“But some worry about the potential for misuse of unregulated virtual currencies, which are not backed by any government or a commodity like gold, but instead exist entirely as computer code.” The Baltimore Sun
And there were some in our not-so-distant past that worried about the misuse of governments which did not follow God’s laws but instead were run by tyrants.
And who were those with such worries? They are commonly known as “The Founding Fathers” with such names as George Washington, Thomas Jefferson, Alexander Hamilton, and Benjamin Franklin. They formed a nation with the core principals that it wasn’t the people who were supposed to be mistrusted but rather the Government. If the Baltimore Sun thinks otherwise perhaps they need to move their corporation to another country more in line with their ideas. But in the mean time at least now I know in who’s camp they stand.
“Steve Hudak, a spokesman for the Financial Crimes Enforcement Network, a money-laundering-monitoring agency under the U.S. Treasury Department, said his agency is concerned about the risk of criminal use of virtual currencies.” The Baltimore Sun
Then why isn’t Mr. Hudak in an uproar over the major banks only getting what amounts to a slap on the wrist after getting caught red handed laundering huge amounts of money for some of the worst drug cartels in the world? It seems again, we know who’s camp he stands.
“The anonymous transfer of significant wealth, instantly, any place in the world, is kind of an obvious money-laundering risk,” he (sic Mr. Hudak) said, declining to comment specifically on Zerocoin.” The Baltimore Sun
Whether a criminal holds his illegally gotten gain in the form of cash, gold, Bitcoin or Zerocoin is moot. If the money (I’m referring to all the categories) is dirty it is so because it is outside the banking system. The process of “laundering” is getting it inside the banking system by paying such things as taxes, accounting fees and banking fees. But just because someone holds their wealth outside the banking system doesn’t mean it is “dirty” money. FINCEN uses the banking system as their bird dogs to look for signs of criminal activity. As long as they (FINCEN and the banks) are doing their job any financial gains stored as virtual currency would remain their forever in that “dirty” form and could never be “laundered”. Those sums would need to be used in a manner similar to dirty cash.
To ban virtual currency would reasonably require that cash be banned for the same reasons. After all, the money laundering laws apply to cash. Since only 3% of all US “Dollars” are actual physical notes (with the remainder being “dollars” in digital form) their whole motivation may actually be to use the rhetoric against virtual currency to orchestrate the elimination of cash all together and usher in the era of a cashless society. Do we really want to give that kind of power over to those who have demonstrated such evil intent within government and banking?
Mexico is in the grip of a murderous drug war that has killed over 150,000 people since 2006. It is one of the most violent countries on earth. This drug war is a product of the transnational drug trade which is worth up to $400 billion a year and accounts for about 8% of all international trade.
The American government maintains that there is no alternative but to vigorously prosecute their zero tolerance policy of arresting drug users and their dealers. This has led to the incarceration of over 500,000 Americans. Meanwhile the flood of illegal drugs into America continues unabated.
One thing the American government has not done is to prosecute the largest banks in the world for supporting the drug cartels by washing billions of dollars of their blood stained money. As Narco sphere journalist Bill Conroy has observed banks are ”where the money is” in the global drug war. www.globalresearch.ca
HSBC, Western Union, Bank of America, JP Morgan Chase&Co, Citigroup, Wachovia amongst many others have allegedly failed to comply with American anti-money laundering (AML) laws.
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