There’s Never Been a Change This Big, Nor So Many People Unprepared

• There’s Never Been a Change This Big, Nor So Many People Unprepared
  by Simon Black, https://www.sovereignman.com/  
  … During a panel on the future of money and banking we discussed how the financial system is rapidly losing control of its own product, i.e. money, in the same way that the music industry has lost control of its product.
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  In the past there used to be a handful of large record labels that controlled the distribution of music across the world. In the same way, our financial system was set up for a handful of banks to tightly control the distribution of money across the world to the point that no financial transaction could occur without a bank inserting itself in the middle. But like music, this model is rapidly changing.
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  Just as you can have now access an unlimited catalog of albums without ever setting foot in a record store, we are now in a position to conduct financial transactions entirely outside of the banking system. Every single function of a bank, whether to save, borrow, exchange, or transfer money, can all be done better, cheaper, and more efficiently outside of the banking system.
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  Rather than going to a bank with hat in hand, you can now fund your startup through an online crowd-sourcing platform. More importantly, dollar dominance is waning. The dollar has been the dominant reserve currency since the end of WWII.
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  But the US government has abused this privileged position so many times, with constant bullying of other nations and threatening to excommunicate foreign banks from the US financial system. So now other nations are quickly coming together to create an alternative system that no longer depends on America.
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  Jim Rickards, author of Currency Wars, spoke about a meeting that he had with senior officials at the US Department of Treasury. Jim had expressed concerns about the dollar losing its status, or at least significant market share, as the world’s reserve currency.
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  And as I kept telling the audience this weekend, this isn’t a question of “what if?” it’s a question of “what is.”
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  read more.

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