The Federal Reserve’s poor central planning has wrecked the global economy and they are somehow expected to solve their own mess. Bitcoin fixes this.
The below is a direct excerpt of Marty's Bent Issue #1226: “#EndTheFed.” Sign up for the newsletter here.
As the markets eagerly await the Federal Open Market Committee (FOMC) meeting (and the inevitable interest rate hike that will come with it) it's important to remind ourselves that it is completely insane that we allow the madness of central banking to continue. The world is currently waiting with bated breath for an announcement from Jerome Powell, a 69-year-old lawyer who happened to become Chairman of the Federal Reserve to see how many basis points he decides to raise the federal funds rate.
Tomorrow isn't anything special. Markets have been playing this game for some time now. Most FOMC meetings are boring and aren't as high stakes as tomorrow's meeting seems to be. Tomorrow's meeting is certainly important and will force markets to move drastically in one direction or the other depending on how aggressive Jay Powell and friends decide they want to be. However, tomorrow's meeting is only as important as it is because of all the boring FOMC meetings that led to it. Years of boring, accommodative and complacent policy in combination with terribly-managed central planning on the part of the federal government allowed a complete distortion of price signaling in the markets that is forcing the Fed to act aggressively in this moment. Compounded poor central planning has completely wrecked the global economy and we sit here and wait to hear how the arsonists plan on fixing it. It's pure insanity.
The only way to truly fix the systemic problems that exist in our hyperconnected global economy is to end the Fed and return to a free-market-driven sound money standard that is free of pricing signal manipulation via active interest rate policy that artificially expands the monetary base with money printed ex nihilo. Reaching this point isn't going to happen by hoping that the Fed just goes away or that corrupt politicians miraculously wake up and decide to shutter the institution themselves. The Fed will only be abolished when a mass of individuals decide to demand sound money and opt out of the inherently corrupt system. As it stands right now, the best and only viable path toward that outcome is bitcoin.
Despite recent and historical price volatility, bitcoin has fundamental base properties that make it uniquely suited to supplant the parasitic central banking system that the world is beholden to at the moment. Anyone anywhere who has the ability to download software that allows them to receive, hold, send and verify bitcoin can begin demanding better money right now. There is no need to wait. There is no need to ask. You and billions of other humans on the planet can make the decision in this moment to begin separating yourself from the insanity.
via bitcoinmagazine.com
