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Why Central Banks Might be Pushing Digital Currencies - for them, Not YOU.

People are worried when they see what’s going on with the banks at the moment.

And they’re right to be. But not necessarily for the reasons you might think.


Far from helping to fix the problems, I believe the central banks are partly to blame.


In fact, I would even go so far as to say they’re driving the situation with self-interests at play.


There’s no way they can have been unaware that banks held vast amounts of assets that were sensitive to interest rate moves.


So they would have known perfectly well that moving interest rates so far and so fast was going to hit some banks hard. Hard enough to cause them to collapse.


Why would central banks want to trigger a banking crisis, you ask?


It puts them in charge. They get to call the shots. And they get to launch their new digital currencies.


I do believe a new digital currency has a key role to play but not one created in the shadows by an unelected cabal of central bankers and financial regulators.


The chance is here now to make a massive change that could put us in a position to build a thriving society with a much stronger economy – but it is a massive change.


That’s why we need a mandate from the people. We cannot stand by and let a group of technocrats make such wholesale changes to our lives without proper process and scrutiny.


If the Bank of England gets its way, it will present a fait accompli by imposing a new digital version of the pound and it will retain control. At that point, we are all slaves to the State as the elite protect their wealth.


My vision is quite different as I believe a digital currency can in fact make us free. But the control has to be distributed.


We must build a new currency on a set of values that focus on meeting the needs of the many, not the few.


We can harness the huge power of a distributed ledger to keep track of people’s information so that wherever they need access to money – for food, for energy, for medical care, for all the needs of their lives – at that point, they are able to receive what they need at the price they can afford.


A truly fair and well-designed system will be able to identify individuals as they go about their daily lives. And where they come into contact with providers, those providers will be able to deliver at a price that reflects customers’ needs.


The system can be managed by a series of local civic trusts where funding is accountable to local assemblies and managed by those in the community.

It also provides an opportunity to cancel debt as a digital pound run locally would allow for the rich and poor to buy in equally with zero in their ledgers. The rich could transfer a chunk of their wealth into the local pot and actually support their communities.

We all know high earners that will willingly pay more tax for a fairer society with better services. This is much the same thing, only more transparent.


Government and central banks can return to their proper role as the referee in the system and not try to be both referee and player.


This for me is the true way the State should operate. It is there to provide the framework and ensure allocated funding gets to the most needy first and fast.


After that, it’s up to local communities through the network of local organisations to deliver the services and goods and discount the less well-off as they go.


That’s how to develop a free and fair society - imagine the levels of happiness as wealth is more evenly distributed. Imagine the improved quality of life. #phillipullmann #thefivemasters #cryptocurrency #digitalcurrency #digitalpound #ukdebtcrisis #ukdebt #debtproblems #thoughtleader


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1 Comment

Interesting read!



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