It is bad enough that four major banks who are allowed to borrow as much cash as they desire find that even that is not enough, and are now working on building a crypto-currency to use in inter-bank settlements. And with the success of digital currencies like Bitcoin, and its platform known as blockchain technology, even the European Parliament is getting into the act as a member of the EC is seeking a grant of €1 million to research their own blockchain currency for use within the Union itself.
This of course is a bit ironic since the EU has its own major currency (Euro) used for both domestic and international settlement, but in their several decades of corrupt governance they have debased that form of money to the point where the entire banking system, and the European Central Bank, are out of tools to deal with their ongoing decades long financial crisis.
A member of the European Parliament is proposing that €1m ($1.1m) be spent on a task force that would focus on studying digital currencies and blockchain technology.
Legislative records indicate that von Weisäcker is now asking for financial support for the measure. In notes, he said that support should be approved in order to position the European Commission – the economic bloc’s executive branch – at the forefront of an emerging technology.
The MEP wrote:
“This pilot project aims at creating a Task Force, staffed with regulatory and technical experts, in order to build up technical expertise, regulators capacity and develop use cases, especially for governmental applications, in the field of distributed ledger technology (DLT) as proposed in the Resolution of the European Parliament on virtual currencies.” – Sputnik News
At the core of this rush by the Western banks to delve into crypto-currencies is the realization behind closed doors that their systems of fiat monies cannot be fully controlled or manipulated by central bankers. In fact, prior to the advent of recent crypto-currency research, several academics, financiers, and former central bankers have called for the banning of cash, and the implementation of a completely digital system where they can force individuals to either spend or save dependent upon their will.
Like the invisible hand of the market itself, or the power of nature to be outside the power of man’s technology, money that is backed by nothing but vague promises and military might eventually succumbs to the greed and corruption of men. And it is why the best monetary systems in history have been ones backed by a tangible asset such as gold or silver, which acts as its own balance to protect the purchasing power of a nation’s medium of exchange no matter what the whims of bankers and government officials may irrationally concoct to further their own interests.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.