Time’s Up for Euro, Dollar and All Centralized Paper Money!
Centralized vs Decentralized & Paper vs Digital
Just before the Civil War in the U.S. there were around 8000 different local currencies in use(Smithsonianmag, 2012). Also unlike today, two neighbor countries weren’t supposed to use U.S. Dollars to trade with each other back then. Actually, it wasn’t until 1914 that The Federal Reserve Board issued the first federal note in the form of a ten-dollar bill (Investopedia, 2019). It must be the humankind’s short-term orientation that we feel like there can’t be any money and monetary policy without central banks and an all-seeing government regulating it.
Let’s admit it! Something is not right here!
Today, Covid-19 has hit us pretty hard both in health and economy, but it was already before that a search for an alternative monetary system has begun. The financial crisis in 2008 has revealed many faults of the existing system. Something was obviously not right back then as well, yet all the banks which caused the crisis, to begin with, thanks to their endless greed, has been awarded and bailed out by non-backed U.S. Dollars, Euros, etc. and even most of the bank CEOs kept their seats by putting the blame on a couple of scapegoats.
