Replying to Avatar Chris Krause

nostr:nprofile1qqsyx708d0a8d2qt3ku75avjz8vshvlx0v3q97ygpnz0tllzqegxrtgpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsm7nldy wrote in July 2024:

'It's nice that politicians are pandering to bitcoiners, but promises are cheap. There is a major insurmountable obstacle to the US govt buying bitcoin: The US govt does NOT own or control the US Federal Reserve, which is a cartel of private banks. The US President can't just tell this cartel what to do with their reserves. The US dollar is the sacred cow of this cartel, and it's how they rob the entire planet. They're not about to give up this racket because some politician made a promise whose implications he doesn't understand. They're not going to buy a million bitcoins, because a commitment to purchase bitcoin will just encourage everyone to dump their dollars and buy bitcoin, and destroy the value of the dollar and their ability to rob the world with it. If you think they managed to build this century-old cartel while being stupid enough to fall for this or powerless enough to stop it, you're going to be disappointed to find out they're actually just evil.

But can't the US government buy bitcoin itself, without the Fed? With whose money exactly? The US government is fiscally irresponsible and its biggest expense is debt servicing. There are good reasons your irresponsible debt slave friends never get bitcoin and keep laughing at you when you bring it up. Irresponsible high time preference people and institutions don't understand the concept of long term savings. More importantly, the US government needs the Fed to buy its debt and keep its Treasury ponzi going. Buying bitcoin in spite of the Fed's opposition is a full-on declaration of war by the US government against the Fed and the fiat dollar, and that's just not something that Trump, or Kennedy, is up for. Trump has repeatedly praised the Fed. Kennedy wants to implement some ridiculous low interest rate subsidized home lending scheme only possible with the Fed creating cheap money. These men are not Andrew Jackson, nor are they even trying to be him.

The real enemy of bitcoin, and humanity, is the Fed. The US government is just its tool, and politicians are interchangeable actors that haven't mattered in decades. You're not going to destroy the Fed by promising to vote for one actor over another. Your only chance of destroying it is for bitcoin to grow larger than the dollar and Treasury bonds, and for dollar users to continue to get impoverished into oblivion while bitcoiners thrive with their superior technology. I humbly suggest you not waste time and sats on the politics circus, and work hard to stack sats instead."

https://x.com/saifedean/status/1818274910772306297

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hoppe2 4mo ago

The enemy of humanity is statism itself. There seems to be a perception that the Federal Reserve is something independent from the government, but the reason the Fed wields such nonsensical power is that the government collects taxes in dollars, and more fundamentally, because citizens perceive the government as a necessary entity.

Criticizing the Fed as 'private banks' can create the misleading impression that if the government operates effectively without being influenced by the Fed, society will function well. This perspective risks diverting attention away from the true enemy: statism. It suggests that the solution lies in better governance rather than addressing the fundamental issues of centralized power and its inherent flaws.

While the Fed is labeled as private, the source of its power comes from the government, and a private bank in the absence of government poses no issues.

The enemy of humanity is statism itself. Without the government, there is no Federal Reserve.

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