Banks Are Going Bananas for BlockChain

http://www.businessinsider.in/All-of-a-sudden-being-a-CTO-at-a-bank-is-sexy-This-technology-could-revolutionize-finance/articleshow/50234909.cms

Of course they are.  Hold your friends close and your enemies closer!

This dated 24 December:  http://www.zerohedge.com/news/2015-12-24/switzerland-vote-ending-fractional-reserve-banking

Switzerland!  The home of money!

"....earlier today the Swiss Federal Government confirmed that it had received enough signatures and would hold a referendum as part of the so-called "Vollgeld", or Full Money Initiative, also known as the Campaign for Monetary Reform, which seeks to ban commercial banks from creating money, and which calls for the central bank to be given sole power to create the money in the financial system"

"If the vote passes, and if Swiss banks are barred from creating deposits (by way of loans), it would shake to the core the entire modern financial system, which these days is exclusively reliant on runaway fractionalization of sound money, as more and more layers are added to the top of the Exter's Pyramid, as the only possible "growth" left in a world that has never seen so much debt, is to find new and creative ways to borrow from the future, with banks getting all the benefits and stuffing taxpayers when the inevitable collapse happens."

Friday is the traditional slow news day to slip news under the door into little public notice...intentionally so the public does not notice.

Christmas Eve might be an even better time to sneak in a report intended not to be noticed.  At least in the christian world where all the Banksters are.

Or the voters: http://thehill.com/policy/national-security/264184-intel-agency-releases-al-awlaki-memo-benghazi-emails-on-christmas

Deja Vous all over again.

Don't forget the other Christmas Eve diversion: http://variety.com/2015/film/news/star-wars-the-force-awakens-box-office-3-1201667766/

The only other thing that (thank whoever you wish to thank) that did not happen to divert our attention was a mass shooting or a slow car chase.

The Federal Reserve Act was passed 23 Dec. 1913.

But wait........Crypto currency is debt free money.  There is no balance sheet liability equal to the creation of an asset currency.  How can banks embrace this concept?

Only if it benefits the banks.

Aha! This is why the banks are hot for it!

http://www.businessinsider.in/All-of-a-sudden-being-a-CTO-at-a-bank-is-sexy-This-technology-could-revolutionize-finance/articleshow/50234909.cms

Yes, but what is the banksters money making angle on this?

The legacy old school,  really old, scam is to make money out of nothing.  Then claim that the money from nothing is really something because through the magic of balance sheet accounting there is something (a negative something) on the other side of the equation so there must have been something produced.  It balances, it figures.  It is accounting.

However the world has changed with the Information Age.

Money can account for itself.  It can stand alone without having its negative image to balance it.  It can exist as an independent conceptual object with inherent properties that do not depend on it balancing to a negative debt counterpart.

What is in that for the banksters that live on the premise of debt based money?  From the prior link:

 "A working group of 42 world-leading banks has been set up to establish standard practices, and top banks like UBS, Santander, and Barclays are tinkering with the technology themselves behind closed doors. ...Millar co-authored an extensive report on bitcoin and blockchain technology that came out this week. It's arguably the most extensive overview of the ecosystems surrounding the technology out there."

While the christian world has its attention focused elsewhere Scrooge was in the counting house figuring how to make more money and bring joy to himself. ...As long as the world did not here his self centered glad tidings of a new order of systemic greed to serve himself.

Banks going bananas for BlockChain does not pass the smell test and I don't mean bananas!  There is something fishy here.  More than fishy: Rotten fish.  For us.

I don't quite see it clearly.  This link however casts some light:

http://globalguerrillas.typepad.com/globalguerrillas/2014/10/blockchain-companies.html 

Might banks become BlockChain companies?

From the link:

"....there's no way to fix this system.  No reform is possible.  The rot is in the foundation because it is obsolete.  It rests on assumptions that are as out-dated, limited, and as dangerous as those that underpinned the agrarian, aristocratic economy it replaced over the last five hundred years.
This means there's only one way to replace it.  
It can only be done through wholesale creative destruction.  The new economy needs to grow in a way the old system can't corrupt it.
The only vehicle that can do this quickly and in a way that yields a positive results is something called a blockchain company.  A company that operates using the same tech that bitcoin uses."