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At a European Parliament meeting in 2013, British politician Godfrey William Bloom said that all major banks are broke and criticized the ability of banks to lend money they do not have, which is not possible with decentralized currencies like crypto.
At the time, Bloom stated that the ability of central banks to print and distribute artificially created money by way of quantitative easing, or printing of new money, has led to a creation of a heavily manipulated financial system.
Just a little more than five years ago, Bitcoin, the most dominant cryptocurrency in the global market, was valued at less than $100. At the time, due to the lack of usage of Bitcoin and cryptocurrencies in general, there were no viable alternatives to cash or fiat money that businesses and individuals could rely on.
Politicians including Godfrey Bloom expressed serious concerns towards quantitative easing, a system of printing new cash, as it provided central banks significant leverage over the economy and the global financial system.
He emphasized that both fractional reserve banking and quantitative easing are criminal operations which if done by any regular business or individual is considered unlawful.
As seen in the isolation of Iran from the global banking system called SWIFT by the US, when central banks have absolute control over the world’s financial network, then it becomes possible for several dominant economies to censor payments.
Professor Steve Keen, an economist at Kingston University, said, “the USA is big enough to bully what should be an impartial means for monetary transactions between countries. This should not be possible.”
Through the form of crypto, an alternative system to the global banking system and central banks has become available to individuals, organizations, and governments, and several countries including Iran have started to explore ways to utilize decentralized systems to process cross-border transactions.
Already, major banks like Deutsche Bank have begun to struggle with their finances, and some countries have opted to test cryptocurrencies as an alternative to central bank-controlled fiat currencies.
In the long-term, if Europe and other regions pursue with their pending plans to create several financial networks independent of the US, the transition could naturally lead to consensus currencies like crypto.
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Article by https://www.ccn.com/
Since then, Blockchain Technology has also come to the fore. With this innovation, many if not all sectors of business, community and government, should they implement it, will have a positive impact globally. Due to Blockchain's transparency and immutability, there is no room for fraud, error or just plain coverups and control we are seeing and experiencing.
With this Technology, we now have the opportunity to make the world a fairer place, giving back basic human rights to people and any governmental agency or Banking Conglomerate that refuses to embrace it will not survive.
Deb Williams
Markethive Associate & Entrepreneur
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