Bitcoin and the Tyranny of Time Scarcity (Part 5)
Economics is the art of cooperation and competition aimed at conquering scarcity.
Den of Thieves
Despite this misappropriation of gold’s sovereignty by government for its own self-seeking purposes, fiat currency is no longer anchored to gold, making it highly reproducible at near-zero cost. Indeed, fiat currency is the softest form of money in history; it can (and in virtually all cases does) suffer from counterparty risks such as censorship, deauthorization, or hyperinflation. Hard money is anchored in the reality of time to secure the time savings of its holders; fiat currency is a political tool that facilitates the institutionalized system of time-theft known as “expansionary monetary policy” perpetrated by central banks globally.
Although governments legally compel us to use fiat currencies today, these rules are only enforceable due to their vampirism — the sucking of sovereignty out of gold holdings. Ironically, this stolen power is used to monopolize violence and silence dissent. Government sovereignty, then, is derived from the agglomerated self-sovereignty of its gold hoards; which, in combination with the anticompetitive artifices it erects (legal tender laws, capital controls, capital gains taxes, etc.) in the sphere of money, explains why gold has been confiscated and its private ownership outlawed repeatedly throughout history:
There is only one reason for such confiscatory acts: governments grasping for more power; a means to usurp gold’s self-sovereignty, an embezzlement of power which itself originates in the actions of free people selecting a monetary technology in the marketplace; a tragedy at the heart of all modern economies. As the axiom says: “Whoever has the gold, makes the rules.”:
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Prime Money
In this sense, gold is prime money: as its physical possession underpins the sovereignty of governments, which misappropriate it to enforce central bank money production monopolies on free people. Paradoxically, it was the actions of free people that generated the sovereignty that is now wielded against them by governments and central banks. This “duopoly of monopolists” has proclaimed time and time again that gold is irrelevant, a mere monetary artifact, and that they alone will lead the world economy to a brighter future. Ignore anti-gold propaganda; just watch their actions:
Although gold resisted supply manipulation in many ways, it is far from perfect. Through the London Gold Pool and other machinations (seriously, see Gata.org) central banks cornered the market on gold, enabling them to surreptitiously suppress its price and better insulate fiat currency (soft money) from direct competition with gold (hard money). Market manipulation like this is only possible because of our passivity. In surrendering our sovereignty to unaccountable institutions like central banks, we cede conscious control over most aspects of our lives. Remember: central banks engaged in “expansionary monetary policy” are actively stealing time from free people; as they increase money supplies, they reallocate claims on productive capital from the majority to a politically favored few. This parasitism on the savings of society extends the working lives for most of the citizenry. In this way, monetary inflation is a direct violation of private property rights and individual sovereignty. It is worth repeating: human action is the essence of sovereignty; it is our actions that instill institutions with this divine quality intrinsic to free people. Let us all exercise the utmost vigilance in deciding which institutions to empower with our sacred sovereign energies:
Thank you for reading Bitcoin and the Tyranny of Time Scarcity (Part 5).
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Robert, your message and that of Bitcoin are truly wonderful. I began falling into this rabbit hole at the beginning of the year and every day it seems like the hole just gets deeper. I hope to one day illuminate the hole for others just like you have done for me. I appreciate all the work you are doing and wish you the best!
Very much agree with you Israel, Robert, you are a beacon of light, thank you.
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