This is not really bitcoin related at all, it does however make a strong point towards the need for an alternative to the centralized monetary systems of today! And that’s why you should care for your bitcoins after all!
Mr. Godfrey Bloom is a financial economist and decorated ex-British-army officer now representing the (small) UK Independence Party in the European Parliament. He’s infamous for appearing at the parliament to speak totally drunk, but what he has to say about the political establishment and our financial system shouldn’t be dismissed so easily.
Bloom speaking at the European Parliament on May 21st 2013
These are his two minutes during the debate for the “single supervisory mechanism”, or as it is often referred to: “the first pillar of the European Banking Union”. The European Banking Union is supposed to be the next ultimate weapon against the financial crisis in the EU and to break the liabilities between national governments and their banking sectors.
What Godfrey said isn’t exactly related to the banking union as such, but rather a proclamation of the the banking system’s ill nature itself and the actual cause and effects of the financial crisis.
It appears Godfrey again had a drink too much that day but we do understand his commotion about the topic! His rant over the problems of fractional reserve banking and the dangers of deposit guarantees are pretty much to the point in our view.
Care for your bitcoins!
Regardless of how the financial crisis will play out. Whether they will be able to build enough pillars to repair the system or if sh*t finally hits the fan. It probably cant hurt to have some bitcoins on the side and to participate in building an alternative vehicle for wealth, but that again is also just a speculation.
- definition of fractional reserve banking on Wikipedia
- the latest on european banking union at Google News
- and if you want to get real serious, here’s a whole ebook examining the banking union