Good Morning Everyone,
Back in 2019 there was a leadership change within the European Central Bank. The leadership role transitioned from Mario Draghi to Christine Lagarde. Wikipedia describes Mario Draghi as:
“an Italian economist, banker, academic and civil servant who has been Prime Minister of Italy since 13 February 2021. He previously served as President of the European Central Bank (ECB) from 2011 until 2019. Draghi was also Chair of the Financial Stability Board from 2009 to 2011 and Governor of the Bank of Italy from 2006 to 2011”
Before she assumed the big swingers position at the pointy end of the ECB pyramid scheme Lagarde acted primarily as a politician. Wikipedia describes her story as follows:
“a French politician, economist and lawyer who has been President of the European Central Bank (ECB) since 1 November 2019. She previously served as Chair and Managing Director of the International Monetary Fund (IMF) from 2011 until 2019. Lagarde also held various senior ministerial posts in the Government of France, most prominent as Minister of the Economy, Finance and Industry from 2007 to 2011.”
I remember the time of Lagarde’s appointment well, as it was a curious choice for the ECB to make; to go from having a seasoned banker in the top spot to a politician/lawyer - but it was a decision that was made with clear intention. It was clear in 2019 that the economic machine was, for use of a better word, in a bad spot, (read: in deep shit). The ECB needed someone that is good at talking, persuading and essentially lying to the public and convincing them that “everything is fine”. Basically just treating the peasants like mushrooms.
Fast forward 3 short years, and you would probably agree they made a gReAt hiring decision, as they have needed to influence and persuade A LOT! Mario Draghi did not raise rates once in his entire tenure which lasted 8 years, with rates hitting 0% for the first time in 2016. They remain at zero.
The other thing i want to highlight before moving on is where Mario Draghi went after finishing his role at the ECB..? He became the prime minister of Italy. It’s important to highlight this to demonstrate the intertwined and incestuous nature of banking and government. The two go very much hand in hand. Because this system you think of as a monetary system is not only a pure monetary system. It is a political system. Fiat money is political money, or political energy, if you like. All these sharks swim in the same circles be it the IMF, the World Bank, some branch of Government or even the supreme leader of a country. It wouldn’t be a shock to see Lagarde become the French PM once she is done pretending at the ECB.
Building on this short, incomplete and likely somewhat flawed history lesson, take a listen to the following clip of big swinger Lagarde as she is asked about the state of the ECB balance sheet. I don’t want to ruin it for you; but suffice to say - you cannot make this shit up.
She is asked about the ECB’s balance sheet and whether or not the ECB have a gigantic bubble being inflated in their balance sheet. First off she feels the need to clarify there are no crypto assets in their balance sheet - which is ironic because if they had bought bitcoin with their monopoly money, they would be profoundly better off. She then explains that you have to think in counter-factuals to understand it. Ie: something that is impossible to verify. Perfect.
She is basically saying, imagine if we didn’t do this, image what would have, or could have happened. OK. Let’s say you’re buying that one. The next part will squeeze some jam into your donut. She’s then asked how the balance sheet will be reduced. How it will come back down. I give her response a 10.
“It will come. It will come. In due course, yeah.
In due course, it will come.”
As she grin-fucks the interviewer indicating her desire to move on from this question which she doesn’t want to answer honestly, for whatever reason.
The truth is, that it will not come down. Not over time. Infact, it will continue to expand and we will continue to debase and devalue the currency, stripping wealth from anyone that saves in our political shitcoin, and continue to inflame the wealth inequality across the region in alignment with the need to expand our balance sheet further into infinity.
This is how the story goes with fiat currencies. The supply must expand forever, Laura.
The impact this is having on markets all over the world is so catastrophic as the unit of account is corrupted at the protocol layer. This is corrupting and distorting the insanely complex mechanism of price, across all assets. Which is distorting society more broadly.
It’s a sad and to be perfectly honest, pretty pathetic society when the so called “leaders” cannot operate in an open and honest way instead opting to lie directly to the face of the youth and the next generation of potential leaders and powerful individuals. Even some people that may look up to these mutants and actually believe their fairytales.
These are not the values that a powerful, virtuous and prosperous society are built on, and in my opinion, the sooner these sovereign debt defaults happen, the better.
Pre the internet it was easy to get away with the lies. There were less than a handful of broadcasting channels, and if you controlled them, you controlled the narrative. Anyone that opposed the narrative was refused entry and had no voice at scale. The internet is exposing these frauds for what they are, and while they continue to deploy the same strategy and lie, the channels of informational transmission are much too fast for this strategy to be sustained for long without the use of force. Violence will be the tool they lean on to maintain control, as the system continues to fall apart and their influence and control with it.
Opting out with bitcoin truly is the best way to cast your vote for the future. Do you want a future where we continue to operate in this disingenuous manner, this constant pretending, as if it’s some kind of social game of theatre. Where lying and dishonesty is our default mode of operation, or do you value truth and honesty; and trust that we, as a global human community, are strong enough to handle it.
Bitcoin provides no guarantees. The transition into the unknown may seem scary and uncertain, but I believe the certainty the fiat system provides is far scarier.
The choice is yours. At least it is for now…
Hope you have a great day. I’ll talk to you all tomorrow.
AK
Share this post