In episode 844 of the Joe Rogan Experience podcast featuring security expert and author of Mastering Bitcoin, Andreas Antonopoulos, stand-up comedian and sports commentator Joe Rogan expressed his optimistic views towards Bitcoin, stating “I’m all in, I’m on team Bitcoin.”
Rogan’s final remarks at the very end of the show were amassed throughout the podcast, during which Antonopoulos examined and evaluated the vulnerabilities and inefficiency of today’s financial systems in great detail. In particular, he referred to the outdated services and products of banks which grant several financial institutions a complete monopoly over a country’s monetary system and economy.
Control of banks: bloated economy
The focus of the talk was established primarily on the control of banks over a country’s monetary systems and how that is abused to create a bloated economy.
When an economy is struggling from dealing with financial instability or poor performance from major stock markets, the solution which is often presented by the central bank is to print more money. For instance, the Federal Reserve Bank would print trillions of dollars to be sprinkled on top of a troubling economy which is essentially distributed to the country’s banks and government agencies.
One major misconception behind this theory of quantitative easing is that trillions of dollars will eventually reach every business, individual, and organization at the bottom of the economy. What actually ends up happening is that the top 1% benefit from this illegitimate distribution of money and others become negatively affected by the rising inflation rates. This inevitably increases the value of products, services, and companies in the market.
Banks take away people’s financial rights
More importantly, banks have simultaneously begun to impose various policies and financial frameworks which damages savers earnings. These people usually invest in the bank or grant financial institutions control over their money to see their wealth increase in value over time.
For instance, Antonopoulos describes a popular trend that is currently ongoing in the financial market which is decreasing the interest rate down to 0% or even negative rates to force savers and investors to actually pay banks to store their money.
One merit that savers and investors had by trusting banks to handle their money was that interest rates normally guaranteed a certain percentage of profit. Now that major banks are decreasing the interest rates altogether, savers have no other option but to store cash elsewhere or to store their money in other assets which increase in value overtime.
“I’m talking about the greatest experiment in money which started in 2008 and 2009. This great experiment is completely unprecedented in the history of money. I’m not talking about Bitcoin. I’m talking about 22 central banks simultaneously taking their interest rates to zero and pumping the largest amount of money ever created to try and stop an economy from collapsing. That has created the largest bubble in history.”
Antonopoulos further emphasizes that most people fail to recognize this experiment which is being conducted by the world’s largest financial institutions and how this will inevitably affect individuals and businesses in the near future.
Bitcoin grants anyone in the network complete control over their money. No organization or network administrator in Bitcoin can manipulate one’s funds, and that is the single most important and valuable asset of Bitcoin which will help expose the legitimate operations of the banks and financial institutions worldwide.