Marco FuxaRécidiviste en série avec un problème mathématique.
Mise à jour il y a 50w · L'auteur dispose de réponses 1k et de vues de réponses 1.3m
The Bank of England, and the US Federal Reserve Bank are privately chartered and privately owned banks. Officially they operate “in the public interest” and unofficially they answer to their stock holders.
A US Fed issued “green back” is not US currency. Its Fed currency. The US Treasury could issue “red backs” if they chose to. They have in the past.
The top one was issued by the Treasury of the United States of America.
The bottom “green back” was issued by the Federal Reserve Bank. All debts held in Fed currency are private debts.
Any bank can issue “checks” or lettre de crédit. That is what a bank note is.
In the UK there are many banks chartered by the Bank of England to issue bank notes. The Bank of England is a privately owned bank, nominally controlled by the Crown, also known as the Sovereign. Which is what a sovereign currency is, a bank chartered by the sovereign, with the ability to issue their own bank notes. Her Majesty’s Government might think they answer to no one, but in fact they answer to Her Majesty’s Subjects through the artifice of electing representatives to the House of Commons, the lower house du English Parliament.
Scotland is part of the UK. The Bank of Scotland issues its own note: Bank of Scotland Plc promises to pay the bearer on demand five pounds sterling at its registered office, Edinburgh. Banknotes of the pound sterling - Wikipedia
So do many other chartered banks in the UK and in the Common Wealth.
Try wikipedia and plug in “Banknotes of USA”, and it will re-direct you to “Federal Reserve Note”. Why? Because the US does not issue its own currency.
Bitcoin is not “competing” with Treasury. Its competing with the Bank of England and the Federal Reserve Bank, privately held entities. The first issued share of the Federal Reserve Bank was purchased by the British Sovereign. There is cross-ownership at the stock level.
What is a stock? Its a piece of wood.
If you think this is redundant or only of historical significance you would be wrong. Because the good folks that own the Bank of England and the US Federal Reserve System have been around long enough to still have their wood stock certificates in the family vault.
The first sovereign chartered bank was founded in Venice in 1157. Italian bankers dominated banking from the medieval ages to the high renaissance. The Venetians, the Lombards (London’s Lombard Rate comes from here), the Florentines and the Neapolitans dominated banking for the first seven centuries.
The last time the Bank of England defaulted on their obligations, was in 1347 when Edward III declared himself insolvent, and nearly bankrupted the Italian City States.
This is a florin issued by Fernando I, King of Aragon in 1416. Florin as in florentine, since Florentine bankers at that point in time issued a majority of the coinage. Its not as if the Aragonese did not issue coinage, its that it was made of baser metals.
This was a coin issued by Ferdinand II of Aragon, in 1479. He was also King of Sicily in 1468, King of Castile via marriage in 1474 as Ferdinand V, in 1504 after defeating the Francs he became King of Naples as Ferdinand III, in 1512 he became King of Navarre by conquest. In 1492 he expunged the last Islamic state in Iberia by defeating Granada.
He is also known for giving in to his wife’s constant nagging, and thus providing the good Queen Isabella the cash to pay for Christopher Columbus’ first voyage to India. Of course he never found a route to India, so he could not cut off Venice’s monopoly on Indian trade, but he did discover the New World.
Charles I was the beneficiary of all the gold plundered from the New World. He was the first Spanish Emperor in 1516. He was also Holy Roman Emperor in 1519 as Charles V. He was heir of Valois Burgundy, heir to the Habsburg throne, the Trastamara, he inherited the Netherlands, and Austria. As King of Aragon he ruled over all of Italy south of the Papal States. In short, it was the closest Europe ever got to being unified. If it was not for the Protestant wars he probably would have succeeded.
Charles V HRE, Neapolitan Gold Ducat, circa 1519. By which point of course he owned most of the gold on the European peninsula.
Henry VIII King of England, instead of declaring himself bankrupt, appropriated himself of all the land holdings of the Roman Catholic Church thus avoiding default. That was the 1534 Act of Supremacy, where he also made himself the Spiritual Head of the Church of England. Ergo, the Protestant Reformation was born of a banking crisis.
Moving forward to 1860, the Savoyards of Turin took over the Kingdom of Naples. They did not do so because they particularly liked the southerners, in fact the northerners still suffer from a distinct inferiority complex they still try to compensate for. The reason they took over the Kingdom was because the Bank of Naples held the then world’s largest gold reserves- going all the way back to the Sovereign of Aragon. Henry VIII’s first wife was Catherine of Aragon. But he pissed through that dowry as well…
Currently Bank of Italy holdings are among the world’s largest gold reserves. The Bank of Italy is not owned by the Italian Republic, regardless of what the gramscian rabble rousing communists think.
The Bourbon Reyes de las Espanas (plural Spains) of course pissed away all the gold they plundered from the New World. Spain currently has no gold reserves, and not a clay pot to piss in. What they did have they sold to the Bundesbank and Bank of France in 2006–8 to make cash.
Current Gold Holdings:
- Japan. Tonnes: 765.2. ...
- Switzerland. Tonnes: 1,040. ...
- Russia. Tonnes: 1,460.4. ...
- China. Tonnes: 1,797.5. ...
- France. Tonnes: 2,435.7. ...
- Italy. Tonnes: 2,451.8. ...
- Germany. Tonnes: 3,381. ...
- United States. Tonnes: 8,133.5. Percent of foreign reserves: 74.9 percent.
A couple of interesting points.
President Trump declared that US Gold Reserves are a “myth”.
Its nobody’s business what the holdings of the English Crown are.
Officially they don't have any.
Should you challenge that, you shall with the greatest haste be taken to Her Majesty’s Court, given due process under law, subsequently transferred with Godspeed to Trafalgar Square, where a proper public flogging will be dispensed with prejudice.
Need I say more…?!
The other unknown are the gold reserves of the Vatican. The last dude to stick his nose where it did not belong, was John Paul I, who’s Reign as Pontiff lasted exactly 33 days. Traditionally every third pope’s job is to check the books. Its the physical manifestation of the holy spirit part of the Holy Trinity. Enough said.
So what is a sovereign currency?
Its a gold backed issued promissory note.
Its a sterling silver (925) denominated promissory note.
Its a private bank promissory note.
Its a debt instrument issued by a sovereign state.
Ultimately, its a promissory note issued by a lender of last resort.
The lender of last resort is the sovereign with the ability to expropriate private property without repaying it. That is what taxation is.
Henry VIII of England was the first lender of last resort. Ergo the Supremacy Clause of English Monarchs.
There is no reason to believe that the US Treasury is on the hook for the debts or liabilities of the Federal Reserve Bank. It is not the lender of last resort. It could chose to guarantee those liabilities, or it could chose not to do so.
The last US president to challenge Federal Reserve Bank suprématie was President Kennedy. The “red backs” pictured above bear his administration’s signature. He took a bullet to the head.
President Trump even went so far to say that the Treasury could print a 20 trillion dollar bill and pay off its liabilities à the Federal Reserve. Yep, he actually said it. That takes some serious testicular fortitude, that or a death wish…
Is Bitcoin or any other cryptographic currency a currency?
Its a promissory note of sorts. But it is lacking a sovereign, a central bank, and a lender of last resort.
Its a token of exchange, and a pretty piss poor one at that.
What’s more interesting is the digital transfer of account méthodologie.
But unfortunately, its a “binary state-change mechanism” as of now.
Absent a binomial transfer of account (see above picture of Bank of Scotland cross with four dots (Venetian “moltiplicazione a croce”) its neither capable of proper accounting, nor is it capable of acting as a regulated money supply where demand is met with the appropriate debt instruments.
The state-change algorithm also ignores the primary driver of private capital transfer, namely the registered property right.
It is of course a contract of sorts. But its a private contract, i.e. it is an obligation between two individuals. What is absent is the prerogatives of the sovereign, or alternatively, of the Commonwealth.
Technically, the Commonwealth of Massachusetts could certifier par l'intermédiaire du Offices of the Secretary of State “to trade clams” with the Commonwealth of Virginia, denominated in Bitcoins should the Secretary of State of Virginia so accept as medium of payment.
Now, should the bean counters in New York refuse passage, and interfere in inter-state commerce, they (MA & VA) could legitimately do something about it. The Governor of Massachusetts, with the approval and consent of the Massachusetts House of Representatives, could order the raise of Bitcoin necessary for the Massachusetts National Guard to haul ass down Interstate 95 and go wip some NY butt…
Why not? The Massachusetts National Guard fought under their own command in the American Revolution, in the War of 1812, in the Mexican War of 1846, in the American Civil War 1861–5, in the Spanish American War of 1899, in the Great War and in WWII…
MA has long history (pre-Fed) of issuing its own clams…
Why not Bitcoins? Sure, why not…
That’s my story and I am sticking to it. Thanks for the ask.
Tom Wilson, personal finance researcher / journalist
Répondu il y a 44w
Bitcoin will be a currency for as long as there is a group of people using it.
Currencies are anything that a community agrees to use as payment.
Most currencies we are familiar with are issued by government. That (usually) keeps us ensure people accept them as payment in future, so they keep working as money.
They don't need to be issued by government though - just scarce. If you took £10 from a cash machine and it didn't come out of your account, £10s would soon be worthless. Why would anyone accept them as payment if you can get them from an ATM for free?
Government does this by making them hard to forge and so on.
Bitcoin does this with software and a public record of where all the money came from.
As long as there is a group of people using bitcoin for payment it is a currency.
They might stop though. Transaction fees are high, and the price is rising. That can make them a hassle for vendors, and out people off spending them.
Or people could abandon move on to another cryptocurrency.
That's unlikely to happen completely, but if there's a big drop in people holding or spending bitcoin it will become worth much less.
If the number of people using it keeps rising it will become worth more.
Che Satochi, Propriétaire et blogueur Crypto sur Chesatochi.com
Répondu il y a 51w · L'auteur dispose de réponses 218 et de vues de réponses 205k
I know inside of me Bitcoin will reach his full potential to reach the level of international currency. Every technology takes some time to mature and people to start to use it on a global scale.
At the moment is the volatility that scares merchant to adopt it. In the contrary, we tend to see less volatility and the price continue his bullish trend.
Répondu il y a 50w
No, at least not in this century. Do not expect china to use a currency that is created by USA. Ya I know Satoshi Nakamoto is Japanese name. But it is just an internet name that a US citizen is using.