| 
| Time | Text |
|---|---|
| About a week ago, the FBI arrested the man who allegedly owned Silk Road, an online source | |
| of illegal drugs that accepted only bitcoins. | |
| What is most interesting is that the FBI has not yet been able to seize over 600,000 bitcoins without his password. | |
| The FBI can't crack it? | |
| Or maybe they don't want to crack it. | |
| Maybe they want to use it as an excuse to try to shut down Bitcoin. | |
| While the war on drugs has been an absolute failure by any metric, the war on property rights and the war on due process has been a resounding success for the Feds. | |
| We've seen an abuse of civil forfeiture without due process, without people being charged with a crime, and many cases of people who have their property seized are never charged with a crime. | |
| So one of the key reasons to stop prohibition is the ludicrous unconstitutional extremes the government has taken in property seizures. | |
| But it isn't just that bitcoins are hard for the Feds to seize. | |
| They also offer something that Feds hate even more, and that's privacy. | |
| Under the Bank Secrecy Act, financial institutions are required to report transactions to the Feds and must also, quote, know, in other words, verify, customer identities. | |
| In other words, the Bank Secrecy Act means there is no secrecy with banks. | |
| But as we've seen with HSBC, when large banks know their customers are drug cartels or terrorists, the feds leave them alone if they're a big bank that supports the central bank fiat money scheme. | |
| HSBC was caught laundering money for Sinaloa and Zeta drug cartels. | |
| They were caught laundering money for Hamas, Hezbollah and Al Qaeda. | |
| Yet Assistant Attorney General Lanny Brewer said HSBC would almost certainly have lost its banking license in the US. | |
| In the future the institution would have been under threat And the entire banking system would have been destabilized if they hadn't just given them a slap on the wrist. | |
| If they had enforced the laws against money laundering. | |
| But HSBC was too big to jail because they serve the fiat banking system and they partner with the Feds in running drugs and in arming terrorists. | |
| The Feds hate Bitcoin because it serves as an alternative to their banking system and their control. | |
| They would love to destabilize it, but that's not going to be easy. | |
| If the government tries to shut down Bitcoin like they did Liberty Reserve, they're going to have a problem. | |
| There is no single person for them to move against like Budofsky at Liberty Reserve. | |
| Bitcoins are both anonymous and decentralized, so it will be very difficult for the Feds to try to shut it down. | |
| If they do, they will drive it underground. | |
| But if they can get a hold of the 600,000 Bitcoins, which are 5% of the outstanding total of Bitcoins at the time, they could try to destabilize it. | |
| Good luck with that. | |
| It will be very transparent if they try. | |
| For InfoWars Nightly News, I'm David Knight. | |
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