Could There Be Another Great Depression in 2021?

 

A Global Monetary Reset

Let's talk about money, your money. Imagine you woke up tomorrow, check your bank balance, and it's exactly 10 percent of what you had the previous day. Nope, not stolen or embezzled simply devalued. 

Think it is not possible? Today, the global monetary system is extremely fragile. I will like to share with you how we got here and a possible way out of this mess. 

Let’s get personal, you understand how banks work because more than likely you have a bank account. In every civilized society, it’s a given, society trust banks. 

They are regulated to be custodians of your life savings. When you deposit money in the bank you relinquish control of your money. Banks are the middlemen between you and your money, custodians of your life savings.  

You put your money in the bank for safekeeping allowing them the privilege of creating a variety of bank fees. Over the last 15 to 20 years bankers have become to be known as banksters. This is because they have become experts in finding ways to charge their customers. 

The reality is that banks are now petty thieves. Yes, it sounds harsh but that is the description for someone who takes your money without your consent. 

For example, you pay for your paper bank statement that comes in your mail. And, many banks have come up with a hefty charge, a monthly “dormant fee”, if there is no activity on the account. 

 And, that's just the tip of the iceberg. 

Banks will continue doing what they do and will probably add new bank charges as time goes on but they are not the reason for your money being devalued. The collective society began to lose trust in the banks. I must say, that in Trinidad a significant percent of the population still put their trust in their bank. 

This revolution began, when people lose their trust they start looking for alternatives. If you find that your money has been devalued, it is not the bank’s fault, they are just a spoke in the global monetary wheel.  

What can and will most likely devalue your money is a prediction by a reputable economist if it ever happens. 

According to Market Insider, economist Steven Roach, has put his reputation on the line and predicted that the US dollar will collapse by the end of 2021. If that ever happens it will trigger global unrest. Here’s why... Read it here

Every sovereign country can establish a central bank and print its currency. Countries can print as many currencies in any denomination they deem useful to the population. However, to be included in the foreign exchange market the country must hold in reserves actual currency in United States dollar. 

The pandemic lends credibility to the prediction, it does not appear to be too far-fetched, remember the Great Depression. Hope he is wrong.  

But now there is crypto. 

In 2008 an innovative and potentially viable monetary system emerged. Credited to Nakahama Satoshi, cryptologists used codes to change the nature of how the internet works. The way data transfer works are that when information is shared online i.e. documents, music, files, the receiver get a copy but the original copy stays with the sender. What the cryptologist did was enable digital data to be sent using an identifiable wallet (which is a string of characters, letters, and numbers), unique to the owner. When the owner of the digital wallet sends the data (cryptocurrency) to the receiver, who also has a digital wallet, that data is transferred to the receiver. Essentially, a peer-to-peer transaction, with minimum fees, and no middle man or banks. 

To ensure a secure transaction, the data must be checked and confirmed by a series of computers. Each computer is considered a block, the series of computers is called the blockchain. 

Millions of billions of digital dollars are now actively being transferred online. There are now over 1500 different named coins and tokens. Transactions are being conducted every minute of the day, individuals and corporations can buy, sell, trade, invest or stake these digital coins and tokens. 

The question is, after hearing this information, what are you going to do about your life savings? What you do, depends on what you believe. You may believe that this is just an article, maybe a conspiracy theory, it could be, the economist could be wrong. Hope that they are but what happens if they are right? 

You will only know of a collapse after it happens. Do you think that that's the best time to seek an alternative? Or, do you think that at a very minimum, learn more about cryptocurrencies? It’s your money, your choice.