The monetary battle for economic freedom has been ongoing for centuries. It's a long historical battleground that's led to bloodshed and much turmoil even in just the brief history of The United States. Today, we are experiencing truly unprecedented times as interest rates have fallen below 1% and banks are no longer even holding fractional reserves of depositors. Faith in banks is waning from those that were once proponents for many years and confidence is growing in decentralized money and decentralized finance as central banks continue their onslaught on savers with their money printers.
We are truly in the twilight zone today and blockchain technology is the escape route to a truly decentralized world; moreover, a more free and prosperous society will ensue from our pursuits of monetary freedom.
"Commercial banks - that is, fractional reserve banks - create money out of thin air. Essentially, they do it in the same way as counterfeiters." Murray Rothbard, Mystery of Banking, Page 97
Whether commercial or central, banks today are counterfeiters that are confiscating the purchasing power of savers through lending cheap money or excessive inflation via printing. Virtually, counterfeiter and banker are no longer a contradiction in terms but a distinction without a difference. They're one in the same and people are finally able to opt out and partake in this digital blockchain epoch now emerging.
Advocates for competition can opt in to decentralized money, Bitcoin, Epic Private Internet Cash or Ethereum for example and replace legacy banking and money completely. Bitcoin has emerged as a solid store of value and Epic Cash provides the privacy and same monetary model of built in scarcity that can carry the baton further to increase the breadths and depths of free-markets and voluntary exchange. Mixing sound decentralized monies with DeFi enables those that are fed up with the modern banking debacle to control their own finances and cast an exit protest vote against centralized theft and debauchery.
Centralized systems are failing all around us and money is the route of much of the turmoil. Through competition in monies and money lending, greater product quality and lower costs will emerge. Economic fallacies that've run amok from Keynesian economists, the water carriers of the state and educational paradigm, are falling flat and average people are now cynical of inflation and rising prices. Mixing money printing and sub 1% interest rates with a phony stock market, property, and educational bubble is the recipe for complete disaster and the potential for the USD to lose its reserve status.
The U.S. has hit an all-time high in debt and the Federal Reserve, The U.S. Central Bank is ramping up debt monetization like never before. The culmination of these economic atrocities is leading many to seek new alternatives to legacy systems. Now, in its 11th year, blockchain technology provides alternatives to all of these problems.
Now, it's up to each individual to help educate those willing to listen about privacy, sound economic theory, and property rights. By each individual taking their own monetary responsibility, each person regains their ability to own more than just fiat money and fiat property. Fiat money logically precedes fiat property and state sanctioned monetary expropriation is the precursor to effectively renting your house and property it sits on.
The implications of private money, competition and DeFi are truly that important and much more vast than one article can do justice. Read more on the Epic Cash blog and my site Bryer.io to realize our aim of providing each individual with a better, freer, more prosperous world built on the foundation of decentralized monetary competition.
R.L. Bryer is the Author of Blockchain: Project Renaissance Volume I and II. His books have been translated into multiple languages and sold in over 40 countries. Since 2009, he's been researching blockchain technology while also studying sound money and Austrian Economics. He believes private nature of confidential transactions Epic Cash affords will revolutionize money and spread free-markets the world over.