Skousen CAFE: The 21st Century Gold Standard: Bitcoin!
Gold and silver have been in a bear market for the past two years, but a private alternative currency is all the rage and has tripled in value this year! Bitcoin is a private digital currency, created in 2009, which now has a monetary base of $1 billion. It is in many ways like a gold standard with limited supply and no central bank or government control. But, unlike the gold standard, there are no storage fees. The supply of Bitcoins is strictly limited by the owners who can only create more by solving complex mathematical problems that grow more difficult over time. In other words, real resources are used to make more Bitcoins.
As you can see from the chart below, the price of Bitcoins has skyrocketed this year — it is seen as a private alternative to government money, or even gold, in a time of crisis (such as the Cyprus debacle).
The price of Bitcoins may rise further as investors catch on to its viability. Bitcoins even may develop into a “tulip mania.” It’s early in the game, so investors may want to play it safe for a while. To buy Bitcoins, go to www.bitcoin.org.
Bitcoin is not an actual physical coin, and if computers are shut down, you can’t buy or sell them. That’s why nothing will ever replace gold and silver coins themselves, and all investors should have them at home or in a safe deposit box.
To learn more about this exciting new currency alternative, we are having a special session on “Bitcoins, The New Private Gold Standard,” at FreedomFest, led by Jeff Berwick, the Dollar Vigilante, and Jeffrey Tucker, president of Laissez Faire Books. Jeff Berwick has been on CNBC and other media lately talking about creating the first Bitcoin ATM machine. Want to learn more about this exciting private currency? Come join us and learn: visit www.freedomfest.com or call Tami Holland, 1-866/266-5101.
You Blew It! The Elitists Ban Democracy in America
John Kenneth Galbraith, the Harvard economist, once said that price controls are an example of the government imposing its will against members of the general public who engage in voluntary exchanges with business shops and stores that involve higher prices.
Now let’s consider the town of Eastchester, N.Y. The government there already has banned fast-food restaurants, and now Eastchester Supervisor Anthony Colavita has announced that “they” (the government, not the people) plan to ban fast-casual restaurants like Panera.
The last time I was in a Panera restaurant, the line almost went out of the door, it was so popular. Humm, I wonder if Panera competitors are mad about this government intrusion.
The people want fast food but the government is trying to block it.
Whatever happened to “Democracy in America” (Tocqueville) or “Free to Choose” (Milton Friedman)?
The next thing you know, government officials will ban Whole Foods Market (like Wal-Mart). Or ban big sodas…
Is democracy dying? America is quickly becoming autocratic… some would even say fascist (oops!).
As John Mackey once said, “The progressive elite believe they know what is best for everyone else and intend to enforce their values on everyone else.”
I guess we need to send a copy of “Persuasion vs. Force” to every legislator in the country: http://www.mskousen.com/persuasion-vs-force-by-mark-skousen/.
To read my e-letter from last week, please click here. I also invite you to comment about my column in the space provided below.
Gloria libertas, AEIOU,
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