Fiat Currencies Are Tools Of Debt-Based Monetary Systems

by Marvin Dumont

Apollo Foundation is developing the most feature-rich cryptocurrency on the market to give Apollo much utility as digital money. Our vision to create a currency that will give users the ability to perform any blockchain-related task offered by other mainstream cryptocurrencies, and to be able to do so in a single platform.

Apollo will also give users the ability to transact in complete privacy. Apollo all-in-one cryptocurrency can fill the needs of all other cryptos.

Commodities As Money

Contrary to what many people believe, most of our ancestors did not use paper notes as money unless they were forced to by (often corrupt) rulers. Most ancient soldiers demanded payment in land, precious metals and/or loot from cities they ransacked otherwise they revolted against — and/or killed — their king. Suppliers, creditors and merchants from earlier periods always demanded payment in gold, silver or other precious metals or physical assets (such as cattle) in exchange for goods or services.

Thanks to blockchain and cryptocurrencies, today’s investors no longer have to transact using (devaluing) fiat cash. New forms of money, namely cryptos, are giving more options on how you can trade, invest and make payments across borders. Moreover, digital tokens provide more utility in the age of smartphones than paper-based fiats. For example, Apollo coin is carving itself a niche by developing extremely robust privacy features that keep third parties out of your financial affairs.

Would you rather pay several middlemen when making a payment, or transact electronically and directly with a counter-party? With Apollo coin, you can choose the latter.

The term bond (as in corporate bond or government bond) is derived from the word “bondage” (or slavery). Our ancestors viewed debt as form of slavery.

In 2017, the U.S. federal government spent $4 trillion but collected only $3.3 trillion in taxes. To fund the nearly $670 billion shortfall, the Treasury Department has to borrow money by issuing bonds. Because many governments around the world find it imprudent to buy U.S. Treasury bonds (because of America’s huge debts), the Federal Reserve (a private corporation owned by member banks) steps in to purchase Uncle Sam’s bonds.

However, the Fed actually has no money in its checking account. It buys U.S. bonds by creating fiat cash (out of thin air). And this inflationary policy leads to devaluing U.S. dollars. Since 1913, the year that Congress enacted the Federal Reserve Act, the dollar has lost nearly 98% of its purchasing value. The same law exempted the Federal Reserve from audits and taxation.

The U.S. dollar, like so many sovereign national currencies around the world, is derived from a debt-based monetary system. In America, the government keeps borrowing trillions of dollars. And to pay for its yearly deficits, it sells bonds (debt) to the Fed, which in turn prints U.S. dollars to pay for the Treasury’s bonds.

If you believe that debt leads to slavery as many of our ancestors did, then perhaps you’ll reconsider if fiat-based systems are indeed the best way to make payments. For thousands of years, man used valuable, physical assets as money — and for good reason. In the digital age, you have the option to pay in digital gold, too.