Appreciate the thought provoking post. When President Nixon changed the dollar from a gold backed currency to fiat money the flood gates of government spending and debt were flung open. Keynesian economists were jubilant: their theory of massive spending by governments, including government debt would be proven sound. At least they were convinced it would be so. Frankly, when we consider the "wealth" of nations and people that has come of this economic system we must admit that indeed society at large has benefited (obviously some few much more than others). However, now the US government is 20 Trillion in debt, with over 100 Trillion in unfunded liabilities (the figures vary on this but this is the "official" figure). Personal debt in the US is about 18.5 Trillion. Look out the window. Practically everything, both public and private was created by debt, by money backed by nothing other than the publics willingness to go along with the system. However, and this is a big "however", how will this debt ever be repaid? Some say a debt jubilee will occur... all debts public and private will be forgiven. Others say the currency will be debased through inflation allowing the government to pay debts with virtually worthless dollars. Others, like our good friends at Anarchapulco are absolutely convinced the dollar will utterly and totally collapse... and soon. As this beast, Keynesian economics, begins it's death throws it will lash out at competitive systems like cryptocurrencies. Governments, like China, will ban Bitcoin and the like in an attempt to maintain control. But alas, people have discovered not only a new paradigm of currency but a new way of working within community to lift each other up (Steemit) and will not be denied. I expect the next few years will be a wild ride as the Beast does all it can to survive. This includes the time tested practice of inciting wars. Always a good distraction, and always good for the economy. Forgive me, we don't need that dark prediction today. I agree, a new age of possibility is upon us. The question is: will people see crypto's and blockchain for what they are: keys to freedom? Or will we submit to the powers of Authority. it will be a close call. As for me, I proudly carry the torch of freedom.
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