Aljazeera – Bitcoin Rises, by Nicolas Mendoza

Aljazeera – Bitcoin Rises, by Nicolas Mendoza:

Nicolas Mendoza (@NicolasMendo) follows up to his May 2012 article in Al Jazeera with the more recent developments.  Excerpts:

“What we have here is radically different from the current system where money creation is based on debt, politically motivated, surrounded by secrecy, inflationary, unilateralist, colonialist, and exploitative of powerless nations, etc. The flaws in the design of modern currency are at the roots of the social and ecological disasters we face today.”

“An economy built on debt-based currency can only “grow”, the 2008 economic collapse showed us, by putting more people deeper into debt. Inevitably, this leads to a society where the many always owe more and more to the few, eventually making democracy a farce. Bankers, as Robert Fisk puts it, are the dictators of the West.”

“The P2P money creation system that Bitcoin proposes is truly something else as it deflates the dark power of debt-based money in society; it allows envisioning a world where the wheels of debt are no longer at the origin of economic activity.”

 – (Further discussion of the article)

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