Elon's death wish

[jonmx 1,764]

NEWS

ELON MUSK CALLS FIAT CURRENCY A SCAM

In a characteristically bold and provocative post, Tesla and SpaceX CEO Elon Musk has once again stirred the financial world by declaring, "Fiat currency" a scam. Musk, responding to a post asking other X users what they think is a scam so normalized that people don't even realize it is a scam, did not provide further context in the post.

Fiat currency refers to traditional government-issued money, such as the US dollar, euro, or yen, that is not backed by a physical commodity like gold but relies on the trust and authority of the issuing government. Musk's comment adds fuel to the ongoing debate about the role of cryptocurrencies like Bitcoin in challenging traditional financial systems.

----------

It is kind of sad that someone who writes financial stories calls Federal Reserve Notes 'traditional government-issued money'.   The last time we had true government-issued currency was in 1963 when JFK authorized the US Treasury to issue $4 billion in US Notes. 

The huge difference between US Notes and Federal Reserve Notes is that for US Notes we are not paying  a privately-owned corporation massive amounts of interest to print our currency.  Musk is correct to point out that the Federal Reserve is a scam. 

Between taking on the Federal Reserve and taking on the military complex, Musk is putting himself in the same crosshairs which got JFK assassinated.   Add to it, Musk's defiance of being in lockstep with government censorship, and you have the triple whammy.   Musk is walking on very thin ice with the corrupt bastards he is going up against. 

[thegeneral 1,549]

Did he also pimp Doge Coin during this post?

[JustinCharge 2,397]

its really about assets vs liabilities.  a simple calculation.  the US fiat currency works because the total value of the US is several quadrillion dollars and the debts we are incurring are such a tiny fraction of that debt that it is irrelevant.  The debt is $33 trillion but that is actually peanuts.  If the US got into any financial trouble, it could nationalize a part of one of its oil fields and sell it to cover the $33 trillion.  Or even better, issue bonds backed by part of the oil field to pay it off.

Now, if the government ran the debt up into the quadrillions, THEN youve got problems.  And with democrats in charge, maybe they do.   but were fine right now.

[jonmx 1,764]

4 hours ago, JustinCharge said:

its really about assets vs liabilities.  a simple calculation.  the US fiat currency works because the total value of the US is several quadrillion dollars and the debts we are incurring are such a tiny fraction of that debt that it is irrelevant.  The debt is $33 trillion but that is actually peanuts.  If the US got into any financial trouble, it could nationalize a part of one of its oil fields and sell it to cover the $33 trillion.  Or even better, issue bonds backed by part of the oil field to pay it off.

Now, if the government ran the debt up into the quadrillions, THEN youve got problems.  And with democrats in charge, maybe they do.   but were fine right now.

Why not just back our currency with the oil fields in the first place?   Then there would be no interests as there wasn't with gold and silver certificates?   And yes the $33 trillion debt is massive and is a huge percent of our federal budget.  There is no reason we pay a private corporation hundreds of billions of dollars every year in interest for printing money.  It is moronic, but the population is too dumb to understand we are being robbed. 

[JustinCharge 2,397]

7 minutes ago, jonmx said:

Why not just back our currency with the oil fields in the first place?  

because they dont have to.  but if there was a crisis, they can generate cash.  were like a billionaire with a mansion, expensive art on the walls, gold plated railings on the staircases.  everyone knows we wont implode.

[jonmx 1,764]

1 minute ago, JustinCharge said:

because they dont have to.  but if there was a crisis, they can generate cash.  were like a billionaire with a mansion, expensive art on the walls, gold plated railings on the staircases.  everyone knows we wont implode.

We don't have to?  We pay $670 billion in interest and getting worse every year.  We are consumed by debt.  Yes, we have to.  Our entire economy is controlled by a handful of pinheads who set rules to make sure the poor stay poor.  

[JustinCharge 2,397]

1 minute ago, jonmx said:

We don't have to?  We pay $670 billion in interest and getting worse every year.  We are consumed by debt.  Yes, we have to.  Our entire economy is controlled by a handful of pinheads who set rules to make sure the poor stay poor.  

we are the worlds superpower with oceans of assets.  we dont have to.  someday if they get crazy with the debt and run it up to a quadrillion we are screwed.  not yet tho.

[jonmx 1,764]

30 minutes ago, JustinCharge said:

we are the worlds superpower with oceans of assets.  we dont have to.  someday if they get crazy with the debt and run it up to a quadrillion we are screwed.  not yet tho.

So we give hundreds of billions of dollars to a corrupt institution we do not audit or have any real accountability to us because.....

You have no answer for that.  Just saying 'we don't have to' is not an answer.  I can get you $670 billion reasons we should reign in the fed in addition to gaining back sovereignty over our economy.  We are surfs.   We are no longer a free nation.  It is all a mirage.   We are controlled by huge corporations and a rogue all powerful Executive Branch with unchecked power.