Hey Banks, Stay Banks!
JP Morgan is a name that I was much happier when I didn’t know it. That being said, the older I’ve become, and the more financially focused I have become, there is no way around hearing the name JP Morgan. Honestly, I still don’t even know what that company does, but I am pretty sure that it is a bank of some sort. To me that is a problem, shouldn’t I know that a bank is a bank? Shouldn’t it be simple? JP Morgan invests, does research, is a debtor and creditor at the same time, and worst of all, apparently they are “Too big to fail.” I can not stand that phrase. Nothing can be too big to fail. Hell, even stars fail when they get too big.
Apparently this entity, JP Morgan, is so huge and affects my life so much that it can not possibly fail. In fact, at some points I will have to unwillingly donate my tax dollars to their cause. Nevermind my money and worth, it isn’t big enough to not fail. Double in fact, I should be happy to bail them out of trouble when they need it. You know, because they are such an essential part of my life and all. I know JP Morgan has never paid any of my bills, but I may have paid a portion of theirs.
My point is this, Mr. Dimon, Mr. Jamie Dimon, stay in your lane. you and your “bank” need to stay in your lane. Bitcoin is not worthless because it gives an individual a hedge against their government having this so called almighty control that you seem to think they must have. I won’t even go into the political diatribe about how awful it is that you can so easily slither out those notions that governments need to have absolute control over currency. They don’t. Private currencies have existed before, and they can most certainly exist again. Bitcoin is the reemergence of the private money. A hedge against politicians and regulators regulating their constituents into autonomous servitude. Politicians and regulators may do a lot of awesome sometimes but given enough time, they begin to think that all that awesome they do is unquestionable and unchallengeable. Bitcoin serves a purpose to remind them, “Hey, you work for us, not the other way around.”
Mr. Dimon, you run a bank. So run the bank. When someone asks you to be the custodian of their possessions, then be the custodian of their possessions. Stop worrying about who controls what, and just worry about what you have been asked to guard. That is if JP Morgan is even a bank. And, if it isn’t then why did you need my money in 2008, can I have it back with interest?