The people who engineered record inflation want to control cryptocurrency

 1716

• King Louis XIV died eight months before, leaving France in terrible financial ruin
• Duke Philippe II of Orleans offered John Law a special banking license in exchange for creating a new system of paper money that would bring more gold into France and help pay off the crippling national debt
• John Law's new Banque Generale Privee was in business

Law made his paper money even more valuable

• Almost immediately after securing rights to the monopoly, Law offered shares of the Mississippi Company to the public
• He sweetened the deal by allowing people to pay up to 75% of the share price using his bank's paper money
• The Mississippi Company IPO was a smashing success
• It was so popular that Law was offered bribes, sex, and political favors from French nobles in exchange for the opportunity to buy a few extra shares

Law tried to prop up the stock price by creating more paper money (backed by absolutely nothing), and using that new money to buy shares of the Mississippi Company.

• But all he ended up doing was creating inflation; with so much new paper money circulating in the economy, prices everywhere rose. By May 1720, retail prices in France had doubled.

At the peak of all this insanity, the French government made John Law its Comptroller-General

• John Law, the guy who created the biggest financial bubble in French history, was put in charge of government finances
• Central bankers at a conference in Paris last week demonstrated that they know absolutely nothing about crypto

Why don’t we demand the same for our banking system?

• Central Banks are among the most prominent regulators in banking
• They have completely condoned a fractional reserve system whereby commercial banks are only required to keep 10% of their reserves in reserve
• It's fine to be outraged when a few stablecoins aren't 100% reserved, but they should be outraged that commercial banks aren't even 10% reserved

Central banks have failed in every aspect of their responsibility

• They failed to anticipate inflation and they failed to recognize it and now they want to be in charge of crypto
• Decentralized crypto assets are a vote in favor of central banks, an expression of confidence that they know what they’re doing

https://www.sovereignman.com/international-diversification-strategies/the-people-who-engineered-record-inflation-want-to-control-cryptocurrency-37705/