"We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers. As a medium of exchange, Bitcoin has clear potential for growth, in our view."
Actually, the Bitcoin protocol has more potential than merely rendering the banks and Wall Street obsolete. It could become the global ledger of companies, stocks, contracts, patents, insurance and so on without the need for paper pushers in the middle. This protocol changes everything. The sooner you comprehend that, the better for you and for society. But that's a whole other article.
But where the story gets downright surreal is that as the FT reports, the same symbolic Bitcoin token issued by the Royal Mint "would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse." In brief: a perfect, and utterly incomprehensible, fusion of (opposing) hard, soft and digital currencies all rolled into one...
“It was night, and the rain fell; and, falling, it was rain, but, having fallen, it was blood.” These words of Edgar Allan Poe (1) apply perfectly to the slow process of global dislocation now in progress, where seemingly innocuous events – like the “rain” – combine to undermine the foundations of an international system that is dying, hence the “blood.
There are always Options. We have had enough and got up off our knees and taken control of our own lives again. We are not professionals, just honest! If you need to talk – we can listen and due to our self-education we can tell you how we have taken back our lives. We are not now and never will be slaves.
The reality is that banks are gearing up for a Cyprus style scenario, where even your own finances are held captive by the mega banks through either regulation or orders from the top.
Specifically, the mega banks absolutely hate cash payments and deposits, because they deal only in debt-based digital numbers on a screen. I would encourage everyone to immediately transfer their finances out of Chase bank, but don’t expect a lengthy delay in this policy when it comes to infiltrating the other mega banking establishments.
There was just a little over $800 billion of base money in existence before the crisis in 2008… that’s 200 years worth of currency creation… So that’s 0.8 trillion… now we create a trillion every year… that means we’re creating more than 200 years of currency every single year.
Creditor attorneys have repeatedly speculated they expect Orr’s plan of adjustment to mirror the June 14 proposal he offered creditors to avoid bankruptcy. That deal proposed giving unsecured creditors such as pensioners and bondholders a $2 billion note for $11.5 billion in estimated debts — or less than 18 cents for every dollar owed.
“We have a massive bubble everywhere, from Japan, to China, Europe, to the UK. As a result of this, I think world financial markets are extremely dangerous, unstable, and subject to serious trouble and dislocation in the future.”
China just dropped an absolute bombshell, but it was almost entirely ignored by the mainstream media in the United States. The central bank of China has decided that it is "no longer in China’s favor to accumulate foreign-exchange reserves".
The Pentagon is the only federal agency that has not complied with a law that requires annual audits of all government departments. That means that the $8.5 trillion in taxpayer money doled out by Congress to the Pentagon since 1996, the first year it was supposed to be audited, has never been accounted for. That sum exceeds the value of China’s economic output last year.
A former Federal Reserve employee responsible for managing the agency’s quantitative easing program has written an op-ed apologizing for what he called “the greatest backdoor Wall Street bailout of all time.”
The events unraveling post Bernanke’s decision not to taper QE is most significant because it confirms our analysis that the banking crisis has not been resolved in any significant way after five years of money printing and massive asset inflation. The fiat money system has but one outcome – total collapse. It will also mean the demise of the global US dollar reserve currency.
The number one American export is U.S. dollars. It is paper currency that is backed up by absolutely nothing, but the rest of the world has been using it to trade with one another and so there is tremendous global demand for our dollars.
So, what the real news of today is not that JPM is selling its gold vault, we knew that two months ago, or that it is outright looking to exit the physical commodities business, that too was preannounced. What is extremely notable is that in one very quiet transaction, China just acquired the building that houses the world's largest gold vault.
Why? We don't know. We do know that China's gross gold imports from Hong Kong alone have amounted to over 2000 tons in the past two years. This excludes imports from other sources, and certainly internal gold mining and production.
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