Is Bitcoin the Answer to Trump’s ‘Generosity’ Towards Banks?
Might Bitcoin mend a system the place President Trump is being further beneficiant towards banks by tax cuts?
JP Morgan Earnings Dwarf Ethereum
US bankers have been laughing all the best way to the financial institution final 12 months, fairly actually. In the perfect 12 months for any financial institution within the historical past of the USA, JP Morgan introduced $36.Four billion in earnings through the previous 12 months.
That’s roughly twice the entire market capitalization of Ethereum.
The financial institution is now making twice as a lot because it did earlier than the banking disaster ten years in the past and nationwide money owed are nonetheless escalating.
In line with Bloomberg, the highest six banks mixed made an astounding $120 billion in earnings final 12 months. That’s nearly as a lot as bitcoin’s complete market cap and 20 occasions greater than that of Bitcoin Money.
US President Donald Trump has given banks a mixed $32 billion in tax cuts – sufficient to finish world starvation for a 12 months.
Huge Financial institution financial savings below the Trump tax lower:
JP Morgan: $8.Eight billion
Financial institution of America: $7.6 billion
Wells Fargo: $6.5 billion
Citigroup: $4.6 billion
Morgan Stanley: $2.7 billion
Goldman Sachs: $2.three billion
TOTAL: $32 billion
That is sufficient money to finish world starvation for a 12 months.
— Public Citizen (@Public_Citizen) January 17, 2020
Bitcoinist reported on the wealth hole yesterday stating that the two,153 wealthiest billionaires, lots of whom are bankers, have extra wealth than 4.6 billion individuals mixed.
And Banks Give Us What Precisely?
All of this raises a really pertinent query that what precisely do banks give again to the individuals?
After all, there’s a $30 cost for going one penny into overdraft, $10 for a inventory transaction, subsequent to detrimental curiosity for financial savings accounts and 20% rates of interest for bank cards.
Add to that the large charges on international alternate providers, and an estimated $400,000 paid again in whole over the lifetime of a mortgage for $200,000 borrowed and it’s clear who the thieves are on this state of affairs.
With the worldwide nationwide debt exceeding $250 trillion these profiteering banks are including to it by printing extra money to justify their existence. The US and China alone have accounted for 60% of the rise in world debt lately led by a surge in borrowing.
It doesn’t matter what politicians say, that is completely unsustainable and the growing wealth hole will ultimately result in a worldwide financial meltdown and revolution.
Bitcoin Solves This
An enormous paradigm shift is required and it will spur ‘the nice wealth switch’ during which millennials will inherit the wealth from the richest era in historical past, the boomers.
An estimated $68 trillion will probably be handed down from boomers over the subsequent 30 years and millennials are already distrustful of banks following the fallout of the 2008 monetary disaster.
Which means there will probably be large funding in crypto and bitcoin. DeFi can be prone to play a a lot bigger function within the new monetary world because it doesn’t entail billionaire bankers enriching themselves off individuals’s financial distress.
Will bitcoin clear up the banking disaster? Add your feedback under.
Photographs by way of Shutterstock, Twitter: @Public_Citizen