I have returned from the future, to inform you, the people of the world, about a major change that is about to happen to your money.
No more central banks.
In the future we won't have any more central banks. In fact we don't have any banks. The block chain will replace all previous records of asset ownwership. Your brain is your own bank. Everything you do goes on the blockchain, and its linked to your DNA.
The Blockchain.
The blockchain will record everything from the ownership of assets, to pleasure, to governments. Nothing happens without the blockchain. Power will move back into the hands of the people.
Let's start at the beginning, and I'll tell you about the end of the banking system.
US Digital Dollar.
The beginning of the end comes in 2019 with the introduction of the US Digital Dollar. Other major countries around the world bring out their own digital assets around the same time. Time frames to convert money into its digital equivalent was very limited.
People were skeptical about the US digital dollar at first. They didn't like it. However adoption grew quickly because it was very convenient to use. For a while, it looked like the USDD would work.
We know your bank balance.
Whilst the public had no choice but to go digital, there were mixed opinions. The biggest concern was the spying aspect. Every digital cent had its own unique tracking number. The government knew where it was, who owned it, where you got it from and what you spent it on. It was the latter point that seemed to bother most people.
Money wasn’t anonymous anymore, like bank notes. You couldn’t stick your USDD in a bank and hope to disguise your ownership that way. Every US digital cent, (USDc), was linked back to its ultimate owner.
Apart from anarchists and crooks, the public at large didn't have much of a problem with the tracking. Young people, especially, were used to being spied on, particularly by the large well known media platforms and search engines. They just saw it as the price to pay for convenience. After-all, the new digital currency was very convenient to use.
Your money can be cancelled
The biggest weakness of the USDD was the fact the government could literally cancel any dollar, any cent, or take your money off you, at any time, for any reason. They could take everything in a micro-second with the click of a mouse. It was just too easy. To start with, it was seen as a good thing that the government could seize the assets of criminals and terrorists.
Then the government started to attack a wider group.
Seizures started to happen to anyone the government didn’t like, for any reason. This included suspected tax-evaders, rogue foreign governments, anti-establishment journalists and anarchists. Political rivals started see their cash seized. The policy was, “seize first and argue later”. You only had to say something like, “I don’t like the President”, to be treated as a possible terrorist, and have your assets seized.
Gold and Bitcoin will soar past the $1 million mark.
As fear and doubt grow about the government's abuse of power, the public will start to seek out alternative assets that can't be seized, like gold and bitcoins. Prices will be in the millions.
Gold and Bitcoins banned.
Just before the dollar was abandoned, the gold price was over a billion dollars. They tried to suppress the demand for gold by making it illegal. Same thing for bitcoin. Of course it didn’t work. It’s like telling people to stop breathing or eating. Before digital assets were invented, people would hide their gold by burying it in the garden. The Blockchain was like another garden.
Bankrupt governments
The government was struggling to fund itself. Nobody would lend them money. The government was desperate. For decades it had been borrowing from Peter to pay Paul, and printing the difference. Now Peter wouldn't lend any more. In a last ditch attempt to stave off bankruptcy, the Central Bank raised interest rates to 17%. At the same time, the government made ownership of gold and Bitcoins illegal. It didn't work. Physical and digital assets were immediately buried in their real and virtual gardens.
The final straw. The "Dollar Emergency Bailout Tax".
The final straw came when the government imposed the “dollar emergency bailout tax”, (“DEBT”). They arbitrarily imposed imposed a 4% tax on every USDD. Every cent whose serial number ended with the letter “a” was returned to the government. Whilst this was supposed to be a one-off emergency situation, designed to bailout the bankrupt government, few saw it that way. Most suspected the government would be back for more next year. That was the end. People fled into other things, as the dollar collapsed.
The Global Currency Reset.
The aftermath of government bankruptcy was civil war and anarchy in many parts of the world. The governments tried to restore order by issuing a new currency. The old US Digital Dollar was wiped out. Domestic man-in-the street were compensated with the new currency on a one-for-one basis against the old, up to a maximum of USDD 5'000 per owner. All government debt was wiped out. The new dollar supply was limited by law, and freely convertible into a mixture of gold, bitcoin and US Tax credits