IMF Managing Director Christine Lagarde discusses crypto

Contents

Crypto question at 52:30.

In February 2014 International Monetary Fund (IMF) Managing Director Christine Lagarde appeared on Q&A to answer 1 hour of questions from the public. Q&A is the Australian Broadcasting Corporation’s (ABC) highest rating program. Ms Lagarde is one of the most important figures in the old, centralized, money as debt system we are disrupting.

Crypto question

One great question on crypto referenced the lack of trust in the current system, advancements in technology and the growth of alternatives like kickstarter and peer to peer lending that remove the middle men.

In reply Ms Lagarde wheeled out the all too predictable line that crypto is suspicious and she is concerned about money laundering. She let us know there needs to be a centralized government at the heart of everything for it to be valid, worthy and safe from evildoers.

Ms Lagarde had to make an effort to seem sincere with dramatic pauses and hand gestures as she knows big banks such as HSBC and cash are superior to crypto for money laundering. She did admit the current system was not perfect.

christine-lagarde-imf-bitcoin

Statist overload

The other 57 minutes of the show was the usual type of ABC Q&A questions which boil down to

“Help us government you are the only ones who can fix problems, not us the people or me myself, we can’t do anything without you government. Even though you caused of most of the problems you will be the solution right?”

This is the government broadcaster. In this episode topics included things like

  • Quantitative easing
  • Emerging markets
  • Sustainability
  • Economic growth
  • China
  • Equality
  • Distribution of wealth
  • Gender equity

The common thread in all the questions was that government intervention is the sole potential source of solutions. Ms Lagarde’s answers were predictably statist and narrow with formulaic Keynesian economic reasoning.

It has been said watching Q&A is not a viewing choice, it’s a civic duty! Past episodes have featured David Hicks questioning John Howard who was Prime Minister when Mr Hicks was held without charge in Guantanamo Bay. Another example was Julian Assange questioning Julia Gillard who was Prime Minister when the Australian government disowned him.

Q&A is not afraid to ask tough and controversial questions. Unfortunately the host, Tony Jones and producers showed they have the same low knowledge about crypto and money as most mainstream media hacks do.

Before I discovered crypto I used to love shows like Q&A that challenged politicians to explain their solutions to problems. Crypto taught me how government works. This made me realize government is the source of most problems and we the people have the solutions, not the government.

Luckily no dogecoin fanatics were able to question Ms Lagarde!

3 comments

  1. Baz

    From someone that is exempt from paying taxes. Tsk.

  2. Thomas

    Have we heard the same speech? She didn’t smash bitcoin, she said she was open to technology innovations in banking as long as it follows regulations, which is true. Bitcoin needs official regulation, it can only make it stronger.

    • BitEdge

      Hi, Thomas, Crypto does not need government regulation (I assume that is what you mean when you say “official”). In fact government can not regulate crypto, they can only regulate how we the people are “allowed” to use it.

      Crypto is regulated by code and by math. Both of which I have more faith in than governments. However when governments try to regulate crypto that will give permission for existing business to embrace it which will indeed help.

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