“One day everything will be well, that is our hope. Everything's fine today, that is our illusion”
― Voltaire
Our world is on the verge of a new, digital era of value exchange. The current legacy, fiat monetary system is being transfigured behind the scenes to segue us into a completely digital economy. Cashless, intuitive. Smart grids interwoven with payment protocols, moderated by distributed ledgers providing seamless value transfer. Out with the old, in with the new. Welcome to the Internet of Value.
Those positing the accidental theory of history will hold that the digital economy is a natural evolution of the monetary system.
Not so, at least in the way that we think.
Rather, it is basic Hegelian dialectic.
Fractional reserve banking; by which a bank is only required to hold a small percentage of net deposits in investments in the bank, has been the common banking practice since the inception of the Bank of England in 1694. There is no real money, only debt. The entire money supply now consists of debt to private banks for currency they created out of thin air via accounting entries on their books. Private banks create money and lend it to the government. Loans never get paid, only the interest. They convince us inflation is necessary for a stable economy when inflation is simply hidden taxation and steals the lifeblood of the people.
If they can freely print money then why tax us? Federal debt could be paid, incomes taxes eliminated, social programs expanded without austerity or inflation if this money had been created by governments instead. Income tax wouldn't be necessary. The trillions in debt mean governments have to cut back on funding for transportation, healthcare, schools etc.
The income tax exists for the government to pay back the interest on loans to private bankers. The Federal Reserve Act was passed in 1913, the same year the 16th Amendment was ratified, permanently legalizing an income tax. This charter effectively gave license to a group of private investment bankers to lend money to the government and charge interest on it. What has followed since has been engineered boom and bust cycles to cyclically transfer wealth into the coffers of the central banks. Increase the money supply, contract credit. Increase the money supply, contract credit. Print the currencies out of existence, crash markets, buy up for pennies on the dollar. Rinse, repeat.
The central banking system is simply a welfare program for the elite.
With interest rates at near 0% since the 2008 financial crisis, it's clear that the current economic model is untenable. The system is about to be torn down, because it is unsustainable.
Enough risk has been transferred from the elite to the middle class.
The [digital] financial reset is upon us.