Is Bitcoin Racist?

If you de-sensationalize Golumbia’s above quote, you can find all kinds of credible sources who both historically and in contemporary times have repeatedly warned on many of the above points who are demonstrably not right-wing, not extremists who have been tirelessly trying to make the dangers of the current system more widely known – at great personal expense.

But  according to Golumbia, these are the kinds of views that make one a right-wing extremist idealogue (The phrase “right-wing” occurs 78 times, “extremism” and “extremist” occur 32 and 21 times respectively. The book is 62 pages long).

He lays the case by cherry picking a few racists from yesteryear, quoting their arguments against The Federal Reserve or in favour of gold-backed money and drawing an inference from those cases around all criticisms of the current monetary system – a logical fallacy known as “poisoning the well”.

One of the numerous examples of this practice is illustrated below:

The idea that inflation is a “destruction of value” and that the U.S. dollar has lost most or all of its purchasing power over the course of a hundred years has long been a staple of conspiracy theories, in no small part used by demagogues like Alex Jones to drive the unsuspecting toward purchases of gold and other precious metals

Why even mention Alex Jones here? Why not Kyle Bass, Ray Dalio, hell even Steve Jobs or some other credible, noteworthy and successful luminary who are also vocal critics of Fed policy as well as espousing allocating a portion of one’s wealth in gold and precious metals to protect against inflation?

Because it is clear by the time a reader gets to this passage that Golumbia has an agenda to stigmatize any criticism of the current monetary system and to delegitimize any action the citizenry undertakes to protect themselves from it (we’ll return to this quote below when Golumbia makes a rare attempt to actually debunk the notion that “inflation is bad” in an actual economic terms and fails spectacularly).

The reality is that we can entirely dispense with the likes of Eustace Mullens, Alex Jones or the John Birch Society and still have an overabundance of credible criticisms of the current banking system, with some pretty frank descriptions of what it does and how it adversely impacts the populace and from people well positioned to have a profound understanding of it.

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