Video Rebel’s BlogPeople’s Bank of China warned financial institutions not to trade in Bitcoins. Afterwards, Bitcoin dropped $370 in one day. This video comes from the StormCloudsGathering YouTube channel. I have taken the liberty to post his video on Revolution along with the 3 1/2 minute one on Bitcoin.
I will comment on gold and silver down below the two videos.
He is most famous for his video Revolution: An Instruction Manual
You might want to subscribe to his channel. He is worth listening to.
My comment about gold and silver: My long time readers know that I have yet to issue my ‘buy silver on a credit card’ alert. I myself do own silver but that is a hedge against an economic collapse. I certainly have never yet told anyone to buy precious metals on credit. But we are getting close. A lot of people do not understand economics but understand this. The article I wrote about the Arabs siding with China against America to end the Petrodollar and the US Empire is really significant.
There is a possible Chinese Exit Strategy from the dollar I did not mention which you should consider.
The Chinese are actively buying mines, farm land, businesses and real estate all over the world. They are also buying commodities. They probably have or soon will 10,000 tons of gold. If they reset the price of gold at $7,000 an ounce, they can recover the loss in value of their US Treasury bonds when the latter go to zero value.
But consider this: Suppose China had all of their buyers call and offer to buy 80% of all the food stocks in warehouses or held by distributors. They would want as much food as there is in distribution channels that they could load onto trucks and ships that day. They could call a large coin dealer and get 80% of their gold coins. Then have another person call the same company and get 80% of their silver coins. They could have their agents call every gold and silver mine offering to buy their current inventories for 40 or 50% above spot. Who cares? The price of gold will rise 450% by morning.
They could also dump all their dollars by paying off every loan they can. I would pay off the loans of Third World countries in return for favors and concessions. I would concentrate on those nations I expected to follow me into the Russo-Chinese-Third World international trade combine to replace the dollar.
When all those dollars overseas are repatriated, America will taste Hyperinflation. The American standard of living will at least be cut in half. This will happen one day very soon if there is no Debt Cancellation and Monetary Reform. If this Chinese Exit Strategy does happen, no warning could be given.
The Event would be the Warning.
http://vidrebel.wordpress.com/2013/12/06/video-bitcoin-what-youre-not-being-told/
Bitcoin is as fake as fiat currency as far as I’m concerned. I agree with ya, Henry. Never understood the big deal on it when it is no different. Like the lesser of two evils.