Who really owns the money you have in the Bank?
Hello Steemians,
In what may go down in history as a huge turning point in cryptocurrency adoption, the Banks of England has told the world of bank users that they don’t own their money they have placed in banks!
Last week the Bank of England refused to allow the President of a sovereign nation access to his countries gold reserves held in that Bank. I am going to repeat that statement: the Bank of England recently refused to allow the President of a sovereign nation access to his countries gold reserves held in a their Bank.
This is incredible, this is astounding, this is unprecedented.
The President of Venezuela, Nicolas Maduro, has been refused access to his countries gold reserves deposited in a bank, specifically in the Bank of England.
Banks always promise to hold your money or other assets for you and keep them safe, but no one ever thinks that the Bank will ever tell you you can’t have your money back later. You give banks your money to keep it safe and you assume that when you want to withdrawal it in the future they will give it back. But when the President of a country can’t withdrawal his countries money, which has been put there for safe keeping the world starts to notice and learn the truth.
I think this is a huge wake up call for the world, that you truly don’t own your money, gold, jewelry or any other asset held in a bank!
If you don’t hold the keys, you don’t hold the asset and possession appears to be the main determinant of ownership. If this could happen to a sovereign nation, it certainly could happen to a citizen of any nation. If you don’t hold the keys, you don’t own the asset.
I think this will cause a lot of people to seek alternatives to banks, like cryptocurrency, because in the cryptocurrency world you hold the keys not a bank.
What do you think?
References:
https://bitcoinist.com/venezuela-gold-bitcoin-unconfiscatable/
https://www.businessinsider.com/venezuela-gold-reserves-frozen-by-bank-of-englandf-2019-2
5.https://www.cnn.com/2019/01/26/uk/venezuela-maduro-bank-of-england-gold-withdrawal-gbr-intl/
Picture Credits
Pixabay Royalty Free photos
Text Credit
Original composition by Shortsegments
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This is an amazing development as you say. We are constantly being surprised that we don’t always realize the significance of these events. This one will not go unnoticed by dictators and politicians around the world. They might start treating cryptocurrency favorably now as they will realize it protects their money too.
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I agree with your points.
It is interesting that governments have frozen individual peoples bank assets before, but now a bank has taken the unusual step of freezing a countries assets. We are witnessing changes in how the world operates.
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That’s a very good point. I can recall the US freezing Iran’s assets but never a bank taking it on itself to freeze someone’s assets. In this world of high finance and banking a individual is really at the banks mercy.
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I think your right. I feel very vulnerable right now.
I agree with your points.
I think Venezuela has a private bank. Plus they had oil so I guess that means Maduro is slated for execution. :(
Seems strange Maduro would have had gold outside his country but he was probably conned into it somehow.
Oh my!
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They are in the process of repatriating their gold the previous governments have stored abroad. It will be interesting to see if dictators and businessmen who usually put their money in banks abroad take this as a sign yo invest in cryptocurrency instead.
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This is a good point. I am sure dictators watch this vent closer then the rest of us because they gave much more money.
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These are good questions. I hope the news media helps provide good answers.
lol Yeah the "news" media provides great answers to it's corporate masters. "Yes we will tell the sheeple what you want us to."
Even car shows are censored in the USA let alone real important stuff like news.
I hope not.
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I hope nonviolent change takes place there.
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I wish we would get out of Venezuela. I'm sure the CIA is backing the rebels. Our embargo is hurting Venezuela as well.
I wish we could e a positive force for change there. I am wondering if all the twos taken to hurt the government hurt the people more?
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I think it's positive for the oil companies and it might help out the USA dollar for the short run. We probably could have helped the Venezuelans but I think the priority for those in charge is regime change so unfortunately the Venezuelans were forced to suffer and die.
I think this story is almost as big as Bitcoin hitting 20,000!
I am use to seeing the USA freeze countries assets or individuals assets via a government order to a bank, but I have never seen a bank do this!
We are in new territory and as my mother use to say “we are on a slippery slope” now that this bank has decided that it has the right to block access to funds, where does it end and what reasons are good enough? We may not agree with someone but blocking their access to property is a big step no matter how you cut it.
That is one of the question I have always found difficult to answer
Amazingly it should be easy, ideally you should own and therefore control your money. The thing which makes the question hard to answer is the onion rule problem, sure it’s your money, but there are rules about when you can get, how much and other rules that frequently make us question whose money it is . 👍
Great blog @shortsegments. I've always had this distrust with banks since I was a kid. Some of the practices they use are solely to benefit their cause. A prime example of this would be the overdraft fee. Clearly if the money is not there they can just deny the transactions, instead, they allow them to go through and charge the account holder. For it to be done on a grand scale with a president of another country speaks volumes on the term control. Guess I'll stick to the old fashion way of stashing funds away because soon they will try to regulate it all. This is capitalization at its finest. When will it stop?
That practice always pissed me off too 😡
It seems so greedy and I feel like I am being spanked. Very infuriating.
I never understood overdraft charges either. It seemed irrational for someone who was “on my side” to do that to me. But I also accepted as the price of my mistake. It has also caused me to distrust the banks motives when you couple that behavior to other charges and rules about clearing checks. 🙁
Very true my friend. That’s why I only put the bare minimum in there to cover the automatic bill pay. Other than that, I don’t really use the banks like that due to the issue of trust.
Spectacular amount of upvotes on this post!
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Upvoted
Central banks don't stabilize an economy, they make it more unstable.
I wondered why they always force things on debtor countries which seem to make their economies worse and also make it harder to pay back debts
Thanks for sharing Crypto currency news .
Great job.
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You’re welcome
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