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IPFS News Link • Central Banks/Banking

British Politician: Printing Fiat Money is Counterfeiting, Merit of Crypto


At a European Parliament meeting in 2013, British politician Godfrey William Bloom said that all major banks are broke and criticized the ability of banks to lend money they do not have, which is not possible with decentralized currencies like crypto.

At the time, Bloom stated that the ability of central banks to print and distribute artificially created money by way of quantitative easing, or printing of new money, has led to a creation of a heavily manipulated financial system.

"It is my opinion that you do not really understand the concept of banking. All the banks are broke. Bank Santander, Deutsche Bank, Royal Bank of Scotland, they're all broke. Why are they broke? It isn't an act of god. They're broke because we have a system called fractional reserve banking. Which means, the banks lend money they don't actually have. It's a criminal scandal, and it's been going on for too lo