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Gary NorthIn response to Gary North’s November 29, 2013 article, “Bitcoins: The Second Biggest Ponzi Scheme in History“:

I hereby make a prediction: Bitcoins will go down in history as the most spectacular private Ponzi scheme in history
– If it were a private Ponzi scheme, it’d be illegal, and would already be prosecuted, just like the Ron Paul Liberty Dollar founder, because of its threat to international banking hegemony.

The coins will never be the money of the future.
– Just like his failed Y2K prediction, that it would be a big civilizational disaster, and wasn’t? Or his prediction that Apple stock was going down after the departure of Steve Jobs, only for it to increase by over 50% in just 5 months?

The best definition of money was first offered by Austrian economist Carl Menger in 1892. He said that money is the most marketable commodity.
– Implies that there can only be one form of money at any time. Currently, the U.S. dollar is the most marketable commodity, meaning that gold isn’t the most marketable commodity, currently, by consequence, isn’t money.

In that book, Mises argued, as Menger had before him, that money arises out of market transactions.
– Yes, and through government fiat, which results in the market transactions.

Now let us look at bitcoins. The market value of one bitcoin has gone from about $2 to $1,000 in a year. This is not money. This commodity is not being bought for its services as money. It is unpredictable to a fault.
– By that measure, gold also isn’t money, since it had an embarrassing 21-year performance, in dropping from $850 USD an ounce in 1980 to below $250 USD by 2001.

Here is the Austrian school’s theory of money. People buy money because it has not fallen in price. But it has also not gone up in price much, either. It is predictable.
– By that measure, gold hasn’t been money since at least 1980

In other words, Bitcoins are not money; dollars are money.
An amazing statement from a gold-as-money promoter.

There has been no challenge from Bitcoins to the reign of the dollar.
– And this is surprising, how? It started in January 2009, so why should anyone expect otherwise?

This Ponzi scheme is not illegal
– An internal contradiction, since a Ponzi scheme, by definition, is illegal.

But the fundamental characteristic of money is its relatively stable purchasing power.
– No, the primary characteristic of money is its ability to function as a medium of exchange

Bitcoins have to have stable purchasing power if they are to serve as money, and they will never, ever achieve stable purchasing power.
– Why not? With the growth of the supply decreasing with over half of a fixed total of Bitcoins mined, the math points to an eventual relatively stable purchasing power in the absence of major government interference.

There has to be an economic justification for a capital investment, and there is no economic justification of buying Bitcoins as an alternative currency.
– Then why is fellow Mises Institute associate, Tom Woods, accepting Bitcoin as payment for his goods and services provided through his Liberty Classroom?

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Investigate 9/11A fellow Canadian linked to my article, What didn’t happen on 9/11, with the misunderstanding that I was promoting “the theory that 9/11 wasn’t actually a terrorist attack.”

No, it was definitely a terrorist attack, but the question is who were the terrorists.

The author responded to two of my comments with predictable diversionary tactics, in not refuting the accuracy of my assertions.

Then, this reader chimed in concerning my comments:

As for 9/11, James is right. Any official video would no doubt be dismissed as fake by people who wanted to believe otherwise to advance whatever agenda they may have (see landing, moon).

I responded with:

FauxCapitalist says:
Today at 10:14 am (9 hours ago)

Why deal in generalities when we have specifics?

An official video did come out — the problem is, it’s missing a date and timestamp, so we’re just supposed to assume it was of one of the alleged hijackers boarding Flight 77 at Dulles at the time they said.

Then, there’s the still frame of Atta and another alleged terrorist, with two timestamps, and it’s actually from Portland airport, not Logan, where they allegedly took off.

It’s sad how too many fellow Canadians, including this one, still slavishly cling to the official 9/11 conspiracy theory, despite the lack of the psychological barrier facing Americans, of confronting complicity by elements within their own government.

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English: Canadian Flag

Question 5 of the Schedule 1 Application for a Temporary Resident Visa Made Outside of Canada states:

5 Membership or association with organizations

Are you, or have you ever been a member or associated with any political party, or other group or organization which has engaged in or advocated violence as a means to achieving a religious or political objective, or which has been associated with criminal activity at any time?

The irony is that Canada itself, through its governments, is associated with an organization that has engaged in violence to achieve a political objective, with the particular examples of NATO’s illegal attack on Yugoslavia in 1999 and on Libya in 2011.

The attack on Yugoslavia took place long before I had a public voice, but I had one when the Libyan bombings took place, and I used it on May 30, 2011 to write, Canada’s appalling participation in the bombing of Libya.

History, it is said, is indeed written by the victors, and hence the selective designation of who isn’t allowed to be in Canada.

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English: Radio host and documentary film maker...

In the weeks before Steve Pieczenik came out against Israel on Alex Jones’ show on October 18, 2011 (starting 37 minutes in), I noticed a rather obvious editorial shift on Infowars.com regarding Israel.

I have seen several articles that simply wouldn’t have appeared even at the beginning of 2011 with the frequency they have since the latter half of 2011.

There was this one on January 18, 2012:

Israel slammed over growing racism – January 18th, 2012
Press TV | Hundreds of thousands of Ehiopian Jews and others comdemn racism policies in Israel

Then, three articles on January 21, 2012, alone:

Israeli Lobby launch new Super PAC effort to bring down Ron Paul
Pressure Israel, Not Iran. Israel has an Arsenal of 200-300 Nuclear Weapons
EU ‘should block finance for Israeli settlements’

A search for “Israel” and “2010” came up with 4090 results, while for “2011,” it came up with 12,500, and for just the first three weeks of January, 2780.

Some may say that this all has a different explanation, and that it’s the result of more articles on all topics being written since 2011, and that it’s directly related to intensified chatter about an Israeli attack on Iran, but there has been such chatter in the alternative media ever since Iraq was targeted as the first of Bush’s “Axis of Evil,” and had it not been for all 16 U.S. intelligence agencies saying in 2007 that Iran had no active nuclear weapons program since 2003.

It’s not that Infowars didn’t have any articles before the second half of 2011 that portrayed Israel in a less than 100% positive light, but it’s the sheer volume and content of the articles that have been produced since then that I think show a clear editorial shift.

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On October 13, 2011, Alex Jones, at the end of his discussion with Dr. Steve Pieczenik, said in response to his “insider” source predictions that the U.S. would attack Iran in the next two weeks:

50:48 – “Spread the word, World War III is about to start.

Two weeks later, at the end of the day on October 27, no attack on Iran has taken place.

For more on this, see Lindsey Williams Iran sources likely correct; Alex Jones’ sources likely not, and Lindsey Williams’ October 2011 predictions, says “There will be no conflict in the near future with Iran.”

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