1988 cover story for The Economist shows a picture of a Phoenix, with a coin that resembles the look of today’s most popular crypto currency, Bitcoin.
What’s even more intriguing about the picture is the fact that the year on the coin reads 2018. It’s also interesting to note that the article is discussing a completely new type of currency, a global currency, one that emerges from the ashes of cash. How ironic is it that?
Bitcoin and cryptocurrency are now at the forefront of many peoples minds, a response to the current financial “ways” of the world. It promises to solve many of the damning challenges of fiat currency and the public enslavement that comes from the way our money currently works.
One of the features of a "global currency" which I have not yet grasped is how it would knit monetary and fiscal policy together across nations to form economic stability evenly. The Euro and Greek Crisis in 2014-2015 illustrates that universal currency adoption does not automatically equal stability and improvements. New problems creep up which need to be addressed. Any links to to cryto coins would cover some of the Euro challenges would be interesting to see.
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Indeed. :)
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Well one of the features of decentralized cryptocurrency is that governments will not have the same power to implement “monetary and fiscal policy”. We do not want more government fiscal policy. The intent of these policies is usually to mitigate the effect of market discipline....let them be subjected to it as you and I are.
The Euro caused the Greek problem by allowing the Greek government to spend and borrow wildly without the market discipline that would have been applied to them if their currency had been Drachmata or for that matter Bitcoin.
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I used to read the Economist very regularly and I do not remember this . Very interesting. The world view of this “newspaper” has changed significantly and I hardly ever read it any more. It has become much more statist ( or indeed superstatist) and “dirigiste” in its outlook.
One hopes of course that Bitcoin and/or other crypto currencies will counter these trends .
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