Lessons Learned: Crowdfunding and Jon Stewart - FED 82

In this episode of Bitcoin Magazine’s Fed Watch, CK and I catch up on the Freedom Convoy donation situation, dissect Jon Stewart’s wake up call with James Hoenig, former Fed President, Fed signaling around CPI and the emergency FOMC meeting, and lastly the scandal that is brewing around Sarah Bloom Raskin’s nomination being delayed. This is a longer episode where we just let the conversation go where it wants to. Fed Watch is a podcast for people interested in central bank current events. Bitcoin will consume central banks one day, understanding and documenting how that is happening, is what we are about here at Fed Watch. Crowdfunding with Bitcoin  The donation drama around GoFundMe and GiveSendGo has now spilled over to the Bitcoin fundraiser on Tallycoin. As a quick update, GiveSendGo refused to comply with the Canadian court order to freeze the Freedom Convoy funds, however, when they distributed some of the funds to Canadian bank accounts, the funds to the peaceful protestors were frozen on the bank's side. This highlights the multiple layers of censorship that the legacy financial system has, and the need for bitcoin. The honkhonkhodl fundraiser is also running into a few hiccups due to the illegal invocation of the Emergency Act in Canada. The fundraiser had to be stopped because the public faces of the campaign could become targets of the out of control Gestapo government up there.  Overall, the Tallycoin fundraiser was a great success and the community learned some very important lessons. The keys to the bitcoin have now been distributed and sending of the funds to the protestors has started. There was also a hack of the GiveSendGo campaign which doxxed 90,000 donors, the amounts they donated, and other personal information. It showed that roughly 45% of the funds came from Americans, not Canadians. This opened the door for dishonest rhetoric from the government calling it “foreign funding” of an insurrection, instead of just Americans and Canadians coming together for freedom. This rhetoric fits into the mold of the “Russia hoax” and is a sign of a government that has totally abandoned its duty to serve the people. Federal Reserve tries to explain debt-based money On the show, we watch a clip of former Kansas City Fed President, James Hoenig, trying to explain money printing to Jon Stewart. It’s absolutely hilarious to watch Stewart being red pilled on the financial system in real time. I believe that Hoenig is attempting to explain it all in good faith, but makes a couple mistakes. 1) he says the Fed is the only source of money printing. That is empirically false and misleading, because commercial banks are the source of money printing when they make loans. The Fed only prints reserves, an illiquid asset. 2) Hoenig says that bitcoin is faith-based like the dollar. Instead, bitcoin is not faith-based debt like the dollar, it is a real form of commodity-backed money.