A central bank cryptocurrency to democratise money – MENAFN.COM

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A central bank cryptocurrency to democratise money – MENAFN.COM

Who controls transactions, interest rates and money creation controls politics. That’s why the powers-that-be will fight this proposal tooth and nail The history of money has been the history of the struggles to control the payment system and the money tree. Today, with control over both resting in the hands of bankers, central banks’ efforts to boost business end up amplifying inequality while failing to address either economic stagnation or the looming climate disaster. The time for ending this scandalous cartel is now; the way to do it is by creating a central-bank cryptocurrency. Whether you are charging a cup of coffee to your debit card or wiring money, the transaction passes through a digital system fully owned by bankers. What should be a public utility, like roads or sewers, is a lucrative cartel. Similarly, every time bankers lend, they mark up the balance of the borrower’s account, thus creating new money. Dollars, pounds, euros, yen, and so on are conjured mostly by private bankers out of thin air.