Various media outlets have reported that Benarke has stated (November 21, 2002) “The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.”
He’s found the Philosopher’s stone! http://en.wikipedia.org/wiki/Philosopher%27s_stone
If you read this as I do, simply stated the FED is creating money from nothing. Further analysis would indicate that computers are then necessary to tally the vast trillions that are “created” and without such technology it would be humanly impossible to keep track
of such staggering numbers (one-trillion is a string of thirteen digits). It therefore begs the question “what is backing this up”? Certainly not gold, high productivity, or a stable rapidly growing economy, no it’s the “Full faith and credit of the issuing nation”. Hard to say about the US and not burst out laughing.
That being said, then, no paper money has been created in these staggering amounts. After all where would you keep it. The answer is it’s, stored in computers, servers or the “Cloud”, which is synonymous with “Bubble” in this case. Very similar to a mega-sized computer game score. Don’t know if computer games even tally numbers this big. With this in mind, what has been created… nothing?
Coming back to the storage issue, this “money” is stored on a large server or servers, agreed? OK, what could go wrong, you ask. The vast Internet infrastructure is inherently unstable by virtue of it’s rapidly expanding paradigm. My opinion is, we are in an electronic fog, with all the many computers laptops and phones of all sorts running 24/7. Any number of crashes could occur, power outages, users errors and mistakes, solar flares and other dangerous eventualities. But, you say, they have hard copy back up. You trust these genius’s to do anything that mundane? Look again at just one number “1,543,467,774,523” now enter it on you calculator, see what I mean. Manual tabulation is a daunting task. Who of you has gone to the cashier’s window and asked to withdraw a million dollars? Won’t happen!
Recent disclosures that the sprawling Security apparatus of the government has seen fit to tap all our electronic devices by electronic eavesdropping on the world population as well as installing spy software and code on individual and corporate computers and servers in our homes and businesses. The question arises, who is guarding these trillions in the cloud and who has access? Certainly not a contract employee of the NSA, CIA, FBI … oops, never mind. Serious hacking or international terrorists, espionage and sabotage present a high risk of tampering and destruction. Not to worry, it’s only computer data…it’s nothing.
Now lets examine the facts of currency. Tangible fancy paper with beautiful engravings that have a representative value, though not redeemable for gold or silver, it is a material object for trade and barter. A commodity that can be put in a coffee can, under your mattress, or stuffed into your jeans pocket. Albeit, it is fiat currency, but it has physical properties and will be here after computers are gone.
With the astronomically large amounts we are discussing, not even a printing press could produce these amounts. In reality, it acts like a limiter to the amount of currency in circulation at any one time. With the advent of electronic data money the supply became limitless for the FED via key strokes. No printing, no cost; per Benarke, nothing
So what the hell am I talking about? With catastrophes be-falling the world on a daily basis, political dysfunction and instability running rampant and unbridled corruption the high risk of system failures is eminently possible.
Lets look at what would happen should the system failure occur. As an example we’ll use a solar disruption. The wave rolls through and electronic gadgets of all sorts collapse.
You can’t check your bank balance and the bank can’t tell you anything or give you your money. Whatever cash you have is it.
The amount cash/currency is in circulation will become increasingly valuable by demand if you want to buy/need gas, food, and shelter. The bankers, corporate goons and politicians will be in the same boat. I hope the picture is clear. These arrogant astronomical amounts being thrown around, in the hard light of day, don’t exist in the material world.
So given this scenario, it’s “Poof it’s gone” and that $1 bill you dismissed cavalierly as just a piece paper just might buy your groceries. Cash will be king again in a real world. All those trillions and trillions being thrown around will evaporate. But wait, that’s right, Gentle Ben made them from nothing and keeps them in a void where nothing is the rule and nothing material exists.
As a medium with no reality, their trillions are gone. I’m reminded of the Billy Preston song “Nothing from nothing” leaves nothing.
There you have it, nothing was lost. The world will go on and return to equilibrium and that’s how I learned to value fiat currency.
One more point. What has all this who/ha created for the American People, (wait for it)
That’s right… NOTHING!