All Episodes
Previous Next
Dec. 9, 2024 - Freedomain Radio - Stefan Molyneux
07:53
Bitcoin Takes the Power of Capital From Corporations
| Copy link to current segment

Time Text
So this woman wrote, MAGA really is comprised of some of the dumbest people on the planet.
We pay into Social Security.
It's not a government handout.
It's our freaking money.
Hmm.
Right.
It's not a government handout.
It's our freaking money.
I mean, sort of these coerced retirement plans are absolutely terrible.
Because, of course, there's no money.
There is no money there, right?
So originally it was sold, Social Security, old age pensions in America, was originally sold as, you know, give us your money, we'll hold it aside for you, we'll invest it, we'll make sure you have enough to retire on, right?
Oh my God, when are we going to stop believing this nonsense?
And then, I think it was within a couple of years, the Supreme Court decided that the government didn't have to keep any special lockbox for you at all, that they could get rid of anything they wanted and spend anything they wanted and borrow against it as an asset.
So, Congress would just pillage the Social Security Fund and leave a bunch of treasury bonds, like a bunch of dusty IOUs.
Yeah, yeah, yeah, we'll pay it back later.
And so, yeah, there's no money there.
There's no money.
I mean, what's considered an asset in the Social Security Fund is...
His treasury is rich in debt, government debt.
It's amazing.
It's amazing.
Paul Krugman just retired from the New York Times.
Yeah.
Yeah.
Really, really, really one of the most destructive economists in the modern world, in my view.
What was it?
So in...
2013, when Bitcoin was about 700 bucks a pop, he wrote, Bitcoin is evil.
I mean, obviously, he's got this famous thing where he wrote about how, oh, in the future, it'll turn out that the internet had about as much effect on the economy as the fax machine.
It's like...
Right.
An absolute, to me, stomach-turning shell.
And he's been, what was he at the Times?
Was he at the Times, right?
Yeah, New York Times.
Like 25 years.
25 years.
You know, Bitcoin...
Oh, fuck.
Here cometh the rant.
I feel it coming up like furry Indian food.
So...
Bitcoin should be the ultimate socialist wet dream.
Bitcoin takes the power of money away from multinational corporations.
Or, I guess in this case, national corporations, right?
Federal Reserve is a private corporation.
It's no more federal than Federal Express, in terms of government.
So, Bitcoin takes the power of capital away from capitalists!
My God, you couldn't get any more Marxist if you tried!
It returns the power of capital to the people.
Bah!
They should have been circle jerking on the orange coin from day one.
It's the most glorious liberation.
It's called Das Kapital.
That the accumulation of capital in the hands of capitalists is immoral.
It gives them too much power.
So capital can be distributed among the proletariat for pennies at the beginning.
Capital can be redistributed to the proletariat for pennies per bitcoin back at the beginning.
There's a website, back in 2011, would give you five bitcoins just for saying, give me five bitcoins.
The socialists, if they were interested in the poor rather than in power, Power!
Endless power!
If the socialists were interested in the poor, they would say to the poor, get some Bitcoin.
They'd buy up Bitcoin and redistribute it to the poor so that the poor would no longer be poor, and they would get behind Bitcoin because Bitcoin privatizes capital.
Bitcoin takes the power of money and interest rates out of the hands Of giant corporations and puts it back in the hands of the people.
So this is how you know socialists care fuck all about the poor.
What they care about is power.
And Bitcoin does not aid them in their pursuit of power because it decentralizes, anonymizes, and fragments power and takes it out of human hands.
If you had someone who could dial up and down gravity During a basketball game, kind of subtly, and bet on a basketball.
I'm going to bet on the Lakers.
He bets on the Lakers, and he's got a little dial.
Can turn up and down gravity.
Maybe there's some magnets in the balls, or he just dials up and down the power of the magnets, right?
So if somebody's betting on a sports game and can change the outcome, that's too much power.
So if the rich and powerful Want to gain more power and can both add and remove money from the economy at a whim, with no accountability, no blowback, no responsibility, and can also control interest rates, then they're playing in the game they themselves get to rig.
They're betting on a game that they themselves get to rig.
Bitcoin takes the power of money creation, money supply, money control, and interest rate control out of the hands of giant private corporations and puts it back into the hands of the people.
It turns it from dial up and down gravity to gravity you cannot influence.
It takes power, human monopolistic power, and turns it into physics.
You see?
It turns it into physics.
Now, money can't be controlled by any particular individual or group of individuals.
Money has been turned into physics.
It is beyond the whims of the gods of democracy and the gods of power and the gods of capital.
Imagine if the socialists had believed anything to do with their goal of taking the power of capital away from corporations and the rich if they had simply farmed Bitcoin and handed out sats to poor people.
Imagine!
Imagine!
The people who Created and promoted Bitcoin have done more for the poor and more to diminish the power, the fascistic power of corporate capital than any other individuals in the known universe.
And the socialists should be praising those people as the liberators of the poor and the middle class against the moneyed interest and power of the super wealthy.
But no, they don't care.
They don't care.
It doesn't matter to them.
It doesn't matter.
They don't care.
Think of how many people read Paul Krugman and ended up missing out on the fastest accumulating asset in human history.
Imagine.
Does he feel any guilt?
Does he feel bad about it?
Nope.
Doesn't matter.
▲
Export Selection