Details are still scarce regarding the big raid German police conducted four weeks ago on Deutsche Bank AG, but what is now known speaks volumes about the financial industry at large.
Nearly 200 government officials raided the headquarters, under suspicion that they helped high volume clients set up foreign accounts and shell companies to avoid state-sanctioned robbery, commonly known as taxes.
Armed agents swarmed the building in search of evidence and two primary suspects who worked as high level employees at the bank. Prosecutors have been mostly quiet about their findings or the nature of the charges, saying only that the suspects are accused of money laundering, that is, earning profits without telling the state.
As a major player in the world banking system, Deutsche Bank (NYSE:DB) is undoubtedly a criminal enterprise, but there is no crime in helping people keep their money away from parasitic politicians who fund wars and oppression through their stealing.
Unsurprisingly, this is not a policy the firm applied across the board, so only a few well-connected and high paying clients were able to get assistance with keeping their assets safely offshore.
Meanwhile, Deutsche Bank has thrown the majority of their clients to the tax-collecting wolves with the lockstep enforcement of KYC (Know Your Customer) and AML (Anti-Money-Laundering) policies.
Like most problems in geopolitics and finance, this situation is far from black and white. Banks are some of the most criminal organizations, but taxation is still theft. Bankers should be held accountable for their role in the military-industrial complex, political campaigns, acting as spies for tax collectors and stealing your money through fraudulent practices which are now an industry standard.
Considering all of the wrongdoing these crooked swindlers ought to answer for, the fact that such a heavy hand has come down on one of the largest institutions for so-called money laundering is very telling of the true motives and priorities of the powers that (shouldn’t) be.
For those who are still desperately trying to use the political system to fix the problems of mass extortion or financial corruption, these times can feel exhausting and hopeless.
Fortunately, there is another way that doesn’t involve voting harder or smashing any windows. We already have a viable alternative to the traditional banking system which circumvents taxation and could make the establishment’s entire monetary system obsolete!
No ballots or bullets required.
Regular readers of The Dollar Vigilante (SUBSCRIBE) will know that I’m talking about cryptocurrency, which has quickly evolved into one of the most important markets in the world—the first truly decentralized free market for money in modern history.
From local farmers and merchants to small-time drug dealers and sex workers, all the way up to multinational corporations and CEOs, crypto makes it relatively easy for people of all backgrounds to keep their money out of the war machine, without needing an offshore account.
Your property is personal and no one else’s business. The infrastructure of the legacy banking system ensures that, as a default, the government has access to your financial information, while the default with a blockchain network is essentially anonymity.
Ironically enough, Deutsche Bank has smeared Bitcoin and cryptocurrency in the past for allegedly making it easier to “launder money,” while theywere doing exactly that, and on a much larger scale. In April, Philippe Vollot, head of the department in charge of financial crime, called for more strict government regulation of crypto markets, claiming the technology is “attractive to criminals.”
“Governments and regulators should thoroughly look into this to ensure that cryptocurrencies have the same financial crime protection rules as traditional payment solutions.”
It seems the fat cat just doesn’t like competition, since his company is involved in the very same practices he’s seeking to stifle and control.
Statists gonna state.
The specific figures of how much money was laundered through Deutsche Bank are not yet public, but if it’s anything like other similar scandals, the amount is likely greater than all the cryptocurrency in existence. One branch at Danske Bank, for example, was recently found to have funnelled $235 Billion in illicit funds, which far exceeds the current total market capitalization for all cryptos.
That’s right. A single location, at one bank in Estonia, laundered more cash than the entire market cap of cryptocurrencies.
Many were shocked in May when Deutsche Bank’s stock dropped to then record lows. Chief Executive Christian Sewing wrote to staff:
“There’s no reason for us to be discouraged. Yes, our share price is at a historic low. But we’ll prove that we have earned a better valuation on the financial markets.”
With Deutsche Bank’s stock worth even less, now trading below $8, last week marks the worst of 2018 for the German giant. The distressed money-mongers are stumbling harder than ever to save face, as their most difficult year so far nearly took them out.
The truth is, what we are experiencing today is the beginning of the end of an era.
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Long Bitcoin, Short the Banksters.