For far too long Wall Street has raped and pillaged the people of the United States and the world. Wall Street steals at least 3-5% of every non-cash transaction. This is nearly a $1 trillion a year from just Americans. And for what? Just to run a simple set of inter-related databases.
But this is just the beginning. Wall Street steals 4-10% of the US economy per year through the Federal Reserve. If we believe the BS inflation numbers put out by the US government, inflation is 2% per year and the GDP is growing about 2% a year. In order for the value of the dollar to just stay even, the Fed has to print money at the rate the economy grows. Then they have to counterfeit even more money to create their target inflation of 2%. More honest inflation numbers, such as those provided by Shadow Stats, have inflation near 10% per year. This means that Fed and their Wall Street cronies steal at least $2 trillion of wealth from productive American citizens every year.
What happens to this money they print? Part of it is passed on to federal government, but a good deal of it ends up in the hands of the banks that own the Federal Reserve and those Wall Street firms close to the Fed, such as the primary dealers.
Some people might argue that all the money that the Fed prints shows up on their balance sheet. But these idiots forget that during congressional testimony after the 2008 crash, the Fed had to admit that they had printed $16 trillion and given it to large-connected corporations around the world. This $16 trillion never showed up on the Fed’s balance sheet. When congress demanded to know what happened to this money, Ben Bernanke arrogantly told congress to fuck off. And guess what, that is exactly what congress did.
The Fed has argued since their inception that they need to be independent of the government and cannot be subject to outside audits. Image that. A situation where an institution has essentially sole control to create the money of a country, but they can never be audited to see what they did with the money they created. The Fed’s balance sheet numbers are pure fantasy.
There is a saying that power corrupts and absolute power corrupts absolutely. Well the Fed has absolute power to create new US dollars. Not only that, we can’t even audit them or see what they did with that money. With that sort of power, it is almost beyond belief that the Fed has not enriched a number of their buddies. And where does the money come from? It comes from the wealth that you and I worked hard to create.
BUT ... BUT … BUT there is a new sheriff in town and his name is Bitcoin. Bitcoin is the first honest money since the Romans started debasing their coins over 2000 years ago. Bitcoin’s code is completely open and can be audit by everyone. The total maximum supply of Bitcoin is fixed and the inflation rate is set in code. No one or group of people have any power to alter this. The result is the hardest money the world has ever known.
No one can say who gets access to Bitcoin network or who can transfer value to whom. And no one can tax your transactions, unless you voluntarily agree to this. Bitcoin is to Wall Street and the Fed what the internet was to traditional publishing. As Bitcoin takes over, Wall Street is going to be out $3 trillion per year. Big Wall Street firms are going to shrivel to insignificance and with it so will the absurdly overpriced, socialist haven known as New York City.
While this is amazing, DeFi or decentralized finance is taking aim at the loan and brokerage business. Projects such as MakerDAO and Compound are showing that not only can crypto take on the function of loans, money markets, and brokerage, but amazingly that is can be done in code without any leaches – I mean bankers and brokers.
For years we have had to listen to the Bull Shit that Wall Street bankers and investors were so smart. The honest truth is that finance is not that complex and it hardly takes a genius to perform most of the basic functions. The nonsense that Wall Street attracted the best and brightest, was cover for all the shady back room deals that enriched those in power. These people are no more than mob functionaries and selected for their muscle (political connections) – see Chelsea Clinton for example, not for their brains.
I am not sure how long this revolution is going to take, but based on how the internet destroyed the print publishing business I would guess that in 20 years (2040) 70-90% of all Wall Street banks will be bankrupt. And all I will have to say is good riddance.
New York city, which is the center of this band of leaches, will shrivel up and become a ghost town like the mining towns of old in the mountains.
One of the most important and peaceful REVOLUTIONs in history is taking place right in front of your eyes.
RIP
Wall Street
died 2020