The Monetary Shortage And How Crypto Solves It
To usher in the Age of Abundance, we need a lot more money added to the table. We are presently in a monetary shortage that is causing a major slowdown in global trade.
In this video I discuss how we are going to see this solved by cryptocurrency. Central bank reserves do not enter into the real economy since they are not US dollars but rather bank instruments pegged to a dollar. This is no different than a stablecoin other than the fact stablecoins can be used to buy goods and services in the economy.
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I'd love there to be $1 Billion in HBD. That would mean there's more than $1B worth of HIVE.
Summary:
In this video, Task discusses the concept of abundance created through cryptocurrency in the monetary aspect. He delves into the global financial system, pointing out the challenges arising from a deflationary monetary environment post the great financial crisis. Task elaborates on the shortage of money in the system, citing the impact of slowing global growth rates and deflation on different economic zones. He emphasizes the potential of cryptocurrency to address these challenges by enabling the creation of money directly usable in the economy, unlike traditional central bank reserves. Task makes a case for the significance of stablecoins in funding global trade, technological advancement, and countering deflationary forces.
Detailed Article:
Task kicks off the video by highlighting the theme of abundance in the realm of cryptocurrency, focusing specifically on the monetary implications. He articulates the prolonged period of slowing global growth rates and the deflationary environment prevailing since the global financial crisis. The narrative pivots around the inadequacy of money supply in the global financial system, accentuating the significance of the velocity of money in economic flow. Task underscores the limitations of traditional legal tender in the Eurodollar system and how the aftermath of the mortgage-backed securities crisis led to a scarcity of collateral in the system, chiefly comprising sovereign debt and corporate securities.
Moving forward, Task delves into the role of central banks and governments in trying to stimulate the economy, pointing out the inefficacy of traditional quantitative easing measures due to the constraints on the flow of money into the general economy. Here, the conversation evolves towards the potential of cryptocurrency as a solution to the scarcity of money, contrasting it with central bank reserves and emphasizing its ability to directly enter the economy. He paints a picture of how cryptocurrency, like HBD or Bitcoin, could serve as a means to facilitate trade, commerce, and financial transactions without the hindrances posed by traditional monetary systems.
Task's discourse expands on the transformative impact of cryptocurrency on financing commercial activities, collateralization of assets like Bitcoin, and potential lending opportunities using digital assets. He underscores the complexity of economies and the interconnectedness of various facets like money, cryptocurrency, finance, DeFi, and banking in shaping real-world outcomes such as jobs, wealth distribution, conflicts, and economic dynamics. The video concludes with Task encouraging viewers to contemplate the intricate nature of the economic landscape and its implications on a broader spectrum, from household finances to global equality and inequality.
In conclusion, Task's detailed analysis of the monetary challenges in the global financial system and the potential role of cryptocurrency in addressing these issues provides valuable insights into the evolving landscape of finance, ushering in a new age of abundance through digital currencies.
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.