Bitcoin – The People's Currency – Semi Official

Today I got news that I think is an extraordinary boost for those who believe cryptocurrency is the future.

From an ex US government insider

Dr Pippa Malmgren used to be part of the US Plunge Protection Team. The officially named Working Group on Financial Markets that researched market crashes to learn how to prevent them getting out of hand. It also helped draft statements for policy officials, intended to move markets.

So she’s no conspiracy theorist or alarmist – quite the opposite. She worked at the sharp end of government intervention in financial markets. And these days, that’s all that matters to financial markets.

Dr Malgrens incredibly well-informed past makes this quote from her ‘Macro Voices’ podcast interview rather startling:

"You have got to understand if the size of your debt problem is so big that it can’t be paid off and in fact even inflation, which is the usual way you would seek to default on your debt slowly over time, you can’t get enough inflation generated, then there is one further option. And that is you literally abandon the entire system of money, and accounting. I know that sounds unbelievably radical, but we have seen it happen before”.

There you have it, a currency system reset is now mainstream. Dr Malmgren also tells us how the coming reset will play out:

“Today, we are on the brink of a similar step change, and the way you will do it is you move to electronic money in conjunction with blockchain. Blockchain is the new ledger, and e-money is the new currency.”

She is saying the coming reset will be to a form of cryptocurrency. Probably a selection of national ones, or an international one. Your economic life could soon be running on cryptocurrencies.

It’s no surprise that technology (Internet,Computers,Smartphones,Blockchain) enables financial change. It’s always been the case with every reset. Mining and minting, the printing press, digital currency and now the blockchain. It’s a natural progression.

What is very surprising is that a government insider is telling you the coming reset will be to Cryptocurrencies. That’s a major break.

It used to be radical to say that governments would try to inflate their way out of the impossible amount of debt they’re in. These days it’s not even radical to suggest instead a complete reset of the monetary system to a form of electronic money that the government is busy demonising.

This confirmation from inside government circles certainly puts a lot of what’s going on into perspective.

The Signs are There

The global war on cash, for example. India’s experiment with forcing commerce online is shaping up to be a success after a very turbulent few months. Someone even named their baby GST, after the new Indian version of VAT.

Then there’s Russia’s President Vladimir Putin and his meeting with the developer of Ethereum. Not to mention the many small approvals of blockchain technology for use in financial markets around the world.

But there are plenty of bumps in the road too.

Dr Malmgren identified the longer-term issue at stake if governments do start to utilize cryptocurrency technology.

Who issues, owns and controls the currency?

For now, cryptocurrencies are private initiatives. Although Singapore is testing a government version.

The power to control and mint money is simply too big for governments to give up. It puts their entire revenue base at risk. Not to mention the ability to control the economy.

What sort of privacy goes with a cryptocurrency?

It’s called “crypto” for a reason. And privacy is one of the features making cryptocurrencies so popular to begin with. They’re hard to crack down on.

If two people can transact anonymously over the internet using a token they consider to be of value, then a new cryptocurrency can be born no matter what the government does to try and stop it. The power of cryptocurrencies comes with the feature of decentralisation – what governments fear most.

But, there are many other benefits of the blockchain over and above privacy. It’s certainly superior to government money today.

The opposition’s positions

Standing in opposition to the coming reset are voters. They rather like cash.

And it’s not just in Greece and Italy, where cash and tax avoidance go hand in hand. Germany and Japan, for example, love cash too.

But as Dr Malmgren explained, at some point a reset is needed. And cryptocurrencies offer one option as  the replacement system. You need to understand them to stay one step ahead of the coming reset.

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