U.S. In Danger Of Losing Position As World’s Capital Markets Leader

[hulla]

This was the statement made today by President Donald Trump Ex-National Economic Council Director(Gary Cohn) he said the US also need to embrace national digital assets.

He said "We have to embrace the digitization of assets. We cannot be the slowest animal to survive,” Cohn told a Securities and Exchange Commission forum on the state of the securities markets.
As an example, he pointed out because of the adoption of more advanced tech, Asia is faster in payments than the U.S."

I believe the advice which was once said by the IMF boss about the government to consider creating their own national digital currency is coming to past.
Source

What are your thoughts?

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[bitmover]

I don't know exactly what you mean by Capital Markets.

But if you are reffering to stock market, USA is still the largest by far. 53% of world's stock market is in the USA.

So relax, it is not in danger. China has 3%.

https://www.statista.com/statistics/710680/global-stock-markets-by-country/

[hulla]

I don't know exactly what you mean by Capital Markets.

But if you are reffering to stock market, USA is still the largest by far. 53% of world's stock market is in the USA.

So relax, it is not in danger. China has 3%.

https://www.statista.com/statistics/710680/global-stock-markets-by-country/

Gary was actually talking about the exact world capital market and i think it because of the FOMO cause if country like the US don't embrace national crypto soon they might behind others in terms of technology.
Have saw a thread on this forum where someone have said something related this before.

[Darker45]

I guess the primary reason why the US is losing position-- although it remains to be the leader-- in terms of world's capital market could highly be attributed to the exodus of American and global companies to other countries. Many of which are moving their business operations from the US to Asian countries where labor is cheap. I can hardly find a necessary and urgent connection between the adoption of a national digital currency and the increase of national capital.

[haufranco]

well yes. Asia is growing too fast as well as they develop digital currency and technology w/ shoking speed

[manbitcoinlover]

This could be a shock to many people, but it is nothing new and it is something that has been brewing for a long time now.
After the stock market crashed in 2008, that was almost it for the western economy. Sure, it slightly revived, but I still don't think the economy is the same as before.
Honestly, the way things are going right now, it seems like the financial future currently is in the eastern part of the world, an untapped market! Its going to be super exciting to see how things shift and the power struggle along with it. I expect the eastern nations in the world to take over within next 25 years

[CryptoBry]

I believe the advice which was once said by the IMF boss about the government to consider creating their own national digital currency is coming to past. What are your thoughts?

USA is indeed behind with the trend of digitization of assets. While many countries have already drawn plans on making national currencies digitalized or introducing their own state-controlled cryptocurrencies backed by their own currencies, in the USA this is not yet being talked about by those in the government. Maybe it is about time that USA should look into this opportunity so it also becomes a leader on this arena. When China will finally unveil its cryptocurrency years from now, many countries will realize that they should also be doing the same. How this thing can be able to affect the real cryptocurrencies like Bitcoin that remains to be seen.

[pooya87]

i don't see how this is related to bitcoin that was posted here! "digitization" doesn't have anything to do with bitcoin or cryptocurrencies, it is an entirely different topic. and the only place in the article where cryptocurrency is mentioned is in a negative statement saying "He told the session is not a believer in the cryptocurrency world."!

[stompix]

This was the statement made today by President Donald Trump ....

Stop right there!
How many statements does Trump make each day? How many of them make sense? How many of them are worth discussing?

Gary was actually talking about the exact world capital market and i think it because of the FOMO cause if country like the US don't embrace national crypto soon they might behind others in terms of technology.

Yeah right, the US will be left behind because they are not making their own shitcoin! Seriously?

i don't see how this is related to bitcoin that was posted here! "digitization" doesn't have anything to do with bitcoin or cryptocurrencies, it is an entirely different topic. and the only place in the article where cryptocurrency is mentioned is in a negative statement saying "He told the session is not a believer in the cryptocurrency world."!

Bro, digitalization, blockchain, markets, forex, foxes, everything is about bitcoin!!!
I'm amazed you don't understand this, you're missing the FOMO! 

He told the session is not a believer in the cryptocurrency world.
“The U.S. still believes in safety and soundness,” said Cohn.
He stressed payday lenders should not exist in America today.

I'm amazed how bitcoiners cand turn a truly bad article for bitcoin in a source of joy and "this is good for bitcoin".

Now on a serious note, the US has been trailing behind Europe when it comes to the speed of transactions for a while. And sometimes the whole system is making me wonder how you deal with it, from the no-chip CC to those goddamn checks.

[Linkkoin]

Now on a serious note, the US has been trailing behind Europe when it comes to the speed of transactions for a while. And sometimes the whole system is making me wonder how you deal with it, from the no-chip CC to those goddamn checks.

And here some African countries had been way ahead of both Europe and the US when speaking of mobile payments.

Sometimes it might be actually easier to bypass few generations of infrastructure to use the latest solutions!

[Artemis3]

I don't know exactly what you mean by Capital Markets.

But if you are reffering to stock market, USA is still the largest by far. 53% of world's stock market is in the USA.

So relax, it is not in danger. China has 3%.

 Gary was actually talking about the exact world capital market and i think it because of the FOMO cause if country like the US don't embrace national crypto soon they might behind others in terms of technology.
Have saw a thread on this forum where someone have said something related this before.

National crypto is as useless as national fiat. This is NOT the way, the way for the future is of course embrace Bitcoin, and adopt Austrian economics. But, America will be exactly that, "the slowest animal that survives" and probably one of the last to abandon the Chicago school dogmas.

People fear the unknown, and most people did not even learn economy the way its seen by the Austrian school. The very reason you see people even on this forum scared of deflation, or pissed when their bank asks for fees.

Look, Bitcoin is deflationary money, you HAVE TO study the Austrian school, otherwise you will be eternally struggling inside your head. Simply put, the Chicago school is wrong, but is "quick", which might give you an "advantage" but you later pay the consequences...

With the Austrian way of doing things, you never get bubbles to form in the first place. You would have never had a "housing bubble", a "dot com" bubble or the crash of 29 (predicted by the Austrians in the middle of the "roaring" 20ies).

With deflation people save, and it's from these savings they might invest. With inflation people get in debt to invest...

[Chrystora123]

snip..

it is not possible in the next few years, Asian countries (possibly China) will take the position of World’s Capital Markets Leader.

i don't see how this is related to bitcoin that was posted here! "digitization" doesn't have anything to do with bitcoin or cryptocurrencies, it is an entirely different topic. and the only place in the article where cryptocurrency is mentioned is in a negative statement saying "He told the session is not a believer in the cryptocurrency world."!

Bro, digitalization, blockchain, markets, forex, foxes, everything is about bitcoin!!!
I'm amazed you don't understand this, you're missing the FOMO!  

btw.. I agree with @pooya87 that is not too related to the Bitcoin thread, this topic is better discussed in the economic section https://bitcointalk.org/index.php?board=7.0

[manbitcoinlover]

I am going to be honest with you, I don't think you explained well enough what the "austrian school" of doing things means. Like what does that have to do with anything? This is the first time that I heard this phrase being mentioned. And, what is the link you posted? I clicked on it and it led me to some website called the mises institute? Who are they, what do they do, why are they important for BTC? Do they play a role in austrian economics?? Please explain in greater detail what that is, I am curious.

[stompix]

~

And here some African countries had been way ahead of both Europe and the US when speaking of mobile payments.
Sometimes it might be actually easier to bypass few generations of infrastructure to use the latest solutions!

Well, I don't consider mobile payments as some revolutionary way of payment, never used, never coma across anything like MPesa and judging from what I'm reading on the internet it sucks to what we have currently in Europe.
I have a mobile app from my bank, I can make a transfer at any time in seconds, (free of charge to another ING account) and it takes seconds, I have my balance update on it I can switch euros to pounds, I can set recurring payments...Why goto the trouble of paying with a phone and dialing a number with a pin when I can simply use my contactless card and it works in a split of a second (again with no fee).

Vodafone tried to bring Mpesa in Europe but it failed miserably.
No wonder, with all those fees
https://www.safaricom.co.ke/personal/m-pesa/getting-started/m-pesa-rates
Also lol at the atm withdrawal:
https://www.safaricom.co.ke/personal/m-pesa/getting-started/using-m-pesa
It's easier to buy bitcoins ....

[Theb]

I think that Gary Cohn is reaching in terms of USA going down because they aren't fast enough when it comes to crypto adoption. If we are talking about the capital market then we are involving stocks and bonds which are considerably bigger than the crypto industry right now. Yes USA might be lagging in terms of their crypto indsutry but they are still leading with the other capital markets overall. Right now the crypto industry is small but if we are talking about the potential growth they will have this is where Gary Cohn is correct and you cannot deny the big potential the crypto industry have when it comes to raising capital. ICOs are much easier to be issued compared to IPOs, there is a considerable guarantee that anyone can participate, and a lot of crypto platforms are available for them to trade it all of this is the advantage of the crypto market and if this becomes bigger than stocks might be defeated by crypto in the future.

[hulla]

This was the statement made today by President Donald Trump ....

Stop right there!
How many statements does Trump make each day? How many of them make sense? How many of them are worth discussing?

I think you need to cross check the message i posted on the OP  very well or go through the link because Trump was not the one that make the statement.

Gary was actually talking about the exact world capital market and i think it because of the FOMO cause if country like the US don't embrace national crypto soon they might behind others in terms of technology.

Yeah right, the US will be left behind because they are not making their own shitcoin! Seriously?

Yes, there are something which can't be ignore and with the level of companies and countries planning to created their own crypto. I think shouldn't be underestimate.

I don't know exactly what you mean by Capital Markets.

But if you are reffering to stock market, USA is still the largest by far. 53% of world's stock market is in the USA.

So relax, it is not in danger. China has 3%.

 Gary was actually talking about the exact world capital market and i think it because of the FOMO cause if country like the US don't embrace national crypto soon they might behind others in terms of technology.
Have saw a thread on this forum where someone have said something related this before.

National crypto is as useless as national fiat. This is NOT the way, the way for the future is of course embrace Bitcoin, and adopt Austrian economics. But, America will be exactly that, "the slowest animal that survives" and probably one of the last to abandon the Chicago school dogmas.

I supported what you about national crypto been useless as fiat but national crypto will pave a way for more people to embrace Bitcoin and ignore the negative things been said about Bitcoin.
Meanwhile, i don't see any reason for the adoption of Austrian economics will be the way for the future and i believe you're just trying to advertise the school name.