Cryptocurrency: IMF and GovBanks in Total Panic Over Bitcoin

grarpamp grarpamp at
Mon Nov 1 00:21:31 PDT 2021

The IMF Hates Bitcoin Because It Loves Total Control

The IMF hates Bitcoin because its decentralized protocol and
programmatic monetary policy defies the control the fund wants to
implement on us all.

The International Monetary Fund (IMF), along with a string of other
financial institutions, really does not like Bitcoin. So, let’s do the
usual, thinking through what the IMF is and why it even matters.

The IMF and the World Bank are like the parallel universe versions of
Shaggy and Scooby-Doo. They have no idea what they are doing, and yet
the decisions they make determine how the show ends. The only
difference is that no one wants to watch this version of the show,
because Shaggy and Scoob keep debasing your currency into oblivion.

Sticking with the IMF alone for this article, its mandate is as follows:

    “The IMF promotes monetary cooperation and provides policy advice
and capacity development support to preserve global macroeconomic and
financial stability and help countries build and maintain strong


For oversimplification, let’s just imagine the IMF as dictating a
short- and medium-term global monetary policy. It responds to what is
in front of it at any given time and “influences” global markets.
This, obviously, requires a large amount of control, or
centralization, if you will.

So, who makes up the IMF?

    “IMF loans are funded mainly by the pool of quota contributions
that its members provide.”


It’s not a secret that a bunch of rich people influence the entire
globe’s monetary policy. This is public information that’s easy to
find. Obviously, these guys have good reason to maintain the status

So, as I said, the IMF doesn’t like Bitcoin. But why?

For those unfamiliar, the “Fourth Turning” is a concept that states
there is a cyclical progression in society, typically with 20 years or
so in each turn, the last of which results in a crisis that topples
the old systems of power and ushers in a new era.

Bitcoin is often thought to be the crisis moment of the Fourth Turning
by toppling the financial institutions of old (here’s a summary).

Following that track, over the past two years, the world has been
rocked by a pandemic that led to the debasement of many global
currencies, the U.S dollar being a very clear one, as outlined in this
article by Jerry Goddard. The IMF knows all of this and has made it
clear that it means to maintain control.

On July 29, an article was posted on the IMF blog, including the
following quote:

    “There is a window of opportunity to maintain control over
monetary and financial conditions, and to enhance market integration,
financial inclusion, economic efficiency, productivity, and financial

    –IMF blog

It’s honestly kind of smug how indiscreet this statement is. Clearly,
through central banks in nation states, the World Bank and other
institutions, the goal of the IMF is to maintain control. In the
classic Bitcoiner phraseology:” Bitcoin fixes this.”

But seriously, this is what Bitcoin was made for.

I’ll spare everyone the details of rehashing what Bitcoin is. Let’s
stick to the basics:

    1. Bitcoin is decentralized. There’s no group of developers,
miners or businesses that can band together to manipulate the
protocol. If consensus is not met, the hell with it, it isn’t
happening. Understandably, the IMF, which settles short- and
medium-term economic issues between countries by issuing out loans
based on the currencies that it constantly has a hand in debasing,
probably doesn’t want the money supply controlled by an unbeatable
algorithm that makes you play the game the way Bitcoin wants to play.

    2. Bitcoin has a programmatic monetary policy. We know how many
bitcoin exist now, we know how many will exist in total and we know
when the new bitcoin will be issued. We know all of this, and it’s
publicly available to anyone willing to look. Not being able to
control the supply or its issuance is a crucial concern for any
central authority attempting to maintain power in the legacy system.
They cannot control the protocol or the system of Bitcoin, and they
cannot control the currency of bitcoin, either. These would be
transparent reasons for not wanting it to succeed.


    “Digital money must be designed, regulated, and provided so that
governments maintain control over monetary policy to stabilize prices,
and over capital flows to stabilize exchange rates.”

    –IMF blog

Read that first part again: “Digital money must be designed” for
government control. The IMF will claim this is for consumer
protection. We hear about the impending regulations on the darkening
horizon constantly.

And when discussing digital assets, the IMF made sure to speak
directly on Bitcoin later on in the post:

    “The least stable of the lot, which hardly qualify as money, are
cryptoassets (such as Bitcoin) that are unbacked and subject to the
whims of market forces.”

    –IMF blog

The only cryptocurrency named was bitcoin. (I hear you maxis, I know
you don’t like us to call Bitcoin “crypto.”) It was named because it
is feared. It stands before the IMF as an unstoppable algorithm
designed as a relic of the new age. Debasement and financial
instruments that enable it will fade to forgotten dust as a bygone age
is swallowed whole, along with the financial legacy framework.

It’s about IMF’s funding too. What happens when a governing body needs
to raise capital quickly? That’s right, it issues garbage bonds. Well,
what happens if other products result in larger yields in a shorter
time frame, such as what is happening in the world of stablecoins and

    “Countries are concerned with several scenarios. Substantial CBDC
or stablecoin demand might absorb a large share of government bonds.
This could affect the yield curve, and in the case of stablecoins
whose reserves cannot be lent out, the availability of collateral. And
stablecoins fully backed by central bank reserves could immobilize and
segregate central bank liquidity which would otherwise be freely lent
between banks to satisfy daily payment shocks.”

    –IMF, “The Rise Of Digital Money”

For the United States, this is what is referred to as the “Federal
Funds Rate.” This is the rate at which banks borrow money from each
other or the central bank overnight to meet a reserve requirement (a
percentage of the deposits you hold), each night. As you can imagine,
the loss of bonds and the loss of another revenue stream via the
Federal Funds Rate isn’t something any centralized player wants.

In December 2020, the IMF put up a post on its blog that discussed
using your browser history to affect your credit score.

    “As Big Techs gather data, manage customer relations through
ubiquitous digital platforms (as opposed to networks of physical
branches), and become essential to better design and customize
financial services, they will keep an increasing share of the producer

    –IMF, “What Is Really New In Fintech”

The IMF is ecstatic to talk to all of us about the opportunity to add
every single thing we do on the internet to be calculated into our
ability to get a credit card. It doesn’t want to simply have access to
your finances and control that information on a global market anymore.
No, that got too boring. Now, it wants to control who you are and
control every digital action you make.

Can you guess if Bitcoin fixes this?

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