© Dylan Martinez / Reuters
"JP Morgan, along with the entire finance sector, has been subsidized by the Federal Reserve's corrupt practice of 'financial repression' that moves hundreds of billions from savers and pensioners, and workers, into JP Morgan and Jamie Dimon's pocket. Jamie's compensation is tied directly to manipulating JP Morgan's stock and option prices, thanks to the Fed's conflicted, corrupt, cozy malfeasance," he told RT.
Financial repression is a term describing measures used by governments to channel funds to themselves as a form of debt reduction. These actions include the deliberate attempt to hold down interest rates to below inflation. In this system, benefits are transferred from lenders to borrowers. JPMorgan Chase stock has surged about 260 percent since June 2012.
According to Keiser, it is wrong to say bitcoin is a bubble or a fraud.
"The US dollar, bond markets, and many property markets are in bubbles. Bitcoin and gold are the only financial assets not in bubbles. To say bitcoin is fraudulent would be like saying gold is fraudulent. Some might say this, but no rational person would agree," he said.
"As the bubbles in fiat money, bonds and stocks pop, capital will flow into bitcoin, gold, and silver. At some point, when his customers start leaving JPMorgan and move to more bitcoin-focused options, Jamie will be forced to capitulate, or get replaced," Keiser added.
Comment: There is no such thing as a bubble in 'fiat currency.' This is just alt-finance buzz-wording. Capital may flow into gold, silver, and even Bitcoin, or some other officially sanctioned 'crypto-currency.' And it may not. Keiser is a one song band. If you claim it'll rain everyday, eventually you'll be right. Keiser hasn't been right yet.
Keiser also explained why traditional bankers dislike cryptocurrencies.
"Bitcoin makes banks, essentially price gouging intermediaries and socially unacceptable leeches, obsolete. Bankers rightfully fear for their jobs as bitcoin replaces them," he said.
Comment: Which is patently untrue. Bitcoin is a commodity. It doesn't replace banks or banking. Keiser lives in la-la land. Bitcoin can handle about 27 transactions a second. To give you an idea, credit card processors usually handle on average 2,000 and can scale up to 20,000. Bitcoin has sever limitations as a currency and as a commodity.
JPMorgan Chase has a long history of paying high fines for violations of banking regulations. Since 2010, the bank has paid $28.7 billion for financial misconduct.
Comment: And then? Most of the people we know have a long history of getting traffic tickets. It's pretty hard to live in the modern world without running afoul of the overreach of government regulation.
Comment: That's idiotic, Bitcoin is a commodity, a Bank is a corporation.
The list includes $13 billion paid for toxic securities abuses in 2013, as the bank overstated the quality of mortgages it was selling to investors in the run-up to the financial crisis.
Reader Comments
Yeah, to compute a unique hash that still is fiat. Nothing was produced, just because it took a lot of energy and processing to make a coin hash does not give it value, just like the more efficient to print dollar lol
How much CPU time is needed to mine 1 bitcoin? - [Link]
Reading the linked article, it all begins to make no sense to me! .... what is the point of spending and wasting $K of energy in order to have a electronic token that claims to have a value - Is this the best we can come up?
Also can't help wondering about national super-computers and what they are capable of ... doesn't sound good for the workers when the day comes that only these extreme computers can be used to generate a solitary bit coin