Facebook to Launch a Cryptocurrency & Compete Against Banks?


QUESTION: Why is Facebook going to issue a cryptocurrency? Doesn’t that confirm the evolutionary path of technology?

ND

ANSWER: The term “cryptocurrency” is being thrown around very loosely. It is true that there is increasing hype and speculation regarding a theoretical Facebook Coin. However, this is not a “cryptocurrency” it is simply a digital entry and nothing more. The proposed Facebook Coin is the polar opposite of Bitcoin. AFacebook is creating a pretend cryptocurrency for WhatsApp. This is not a real cryptocurrency. The cryptocurrency enthusiasts are only looking at the label. The Facebook Coin is nothing like Bitcoin (BTC).

Thet Facebook Coin will be pegged to a fiat currency similar to that of Tether (USDT) and USD Coin (USDC) and it will use blockchain technology. The only real unique aspect about Facebook Coin versus a regular stablecoin is that it could be backed by a basket of fiat currencies, all held in Facebook bank accounts. This is more along the lines of the ultimate evolution of what I would expect to become the next reserve currency – a basket of currencies rather than a single currency.

If our sources are correct, this means that a Facebook Coin would easily compete with the rest of the $2-3 billion stablecoin markets where the biggest stablecoin remains Tether (USDT). Tether (USDT) has had some problems with its backing which resulted in its decline by as much as 10% below the value of a U.S. dollar.

That said, since Facebook Coin would be a stablecoin, it will not be possible to invest in it so it would not be a trading vehicle like Bitcoin. That means it would be more of a store of value which is quite different from Bitcoin (BTC) and most other cryptocurrencies where fluctuating prices really prevent them from becoming a true currency digital or otherwise. Clearly, Facebook has no intention of launching a trading cryptocurrency. If they did, it would probably blow Bitcoin out of the water. Facebook is not going this route for it is looking to get into really the digital currency world, not cryptocurrency. However, Facebook’s total stock has a market cap of $463 billion is closer to 4 times that of the entire crypto market cap of $130 billion.

If we pull back the curtain, Facebook is much more interested in a real-world market by creating its own payment network independent of Visa and PayPal. Effectively, venturing into a digital currency world backed by a basket of currencies or allowing clients to select their currency means they would compete for deposits like banks but globally. With Facebook’s immense user base, such as a payment network would be extremely competitive in the banking world. Obviously, Facebook sees that a digital payment network will be unique out of all the other big name fiat payment networks since it will use blockchain technology and its client base to launch it into the future..

 

Obama and Pelosi Rally the Troops…


Nothing that happens with professional leftists is organic; everything is always planned, organized, astroturffed, constructed and schemed.  Club officials control everything; plan everything; organize everything; and then enlist specific groups of designed foot-soldiers. This is what they do. This is all they do.  This is all they know how to do….

It might seem subtle, but Team Trump has them off-balance. How far off-balance? Well, remember, they were planning for a sequence. The current objective, an increasingly difficult challenge, is to solidify the launch platform for the chosen one.

(link)

The Club is having a tough time controlling the newbies.  The newest energetic leftists have demands… demands that are against the interests of the club.  The club calls in Teh Lightbringer in an effort to regain control.

The issue is serious.  Can you imagine how desperate they are if they already need to go full Obama?   Quite telling.

(Tweet Link)

Pelosi is trying to control the wildlings they created.  The moonbat activists are non-compliant.  The wildlings want rage; they are like an emotional caucus who will not take direction; they refuse to calm down….

Their intellectual handlers opened a Pandora’s box and told them they only have 12-years to live before the planet is entirely destroyed.   They believe it.  Panic Emoji. They will not have iPhones in twelve years.  Desperate Emoji.  They have already stopped breeding.  It is taking more and more energy to try and control them….

Pelosi and Obama see serious trouble ahead.

How are they going to launch Biden, or the Chosen One?

Eyewitness to a Massacre


Published on Mar 21, 2019

SUBSCRIBED 122K

Watching the New Zealand massacre through the eyes of the shooter gave Firewall host Bill Whittle a look into the abyss that exists between offhanded tweets and the actual insanity of mass murder.

Creepy Porn Lawyer Arrested for Extortion and Fraud – Full Criminal Complaint(s)…


The Southern District of New York (SDNY) has announced criminal charges against attorney Michael Avenatti (full complaint pdf below) for attempting to extract more than $20 million in payments from Nike Corp, a publicly traded company, by threatening to use his ability to garner publicity to inflict substantial financial and reputational harm on the company if his demands were not met.

The SDNY counts against Avenatti include conspiracy to transmit interstate communications with intent to extort, conspiracy to commit extortion and more.  In the SDNY case, attorney Mark Geragos is a co-conspirator.

Additionally and simultaneously, the U.S. attorney’s office in Los Angeles alleged in a separate criminal complaint that Mr. Avenatti embezzled a client’s money to pay his own expenses and cover debts—including for his law firm and coffee business—and defrauded a bank using phony tax returns.

Here’s the SDNY criminal complaint:

https://www.scribd.com/embeds/403095480/content?start_page=1&view_mode=&access_key=key-GNU4PerAKv5uYG2WXk3j

UPDATE: Below is a video of the SDNY Press Conference:

.

(Via Wall Street Journal) […] According to the complaint filed in New York, Mr. Avenatti and Mr. Geragos, the alleged co-conspirator, met with lawyers for Nike in New York on March 19 and threatened to release damaging information unless the company agreed to pay the two lawyers millions of dollars and another $1.5 million to the client Avenatti claimed to represent.

Boies Schiller agreed to federal prosecutors’ request to record another conversation with Mr. Avenatti and did so, this person said.

On a March 20 phone call, Mr. Avenatti said he expected to get $1.5 million for his client and wanted a multi-million-dollar retainer from Nike to conduct an “internal investigation,” according to the complaint. During the call—which was on the eve of the company’s quarterly earnings call—Mr. Avenatti said that if his demands weren’t met, “I’ll go take ten billion dollars off your client’s market cap. … I’m not fucking around.” (link)

Here’s the criminal complaint from California:

https://www.scribd.com/embeds/403107937/content?start_page=1&view_mode=&access_key=key-ghFQ5lajMpNH5Y5MLqwt

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Our Flawed Monetary System & Why it is Doomed


QUESTION: You mentioned that Rome had no national debt and no central bank. Exactly how did it function for 1,000 years?

JY

ANSWER: In addition to not having a national debt or a central bank, Rome had no police force or agency charged with enforcing the law. There were specific crimes against the state that would be prosecuted such as arson and treason. But the prosecution of a murder would be carried out by the family. The responsibility for enforcing the law thereby fell on the kin, tribe, gens and patron of the offended individual.

It was the King of England after Magna Carta who began to prosecute people for what was private crimes all so he could make money. By the time of the American Revolution, there were 240 felonies all of which carried the death penalty. So the king got to confiscate all your property and throw your family out on the street all based on what had historically been a private dispute.

As far as finances, the government simply minted coins to pay its expenses. As I have said, if we just created the money to fund the government rather than borrow, it would be far less inflationary. Because we borrow, with no intention of paying anything off, we must keep paying interest to roll the debt. That suppresses the economy, for it is competing with the private sector. It is a contributing factor as to why 70% of small business get turned down for loans that would expand the economy.

As shown here, the accumulative interest expenditures eventually exceed 70% of the total debt so the money never went to anything such as schools, roads, or social programs. If the government simply created the money, as did Rome, then the economy is segregated between public and private.

Today, the Fed raises interest rates to slow our spending yet it increases the spending of government. It is impossible for the economic theories of Keynes and Marx to ever function when the government is the single greatest borrower. Our current economic system is doomed. No rational person would EVER create such a completely flawed monetary system as this.

The Cultural Trends of Women in Politics during the Roman Empire


 

QUESTION: Mr. Armstrong; I assume you would know the answer. Is it true that the women in ancient times were more like Hillary seeking power compared to modern times?

JF

ANSWER: Yes, I have heard this assertion before. It is only partially true. Unquestionably, the first woman of Eastern culture to act politically was none other than Cleopatra VII. She loved Julius Caesar and bore his son in hopes of taking over Rome. When Caesar was assassinated, she fled Rome back to Egypt. She then seduced Marc Antony. That did not end well and Octavian defeated them as it was portraryed as one of the epic love stories which was probably more for political advantages as is the case with Hillary and Bill who now live separately.

However, it was not appropriate for Octavian to boast a victory over a Roman such as Marc Antony, and yet it was also inappropriate to drag a woman through the streets as being conquered. It was not out of the question that that Octavian had Cleopatra killed for this difficulty. The coinage he issued avoided proclaiming victory over Antony and Cleopatra personally and simply claimed he defeated Egypt.

There appears to be a cultural difference in history between the Eastern area of the Roman Empire and that of the West. The women in the East historically appear to be much more dominant in politics than in the West, where perhaps the saying originated, “Behind every great man stands a great woman supporting him.” I recommend an old BBC series to watch called “I Claudius.” It was a fantastic series that revolved around the Julio-Claudian family that was really driven by the intrigue of Augustus‘ wife- Liva. The series shows how she killed off the heir of her husband, Augustus, so her son, Tiberius, would become emperor. She was said to have more bodies than Hillary is alleged to have orchestrated. The difference was that Liva did not seek to be emperor, where Hillary stuck with Bill to make a run for president.

There was also Agrippina, Jr., who most likely orchestrated the assassination of Britannicus, the son of Emperor Claudius, so her son would become Emperor Nero. Where Livia’s portrait appears on coinage, it is always in the form of a goddess rather than in her own name. In the case of Agrippina, Jr, she is the first woman to be pictured on Roman coinage in her own name. Here she is pictured with her son Nero facing him as she ruled the empire. Eventually, she was so manipulative that Nero was blamed by the people for the murder of Britannicus. Nero eventually turned against her and had her killed.

Women seem to have remained behind the throne following Agrippina Jr. certainly in advising but also acting more like a first lady would. The next woman in the middle of a scandal was the wife of Emperor Trajan – Plotina. A letter Trajan was said to have composed on his deathbed appeared in Rome with Plotina’s signature on it, in which he adopted Hadrian naming him successor to the Empire. This raised suspicion that it was crafted by Plotina who was fond of Hadrian.

We do not really encounter the outright politically dominant women until the late 2nd century and they are from the East. It is not just one woman, but a number of them that began to manipulate politics and take more of an open role. The first is Julia Domna who was the wife of Septimus Severus and the mother of Caracalla.

It was the women of Julia Domna’s family that really dominated politics under 235 AD. Julia Maesawas the sister of Julia Domna and sister-in-law of the Emperor Septimus Severus. Julia Maesa bore two daughters, Julia Soaemias and Julia Mamaea, the mothers of the Emperors Elagabalus and Severus Alexander respectively. Julia lived in Rome with her sister during the reign of Caracalla. Following Caracalla’s assassination and Macrinus’ rise to the throne, Julia was permitted to retire to her home at Emesa in 217 AD. This act of mercy on the part of Macrinus would later prove to be a fatal mistake. Once back in Syria, Julia Maesa masterminded the conspiracy in the provinces that led to the fall of Macrinus and the elevation of her grandson Elagabalus to the throne of the Roman Empire in 218 AD. When Elagabalus was murdered, his mother went with him and they dragged their bodies through the streets of Rome in celebration. Julia Mamaea was the mother of Severus Alexander. She was murdered when her son was assassinated. She was the last of this line of Eastern women to rule.

There was Zenobia, also of the East located in Syria. She led a rebellion and split off the Eastern provinces from Rome. She raised her son to the rank of emperor, but she was the dominant political figure and issued coins proclaiming she was effectively the Empress. Because she was a woman, when she was conquered by Aurelian she was allowed to retire. There was a cultural issue that it did not appear to be appropriate for a man to conquer a woman and execute her.

 

In 479 AD, the emperor Zeno’s mother-in-law, the meddlesome dowager empress Verina, the wife of Leo I, managed to convince her other son-in-law Marcian, son of the late western emperor Anthemius, to a raise a revolt. It collapsed due to the quick reaction of Zeno’s Isaurian general Illus, and Verina’s complicity in both it and in an attempted assassination of Illus was quite plain. She was then given to Illus to be imprisoned in Dalisandus in Isauria. By 484 AD, however, the situation had changed: Illus was reported to be intriguing against the emperor, and not only refused the empress Ariadne’s request that her mother be released, but had the audacity (in Ariadne’s opinion) to avoid being assassinated by her agents (who seem to have been as incompetent as her mother’s had been five years earlier).

Illus withdrew to his native Isauria, and Zenothen sent the patrician Leontius with orders to obtain Verina’s release. The unexpected result of this was that Leontius made peace between Verina and Illus, and after Illusbrought her in full regalia to Tarsus, she crowned Leontius emperor on July 19th, 484 AD. She attempted to convince the provincial forces to go over to him by stressing her legitimate right as empress to crown an emperor, but after a very short occupation of Antioch the rebels were tossed out again, and in September were heavily defeated by Zeno’s army under John the Scythian. The survivors fled to the virtually impregnable fortress of Cherris in Isauria where they remained bottled up until their capture and execution in 488 AD (Verina herself had already died in late 484 AD).

Whenever possible, rebels like Leontius and Illus would have wanted their own coinage, both to underscore their legitimacy as rulers, as well as to pay the troops they so desperately needed. The capture of Antioch provided them with a mint, though one which was not accustomed to gold coinage, and they must have immediately begun turning all available gold into coins bearing the name and titles of Leontius as emperor. The fact that the obverse legend is in the dative case, rather than the expected nominative, shows that it was meant to be seen as an acclimation issue.

The dies for Leontius’ solidi were cut with great rapidity by relatively unskilled craftsmen (the legends can be slightly garbled, Greek U’s are used rather than Latin, etc.). Traditionally, Leontius is thought to have only held Antioch for 12 days but it has been suggested by others that the coronation of Leontius took place in March and that his occupation of Antioch lasted two months.

In any event, thanks to Verina, Leontius’ gold coinage is among the rarest of Roman issues. Few coins have survived simply due to the collapse of the rebellion and the demonetization of any usurper’s coinage. It was tradition to recall all the coinage of a usurper and melt them down. There are in fact only four known examples with each struck from a different pair of dies makes the original abundance of the coinage fairly clear. With this number of dies, it implies that the coinage issue could have easily produced 400 lbs of gold coins to pay the troops. The discovery of these coins confirms both the location and the fact that they were culled out of circulation. The coin illustrated here is from a 19th century Levantine hoard of several hundred solidi of Zeno and Leo I, suggesting that the hoarder did not notice the image of the usurper.

 

USA Happiness Falls in Latest Report: Finland and Nordics Lead the World


Published on Mar 22, 2019

SUBSCRIBED 122K

The latest World Happiness Report shows Finland and four other Nordics lead the world in happiness, while the USA falls from 14th to 19th. Is this just a byproduct of capitalism and vigorous immigration, or a curable condition caused by too much government and politics? Bill Whittle Now is production of the Members at http://BillWhittle.com

3-in-5 Millennials Can’t Sleep, Stressed Over Smartphone Anxiety


Published on Mar 22, 2019

SUBSCRIBED 122K

Roughly 3-in-5 millennials can’t sleep because they’re stressed out over their smartphones. Student loans, paying bills and job security ranked much lower on the list. Stephen Green, Scott Ott and Bill Whittle take the measure of Millennial stress from smartphones and helicopter parents. Right Angle is a production of the Members at http://BillWhittle.com

Geezer Candidate Cage Match: Are Biden, Sanders, Trump & Warren Too Old?


Published on Mar 21, 2019

SUBSCRIBED 122K
With at least four leading presidential hopefuls over age 70 — Biden, Sanders, Warren and Trump — the 2020 presidential race shapes up as a geezer candidate cage match. Does that mean an abundance of wisdom? Bill Whittle Now is a production of the Members at http://BillWhittle.com

Spiral Panic


Armstrong Economics Models

Pujo Committee 1912

One of the often perplexing notions about markets is that there is some huge short-player who overpowers the market and forces it down. Every investigation since the notorious Pujo Hearingsduring the after math of the Panic of 1907 has begun looking for the mythical short player. Never has any investigation every found anyone. It was after a resolution introduced by congressman Charles Lindbergh Sr. to probe Wall Street assuming the crasg was abnormal and must have been caused by someone. Arsène Pujo (1861-1939) of Louisiana was given a congressional authorization to form a subcommittee of the House Committee on Banking and Currency. The lead prosecutor was Samuel Untermyer (1858-1940) who turned it into a ruthless mockery of justice and democracy. There was his famous interrogation of J.P. Morgan (1837-1913) that revealed how much this prosecutor did not know about finance.

  • Untermyer: Is not commercial credit based primarily upon money or property?
  • Morgan:    No, sir. The first thing is character.
  • Untermyer: Before money or property?
  • Morgan:    Before money or anything else. Money cannot buy it … a man I do not trust could not get money from me on all the bonds in Christendom.

Predominately, the problem that confronts the majority is the complete failure to comprehend what actually causes a panic. The assumption that there is some BUYER who buys the high and carries that to a loss all the way down providing the mythical short-player vast profits is another myth. The buyers on the way down are typically short sellers taking a profit providing vital support. There are some courageous attempts at bottom picking. However, these tend to die out the longer the decline prevails.

Pecora Commission Hearings

 

To find that mythical huge short-player has always been the goal. Herbert Hoover in his memoirs admitted that he had received a telephone call saying there was some plat against him and a huge short position created the 1929 Crash to ruin the Republican Party. Hoover thus began an investigation in search of this mythical short-player. Nobody was found after hauling in everyone from Rockefeller on down. The was the Pecora Investigation which began on March 4, 1932 by the United States Senate Committee on Banking and Currency, While the object was to investigate the causes of the Wall Street Crash of 1929, nothing could be determined so Roosevelt later created the SEC, which has never been able to find the mythical short-player or prevent a single crash.. The name refers to the fourth and final chief counsel for the investigation, Ferdinand Pecora (1882-1971). What was actually revealed was the opposite – the investors were all long and suffered losses right from the biggest names on down. Hoover apologized saying that sometimes when a government becomes enraged, it burns down the barn to get the mouse. Pecora was only in it to become famous. He was appoint to the SEC, but quickly resigned because he was not chairman.

Every investigation wants to hang someone. It is not interested in actually trying to understand how the markets function. The cause of the panic is NOT the short-player, but the concentration of long-players. When everyone who has thought about buying has already bought and is now counting their future profits, the end is near. Lacking a new source of buyers, the market becomes tired. As that unfolds, we end up with a dangerous position. The slightest scare creates a stampede no different than a heard of zebra. One may hear a lion and it starts the run. The others run because of the crowd and may have no idea why. When the majority are long and start to sell, lacking new buyers, they begin a spiral downward. There can be the FLASH CRASH where there is simply no bid. It becomes a Spiral Panic with some buying coming mostly from shorts taking profits. If is is a slow spiral decline rather than an instant flash crash, then there may be some attempts at bottom picking. This type of spiral decline becomes like a relay race with one handing off the torch to the next.

Spiral Panic

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