If modern financial history has taught us anything, it’s that the current financial system is unsustainable. Governments and banks seem to conveniently never learn this lesson as global debt is now at the absurd $243 trillion.
This is not some cheap Hollywood dystopian movie, this is the reality our politicians and bankers created for us. For the United States alone, the national debt is $22 181 874 900 512 at press time. This means that every citizen of the United States owes $67 486 and every tax payer owes $180 921.
It doesn’t take a rocket scientist to figure out that this monetary system is unsustainable. It never has been, but fake wars, debt slavery and printing money have created our current predicament.
Global debt can be solved
An alternative comes in the form of cryptocurrencies. It’s by no means perfect and still has a long way to go, but Bitcoin’s fixed supply and regulated output will never allow bankers and politicians to destroy the economy to this extend.
The $243 trillion global debt is about three-times as the world’s total GDP. Back in Q1 2018, this figure hit $248 trillion and has fallen back a bit. The last 20 years especially have been catastrophic when it comes to the rise of global debt.
Global debt pic.twitter.com/fAYogtqI50
— Charts Maps Data (@ChartsMapsData) March 31, 2019
In the general sense, borrowing a limited amount of credit has been shown to help spur growth. There is nothing wrong with people, companies and even governments borrowing money in order to fund economic development. The issues begin to pile up when growth is not achieved.
People, companies and governments are digging themselves deeper into the hole as they are forced to borrow more. The biggest issue however, is that banks print way more money than they actually have. This is one of the greatest scams in the history of mankind and people are beginning to realize, something must be done, quick…
A fixed currency supply is the biggest wall governments and banks can hit when it comes to debt slavery. If we look at Bitcoin, only 21 million will ever be mined or exist in general. The cycle in which they come into existence is dictated and regulated only by math, no human intervention. This means that the supply cannot and will not be manipulated by anyone.
When the next financial crisis comes and the media is busy blaming another bubble or another small country most people haven’t heard of, then people will finally begin to realize the true value of cryptocurrencies.
The next crisis will show people the scope of the global debt
Erik Voorhees, the CEO of ShapeShift has been a strong support of cryptocurrencies and an enemy of debt slavery and banks. Last year, when Bitcoin was near one of its lowest points, he openly stated:
When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back, and thus must print it instead, and thus fiat is doomed… watch what happens to crypto.
— Erik Voorhees (@ErikVoorhees) November 8, 2018
The current monetary system will always result in global debt increasing. When money is simply popped into existence by greedy fingers behind a keyboard or more commonly known as quantitative easing (QE), central banks will not stop. As more money is pushed into the supply, people’s purchasing power goes down and low-cost lending becomes perfect for banks.
Economists and the mass media all defend the current system, but the simply reality is $243 trillion of global debt. Most people aren’t even aware that such a figure of money exists, let alone that they owe it to someone.
Unfortunately, it’s going to take another crisis that will make 2008 look like a walk in the park. If the collapse goes as most analysts and economists think it will, people might finally learn that their borrowing addiction is not without consequences.
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The post Global Debt Destroying the Economy: Bitcoin to the Rescue appeared first on CoinStaker | Bitcoin News.
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