The living caricature of a bloated, pompous bankster, Agustin Carstens of the Bank of International Settlements, is once again pontificating about the dangers of cryptocurrency, reiterating his baseless claims that crypto represents “a bubble, a Ponzi scheme, and environmental disaster.”
Unable to find new arguments against the ever-growing market, which represents a significant threat to his own livelihood in a banking system challenged by the rise of Bitcoin, the Mexican fat cat regurgitated his condemnation of cryptocurrencies in a recent interview published by the BIS.
Carstens asserted that digital tokens like Bitcoin don’t have “what it takes” to function as a legitimate currency. He argued that crypto-mining is akin to creating money out of nothing—as if electricity, too, comes from nowhere.
The overtly promotional interview with Basler Zeitung, which refers to the rotund economist as a “San Agustin” in its first sentence, as if to drive home the idea that his opinions are worth the pages they’re printed on, asked the big banker a series of softball questions intended to promote a luddite view of financial tech.
“Young people should use their many talents and skills for innovation, not reinventing money,” said Carstens in response to a question about whether the Bitcoin generation was having a positive impact on young people by making them more aware of finance.
So, he calls for young people to innovate... what can be more innovative than creating an entirely new monetary system?
The establishment economist continued:
“It's a fallacy to think money can be created from nothing. Glance back into the past and you will see that creating gold or money from nothing has been a regular obsession. It never worked. So my message to young people would be: Stop trying to create money!”
Hey, Agustin, what are dollars and euros created from?
Much like pre-20th century slave-owners before him, who opposed the invention and widespread adoption of the cotton gin, Carstens is of the view that blockchain networks represents a threat to his financial interests.
“I'm concerned by the pace of technological progress. In principle, it's a positive thing. But when innovation hurtles ahead, it can be destructive, for workers in particular,” said Agustin, as if the wellbeing of workers is suddenly a priority for banksters whose only real goal is to milk profit from creating money out of thin air.
“The challenge lies in using innovation to our advantage while containing the damage it causes,” he added. “Here I'm thinking, for example, of the impact of information technology in finance - fintech - on, say, the business models and ultimately the stability of banks and other financial institutions.”
Could he sound any more desperate? At least he’s actually right about something. Cryptocurrencies have the potential to make most of today’s banks and financial systems obsolete while returning the power of money back to the people.
The best part is, the constant FUD being spread by these criminals is evidence that they are afraid, and we are winning.
Agustin noted that the development and adoption of crypto was of great concern to the economy as a whole. The man clearly fears the development of peer-to-peer, decentralized currency, as it’ll certainly put him and the rest of his cronies in the central-banking cartel out of business. And we’ll all be better off for it.
Stick with us at The Dollar Vigilante for the best financial news and investment ideas. TDV members were encouraged to buy Bitcoin back when it was $3 in 2011. Subscribefor the inside scoop.
One of the biggest problems with bankers and today's money is low interest rates. Savers are punished and the rich get richer through cheap lending. Once Bitcoin becomes mainstream, people will be able to set their own lending rates in the free market and get a much greater return than they are currently getting in their fiat, cartel controlled bank accounts.
Just like the slave owners and the cotton gin, this fat cat is afraid of his government banking job being abolished. Thanks for bringing this up Jeff!
It will be interesting to see how the money flows out of the traditional markets during the next crash (mostl likely in gold & silver), and particularly whether a lot will find its way into crypto or not.
"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others. By what criterion of justice is a consensus-government to be guided? By the size of the victim’s gang."
Ayn Rand, Capitalism: The Unknown Ideal, 205
Yeah and their debt based slavery system is better right.................. fuck that turd.
My own little take on it:
BIS vs Crypto...
Carstens is only good for one thing and one thing only, keeping Mexico upfloat, since he's not doing that anymore he should shut it
Fuck, yeah!
Their fear is sweet bliss to see.
Peace, love and anarchy to all!
Fuck, yeah! Their fear is
Sweet bliss to see. Peace, love and
Anarchy to all!
- tezzajw
I'm a bot. I detect haiku.
looks like someone that has to much money
It's always fun when these people say those types of statements, but I understand, they have to say those things to protect the system that's currently in place and maintain control.
I'm just patiently waiting, because it literally is just a matter of time before that system falls.
Thanks @dollarvigilante for the content you produce!
Just mentioned your article on their original German writing website :P. Let's see if they publish and react to the comment (I doubt it).
Always a good sign when you see a bankster in fear of the people.
Hey banksters we don't need your permission.
Go out with some dignity, and maybe we will send some flowers for your tomb.
Nice coverage of this. They are very, very scared.
ouch.that aches.the banksters are feeling the pain.
@dollarvigilante his words remind me of the large number of young people who are already free to manage their own money with current technology. Of course this also has its negative results for them. A big greeting and my respect friend @dollarvigilante
Quien ganará en está pulseada los Banqueros vs Bitcoin, esperemos sea el Bitcoin @dollarvigilante
Such great content! Thank you for your awesomeness @dollarvigilante!
Great content as always @dollarvigilante!
My biggest concern for bitcoin now: It is behaving like a penny stock = manipulated = not decentralized. MUCH MORE decentralizing is needed.