• The Fundamental Problem: Fiat Money as State Control
• They’ve Done This Before. They’ll Do It Again.
• Why Appealing to Authority is Futile
• Bitcoin: Voluntary Debanking and Sovereign Autonomy
• The False Security of Fiat Banking
• Practical Sovereignty
• Conclusion: Exit is the Only Solution

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” —F.A. Hayek

Journalist and activist, Scott Ritter’s bank account balance: $0.00. Twenty-six years of banking relationship* terminated without explanation.* No crime. No charges. No due process. Just a letter declaring Citizens Bank’s “contractual right” to destroy his financial life.

This isn’t just corporate overreach. It’s a revelation of a deeply disturbing truth: when you don’t control your money, you don’t have money. You have a permission slip that can be revoked at any moment, for any reason, with no due process and no recourse.

Ritter’s response of; appealing to Congressman Paul Tonko, FBI Director Kash Patel, and Citizens Bank’s CEO, represents everything wrong with how people think about financial freedom and individual sovereignty. He’s asking permission from the very system that just demonstrated its willingness to destroy him. He’s begging the State and its corporate partners to please, pretty please, restore access to what he believes is “his” money.

This is Stockholm Syndrome on display.

§The Fundamental Problem: Fiat Money as State Control

The debanking of Scott Ritter isn’t an anomaly, it’s a feature. The modern banking system exists in a parasitic symbiosis with the State. Banks aren’t private institutions operating in a free market; they’re State-licensed cartels operating under a regime of regulatory capture, fiat currency monopoly, and central bank manipulation.

Citizens Bank didn’t make a mistake. They made a calculation, where the regulatory cost of keeping Ritter exceeded the profit. End of story. His three trips to Russia, his $10,000 cash withdrawals, his journalism critical of U.S. foreign policy, all perfectly legal, all perfectly suspicious in a system where banks are unpaid deputies of the surveillance state.

The Suspicious Activity Report regime transforms every bank into a federal informant. The Bank Secrecy Act prohibits them from even telling you why you’ve been flagged. It’s a Kafka trap with a compliance department. When the State controls the money supply and the banking infrastructure, it controls you. The regulatory framework; Know Your Customer, Anti-Money Laundering, Suspicious Activity Reports, these aren’t protections. They’re chains.

And Ritter thinks Paul Tonko is going to fix this?

§They’ve Done This Before. They’ll Do It Again.

Ritter’s not alone. The debanking playbook is well-established and has been used a lot over the years:

The Canadian Trucker Convoy (2022): When truckers protested COVID mandates, Prime Minister Trudeau invoked the Emergencies Act and ordered banks to freeze accounts; without court orders. Protesters, donors, even people who shared social media posts had their financial lives destroyed. No trial. No charges. Just frozen accounts and a clear message: dissent will cost you everything.

The Canadian government froze 257 accounts containing $7.9 million. Some people couldn’t buy groceries. Couldn’t pay rent. Couldn’t fuel their trucks. The state demonstrated that your bank account isn’t yours, it’s theirs, and you hold it at their pleasure.

WikiLeaks Financial Blockade (2010-2013): After publishing classified documents, WikiLeaks faced an extra-judicial financial blockade. Visa, MasterCard, PayPal, and Bank of America simultaneously cut off the organization, no legal process, no court order, just coordinated corporate enforcement of unstated government desires.

WikiLeaks lost 95% of its revenue overnight. The blockade lasted years. It was only broken when WikiLeaks started accepting Bitcoin, the only payment rail that couldn’t be shut down by political pressure.

Julian Assange later said: “Bitcoin is the real Occupy Wall Street.” He understood what Ritter hasn’t: you cannot fight the system from within its own infrastructure.

Scott Ritter’s case fits perfectly into this pattern. Debanking is not about stopping crime but it is about preemptive control. It is about making life unlivable without ever charging, trying, or convicting. No due process or appeal. Just exclusion.

§Why Appealing to Authority is Futile

The worst response to this reality is the one we see repeated over and over: write letters, beg regulators, demand hearings, appeal to Congress, plead for transparency. This is the mentality of the captive. It assumes the system can be morally persuaded to stop behaving exactly as designed.

It cannot. 

Calling for more oversight, more regulation, or more political intervention only tightens the noose. The state is not the solution to financial repression because it is the source of it. You cannot vote your way out of a surveillance-based monetary regime. You cannot regulate your way back to sovereignty.

Ritter’s faith in political intervention is touching but naive. He calls upon his Congressman to “inquire into the reason” for his debanking. He asks the FBI Director to “investigate” and “hold accountable” the very institution that likely orchestrated his financial destruction. He appeals to Citizens Bank’s CEO to… what, exactly? Reconsider? Apologize?

This fundamentally misunderstands the power dynamic. Citizens Bank didn’t debank Ritter because of a misunderstanding or a rogue employee. As stated earlier, they did it because the regulatory and reputational costs of maintaining his account exceeded the profit. That’s it. That’s the entire calculation.

No amount of letters, inquiries, or investigations will change this calculus. Even if Ritter “wins” and gets his accounts restored, the precedent stands: your access to the financial system is conditional, revocable, and subject to the whims of bureaucrats and compliance officers who face zero consequences for destroying your life. Not to mention the fact that he’d have proven that he’s dependent on political favours. The sword still hangs over his head. Next month, next year, they can do it again; and they probably will.

The House Judiciary Committee report Ritter cites documents the problem perfectly, then offers no solution beyond asking the foxes to guard the henhouse more fairly. Worthless paper promises from the same political class that created the problem. This is reform thinking, the delusion that the system can be fixed if we just elect better people or write better rules.

You cannot reform a system built on coercion, monopoly, and fiat currency. The problem isn’t bad actors or flawed implementation. The problem is the system itself.

§Bitcoin: Voluntary Debanking and Sovereign Autonomy

Here’s what Ritter should have done years ago: voluntary debanking. Exit the system before it exits you. Bitcoin represents the first genuinely scarce, apolitical, seizure-resistant form of money in human history. It embodies the sound money principles that fiat currency violates:

This isn’t just a technological upgrade. It’s a paradigm shift from asking permission to asserting sovereignty.

When Ritter writes that “one doesn’t begin to comprehend just how dependent we are on the digital economy until it is taken away from you,” he’s describing dependency, not participation. True participation requires the ability to exit. Bitcoin provides that exit.

§The False Security of Fiat Banking

Ritter describes using cash in Russia “because my American digital financial profile doesn’t work in Russia.” Even he understands that fiat digital money is territorial, political, weaponized. Yet he returns to pleading with the same system to let him back in.

This is the trap: people fear Bitcoin’s volatility while ignoring fiat’s certainty; the certainty of inflation, surveillance, and arbitrary seizure. Yes, Bitcoin’s exchange rate fluctuates. But Bitcoin has never:

• Frozen your account without explanation

• Filed secret reports against you to law enforcement

• Inflated away your savings through money printing

• Required you to justify your transactions to compliance officers

The “stability” of fiat is the stability of the slave who knows his place. Bitcoin offers the volatility of freedom, the uncertainty that comes with sovereignty.

§Practical Sovereignty

For someone in Ritter’s position, a journalist critical of State policy, targeted by federal agencies, requiring financial privacy; Bitcoin isn’t just useful. It’s essential.

Had Ritter operated with Bitcoin:

• His donations would have arrived without triggering SARs

• His Russia expenses could have been handled without $10,000 cash withdrawals

• His accounts couldn’t have been “zeroed out” by Citizens Bank

• His financial autonomy wouldn’t depend on Paul Tonko writing letters

Instead of explaining his transactions to bank managers and begging politicians for intervention, he could have simply… transacted. Peer-to-peer, permissionless, private.

§Conclusion: Exit is the Only Solution

The debanking of Scott Ritter is a wake-up call, but his response misses the lesson. The system isn’t broken; it’s working exactly as designed. Banks will always debank dissidents, because in a fiat system, every bank is an arm of the State.

The solution isn’t reform. It’s exit.

Bitcoin enables voluntary debanking, the assertion of financial sovereignty before they assert their power over you. It’s the embodiment of sound money principles, property rights, voluntary exchange, and separation of money from State control.

Writing letters to Congressmen is the approach of subjects asking masters for mercy. Adopting Bitcoin is the approach of sovereign individuals asserting their autonomy. The choice is yours whether you remain dependent on a system designed to control you, or claim your financial sovereignty.

Reduce your exposure to a system that can erase you with a keystroke. They can debank anyone, but they cannot de-Bitcoin you.