The year is 2020, 155 years since the abolition of slavery and 52 years since the end of the civil rights movement and still to this day our people are suffering under police brutality, institutional racism, and poverty leading to mass incarceration and further destruction of the black community, not just in the United State but globally. WHY?
Without ignoring the detrimental psychological and spiritual damage the effect of slavery and colonialism has had on our community and how we see ourselves; we’ve also been robbed of our autonomy as a people.
autonomy: the right or condition of self-government.
When you boil it all down, all our great black leaders have argued for equality. But what seems to get glossed over is that true freedom always includes autonomy.
On the surface it would appear that the black community have taken huge steps forward in society and economically, after all we have Black celebrities, Black Billionaires, even a Black President. And the idea of “black economics”. encouraging the accumulation of strong assets that provide generational wealth throughout our communities, ie land, houses, precious metals, farms, businesses, stocks etc is well understood. But we also know that we hardly own any of the resources on our own continent, let alone access to the necessary capital to develop the little we have without borrowing. We also know that despite this, the black consumer still accounts for more than $1.2trillion in spending power annually- but hardly any of this money circulates back into the black community because we don’t own our shopping malls, supermarkets, publishing companies, telecoms, sports teams etc.
But what the majority of us never understood until the Great Recession of 2009 was that virtually all governments in the world are in debt due to the shady banking practices of the US Federal Reserve- they literally print the money out of thin air, and it’s been that way since the end of last Great Depression with the Gold Reserve Act of 1934. Up until this point every dollar that the Federal Reserve printed had to be backed by some ratio to gold, now it’s nothing.
What we didn’t know was the forces attracting that $1.2 trillion of wealth outside of our communities are even stronger the further we slip into economic depression because when times are hard and you’re already living from cheque to cheque you’re forced to buy the cheapest goods. And it’s the wealthiest people in the society that own the monopolies in these industries we depend on that tend to have the economies of scale to provide the cheap goods.
Central banks and the people who invest in central banks have essentially been the keepers of civilisation since the dawn of capitalism in the western world.
These financial elite, or old money as they call it in the UK, have shares in the worlds largest corporations and surround themselves with people like them that share their empiric world view. For these ultra elite, it’s in their interest to keep booming and crashing the economy so they can slowly rob countries of their resources and subtly attain more power while adapting to the social demands of the population. If you look back through history you see that central banks and governments have always managed to pass through laws and bills that make no moral sense, but do alot to boost the economy.
Enact Slavery = 400 years free labour = Boost in economic productivity
Enact Indentured Servitude = 100 years free labour = Boost in economic productivity
Fractional Reserve Banking = 100 years of some gold reserves/ disproportionate increase in lending = Boost in economic productivity
Quantitative Easing = 70 years no gold reserves / disproportionate increase in lending = Boost in economic productivity
So now because of COVID, we’re in a situation where the cats out the bag and the Federal Reserve has announced QE infinity, meaning that they’ll keep printing as much as they need.(The emperor has no clothes, and the money printer goes BRRR….). The majority of the macroeconomics community are astounded by the actions the federal reserve is taking to get us out of this crisis. There's nothing left for them to do but either print more money further reducing our spending power, or go into negative interest rates eroding our savings and encouraging us to take on larger debts.
A race that is solely dependent upon another for its economic existence sooner or later dies. As we have in the past been living upon the mercies shown us by others, and by the chances obtainable, and have suffered therefrom, so will we in the future suffer if an effort is not made now to adjust our own affairs. - Marcus Garvey
Fact is we never received repatriations after slavery, probably never will. And as a result, as a nation we are at the bottom of the economic ladder. At this rate it will take another few centuries for us to reach anything resembling equal opportunities for black people if we fail to come together and continue to play the game according to their unfair rules. The financial elite have become so greedy with their monopoly over the global money supply that natural market forces and innovation have created a new and unstoppable hedge against the global financial system- in bitcoin and the cryptocurrency industry -and as a community we should be embracing this opportunity.
In 2009 during the great recession, bitcoin was created anonymously by Satoshi Nakomoto. This is a historic event as this meant for the first time we could introduce the concept of scarcity into the digital realm. Bitcoin can’t be copied and pasted. There will only ever be 21 million. And it exists solely on the internet outside of the global financial system. It works on top of a cryptographically secure record of digital transactions stored on top of a global network of computers called a blockchain, making it so that no one in the world can tamper with the total supply for their own interest. It's the hardest form of money we've ever had. Since 2009, it’s gone on to become the greatest financial investment in history going from nothing in value to $20,000 at it’s height in 2017 and has even managed to build a multibillion global ecosystem around it all - whilst being attacked by the traditional financial system from all angles, from being labelled as a joke, labelled as a scam, labelled illegal, labelled as a tool for criminals and terrorists. Well that should be expected, the media said the same about the internet, and the Catholic church said the same about printed media…
Though we will get deeper into the technology in later videos, the point being made is that bitcoin is the new kid on the block in terms of an asset class, and the global monetary system is going to have to adapt to it’s presence just like the film industry had to adapt to streaming. Everything is going digital. The federal reserve is forced to launch their own digital alternative in the form of central bank digital currencies. And because this is the most foundational industry of the entire global freaking economy being disrupted, we can expect crazy amounts of volatility in global markets leading towards the greatest wealth transfer in history to ever happen right in front of our eyes- and as a nation we all have a once in a generation opportunity to seize it.
Bitcoin’s next milestone is a $1trillion dollar market cap, so it’s still miniscule in comparison to an asset class like gold for example. But when it does reach that $1trillion mark it means that Bitcoin has entered the geopolitical arena- offering competing nations an invaluable weapon in their arsenal to protect themselves from the influence of the United States. For centuries black people have suffered under the monopoly of a financial system that was not built by us or in the interests of our liberty. In fact, our ancestors' freedom was one of the first stocks to be traded in their financial markets. Even today in 2020, we have a new ECO currency being rolled out across West Africa which is still being controlled by the European Central Bank, offering no real benefit to our people besides further debt enslavement to a foreign power. For the first time ever because of the internet we all individually not only have the opportunity - but the responsibility to support a global and apolitical financial system using cryptocurrencies that serves the interest of the majority as opposed to a greedy minority.
In the next posts I’ll explain to you global macrotrends that are pushing digital currencies to become commonplace in the upcoming decade and how bitcoin and other cryptocurrencies can be used as a powerful tool to build censorship resistant financial networks, organise protest against governments, and drive sustained change in our communities in a peaceful and profitable way.
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