Is BigBanking scared of Crypto Currencies?

DennisTate · Jul 2, 2022

I believe that YES... BigBanking is very scared of Crypto......

BitCoin and other digital currencies could potentially break the power of BigBanking over perhaps ninety nine percent of us .....
and there is a lesson from about a century ago that explains this quite well....

...... "City in Austria Printed Local Currency
Worgl, like many other European towns and cities, was hit hard by the Great Depression. There was mass unemployment; four of the five local factories had closed, and the people were starving in the streets. Nobody had any money to buy anything. One of the features of an economic depression is that there is not enough money in circulation to ensure that people can meet their basic needs, and in the 1930s, the shortage of currency in many countries of the world became catastrophic.

The mayor of Worgl, together with local businessmen, decided to try to break this economic impasse by creating their own local currency. They printed and issued 60,000 Austrian shillings worth of local currency. These shillings could only be spent in Worgl, so they remained in the local community and were exchanged over and over again.

The positive impact was immediate and surprising to everyone. In only six weeks, unemployment disappeared, all the factories had reopened and everyone had food. For the inhabitants of Worgl, the economic depression was gone. This dramatic transformation became known as the “miracle of Worgl.” Surrounding towns, inspired by the success of Worgl, immediately started printing their own local currencies.

Sadly, the miracle did not last long. When the Austrian Central Bank heard about Worgl’s local currency, they initiated legal proceedings against the mayor and local businessmen. According to Austrian banking law, it was illegal for anyone except the Austrian Central Bank to issue money. The bank won the court case, and the mayor was ordered to shut down the local currency, which he did, under threat of imprisonment. The town then returned to the devastating economic depression of the 1930s, with all the human pain and suffering associated with this catastrophe. Factories closed, and once again, the people starved.

Alternative Currency in the U.S.
Irving Fisher, an American professor of economics at Yale University, visited Worgl before the local currency was suppressed and witnessed the ‘miracle’ firsthand. When he returned to the United States, Fisher spread the word by traveling and lecturing across the country, advocating the use of the Worgl ‘scrip’ everywhere. Inspired by his vision, hundreds of communities began issuing their own currency, and by 1934 there were over 1,000 local communities using ‘scrip’ throughout the U.S.

Every one of these communities experienced a tremendous rejuvenation of their local economies. They thrived while others suffered. Fisher then met with President Franklin D. Roosevelt, proposing the implementation of government-sanctioned local ‘scrip’ in every community in America. When FDR consulted with his top financial advisors and bankers, however, he was advised to shut all the ‘scrip’ systems down, which he did. Instead, he borrowed large amounts of money from bankers, at interest, and used it to pay for the Reconstruction Finance Corporation and the other work-creation projects, which collectively came to be known as the ‘New Deal.’ So ended the last widespread use of a local currency within the U.S.

This pattern of economic collapse and re-emergence of local currencies has occurred thousands of times in many parts of the world. When these currencies have failed or have been suppressed, banks have not always been to blame. Sometimes, local currencies fail because they have been badly designed or implemented. Sometimes, people lose interest in them when the mainstream economy recovers. But they have always returned in one form or another during times of economic failure.

Our present world situation is uniquely different. Despite a relatively prosperous and stable world economy, a quiet monetary revolution has been occurring around the globe over the last 20 years. Awareness is growing about the flaws in our current monetary system, and people are re-creating viable alternatives. We are witnessing for the first time the worldwide creation of money systems designed by the people who use them, instead of by central banks." ( by Francis and Lia Ayley
The Truth About Money: The Money SystemIsnt There a Better Way?)
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Chrizton · Jul 2, 2022

Why should they be? China has banned them. The FDIC doesn't insure them. They come with no mandated reserves. Banks should love them.

DennisTate · Jul 3, 2022

Chrizton said: ↑

Why should they be? China has banned them. The FDIC doesn't insure them. They come with no mandated reserves. Banks should love them.
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Good question.......
part of the answer is that they have some obvious advantages over Calgary Dollars and / or The Ithaca Hour due to their ability to be useful almost anywhere in the world.

www.CalgaryDollars.ca/

Use Calgary Dollars and earn rewards! Buy and sell with digital Calgary Dollars for goods and services with friends, neighbours or businesses. Just click to get started.

Why?

Calgarians are rich with untapped skills and resources! By using Calgary Dollars you’ll feel good knowing that you’re generating social, economic, and environmental benefits.
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The Ithaca Hour is time based rather than directly on the U.S.A. dollar. One Ithaca Hour is equal to minimum wage for one hour in the Ithaca area.

https://www.paulglover.org/hours.html

Ithaca HOURS is a legal currency system generally specific to Ithaca, New York. This system was started in 1991 by Paul Glover, based on similar currency plans in the Great Depression as an alternative to Federal currency during the 1991 recession.
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The ability to link a local currency to the national currency so that it is taxable is a critical aspect of local currencies.

I wonder could the aspect of TAXABILITY be what scares BigBanking about Crypto Currencies or Block Chain currencies?????

https://money.cnn.com/2012/01/17/pf/local_currency/index.htm?iid=F_Jump

Local currencies: 'In the U.S. we don't trust'
By Blake Ellis @CNNMoney January 27, 2012: 11:13 AM ET

NEW YORK (CNNMoney) -- It may seem like Monopoly money to outsiders, but a growing number of communities across the U.S. are using homegrown local currencies to stimulate their economies and protect themselves from the nation's broader economic woes.

While there were only about 20 active community currencies in the United States in 2009, there has been a recent resurgence, with at least a dozen communities developing their own currencies in the past couple of years, estimates Loren Gatch, a professor of political science at the University of Central Oklahoma who researches these alternative currencies. In addition, currencies that have been around for years have seen a spike in interest, with membership doubling in some cases.

"Economic instability is on peoples' minds," said Gatch.

Now, even state governments are exploring the option. Lawmakers in more than 10 states, including Virginia, Georgia, South Carolina, Idaho and Tennessee, have been circulating proposals to introduce alternative currencies -- many of which would be issued in the form of gold or silver coins.

The Constitution prohibits individual states from printing and issuing paper money as legal tender, but they are allowed to use coins as currency, said Gatch. Individual communities, however, are able to create their own currencies -- including paper notes. Anyone can do it -- as long as the money is easily distinguishable from U.S. dollars and values are tied to the U.S. dollar so that income remains taxable.

Fear factor: Francis Ayley, the founder of Life Dollars, a currency started in Bellingham, Wash., in 2004, said fear of a shortage of U.S. dollars and frustration with the growing wealth gap in the country are driving more people to his currency. Since a majority of the transactions occur online and funds are directly transferred between members, the supply of Life Dollars is unlimited, he said.

The number of people or businesses signed up to use the currency, or members as Ayley refers to them, had remained relatively stable at 250 to 350 for years. But in the past two years, membership has doubled to more than 700. The currency's use has expanded beyond Bellingham to Seattle, too, where 75 new members have signed on in the past six months. Ayley estimates that more than $1 million worth of transactions have been made so far.

Funny money? 11 local currencies
"Many people are short of cash because they are unemployed or under-employed ... many are questioning what they have been told about the economy and the way the free market supposedly works," said Ayley.

John Poling, a co-founder of Cascadia Hour Exchange in Portland, Ore., which started in 1993, said interest in his currency, called the "CHE," had been dwindling until the past couple years. Now, amid fears that the national economy is crumbling and the U.S. dollar is losing its buying power, old members are starting to become active again and new membership is taking off. The exchange is even expanding to surrounding communities.

While there is a fixed exchange rate for CHE's -- each CHE equals about 10 U.S. dollars -- the currency was launched to encourage individuals and businesses to exchange goods and services locally. There's also a monthly auction where members can buy and sell items for CHE.

"The economy is in trouble and people don't trust the Federal Reserve and they don't trust the government, so this is somewhere they can turn, and somewhere they can still do business if the banks close," said Poling.

Local boost: Many alternative currencies were created in an effort to keep wealth within communities and to support local businesses.

Mo Charbonneau, the administrator of "Bay Bucks," a paper currency started in Traverse City, Mich. in 2006, said the currency is the community's "own local stimulus program."

"With everything happening in the economy and the banking sector, people are paying more attention to their local communities and there's more awareness of keeping money in our community," said Charbonneau.

Betting on the dollar in 2012
About 100 businesses now accept Bay Bucks and several companies have even recently started issuing the currency as part of employees' salaries.

Local Trade Partners, in Fayetteville, Ark., combines a local currency called the "Trade Dollar," which is equal to one U.S. dollar, with old-fashioned bartering.

An owner of an auto repair shop could change the oil in someone's car, for example, and the car's owner could pay them in Trade Dollars. The repairman could then use that money at the local restaurant, or even at the orthodontist. And because the aim is to help local businesses, members must be locally-owned -- no big corporations allowed.

"When you go to Home Depot and buy $100 worth of lumber, some of that profit is leaving your town and going to a different part of the world, never to come back," said Rich Creyer, co-founder of the currency. "By making trade money, we have created a sealed system. It's our own little economy and country in a fishbowl."

First Published: January 18, 2012: 12:19 PM ET
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I wonder if what seems to be fear on the part of BigBanking could actually be political pressure being put on BigBanking to attempt to stop crypto currencies from really taking off in a huge way????

Could political leaders be somewhat scared that the idea that I put out there a few years ago might also take off in a big way?????

Could it be that political leaders fear that instead of people depending on GOVERNMENT especially BigGovernment... people might find out ways to assist each other.... which I would think would tend to take some power away from government????

Large churches in democratic nations should print their own currencies.

DennisTate said: ↑

www.CalgaryDollars.ca/
is a good example of how several dozen socially active residents of an area can begin what amounts to a second tier to the economy.

The Ithaca Hour is an excellent example of a similar concept being applied in the United States.

http://en.wikipedia.org/wiki/Ithaca_Hours

Most North American churches have a desire to assist the poor and the oppressed. Well .. in 2014 efforts by a group of socially active Christians could easily transform dozens of homeless people into actors .. who are playing the role of homeless people.. and the specific efforts to help them could becomes scenes in a series of documentary and reality films designed to give the homeless people a job that finances their getting an apartment or at least a group home.

Most of us are unaware of the Worgl, Austria local currency experiment that was conducted during the Great Depression and how successfully it was copied in hundreds of communities in the USA. As a matter of fact..... it looks like what these communities accomplished played a significant role in inspiring the USA government to alter the monetary system in many positive ways.

http://www.whatcomwatch.org/php/WW_open.php?id=717
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China banning crypto currencies hints that they had the potential to break some of the economic chains that the oppressive government of China has over all citizens.

DennisTate · Jul 4, 2022

Chrizton said: ↑

Why should they be? China has banned them. The FDIC doesn't insure them. They come with no mandated reserves. Banks should love them.
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As you have probably noticed..... I do make an effort to cover both sides of a topic......
and I have to admit it that crypto currencies are a danger to the U.S.A. dollar and yes.... they could be used to encourage certain illegal activities........

.... those are two of the valid reasons why some people in the Banking Industry could legitimately be scared of Crypto currencies.

President Trump's criticisms of crypto currencies was valid.....

Donald Trump Says Crypto Is 'Very Dangerous' — Warns of 'Explosion Like We've Never Seen'

Former U.S. President Donald Trump says that crypto is “a very dangerous thing.” Commenting on cryptocurrencies, he warned of “an explosion someday” that will “make the big tech explosion look like baby stuff.” He also talked about his new social media platform, Truth Social, and his wife’s non-fungible token (NFT) venture.

Former US President Trump Warns of a Massive ‘Explosion,’ Stating that Crypto Is ‘Very Dangerous’
Donald Trump commented on cryptocurrency, his wife’s non-fungible token (NFT) endeavor, and his new social media platform, Truth Social, in an interview with Maria Bartiromo over the weekend. Fox Business published the interview Tuesday.

“What do you think about crypto?” Trump was asked. Bartiromo noted that “New York and Miami are really getting cryptocurrency into their financial systems.”

The former U.S. president reiterated his anti-crypto stance: “Well, I never loved it because I like to have the dollar. I think the currency should be the dollar so I was never a big fan. But it’s spilling up bigger and bigger, and nobody is doing anything about it.”

Emphasizing, “Look, I want a currency called the dollar,” he warned:

I don’t want to have all these others, and that could be an explosion someday — the likes of which we’ve never seen. It will make the big tech explosion look like baby stuff. I think it’s a very dangerous thing.
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Chrizton · Jul 4, 2022

DennisTate said: ↑

As you have probably noticed..... I do make an effort to cover both sides of a topic......
and I have to admit it that crypto currencies are a danger to the U.S.A. dollar and yes.... they could be used to encourage certain illegal activities........

.... those are two of the valid reasons why some people in the Banking Industry could legitimately be scared of Crypto currencies.

President Trump's criticisms of crypto currencies was valid.....

Donald Trump Says Crypto Is 'Very Dangerous' — Warns of 'Explosion Like We've Never Seen'

Click to expand...

Crypto is the 21st century beanie babies without the closet full of dusty stuffed animals I suppose. NFT's are even stranger to me. I have always felt that these set ups were more about money laundering than anything else.

Hey Now · Jul 4, 2022

DennisTate said: ↑

I believe that YES... BigBanking is very scared of Crypto......

BitCoin and other digital currencies could potentially break the power of BigBanking over perhaps ninety nine percent of us .....
and there is a lesson from about a century ago that explains this quite well....
Click to expand...

I don't think it's the banks that don't love them. Governments with sovereign currencies don't love them. Banks will exploit them to the full extent of their ability.

DennisTate · Jul 14, 2022

Hey Now said: ↑

I don't think it's the banks that don't love them. Governments with sovereign currencies don't love them. Banks will exploit them to the full extent of their ability.
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That is an excellent point......
some pretty shady characters work for banks who would love the anonymity of crypto-currencies......
There are probably quite a few people in government who actually like them as well...... .and even many of us religious people wonder if they could be useful during a time similar to what near death experiencer Dannion Brinkley was shown.......

Dannion Brinkley:
BOX 12: Technology & Virus

The 11th box was gone & I was into the 12th box. Its visions addressed an important event in the distant future, the decade of the 90's (remember, this was 1975), when many of the great changes would take place. In this box, I watched as a biological engineer from the Middle East found a way to alter DNA & create a biological virus that would be used in the manufacture of computer chips. This discovery allowed for huge strides in science & technology. Japan, China, & other countries of the Pacific Rim experienced boom times as a result of this discovery & became powers of incredible magnitude. Computer chips produced from this process found their way into virtually every form of technology, from cars & airplanes to vacuum cleaners & blenders.

Before the turn of the century, this man was among the richest in the world, so rich that he had a stranglehold on the world economy. Still the world welcomed him, since the computer chips he had designed somehow put the world on an even keel. Gradually, he succumbed to his own power. He began to think of himself as a deity & insisted on greater control of the world. With that extra control, he began to rule the world.

His method of rule was unique. Everyone in the world was mandated by law to have one of his computer chips inserted underneath his or her skin. This chip contained all of an individual's personal information. If a government agency wanted to know something, all it had to do was scan your chip with a special device. By doing so, it could discover everything about you, from where you worked & lived to your medical records & even what kind of illnesses you might get in the future.

There was an even more sinister side to this chip. A person's lifetime could be limited by programming this chip to dissolve & kill him with the viral substance it was made from. Lifetimes were controlled like this to avoid the cost that growing old places on the government. It was also used as a means of eliminating people with chronic illnesses that put a drain on the medical system. People who refused to have chips implanted in their bodies roamed as outcasts. They could not be employed & were denied government services." (Dannion Brinkley, Saved By The Light, chapter 5)

https://www.alamongordo.com/Prophecies_of_Dannion_Brinkley.html
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Moonglow · Jul 14, 2022

If you never noticed it is the US govt. who has the authority to create and print monies.

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Is BigBanking scared of Crypto Currencies?

Is BigBanking scared of Crypto Currencies?

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Is BigBanking scared of Crypto Currencies?

Is BigBanking scared of Crypto Currencies?

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I hope so

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DennisTate Well-Known Member Past Donor

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