We have known about shell companies for a long time, but the Panama files are bringing the dubious practice into the spotlight. Three terabytes of spot light on the entrenched exploits of corporations and the wealthy, a file more than 40 times the size of the entire Bitcoin blockchain. The full extent of the information that is contained in the file will come out over the next weeks and months. Already many prominent figures have been exposed. Even so the Panama files only represent a fraction of the shell company and the offshore account tax avoidance industry. The size of the data alone is a testament to the efficiency of the blockchain system, not to mention the ability to easily measure and track the level of anonymous transactions.
The wide-ranging impact of the Panama files, stretching as far as our world leaders, illustrates the depth of secrecy in our current financial system. Shadow banking, which comes hand in hand with shell companies and offshore accounts, has been on the rise in recent years despite government AML laws (anti-money laundering) and other measures.
We can see that as the banking industry gathers more information on the bulk of the population though AML, they are allowing the 1% to slip off into the dark. Intricate legal structures shrouded with endless paper trails and a maze of international laws and privacy rights. Banks have always offered special services for their high-end customers and in part this can be expected in business, but this is clearly not up to public expectations. This is our government and our economic freedom and it's fair to say we want it to be the same for all. The Bitcoin system is the same for everyone, and dark payments are on the decline and easily measured. Although precautions can be made to use bitcoin anonymously this is contrary to the natural state of the public ledger. In banking the natural state of a transaction and or a balance is secret. Bitcoin can be part of a solution to the shadow banking problem.
There is general discontent in society and the battle for attention is growing. Governments and international corporations like Apple and the FBI joust for public approval and justification of their actions. Countries play off each other for power in trade deals and struggle with new international organisations like the EU the UN and the IMF or even Greenpeace. Everyone needs a moral mandate, but even public opinion seems to be fractured and unsure of the correct path. Donald Trump's aka Drumpth's presidential bid is at the forefront of this discontent and confusion. His latest campaign message that he would make Mexico pay for a wall (between USA and Mexico) by threatening to prevent people from sending money across the border shows how fractured society has become.
Even if shell companies did not exist, and I'm sure Drumpth has many, and if international shadow banking didn't already have a growing base of willing clients. people who are aware of Crypto-currency technology know that what is being proposed is nearly impossible to achieve. A migrant worker can very easily send bitcoin home to their family in a way that nobody can censor. If only 1% of existing money transfers were to be made in bitcoin the math would increase the bitcoin price by $22. If that's not enough to get your attention try 20% or considering the whole world. Even so your jaw drops in disbelief if you calculate crypto-currency values based on the volume of the shadow banking sector. If the more secretive crypto-currency Dash were to be used for all shadow banking, a price of $571,428 could be expected. Math may be the one thing that is trustworthy given the state of society today, however, people still struggle to come to terms with the scale.
Drumpth's wacky agenda is not likely to happen, he bad mouthed somebody's wife, but maybe the odds are better than the local lottery. The potential bitcoin pay-off is similar. The likes of international corporations shell companies and shadow banking are not likely to change or subside unless the public forces them to. It might be that we muddle through and that Mexican workers living in the USA end up sending their money home through shell companies, shadow banking and things like amazon gift cards. This is the line in the sand for economic control. People want to be able to by things over the internet. It becomes clear that restrictive government policies only pose a threat to the conventional national organisations, and that this plays into bitcoin and other organisations operating at an international level. The struggle is becoming more vivid and as it plays out untrustworthy parties are exposed. As trust is slowly eroded many things will likely change, but trustless international systems like bitcoin and those created in other crupto-currencies stand to benefit in the wake. People's attention is scarce and fickle. Should protectionist economic policies come into favour, attention will likely be grabbed by another skyrocketing bitcoin price. Mexicans may just be sending their new money home to build nice modern ecotowers.
The wide-ranging impact of the Panama files, stretching as far as our world leaders, illustrates the depth of secrecy in our current financial system. Shadow banking, which comes hand in hand with shell companies and offshore accounts, has been on the rise in recent years despite government AML laws (anti-money laundering) and other measures.
The shadow banking system makes up 25 to 30 percent of the total financial system, according to the Financial Stability Board (FSB), a regulatory task force for the world's group of top 20 economies (G20).
This sector was worth an estimated $60 trillion in 2010, compared to prior FSB estimates of $27 trillion in 2002.[17][13] While the sector's assets declined during the global financial crisis, they have since returned to their pre-crisis peak[18] except in the United States where they have declined substantially.
We can see that as the banking industry gathers more information on the bulk of the population though AML, they are allowing the 1% to slip off into the dark. Intricate legal structures shrouded with endless paper trails and a maze of international laws and privacy rights. Banks have always offered special services for their high-end customers and in part this can be expected in business, but this is clearly not up to public expectations. This is our government and our economic freedom and it's fair to say we want it to be the same for all. The Bitcoin system is the same for everyone, and dark payments are on the decline and easily measured. Although precautions can be made to use bitcoin anonymously this is contrary to the natural state of the public ledger. In banking the natural state of a transaction and or a balance is secret. Bitcoin can be part of a solution to the shadow banking problem.
There is general discontent in society and the battle for attention is growing. Governments and international corporations like Apple and the FBI joust for public approval and justification of their actions. Countries play off each other for power in trade deals and struggle with new international organisations like the EU the UN and the IMF or even Greenpeace. Everyone needs a moral mandate, but even public opinion seems to be fractured and unsure of the correct path. Donald Trump's aka Drumpth's presidential bid is at the forefront of this discontent and confusion. His latest campaign message that he would make Mexico pay for a wall (between USA and Mexico) by threatening to prevent people from sending money across the border shows how fractured society has become.
Even if shell companies did not exist, and I'm sure Drumpth has many, and if international shadow banking didn't already have a growing base of willing clients. people who are aware of Crypto-currency technology know that what is being proposed is nearly impossible to achieve. A migrant worker can very easily send bitcoin home to their family in a way that nobody can censor. If only 1% of existing money transfers were to be made in bitcoin the math would increase the bitcoin price by $22. If that's not enough to get your attention try 20% or considering the whole world. Even so your jaw drops in disbelief if you calculate crypto-currency values based on the volume of the shadow banking sector. If the more secretive crypto-currency Dash were to be used for all shadow banking, a price of $571,428 could be expected. Math may be the one thing that is trustworthy given the state of society today, however, people still struggle to come to terms with the scale.
Drumpth's wacky agenda is not likely to happen, he bad mouthed somebody's wife, but maybe the odds are better than the local lottery. The potential bitcoin pay-off is similar. The likes of international corporations shell companies and shadow banking are not likely to change or subside unless the public forces them to. It might be that we muddle through and that Mexican workers living in the USA end up sending their money home through shell companies, shadow banking and things like amazon gift cards. This is the line in the sand for economic control. People want to be able to by things over the internet. It becomes clear that restrictive government policies only pose a threat to the conventional national organisations, and that this plays into bitcoin and other organisations operating at an international level. The struggle is becoming more vivid and as it plays out untrustworthy parties are exposed. As trust is slowly eroded many things will likely change, but trustless international systems like bitcoin and those created in other crupto-currencies stand to benefit in the wake. People's attention is scarce and fickle. Should protectionist economic policies come into favour, attention will likely be grabbed by another skyrocketing bitcoin price. Mexicans may just be sending their new money home to build nice modern ecotowers.
No comments:
Post a Comment