Guest contribution by Gabor Steingart: In the shadow of the Corona crisis, there is an attack on the state monetary system
While the political world continues to deal with Corona as if in a trance, important actors are working to unhinge the money economy. They do this not for the benefit of the citizens, but for the benefit of tax evaders, black money dealers and the large data collection points of Silicon Valley.
Fast 3000 different digital currencies are currently traded, 2013 it was only 26. The revolution that has started wants to get rid of money in the form of notes and coins, and with it many of the standards set by the state Central banks have developed, enforced and defended in the past. This is one of the reasons why progressive economists are like Nobel Prize winners Prof. Joseph Stiglitz and conservative-liberal spirits like the President of the Bundesbank Dr. Jens Weidmann united in their negative attitude.
“Cryptocurrencies pose a threat to global financial stability.”
Warned at a digital conference by Bearingpoint Stiglitz in his lecture on Financial market regulation now: “Cryptocurrencies pose a threat to global financial stability. They threaten to thwart decades of efforts to increase transparency in the global financial system. “
Jens Weidmann has previously stated on record that there should not be any space exempt from supervision: “The new providers must also comply with the supervisory requirements, including the regulations that are intended to prevent money laundering or the financing of terrorism.”
Gabor Steingart is one of the most famous journalists in the country. He publishes the “Steingarts Morning Briefing” newsletter. The podcast of the same name is Germany’s leading daily podcast for politics and business. Steingart and his editorial team have been working on the ship “ThePioneer One” since May 2020. Before founding Media Pioneer, Steingart was, among other things, Chairman of the Management Board of the Handelsblatt Media Group. His free morning briefing you’ll find here.
The attack on the achievement of traditional central bank money – its intrinsic value and authenticity is monitored by the state – comes from very different directions.
With the Libra project, Facebook is building a private money system
On the one hand there is the from Facebook-Board-created art currency Libra. You should only pay in at first Facebooks three Messenger-Apps can be used, but it doesn’t stop there. Facebook has around 30 other companies are convinced to join an organization calledLibra Associaten“ each up to ten million Investing dollars to become part of the new payment system. Among the investors are payment service providers like Mastercard , Visa , PayPal and Stripe, but also companies like Spotify .
With the Libra project, Facebook is building nothing less than one private monetary systemthat no longer by political regulationbut rather through the interests of those involved Companies is dominated.
The is currently attracting the greatest media attention Bitcoin , the pioneer among cryptocurrencies. Started in December 2009 by a stranger named Satoshi Nakamoto, whose actual identity has not yet been clarified, are now around in dollars 115 Billions of this cryptocurrency in circulation. The Bitcoin brings it to a Market capitalization from 320 Billions US dollars, which is around 14 times the value of the German bank corresponds.
The favorite currency in the so-called Darknet is Currency . This cryptocurrency was 2014 created. In contrast to Bitcoin, the Monero operators pay particular attention to the anonymity the users and their money cycles. The current market capitalization amounts to 1.7 billion US-Dollar.
Privatization of the money economy would be the final bang of an era
The disadvantage of all of these innovations is exactly what makes them so popular with many users: they work decentralized and evade the state’s desire for an economic one Global control. After the liberalization of many public goods such as water, electricity and transport, the privatization of the money economy would be the final bang of an era.
The good news at the end: The Countermovement is on the way. The new administration of the USA, which in the circle of the ministers (ex-Fed leader Janet Yellen) and their supporters (Elizabeth Warren, Joseph Stiglitz, Paul Krugman) over sufficient expertise knows about the problem. Yesterday rumors ranged about a future one regulation of digital currencies for a sensational Price fall. Everyone now knows: Those who bet on Bitcoin and Co are betting against the US dollar dominance.
Also interesting: central banks are the patron saint of the financial markets – stock market professional Halver: “The beloved Germanic stability is over”
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