Cryptocurrencies

Christine Lagarde worries about Bitcoin (BTC) ‘loophole’ – Cryptocurrencies

Christine Lagarde, President of the European Central Bank, echoed one of her predecessors, Jean-Claude Trichet, by calling in turn for the regulation of Bitcoin (BTC).

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The old tune

For the former boss of the IMF, bitcoin is a “speculative asset, which has been used for bizarre business and certain totally reprehensible money laundering activities”, she said on Wednesday at a conference in line organized by Reuters.

Bankers would like to ban the formidable technological feat of bitcoin (blockchain). But realizing that this is impossible due to its decentralized nature, today you see them moaning for regulation.

“We need to frame bitcoin globally because, you know… if there’s a loophole, that loophole will be used. Global cooperation is absolutely necessary. It could be initialized first at the G7, then at the G20. “

Christine Lagarde, Reuters next, January 13, 2021 VIDEO HERE

christine lagarde ecb reuters
Reuters source: VIDEO

Madame Lagarde is new to the world of banking. So she may not know that the G20 has already been looking at bitcoin for several years? The body that discusses it is the FSB (Financial Stability Board) which was created during the G20 in London in 2009. Guess where this organization has its headquarters? In Basel, within the bank for international settlements (BIS) …

The FSB said in 2018 that cryptocurrencies did not (yet) pose a threat to financial stability. After a period of hesitation linked to the deflation of bitcoin, the Bank for International Settlements finally changed tack by pushing central banks to create their own “cryptocurrencies”.

But no one is fooled… Christine Lagarde’s “digital euro” or the “digital dollar” of course have absolutely nothing in common with Bitcoin since they will not have a blockchain and will certainly not have a limited quantity…

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The bitcoin loophole

What escape is Christine Lagarde talking about? What exactly can Bitcoin escape?

To inflation orchestrated by central banks around the world. The latter printed in 2020 the equivalent of $ 26 trillion. So much money that will water the debt ponzi scheme and generate monster inflation. This inflation absolutely essential to prevent the debt bubble from bursting and thus to perpetuate the system of slavery through debt with interest.

Bankers are no longer hiding any more. The FED recently made it clear that it is now targeting inflation above 2%. Governor Bullard (FED) on Wednesday said he expected inflation to rise now that money supply has “exploded” and budget deficits are “off the table”.

Inflation of 2% per year may not seem like much, but it means that the currency loses half of its purchasing power in 35 years… 24 years with an inflation of 3% and 14 years with a rate of 5%.

But the real inflation is well above 5% in France. M1 money supply (the central currency) is currently increasing at a rate of 13% per year in the Euro Zone. Or 10,200 billion. Bitcoin only represents 7% of this money supply …

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In conclusion, the whole Ponzi scheme of bankers (stock market, debt) is based on the fact that there is no escape to invest your savings. Christine Lagarde knows it well …

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