CNBC-Boom oder Büste Bitcoin

Brian Kelly von CNBC beschrieb Bitcoin als "nicht nur digitales Gold es ist eine einmalige Boom or Bust 'hat einen merkwürdigen Ton angegeben.
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Are there rumblings about it, with the other big e-tailers? PATRICK BYRNE: Well, I am hearing things. They can always shop at our site, not theirs. If you believe in freedom, you want limited government. You want a limited government. If you believe in freedom, you want limited constitutional government.

Jealousy in the sense of doubts, suspicions, etcetera. Basically the mainstream republicans and democrats, believe that people who like gold like it fetishistically. So if you tie your financial system to gold, your monetary base, then that constraint, that handcuffs the [unintelligible] from trying to run the economy with their edicts, which is why of course they hate it.

But it always seemed extremely unlikely.

JASON HARTMAN: Sure. The pandering goes away. PATRICK BYRNE: Right. Central banking, fiat currency, all goes along with the government. Big government [unintelligible] now have a tissue thin veil of arguments that the economy needs them, and it booms and busts unless they step in and they try to manage things through central banking.

I remember Buffet, 30 years ago, saying, believing you can manage the financial system, or the economy, by the money supply is thinking you can steer an wheeler down a mountain road by sitting on the front bumper and sticking a straw in the sand, and bending this way and that. I call it the government entitlement complex. So, you got all the people that are receiving something from the government, and they get something. PATRICK BYRNE: Well, it is.

Old people, and the people who served in the military, and you know, I do think that we need to take care of basically three groups. Old people, sick people, and poor people. However, a you can design much better institutions than what we have now. Wall Street. JASON HARTMAN: Yeah, absolutely, absolutely, very interesting.

JASON HARTMAN: Okay. And, by the way, you know, congratulations on your incredible success. Smart or ambitious as a second backup position. And I want to ask you about that in a moment. What was going on there? I mean, tell us about that. PATRICK BYRNE: Well, okay. But let me point out two things.

That was kind of the public spin that the mainstream press put on it. Stock manipulation. And were manipulating stocks, and had journalists who they had essentially bought off who were publishing [unintelligible] publishing and keeping them apprised of when she was going to publish, and things like this, and this real racket had emerged, and they had some officials at the SEC who because of the revolving door were doing their bidding for them and such.

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Now, how it actually was being done, it involved an insider trading network, it involved techniques of an insider trading, which went along with the whole stock manipulation. Well, that became this smokescreen through which it got very difficult to push my message. Well, came along, and the SEC went from laughing at me to they went and implemented exactly the things we had said should be implemented.

Really our market is rigged. Less rigged than it used to be, but there was a way, all through the last decade, for people to manipulate the market in a way. You thought you just lost some money in your k. You actually were robbed.

JASON HARTMAN: Wow, amazing. It has got to be rigged. PATRICK BYRNE: I gotta catch you there.

JASON HARTMAN: Well listen, I love his value investing philosophy, I will tell you that. And that sort of bugs me. Or is the future inflationary, deflationary, stable? Your thoughts? But the expression would be, selling long dated [unintelligible] and booking it as income. If you are those first 9 days, well, Buffet calls those businesses picking up dimes in front of a steamroller. On most days you make a dime. Once in a while you get hit with a steamroller. And this is not at all to blame Barack Obama. This goes long back.

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This goes back decades, this way of thinking. They are taking a very reckless policy for the last five years. What it means is, some day, I think, unless the government gets its fiscal house in order, there will be a treasury auction that fails. The world will not show up to buy treasury instruments, and at that point, interest rates go up. Interest rates go the other way, and they go way up. And the problem with that is, the only price that the government can afford to pay now, for tax bonds, is zero.

So we would be almost at the point of the entire government federal revenue would be just covering interest payments, leaving nothing for army, and no more military, and Social Security and everything else. So I think when that day comes there will be massive inflation. And I think it may really be that way. I think we may be in a long, slow decline.

JASON HARTMAN: I agree with you there. I think the recovery is totally fake, and I love the way you put it. You know what really, Patrick, hedonics does to people? I mean, in our life. If they used hedonics, and put it against the discovery of fire or the invention of the wheel, from ancient history, right, there would be no inflation at all! Because look at the ways those things have improved our lives. JASON HARTMAN: No! They just keep changing the way they measure and report, because the government just keeps changing that.

PATRICK BYRNE: Yeah. PATRICK BYRNE: Are gonna read it. JASON HARTMAN: Than you think. No question about it. Well, Patrick, thank you so much for your time. Did you want to talk about any of your work there?

PATRICK BYRNE: I would love that. Friedman Foundation is the intellectual center of gravity of the school choice movement. I mean, you could name all these things going wrong, but the two things that move a society forward are its ability to create human capital, and its ability to marry human capital to financial capital. The two things that really have to be fixed are education and Wall Street. You give people a voucher. JASON HARTMAN: Good.