Zero Hedge: Bitcoin burst into our financial consciousness like a fiery comet, setting the internet ablaze with visions of upending the existing global money system. Yet, by its nature as a cybercurrency, whose legitimacy only exists in the ether, its credibility leaves much room for debate.
HowMuch.net on Wednesday put things into perspective and demonstrated that for all the buzz and excitement bitcoin has generated, it still has a long way to go to be even remotely relevant.
As of yet, bitcoin does not command that level of respect given its wild swings recently. Nonetheless, the rise of cryptocurrencies in of itself suggests that people may be slowly losing faith in money and other traditional measures of wealth. more …
Opinion: Oh, but it’s not just the masses who have lost faith in paper money, governments and central bankers have as well.
Lawrence “Larry” Summers is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Dept. official throughout President Clinton’s term and former Director of the National Economic Council for President Obama (2009-2010).
Summers, who is an avowed globalist, joined in a chorus of progressive economists with this February 16, 2016 headline:
“Larry Summers Launches A War On Paper Money”
According to the money chart above, to get rid of paper money the world will have to get rid of $31 trillion of the stuff and replace it with something else.
According to the Washington Post, $100 worth of Bitcoin purchased in 2010 is worth $75 million today. Don’t feel bad – I didn’t purchase it, either.
In 2010 I made the case that a basket of currencies would likely replace the US dollar as world reserve currency, today I am not so sure. I am sure, however that when paper money goes the way of dial-up internet, a global digital currency will emerge so that a future dictator will be able to control all forms of buying and selling (Rev. 13:16-17) all over the world.
And we can take that to the bank.