Currency Wars: The World Is On The Verge Of An Epochal Monetary Revolution

• Currency Wars: The World Is On The Verge Of An Epochal Monetary Revolution
  by Tuomas Malinen via GnSEconomics.com, https://www.zerohedge.com/
  Currency Wars – Special report on the future of the monetary system
  * The world economy may be on the verge of the largest upheaval of its monetary system in a century.
  *The competition between freely-created cryptocurrencies and centrally-controlled central bank digital currencies is likely to dominate the economic debate in coming years.
  *In this special report we analyze and outline the future of the monetary system, including the “currency wars” likely just ahead of us.
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  The world is heading to what is likely to be the biggest upheaval of its current monetary system since the First World War and the collapse of the classical gold standard. In this special report, we analyze the scenarios the monetary system is likely to follow. More precisely, we concentrate on the two opposing and competing monetary developments: freely created cryptocurrencies and the centrally controlled central bank digital currencies, or CBDCs. Their “competition” is likely to bring a major upheaval in the monetary system not seen at least for a century.
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  This is naturally all closely linked to the history of central banking. We have written extensively about central banks and their history. To briefly summarize the discussion, during the past 100 years central banks have assumed a role in the economy that they were never meant to have. They attempt to direct the economy through interest rate manipulation and now they are even trying to control the capital markets through asset purchase programs, or QE. Next, they are likely to aim for global economic dominance through the issuance of national digital currencies, or CBDCs. Freely issued cryptocurrencies can be seen as a countering force to this. Which system will rise to dominate will dictate the future of not just the banking system but also our societies more broadly. Thus, we may actually be on the verge of the biggest upheaval of our economic system since the invention of money!
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  We start with the history of money and then move into explaining cryptocurrencies and CBDCs. Then we summarize our analysis and move into quarterly forecasts.
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