It's perfect. I hate to say it but everything always is perfect. Digital currency is the solution.
The USD has ruled the world for about a hundred years. It started out as a gold and silver backed currency. The notes were printed by the US government legitimately representing the amount of silver or gold designated by them and could be converted at any time into that amount. Gradually over time that began to change. Little bit little bit the notes transformed in IOU's with nothing backing them. The introduction of central banking in 1913 signed into law by President Wilson was the first step in the destruction of the value of the currency.
The government no longer printed the notes and the central bankers had the ability to print more notes than there was gold or silver to back them assuming that not everyone would retrieve their actual gold and silver at the same time. Here's the real killer. The notes that were printed were charged interest by the central bankers to print. Where would the money to pay to the central bankers come from to pay the interest? There would never be enough money in existence to pay the interest. There would always have to be more and more notes printed (each needing to be paid interest) in order to pay the interest on the the ones already in existence. What a deal!! Now if that isn't a ponzi scheme what is!!
The central bank, the Federal Reserve, printed too many certificates (dollars) stressed by the costs of the second world war. This caused some alarm among other nations who had deposited their gold and silver with the United States during the war. They now demanded their metals back in the 1970's. Surprise... There was not enough gold in Fort Knox to cover the demands now being made. President Nixon separated gold and silver from the USD which then became backed by nothing at all. The USD became simply an IOU to be paid in more IOU's. The United States had in effect just declared bankruptcy.
Now add to the printing of more certificates, dollars (IOU's), than there is gold or silver all printed requiring interest be paid...as if that isn't bad enough now add the complication which bankers tend to have to speculate with whatever funds they do have in their control and the system becomes that much more unstable. Lending to other countries, issuing bonds, and now even entering the stock markets incognito. It's a mess.
What to do? Not long after Nixon separated gold and silver a real store of value from the currency it was realized that it would need to be backed by something other than "brute force alone" if there was to be a semblance of civilization. Henry Kissinger was sent to make a deal with the oil rich countries in the Middle East. In exchange for military support in a troubled area, the Middle East has been volatile for thousands of years, Saudi Arabia signed an agreement that any oil they sold to anyone would have to be purchased in USD. In an indirect way this backed the USD by oil. This is what is commonly referred to as the creation of the petrodollar.
To further strengthen the deal the Saudis were to purchase US government debt in the form of bonds with a percentage of the profit they made from the sale of the oil. It was perfect at the time to keep things going. Everyone needed oil. It was the energy that fueled the world. Oil was in everything... it ran autos, planes, boats.. Oil's byproducts were in soaps, medicines, fabrics, plastics of all sorts, paints, insecticides,... you name it.
But now it is all coming to an end. Oil is not going to be the fuel of the world for much longer. Hence the rule of the petrodollar will be finished. It is an international world now. With the advent of computer technology and the internet trade across the planet is open to anyone to transact with anyone. New energy sources are available for vehicles. The pollution that has accumulated from the use of oil for so many years has to be stopped.
It is not the age of oil anymore. It is the digital age. The currency that ties to oil will not work in the digital age. There needs to be a digital currency. And it's here. Cryptocurrency. And it's the perfect solution. How cryptocurrency is taking shape and its rightful place in world trade and human interactions is being seen daily. It is very exciting.
Will there be challenges, errors and difficulties? You betcha the world hasn't changed that much that there are no obstacles anymore.
Is there human greed? You betcha that isn't going away either.
Are the criminally-minded people attracted to taking advantage of a situation for self aggrandizement at whatever cost to others? Yup They're still with us. They have been with us for a very long time.
But the way is open for the future. The future is digital. "What about an EMP, or a massive solar flare, or an asteroid or planet x?" Personally I have a gravity fed waster filter and some extra beans and rice and other essentials put aside just in case.
