FINANCIAL REPRESSION IS HERE, AND BITCOIN IS THE ONLY ESCAPE
When I warned about bankers planning “financial repression” back in 2014, I wasn’t sure how long it would be before it arrived, or where. And when I wrote about the banning of cash last February, I was worried that the money monopolists were accelerating toward open repression.
Unfortunately, it turns out that they were in a hurry and have now withdrawn all currency worth more than a few dollars (US$1.50) in India. New currency has been promised, but the old notes were withdrawn without the new ones being ready. So, we’ll call that an “effective” and possibly a “temporary” ban on cash.
Bear in mind please, that India is a very populous country (more so than the US and Europe combined), and not one where nearly everyone already has debit cards. So, this makes a powerful test case.
On top of that, the banning of cash is being threatened all across the Western world. Cash purchases over €1,000 (US$1,050) are already banned in France. At this point, we have to accept that the elite are serious, that they mean to take away our cash and rather sooner than later.
Moreover, I want to repeat something from the 2014 article, where you can find a link to the source. This is what the IMF has been discussing in their own words:
The claim… that advanced countries do not need to resort to… debt restructurings… capital controls and other forms of financial repression… is at odds with the historical track record…
So, let’s get over the denial phase. Take a hard look at what they’ve done in India and France, and bear in mind that these people don’t simply stop short of their goal, nor are they burdened by empathy.
Where Do We Go Now?
Your decision will be your own of course; I don’t claim to be a financial advisor. But I can tell you what’s going on and what it signifies.
Escaping financial repression has typically been done via these means:
Precious metals. Gold and silver have inherent value. No act of politics can change that. However, political systems – especially when empowered by mass surveillance – are great at stealing everyone’s gold. Just look at what Franklin Roosevelt did, long before any kind of serious surveillance. His thieving worked very well. Moreover, moving precious metals across borders is far harder now than it was then.
Bear in mind that I’m a fan of silver and gold; they are honest money. But gargantuan government armed with mass surveillance will greatly reduce their usefulness. Already, moves are afoot to ban gold in the EU.
Cash. I’m also a fan of cash. It has no value of its own of course, but it can be used privately, more or less everywhere. The problem is that it looks like it will be banned. A few end runs are possible, such as using postal money orders instead of cash, but I wouldn’t plan on them lasting.
Barter. Barter is useful and honest, but there’s a reason we use currency: It’s far more convenient.
Offshore commerce. Again, a fine way to conduct affairs, but mass surveillance plus EU and US bullying of nearly all the world’s banks has made this only a partial solution. It’s best used as part of a well-rounded Plan B.
These are the traditional ways to escape financial repression, but they’re not looking very good at this point.
And that leaves Bitcoin.
If you’re not familiar, please understand that Bitcoin is not based on existing currency models. Bitcoin is different to the point of being alien… it’s from outside. It came to us from the realm of the cypherpunks.