Today in crypto, the global insanity of money printing and fiscal irresponsibility is reaching a sickening crescendo. Is this good for Bitcoin? Does Bitcoin actually fix any of this in a meaningful way? I know that we like to talk a lot about the mean Bitcoin fixes this, but does it really? We live in a world where corruption is rampant and the modern monetary theory reigns supreme. So looking at the big news stories of the day today and they’re all about the craziness going on in the global economy right now. I also want to consider the implications for Bitcoin. Now, before we do get started, I want to let you know that BLOCK Phi has just updated their interest rates. So now you can get six percent a PR on your bitcoin by leaving it sit over there in your block. Fight interest account can also get 4.5 percent on your theory. I mean, of course, eight point six percent on your dollar. That’s Jemini dollars U.S., D.C. and now paxos. You can also now do direct wire transfers over to block by making it even easier to earn on your crypto or earn or on your fiat. You just put your fiat over there and get paid out in bitcoin, which is pretty cool too. They have some of the best rates in town. Now if you want to get sign up to block Blackfire, just click on the link down below where you can learn more. So it’s official. The IMF has declared a global recession. 80 countries are currently requesting help from the IMF. Trillions of dollars will be needed. They are saying that this will be a recession that is as bad as or will be worse than the previous global financial crisis back in 2008. And of course, the right, of course, the right, the global economy is just starting to feel the pain of the repercussions of what’s going on. A lot more money printing will happen before this is over. They’re going to need to do it because they cannot let the liquidity issues that are facing so many companies and so many banks turn into insolvency issues because we’d take down some of the world’s biggest banks and companies. They may not even be able to rent that anyway. They may go under regardless how much money they print. Now, obviously, the sooner the virus is dealt with and the sooner the world economy actually gets back to work and is less likely to see these extreme pain situations with companies and banks going insolvent. But the IMF current estimate for the financial needs for emerging markets is 2.5 trillion dollars. So let’s get this straight. The IMF, which of course, backed by the USA, along with other top economies, prints 2.5 trillion dollars to bail out developing economies. Funny how no one is talking about their eye. Just another 2.5 trillion thrown onto the bonfire. How many trillions are being printed right now on the sly? Well, all this kabuki theater goes on with the stimulus and the corona virus and all that stuff anyway. The IMF gives 2.5 trillion in loans or of, you know, really this funny money made by adding a few zeros over on the computer. And then these 80 plus countries, they all have to repay these loans, of course, with interest. Obviously, that’s how it works. So countries that are already broke due to the current economic financial system, they’re already in debt to the IMF and to Western countries. They’ll become even more broke and even more in debt, further expanding the power of the IMF in the international cartel of banks and the criminal governments, which back it crazy. In case you don’t know, IMF loans are notorious for having brutal clauses that allowed lenders to screw over the borrowers in a whole host of very interesting ways. Crazy. Now for the next story on the economic insanity we see unfolding before us. Well, I have been discussing a lot about the U.S. and their stimulus package, also known as the biggest corporate handout in the history of the world, with just enough bait to get the peasants to acquiesce and not riot in the streets. You know, the stimulus bill now, I didn’t want everyone else in the world out there to feel left out. We’re talking a lot about the U.S. So let’s just take a quick look and see what’s happening over and low. I don’t know. Let’s look at Japan. So over in Japan, the government is eyeing a one hundred trillion yen stimulus package. Wowzers. Now, that is nearly one trillion U.S. dollars, nearly twice the size of Japan’s 2008 bailout for its economy. So it’s 600 billion specifically focused on corona related spending, added on to a previous proposal for $400 billion aimed at easing the pain over the U.S. China trade worth. They don’t really they just may make up reasons and they print money. That’s what they do. Again, this is not saved money coming out of the government‘s savings account for a rainy day. Oh, no, no, no, no. Japan is one of the most indebted countries in the world. Money print, go burn, baby. Light it up. Get that money printer. Go in. In total, the G20 countries have committed at least five trillion dollars in new, funny money to be flooded in to the markets. This is, however, just the direct stimulus that they’re putting him. This obviously does not account for all the little bits on the side, you know, like the trillions being used to float liquidity into Wall Street, which is nearly 4 trillion in the U.S. And that’s just the U.S. central banks around the world. They have promised on limited liquidity, UK unlimited liquidity, ECB unlimited to quit liquidity. It’s crazy. It’s impossible to keep track of all the mad as I see. So stories, billions here, billions there. The banks are printing big time. Just I’ll throw a few billion over there. A couple hundred billion for those guys or they’re just a casual trillion for you. Yeah. Trillion dollars money for everybody. And the common theme is all this new money spending, most of it is going to bail out corporations and to reward them for decades of fiscal irresponsibility. This is the second the second insane bail out for corporations and the top 1 percent in just 12 years. It’s mind boggling. Socialism for the rich and rugged free market, capitalism for the rest of us. Well, we can all rest easy knowing that the bankers, they’re going to get their bonuses this year. It’s OK. I know you’re worried about the bankers, the shareholders. They’re gonna be taken care of. It’s okay. And don’t worry. The biggest and most irresponsible, most profitable and most corrupt corporations in the world are gonna be just fine. Man, I know you’re worried about them. Don’t worry. Plenty of free money to go around for them. The harsh reality, though, is that tens of millions people, they’ll be thrown into terrible poverty. It will be a sue nami of human tragedy, of potentially unknown epic proportions. Most countries are doing far too little to help the Irish people. There are some examples of countries that are doing pretty good. I’ve got to say that. But for example, in the USA, the giving you got to give me twelve hundred bucks. Sounds okay until you realize that like rent for a studio apartment in New York or Los Angeles that can cost around $3000 a month. That’s crazy. Hoffner dollars nothing. And also for some perspective for you on the priorities of the global elites. At the highest estimates will cost around half a trillion dollars to end hunger and extreme poverty. And sure, every child has an education and also to end homelessness, all those things together and probably some other stuff too. But the powerless and the vulnerable. They are never given priorities by governments. Sure. Politicians might pay lip service and even from time to time, throw some money into these things. But in general, governments have become the enforcement and regulation bodies of trans national corporations, those same corporations obviously than by the politicians and write those rules. You know, it’s April 1st today. Here it is, young enough for some guy to still March thirty first, but have put his body up. But man, I really wish that this was all some twisted April Fools joke. I really do. It sounds that like it doesn’t. It sounds crazy, but it isn’t. It isn’t. Now, if we had to stop for 012 to appreciate the insanity of government, they can spend more money than they earn when they run out of credit. They just increase their credit limit because who decides that they do? Or their new favorite trick and this is the one that we obviously talk about a lot and that they love so much, they just increase the money in their bank account. Click done control P more money. Imagine if you could just do that. Just spend forever with zero consequences. Every time you get low on cash, you just log into your internet banking. Increase the amount of money in there. Done. That’s what governments are doing. It’s loco man. It’s a total joke. But this is the global economy. This is modern monetary theory at work. And look, I understand that these corporations and these central banks and these governments, they have all painted themselves into a corner and they have made themselves even more too big to fail since the last crisis. Of course they would. Because they know they’re too big to fail. So why wouldn’t they keep gambling with the global economy? They’ve essentially put a gun to the head of the entire global economy again. And sadly, the options are either let the entire system collapse, which is catastrophic. Millions would die, go hungry, lose their homes, lose their savings, lose everything, have anarchy and all that crazy stuff. Wouldn’t be good. Wouldn’t be good. Right. Or we keep trying to fix the problems caused by printing money with more money printing. At some point, the money printing won’t work anymore. So unless there is a serious reworking of the system after this crisis, they’re really going to kick the collapse can down the road. We actually need structural reform of the global economy and we know they’re not going to change anything unless we have some radical revolution in the way politics is approach. It’s a great system, works very, very well for a very small amount of people. And there is no accountability for any of these players, particularly companies. But the politicians, everyone gets rewarded for this insanity. They only have short term goals in mind. It’s all about getting the stock prices to go up, which means, of course, there is zero incentive then to have large stockpiles of cash on hand for emergencies or to save money. No, none of that stuff is just spend, spend, spend, print, print, print. And why would they be responsible? They know that every time they get into trouble or that they gamble and they lose, that governments will bail them out. And governments know that if they spend too much, all they have to do is print more money. That is a fundamentally broken system. And until a crisis comes, everyone just kinda ignores like, hey, we’re getting rich. Whatever, you know, systemic problems in the financial system. Who cares then? Who cares? I mean, you either have that attitude or, you know, you’re trying to work three jobs to try to make ends meet and feed your family and all that stuff because you’re living in a crony capitalist system that’s fundamentally broken. Anyway, the question for you. Does Bitcoin actually fix some of these things? Well. Yes and no. Come on. We got real here. Let’s start with the nose. Bitcoin is not ready for the big times. That is to be a world currency. Bitcoin does five transactions per second man. Come on. If we really want to talk about overthrowing the financial system, creating a new and better global system, Bitcoin is not going to do it alone. We need to look to other blockchains to move us forward as well. Look at a thearea and the other challenger blockchain and theorem way. Much more innovation going on and a much more interesting way. DFI, for example, is going to have a giant impact on the way we do business and the decentralization of everything. Taking some of these power away actually from the banks and stuff like this. We’re talking about lending. We’re talking about money transfers, lotteries and transparency and trading and real estate ownership and transfer of real estate ownership and all this stuff. Dividend payments is so much more. When we talk about disruption in a new system, it goes way beyond bitcoin because we need. More than just field transfer money from person to person and have digital scarcity, we need a whole new economic system. Bitcoin also doesn’t solve problems related. Do things like corporate irresponsibility need actually laws to do that? They can keep buying back stocks in a bitcoin digital scarcity system, right? They can continue not having rainy day funds so long as they have assurances that governments will dig into their savings in this situation to bail them out. Bitcoin also doesn’t fix corruption. You can use bitcoin to bribe politicians just the same as Fiat. Whoops. I’m sorry, we’re not meant to call it bribes. I mean campaign contributions. Me silly Selimi now. There are a lot of things that bitcoin doesn’t fix. This is true. This is very, very true. But there are some things that Bitcoin does indeed fix in some amazing use case that does have in a scenario that we’re facing like this one. So the more money that is printed, the less that fiat is worth meaning. That number go up for bitcoin. Cool. But honestly, I don’t want to have a hundred thousand or bitcoin just because the purchasing power of the dollar has gone down so far. We’re talking about purchasing power. Bitcoin is always going to be worth one bitcoin. It is a digital hedge against inflation, that is for certain. The fact that there were never more than 21 million bitcoin, that’s actually really, really crazy cool when you compare it to the insanity of the infinite money machine that the central banks man modern monetary theory. It’s just a frickin joke. And really the whole modern fiat thing is like the biggest scam ever devised ever in the history of the world. Man, it’s crazy. And look, in an era where the banking system looks increasingly sick and fragile. I sleep well at night knowing that I have a stash bitcoin sitting in my ledger that I can access at anytime, anywhere. No sanctions can stop me from doing that. No capital controls put in place by government could stop me from doing that. I don’t have a fear of a bank run. An IPO took my money out and I control it. No negative interest rates. Are we stealing my bitcoin either? Just pure financial freedom my way. Is bitcoin perfect? No. But I’ll tell you, this is a hell of a lot better than most of the alternatives that we have out there in the world. Anyway, those are just my team. Cito she as always, a quick reminder that if you are new around here, you’re still trying to work out all the craziness. How do I buy bitcoin? Where safe to buy bitcoin? How do I set my bitcoin? How to store my bitcoin? And you also looking for top tips in resources for investing successfully. And check out my course. Crypto currency explain. It is specifically designed for beginners just like you. There is a link down in the description where you can learn more. Anyway, your question for today what do you think bitcoin fixes and what does bitcoin not fix? I only covered a very, very brief him show you guys and I was really, really great ideas. So really keen to read your comments down below in the comments section. Thank you so, so much for watching today’s video. I hope you’re having a great day wherever you are. I know it’s a lot of craziness happening out there in the world right now. I hope your stay and save your stay and fed. You’re staying connected, your stay in social but distance, you know, call people on the phone that you have, you know, and you’re friends with all the fun kind of stuff anyway. Anyway, you guys get the idea. You’re freaking awesome. Thank you so much. Watching today’s video hit that thumbs up button if you did enjoy it and make sure I subscribe to the channel. If you are new around here, long live the blockchain and BSA next time.