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The U.S. Department of the Treasury Bitcoin, Libra and other crypto looks at currencies as a matter of national security. But what is with the US Dollar? The situation on Wednesday.
By Phillip Horch17. July 2019BTC$9.410,00 -12.73%part Facebook Twitter LinkedIn xing mail
Bitcoin, is the planned Facebook Coin Libra and crypto-currencies in General, are a matter of national security of the United States of America. At least US Secretary of the Treasury Steven Mnuchin said in a speech on 14. July. Most likely unintentionally, the millionaire refers to some urgent work sites, which go far beyond Bitcoin & co. in addition to questions of national security.
The US budget is the biggest Problem of the USAThe journalists who attended the press conference of the US Department of the Treasury, represented by Steven Mnuchin,, did not take questions about the current Debt ceiling of the United States. Mnuchin did not want to answer this "for now", but crypto should currencies in the focus of the conference. Nevertheless, the question refers to a Problem that is not so far from Bitcoin & co.
Because, as reported by the Washington Post, is the Trump-government in a downward spiral of debt. Responsible a tax is here to let the Republican Congress, from the year 2017. In the same year, the United States was the result of additional debt estimated at 1.7 trillion US dollars.
In the year 2018 it came to the Shutdown of the U.S. government-a measure that since the government was able to spend a sufficient amount of capital for the of Trump's planned wall of Mexico.
The Debt ceiling of the United States
Now, there are in the US, the "debt ceiling", to the Debt ceiling. This should serve to put the Congress a Limit on how much debt the US is allowed to accumulate government. The highlight of the matter: The Congress is not only responsible to regulate the money to spend, but also the Debt ceiling. Donald Trump put the Debt-to-cap from the 9. February 2018 to 1. March is already out of power. As the Congress appreciates, however, the government will have until September of this year, no more money.
If the Debt ceiling is being maxed out, can print the US Central Bank, the FED, no new Bank notes. The Finance Ministry is allowed to operate in the pension Fund, excluding social security and national health insurance,. In any case, the government or the Treasury comes in great distress – you can pay however, no more debt. The result is that U.S. officials could get no wages, pensions would not be paid. Sooner or later the whole of the US would suffer-economy, as well as the value of the US dollar would decrease.
In all of these economic problems, the criticism of Bitcoin, Libra & co. in a different light.
US President Donald trump's Twitter policyjust last week, Donald Trump said via his apparently favorite mouthpiece Twitter about Bitcoin & co., which was also the reference point for Mnuchins speech. The US President was, however, not a good hair on crypto-currencies, based only on hot air.
The implication of this: Bitcoin has no intrinsic value. What is ignored, Trump: the world's reserve currency the US Dollar has no value. The gold standard was abolished in 1933. The money supply of the US dollar could be arbitrarily extended, the Deflation was stopped. Previously, the US Dollar was pegged to the value of gold. The value of the US dollar? In principle, nothing more than "hot air".
to understand this, you need to dive a little in the functionality of money. Money is ultimately nothing more than a Medium of exchange, the promise to get something for his Bills or coins. The reason, incidentally, why one of the currencies in the Bitcoin Slang as "Fiat currencies" referred to. The Latin word fiat translates to something like "it'll" – Fiat money is transported, therefore, greatly shortened, the promise to be something.
Hyperinflation, and Bitcoin
countries such as Venezuela or Zimbabwe, however, show that this promise can not be respected. In the fault assumption to the developed Economy to save, the Central banks, what they can do best: print More money. As a result, the money loses value considerably, Hyperinflation threatens.
A practical, because of the deflationary Alternative, offers the crypto-currency Bitcoin. It is issued by any Central Institution. It is solely controlled by the Bitcoin Protocol and the Blockchain technology and decentralized participants in the network.
the maximum money supply of 21 million, Bitcoin is by Definition not inflationary, its value increases in the long run – all of the volatility in Spite of.
US-Dollar: key currency in all respects,Also, this is overlooked in all the criticism of Bitcoin & co. gladly, paid the biggest part of the crime – whether it's money laundering, drug trafficking or terrorist financing-still in Fiat currencies. Front: The US Dollar.
the governments of the typical phenomenon of Symptom control is revealed in a wider context. Because, as the US Treasury Secretary stressed, wool to prevent "bad actors" crypto-currencies use, illegal activities. The polemic question that arises here: Should you prefer to use the US Dollar?
Fiat currencies in cash grant to the highest degree of anonymity, unlike Bitcoin, where the public Blockchain transactions quite well tracing.
the cost of The war will not be in Bitcoinpaid Besides the problems, according to the view of Trump, Mnuchins and co. to crypto-currencies, but much deeper in the society anchored At least since Cain and Abel has been slain, there is crime. To want to pay for it or cover up, this money will be used, ultimately, to be transported, it is but a promise. The means of transport is equal to.
Whether Bitcoin, Libra, or by the US Dollar: money always wants to be washed, as long as there is crime.
The United States, according to Global Research since 1776 its inception, more than 90 percent of the time in a state of war. That is a high price to defend the global reserve currency. Already in 2010, the Congressional Research Service estimated the cost of the war all of the "major US wars" since 9/11, to 1.1 trillion US dollars. In 1971, Richard Nixon declared war on drugs cost the United States laut American Progress since 2015, every year, more than 3.3 billion U.S. dollars. Nevertheless, the "Land of the free" is according to information from the American news media CNN in an Opioid crisis.
to call In the problems of the national debt, the drug crisis, garnished with a touch of racism Bitcoin & co. as a matter of national security, sounded a bit presumptuous.
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