Our present economic system is wrecked.
Before, you could make the case it was broken. Now, however, after the shutting down of much of the global economy, it got obliterated. Many are predicting, accurately in my opinion, that things will never be the same.
In the United States, we are seeing historic numbers in those people applying for unemployment. This is going to continue as businesses lay off more people. As long as the economic system is basically shut down, individuals are going to be suffering.
Trust is going out the window. People are scared. This not only applies to economics but also health. The media has drilled the virus into people's head that they are now watching the news like there is a hurricane coming. Daily numbers are posted everywhere.
When a system collapses something has to take its place. The powers that are will try to rebuild it with slight alterations. What are those alterations? Whatever makes them more powerful.
Governments and big business are only going to get stronger out of this. Tens of millions of small businesses closed their doors because of the virus and will never re-open them. Whatever market share they had will move to bigger entities.
Of course, we will need to be "protected" to make sure nothing like this happens again. Just like 9-11, Americans had to sacrifice their right to go through an airport without being accosted "for their own good". It is all about security after all.
The difference is, this time, it is much larger. People risk arrest if they walk outside their homes. Governments are going to do what they always have done: hold onto power when they get it.
Cryptocurrency likely will take on more importance. With the economic and financial system coming under much greater control, individuals are going to lose out. They are going to have to accept whatever few crumbs they are given. This is something we were primed for over the past couple decades. Now, it is going to be moved up a notch or two.
Automation is going to stick a fork in tens of millions of jobs. If I am correct, the speed we see this happen will be breathtaking. Companies now have two incentives to do this: not only is it cheaper in the long run, they can prevent a pandemic from shutting their businesses down.
Cryptocurrency is not about alternate money. Instead, it is the establishment of an alternate economic system. This is vital. Providing people with an option as compared to what will remain after the effects of the virus are felt is necessary.
I fret that what those in power have planned is not a pathway to freedom for humanity.
We might see the time for cryptocurrency to shine.