Most of our lives, we have had to work hard, study, invest, risk and innovate, to pay for our lives and our families' lives.
For those of us who had the wherewithal to produce, manufacture, and create, did so with the same hopes and aspirations; to create something useful, and to live a peaceful, happy life alongside the people we love the most.
However, central banks can generate new dollars, pesos, crowns, pounds, or euros effortlessly, without having to work hard, study, risk, or innovate, effectively devaluing the currency we struggled so much for.
We ought to remember this when we see headlines and statements from bank CEO’s like these (see image).
JPMorgan CEO Jamie Dimon has long benefited from inflation. In case you didn’t know, when banks loan out money, they don’t have an account stacked with tens of billions of dollars to loan out, so they can proceed to earn interest from it.
The money loaned to a client seeking, say, a few hundred thousand dollars to buy a home or millions of dollars to invest in stocks or different ventures, that money is created out of thin air.
Yes, banks have the privilege to earn interest on money that doesn’t exist.
So when Jamie decides to “allow clients” to buy Bitcoin, I can’t help but feel a deep sense of gratitude for the ground-breaking innovation that Bitcoin is.
There’s no way for him or his bank buddies to produce more Bitcoin without trading in real-world energy, value, and assets.
And more importantly, we have never needed to ask his or anyone's permission to purchase Bitcoin in the first place.
His opinion is, thankfully, a stark reflection of the definition of the word ‘worthless’.
Anyways, thank God for Satoshi Nakamoto.
