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RE: Get Ready for a World Currency
@anonymint, Grear post really enjoyed reading it. However, i dont think there is enough public confidence yet i would say everyone knows about USD/GBP/EUR but atleast 70% of people have no idea or a very small idea of what a bitcoin is so currently i dont see how cryptos will overtake traditional currencies
The Western debt-based fiat economy will die because it is funding interest payments on old borrowing with new borrowing and interest rates MUST rise (because for example zero and negative interest rates have bankrupted pensions), which will displace funding for other government services. Also eventually the governments will have to cut off all debt that is escaping to cash, gold, or cryptocurrencies. As the stampede accelerates it will by synergistic with the collapse in PUBLIC CONFIDENCE in Western governments and fiat.
Note this will not be hyperinflation because governments will not print more money to hand out to people who want to escape fiat, but instead will be capital controls, confiscation of wealth, and deflationary collapse in totalitarianism. That is why governments are trying to eliminate cash (and they know they can shut down the gold dealers when they are ready making gold illiquid). China (Asia) will probably offer a fiat that still works after 2020 when the Western fiats have become totalitarian jails. This is why the financial capitols of the world will transfer from London and New York to Singapore and Shanghai respectively by 2033 (2032.95).
And if there is a cryptocurrency which is widely used for Internet activities such as how STEEM is used every time we make a post to the blockchain, that cryptocurrency might have a chance of being there right alongside Bitcoin as sustainable because Bitcoin is not the ideal medium-of-exchange due to scaling issues and slow block confirmation period (even 0-confirmation transactions do not confirm in real-time, thus are too slow for comment posts).
Fairr point, good job!
Totally agree, just any day now.
Perhaps not quite as fast as you think? But not delayed enough! (we are not going to like what is coming)
Looks like 2018 or 2019 for the EU to start collapsing hard when the pooling of German bonds with the PIIGS bonds in asset backed securities causes German interest rates to rise. This will ignite the stampede of capital out of the Eurozone sovereign bonds and Euro into the US dollar and US stocks. That will begin the short squeeze dollar vortex I discussed in footnote #3 of the blog, because there is $9 trillion in dollar denominated bonds overseas that have to pay interest payments in dollars (thus they are implicitly short the dollar).
The US dollar and stock market will skyrocket for a year or two until that stampede peaks. Then the entire global economy collapses with Asia bottoming first around 2020 or so and thus slowly growing its way back up while the West (including the USA) continues to fall into the abyss all the way to 2033 and beyond. We will have civil war, civil unrest in the West. And we will probably have war with Russia, China, and/or North Korea (a proxy war to weaken the USA?), as well as probably ongoing in the Middle East.
Really bad, bad, hard times are coming. The brightest area is probably Asia.
Additionally all this migration into Europe is likely to cause another pandemic. I had more on that in my prior Steemit blog.
Once again i am so glad to read your posts.President Trump is more likely to start a war to erase $20 trillion on the national debt. US debt is too big for an economic adjustment programme.