Bank of Italy Warns Against Creating Your Own Currency

Citizens Claim Right to Create Scriptural Euros.

Citizens conjure Euros out of thin air, just like banks.

The Lowest Cost. Period.

Watch Video on Bitchute

You can buy Bitcoin, Ethereum and Litecoin through Coinbase.
Click HERE to open a coin base account and get $10 of free Bitcoin.*

Check out all the Smaulgld podcasts here.

Not a Smaulgld subscriber? Sign up here.

Donate To Smaulgld.com via paypal

Create Your Own Currency!

Because the top cryptocurrencies, Bitcoin and Ethereum are open source, any one can create their own cryptocurrencies. While the proliferation of cryptocurrencies has central banks concerened, another more insidious and perhaps greater threat to central banks’ monopoly on money creation is the issuance of scriptural euros by citizens.

What are Scriptural Euros?

Scriptural Euros are Euros issued by citizens under a “theory of the autonomous creation of scriptural currency” based on the idea of collective property of money that affirms the right of every citizen to autonomously create “scriptural” money (Euros) via their own accounting records. The thoery of autonomous creation of scriptural currency holds that just as banks can conjure debt based money out of thin air, so can citizens. Money thus created by citizens can then be used to extinguish their own debts.

Apparently, citizen created euros have been accepted as payment. @marcosabait (Marco Saba) shared his experience on twitter whereby his scriptural Euros were accepted by Facebook as payment for advertising. This correspondence between @marcosabait and Facebook shows how @marcosabait created 25 Euros as payment to Facebook and Facebook accepted the citizen issued Euros as payment.

In the correspondence, @marcosabait informs Facebook Italy (in English) that banks AND citizens can create new Euro in electronic form and that he had just done so in the amount of 25 Euros and was submitting them as payment. He also referred Facebook to his Facebook page for more information on citizen created scriptural Euros.

Facebook responded in Italian by accepting @marcosabait payment of his self-created scriptural Euro, while noting his payment was being accepted this time, but such payments may not be honored in the future.

According to @marcosabait, Italian citizens have created more than 1 billion scriptural Euros since October 2016.

Internet Urban Legend?

Citizens conjuring money out of thin air and having that money accepted as payment all seems like internet urban legend. Perhaps, in the example above, the Facebook employee didn’t want to argue over 25 Euro and was just humoring @marcosabait. Or maybe, the correspondence itself was spurious. Certainly, the claim that more than 1 billion scriptural Euro have been created seems far fetched and that any large sum of scriptural Euros being accepted as payment seems even further afield. However…

The Bank of Italy Responds

Despite what might appear to be a ludicrous ploy to convince citizens they have the right to create their own Euros, the Bank of Italy is taking scriptual Euros seriously. Last month, the Bank of Italy issued a warning about the creation of scriptual Euros. Attached to the warning was a PDF that explained the Bank of Italy’s position on scriptual Euros.

The position paper is entitled “Scriptural Money Created by Citizens”. The paper notes that its purpose is to avoid “dangerous misunderstandings” involving scriptural Euros. The paper claims that only the Bank of Italy can issue the form of legal currency based on international and national legislation and that it is necessary for the Bank of Italy to have this power in order to guarantee overall confidence in currency and the stability of its value over time. The paper further notes that payment services through scriptwriting is an activity allowed by law only to authorized persons, such as banks, electronic money institutions and other payment institutions.

The paper concludes that “initiatives for the creation of a autonomous scriptural currency have no legal basis” and calls on citizens not to use such forms of currency.

The scriptural Euro issue may have more people asking questions about the creation of money out of thin air – if banks can do it, why can’t we?

h/t/@vijinho for alerting me to this developing story.

Donate To Smaulgld.com via paypal

Please consider making a small donation to Smaulgld.com. Thanks!





Sign Up For Smaulgld.com Updates Here!

Donate To Smaulgld.com via paypal


If you have enjoyed this report, please consider sharing it, buying your precious metals through the Smaulgld affiliates linked to on this site* and subscribing (for free) to Smaulgld.com.

Please consider making a small (or large!) donation to Smaulgld.com. Thanks!





Get Free Updates From Smaulgld.com

Subscribe to Smaulgld.com and get the free In Case You Missed Itweekly email as well as updates and analysis on gold, silver, real estate and the economy.

Also get the free report “Twelve Key Differences Between Gold and Silver” when you subscribe.






Compare American Silver Eagles for sale at:

BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange

You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:

Golden Eagle Coins
SD Bullion
Money Metals Exchange

Subscribe to Smaulgld.com to receive free gold and silver updates, news and analysis.

Please visit the Smaulgld Store for a large selection of recommended Kindles, books, music, movies and other items.


You can support Smaulgld.com by making all your Amazon purchases through the search widget below and by ordering your gold and silver by clicking on the BGASC, Money Metals Exchange, Gold Broker, Golden Eagle Coin, GoldMoney, SD Bullion and Canadian Mint ads on the site.


Browse Silver Coins on Amazon

Browse Collectible Coins on Amazon

*DISCLOSURE: Smaulgld provides the content on this site free of charge. If you purchase items though the links on this site, Smaulgld LLC. will be paid a commission. The prices charged are the same as they would be if you were to visit the sites directly. Please do your own research regarding the suitability of making purchases from the merchants featured on this site.

Chart Disclaimer: Information presented here has been obtained from a third party and is presented for information purposes only. Smaulgld can not and does not guarantee the accuracy or timeliness of the data displayed on this site and therefor the data provided should not be used to make actual investment decisions. You should always consult a professional investment adviser before investing in precious metals or any type of investment. You acknowledge that Smaulgld assumes no responsibility for the integrity of data on this site.

The content provided here is for informational purposes only. Making investment decisions based on information published by Smaulgld (SG), or any Internet site, is not a good idea. Accordingly, users agree to hold SG, its owner and affiliates, harmless for all information presented on the site. SG presents no warranties. SG is not responsible for any loss of data, financial loss, interruption in services, claims of libel, damages or loss from the use or inability to access SG, any linked content, or the reliance on any information on the site.

The information contained herein does not constitute investment advice and may be subject to correction, completion and amendment without notice. SG assumes no duty to make any such corrections or updates. As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment. SG disclaims any and all liability relating to any investor reliance on the accuracy of the information contained herein or relating to any omissions or errors and as such disclaims any and all losses that may result.

Post Navigation