What happens when everyone on planet earth is indebted to someone else? Or even worse those same debtors have no ability to pay back said debt for lack of cash flow. And take this notion a step further to include not only ALL Govt, Munis, and States. Throw in the corporates and you got a recipe for disaster.
As I’ve said many times before debt upon debt is the mother of all financial sins. It’s basically akin to borrowing on one credit card to pay off another. It is not only systematic but is ongoing within the legacy system. Sadly, it has only accelerated in the past ten years.
A financial jubilee would be in order if actual real adults were running the legacy system. This proven method has been applied through the ages as a means to free debtors from this perpetual scarcity existence. However, lunatics currently run the system as you can see from the various shenanigans that occur daily. There is zero accountability and no one is willing to take on the responsibility for future generations.
Even worse they are willing to throw stones at blockchain when it is their own house that is made of glass. And instead of trying to solve this “income” issue they would prefer to steal more. Their answers are as stupid as they are; Higher stock prices which doesn’t help the cash flow issue. Or jobs that pay a shitty hourly wage that no one can survive on.
The way I see it you are either part of the problem or part of the solution. I prefer to help in the effort to solve income issues for the entire world. And you don’t solve problems by instituting the same things that caused the issue in the first place. Debt obviously is the number one issue here.
Getting people hooked on cheap credit will only lead to disaster. All it takes is a job loss or a drop in the legacy economy to create an unfortunate situation. Or people tapping into their home equity lines of credit only to lose their residence years later. Believe me I’ve seen it all as it relates to finance.
Yet, all of this can be fixed. But it won’t be corrected deploying the same game plan. Those days are over. It is a new time with a new set of rules.
Blaming classes won’t help neither. Capital providers serve a useful function within the legacy system process. Without them we probably wouldn’t have much as a nation. Not to mention many of the blockchain platforms that are currently flourishing.
This is a structural issue within the legacy system. But now it can be fixed via the many blockchain currencies that exist. Abundance and leisure are now going to be created. And many people can earn and create value without having to use their manual labor in trade.
Instead, this human capital will be deployed within the many blockchain systems. Obviously Hive and Leo are paving the way for crypto earning mechanisms. But more of these earning mechanism are about to be created. And these earning mechanisms won’t be traditional.
Many legacy economy proponents will continue to throw around the word “Ponzi” or “scam” as it pertains to blockchain. They are continually brainwashed into believing in a legacy system that is no longer relevant. High returns in a new system that provides abundance does not fit into their narrative. Most should be ignored.
When solutions are created it is best to be a free thinker. This means to remain neutral and actually use the solution as it exists. Many of these so called economist have never made a single blockchain transaction. Eventually they will find understanding.
Virtual worlds and ecosystems like Hive will build more equity as opposed to debt. Tokenization and various Defi will create even more value without having to go into more debt. Crypto income is the solution for the world. Everything else has been tried before…