This bank stores something far more valuable to Americans than money gas. According to the article in Fox News, one man is getting his gas now for $.99 cents, which is what he paid for it several years in advance normal prices for gas were ranging close to $3 per gallon at the time. Heck, I wish I had heard of this bank that far back. Simply provocative is this innovative story, according to me.
Money launderers can now move illicit cash through the growing number of virtual reality role playing games, and convert that cash into real currency before withdrawing it from ATMs worldwide. One wonders just how many laundrymen have tumbled to this cyberlaundering opportunity. Compliance officers at financial institutions please note that their banks may be guilty of money laundering if it facilitates deposits or payments in these virtual worlds, for there is no functional due diligence on players or recipients.
Did you ever think that a counterfeiting money could be good for the economy and that the counterfeiter could be considered an economic genius or even a national hero. National monetary systems rely on trust in large financial institutions. A bank account balance, stored as electronic bits in a computer, represents a promise by the bank to pay the account holder. That promise is only meaningful if the bank is trustworthy. Banks, in turn, leverage those deposits to issue new money by making loans to trustworthy individuals as determined by an often labour intensive screening process.
