Mike Maloney discusses the rise of alternative currencies (especially Bitcoin) as a market response to an anticipated currency crisis. He welcomes free-market currency alternatives, argues governments debase currency via deficit spending and printing money (a wealth transfer), and suggests bitcoin (and gold) can protect individuals. He praises bitcoin's portability and resistance to government control, notes it lacks storage fees and third-party vaulting, but questions whether digital currencies are genuinely free-market or could be tools for surveillance by entities like the NSA or central banks.
Chapters
So you were asking about alternative. The rise of alternative currencies. I was talking about a currency crisis that I believe is coming. And I think that it is absolutely wonderful that the free market is trying alternatives now. Jim Rickerts is expecting that the governments will try and force SDRS on us, and that's a possibility. That's international currency, basically. It does take the ability away individual governments, sovereign governments, to wage war and steal the wealth from their population by running the printing presses. That's how they fund war, basically. They always do it through deficit spending. They debase the currency, and that is basically a wealth transfer from the population to the government. Something like Bitcoin and gold can protect you from this, I think.
I love the fact that the free market is now trying another currency. And I think that bitcoin answers a lot of questions that we don't know yet if this is a real free market attempt or is it like the NSA or the Federal Reserve getting us used to a digital currency that they can track.
I hope that it is this free market thing that it's supposed to be. I love the fact that it goes with you anywhere on the planet and that so far governments can't control it. The fact that I don't gamble, I'm not for telling anybody else that they can't, though. And so online gaming, I have no opinion on it other than it should be left alone and people should be able to make their own choice. But right now it's illegal in the United States. So people that want to do it, pay for it with bitcoin. And the fact that they can do that and get away with it, I think is great that the government can no longer control them and tell them what's supposed to be good for them, what's supposed to be bad for them to keep their wealth within our borders or whatever. This follows you anywhere on the planet. I think it's wonderful. It's not tangible like gold and silver, but it doesn't have storage fees. You don't have to have a third party holding it in a vault somewhere for you.
Solves some of the problems that so far, the very best money that there has been throughout history has been gold and silver. That is by far the best money. Bitcoin is now being tried, and it may prove to be better. Who knows? Thank you.
