Power to the People: How Digital Currencies Shift Control Away From Big Gov
Andy Snyder|April 4, 2018
We muse about money perhaps more than we should.
Folks often ask us about our ties to the subject. A good man, they warn us, shouldn’t be so worried about what’s in his bank account.
We don’t disagree.
But we kindly remind them that it’s not about dollars and cents. Oh my, no. Money is about a whole lot more than, well, money.
It’s about Liberty.
And hardworking Americans are about to get a fierce lesson in what we mean when we say “Thou who controls the money… controls the people.”
Skirting the Law
Let’s start near our old home… Alaska.
The state’s budding pot industry is in a bit of trouble these days. It’s having money troubles.
But it’s not what most folks think. Far from it.
The troubles have nothing to do with profits, losses or anything like that. No. The problem is the banks.
You see, before marijuana can be sold in the state, it must be tested for potency and contamination. It’s a process that’s been a bit of a bottleneck for the industry. Two weeks ago, there were just three labs in the entire state.
But now the number is down to two.
That’s because, just days ago, the Steep Hill testing lab in Anchorage was forced to close shop.
Wells Fargo called in its loan on the building. Turns out it doesn’t do business with the weed industry.
If the lab wants to stay open, it’s going to have to either find a bank that does (good luck) or buy its building with cold hard cash.
Fair enough, some folks say. Marijuana is still illegal federally, and Wells Fargo is simply following the law of the land.
Keep reading. This story gets worse – especially if you’re a fan of a little set of rules called the Constitution.
Money = Politics
In more ways than ever, banks are playing the role of moral police.
Take the infamous Dakota Access pipeline for example. Big banks like DNB and ING withdrew their funding of the project based on the politics of the deal.
They bowed to public pressure.
“People should also ask these institutions why they are sinking so much money into maximizing the amounts of oil and gas that can be brought to the surface and burned at a time when climate science is clear we have to maximize what we keep in the ground instead,” said Hugh MacMillan, a researcher at Food & Water Watch.
Banks issuing loans based on politics and what can only be construed as TV morals is a troublesome idea, to be sure. But the free markets must remain free.
We can’t stand in the way.
But we can wave a flag when things get out of hand… or when the government gets involved.
Take Obama’s infamous Operation Choke Point for example.
Knowing it had no legal grounds to stomp out shadowy businesses like payday lenders, gun sellers, porn makers and even fireworks retailers, the White House used banks to do the dirty work.
It threatened heavy sanctions on banks that did business with a long list of companies Obama personally didn’t like.
It was one of the dirtiest executive orders ever.
With one swipe of the presidential pen, porn stars like Teagan Presley – a JPMorgan Chase client – saw their bank accounts closed. It was the same story for pawn shops using PayPal. And gun retailers with BankUnited accounts.
The law of the land said everything these companies were doing was legal. The people and the representatives they elected said so.
But the man in charge disagreed.
He went after their money. It worked.
It’s happening again. With all this talk about gun control and the “anti” crowd’s disgust with inaction in Washington, they’re once again aiming for our banks.
Just like we are seeing with Alaska’s weed business and the pipeline ruckus in North Dakota, we’re watching banks turn away their gun-toting customers. Citigroup recently created its own set of laws… forcing its clients to restrict gun sales to individuals over 21 and telling them they can no longer sell high-capacity magazines.
If the free market were dictating the deal, we’d say good for them.
But we all know the banks are anything but free.
Do we need to remind readers that Citigroup received more bailout money than any other bank in 2008 – a whopping $476.2 billion worth of taxpayer dollars?
And do we need to mention the fact that our old pal Rahm Emanuel has proposed a law that would force his city to work only with banks that follow his “guidelines” on guns?
It’s no coincidence that Chicago’s “Safe Guns Policy” requires banks to follow the same rules Citi just introduced.
These politicians aren’t stupid. They know where there’s money, there’s power.
And although the banks are no longer working in a free market… free markets always prevail.
An NRA ICO?
“It seems like the firearms industry faces growing scrutiny and potentially becoming a prohibited good for credit card processing,” said Danny Klein, chief operating officer of Evercompliant, a company that focuses on transaction laundering. “However, that squeeze in supply is not likely to affect the demand, and so, firearms will find their way to the market.”
He’s talking, of course, about the market turning to alternate forms of money – like bitcoin.
There’s a large number of gun dealers already accepting bitcoin and its cryptocurrency brethren. And the number is getting bigger by the day.
Take, for example, a Texas-based online retailer known as Gunworks. A whopping 45% of its sales currently come from cryptos.
It proves that Washington’s sinister attempts to control the free market will fail… just as they always have.
Like we said, the folks who control the money control the people.
But this time, the people finally have the power to control the money in the form of new digital currencies.
If Washington and its minions in the banking industry keep pushing, our Liberty will soon take on a whole new form.
Folks may soon be renewing their NRA memberships with bitcoin.
Oh boy… Washington won’t like that.
It’s going to be some serious money trouble.
P.S. My research reveals that Washington may make a sinister move on June 13. That’s the day it fights what’s happening in America by banning one of its most popular assets. I’ve included all the details – including how to get my one-of-a-kind survival kit – at this link. But you need to hurry. It all goes down in a matter of weeks. Click here.
Andy Snyder is the founder of Manward Press, the nation’s premier source of unfiltered, unorthodox views on money and what it means for a free society. An American author, investor and serial entrepreneur, Andy cut his teeth at an esteemed financial firm with nearly $100 billion in assets under management. Andy and his ideas have been featured on Fox News, on countless radio stations, and in numerous print and online outlets. He’s been a keynote speaker and panelist at events all over the world, from four-star ballrooms to Senate hearing rooms. Today, Andy’s dissident thoughts on life, liberty and investing can be found in his popular daily newsletter, Manward Financial Digest.