Federal Reserve, Fiat, Morocco discussed on Heartland Newsfeed Radio Network
We've been talking a lot about the Virginia gun control situation. You're certainly welcome to weigh in on that if you want We do have Morocco on the line and I believe he's in Virginia. Go ahead Morocco. Yeah I am and Dan I guess one thing I wanted to say about that is that Basically I don't think there's any kind of law that's kind of being a debated yet but they have promised I gun control agenda. You'll see what happened on. It sounds like they've been they've introduced multiple Laws are you saying that you don't believe they've actually introduced them yet. I think in the the A preliminary stage. I don't think they actually still writing employed twenty seven right yeah. I think it's a couple of steps before they David Vote for it. I think it's very I'll say. This is a very heavily politically divided state for sure so to watch no matter where you are with the Democrats in in control though do you. What do you anticipate coming of these posturings in twenty twenty when they do go into session? Yeah I really don't know because because politically divided and there's a lot of the state maybe not necessarily population wise. But there's a lot of the state that's GonNa be you really pro Second Amendment for sure. So you're GONNA see definitely a lot a push back when it comes from that but the Democrats do have the numbers. When did they get elected? Was it this year do they have it. Unlike the odd years or something like that or was this some back in two thousand eighteen and now all of a sudden they're putting in the the bad legislation legistlation. Yeah I think it was eighteen. Okay they off year election so I I it might have been two thousand seventeen hundred Honestly remember him in this year Okay well you don't pay taking them so long to do interactive waited that long. Okay so what were you calling about besides that yes. I'm not very informed about that. I can't really tell you too many details but I will keep abreast of it. Sounds like the Jones store guy really is paying close attention so go ahead yeah. I'm calm on on money because Last night you had a lot of cars money and I wanted to get in. Wasn't able to get in a Saturday night. Thanks a lot of callers about money and I wish it just discounter was reflecting on money and I was thinking about this before and kind of wanted to call in. Thought it'd be really appropriate to kind of reconsider. What money is why we have money? And it was a lot of the questions about you know. The Federal Reserve increasing money supply a lot of different stuff. That's usually you know talked about being developed Libertarians other people but We should go back to fundamentals. Why do we have money? Money is just a tool was not evil. It's not good it's not bad. It's you know exchange. Yeah it's Ah we're able to it's representative of value in basically our labor so basically let's say prove society you create a somebody raises chicken. Can Somebody has Malcolm in somebody else. Has Clay pots. You don't WanNa have to try to denominate unit each you want. You want all those things so you don't have to nominate your your trade with people in just those those products you want something completely different or or a hold onto that value. Maybe storm that value for future but among the mutual coincidence of wants problem so yeah we just come up with this tool of Of store value am medium of exchange. It's money it seems to make sense that make sense use a lot of a commodity at first for money and they come up with different ideas and they come up with everything all the way up to L. allusion to the you know currency and by the way I guess what I really wanted to also mention is that Bitcoin a lot of talk about bitcoin being being just another Fiat currency Really that's not really. The nature of Bitcoin has a lot of features of Commodity base currency. But it's not a commodity obviously obviously had no use before it was invented until it was a useful product. And so it's it's like a new type of currency like a synthetic commodity because it has aspects of a commodity complacent that it with is on just on its own definition. Fiat really generally has to come from some sort so called authority right. The King Boom Fiat. He's created a thing and you must use it or in this case the Federal Reserve the federal government. Someone last night said Bitcoin. When is just another Fiat saying the wrong because client yeah and the role they call all the time? Yeah because it's been decreed from on high by anybody it is. It is backed though. It's backed by a network of thousands of computers all around The planet and it's backed by just uncrossable. CRYPTOGRAPHIC graphically secure code. That makes it une hackel. I mean that's backing. It's just traditional tax by that because you can't say okay well. I want to turn in my to Bitcoin. It's back in that way. It's not like I said it's not a traditional backing in that you can't exchange it for gold but there are people who will sell your gold for for backing. A currency means. That's what it traditionally means but I'm telling you that now this new form of currency that has inouye like a traditional money that we're used. These two is backed by the thousands of computers that create the network. That's something it's worth it. That's worth seven thousand dollars bitcoin. Right now it's working party it's difficult. What's that caller? Yeah it's similar to using a commodity people were talking about bullets or they were using. You know a a precious metal or something. I mean it's very inconvenient but it is similar to make a good point. What's the bullet backed by? That's the thing it doesn't have to. It has a use outside of currency whereas Bitcoin is a from commodity futures commodity. The blockchain can be used for all kinds of purposes. And it doesn't it doesn't have to have an outside use that's still subjective value Right like what. Gold Bouillon isn't back by anything you just is what it is and people value it and the blockchain is what it is and people value in some people can use it for currency and other people can use it for programming and other people can use it for putting documents online and having them be irrefutable. It's also not important when it comes to like the money debate. It is what it is because people are willing to pay a certain amount for or willing linked to trade a certain number of goods for That's all that's all it needs. It's effective it's effective as a medium of exchange because people are willing to trade goods and services it is for beyond and non Fiat currency is effective as a medium of exchange right. Well they get less effective over time. Look at the Pennzoil Bulevar Fiat currency usually ass. Yeah well currency is created by a state that fails yes well all Fiat currencies fail eventually. That's the history of Fiat currency. Well no because we have Fiat currencies. That still haven't failed. They are failing as we speak and they will all fail they have to. They're designed to fail tale. There's signed to extract wealth from the population and put it in. PUT IT in the hands of the few. There's a chart that shows like the average lifespan of a Fiat currency. And it's like thirty years years or twenty five years or something like this has been going on too long the united the United States currency currency. And I think the the British pound like the longest standing Fiat currencies. Yeah but that doesn't mean that they're not what they used to be. They're not worth with the use of initial they have. They have failed to hold their value. Yes they have not failed the people who created them they have succeeded for the people who've created them by transferring wealth by taking money value rather from the pockets of the individuals who hold the Fiat currency and transferring that value to the politically connected whenever the Federal Reserve Prince more of it like they dumped four hundred twenty five billion or are dumping twenty four hundred twenty five billion into the economy. They're dumping that into their buddies. I and so they benefit from it while everybody else gets taxed and because it's by decree you as the citizen or whatever you want to call yourself of that of that land must use it in some form or fashion and it's hard to get away completely from that situation situation or at least used to be harder now cryptocurrency man a little bit easier Morocco other comments. No just want to say that I definitely agree with you everything that actually the premise originally of my call talking about money was to say that money is kind of been hijacked team to be Physician massive transfer of wealth in extraction actionable from people. And I have a lot say about that and I'm really glad you mentioned that so I'll probably calling in On the topic in not mentioned a Bitcoin. That really is. That's that's a whole another issue and I love the article to mention the type of currency the bitcoin most closely represents. But yeah I absolutely gold. I think because it supplies limited and it's highly valuable and highly useful. Yeah but it's not it's not didn't it didn't have before it was created the same way like a food product or bullet. So it's you know it's it's a really a new class of currency that you know breaking some of the rules and interesting. It's an interesting experiment to see where it goes from. Hey thanks for the call tonight. Morocco appreciate.