‘It Does Nothing’ — Buy Bitcoin, Don’t Protest, Says Max Keiser
Bitcoin is the best exit strategy from financial oppression after COVID-19, Keiser argues, as one economist says the Fed’s balance sheet will never shrink.
Bitcoin (BTC) is the only effective way for Americans to empower themselves and protests do not work, popular TV personality Max Keiser has said.
In the latest edition of his RT show the Keiser Report on Tuesday, Keiser delivered a frank appraisal of the current socioeconomic situation in the United States.
Protests “do nothing” compared to buying Bitcoin
The Federal Reserve has exacerbated inequality thanks to its response to COVID-19, he and co-host Stacy Herbert argued, and the George Floyd protests are just as much due to economic oppression as police oppression.
Two familiar culprits — the Cantillion Effect and “interest rate apartheid” — are to blame for public anger.
The former refers to money printing putting wealth in the hands of those closest to the source, while the poor pay more to borrow it. By contrast, loans to banks and big business are either free or even subsidized, meaning that they are paid to borrow money.
“Black America will never be equal to white America; they will never have justice in white America,” Keiser said.
“The only thing they can hope for is individual sovereignty, and the only way to get there is through savings in Bitcoin — (it’s) the best way to get there.”
As money which is neither controlled by any central authority or able to be debased by a central bank, Bitcoin forms arguably the most comfortable way to exit the punitive fiat system.
For Keiser, those attending protests in Floyd’s memory are ignoring the reality of the situation: To effect personal change, they must take back their financial sovereignty.
“Tearing down a statue does nothing, marching in the street does nothing, electing people to office that you think are going to help you does nothing, none of that works,” he continued.
“I’m telling you as a white male Boomer Wall Street careerist that I would laugh at that, as my brethren would do — it does nothing.”
Economist: Fed balance sheet “will never shrink again”
The Keiser Report subsequently shed light on the future of the Fed’s economic policy. According to guest Stephen Roach, a Yale economist, COVID-19 has cursed the central bank’s position once and for all.
Roach believes that due to propping up the economy, from stock markets to buying up bonds, the Fed’s inconceivable $7.2 trillion balance sheet will never shrink.
In 2008, for example, the balance sheet stood at $800 billion and was all but doomed even before the pandemic.
“Now the Fed owns the treasury market, the muni market, the corporate bond market, the junk bond market, the CLO market and by proxy, the housing market and the stock market,” he said.
“They’re never going to drain that balance sheet — they own these markets and the moment they step away, they’re going to crash faster and harder than ever before.”
Fed balance sheet as of June 15, 2020. Source: Federal Reserve
The Fed’s ownership of U.S. gross domestic product now circles 30%, with Keiser suggesting that further expansion would steer the country ever closer toward a medieval-style feudal setup, in which the elite own everything and regular citizens live without power.
