The United States runs the world. This has been the case for the better part of 70 years. Even during the Cold War when there was a "competitor", the U.S. was still in control.
At the core of this was the enormous economy coupled with the ability to influence through guns. These two factors were exercised but did not provide the power.
What gave the United States the power was the USD. As the world reserve currency, all power was ultimately pushed towards Washington. This made the Federal Reserve the most powerful entity in the world.
Make no mistake, the IMF and ECB march to the orders of this single entity. The Fed can flood the world with dollars or suck them up.
As we know from cryptocurrency, simply creating money is of no use unless there is someone who wants it. The situation for the United States went one step further. When it comes to other countries, it is not a matter of what as much as need.
The system is such that they need dollars. The entire international market is based upon the dollar. Do you want to buy some commodities? It is going to require US Dollars. Want to sell some oil? You best deal with a country that has dollars because that is what it is priced in.
Obviously, this made countries very resentful. It also put them in a position of dependence. The freedom to run their economies as they saw fit was always hindered by Washington. Get on the wrong side and consequences would be forthcoming.
Take a look at the situation in Iraq. Many claim that it was about weapons of mass destruction although this point was mostly negated. Another failed theory is that it was about the U.S. getting its hands on the Iraqi oil.
The most plausible reason, and one that is not really reported by the mainstream media, is the fact that Saddam was trying to sell oil in a currency other than the USD. This was not something it could allow.
The United States likes to implement sanctions on those governments it finds disagreeable. Having control over the international banking system makes this rather easy. After all, how can a country's economy thrive when it is cut off from the international community?
For years, some members of the international community griped about the U.S. position. The idea behind the SDR was an answer to this. Many thought it would take off especially since China appeared to be a major supporter.
Today, SDRs might end up being a non-starter. Instead, we are seeing cryptocurrency stepping in. The Venezuelan government tried to answer sanctions by creating the Petro. This was a sound idea although the implementation was flawed. Iran is finding great success getting around some of the same issues by turning to cryptocurrency. The populations of these countries already latched onto the idea, can the governments be far behind?
One group that is stepping up is the central banks. Many are looking at the possibility of adding a cryptocurrency as a means of decoupling from the USD. The change in technology is allowing those who are suffering under the present system to opt out.
This not only applies to governments and central banks; individuals are finding the same benefits.
Much of the world lives under horrific regimes that are run by nothing more than mob bosses. The tactics used are similar to the Mafia pushing terror at every turn. One of the reasons for success is because of the financial system.
When you have a group of people completely cut off from the most basic of financial services, they are at the mercy of those in control. Here again, we see the situation changing.
Anyone who has access to the Internet is going to find out they can easily have a bank on their smartphone. Download any crypto wallet and, presto, one can store, send, and receive money. Much of the world operates in cash meaning things are slow and inefficient. Cryptocurrency answers that.
It is also a path to freedom.
Tokens = freedom.
This is true whether it is a country trying to get around the imperial United States or individuals living under a tyrannical regime. All are able to "opt out" of the present system in an effort to increase their own freedom.
Our present system is constructed upon currency dependence. People around the world simply do not have a choice. The power is consolidated in such a way that few are able to resist. History over the last 40 years show many governments that suffered the fate of trying to stand up against the system.
The power structure is already changing. My view is the United States is already cooked. Its support of the banking sector means it already lost the cryptocurrency and blockchain battle. With no changes coming anytime soon, it will only fall further behind as other countries embrace the technological advantages provided.
Since it is election season, we will see the same rhetoric over the next 15 months, arguing about who is to blame for what. There will be no solutions provided. This does not bode well.
Here is another one who brings up a similar point, not only the U.S, but the U.K. also.
https://bitcoinist.com/us-uk-losing-cryptocurrency-race/
The global power structure is undergoing a radical change. Since it is based upon technology, it is happening quicker than many envision. Those who are asleep at the wheel are going to be left behind.
Tokens are allowing everyone to opt out of the present system.
Sadly, for those in power, they will realize this only after it is too late.
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nice post! It will take a great deal more time (or a next financial recession) for more people to see this, though
I was thinking the same way many years ago but in 2019, I think differently. The governments are already tracking and even getting nodes on many project like bitcoin, litecoin and EOS etc... etc...
We are early adopters but these big companies and banks will soon have there own crypto and unlimited funding to market these coins to the masses. With so many people uneducated, will fall for these coins. If libra does come out, I can see 99% will use it’s shit coins and never use bitcoin. In other words, people are dumb lol. It’s like people believe in fiat currency for many years and never owned a gold or silver coin.
However, it’s a start and maybe your right and crypto like bitcoin can take over the world 😎
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We have so much debt that the FedTreasury needs low interest rates. They’ve painted themselves into a corner. At some point, people are going to lose confidence in the USD. It will be ugly. Millions will see their pensions essentially evaporate.
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I agree completely with your post. What I would add is that crypto is dependent upon an accessible network. If a country controls the network, can an independent crypto currency survive? With the advent of space-based internet like Starlink, this would be less of an issue. Finally, not every person can afford a device suitable to use as a wallet, especially if you want to use a satellite connection.
These observations do not invalidate anything in the post, but are issues to consider as we move forward in this brave new crypto world! #lifestyle
This was a powerful essay. Stay tuned world, change is coming, good or bad? I don’t know, but the educated will benefit the most and the ignorant will get more of the same bad deal.
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time for a change
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Yup, attempt to "dethrone" the U.S. as a standalone currency power through traditional means have failed. The Euro being an example, but crypto is a game changer.
Sad that the U.S. is fighting it cus we are already behind the curve.