Stock market guru with 40 years of experience slams fiat money as fraudulent
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Professional trader and chief market strategist at BubbaTrading.com, Todd ‘Bubba’ Horwitz, has criticized the current fiat money system, calling it fraudulent and blaming Federal Reserve policy.
Speaking in an interview with Stansberry Research on September 9, Horwitz stated that the Fed and the government are responsible for fraud mainly through taxation without representation. He also blames these two parties for exploiting the citizens through taxation, but they do not make money from the devaluation of the dollar.
“We have so many problems with inflation that we will have a shortage of food. Our dollar is constantly being manipulated downwards, the fiat currency system is fraudulent. When you look at the big picture, it really is taxation without representation. The two organizations that run this country, the government and the Federal Reserve, don’t make money, they don’t create anything. They pass it all on to the taxpayers,” Horwitz said.
The role of fiat in rising inflation
Horwitz attributes the mismanagement of the fiat system to skyrocketing inflation, while urging investors to prepare for a market crash.
Horwitz, who has about four decades of trading experience, said the market crash would be temporary.
“I can’t worry about the market crashing. I think it will, but I think it will come back. You have to be ready for what is going to happen and not be so overextended in the market that you are forced to sell out. That’s where most people get into trouble,” he added.
Cryptocurrencies can replace Fiat
Especially in the midst of rising inflation and the devaluation of currencies like the dollar, there have been several calls for cryptocurrencies to replace the current monetary system. As the crypto sector has grown, proponents have called for assets like Bitcoin (BTC) to act as an official medium of exchange.
It is worth mentioning that jurisdictions opposed to declaring Bitcoin as a medium of exchange are choosing to conduct research on Central Bank Digital Currencies (CBDCs).
As reported by Finbold, a study by blockchain company Ripple (XRP) showed that more than 70 percent of global financial figures believe that CBDCs are the future of fiat currency and will take center stage in the next five years.
Watch the full interview below:
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