I will explain why Bitcoin is the greatest scam in the universe. But first, it is a very good idea to remind our readers that whenever the federal government blunders, working-middle income tax payers are forced to “fix” 95% of the problem with their tax dollars.
After The Great Depression of 1929, the second greatest depression was the 2008 Depression. Bankruptcy is a key feature of Capitalism. Also, the U.S. Government has very fair and just bankruptcy laws. These laws place the responsibility of financial mismanagement on the individuals or small corporations involved. However, in the 2008 Depression, the dimwitted President George W. Bush decided that corrupt and incompetent bankers who were largely responsible for the financial crisis were too big to fail and used taxpayer money to bail them out. Shortly after Bush left office in 2009, the corrupt and deceptive President Obama decided that Bush had it right and continued to use taxpayer money to save and reward corrupt and greedy bankers.
Under President George W. Bush, the U.S. Government was employing ” hidden bailouts ” from the Fed to help the corrupt and incompetent bankers. By September, 2008, even the dimwitted George W. Bush ( Bush 43 ) realized that the hidden bailouts from the Fed could not accomplish the task. So Bush directed his Secretary of the Treasury, Hank Paulson, to help out the biggest U.S. Banks and save the BIG banks from bankruptcy. So Hank Paulson went to Congress with the greatest scam in U.S. history known as TARP. TARP, which stands for Troubled Asset Relief Program, was a way to take taxpayer money and essentially give it to the biggest and most corrupt banks in the U.S. to save the stockholders of these banks who would lose vast sums of money if the big banks declared bankruptcy. Fortunately many of the democrat crooks and many of the republican crooks in the U.S. House realized the TARP bill was a scam and on September 29, 2008, voted in the House to defeat TARP.
So in order to keep the largest U.S. Banks from suffering massive financial loses, President Bush engineered the greatest scam in history. Bush invited a number of democrat crooks and republican crooks who voted against TARP to stop by his office. Once the congressional crooks understood that their individual congressional districts would receive generous amounts of financial funding, everybody was ready for a second vote on TARP. On October 23, 2008, 32 democrat crooks and 26 republican crooks who voted NO on the original TARP bill switched sides and voted YES and TARP became law.
Naturally, corrupt bankers were delighted with the program to buy their bad assets, often at inflated prices, with taxpayer money. After Obama was sworn in as President, he quickly realized that in four years he would need contributions to seek a second term and decided that big banks were not only too big to fail, but also too big to be financially restructured.
So the Bush-Obama scam known as TARP cost U.S. taxpayers $ 700 Billion. The TARP scam encouraged other scams. While the other scams were too numerous to mention, the money injected by the government into an incompetent banking system was used in part to reward corrupt bankers at the top for their financial incompetence.
Now in 2018, a new and even bigger scam is developing. Bitcoin is called a cryptocurrency. It is labeled as the first ” decentralized” digital currency and has no central bank and no accountability. The scam artists claim that Bitcoin, and other cryptocurrencies, operate through peer-to-peer transactions that are supposedly verified through network nodes. All transactiona are supposedly recorded in a public ledger called a blockchain.
Sanityandsense.com believes that the U.S. Government should ban all trading of cryptocurriencies, and all financial products relating to cryptocurriencies, from all U.S. Security Exchanges. U.S. Citizens who wish to buy Bitcoin, or any other cryptocurriency, should be allowed to do so, but not on U.S. Security Exchanges. People who are interested in buying cryptocurriencies might also like to buy a gold mine in Central Africa that belongs to an African Prince who needs you to send him money so you can earn 200% a year on your investment.
R. Van Conoley ( President Trump, who has a great understanding of economics and international finance, will have great influence on how the U.S. regulates or bans cryptocurriencies. It is well advised to remember that derivatives and Swaps that were not clearly understood were traded in large volumes before the 2008 Depression. Indeed these misunderstood financial instruments were one of many factors that caused the 2008 Depression. )