By Micha L. Rieser (Own work) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
I have just arranged a holiday abroad. To help with my decision making I went on a virtual trip to look around the place, courtesy of Google, investigating the towns, restaurants (plus their menus!) and places of interest that are 1700 miles and 4 hours flying time away. I also had a video call to the owner of the place where we are staying to fine tune transfers and other ‘hygiene’ details.
The internet has changed forever the way we live our lives from just 10 short years ago, as it lifts the veils of distance and communication that, for millennia, have kept the world outside our own immediate vicinity a mystery. This is truly evolution at work, as we recognise and adopt this new world, lacking any desire to return to what existed before.
In the same way that human ingenuity has enabled our computers to ‘talk to and see’ each other through the wonder of Skype, and at little or no cost, so that same ingenuity has enabled us to create our own money. ‘Cryptocurrency’ is the jargon for this phenomenon and it has taken off across the Planet as people, and now growing numbers of corporations, adopt it as a means of trading.
What the banks have turned into an international monopoly is now under threat, causing serious concerns to no less an august body than the Federal Reserve. A recently alleged Whistleblower post on Reddit* stated that Fed governors are ‘highly alarmed’ that Bitcoins has the potential to completely displace the dollar as early as 2021. The cause for concern obviously being that this vast technological monetary system will leave the Fed, US government and ‘other entities’ with much less control over our species.
So concerned are the Fed that, according to the Whistleblower, they commissioned in depth modelling projections of the growth of Bitcoins which showed a tipping point of dominance by between 2021 and 2026. The completed report was then poured over for three days, as a ‘highly alarmed’ Board of Governors sought to understand every nuance of how this could happen. Why such alarm. Well, we are not just talking about healthy competition for existing business but something of far greater importance and significance . . . who runs this Planet!
Whilst there is much doubt and controversy surrounding a famous quotation allegedly from Nathan Rothschild “The man who controls Britain’s money supply controls the British Empire, and I control the British money supply” the sentiment is profound, as has been born out since with a world now held to ransom by incalculable volumes of debt.
It is understandable therefore that there is a sustained attack upon the viability and credibility of this aspiring money supply. Its viability, I would suggest, has already been established and hence the concern. Its credibility also has much to be lauded and encouraged as accusations made by the banks, that it is the haven for criminals, ironically mirror back the activities of those same banks. Stories abound of bank branches taken over by the Mafia to launder their elicit gains. And let us not forget that whilst Bitcoins produces money from thin air, in exactly the same way our banks do, they do it at a fraction of the cost!
I would also argue that Bitcoins operates in a similar fashion to Amazon, EBay and other trading platforms, where the integrity of the users is constantly under scrutiny by the other users. Any abuses can be quickly identified and acted upon by exclusion from ‘the club’. Whilst there may be abuses by users, abuse by the purveyors of the service is scant compared to what we have experienced with our current baking system. Over the last decade this abuse has led to a severely impaired monetary system now awash with debt.
I believe so much more is at stake here, as what has become the greatest oppressor of Society is now challenged by the new world of technology. Imagine a world in which we each create our own money and trade with each other in an environment of integrity, where any devious practices are given short shrift because everything is so transparent, as it is with EBay etc. With the current momentum of our evolutionary progress it could happen within 5 short years. Again look at what has happened in the last 10 years!
Above all else I make an impassioned plea now to all users of social networks, voters and consumers. Don’t be swayed by the broadsides of the banks as they try to shoot this competition out of the water. Whatever they accuse Bitcoins and the like of, they are either guilty or capable of themselves and something they have proved conclusively over recent years. They could well start their own version of Bitcoins and it would then be up to us to decide if there is sufficient credibility there to support a new venture by the current banking system.
For my part I believe we are seeing a major and fundamental tipping point here that will free Society from an oppression it has endured for too many years now. We owe it to ourselves to believe in our new found skills and make that leap of faith that will empower us to produce and support our own currencies for our own benefit. What an exciting challenge, what an exciting future, recognising we will not be returning to the past.
Until the next time
Thinking from his book: Global Magna Carta. Returning Power to the 99% . . . If They Want It! By J T Coombes
*See the full article here: http://www.activistpost.com/2014/08/federal-reserve-highly-alarmed-after.html