It’s hard to overestimate the idiotic incompetence of EU finance ministers as illustrated by their handling of the Cypriot banking crisis.
The decision to stop people withdrawing their own money and forcefully taking ordinary people’s savings without warning – in order to bail out banks who continue to pay their useless executives millions in bonuses – is unprecedented.
Do the politicians and EU bureaucrats who made this decision realise what they’ve done?
For the first time in my life – and I’m over 350 years old remember – I see ordinary people are seriously wondering if banks are really the safest places to keep their money in.
The trust that banks have historically depended on – in order for people to go along with the ridiculous system on which all the world’s financial system rests – is in danger of being seriously shaken.
Of course, nobody seriously thinks the financial system is in danger of collapse – despite the clear greed and incompetence of the people running it – because there is no alternative for anyone to turn to.
Or is there?
If you haven’t seen this video about Bitcoins yet, you really need to:
So it seems there is an alternative to the present financial system after all and not only that, it seems to be really taking off.
Of course, Bitcoin can only exist because of the lack of state regulation over electronic transactions made on the internet.
And realising this has solved a mystery that’s been bugging me for some time.
I was never quite convinced that the real reason world governments were so keen to regulate the internet was because of a few young people downloading and sharing Star Wars films and Justin Bieber songs.
Could the threat that currencies like Bitcoin pose to the increasingly shaky world banking system be the real reason for this mad dash by governments to control and regulate the internet?
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