Central Banking Is Broken, Solution is Bitcoin, Panama Papers Reveal

By April 8, 2016Bitcoin Business

The Panama Papers leak reveals global corruption and hypocrisy as the world’s elite have been hiding their wealth to dodge taxes and escape scrutiny. However, the global central banking system is the real culprit.

Another day, another massive breach of the public’s trust by officials. This time, however, the full size and scope of transgressions is truly massive. The fallout from the Panama Papers, a leak of legal documents and financial records, revealing tax evasion and wealth obfuscation by thousands of the world’s elite, has already prompted Iceland’s prime minister to resign .

The shockwaves from this scandal will certainly rattle the global financial industry, and could potentially catapult Bitcoin and other blockchain-based financial technology to the forefront of the new global economy . The Panama Papers scandal

The leak brings to light the dealings of Panamanian law firm Mossack Fonseca , which over the past 40 years has sold anonymous shell companies (including false directors) to countless foreign customers seeking to hide their wealth and disassociate it from their name.

The guilty parties implicated by this leak, too numerous to concisely list, include German companies and individuals seeking to evade taxes, a smuggling ring of Vladimir Putin’s closest associates, and offshore sheltering by elites in Iceland and China , two countries with strict capital controls.

In short, the global elite has been revealed to be guilty of hiding their wealth and avoiding taxes. Now, I should point out that while I personally have no problem with keeping your earnings private, and view paying lower taxes to be a rare blessing, the consistency issue remains a troubling one.

At best, the leak reveals hypocrisy from our rulers calling on us to pay our fair share while they refuse to do the same. At worst, it exposes a two-tiered global society where the ruling parasitic […]

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