The hypocrisy of Polish banks!

If you listened to yesterday’s ‘Quarter with Kanga’ (if not, go to our You Tube channel, where you will find all our lives) you must know that we ventured to comment press articles arguing that for almost ten years (!!!) Polish banks have been looking closely into how international companies launder money with impunity through the banks’ infrastructure.

What did the illpractice look like? They used a method called mirror trading, i.e. parallel transactions. In short, it is a way of transferring value in which a person or entity buys securities in one place and sells them in another.
The practice is defined as illegal and one can only guess that by allowing for such operations banks were counting on the fact that profits from acting (or rather not acting, since this seems to be a more accurate name for watching the criminal proceedings idly) will allow the banks to bounce back from the financial pit they were at in the years of crisis.

Are we suprised? Not really. Experience in functioning withing the banking structures has taught us not to put too much hope in the rule of law and rationality. Are we disgusted? Very much so! The same banks which – as media report – joyfully benefit from participating in the criminal activities have had the nerve over the recent months to terminate contracts to cryptocurrency trading companies motivating their decisions – NOTE! – with suspicious cryptocurrency operations.

What is absurd is the fact that such highly respected institutions as NBP and KNF are watching all of this, focusing a bit too much on warning people against cryptocurrencies instead of simply learning about them and not watching closely enough the activities of financial institutions under their supervision.

The Eighth – Don’t steal!

Nothing is what it seems. For most people the commandment ‘Don’t steal’ is the seventh commandment. Yet all you need to do is to look into the Book of Exodus to see, which commandment it really was. We are functioning in a reality where a conviction shared by most is enough to take something for a fact. Not many, however, will explore to find the truth.

While preparing for the latest ‘Quarter with Kanga’ we realize how deeply we are being deceived. Take the Civil Development Forum (Forum Obywatelskiego Rozwoju) which was created by Leszek Balcerowicz issued the following statement: ‘From the moment Adam Glapiński took office as the President of the National Bank of Poland (NBP) an average Polish citizen who deposited a 1,000 PLN at a bank lost 402.56 PLN (i.e. 100.12 PLN annually), once inflation and capital gains tax are considered.’

Then again as soon as in April Mateusz Morawiecki and Adam Glapiński announced a deflation (the presidential elections were held in June 2020). That means that if on 21st June 2016 (when Adam Glapiński became the President of NBP) you put away 10,000 PLN into your socks for safekeeping, today their purchasing power equals 5,974.40 PLN (from 21st June 2016).

Let us prepare a simple calculation. If you had decided then to go against the recommendations of NBP, KNF and the Ministry of Finance and if you had taken the extreme risk of buying a Bitcoin with that money, you would have had in your wallet today BTCs worth 158,409.16 PLN… Forgive me for I have forgotten the Belka tax… You would have 120,211.42 PLN.

Of course you did not have to keep your 10,000 PLN in your socks. You could have invested it in safe bonds. Yet under no circumstances (for getback’s sake!) could you have invested in cryptocurrencies. Here at Kanga Exchange we know how to calculate and we are convinced that the state officials can also do that. We do not need to convince anyone to anything here. So what we are left with is the moral aspect. What principles do the governement authorities, who oversee and watch over our wallets, follow? We do not really know, however, we do feel someone was not only miseead, but also robbed by someone else. Therefore what we can do is sigh and recall the old and forgotten commandment – the eighth commandment – ‘Do not steal!’