It’s ironic that bankers (who then move to government to become “regulators,)” are looking askance at digital assets after imploding the global economy.
Blockchain technology is disrupting the finance sector, with the promise of creating significant wealth for the masses, the majority of whom lack access to banks and the internet (globally). The evidence of this is clear if you choose to educate yourself.
Blockchain has enabled cost effective access to banking and peer to peer payments across borders, created visibility and efficiency in markets and supply chains, and marks the first major advancement in accounting in hundreds of years (among other things). It’s providing investment opportunities in asset classes historically reserved for the rich.
On the other, central bankers have created disruptive wealth inequality; decimating the middle class (our economic bread and butter), and plunging 1 in 7 Americans in to poverty.
If bankers and “regulators” are acting responsibly, why is the U.S. 21T in debt, and why can’t half the populace of the richest Country on Earth afford basic necessities? 40% can’t even cover a $400 emergency.
The SEC had not effectively stabilized markets or protected investors from fraud (e.g., the below mortgage-backed securities scandal that wiped out $10 trillion of American wealth—mostly hard earned investments by the middle class). It is still failing to facilitate healthy markets by providing clear guidance and effective enforcement to protect investors.
The financial collapse of 2008 demonstrates that the SEC is unable to effectively check the limitless greed of bankers. Unless we act quickly to change the status quo, we’re going to have another crisis and likely of a greater magnitude. Markets are hyper-inflated and U.S. consumers carry more high-risk debt than they did in 2008.
In response to the Great Depression, taxes imposed on the wealthiest Americans rescued the economy, but were later repealed by conservatives peddling the “fake news” of trickle down economics.
The system is broken but fortunately we have talented entrepreneurs and scientists etc., working hard to create solutions using blockchain and other technologies to address not only wealth inequality, but also provide carbon solutions and support a circular economy, etc.
What action(s) will YOU take to enhance the lives of others?