If anything, the present day monetary system of the world has been monopolized by the central banks and, worse still, by the banksters who not only keep the money but keep an eye on the financial life of their clients.
While the central banks are directly or indirectly involved in the printing of their respective national currencies, the commercial banks generate "new money" in the economy by giving out loans - of course, at far higher interest rates than what they pay out on deposits.
Since money remains the barometer for measuring the worth of goods and services and by extension the backbone of any economy, the central banks and their accomplishes have succeeded in monopolizing money and policing the financial life of private citizens.
The implication is that individuals cannot fully express themselves financially, cannot effectively spend their own money, without seeking the permission of the banks. Also, bank customers are completely left out from the dividends of the new money which banks create by giving out loans.
The consequences are even more disastrous in developing countries, where inept monetary policies have left the vast majority of the populace in abject poverty and penury. While banks make money by simply giving out loans at exorbitant, double-digit interest rates, the poor are left to suffer the resulting inequality and economic chaos.
This obviously lopsided monetary world order which gives more power to those who either print the money or "keep" it safe than to the actual owners who work for the money, is about to come to an end with the advent of cryptocurrencies.
Believe it or not, cryptocurrencies will empower everyone to create their own money, if necessary, and keep their money without necessarily relying on the services of the banksters.
For instance, a fine protocol such as the Smart Media Protocol being built on the Steem blockchain will allow anyone/organization to create their own token, if you like call it money. If successful, the SMTs has the potential to reinvent the concept of money as we presently know it. I see the SMT as money by anybody for everybody.
In addition, cryptocurrencies will give everyone the opportunity to keep their money in whatever form they deem fit. Under the present arrangement, a Nigerian will undergo through scrutiny to operate a dollar account. The same thing is applicable to an American who wants to operate a Euro account. However, with cryptocurrency the Nigerian or the American is free to keep their money in whatever coin they consider appropriate. It could be in STEEM, BTC, ETH, etc.
Lastly, cryptocurrencies will unbundle the global lending industry, such that capable individuals will be free to give loans (of course, in from of cryptos) at competitive interest rates to those who need it. By then neither the government nor the central bank will have the power to dictate the financial liberty and destiny of those who have voted for cryptocurrency.
In conclusion, the present financial system of the world is fraught with fraud, cheating, injustice, and greed. Unfortunately, private citizens are the bricks with which the aristocratic financial actors build their profit edifices. The only way out, I believe, is a vote for cryptocurrencies. A vote for cryptocurrency is a vote against the monopolization of money. And the collapse of the monopolization is the beginning of the financial freedom of humanity and the end of inequality.
I am @gandhibaba, the young man who goes about carrying his magical pen, not his gun, in his pockets.
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Gif courtesy of @artzanolino
Good post.
I share your positive perception about blockchain and cryptocurrency technology, as a way to give people more general economic freedom.
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Your short phrase – "lopsided monetary world order" – pretty much sums up the situation in most countries and across the entire world.
That's the reason for the civil unrest and "disorder" we are seeing in France, Hong Kong, Sudan, and so many other countries. Until we attain a proper monetary balance, the disorder will grow and exacerbate. Then, there will be blood in the streets.
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Very factual analysis above, and I have no objection to the fine points you have raised. Each time, the Marxist theory always come into play when inequality and violent conflicts envelop any part of the world. Really, the root of the problem is the imbalance distribution of wealth. Hopefully, cryptos will help to redistribute the wealth in the future. Cheers!
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Ol' Karl might have a few things to say about the current state of various unequal economies around the world and the world economy as a whole.
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We had private issuance before central banks imposed their monopoly. With all these stable coin projects the CB's are going to have competition. People are going to realize how they've been scammed once they are presented with options.
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I never thought about the fine points you've raised here. What we are seeing is the demystification of money through a united force in favour of cryptos. Cheers! And thanks for stopping by.
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