Mike Krieger, an expert on Bitcoin and former Wall Street oil analyst had an article published in The Hill. Mike Krieger also writes for his own blog Liberty Blitzkerig which is frequently featured on Zero Hedge. Mike Krieger says that Bitcoin is not in a bubble. Who am I to argue that? I am baffled by Bitcoin and it scares the daylights out of me, particularly after governments and central banks in China, Australia, and South Korea are cracking down on cryptocurrencies which threaten their viability.
Here is Mike Krieger’s article:
One thing that Mike Krieger and I can certainly agree upon is that a privately owned central banking cartel holding governments and citizens hostage in an armed robbery that has been under way for the last 105 years in America will never provide any answers for those who are not part of the 37% of banks in America which are Fed member banks claiming a bank tax on citizens, for which they have no right to claim.
Bitcoin also frightens me because of its reliance on technology, because I am terrible at it, have zero patience to learn about it, place almost no trust in it, and because of the 56 governmemt EMP threats, or things that could cause EMPs since Hillary started losing ground in the general election, that could cause the technology that Bitcoin and other cryptocurrencies rely on to become inoperable, which would result in a 100% instant loss. Maybe that is what the threat is about, but I doubt it, because the market in cryptocurrencies is still too small at this point in my estimation to create such alarm that could prove to be equally disruptive to Fed approved and financed markets.
In this article are the 56 articles on EMP threats or things that could cause EMPs which appeared at various times since Hillary’ s victory appeared less than inevitable on Zero Hedge ( Not trying to shoot the messenger here.)
WTF EMPs, LIBOR, and A Government and Fed That Nobody Can Believe In – Andrea Iravani
But back to the original discussion on Bitcoin and cryptocurrency fever, ,mania, or whatever you would like to call it. On the one hand we have the Fed that has been demanding inflation, or I should say more inflation, because anyone who has been responible for paying their bills and doing the shopping realizes, YES! WE HAVE INFLATION! The Fed has been resorting to inflation minimalization accounting gimmicks at least since the Bill Clinton presidency. Inflation shot up tremendously under Bill Clinton after his tax increase, and I knew that it would cause inflation. How? Because in order to pay for the tax increases, businesses would be forced to raise prices. I was also managing a store at that time, and saw prices from every distributor go up. I ordered all of the merchandise, and did all of the book keeping. The store that I managed was also included in the CPI. Every month, someone from the CPI would call and ask the price of a regular pack of cigarettes. They probably chose my store because it was one of three owned by my father that had the lowest cigarette prices in town. There are hundreds of items listed in the CPI, and they would call the same stores all over America and ask the regular price of a specific item at that particular store. The inflation never showed up after Bill Clinton’s tax hike though, because Bill Clinton decided to start including sale prices in the CPI. It was an accounting gimmick. I recall that a 100% cotton 300 thread count set of queen sized sheets used to average about $27.00 in the mall. Suddenly, I went to the mall to buy new sheets, and they were $127! I couldn’t believe my eyes! Barack Obama also resorted to the accounting gimmick of chained CPI, if the price of beef is high. No problem, people, will buy chicken instead, chicken is too high, people will buy eggs, eggs are too high, people will buy beans, beans are too high, people will go dumpster diving. No problem. While the Fed is demanding higher prices, from people that have no more money to pay higher prices cryptocurrency holders are rebelling and saying FU! Take your assets and shove them, along with your currency! The price of everything is too damn high! I think that that is pretty damn cool whether I am willing to personally invest in cryptocurrencies or not!
Previously, I had predicted increased volatility in cryptocurrencies, which has turned out to be the case: