During a FinTech meeting held in Chicago on March 18th, Mayor Ralph Emmanuel made it very clear that he wants his “Windy City” to pioneer the ongoing worldwide crypto revolution.
By Trey Johnson | United States
President Donald Trump and Ron Paul actually agree on something: Americans need to audit the fed. Trump has said recently, “I really disagree with what the Fed is doing” on the topic of raising interest rates. Of course, both political leaders have reasons for concern: the U.S. dollar has lost over 96% of its value since the inception of the Federal Reserve in 1913.
Paul has also repeatedly called for an audit of the Federal Reserve. His son, too, shares this same belief. Rand Paul has put forth legislation to audit the fed and it indeed includes an exception for cryptocurrencies.
The first steps are passing the Audit the Fed bill, allowing people to use alternative currencies, and exempting all transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes. -Ron Paul
Spending cuts are probably the next thing Americans need, next to aggressive tax cuts. The inclusion of these tax cuts, however, will not entice Democrats standing on the opposite side of the aisle, preparing to resist. Generally in favor of higher taxes than Republicans, their support for capital gains exemptions may be low.
The Federal Reserve has never had an audit before, in its more than 100-year history. In past votes, Democrats have shown little support for the plan. However, some have dissented and shown support, including left-leaning Independent Bernie Sanders.
Federal Reserve Danger
Ron Paul is able to point out the apparent near danger that the Fed’s fiat currency manipulation has caused:
In contrast to market money, government-created fiat currency is anything but stable. Central banks constantly increase and decrease the money supply in an attempt to control the economy by controlling the interest rates. This causes individuals to misread market conditions, and … eventually, reality catches up to the Federal Reserve-created fantasies.
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By Daniel Szewc | Switzerland
Switzerland has long been known for being a fiscally responsible (most often caused by internal competition between the Cantons) banker nation. Yet since the EU has grown in influence, so has their unitarian nature. With this comes an extreme blood-thirst for monotony, as well as a lack of competition.
In March 2011, the European Central Bank in Frankfurt, Germany, pressured the Swiss national bank to cap the swiftly strengthening Franc to the Euro. This was the natural conclusion of Switzerland, which already had ditched the gold standard on the first of May, 2000. How ironic is it, that it happened on the communist holiday of 05/01? This capping, whilst certainly hurting the Franc’s fame as a sure way to keep one’s assets intact in cases of war, lasted for 3 years, until 2014.
In a frantic move by Swiss elites, who sensed that EU leaders were too busy with Middle-Eastern immigrants, tried to also force down the partial re-institution of the gold standard via expanding the national bank’s fractional reserve (modern banking system) banking from an 8% coverage of the Franc’s value in gold to 20%. This would lead to investors being more likely to use the Franc and would help their economy greatly. Yet, as Karl Marx said, “Democracy is the road to socialism”. The referendum failed, with only about 20% of the population voting to support the fiscal counter-revolution.
However, citizens do realize when something was better in the past – there is still hope! Switzerland is going to have another referendum in June, this time proposing the complete abolishing of the Fractional Reserve Banking, and the abolishing of debt currency. The referendum, organised by the Vollgeld Initiative, will have a bigger effect on you than you can imagine.
Right now, a bank may lend you money that it does not have. It “creates” it using computer code, automatically stripping away part of the money’s value, and increasing inflation. All the bank needs to hold is a fraction of the money it lends. This was the reason why many irresponsible banks collapsed in 2008. Most international banks have their main headquarters in the ever-neutral Switzerland. If this referendum gets over half the votes, all of these banks will adopt these rules, making a global difference. Expect the value of money to deflate considerably less.