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by floe
2553 days ago
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In theory, the recourse is that the people can exert power over the banks by electing different politicians. Obviously, sometimes that doesn't work as well as we'd like, but there's not even such a possibility of recourse when Facebook fucks you over. |
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Ah, but there's the rub. When every major political party is beholden to banking interests, "electing different politicians" is an almost-insurmountable task. And even so, is no guarantee that a new set of politicians won't eventually become corrupt and beholden to those interests either.
If "electing different politicians" is an insurmountable task, then developing an alternative, trustless financial system beyond the control of politicians becomes much more feasible by comparison. Hence the motivation behind great-great grandparent's comment about the need for an online independent currency. The context of 2008 and things like the TARP bailouts are very important to understanding the entire thought movement behind cryptocurrency as a whole. Hence, the hidden message encoded on the very first Bitcoin block [0]:
>The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
[0]: https://en.bitcoin.it/wiki/Genesis_block#Coinbase