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JPMorgan CEO
Jamie Dimon's recent statement about Bitcoin could be considered the
official war declaration on the digital currency by the global
financial mafia.
Dimon's
remarks
were quite impressive:
"It's
worse than tulip bulbs. It won't end well. Someone is going to get
killed," Dimon said at a banking industry conference
organized by Barclays. "Currencies have legal support. It
will blow up." Dimon also said he'd "fire in a
second" any JPMorgan trader who was trading bitcoin, noting
two reasons: "It's against our rules and they are stupid."
One probably
can't tell what is worse: Dimon's audacity, cynicism or hypocrisy? A
top executive of the Wall Street syndicate that caused the great
financial crisis of 2007-08, as well as endless other financial
bubbles, while rescued by the US state with billions of taxpayers'
dollars, speaks about 'legal support'!
But beyond
that, what's probably even more impressive, is that Dimon essentially
admitted what the establishment apparatus would probably describe as
'conspiracy theory' until now. Therefore:
- Speaking about 'legal support', Dimon actually admitted that the banking mafia fully controls every government at least in the neoliberal West. Under the legitimacy provided by the parliaments in Western democracies, the financial criminal syndicate secures the monopoly of money supply and fully controls the circulation of currency. At the same time, governments obey to the neoliberal perception of the 'free market' fairytale, in order to justify more and more deregulation of the financial system in favor of the banking cartels.
- As a consequence, Dimon clearly revealed banksters' agony that they could lose the monopoly and absolute control of the global currency circulation by Bitcoin or other cryptocurrencies.
The war was
verified by the fact
that “Bitcoin fell to its session lows after Dimon's comments.
As of 3:01 p.m. in New York, bitcoin traded at $4,106.23, down 2
percent.”
And it
didn't stop there. As MarketWatch
reported, “Bitcoin and other digital currencies have been
getting absolutely toasted in recent trading, with some wondering if
withering criticism from Wall Street heavyweights, like J.P. Morgan
Chase’s CEO, and growing regulatory scrutiny in China have finally
combined to exact a punishing, and lasting, toll on one of the most
bubblicious segments of finance. On Thursday, the value of a single
bitcoin was down about 14% at $3,349, compared with around $5,000 in
early September and representing a roughly $27 billion loss of market
value in the world’s No. 1 cryptocurrency, according to
digital-currency site Coinmarketcap.com. Ether tokens, the
second-most popular digital currency, were down 17% on the day at
$230 in recent action. That equates to a loss of more than $16
billion in total value for the currency running on the Ethereum
blockchain.”
Why Dimon
has chosen to declare war now?
One possible
explanation could be related to a recent
statement made by the Head of the Russian Direct
Investment Fund (RDIF), Kirill Dmitriev, that the BRICS are
considering to create their own cryptocurrency for the purposes of
global commerce.
Such a move
could help BRICS to decouple economies from the Western neoliberal
monetary monopoly, even faster. With the technology of more powerful
computers in close future that could 'mine' cryptocurrencies at much
faster rate, the number of people who will choose to abandon
traditional currencies may rise rapidly. Those who will set-up such a
de-centralized financial system, will gain a great advantage against
the obsolete system of traditional currencies controlled by central
banks.
Even entire
countries may choose to jump into the new system, in order to escape
from the monopoly of the Western hard currencies. The most
characteristic example is Greece. Many in Greece are considering
Bitcoin and other alternative currencies as a solution against the
monetary dictatorship of the ECB.
Recall that,
with the rise of SYRIZA in power, and the ECB was
forced to proceed in an open
financial coup against Greece
when the current PM, Alexis Tsipras, decided to conduct a referendum
on the catastrophic measures imposed by the ECB, IMF and the European
Commission, through which the Greek people clearly rejected these
measures, despite the propaganda of terror inside and outside Greece.
Due to the direct threat from Mario Draghi and the ECB, who actually
threatened to cut liquidity sinking Greece into a financial chaos,
Tsipras finally forced to retreat, signing another catastrophic
memorandum.
All the
above could explain to a significant degree why Dimon and his
'buddies' have declared war on Bitcoin. Yet, simultaneously prove
that Bitcoin and other cryptocurrencies should become completely
independent from the system of the dominant traditional currencies in
order to survive and prevail.
The mining of crypto-currencies is the manufacturing of pure waste:http://cobblehillbilly.blogspot.com/2016/07/the-glib-shit-that-is-bitcoin.html
ReplyDeleteFiat money costs next to nothing to produce while the crypto-currencies rely an huge, environmentally destructive energy wast as their commodity peg to "real wealth" but in fact are pegging themselves to pure waste.
Popularly, democratically controlled fiat money systems are the most efficient, the trick is to take back control from the Mafia: the money isn't the problem, its who controls it that is.
Thanks, that was a really cool read! breaking Bitcoin News
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