Group, Bitcoin and Bible; Song, Jimmy; Higgins, Gabe; Waltchack, Derek; Breedlove, Robert; Bush, J.M.; Tourianski, Julia; Pratt, Lyle; Mekhail, George. Thank God for Bitcoin: The Creation, Corruption and Redemption of Money (p. 27). Bitcoin and Bible Group. Kindle Edition.
I have previously spoken about this book, recommending it for those interested in learning more about the financial crimes that have been perpetrated against the American people since the inception of the Federal Reserve.
I first heard about this book while listening to an episode of the Steve Deace Show. The crew were reading the book, and discussing it during their weekly, “Theology Thursday,” segment.
Todd Erzen quoted the last two sentences of the 2nd chapter,
“Since breaking its peg to gold in 1971, the US dollar has lost over 96% of its relative value. This is due to one of the disastrous effects of the prevailing financial system: inflation.”
I have been singing a similar song for over a decade, first on Facebook, and later on my SubStack, under various titles which include the word, “inflation.”
I have recently compiled my many “inflation” articles into one post by that name. I admit that my curiosity, and drive to read this book can be attributed to both a confirmation bias, and a desire to know if there is any hope that the book’s title might hold some spiritual, financial, and economic hope for our future.
Having completed it, I will use this platform to share my thoughts. Here are some of my observations.
I find nearly all, if not all of the history of money, facts about inflation and fiat currency, and the abuse of them by governments and central banks, both compelling, and illustrative. However, I am used to this kind of book being far better footnoted. While I find many of the authors’ assertions credible, and logical, sources are rarely revealed via footnotes.
The first seven chapters deal with the purposes, applications, needs, abuses, and dangers of money as has been experienced by societies till the present. While not adequately footnoted, I believe the logic is self evident for thinking people.
The last two chapters read like a hopeful combination of praise, and appeal to the reader to embrace the science of Bitcoin. While these chapters are an impassioned plea, and I concede that the authors’ reasoning may be honest, and heartfelt, many questions are left unaddressed.
According the the book’s theses, Bitcoin provides an incorruptible means of wealth transference. I don’t know how any man-made instrument can be considered incorruptible. The depravity of “man” will find a way to overcome any, and all efforts to protect against corruption. Integrity, and perseverance, with a healthy dose of the fear of God, is the only earthly protection agains corruption.
The Authors rattle off a list of reasons why current monetary systems can not be reformed to serve as “moral money,” including the suggested reemergence of the gold standard. They argue that they are all subject to corruption, while suggesting that Bitcoin is immune to corruption.
The authors’ suggest that anyone could easily have access to Bitcoin, through the use of any “affordable” computing device, such as a desktop computer, laptop, or cell phone. They don’t consider that all of these could be priced out of the reach of many, or most humans. They further do not address that these devices all depend on electricity.
What if China, or some other enemy was to detonate a EMP, (or electromagnetic pulse,) rendering all electronic devices inoperable. Where would we find the power to access our wealth to transact business?
What would happen if our own government were to force all electric generation plants to shut down, or severely restrict the generation of electrical power?
The authors don’t address how we would be able to have unrestricted access to our bitcoin under a number of possible scenarios. What is to keep a rouge government from confiscating all electronic devices, leaving the public “penniless,” and slaves to their government?
If it is true that these tyrannical governments could not access the Bitcoin contained in the many digital, “wallets,” they would have confiscated, they would still have access to their own Bitcoin, and having reduced the number of Bitcoin in circulation, would have successfully increased the value of their own Bitcoin.
How then could these slaves/subjects execute transactions? They would likely return to barter, or reestablish a “gold standard” organically, and underground, black market style.
These are my main concerns. I believe that the only effective remedy for inflation is to halt the creation of fiat currency. If it were halted, and the free market was allowed to operate, the ingenuity of people, and in particular, the American people, would overcome the power that past inflation would have over our economy.
The fact that virtually no-one will even address this “fix” is evidence that we have been successfully duped as a society, and “can’t see the forest for the trees.”
The main difference between the possible use of Bitcoin as currency, verses precious metals, is that precious metals have always been considered valuable, by almost all societies, and over millennia. Bitcoin only has the value we attribute to it. It is utterly worthless under any other scenario.
I hope that you have found this review helpful. I fully recommend this book for its presentation of historical facts about money, and its benefits, as well as its pitfalls.
The chapter headings are as follows:
Understanding Money
The History of Money
Inflation
The Problems With Fiat Money
Money And Politics
The Moral Consequences of Corrupt Money
How Bad Money Corrupts the Church
Bitcoin, a Moral Money
The Redemption of Money
God bless you, Dave