The world’s central banker, the Pope of the International Settlements, Augustin Carstens gave a precious talk last Tuesday in Frankfurt. The institution is made up of 60 member states and nears a 1/4 trillion reserves, so in two words, FIAT power.
In his pertinent and visionary analysis, he declared that “laissez-faire” in banking or in the issuance of money was not a good approach.
He added that the proven most effective bank regulation and supervision over the last century was the best way to avoid economical instability associated with proliferation of private monies.
Well, let’s be grateful to the “laissez- faire” of our genius supervisors and regulators who controlled so closely the last insignificant subprime crisis.
In his speech, Augustin Carstens qualified the Bitcoin as debasement, inefficiency, bubble, Ponzi scheme, disaster for the environment and stated that appropriate authorities needed to be prepared to act to protect the investors and consumers.
Isn’t it a subliminal message to say : world FIAT bankers need to protect their environment and will act accordingly.
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