The post Op-Ed: Modern Money is a Byproduct of Power – Bitcoin is a Byproduct of Change appeared on BitcoinEthereumNews.com.

We all know this is a crooked @$$ monetary system. Nothing went wrong – the abuses are built into the system. Modern fiat currency may be the worst kind of money, right next to company scrip. The interest payments on US government debt will reach or exceed $1 trillion this year. You should understand by now that Modern Monetary Theory (MMT) means that governments can and will create money without end. Said differently, with MMT – governments took total control over the nature of money. As Alan Greenspan points out, the real worry with MMT is inflation, which we think is inevitable with the current monetary system. Whoever Satoshi Nakamoto is, they must have seen this coming. The prime issue now is that Bitcoin, which we love, has become the leading force in decentralized financial systems. Bitcoin is likely the most successful proof-of-concept in human technology. But it shouldn’t be the last word in decentralized monetary systems. Power is Money The nature of money changed in the 20th century. When 1900 hit – money was metal. A government could dictate the measure of gold or silver that created a currency unit (dollar, mark, franc, etc…) but the base of value was metal. By 2000, money’s value no longer had any base in the physical world. So what happened? One word – hegemony. Two world wars created global hegemony for the first time in human history. With that level of power came a new kind of money. Now, that hegemony is falling apart. The 20th century mind wants to see our present state as the evolution of a new hegemon – China. It isn’t happening kids. We are staring into the abyss. Too Much History! There is a reason why many see Bitcoin as “digital gold”. But it may not be…

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Filed under: News - @ July 16, 2024 12:16 pm