In a world of corrupt banking practices filled with fraudulent activity, fractional reserve banking, quantitative easing, and too-big-to-jail banks like HSBC, it is great to know we can vacate corrupt systems with Bitcoin.
HSBC, Modern Banks ‘Too Big To Jail’
One of the biggest scams these days is the traditional central banking system we have here on planet earth. In fact, it is so corrupt bankers never get in trouble while they rob people in the wide open. A recent congressional report called “Too Big To Jail” shows how the Obama administration’s Justice Department (DOJ) would not prosecute HSBC because they thought it would cause market turbulence.
Bureaucrats always point out that cryptocurrency allows people to hold a Swiss bank account in their pocket because they don’t want the taxman to pillage their assets. But ironically, nothing happens to big banks like HSBC when they are found laundering millions of dollars.
At the same time, Obama is quick to point out that people should not be encrypting their phones and shouldn’t secure their wealth with cryptocurrency without prying eyes. Yet his Justice Department would not prosecute HSBC because they believed it would cause a “global financial disaster.”
The primary reason why HSBC’s crime got swept under the rug is because the Chancellor of Exchequer, the UK’s chief financial minister George Osborne intervened in the investigation by writing a letter to the Federal Reserve Chairman Ben Bernanke. The letter states that charging HSBC with financial crimes would, in turn, have “very serious implications for financial and economic stability, particularly in Europe and Asia.”
Moreover, the Justice Department’s Eric Holder also played his part in the matter deferring criminal prosecution. The congressional report reads:
Senior DOJ leadership, including Attorney General Holder, overruled an internal recommendation by DOJ’s Asset Forfeiture and Money Laundering Section to prosecute HSBC because of DOJ leadership’s concern that prosecuting the bank would have serious adverse consequences on the financial system.—The involvement of the United Kingdom’s Financial Services Authority in the U.S. government’s investigations and enforcement actions relating to HSBC, a British-domiciled institution, appears to have hampered the U.S. government’s investigations and influenced DOJ’s decision not to prosecute HSBC.
The Counter-Economics Movement
It may seem that since the banks will never face prosecution, citizens of the globe are hopeless. But that’s not the case. Thank goodness Bitcoin is around, allowing individuals to grasp the attributes of counter-economics to starve the central banking beast slowly. It’s not going to happen overnight but in time the nation state and their banking system is becoming less and less relevant.
We can already see this happening with cryptography, encryption, and decentralization becoming popular methods for societal advancement. This includes the creation of decentralized marketplaces, transparent info from whistleblowers being leaked, trusts and settlement services all without the need for third party intrusion.
Global citizens can hold the banks accountable by vacating the promissory notes they disperse and by not using the traditional banking methods of today by embracing technological decentralization and open standards. Bitcoin and many innovations are here to help us do that and starving the beast of its funding is fundamentally the best way to do so. The banks are noticing nearly every day that more customers are leaving and opting out of the traditional systems. Financial technology and cryptocurrency solutions are prospering because global citizens want privacy, less friction and are tired of exuberant fees placed on banking customers.
Finding out about HSBC’s criminal activity is nothing new, as many banks have gotten away with robbing the public many times before. Seeing that they will never be held accountable should not be a surprise, either. But something can be done by teaching our kids and peers alternative methods such as motto from the group Vacate Wall Street, which says, “every day, put another dollar into Bitcoin, Gold or other alternative currencies until the banks are empty.”
Opting out of the traditional banking system is not easy and its going to be a long road. Many of the advances within society will not come to fruition until our children and grandchildren get involved. Teaching children the benefits of counter-economics is key because they will be the ones who vacate legacy systems in vast numbers. Those who opt for alternatives such as Bitcoin, decentralized platforms, peer-to-peer networks, and open source standards are laying the initial groundwork for the youth.
What do you think about the banks being too big to jail? Let us know in the comments below.
Images courtesy of Pixabay, Associated Press, Vacate Wall Street, thedailybeast.com