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Bitcoin Matters: The Plaza Hotel in Las Vegas is 50 years old, so is the unbacked dollar — not a coincidence
By Allen Stevo
July 21, 2021


July Fourth weekend, Las Vegas was the site of even more fireworks than usually adorn The Strip that time of year.

A special hotel was celebrating its fiftieth anniversary — The Plaza Hotel and Casino. Once known as Union Plaza, on July 1, 1971, it opened its doors.

The Plaza preceded the finance boom and real estate boom that was created by entirely unrestrained inflationary monetary policy.




It was built when the United States, to some extent, still had an honest monetary policy. Dollar creation was limited by gold backing. To print a new dollar, an equivalent amount of gold had to be held in Ft. Knox by the US Government.

Truthfully, by the time the 37th President, Richard Nixon, closed the gold window on August 15, 1971, the dollar had far exceeded most of the protections a gold-backed currency offers against government overreach and fraud. That day, however, brought a total uncoupling, and the US has, since then, existed under the reign of a government unchecked, a government able to print more money unrestrained than any government in the history of the world has been able to do.

The impacts of that have been many, among the malinvestment that grew Las Vegas. This sounds like a cold, technical word, but it means a great deal. When a monetary policy creates a lot of money, that money ends up going somewhere. It is not money that was earned through bringing value to another person, it was money that was just created and was effectively stolen from others. I say “stolen,” since, all other things being equal, the more new money you create, the more the existing money in circulation loses its value. Creating money is effectively stealing from those who currently have money. This is most harmful for those on the fringes of society.

The last fifty years since the disconnecting of the dollar from the yellow metal have been a moral and ethical nightmare. Instead of an economy creating as much money as it needs or instead of a government having serious limits on how much it can create, the money creation has been out of control and funneled into channels that hard-earned money would not have been funneled into.

Think real estate development, think Las Vegas, think foreign wars, think government, think Wall Street, think the finance industry.

People involved with these industries did well only because government stole money from others and created a monetary policy that pushed money into those industries. Many in those industries are happy about the last fifty years. The rest of us shouldn’t be.

Instead of healthy, stable, organic growth in which each penny was spent the way the guy who earned the money wanted to see it spent, we had the polar opposite, of massive government theft of money handed to friends who perpetuated the power of government to steal more and hand out more.

Socialism begets socialism. Lots of socialism begets lots more socialism. Until it doesn’t. Eventually, it all crumbles under the crippling weight of the economic and moral catastrophe that socialism always turns into.

Long term, systems like these correct themselves. Life goes on. The world keeps turning. However, in the tumult of it all, lots of people get hurt and lots of lives are ruined.

Lots of good people were robbed. Some other people benefited from it. Those people need to be made whole again and the criminals prevented from ever holding a position of trust again. That discussion isn’t happening. That silence benefits the criminal. As if to distract from this, economics, we are assured, is too confusing to make sense of.

The Plaza was more like what Las Vegas used to be before the stolen money of Wall Street got involved and turned it into a big goofy nightmare.

Everyone knew Vegas was a mobbed up place. Everyone knew it was a place you couldn’t win, where the house always won. Then Vegas turned into something else, a place run by an even bigger mob, that everyone pretends aren’t a bunch of criminals and thieves: financiers.

Anyone who makes money off the rigged inflationary system, makes money stolen off of another. That’s a moral conversation that has to be had.

Every building built in Las Vegas since the Plaza is part of that rigged system of businesses that would not have existed without someone stealing money from some old lady in Peoria, Illinois, Ames, Iowa, Schenectady, New York, or elsewhere in order to finance the project, leaving her a little poorer.

Bitcoin seeks to stop the inflationary madness, the theft, and the goofy big government projects that come with government having control over a currency. Does it stop goofy government projects? No, that’s up to the rest of us, but it certainly takes away government’s single most powerful tool for doing bad: its unchecked control of the money supply.

Allan Stevo is a cryptocurrency industry veteran and author of The Bitcoin Manifesto. Email him at BitMatts@protonmail.com with your questions for the column.

Previous Columns:
The IRS uses more electricity than Bitcoin — time to cancel the IRS
Crypto Twitter is a Distraction
Dollar Cost Averaging Works Because It Is Done Whether Markets Are
When Will Roger Ver Come Back?
Why are the Bitcoin “maximalists” getting together in Miami?

















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