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Banksters officially declare war on Bitcoin!

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JPMorgan CEO Jamie Dimon's recent statement about Bitcoin could be considered the official war declaration on the digital currency by the global financial mafia.


Dimon's remarks were quite impressive:

"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up." Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid."

One probably can't tell what is worse: Dimon's audacity, cynicism or hypocrisy? A top executive of the Wall Street syndicate that caused the great financial crisis of 2007-08, as well as endless other financial bubbles, while rescued by the US state with billions of taxpayers' dollars, speaks about 'legal support'!

But beyond that, what's probably even more impressive, is that Dimon essentially admitted what the establishment apparatus would probably describe as 'conspiracy theory' until now. Therefore:

  • Speaking about 'legal support', Dimon actually admitted that the banking mafia fully controls every government at least in the neoliberal West. Under the legitimacy provided by the parliaments in Western democracies, the financial criminal syndicate secures the monopoly of money supply and fully controls the circulation of currency. At the same time, governments obey to the neoliberal perception of the 'free market' fairytale, in order to justify more and more deregulation of the financial system in favor of the banking cartels.

  • As a consequence, Dimon clearly revealed banksters' agony that they could lose the monopoly and absolute control of the global currency circulation by Bitcoin or other cryptocurrencies.

The war was verified by the fact that “Bitcoin fell to its session lows after Dimon's comments. As of 3:01 p.m. in New York, bitcoin traded at $4,106.23, down 2 percent.

And it didn't stop there. As MarketWatch reported, “Bitcoin and other digital currencies have been getting absolutely toasted in recent trading, with some wondering if withering criticism from Wall Street heavyweights, like J.P. Morgan Chase’s CEO, and growing regulatory scrutiny in China have finally combined to exact a punishing, and lasting, toll on one of the most bubblicious segments of finance. On Thursday, the value of a single bitcoin was down about 14% at $3,349, compared with around $5,000 in early September and representing a roughly $27 billion loss of market value in the world’s No. 1 cryptocurrency, according to digital-currency site Coinmarketcap.com. Ether tokens, the second-most popular digital currency, were down 17% on the day at $230 in recent action. That equates to a loss of more than $16 billion in total value for the currency running on the Ethereum blockchain.


Why Dimon has chosen to declare war now?

One possible explanation could be related to a recent statement made by the Head of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, that the BRICS are considering to create their own cryptocurrency for the purposes of global commerce.

Such a move could help BRICS to decouple economies from the Western neoliberal monetary monopoly, even faster. With the technology of more powerful computers in close future that could 'mine' cryptocurrencies at much faster rate, the number of people who will choose to abandon traditional currencies may rise rapidly. Those who will set-up such a de-centralized financial system, will gain a great advantage against the obsolete system of traditional currencies controlled by central banks.

Even entire countries may choose to jump into the new system, in order to escape from the monopoly of the Western hard currencies. The most characteristic example is Greece. Many in Greece are considering Bitcoin and other alternative currencies as a solution against the monetary dictatorship of the ECB.

Recall that, with the rise of SYRIZA in power, and the ECB was forced to proceed in an open financial coup against Greece when the current PM, Alexis Tsipras, decided to conduct a referendum on the catastrophic measures imposed by the ECB, IMF and the European Commission, through which the Greek people clearly rejected these measures, despite the propaganda of terror inside and outside Greece. Due to the direct threat from Mario Draghi and the ECB, who actually threatened to cut liquidity sinking Greece into a financial chaos, Tsipras finally forced to retreat, signing another catastrophic memorandum.

All the above could explain to a significant degree why Dimon and his 'buddies' have declared war on Bitcoin. Yet, simultaneously prove that Bitcoin and other cryptocurrencies should become completely independent from the system of the dominant traditional currencies in order to survive and prevail.

Comments

  1. The mining of crypto-currencies is the manufacturing of pure waste:http://cobblehillbilly.blogspot.com/2016/07/the-glib-shit-that-is-bitcoin.html
    Fiat money costs next to nothing to produce while the crypto-currencies rely an huge, environmentally destructive energy wast as their commodity peg to "real wealth" but in fact are pegging themselves to pure waste.

    Popularly, democratically controlled fiat money systems are the most efficient, the trick is to take back control from the Mafia: the money isn't the problem, its who controls it that is.

    ReplyDelete

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