When the head of the largest financial institution in the world calls something a “fraud”, you should pay attention. JPMorgan ($JPM) is now worth over $333 billion with $2.56 trillion in total assets. This is the same institution that was bailed out by the US Government during the great financial crisis caused by JPMorgan and other banks making bad mortgage loans. The stock market crashed and led millions to be out of work. JPMorgan was ordered to pay $13 billion in a civil settlement with the Justice Department for its mortgage lending practices and in these negotiations, Dimon reportedly pushed for absolving bank employees of criminal charges related to mortgage securitization. This is the same bank that gets money from the Fed at essentially no cost and charges its customers up to 25% APR or more on their credit cards. Is this a person you would trust with your money and take advice from on fraud? I should mention that a market abuse claim has been filed against Dimon in Sweden claiming he deliberately spread false and misleading financial information on bitcoin. It was also discovered that JPMorgan brokered large quantities of bitcoin for their clients following these claims, very shady. Below are some quotes from Jamie Dimon on bitcoin: “Bitcoin is backed by nothing“

“Bitcoin is a horrible store of value”

“Bitcoin will not survive”

“Bitcoin is going nowhere”

“Bitcoin could go to $100,000, but will end badly”

“My daughter bought bitcoin and it went up and she thinks she’s a genius” And the best… “Bitcoin is a fraud” See below for how accurate Mr. Dimon has been on Bitcoin. John McAfee, developer and CEO of the first commercial anti-virus program McAfee Anti-Virus who expects Bitcoin to reach $500,000 asked Dimon how much it costs to create a US Dollar and stated as one of the largest miners in the US that it costs more than $1,000 to create a bitcoin through computer equipment, facilities, computational power, and electricity costs. The bitcoin network is the most secure as the worlds largest super computer and has not been hacked since its creation in 2009. Unlike banks including the recent Equifax hack of over 143 million Americans or 44% of the population.

The answer to how much it costs to create a US dollar is 4.9 cents per note from data from the Bureau of Engraving and Printing and is backed by nothing more than thin air and an alleged 8,133 tonnes of gold in reserve. 4.9 cents, unlimited supply, and no mathematical backing vs. 1,000+ dollars, fixed supply, and cryptographic mathematical backing I’ll let you be the judge of the fraudulent currency. With all that said, how does our current monetary system work? Money is "created" when someone signs a debt obligation – such as when a company takes a loan, it can borrow money from investors that already have it or from a bank supplied from the Federal Reserve out of thin air (nothing federal about the federal reserve, it’s a private bank and no one knows who owns it). Another way it is created is when the US government issues bonds to fund its obligations and the Fed "buys" these bonds also from money created out of thin air. The best part is we don’t know how much money the Fed created since 2007 since in 2006 the Fed decided it would no longer publish the volume of money in circulation (a figure also known as M3). However, in December of 2010, the Fed was forced by a US court to disclose figures related to the bailout programs for major banks such as JPMorgan. This showed that as part of the TAF bailout program that $3.3 trillion dollars were created with $1.25 trillion for "subprime" loans. Quantitative Easing (QE) is a new term in monetary history and is where the Fed buys government bonds from new money created out of thin air to manipulate interest rates lower. This massive bond-buying campaign started in 2009, and since then the Fed has accumulated a balance sheet of $4.5 trillion in assets swelling five-fold. They just announced this month that starting next month in October they would start unwinding their massive balance sheet with a measly $10 billion reduction. At the planned rate, it will take until 2024 to get back to its old level under $1 trillion assuming there are no delays or reductions not to mention increases. Another way money is created is through fractional reserve banking. When you deposit your hard-earned money at the bank, the bank takes a majority of your deposited money and lends it out to someone else who then deposits it and the cycle is repeated increasing the money supply exponentially. If everyone went to withdraw their deposits at the same time, the bank would be unable to come up with funds as they don’t exist. That is why withdrawing your dollars from the banking system and buying cryptocurrency is such a dangerous proposition for Mr. Dimon. If your money is in a bank, you DO NOT control it. If you have cash in your hand, gold in your pocket, or bitcoin in a cold storage wallet you have FULL control of that money. This video explains why we will have another financial crisis and bank bailout.