A Transaction Demonstrating That Keynes, Not Gold, Is a Barbaric Relic!

Existing payment System-2% charged to Japanese-2% charged to Grocer Indian farmer
grocery

Summary: Total paid to the banks is 4% or 3% at the very least for the largest transactions.
Farmer receives his money three days late, assuming banks on both ends are solvent.
Both grocer and farmer face currency risk during the three-day period.

The BitGold Infrastructure (eliminates two banks and counter party risks and nonessential costs)

grocery-2

Summary: Total paid by grocer and farmer is 2%, compared to 3% or 4% paid to banks in existing infrastructure.
Farmer is paid instantly, thus negating currency risk.
Farmer is paid in an asset-based currency, thus avoiding risk of bank payment default.

This is the reality! It is the Keynesian-induced fractional banking system based on what is in fact counterfeit money that is the barbaric relic, not gold! You don’t have to be a gold bug to understand that. What matters to the grocer and farmer in the above transaction is that they can save a minimum of ½% for the very largest transactions. Smaller transactions might be several percentage points higher than charged by BitGold on transactions of all size. I have not even made the case for owning BitGold because over time gold rises vis-à-vis all currencies. But this is a reality that will soon become known to everyone. As the Keynesian economic system is teetering on the brink of global failure, market participants will throw off the propaganda forced on them through our statist “educational” systems simply to maximize profits if not for the sake of survival. The safety of trading in gold will not only become apparent but even during “good times” the ability to save money and maximize trading profits will, with effective marketing by BitGold, cause this company to be a huge winner. Can it become bigger than PayPal? Time will tell. But it has that potential simply because the attributes of gold as money, which has been intentionally hidden from most citizens for many decades, will soon become recognizable, thanks to modern IT. It is my belief that BitGold may become absolutely enormous because it has the potential to be used in financial trades as well as commercial trades for goods and services.

Good for Consumers Too

Very soon you will be able to buy prepaid credit cards backed by grams of gold or merchants can arrange to hold larger accounts in grams of gold for use in major-sized transactions. By cutting out both counter party risk and counter party costs, BitGold will save transactional costs for consumers and for merchants servicing consumers. And that is something that appeals to both gold lovers and those who agree with Keynes that gold is a barbaric relic. But what strident Keynesian will forego profits and savings in his own account simply to try to prove that gold is a barbaric relic? Given the well funded and well connected management team of BitGold, I believe this is a company that can overcome marketing challenges that lie ahead to let the market know that BitGold is better than PayPal. I believe this is a management team that can quickly educate first and foremost major-sized commercial and even banking interests that it is in their best interests to transact business in gold, not in dollars or other fiat currencies.

If I’m right about that, it may well be that in a few years the world will realize that it is Keynes who is the barbaric relic, not gold. And if that is true, there may actually be hope for the world returning to sound money, which would be the first essential step toward restoring the world back to honest capitalism and wealth creation instead of the barbaric wealth consumption that Keynes and his elitist one-world government friends have been championing for the past century.

James Turk deserves a huge amount of credit for his vision. And the young “Turks” (no pun intended) named Sebag and Crumb have the intelligence not only to understand James’s vision but also to implement that vision to the reality that John Maynard Keynes, not gold, is a barbaric relic. Indeed, I believe BitGold has the potential to reeducate the masses once again as to the reasons why gold is the best money created by God.

About Jay Taylor

Jay Taylor is editor of J Taylor's Gold, Energy & Tech Stocks newsletter. His interest in the role gold has played in U.S. monetary history led him to research gold and into analyzing and investing in junior gold shares. Currently he also hosts his own one-hour weekly radio show Turning Hard Times Into Good Times,” which features high profile guests who discuss leading economic issues of our day. The show also discusses investment opportunities primarily in the precious metals mining sector. He has been a guest on CNBC, Fox, Bloomberg and BNN and many mining conferences.