Looks Like Jamie Dimon Will Have To Learn the Hard Way
I find it a little more than ironic, that the CEO of JP Morgan Chase, Jaime Dimon, saw fit to call Bitcoin “a fraud,” during a recent CNBC interview, particularly in light of the fact that his own industry saw six competitors busted for fraud, during Bitcoin’s meteoric rise in value over the past year. No doubt Dimon has a vested interest in seeing Bitcoin fail, because it potentially has the ability to eliminate the need for a banking industry in general. Loan companies and credit card companies may still have a place, but checkbooks could be replaced by digital wallets and the transparency of blockchain technology can replace banking security and accountability. Wells Fargo’s account opening fiasco combined with Equifax’s security breach have given Americans all the reasons necessary to consider a more transparent yet secure means for monetary transactions.
But if Dimon could see further forward than the end of his nose, he’d realize that the true threat to his bank’s continuation is not from Bitcoin, but from Americoin (or whatever it’s to be called). Once Bitcoin and other cryptocurrencies have worked out the bugs and become accepted by American consumers, the Fed can sweep in and introduce Americoin, “the secure, convenient and patriotic way to carry out digital transactions.” And they can use the same “convenience” selling point, that allowed the banking industry to sell the convenience of ATM’s, even though the true goal of the conversion was to cut the cost of many thousands of teller jobs and then, once acclimated, assess fees for anything and everything, particularly “non-network” usage.
The Indian government abolished its largest currency notes, the 500 and 1,000 rupee last year and other governments are following their lead in short order. The $500 US Federal Note was last printed on December 27, 1945 and was officially discontinued on July 14, 1969, due to a “lack of use.” It may not be long now, before the Fed puts an end to the $100 US Federal Note, so the assistance of a supplemental monetary system like Americoin might become an easy sell. More importantly, it could give the Fed one more arrow in their quiver, because after numerous attempts at monetary policy reform, they have no signs of success and absolutely nothing else left in the quiver.
Twenty-five countries have already arranged trade agreements without utilizing the US dollar, so plenty of selling points can be generated for an Americoin. Crime-fighting, anti-terrorism, safety, security and convenience are sure to be on the selling point list, but my greatest concern comes from the Orwellian state that it creates. Financial privacy is right out the window, as every transaction is literally an open book. Once again, this leads us directly to the protection, safety and security provided by physical gold and silver. Today’s lower prices and availability are nothing more than a timely blessing. Don’t get caught without a chair when the music stops!
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