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Bitcoin: Bringing Alternative Banking to Heel

Bitcoin emerged shortly after the economic collapse of 2008. It was an attempt to keep business and trade going outside of banking credit restrictions and austerity.

Bitcoin emerged shortly after the economic collapse of 2008. It was an attempt to keep business and trade going outside of banking credit restrictions and austerity.

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Since the collapse of the world economy driven by the US housing bubble that burst in Sept-Oct., 2008, some small business entrepreneurs and their internet banking interests, sought to break free of the austerity that followed in the footsteps of big bank and insurance bankruptcy and their subsequent bailouts. A number of systems emerged from barter to virtual currencies like Bitcoin. The latter proved to be an increasing success, reviving many businesses that would have otherwise gone under the crushing demands of standard bank systems and the freezing of credit to the small entrepreneur. All enterprises “too big to fail” received bailouts from governments directed by big business and banks through their lobbyists. The military-industrial complex was thus spared to continue business mediated by war and genocide. The 99% were forced to foot the bill with massive foreclosures and job losses all over the developed and emerging world economies while big biz moved operations off-shore to continue their profiteering in places like India, China, Malaysia and Bangladesh.

Some people would not take austerity to bail out the elite lying down, and launched a revolution of sorts called Bitcoin and like services. Bitcoin started as a virtual currency for internet based businesses. It had similarities to Paypal, but differed insofar as no standard currency was the basis of operation in the beginning. It grew to the point where it began to trade on the stock market and be used at street level small businesses parallel to the greenback and other long established fiat bank issued notes. The difference is that Bitcoin operated entirely outside of the baking cartels, that is, until Bitcoin currency began to be exchanged for other bank fiat notes in open trade. That is where the big banks via the government stepped in. They froze and blocked all trade in Bitcoin, bringing businesses reliant on this currency to a halt. Bitcoin users were suddenly in the same position as Iranians who had their accounts blocked, frozen or terminated by the Toronto Dominion Bank (Canada Trust) due to an increasing level of sanctions against Iran promoted by the Canadian Government. From what has been detailed up to this point is that Bitcoin is now under investigation and all trading has been halted by the state. Bitcoin does not offer loans, credit of debit swaps nor charges interest or taxes. Nor is it involved in debt swaps, fractional reserve banking nor quantitative easing. It is not counterfeit. It is a straight up trading method.

The apparent moral of the story is that if you and your friends and associates start an alternative currency, be prepared for bank and government intervention if you become too big and a threat to the established financial order, especially if you interlink that with the standing fiat currencies of such long established banks. That is essentially what happened to Bitcoin that now prints its own coins and currency as well as running the online version. They were perceived as a threat to the standard banking protocol. As the World Bank, IMF and such international organizations saw the potential of an increasing threat, they took action through their hired legislators in the government to shut them down.

But, what they do to Bitcoin, they avoid in action against themselves with intense lobbying pressure. Today, this is particularly true of the $700 trillion; yes trillions; derivative market. Derivatives are the latest international scandal that threatens not only to create another burst economic bubble, but this would far eclipse anything hithertofore experienced in the sum of history. Derivatives do not have any real value in themselves, but are an investment scheme to shift real wealth from those who want to get rich quick by trading with what was once called junk bonds. When the real value of the junk bonds, that are essentially based on nothing but money pulled out of thin air is revealed, then the bonds crash, leaving the holder penniless. Attempts at regulating these have failed and the biggest Ponzi scheme rolls on with an inflated value well above the GDP of the entire planet. When this crashes, we could literally see the end of civilization as we know it. Bitcoin is a drop in a vast ocean compared to the unregulated derivative scandal and yet it is Bitcoin that is stopped in its tracks by the government and not the highly risky and dangerous derivatives super bubble.

There are whole countries that are under such shut downs; being N. Korea, Iran and Cuba. None of them are under direct control of the international banking cartel managed in large by the Rothschild family. Further, Cyprus raided savings accounts to bail themselves out and the Canadian government has drafted legislation to allow Canadian banks to do the same to their own customer's savings accounts. As this can be done within the banking sector, is it any wonder that they would not freeze Bitcoin transactions? Bitcoin in the “land of the free and the brave” is now itself under a kind of sanction, telling all of us, “If you try something like this that threatens the status quo, expect the same kind of treatment as received by Bitcoin, N. Korea, Iran and Cuba”. The solution then is not to do a Bitcoin action, as this will ultimately get the company planet boss after you, but to take the necessary steps required in a world revolution to end this kind of domination where the productive energies of the working people are siphoned off in a permanent and escalating debt spiral driven by interest. Bitcoin founders and users attempted to escape austerity by working within the corruption of capitalism and succeeded in bringing down the wrath of the boss. There seems little doubt that the founders at least, would be labelled as terrorists in their bid to correct capitalism from within.

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Susette Horspool from Pasadena CA on September 02, 2013:

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Bitcoin made its mistake by joining the stock market. The stock market is the tool of the bank cartels and is under their control. There are many other alternative systems still thriving that are staying away from the stock market, and are printing their own money or operating completely without money.

William J. Prest (author) from Vancouver, Canada on June 03, 2013:

We will see how far this rabbit hole goes. The Rothschild banking empire will not give up so easily. They have destroyed whole countries to get hegemony. The latest was Libya! The Crime? Qaddafi wanted a pan African economic union based on the gold standard.

Technologov on June 03, 2013:

Sorry to burst your bubble, but Bitcoin is immortal in the same way as the Internet is immortal. It is impossible to shut it down. What they did is cut off Mt.Gox Bitcoin exchange off exchanging for the fiat U.S. dollars.

Since Bitcoin users don't care about fiat (political) currency very much, we keep trading among ourselves with Bitcoin.

Soon the majority of my wealth will be stored in Bitcoin.


amillar from Scotland, UK on May 21, 2013:

I've never been the sharpest tool in the box, but I always expected something like this. Another scenario I expected was that the world owners would let Bitcoin succeed, and then usurp it. (I worry about myself; maybe I've a criminal mind.)

Thanks for another interesting essay BTW.

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