RE: THE DOLLAR'S IMMINENT COLLAPSE IN 2018? - How will it affect us all? @dollarvigilante (ENG)
Dear @lestatisticien ! thanks for your message. By dollar collapse, I mean the end of of the tool which makes possible the US global hegemony and the US Empire, which is just one more empire along history that will fall the same way the greeks, romans, spanish or british did in the past....
Of course, any fiat currency loses its purchase power year by year due to inflation...and you can not compare the dollar from 1913 with today's dollar at all. When I mean "dollar collapse" I am refering to a real hyperinflation in a short period of time where most of the international creditors of the US lose the trust in the US Treasury and its capacity to pay back its debt and no longer accept it as a medium of exchange or a deposit of value.
Actually, 1971 is what made the whole situation worse and what ended up converting the dollar in the reference currency for today's global trade allowing the US to print as much money as they please to get into debt at expenses of other countries.
We've got to learn from history as it always repeats itself (even though when we are so arrogant to think that we are better and smarter than older generations). Please, look what France's president Charles de Gaulle said about the dollar back in 1965 to understand how old this issue is...
I'd also highly recommend you to watch Mike Maloney's "The hidden secrets of money" dedicated to this very matter. This video is quite informative and might make you understand all more in-depth.
hope my answer was good enough for you to understand what I mean by "dollar collapse". If not, I am open to discussion.
Cheers! :)
Thanks a lot @ albertoyago, and I think I understand your meaning reasonably well. I too have studied monetary history, and all of Mike Maloney’s videos (plus some very good ones done by BBC, and another American historian whose name escapes me just now). So, I think I understand your meaning, and have no problem with it.
To me, Mike Maloney's videos are the "gold standard" for high quality videos.
What I was really asking you was what was your understanding of Dollar Vigilante’s meaning.
I suspect he means more than the ending of the dollar’s international dominance. Anyway, he says so much about “dollar collapse”, that he has the responsibility (in my opinion) to define his key terms carefully. (The phrase obviously can have different definitions, which is all In was trying to say.) I have not seen that yet.
Even worse, unlike Lynette Zang at ITM Trading, he spends very little time helping us to prepare for the post-collapse world. It is as if everything will be magically better, a proposition I do not accept. We will all have to work hard to make that a better world, I think; because we have no idea what powerful interests might emerge to dominate that world.
Cheers!
you are absolutely right @lestatisticien! glad you agree with me and like Mike Maloney's work...I think he is really really good! In one of his latest videos, he talked about blockchain and hashgraph (as a blockchain killer), which is a bit confusing for me to understand yet. Anyways...lets not be catastrophic...what about a world with Elon Musk as president of the US and where we get rid of oil dependence entirely? What about getting rid of the army and heinous Weapon industry and where there are no wars for oil anymore? Where robots make most of the jobs and money is no longer a problem as there are no more jobs as we know them now and people can dedicate their life to their true passions and boost their creativity to continuisly build a better world? What about shutting down the FED and fintech and cryptos getting rid of banksters? What about a universal basic income to solve all these problems and reduce inequalities? I'd love to think that humankind will be smart enough and that this will the path we will go through the next years...otherwise, it will be just chaos and the largest and worst crisis of our lifetimes ... What do you think about it? Am I being just a dreamer like John Lenon? Am I the only one?
I share your dreams about a better world, @albertoyago. However, if by "FED" you mean the groups that develop and execute national monetary policy, would we really want to get rid of these groups? If so, consider these points.
First, the quantity, distribution and governance of crypto currencies and their systems is a total disaster relative to the needs of the world at this time. Why do I use such strong language?
First, until Lightning network goes public some time in 2018, bitcoin has failed miserably as a system for payments and retail trade, and no other crypto currency is even close to taking its place in these functions at this time. I am tired of going to my nearby bitcoin ATM machine and finding a sign on it explaining why the owner cannot continue to operate it until certain problems in the system are fixed (you know those problems).
Second, even if you take derivatives away from the fiat money supply (world-wide) you would still have a volume of liquidity that is vastly greater than that of the aggregate of cryptos. Hence the leadership of the cryptos would have to quickly organize themselves to replace all that fat money in an orderly manner.
Third, even today there is no sign of orderly operations surrounding the bitcoin scaling debates and forks (almost monthly now we hear that a new independent group will produce a new bitcoin fork) , the manifest thinness of crypto markets (which leaves them wide open to manipulation (pumps and dumps)), and the easy hacking Ethereum-related software systems.
Only after resolving issues like these in the current international supply of cryptos could we move to replace the fiat system with cryptos.
Now let`s suppose we scaled up the supply of cryptos to support the world economy and fixed the chaotic situation I just mentioned, from where will the leadership emerge to do the following g things:
maintain the communications infrastructure of the world, the networked national energy grids, the national road systems, the hospitals and related services, the schools for young children, and the care for the unavoidably destitute? This is one question I would love to see Dollar Vigilante address.
Thus, how about hoping for co-existence of peoples’ cryptocurrencies and national fiat -money systems, along with improved performance by those who are maintaining the latter?
Cheers!