Blockchain – Central Banks Banking On It

Source: Photosteve101 via Flickr

 

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust …”

Satoshi Nakamoto (Unknown person or persons who designed bitcoin and created its original reference implementation, Bitcoin Core)

Fiat currency debasement and failure is why gold has survived and thrived for thousands of years  and indeed in recent years. It is why bitcoin is becoming more popular, with its growing market cap and ever-expanding ecosystem. Continue reading

American Economic Calamity Predicted in 1857

The Great British historian, Lord Macaulay, predicted the future unraveling of the United States economy in a letter written in May 1857. Macaulay’s prediction was based on his analysis of American institutions. Discussing the life of Thomas Jefferson with an American author, Macaulay wrote, “You are surprised to learn that I have not a high opinion of Mr. Jefferson, and I am surprised at your surprise. I am certain that I never wrote a line, and … uttered a word indicating an opinion that the supreme authority in a state ought to be entrusted to the majority of citizens [counted] by the head; in other words, to the poorest and most ignorant part of society.”

According to Macaulay the United States was becoming increasingly democratic throughout the nineteenth century. And this tendency, he argued, was dangerous to liberty and to the country’s economic well-being. As Macaulay explained, “I have long been convinced that institutions purely democratic must, sooner or later, destroy liberty or civilization, or both.” Continue reading