Phi Beta Iota: Project: FEDcoin is an “interview” circulating on the internet from “Casey Research.” It should be viewed with great skepticism. We asked economist and author Wayne Jett to comment.
By my limited awareness of his record, Mr. Casey may have insider contacts at the Fed and/or elsewhere on Wall Street who enable him to do his “seance” according to each financial scheme of the Fed and Wall Street to make markets rise or crash. Which leads me to suggest that he may be trotting out the “Fed-coin” as the cabal’s latest scheme to stay relevant when the Fed’s “note” called the dollar becomes worthless. Fedcoin as a concept or in reality is no more than an illusory trick.
Neither Fedcoin nor Bitcoin has an intrinsic value, as gold does. And Fedcoin, like Bitcoin, can’t even be carried around in your pocket like a dime or a dollar; you have to have electronic, computerized equipment to use it even under ideal conditions. And its value is completely dependent upon market sentiment. When demand is high, the electronic “coin” is valuable because there is a buying “run” on to get it.
Just as quickly, the run can turn the other way (subject always to manipulation by the “authorities”).
No other major economy will buy into the Fedcoin farce. Would Russia, Venezuela, Libya or Iran take the Fedcoin for oil? Just because you can trace the “coin” to the person/entity who owns it does not give it value.
The challenge for making good money is to put the actual value in the pockets of those who labor and produce. As soon as you put paper or electronic “coins” in their pockets instead, while the actual value is in safekeeping of someone else, the scenario for public fleecing is set.
Saudis have sold their national resources into that fraudulent scheme for the pleasure of extravagance in their own lifetimes. So petrodollar was doomed from the outset.
Nothing of value I see in this discussion. WJ
ROBERT STEELE: In a recent interview I mistakenly mentioned the name of Catherine Austin Fitts in relation to an insight on the bankruptcy of the Federal Reserve that actually came from Wayne Jett.
Wayne, the author of the most extraordinary book I review here: https://phibetaiota.net/2017/05/review-the-fruits-of-graft/ has kindly reminded me that I was probably thinking of these two posts by him.
Below are the three links that I was drawing on.
- Making the Great Depression: Planning, Actions and Objectives
- Trumping the Fed: What Will It Mean?
- RETURN TO CAPITALISM: End the Fed and TBTF Banks
Here are related links on Federal Reserve bankruptcy.
- The Federal Reserve is Bankrupt: How Did It Happen and What are the Ugly Consequences?
- It’s official: the Federal Reserve is insolvent
- The Federal Reserve: Insolvent?
- Banking expert warns Federal Reserve could go bankrupt if interest rates rise
- Could A Federal Reserve Bank Go Bust?
Note: electronic money has been around for some time, and cyber-coin does have a bright (but also dangerous) future; despite that, the Federal Reserve is bankrupt,it is not part of the US Government, and it has lost the trust and confidence of the American people. Yes, they could issue a FedCoin. Whether it would survive or not is open to question. I personally am committed to the nationalization of the Federal Reserve and draconian controls on the banks, most of which should be community banks whose “credit” is tied directly to the people and land and other wealth of that community.