A GROUP of senior MPs last week asked the government to establish a public inquiry into the nation’s £200bn household debt crisis.
The request sounds incredibly worthy, but it underlines how asleep at the wheel our legislators really are.
For the truth is that if so many MPs were not so economically illiterate they would realise there is no need for such an inquiry at all, since the cause should be obvious.
In fact the pressure group Positive Money has been banging on about this issue for some years, attempting to raise awareness – and action – among our parliamentary representatives.
But like the three wise monkeys it seems a majority of MPs has not wanted to see it, hear it or speak about it, let alone do anything to put it right.
Possibly this is because most MPs – along with most journalists, for that matter – do not understand the problem. Or maybe it is just one of those issues that is too easy to put straight into the ‘too hard’ basket.
Back in 2014 Positive Money conducted a random poll of 100 MPs about our monetary system, only to discover that 90 per cent of them either did not know or believe the fact that banks can create credit at will. Out of nothing.
Continue reading “Britain’s debt crisis and why the economic illiteracy of MPs is a national security issue”
SO JP Morgan’s CEO Jamie Dimon has told us he regards the cryptocurrency Bitcoin as a fraud, and that he will fire any of his employees who are caught trading in it.
In much the same way that turkeys would argue Christmas dinner is a terrible feast, Dimon is deriding what is actually a brilliant technological innovation that threatens to transform the banking sector for the benefit of consumers and society at large.
It could also help make the worlds of finance and public spending generally more honest and less corrupt.
But before we examine the virtues of Bitcoin – both the currency and the network that supports it – let us not forget that Dimon is well qualified to talk about fraud. While he is revered by a fawning mainstream media as one of the smart guys in the room, his bank is also one of the most criminal enterprises on the face of the planet and one of the most bailed out.
It has been hard to keep count of the felonies committed by ‘the Morgue’ over the years, but one can only imagine that if executives like Dimon (pictured) were properly punished for the offences their organisations committed – instead of being served meaningless, easy-to-pay fines – this guy would be on death row. However, there is little hope of ever seeing Jamie Dimon in an orange jumpsuit, or for that matter any of the CEOs of our endemically criminal and parasitic too-big-to-fail banks, since white-collar crime within them is now routinely ignored by weak and corrupted regulators and politicians for fear of sparking another global financial crisis.
The rule of law no longer applies to these people, but it seems the universe is serving up its own kind of justice courtesy of Bitcoin, a cryptographic currency invented in 2009 by the pseudonymous Satoshi Nakamoto.
Continue reading “Of course bankers don’t like Bitcoin: It’s a revolution in financial honesty and it ruins their profit model”