Having been a Wall Street banker myself, unless you are a member of the ruling elite, I know that the centralized global financial system is an economic control grid. The European Union is a control grid under a control grid. Great Britain discovered that and are beginning to remove themselves from this grid, but the member nations still withing throws of this regional tyranny are facing new propaganda designed to control the future of money. A new Eurozone attack on Bitcoin is in the planning stages, and here are the details.
Never met a central bank that liked a decentralized currency
The current central banking system, which is essentially global in nature, is great, if you like things like endless national economic debt and banker bail-outs, or bail-ins, depending on what country and bank it is that needs a mulligan. With an entire continent under regulatory capture, and a license to literally print money, the European Central Bank (ECB) still feels the need to attack “virtual currencies” (Bitcoin) in a new missive released on Tuesday.
Check this out. The ECB received requests from the Council and the European Parliament in both August and September for an opinion on how to prevent the financial system from money laundering and terrorism funding. In this official ECB response, the first thing out of the ECB’s response, Subsection 1.1, is “Regulation of virtual currency exchange platforms and custodian wallet providers?”
Hiding behind the guise of terrorism funding and money laundering, this is their official stance on what seems to be Public Enemy #1, usage of Bitcoin:
The number of holes in this opinion is impressive. Registering exchanges create an extension of the control grid, a power grab, that is important to see. What if Bitcoin catches on in a big way? Do you think regulations from the establishment will get easier or harder? Will licenses be impossible to come by, like in New York with “BitLicense,” where only one major company (Circle) has secured a BitLicense? The BitLicense was a power play to force Bitcoin and related businesses out of the state, and it did its job beautifully.
Regarding the use of Bitcoin for money laundering and/or terrorism funding, the United Kingdom’s HK Treasury did an exhaustive review, almost exactly one year ago, of the financial sources for money laundering and terrorism funding. What did they find to be the #1 source of these funds used illicitly? Banks! By a factor of 2:1 over any other direct source of funding. What was the least-used source? Digital Currencies. Banks were found to be almost 7X more likely to fund terrorism than Bitcoin. Don’t think the ECB doesn’t know about this study.
Finally, yes, Bitcoin is limited by its underlying network. There is less than 410 Billion USD in the entire global Bitcoin system. The #1 terrorism funding source, being “banks,” have almost infinite funds, and through wires can move more money overall than Bitcoin ever could, just based on economic value available. So either the ECB is willfully ignorant of how Bitcoin is used or endlessly corrupt and looking to game an already rigged system even further.
One more fallacy to reveal. Japan, as we have already reported, has approved Bitcoin, or digital currencies,” as money on par with their own Japanese Yen, but the hit piece also attacks the concept of Bitcoin as money and mistakenly lists Japan as a country looking to legislate against Bitcoin.
So what is the point, besides the ECB either doesn’t know what they’re talking about or is incredibly corrupt? When it comes to lawmaking in the E.U., but most likely in any country on Earth, the one with the money makes the rules. The Council and the European Parliament, twice, asked for the ECB’s opinion on how to solve crime, and they got the answer that Bitcoin is the #1 financial legislative problem in the E.U., (What a shock! A central bank attacking a decentralized currency through backdoor regulations? The hell you say!)
So tell me how E.U. regulations on Bitcoin, which we have gone over previously, are gonna turn out in 2017? This also clearly reveals the fact that the ECB is afraid of Bitcoin and is using their leverage to kill any potential decentralized competition in the future. The upcoming regulations will not serve the citizens of the E.U., but they should serve the banks of the E.U. pretty damn well.
Kinda like the entire E.U. concept as a whole, huh? At least they’re consistent.