‘Central banking’ controlled by a small number of people is the opposite of all-inclusive politics. This money should not be a political system to govern how everyone lives and shares resources.
One of the most important jobs for a government is to borrow money. And accelerate the growth of consumption to repay it. Economies in decline suffer austerity with high-interest rates. Faster-growing economies repay debt faster.
The UK government’s 2022 mini budget attempted to stimulate the economy, but the Bank of England raised interest rates and said, “It’s like two people driving the same car. The government wants to go one way, but the bank wants to go the other.”
This creates world recessions around every 10 years. In 2022, the G7 summit concluded that the world is facing a hunger crisis. The UN surpassed this by saying today’s food crisis is already the worst since World War II, and 2023 could be even worse. The World Economic Forum stated that all world leaders must change direction. 1.5 billion people could soon go hungry, and this could lead to a global crisis.
“People do not yet understand the banking and monetary system. But when they do, there will be a revolution.” (Henry Ford, 1939)
Centralised currencies are the failing system. Comparing their rise or fall in value against decentralised currencies has always been pointless.
Optimising this failure
Some governments are planning to associate their currencies with the success of decentralised economic systems. Introducing central banking digital currency (CBDC). But when governments start using CBDC it is expected to compound all these problems and speed up the need for change.
