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(not satire)
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:
Bitcoin: the fastest growing currency in the world
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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Related articles:
Be happy! 9 Barclays incompetent fatcats got £40m. The rest of us 1p on a pint.
It’s not the Left that believes in Magic Money Trees. It’s the Right.
Embarrassment for Cameron after Magic Money Tree found growing in Lloyds Bank
IMPORTANT! How Lloyds can cut their losses by £200 million (and make me rich in the process)
Iceland gives bankers 9 months in prison – while in the UK we knight them
Barclays Pays Executive £3m to Clamp Down on High Pay
The Goldsmith’s Tale – (full version)
Where does money comes from? … the Bears explain
The market has a name: It is Goldman Sachs
Stephen Hester, Fred Goodwin, Bernie Madoff and the fraud at the heart of our banking system
COMPREHENSIVE REFORM OF THE CITY – Pay, Practice & Structure
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bobchewie said:
Tom, digital doesnt work , computers dont work, applications dont work, the internet dont work and you think bitcoin will?
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Tom Pride said:
Actually no – I’m pessimistic about the future of Bitcoin. It’s too unregulated for governments to allow it to continue in its present form.
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disabilityservitude said:
I only save in bitcoin, its so much safer than putting cash in a bank. What has happened in Cyprus can happen anywhere.
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Tisme's Page said:
The problem is, for those of us on the very lowest incomes the “right to choose” has gone – you have no choice now BUT to have a bank account – everything has to be paid in to a bank. Its not just about monetary control, to get a bank account you need so many proofs of ID that for the VERY POOREST are just impossible to obtain, it means that your whole life is controlled.
That bank account is your “entitlement to society” – every transaction you make is open to scrutiny at any time. When you have people demanding your BANK STATEMENT as proof of identity, you are disempowered – no privacy – its just another way of keeping those who need such support “in their place”, Bitcoin is a utopian dream for these people, its a rich man’s plaything – not for real people who have very little to begin with,
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econotwist said:
Reblogged this on Rational Arrogance and commented:
…of course…
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