Most people understand the system is broken but they do not realize why. Thus, they end up chasing the wrong things when they should be focusing upon something else.
In this video I discuss how we have the opportunity to remove the friction from the global economy and have it operate in a more efficient way. This includes getting rid of rent seekers which tend to slow the process down and drain from the system.
▶️ 3Speak
The system is no longer efficient. I think crypto is fairly good since the transactions are fast. At this point in time, it doesn't make sense we have to wait 3 business days for money to be cleared for us to use.
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No way ur getting my pig for one chicken
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Nice work
At least if solutions like this can reach the right channel then it would bring about a positive impact on the economy
This might be a bit off topic, but you mentioned it briefly at the beginning of the video, and I base the comment on a number of videos you've put together on the subject.
I am a bit confused about something. I understand Central Banks / FED mostly settle debt between member banks without actually using/moving/printing money for that, but who then has the role to print them? Because some institution does. For example, to replace old banknotes removed from circulation or to replace old issues with newer ones and with different security measures. That in my country is the role of the Central Bank. In EU as a whole it's ECB. These are the inflation-neutral options, but of course stimulus was paid out using debt and who knows if these aren't freshly printed dollars or not?
By the way, I wouldn't have an issue with "printers going brrr". As you say, development in the world is way too underfunded, and inflation won't hurt us, quite the opposite. Plus, that's what we do in crypto, and we don't find that wrong...
Summary:
In this video, the speaker discusses the current financial system, the role of the Federal Reserve, and the concept of a dollar shortage globally. He delves into the history of the monetary system, mentioning the impact of the Great Recession and how it exposed cracks in the system. The speaker introduces the potential of cryptocurrencies to revolutionize the financial landscape by offering decentralized and efficient transactions without intermediaries. He emphasizes the need to increase the availability of money as a tool for economic collaboration and productivity. The speaker suggests that the traditional banking system is under threat due to the rise of cryptocurrencies and advocates for a system that reduces friction and reliance on debt servicing.
Detailed Article:
The speaker in this video provides a deep dive into the current state of the financial system, shedding light on the complexities that underpin global economics. He challenges common misconceptions, such as the belief that the Federal Reserve prints dollars, clarifying that it is a misconception to blame the Federal Reserve for destroying the dollar by printing excessive amounts. Instead, he argues that the real issue lies in a global dollar shortage that impedes economic growth and productivity on a global scale.
Delving into the historical context, the speaker discusses how the monetary system has evolved over the years, particularly in the aftermath of the Great Recession, which laid bare the vulnerabilities of the existing financial infrastructure. He highlights the intricacies of the digital ledger technology that forms the backbone of the current monetary system and draws parallels with the mechanisms underlying cryptocurrencies.
Moreover, the speaker explores the potential of cryptocurrencies to address the shortcomings of the traditional financial system. He emphasizes the revolutionary aspects of cryptocurrencies, such as the ability to conduct peer-to-peer transactions without intermediaries, which streamlines processes and eliminates friction in financial transactions. The discussion underscores the importance of enhancing the availability of money as a catalyst for economic collaboration and advancement.
Towards the latter part of the video, the speaker advocates for a paradigm shift in the financial sector towards a more efficient and collaborative system that minimizes reliance on debt servicing. He posits that the traditional banking system is facing a threat from the emergence of cryptocurrencies, which have the potential to reshape the financial landscape by optimizing economic productivity and reducing friction in transactions.
In conclusion, the speaker hints at future videos delving deeper into crypto-economic matters to explore avenues for transforming the financial system. His insights prompt reflection on the current financial ecosystem, advocating for a shift towards a more efficient and collaborative system facilitated by cryptocurrencies.