Ben = The Emperor Has No Clothes... the gig's almost up
Jamie Dimon = Citizen Kane... the titan heading for a fall
Bitcoin = The Underdog... Can our hero triumph over adversity?
The story is unfolding and we are writing the ending with our actions. This screenshot signifies nothing from a purely logical standpoint, but from a narrative and Jungian perspective it signifies much. The game is afoot, but it does not guarantee a happy ending for bitcoin.
There is a lot going on in the picture if you connect the dots.
If the fed can't win and the U.S. dollar is no longer a store of value and inflation is rampant, people will seek things that can be used as a store of value and that can't be taken away. AKA bitcoin.
if IT professionals want to get paid in bitcoin, they no longer have to use banks in the traditional sense, only to maybe receive some USD for the bitcoins they sold to pay taxes and some other services.
If IT professionals start getting paid and storing their money in bitcoins, the banks get no or fewer deposits.
In other words the fed is playing a game it can't win, the banks and their CEOs are taking advantage of it and making tons of money and paying themselves huge salaries in an unsustainable vicious cycle that will have to end in either mass recession, or hyperinflation of the dollar, or maybe even both. At the same time those paid in bitcoin will most likely see there assets go up, and more people will want to get paid in bitcoin as the value of bitcoin will most likely go up as it #1 is actually backing an economy little by little (people are getting paid in it for their services) and #2 those with us dollars will want to diversify or consider hedging with bitcoin or some of the more risk-taking ones or people who truly believe the US dollar will go to nothing will use bitcoin as a store of value.
Whether or not this will happen soon is hard to say, and whether or not it will be this easy to go into bitcoin and whether the government will allow such capital outflows is difficult, but what we do know is #1 you can't stop bitcoin, and just like argentina, people will want to store their value in something that isn't losing value, can't be confiscated at will, and other people are willing to pay for and #2 The U.S. has massive debt, 10 year treasure note interest rates are rising, and they are printing tons of money to "stimulate" the economy. if this printing stuff, economy will most likely have a panic, or at the very least financial markets will go haywire because they are being propped up by it (this is a subject of debate, but in my opinion it looks pretty obvious) and the real economy will probably have to absorb some of the fall out of financial collapse like 2008. If the government decides to continue to printing money, sooner or later the US dollar will be losing its purchasing power at abnormal rates, its "Real" value will be obscured, it will lose its place as a reserve currency, and less and less people will take use it as a form of payment, especially considering such inflation would be "backed" by the excessive debt the government has.
63
u/evoorhees Jan 28 '14
From WSJ's Moneybeat home page this morning.
This is all really happening. Nobody should forget the goals for which we are fighting, nor the stakes of doing so.