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A Bad Moon is Rising. Steve Bannon is Hot for Cryptocurrencies.

“Why do you keep robbing banks?”

“Because that’s where the money is.”

— Attributed to Willie Sutton

 

We’ve briefly discussed some key issues around and with cryptocurrencies focusing on issues of faith. As in how people choose to believe in the legitimacy of systems.

In regards to money there has always been a mysterious merging of faith and practicality. American currency says In God We Trust. And we assume the unofficial motto of The Treasury Department is: All Others Must Present Two Forms of  I.D.

We were thinking about all of this and related issues when America’s political crypt keeper, Steve Bannon slithered out from under a rotten log and back into the news.

Announcing his support for cryptocurrencies because they are populist tools for destabilizing the “administrative state” Gruppenfuhrer Bannon declared he’s made a lot of money off of them and is looking to start his own currency.

Whoever controls the currency, he announced with all the fervor of a village idiot who thinks he’s discovered gravity because he fell off a ledge, controls everything.

“Cryptocurrency is “disruptive populism, it takes control back from central authorities”, said Bannon. “It was pretty obvious to me that unless you got somehow control over your currency, all these political movements were going to be beholden to who controlled the currency … control of the currency, is control of everything.”

Putting aside the fact that comments like that tend to make The Treasury Department, The IRS and the Secret Service get a hard on, Bannon is not wrong.

What he seems to be missing is that it’s not a discovery that control of the currency is control of the system. It’s no accident that 11 Downing street is right next door to 10 and that the Chancellor of the Exchequer is housed at number 11 anymore than it’s an accident that The Treasury is right next door to The White House.

All of which points to a increasingly likely showdown over federal regulation of cryptocurrencies. While Trump may have a cadre of oligarchas and assorted morons running key departments the fact remains that the career bureaucrats who were there before Trump and will be there after Trump owe their allegiance to the system and not to any one individual.

The government, by which we mean both the elected officials and the loose affiliation of millionaires and billionaires and lawyers and the vast army of administrators and secretaries, have no use for a currency that in any way rivals the dollar.

The idea that Bannon or anyone else could sart “minting” or “mining” their own currency is the sort of thing that makes financial barrons queasy. And when Wall Street gets a stomach ache the government starts buying drum size containers of pepto.

Steve Bannon has a lot of enemies and the dollar has a lot of friends. Count on Trump to either directly or indirectly support Bannon but don’t assume Trump also won’t support his own interests in Wall Street. And don’t think for a second that the Federal Reserve and The Treasury will not keep an eye on Bannon.

Our guess is that Regulation and the big steel boot of the fed are coming to a server farm near you.

Read about Bannon here:

https://www.theguardian.com/us-news/2018/jun/14/steve-bannon-cryptocurrency-deplorables-bitcoin

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2 comments on “A Bad Moon is Rising. Steve Bannon is Hot for Cryptocurrencies.

  1. I always wonder if Bannon means a fraction of what he says. Most often, he seems just to be fucking around with people and riling up his mentally unstable fan base.

    It’s the enactment of the fantasy of creative destruction. With heavy emphasis on the latter part. But as with all reactionaries, it’s not always clear how far they want or are willing to go with it.

    https://benjamindavidsteele.wordpress.com/2017/11/20/the-fantasy-of-creative-destruction/

    “There is a balance point in this, though. It is the fantasy of violence that matters most, the glorious battle that transcends mundane reality. The other way victory threatens is by making the violence all too immediately real. It was easy for Hitler, safely back in Germany, to play out his ideological visions on distant battlefields. When violence gets too close, it simply becomes terrifying. The Nazi sympathizers Borges described had the advantage of cheering on Hitler from a continent across the ocean. But even for them, the possibility of the Nazis actually winning caused trepidation.”

    Like

    1. rauldukeblog says:

      There is definitely a fantasy quality to Bannon’s personality – the fat bastard who wishes he was the “hero” – one part Eastwood Pale Rider one part Mortensen Aragorn. And it is hard to know where “reality” ends and the fantasy begins with him. I have the distinct impression that a lot of what he says is rhetorical bomb throwing designed to provoke and confound/confuse.

      I watched a bit of an interview he did with the Beeb. He’s as incoherent and evidence shy ass J.Peterson et al. He steamrolls repeats unfounded accusations, makes sweeping assertions and hits key flash phrases and repeats them without regard to any proof – so he gets a soundbyte (Global elite! Global elite! You don’t understand the people! – pause – deny – repeat).

      The “opposition” should call him out on it and refuse to engage i/on anything else and force him to actually answer and provide evidence but they’re not that smart and keep playing into his tactics.

      The thing is though as with Sam Harri and Peterson, once you examine it, Bannon’s methods are crude and unsophisticated.

      Of course that’s part of their appeal.

      Liked by 1 person

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