Dean Walsh
RINF Alternative News
“Central bank liquidity injections have hardly any historical equivalent and act insidiously like morphine; the stock exchanges move inversely proportional to countries health; finance and derivatives are completely out of control; the West and the US in particular are trying to hide their disastrous situation through benchmark signals which no longer say anything (like the unemployment numbers)…” – http://rinf.com/alt-news/breaking-news/overheated-financial-planet-world-political-chaos-shadow-banking/
Many ordinary people are now starting to think that the financial crisis is behind us, and the global economy is returning to business as usual. In actual fact, this couldn’t be further from the truth. The economy is teetering precariously over the edge of a debt cliff and stock markets despite the fact that it feels as if we are only just emerging from the gloom, the stock markets are nearing the peak of a classic bubble — the likes of which are always followed by a painful crash.
But is there anything we can do about it? We have so little control over the financial system. Even our elected governments have very little real power over what is happening, as everything is controlled by a small cabal of powerful bankers and financial traders.
Some people believe that there is something we can do — that digital currencies such as Bitcoin (http://bitcoin.org) and NoFiatCoin (http://nofiatcoin.com) are the answer to wrestling back control from the banksters and returning the global financial system to sanity.
For many people the root of all our financial troubles lies with central banks like the Federal Reserve, and with the elite levels of the wider financial services industry in general. It is the secretive world of high finance, in which a small number of people conspire to control the markets, where the global economic crisis began. And it is the central banks issuing huge amounts of new money to pay for these people’s mistakes, by created massive amounts of government debt (which is how fiat money always works, but has been done on a much grander scale recently), which has led us to our current predicament. This is precisely why many see digital currency as the solution — because it present the opportunity to lessen our dependence on fiat money and create a new peer to peer financial system in which the traditional banks, and the central banks in particular, have vastly reduced power over our economy and our lives.
With digital currency, the Federal Reserve (which incidentally is a for-profit enterprise not a public service) has no power to create currency and push the people further into debt. Building on this the Ripple protocol, which can be used to receive, spend, or trade in any currency (digital or fiat), is aiming to create a new decentralized banking system which will take power away from the trading floors of big banks where gamblers move billions of dollars at a time, and give it back to the people. The newest digital currency, known as the NoFiatCoin, has adopted the Ripple network as the basis for a new ‘alt coin’, and hope to improve on the proof of concept provided by Bitcoin with a new currency offering the security of being backed by real gold and silver, instant transfers (Bitcoin can take an hour or more sometimes), plus lower and more predictable fees (Bitcoin fees are calculated based on the size of a transaction in data, and most people don’t know what that will be in
advance).
It is still very early days for these digital currencies, but there is no denying that they have the potential to wean us off our unhealthy dependence on a tiny banking elite who do not have our best interests at heart. Some say they could also end inflation, lead to cheaper financial services, and even enabled individual consumers to take a slice of the massive profits currently being eaten up by the banking elite.