Hey Americans Banks Owe You $70,000 For The Financial Crisis

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The Cryptoverse

4 min readAug 22, 2018

On Today’s Episode of The Cryptoverse…

If you’re an American, and that’s about a 3rd of my audience, the Federal Reserve Bank of San Francisco is sorry to report that the 2008 financial crisis cost every American $70,000 in lost lifetime income.

Episode Transcript

“The researchers said the hit to GDP may never be recovered.

GDP remains below what the trend in 2007 implied and Bloomberg says the economy will unlikely ever make up that lost ground.

Well I’d say that’s a rather pessimistic view.

Why doesn’t the USA wake up, grab the bull by the horns and make itself the world center for innovation in cryptocurrency adoption?

I’m sure that would more than recover any loss of GDP incurred by the 2008 financial crisis.

In fact, I believe that would lead to the economy outperforming the implied trend from 2007.

More than that, it may well prevent such a crisis from ever happening again due to the transparency we’d bring to packaged financial products.

We would know exactly what was in then, where they’d been, who owned them and what their historical performance was.

Oh and we all know without a shadow of doubt why Bitcoin was created don’t we?

We know with absolute certainty because Satoshi Nakamoto made sure he wrote into the the coinbase parameter of the very first block “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.

When a bank gets bailed out, like RBS did in the UK to the tune of £45b, that’s wealth being transferred from you and I to the biggest banks in the world.

That’s like me playing in the Casino all night, if I win, I keep the money and if I lose I get the security guard to go outside and take money from people on the streets to cover my losses. Ridiculous.

That’s why this cryptocurrency thing matters.

We need a new system, and we can’t afford to wait for the government or those same banks to build it for us because they benefit from the old system so they have little incentive to change it.

How do I know that?

Well, according to Forbes, the $70,000 loss I mentioned at the start assumes it was equally distributed, which of course it wasn’t.

Those in the top 10% saw their median wealth jump by 26.6% since 2007, while everyone else 10 years later was just about back to where they were or significantly worse off.

So it’s not that everyone is $70,000 worse off, it just got transferred from a large group of average Americans to the top.

And this is what I think the elites hate about cryptos…

The fact that they are accessible to everyone, and not via some convoluted system of brokers and layers of financial institutions, no.

Anyone with a bank account can sign up with an exchange in their country or use LocalBitcoins.com and purchase some Bitcoin, the actual bearer asset itself.

LocalBitcoins.com is even available in Venezuela and it’s a royal mess over there! So there really are no barriers, only the ones you erect yourself.

Max Keiser believes that when the next financial crisis hits, that’s what will push Bitcoin up to the $100,000 a coin range.

Look, whenever you look at something in the world that you hate, it’s most likely being allowed to continue due to corruption within the financial system.

When I figured out that money was AT the root of all evil, I immediately decided to attack all the world’s problems simultaneously by doing whatever I could to transform the money system.

And that to me is what crypto represents. An opportunity for incorruptible money. You might be able to do evil things with it, but at least the system itself won’t have evil at the root.”

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