The Eurodollar Is Dead Paving The Way For Crypto
When we drill down to the foundation of the global financial and monetary system, and get past the nonsense that economists spew, we learn what the system is truly liek. SInce the middle of the last century, the monetary system was converted to one of ledger based money. This is controlled by the global banking cartel that runs the ledgers.
In this video I discuss how this system is broken and how it is not coming back. That said, it does pave the way for crypto which is not that different from what we presently have. The main change is who runs the ledger.
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I had a very similar discussion with my father over the weekend and his argument is that he likes the comfort of US bonds because they have the full support of the US Military behind the tender to ensure its lasting value proposition. I guess it is a convenient position to take when you already have enough USD to last you the rest of your lifetime.
Clearly the modern arguments for Web3 currency are that it is decentralized and outside of the reach of government authority and military might, but conversely, that could be used against it if there is still enough power and control left in the old monetary system to crush a movement that is too decentralized and powerless to fight back. All the bad actors like Luna, 3arrows, Celsius, and FTX only make the arguments for crypto much worse due to the lack of trust and the ability to collude and destroy entire monetary systems.
Summary:
In this video, Task discusses the euro dollar system and its current broken state, attributing the decline to a lack of high-quality collateral since 2007. He explains how the system, controlled by the banking cartel through ledgers, has led to a silent depression. Task compares the euro dollar system to cryptocurrency, highlighting how crypto assets operate on a similar ledger-based system but are decentralized and inclusive compared to the centralized control of the banking cartel. He believes that blockchain and digital assets have the potential to replace the euro dollar system over time.
Detailed Article:
Task begins the video by addressing the confusion surrounding the monetary system, emphasizing that the euro dollar system, rather than the US dollar, serves as the global reserve currency. He clarifies that the system primarily relies on ledger-based money, challenging the misconception of physical currencies prevailing. Task explains that the US dollar is merely a unit of account and not a currency in the traditional sense, highlighting the role of commercial banks in creating money through lending practices based on fractional reserve banking.
He delves into the history of the euro dollar system, which emerged following World War 2 due to the limitations of central banks post-Bretton Woods era. Task illustrates how the system is controlled by the banking cartel, functioning on high-quality collateral to facilitate transactions and trade. However, he notes a significant decline in collateral since 2007, particularly due to the exposure of mortgage-backed securities, leading to the global financial crisis.
Task emphasizes that the breakdown of the euro dollar system has resulted in a silent depression, impacting global GDP significantly. He argues that the system is beyond repair due to the loss of confidence in currencies, bonds, and financial institutions. Drawing parallels between the euro dollar system and cryptocurrency, Task highlights how blockchain offers a decentralized and inclusive alternative to the centralized control of the banking cartel.
He predicts that Wall Street may attempt to infiltrate the cryptocurrency space but acknowledges that certain aspects will remain beyond their control, potentially causing disruptions in the financial landscape. Task envisions a new financial system built on blockchain and digital assets, emphasizing their inclusive nature where anyone can participate, unlike the exclusive nature of the euro dollar system limited to banks. He foresees the gradual development of infrastructure to support the growth of digital assets, ultimately transforming the financial ecosystem.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.