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The modern world system that leveraged polarized social existence (slavery, colonialism, racism, sexism, creed, etc.) to mercilessly exploit nature as if there is no tomorrow (unsustainable), all facilitated by the fraudulent system of money (fractional reserve banking) is coming to an end. Undeniably, in its over half a millennium of existence, the system managed to deliver a whole lot to the dominant species, at the expense of the planet’s life support systems. Exploitation and competition were and still are its core values. Dominant interests consider these two pillars of modernity as sacrosanct. The amalgam is appropriately called the ‘animal spirit’, not the human spirit, and is nothing more than an unadulterated greed!
Complexity requires plenty of organizing/ordering energy to keep it going, hence is prone to collapse at the slightest perturbation. This is just another way of stating the thermo-dynamical notion of entropy. Therefore and as a corollary, modernity, as pursued by capital, can never be reconciled with the finiteness of our planet’s resources. Fraudulent and narrow-minded institutions, like modern banking, are at the heart of this built-in irrationality. It seems humanity has now reached its climax with the help of such unsustainable monstrosities/institutions, so to speak. Signals are coming from all corners of the ecosystem warning us of fast approaching catastrophic collapse. Enlightened individuals have started to investigate alternative dynamics to replace the numerous shortcomings of the existing system. Amongst these subversive dynamics, we will examine developments involving the world of money (cryptocurrencies) and the thrust for all rounded decentralization (block chain)! Let us look at the two main problems associated with the current global regime of money.
The first one is modern banking’s unhealthy centralization, which hardly allows for transparency and accountability, both locally as well as internationally. For example, the meetings of the BIS in Basel (Switzerland) take place regularly with the utmost secrecy. The Bank of International Settlement (BIS) is a private entity that acts as the Central bank of the world money system. It is a central bank with a capital C. BIS is called the ‘central bank’ of the central banks and has as its members, the heads of the most powerful central banks of the world, like the US Fed, Bank of England, etc.! The second problem associated with the current system of banking is its fraudulent nature. In fact, it is because of its very fraudulent principles secrecy abounds in all of its operations. Modern banking’s unlimited capacity to create money (via debt) out of thin air fuels the destruction of nature. By and large, what we assume to be development is actually unsustainable development! This fraudulent feature of banks tends to attract the parasitic elements of humanity and is totally usurious, to use a religiously tainted word. Banking benefits characters tenaciously attached to the money spigot, (connected to the political class), while the working stiff (the majority of the people in the world) suffer the inflationary consequences of this lunacy! This is how the parasitic wealthy are continuously minted today, everywhere on the planet! Since injustice breed resistance, we are currently witnessing the ascendance of a new and more equitable system of banking across the globe!
The enlightened segment of the global population, with the help of the new informatics is challenging the above gross inequity. Currencies are being created within the web that are trying to serve both as medium of exchange as well as store of value, at least to some extent. Currently there are about 800 cryptocurrencies in the offing all over the world. See the articles next column, on page 44, 45 & 46. ‘Bitcoin’ is currently the most popular cryptocurrency around. All of the cryptos aim to eliminate centralization and phony money creation, which are the sources of social polarization and nature destruction. This is a huge challenge, considering the whole exercise is being done outside of the states’ grip! The callously manipulative bankers and their beneficiaries certainly do not like these new developments. Whether the project to empower earned money as opposed to phony money (created by fiat) will succeed or not is something that remains to be seen. In light of the fierce opposition by the world of fractional reserve banking and its petulant states against empowering cryptos, the unfolding battle between liberation and subjugation is bound to be interesting!
‘Bitcoin’ started out as an inflation fighter. There is a limit to the number of bitcoins ultimately to be issued. In the current set up that number is 21 million bitcoins. It is expected the crypto system will reach that figure by the year 2140!‘A satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoin, one hundred millionth of a bitcoin.’ The crypto creator/s who call herself/himself/themselves, ‘Satoshi Nakamoto’is/are still at large, so to speak! Thanks to the cryptos, one of the crimes of current banking, namely the dilution of hard earned money by counterfeit money, compliment of fractional reserve banking, will be avoided. Additionally, all the cryptocurrencies are designed in such a way as to avoid central control, i.e., control by the few, which always give rise to abuse and corruption. A lot need to be refined before cryptos dominate the world of money. One thing is for sure; this new concept has started to attract the world’s best and brightest (mathematicians, software engineers, etc.) hence, improvements are being made on a daily basis. The days of phony money and blood wealth are numbered. Expect the status quo to cry foul. Dominant interests will try to regulate or even disallow the use of independent cryptos, but that will not be easy, like the Internet!
‘Fiat money is currency, which derives its value from government regulation or law. The term derives from the Latin fiat (“let it be done”, “it shall be”)’ (Wikipedia.)The ethical bases of cryptos cannot be negated any longer, particularly in a time when the global sheeple is accelerating its march towards liberation. 2017 is becoming as interesting as 1917! Here is one of the world’s computer gurus on cryptos: “No matter how much government and regulators may scream and complain, there will be a world standard alternative currency. Bitcoin appears to be the one… It cannot possibly be a bubble.” McAfee. Good day!