rather than ETH) for example is the Proof of Work difficulty of mining and the scarcity of a hard capped limited supply.
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Any country with a shitty fiat currency is going to adopt Bitcoin its obvious. They are just the first movers and exactly why i wont be rushing to move to el salvador im hoping Bali will adopt soon because their currency is a classic example of some totally dead fiat currency with country full of digital nomads. I dont believe in any coincidences and bitcoin was created as a lifeboat to allow the destruction of all fiat currencies because thats the big plan. Programmable money in the hands of governments is HELL ON EARTH. However once real user adoption of Bitcoin happens as cash in the world Bitcoin will quickly get replaced by bitcoin cash. (It is the real bitcoin) with a 200 trillion market cap and Bitcoin will serve its purpose as digital gold with a 20 trillion market cap. Bitcoin will not go away with CBDCs but it will be pretty much one and the same. Regulated to ****. If your smart your going to for see that the black market will be even bigger than ever and it will be digital.
The whole reason im here today, retired is because i watched Keisers show religiously in 2012, his journalistic style got my attention immediately with its no nonsense none sugar coated approach. He is on a russian propaganda channel though which is also interesting. He's the only guy out there worth listening too. Saylor is cool in that he is incredibly articulate but its kinda funny that everything he says i understood within about a week of discovering Bitcoin. Money as a store of value must be seen as a store of energy thats what money is. Gold is a store of energy from the big bang it doesn't get any better than that.
That's really interesting to know!
So dyou think Privacy coins have got a lot of upside then?
What about Antonpoulos (excuse spelling) I quite like his style too!
yeah Andreas is the guy who first put it to me that school children will be able to issue their own currency one day with a simple program. AKA Ethereum, he made me realise that so hats off to him. I just wish i could go back to 2016 and not fuck that one up.
Privacy currencies yes the future because they are so much more powerful than bitcoin, bitcoin gets rid of banks but Monero and others get rid of governments because they get rid of the ability to extort you other than by torturing you. But and it its a big but which one, i dont like Moneros privacy tactics its a bit like a bandaid to fix the problem, there is data to analyse. Piratechain is better in that there is no information what so ever but that has draw backs too, you cant look at the chain to see what happened. It all depends on how and if privacy currencies can find good price discovery and liquidity. How that happens is anyones guess but what is for certain is we the people will find a way.
On a side note how long before someone like keiser is kidnapped and threatened with his life or his keys? the world is dangerous and another reason why allowing people to peek into your bank account when you send them payment is no good. Other than for governments.
It's inevitable at some point I guess!
I'm yet to really look into Privacy coins TBH. It's on the list!
most people are scared of privacy coins, which is understandable but the human spirit demands privacy. It is a basic human need.
The other reason im so bullish though on privacy coins in general is because most people are not. They just accept that the government will lay down the iron fist and that that is ok and that is how it is. I tend to think that privacy will be big one day and probably not too far off. It may be too late by the time the memo is out though, you have to see it coming and prepare.
You have to think critically because most people are too afraid, too afraid and just accept the popular opinion must be correct. thats why Bitcoin is today stupid transaction fees, bloated blockchain and slow trans times. (It will never work as it was intended in this world.) If its not called bitcoin its a fork, not really bitcoin cash is Bitcoin. Roger Ver may have looked crazy and may have looked like he was trying to take over bitcoin, thats incorrect, he's just really passionate about bitcoin and was one of the few people who saw what was happening.
When your looking at big money and big power, your also by default looking at corruption and collusion.
It is on the making to happen
in the next decade.
This change should come to make
sense of the internet money.
Max is putting interesting vibe to crypto lately.
!BEER
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I know Keiser as some overly Bitcoin bullish personality especially with his price predictions.
I thought Paraguay debunked the legalization of Bitcoin as legal tender but rather to regulate it, whatever that means.
Chai....wish I could say that too lol 😂
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It appeals to me that he's been around for years, commentator on the role of Western financial institutions in debt slavery - Bitcoin as a solution - I think he's so bullish on it because he's coming from the perspective of governments adopting it.
I figure with Stables.... They're effectively going to drop in value the same way as the dollar, right?
Besides I've hit 'target' 1 I had in mind, I don't find the prospect of aiming for 'target 2' particularly appealing!
I'm also thinking about CUB Kingdoms - just think - 0.1 Bitcoin in there at say 10% well that's 0.11 after a year, slow but still stacking.
Well, he isn’t wrong at all even if it may not happen as quick as we want it is inevitable.
Lol right!
Yeah true, that’s even at a minimum of 10%...
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I honestly don't think we'll see much above 10% if we're talking sustainable yield in the long term!
Valid point
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The problem with Keiser is he is a Bitcoin maximalist. He believes Bitcoin will be everything.
The reality is that the USD will be the last global reserve currency. After it, there will be none more. We are in an era of technology, of instant wallet swaps, of exascale computers.
Our monetary system was created when we were operating solely in the physical realm. Our economies were geographically based; soon they will be networked based. Hence, no need to have a single overriding currency for everything.
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Well I'm certainly not convinced by Bitcoin Maximalism - but I think he does have a point if countries are going to adopt crypto - BTC will probably be the mainstay.
There's no need for it as you say, but it doesn't mean Bitcoin won't become dominant!
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If you had been around in crypto investing in shitcoins since the beginning and seen 99 percent of all alt coins go to junk you would be more convinced about bitcoin maximalism. Its not to say that there is no room for others but he has a massive point, alt coins are here to steal your bitcoin, to steal a piece of the bitcoin blockchain.
I’ve been able to dip into Bitcoin as a result of my alt coins, but if all I’ve ever had and started with were bitcoins, I certainly would have sold some off to diversify into alts. So yeah you’re right on that front.
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That is really awesome. I didn't know that other countries were already starting to look into adopting the standard. I figured they would, but I thought it would take longer than this. It sounds like the majority of them could be on board by the end of the year. If Mexico did it that would be awesome to have a shared border with a country that has accepted BTC.
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Mexico's the one, out of all of those he mentioned!
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That would be game changing I think.
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Keisser has a point here. I was super excited about El Salvador news, but the cruel reality is that around 50% of the inhabitants are not excited about Bitcoin as legal tender in their country.
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That means 50% are!
I'll take that!
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