(Video) Bitcoin Could COLLAPSE Financial System According to China Central Bank Advisor!

According to a PBOC’s advisor, Bitcoin is illegitimate but the currency they issue is not. Government decree is the only thing that sets a fiat currency apart from a cryptocurrency in this respect. Governments and those in the financial industry have been constantly dwelling on the dangers of cryptocurrencies all the while proving that central planners are completely incapable of price stability.

---

LOOK THROUGH MY BOOKS!: http://books.themoneygps.com

SUPPORT MY WORK: https://www.patreon.com/themoneygps
PAYPAL: https://goo.gl/L6VQg9
BITCOIN: 1MbAUXsHa8XRFMHjGurd7L5nRDYJYMQQmq

STEEMIT: https://steemit.com/@themoneygps

T-SHIRTS: http://themoneygps.com/store

MY FREE eCOURSE - Financial Education Taught in Simple Illustrative Videos:
http://themoneygps.com/freeecourse

---

Sources:
https://goo.gl/UpprQe

In This Episode:
According to a PBOC’s advisor, Bitcoin is illegitimate but the currency they issue is not. Government decree is the only thing that sets a fiat currency apart from a cryptocurrency in this respect. Governments and those in the financial industry have been constantly dwelling on the dangers of cryptocurrencies all the while proving that central planners are completely incapable of price stability.

bitcoin ether ethereum crypto cryptocurrencies blockchain

Bitcoin can be an asset but not currency - China c.bank adviser | Reuters
https://www.reuters.com/article/china-bitcoin-idUSL4N1JY17O
iif china_0.png (500×334)

Military plane over Rock Hill rattles neighborhoods | WCNC.com
http://www.wcnc.com/news/local/military-plane-over-rock-hill-rattles-neighborhoods/454841110
We Grow Fuel Here: Fighting the Oil Slump by Bartering for Grain - Bloomberg
https://www.bloomberg.com/news/articles/2017-07-06/we-grow-fuel-here-argentina-barter-makes-ypf-major-crop-trader
Sears to close 43 more stores to cut costs | Reuters
http://www.reuters.com/article/us-sears-restructuring-idUSKBN19S2K4?il=0
20170707_mall2.jpg (478×553)

2017.06.14 - US Home Prices.jpg (979×963)

Seminole County tax collector will allow employees to carry guns
https://www.clickorlando.com/news/seminole-county-tax-collector-will-allow-employees-to-carry-guns
20170707_macro3.png (1680×1244)

Facebook plans offices, retail, grocery store, homes
http://www.mercurynews.com/2017/07/07/facebook-campus-expansion-includes-offices-retail-grocery-store-housing/

Transcript:
according to a PBOC advisor bitcoin is illegitimate but the currency that they issue is not government decree is the only thing that sets a fiat currency apart from a cryptocurrency in this respect governments and those in the financial industry have been constantly dwelling on the dangers of cryptocurrencies all the while proving that central planners are completely incapable of price stability you came here for the truth so let me unveil that for you I have a whole host of issues to talk to you today about but let's begin with Bitcoin this article is out of Reuters virtual currencies like Bitcoin or assets but Bitcoin itself doesn't have the fundamental attributes needed to be a currency that could meet modern economic development needs and that is according to this PBOC advisor this is what he said I'll read you his quote Bitcoin does not have the fundamental attributes because it is a string of code generated by complex algorithms he then goes on to say that it's an asset does have some technical value and essentially tries to say you know it's it's cool and everything but it's not exactly our national currency let me just first discuss this central banks have are in fact quasi government or semi private institutions they issued the currency for that particular country which becomes the legal tender they decide how much currency is printed they decide the interest rates they essentially decide what the currency is worth at any given moment so we know that to be a fact we know that central banks are unable to maintain price stability we see that hyperinflation that take place and we also just see it in the general inflation takes place over time as you lose the value of your currencies it's a fact that happens that's why it's important to hold real assets they make the claim that cryptocurrencies are illegitimate because it's a string of code generated by a complex algorithm yet the only thing that legitimizes a fiat currency from a government is simply the fact that they say we promise to pay back on our debt so we're taking their promise for the way it is two pieces of paper one could be Zimbabwe one could be US dollar and the only reason why one is worth more than the other is the idea in our heads that one government is more legitimate than the other it's the people's mentality surrounding that particular asset or currency whatever it is that's what gives it value it's all imagined in our head you see gold trading on the financial exchanges sitting at let's say $1200 an ounce and you believe that gold is worth $1200 an ounce but it's only worth 1200 at a given moment tomorrow it could be 100 the next day it could be 100 million you don't know but it doesn't really change the value of what you're looking at if it's a piece of paper it is worth a piece of paper whatever that is to you a piece of gold is worth a lump of metal that's it what I look at it as what does this provide me if I have a house that I live in this house is worth to me it's worth shelter it provides warmth it provides cooling it provides the ability for me to live under these good conditions let's say so that to me has a lot of value paper currencies or money in general it doesn't really have value to me but it what it does for me is the ability to transact so I want to buy apples so if I want to get apples because I'm hungry what do I do I have to get money I have to go to the store I have to pay for those apples I can blow it myself but stay with me on this I could go to the storm I could use this currency to buy something with those are the goods right there so I take this currency where do I get it from well I have to get it from the bank and of course we know how the banking system works and so on all were using money for is an ability to transact I want a product goods services and how do I get it well use currency so there's no reason why we couldn't use any currency I could use them Bob way notes if I decide to if the store will accept them I can do that but essentially what has happened here is that we are fighting in between you know is Bitcoin legitimate when I don't think we want it to be considered legitimate by governments I don't want that at all I want the ability for you and I to transact through some sort of medium of exchange that no third party knows about call it Bitcoin call it old coin call it GPS coin it doesn't matter I don't know what it's going to be I don't know how we're going to do all of this I'm not designing any of this all I'm saying is that I don't have any faith in any government at all and I hope that they don't stick their nose into all of these cryptocurrencies that will make things worse okay that's enough brandy for this let me move on into the next article as we talk about debt total debt to GDP this is in China it has expanded does that surprise you at all look at this over the years complete expansion and one of them being non thin corporate so I'll just quickly mention if you can't read a household government and financial sector these are all expanding and it goes with any country in fact but with the one that I want to highlighting something that I've talked about before and that is the non fin corporates corporations are expanding their debt and they need to do this because times are tough they have to take on more debt system as a whole is taking on more debt we have seen that we've seen cities and states and provinces of regions and everywhere else take on more debt why why aren't they paying off the debt because they can get it more cheaply now than ever before and quite frankly this is the name of the game is to get into more debt you can't pay off debt because you'll collapse the system totally switching gears here for a moment this is something that I see all the time I've covered it a couple times but I generally I see it all the time so it it's something that I just I don't bring up to you but I'm sure you've seen it for yourself military plane over Rock Hill rattles neighborhoods this is something that takes place without the warning or consent of the people you have these military drills people get freaked out they're screaming they're calling 911 on social media wondering what the hell is going on and then after the fact the government comes on it says yes we were running some tests why wouldn't you just let people know beforehand why not because you want to see how they react if there's tanks on the streets and people in these militarized police get up walking down your streets and scaring the hell out of you you want to see how the people react and then you can gauge your soldiers and see you know what happened how do they react what if what was their salute what would be you know what happened essentially this happens all done all right very quickly here rather than sell his soybeans for pesos that were are worth less every day because of the rampant inflation this meant from Argentina figured he'd get a better deal by trading the crop for something he can actually use more fuel to run his tractor so this is happening a barter system is opening up in Argentina where there is heavy heavy inflation now think about that for a second going back to barter why because the government failed the government failed at being able to maintain their price stability that's what I talked about in the introduction isn't this really interesting why the hell do we even need a currency for the most part if they can't figure out a way to keep it stable so one farmer says well you know what why don't I give you some of this that I have a lot of that may be an asset to you and then you have that fuel well we can do a nice little exchange you have a lot of that I have a lot of this we'll just do an exchange no money involved we don't need to get any third party involved it's just you and I and I think that is so beautiful it doesn't matter what we do that with I just think it's incredible I can have a service I have a financial service where I do let's say where I used to do anyway when I would do consultations right well that consultation I would accept money currency US dollars Canadian dollars whatever instead I could say you can give me apples all right so I will do this for you you can give me apples I like apples I want to eat apples you have an apple farm come to your farm I'll pick the apples and then you can we can do this exchange I think that is so genius why do we need to go through that middleman well of course we do so because it makes our lives somewhat easier in a way but these middlemen exist in between every little different thing that we have all of the products that we have of the goods and the services and everything else there's all these middlemen which seem to be making their little profits here and there you know you have interact machines and the company that you use them at has to pay a service fee every single month for that and then you know you're that building you go into has to have lights on and the lights are power and the power company the taxes they pay and so on and so forth and you see where I'm going here I just love the system in general just just think about that that we don't need a third party we really don't sears to close 43 more stores to cut costs the retail market is dying and this is something that has been going on for a little while and this is part of the reason and that is square feet of retail per capita particularly in the u.s. okay you are seeing an absolute ridiculous amount of retail and what are they doing well they're renting out these malls these retail spaces too I believe there was a little like libraries and schools and all sorts of things that you would not normally see in a mall but simply they have a lot of retail space come on in we need somebody in here so they're getting a rent for their retail space that's something that's happening you also have the rise of corporations like Amazon and online retailers which continue to do better year after year if a year you see particular companies let's say just Walmart for example where their online sales pick up year after year after year so while that company might be still bringing in the sales they're doing more so online versus the brick-and-mortar so there's a lot of things going on here but I think generally the economy is doing worse this year is they're trying to show you a chart of the case-shiller u.s. home price index and going year after year now things have changed since but essentially what this article is reading just has this in mind that at this time in particular in Canada where we are at right now is at the very top of this peak and they claim that it will head downwards I don't think it will head downwards if interest rates remain low they seem to be wanting to increase it should interest rates hit to a higher level I do believe that the prices will head south and it will happen very quickly because of the amount of leverage people love leverage and people will fight for leverage and everything that it stands for I on the other hand simply feel that there is too much leverage in the system and just a little little increase in the borrowing cost will hurt people very badly they will go bankrupt alright so we're looking at this imagine that the tax employees to carry guns the county is actually saying that they'll save three hundred fifty thousand dollars per year all the while saying that people shouldn't have the ability to carry guns that's the way I see it to be ridiculous in a way the tax man now the tax man runs such a dangerous job they are a part in part is essentially a whatever you want to call it a robber you know they're just doing their job I get it but they are extorting the public of their money that's what taxes really are and particularly in particular income tax I see that to be actual robbery and I'm not trying to be silly about that I do see it as theft because you've earned that income the government didn't earn that income now we have consumption-based taxes so you go to the store and you buy an iPad you pay tax on that iPad that's a consumption based tax you decided to buy the iPad whereas the income you need to work because you have to buy things you need to buy food you need to buy shelter and all this than that so you are essentially it's different it's much different between the consumption based items and the income based taxes I see it as fraud and that's why they have to bring guns to collect the taxes because people don't want to give it up and I don't blame them and a lot of people have decided not to pay their taxes I think this could be a very bad idea I think there are a lot of better loopholes around the system that you should be interested in I won't get into that but there are ways to deal with that silver flash crashed and I thought it was interesting I wanted to bring it to you this here when you see this line heading straight down any in any stock in any futures market anything like this this is not to me it's not legitimate nothing really depreciates at such a large level now the funny thing about this was it was after hours this occurred after hours in an illiquid time period why would an individual want to sell-off if it was just a person why would they want to sell off anything a large amount then this was a significant amount of silver all at once sell it off in an in liquid time period it's possible there's no doubt but it seems to be that it's nonsensical so I believe this was either a computer program acting in this way that's generally what the flash crashes are or this was all part of the nefarious plan to try and push the silver and gold downward we know that they are doing that I don't know to what degree exactly because only information is sort of cloud raised and shrouded in mystery but let's just say for a fact that there was some disruption in the silver market today very quickly here Facebook Facebook intends to develop 1.75 million square feet of offices and it goes on there developing this massive area where there will be housing where there will be a very big park or whatever you want to call it their campus as they say and this is a massive endeavor what I find interesting about it is that it's almost similar to what you see in developing nations if you've ever been to some of these resorts in the developing nations in the Caribbean or anywhere else Mexico or whatever you see a lot of times where they have this huge huge resort where thousands of people will be at thousands of these tourists will be apt and you have living quarters located within the property Realms and that's the kind of vibe that it gives me I mean you had the same type of deal going on at Foxconn in China other factories in China in fact where they live in the same area if it's you know it's your decision to work in this place to live in this place you don't or it's not slave labour necessarily but I just see it as you work so much to attain this fiat currency garbage paper that we are doing this for paper and they're working there themselves to death people work themselves to death and then think about it they want to live really close to work because that allows them to get to and from you know they're not spending much time at home because they are working very long hours because I need to make that paper and to me is just it just says it all it's quite sad in fact the shortage of housing in California Silicon Valley has gotten so severe that Facebook on Friday proposed taking home building into its own hands with first-time plans to construct 1,500 units near its headquarters it goes on but essentially what we have is a frightening scenario where much wealth is leaving the hands of the middle class it's making its way into the corporate hands who have control over the government and unn unbelievably it's happening at such a rapid clip if you found this video informative please give me a thumbs up I went in all different directions today I ranted quite a bit but I hope that I got through my points if you appreciate that then obviously please continue to support me last but not least if you found the video informative I know you will find my books the money GPS and my new release global economic labs even more informative you can flip through these books at Amazon the links are in the description the first book is about the four asset classes and how to profit from them whereas the new book takes on these familiar concepts but then I get into things like tax incentives reducing your monthly expenses and getting away from the financial system I teach you how to do that in global economic collapse I call it the money GPS strategy so take a look at it at Amazon you can flip through the pages there if you want the audiobook version instead of global economic collapse that's available at the money GPS comm check out the links below in the description for all the things that I offer thank you for your support as always take care
.
.