We have been bombarded by the news that the global debt has ballooned to a record $188 trillion, and the United States public debt has soared to over $23 trillion. With a looming debt crisis that could wreak havoc on the entire globe, could there be a solution to this massive problem?
The flawed fiat currency system could perhaps be staring at a solution. There’s so much debt in the world that there isn’t any way that it can be repaid. In fact, global debt is more than double the entire world’s economic output. If that isn’t enough for anyone to rethink the debt-based we are all forced to live under, I don’t know what is…
But Ethereum DeFi could be a solution. A new open financial system based on Ethereum (ETH) could well be part of a paradigm shift that the global financial system desperately needs. Decentralized finance or DeFi is growing, according to defipulse.com. In fact, the amount of ETH locked in DeFi is at record levels of 3.5 million. In USD, the figure is approaching its all-time high from July of $650 million. Last week the collateral based stablecoin Dai reached a record $100 million in market capitalization, a third of which was ETH.
As global economic pressures increase, Ethereum’s DeFi, which has seen explosive growth over the past year, is expected to continue to rise.
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The fiat system’s downfall began in 1971. Things started to spiral downwards at the end of the Bretton Woods System and the Gold Standard, which turned the U.S. dollar fiat currency. The dollar went from being backed by the world’s largest gold reserve, the greenback was turned into a piece of paper backed by a centralized authority or “the full faith and credit of the U.S. government.” That can be translated into “the dollar has no value but the government says it does.” Comforting…
When a country adheres to a gold standard, the amount of currency in circulation is equal to the amount of gold they have in their reserves. Since the dollar is backed by nothing, it means the government can print as many fiat dollars that it wants, devaluing the ones already in circulation.
The world is in desperate need of a decentralized financial system. If history has taught us anything, it’s that putting our trust in the governments and central banks of the world has done little more than benefit themselves at the expense of those outside their rigged system. The Bitcoist pointed out that in order to prevent the devolution into bartering once again, decentralization will become necessary.
Decentralization is the way of the future, and Ethereum DeFi could be leading the charge into a new way of living under a new financial system free from centralized authority. Is that good or bad? It depends on whom you ask.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.
The owners of this website are invested in all of the ideas mentioned in this letter.