The future of global money is digital – let’s hope it’s not Libra coin
Did you know, UCommunity, that one day the global currency will be a digital one. It makes sense to have one universal currency, and that it would be digital. This global credit will arrive as the dollar declines in the coming years. There may well be chaos as we’re on the way to the new system. It has happened before. Sovereign borders and currencies are been overridden by multinational corporations and globalized central banks like the IMF, ECB, SDRs and perhaps others. What will this world look like?
Facebook’s Libra coin is spurring world nations like China to rise to the occasion in order to go one better than Facebook by launching their own centralized digital currency. No nation wants the global corporation of FB to dominate the world financially. They could become a bank in their own right if they get the permission. They will become lenders, charging interest, and since they are possibly a front end for the NSA, other nations are going to block them and build their own blockchain instead.
Hash graph and blockchain are already entering the mainstream markets as countries and their central banks begin to use DLT (distributed ledger technology). Libra from FB has simply stolen from Hedera Hashgraph and others to build their platform, but others will compete. The only problem is that FB has the market reach and user base already, as well as the popularity of a third of the world. No one wants to become a product of a corporation like them, since they already collect our data. It will be your banking data that they will collect next if you use Libra coin.
This attack on the monetary system is forcing other nations to come to the party and get their acts together by building their blockchains and cryptocurrencies. Venezuela is trying, with its Petro crypto, backed by their vast oil reserves, despite it being attacked, just as the nation is. Andreas Antonopolis gave a speech recently where he mentions that national security is being threatened as well as the global monetary policy by FB’s Libra. Actually he reminds us that it’s “Libre” which implies “freedom” as in the word Liberty.
Now every few decades the world comes up with a new monetary system. The dollar came in after World War 2, when the rest of the nations were worn out by the war costs. The British Pound sterling was losing its grip and had to comply with the Americans who had entered the war late but seemed to come to the rescue and thus had rights to dictate their terms of agreement when the planet was carved up by the victors in 1945 and soon after.
A great deal of wealth transfer or wealth shift will be taking place in the coming future, particularly after the coming global recession. It will be the culmination of all the corruption of the central banking system that thrives on free money printed on paper, backed by nothing. Gold no longer backs any fiat currency. But gold is being accumulated in a big way by rising nations like China and Russia. Today crypto enthusiasts complain that Tether is printing more USDT without backing, by the millions monthly, but nations do the same thing with fiat. It is unsustainable and doomed to fail, to collapse in a pile of inflation, where there is more paper than you know what to do with.
War is good for the despots who run the central banks and run America, who now live on worthless paper fiat currency, which they use to buy hard assets like land, minerals and of course, oil for energy. But war is their way of stimulating the broken economy. The only problem is that it is done on the deaths of the foot soldiers of innocent nations, the innocent youth of even America itself. Well war may have stimulated their economy but it will also bankrupt them, as it did with the USSR just before the fall of the Berlin Wall and of Communism.
America has already caused a global bank run in the past, which is why President Nixon had to get off the gold standard. They had printed too much paper money and there was not enough gold to back it. All the world became beholden to fiat paper in 1971, I still don’t know why, except for the fact that it was rigged by central bank insiders in multiple nations. Well, the new monetary system is on its way, as it has been twice every century before this. There is no way to fix the current system, it is too far gone into debt that can never be repaid. So it has to collapse. And the digital alternative is already waiting in the wings. The technology is there, smaller nations are already going digital, like those in Scandinavia, Estonia and others. Cash was king but the king is dying, and the new king is digital.
I’m not saying it’s Bitcoin because Bitcoin is too much of a maverick, uncontrolled and uncontrollable, but it will be a copy of Bitcoin, built on the system of blockchain, but it will be centralized and controlled by the central bank, so it will be an imitation of Bitcoin without the sovereignty desired by Satoshi Nakamoto when he first released his brainchild in 2009, in the wake of the last global financial collapse. When the one world government uses its one global coin, they will be able to monitor your every transaction. FB has beaten Amazon in the planned launch of their version of the global coin. Let’s see if it gets off the ground.
What FB has exploited is the ‘virtual machine’ and gas from ETH, the ‘Merkle machine’ like BTC, ‘Proof of authority’ like EOS or XRP, a new consensus algorithm which is Byzantine tolerant, all cherry-picked by David Marcus and his team under FB. And because of the 2,3 billion users, the world is rocked by it. But all the parts were there already. So-called future proof of stake (PoS) is promised but I won’t hold my breath for that. ‘Libre’ will be obliged to shareholders, just like FB was, and they won’t change just because it’s now a bank with its own digital pseudo crypto currency. They will continue their predatory behaviour, just like the ECB when they release SDRs to a poor nation, while simultaneously asset-stripping their valuables like their water, their power and their forests. Neo-feudalism is on the rise as the gap between the rich and the poor is increased. On which side of the coin will you be sitting?