The Economist: “Get Ready For A World Currency By 2018”

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Zero Hedge: THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency. Prices will be quoted not in dollars, yen or D-marks but in, let’s say, the phoenix. The phoenix will be favoured by companies and shoppers because it will be more convenient than today’s national currencies, which by then will seem a quaint cause of much disruption to economic life in the last twentieth century.

At the beginning of 1988 this seemed like an outlandish prediction. more …

Opinion: If it seemed outlandish in 1988 imagine it being said in AD 90.

“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.” Rev. 13:16-17

Until this generation there was no way for government to control all forms of commerce. Once paper money is eliminated, all that is needed is a digital currency that is accepted by the global banking network. The software for such transactions is already in place:

Blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency Bitcoin, the tech community is now finding banking uses for the technology.

The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Reasons for a move to digital currency abound:

  • Digital currency eliminates the 2-4% cost of credit cards
  • Digital currency greatly simplifies monetary activity
  • Digital currency would help deter terrorism, drug trafficking, etc.
  • Digital currency eliminates counterfeit (except from central banks)
  • Digital currency is the only way a future dictator could control buying and selling

Amazing isn’t it?

2 COMMENTS

    • Thanks for responding. The short answer to your first question is no. But at some point, a sudden hyper inflation scenario in one or more of the major economies caused by a sudden drop in the value it’s currency could force a pact similar to what happened last week when the Federal Reserve, European Central Bank and Bank of Japan all agreed to stop providing stimulus (QE). The immediate effect brought on a sudden interest rates spike and confusion in global markets. Now imagine how fast everything would change if those same central banks agree to eliminate cash in favor of a digital currency.