Cade Metz, WIRED, 18 February 2021
The problem with the modern economy, Byrne says, is that it rests on the whims of our government and our big banks, that each has the power to create money that’s backed by nothing but themselves. Thanks to what’s called fractional reserve banking, a bank can take in $10 in deposits, but then loan out $100. The government can make more dollars at any time, instantly reducing the currency’s value. Eventually, he says, laying down a classic libertarian metaphor, this “magic money tree” will come crashing down.
But bitcoin is different. It’s like online gold: The supply of the digital currency is controlled by software running across a worldwide network of computers, and its value is decided not by the feds or the big banks, but by the people.
Comment: This is a hit job by a man who appears to have been hired to do a hit job or by a man whose intelligence, integrity, and imagination are all lacking. This entire website is dedicated to the proposition that Patrick Byrne has been right all along and now that Bill Binney and Robert Steele have pointed out that “we have it all,” the confiscation of $100 trillion from Wall Street human criminals subject to being killed or jailed for life gives new weight to Patrick Bryne’s informed ethical views.