Economist predicts demise of global central banks

[aesma]

Nigeria is a very corrupt country, with an oil based economy, allowing people in power to get rich easily, so they might feel threatened by cryptocurrencies.

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[Ucy]

the banking system can be replaced by something new, but the essence will not change. The states need a banking system and until nothing new has been invented, it will exist under the states and the states will invariably protect it. Therefore, in general, the banking system is not threatened. Periodic economic crises only lead to the recovery of the global economy.

I believe we could build a "peoples bank" type of situation and that is exactly what we need that will change the world. This way what we can achieve is that there will be one decentralized bank type of situation that everyone holds their own money in their own accounts but it will be shown in numbers how big we are in numbers, so if there is billions of dollars there people would know how strong we are and how we can affect change.

In return if governments try to destroy the economy by making themselves richer and trying to get votes and ruin the economy, then we wouldn't be affected because we have our own bank and our own money in crypto showing the world that they could ruin it however they want, they will not make us poor again, we are going to grow in power and get richer and richer while central banks keep losing value and worth and become useless.

I think badly run financial institutions will eventually pay the price. Well decentralized, transparent, immutable, censorship resistant, permissionless, deflationary, consensus-based, rule-based.. financial system/network will be used by people it is Willed by GOD to use. Anyone/anything that tries to go against GOD's Will is evil and will be exposed and face the consequences of their evil actions.
GOD have mercy on them and help them do what is just/right.

[angrynerd88]

It can be an awfully solid point to why the central banks are coming against cryptocurrency. Truely traditional banks are either government commerce or private people who have impact in government and they see cryptocurrency as risk to their businesses.At last government can make approaches to chase cryptocurrency venture, to maintain a strategic distance from individuals taking out their fiat for transformation. But they , the crypto assailants have no thought that cryptocurrency venture is growing and have great future.

[ChiBitCTy]

Interesting viewpoints given here.  I personally think this is a pretty much nonsense and that the Central Banks aren't going anywhere anytime soon. I also am not sure Central Banks are really all that concerned about cryptocurrencies.  As of right now cryptocurrencies are used by a very minute amount of people and that likely won't change anytime soon.

[laredo7mm]

Interesting viewpoints given here.  I personally think this is a pretty much nonsense and that the Central Banks aren't going anywhere anytime soon. I also am not sure Central Banks are really all that concerned about cryptocurrencies.  As of right now cryptocurrencies are used by a very minute amount of people and that likely won't change anytime soon.

Actually not only banks much big fish won't let this happens. There is too much money and it won't be easy for full migration nor they want to. Everythings will run in this way and it should be because a fully decentralized system is very unstable and can be easily manipulated. This will bring more chaos and destruction to the world economy.

[Mauser]

Harry Dent, economist and author of ‘Zero Hour,’ joined Glenn Beck on radio recently for a terrifying discussion about what may come soon for our financial markets. He says because the federal reserve and central banks are pumping money into our financial ‘bubble’ at record speeds, there will come a time soon that the bubble naturally will pop. Dent says, despite what the masses may believe, that fueling the markets with additional, printed money will NOT save us from an economic crash — in fact, quite the opposite will occur.

https://www.youtube.com/watch?v=JxUGlVKXI_M

....



This interview resembles what we should expect from a legitimate analysis of current finance and economy situations. Except for it containing a few more talking points and contrived narratives than normal for it to be a work of independent commentary.

I think the information laid out here about bubbles is ok. They try to spin the negative outcome of bubbles popping into a positive event by claiming it would destroy central banks. Which is ridiculous. Ruling elites would never allow the control and influence central banks give them to be tampered with.

Well worth watching but be aware that for every truth spoken, there could easily be 2 lies intended to serve political agendas.

Thanks for the video. It always nice to see new analysts making predictions. No one really knows what is going to happen in the future. It is just a good guess we should not treat it in any other way. And even if the central banks are going bust, there will be something coming afterwards. I don't think governments are ready yet to give up on the money printing business. Even if there will be new currencies coming, all major governments will keep relying on printing money in my opinion.

[magneto]

Remember that Harry Dent is closely associated with Mike Maloney, whose entire precious metals/wealth consultancy business predicates on people buying into the idea that central banks will collapse overnight.

I still recall in one of the joint interviews between Dent and Maloney they made a prediction that the next economic crisis will unfold as a depression then hyperinflation within the decade of the 2010s - obviously, that never panned out.

Even now, reflation expectations are rare and interest rates remain very low, meaning that the implicit expected inflation remains to be quite low.

Whilst I do agree that central banks are a construct that will eventually be made obsolete, it is nowhere as easy as these guys make it sound. It would be naive and dangerous to put all your assets into timing a central bank collapse because it would likely not pan out the way you expect.

[uneng]

Harry Dent, economist and author of ‘Zero Hour,’ joined Glenn Beck on radio recently for a terrifying discussion about what may come soon for our financial markets. He says because the federal reserve and central banks are pumping money into our financial ‘bubble’ at record speeds, there will come a time soon that the bubble naturally will pop. Dent says, despite what the masses may believe, that fueling the markets with additional, printed money will NOT save us from an economic crash — in fact, quite the opposite will occur.

https://www.youtube.com/watch?v=JxUGlVKXI_M

Well, maybe for tier one countries it's something new, but it's already happening since a long time ago in third world countries which have to replace their national currencies from times to times due to bad economic decisions such as populist welfare programs, high state expenses, corruption, low productivity and the classic money printing without limits as if it was a solution.
Besides all complainments USD is still one of the best and most trusful currencies in the world, otherwise we wouldn't have stablecoins here backed by american dollar. On long run this bubble will pop, but it will take a long time yet. By that time many other countries will have suffered already so the strongest economical countries, like USA, will have time to adjust their strategies to avoid the same happening in their countries.

I think the information laid out here about bubbles is ok. They try to spin the negative outcome of bubbles popping into a positive event by claiming it would destroy central banks. Which is ridiculous. Ruling elites would never allow the control and influence central banks give them to be tampered with.

I agree. Central banks are never going to be closed. It's literally a money making machine.

[adzino]

It is so obvious that printing and pumping money into the economy won't fix anything. Well, it might in the short run, but in the long run, it will cause trouble. Everyone knows that, but yet, the government acts like nothing is wrong over here. They probably have a plan B ready, or they just really don't care and believes that everything will go back to equilibrium eventually.

-snip-
I think the information laid out here about bubbles is ok. They try to spin the negative outcome of bubbles popping into a positive event by claiming it would destroy central banks. Which is ridiculous. Ruling elites would never allow the control and influence central banks give them to be tampered with.

Well worth watching but be aware that for every truth spoken, there could easily be 2 lies intended to serve political agendas.

I never though "destruction" of central banks would be positive event.

[ololajulo]

Interesting viewpoints given here.  I personally think this is a pretty much nonsense and that the Central Banks aren't going anywhere anytime soon. I also am not sure Central Banks are really all that concerned about cryptocurrencies. As of right now cryptocurrencies are used by a very minute amount of people and that likely won't change anytime soon.

We might feel cryptocurrency adoption is still small with the world population but the growth has been massive over the years, even at more than 5% growth per annum. The only attractive part of cryptocurrency in the stable coin, If the stable coin can be sanitized for fraud and Government can introduce coins within their control, it could form a fraction of central bank financial system.

[Twentyonepaylots]

It's bound tp hapoen, now that the whole global economy is basically a cesspool of loans and financial ruin, the evidence of global central banks falling becomes more apparent. That being said, this also means that without a strong backer, fiat may as well fall down as a result, and if that happens, we can't say much for sure whether cryptocurrencies can sustain the global economy at its current stage, knowing that the market cap is only about 1 trillion dollars, and we have 100+ countries in the planet.

[semobo]

It is so obvious that printing and pumping money into the economy won't fix anything. Well, it might in the short run, but in the long run, it will cause trouble. Everyone knows that, but yet, the government acts like nothing is wrong over here. They probably have a plan B ready, or they just really don't care and believes that everything will go back to equilibrium eventually.

Governments know that what are the possible outcomes of printing more money to boost their economy but they don't care since they were busy with elections and blaming the opposition party all the time. They also know that they are not going to be in the ruling period all the time, it is just for 4 or 5 years so they wanted the next leader to take care of the long-term financial difficulties and this has been carried out all the time with every upcoming leader.

[iv4n]

It's bound tp hapoen, now that the whole global economy is basically a cesspool of loans and financial ruin, the evidence of global central banks falling becomes more apparent. That being said, this also means that without a strong backer, fiat may as well fall down as a result, and if that happens, we can't say much for sure whether cryptocurrencies can sustain the global economy at its current stage, knowing that the market cap is only about 1 trillion dollars, and we have 100+ countries in the planet.

As Elon Musk tweeted: "It was inevitable"! And I agree with that statement, and I agree with your statement, it's bound to happen! You even elaborated it!
I think I remember some people from crypto who were saying the same things years ago! But nobody listened at that time, just a few believed in that. And we are hitting that trillion-dollar market cap and we know there's a lot more to go!

[Vatimins]

     Although there are quite a few good points being told/shown in this argument, I just find it quite hard to believe since it is leading to surreal claims. Plus the number of claims as such happened many times before already. Although I got to admit, the thought of this coming true is quite scary in a way. If it ever came true, a lot will he affected and chaos would take over(maybe). But really, things like this shouldn't be taken seriously and just rely more on experience and what you can be sure of and can be confident enough.

[oHnK]

It is so obvious that printing and pumping money into the economy won't fix anything. Well, it might in the short run, but in the long run, it will cause trouble. Everyone knows that, but yet, the government acts like nothing is wrong over here. They probably have a plan B ready, or they just really don't care and believes that everything will go back to equilibrium eventually.

Governments know that what are the possible outcomes of printing more money to boost their economy but they don't care since they were busy with elections and blaming the opposition party all the time. They also know that they are not going to be in the ruling period all the time, it is just for 4 or 5 years so they wanted the next leader to take care of the long-term financial difficulties and this has been carried out all the time with every upcoming leader.

Isn't it obvious how this future will look? We will be in a time where even though we are getting poorer because of our fiat but nothing seems to have happened. Nobody worries about it even though the possibility of inflation is very high. When this inflation actually occurs, the public will remain silent. The government is busy with unimportant matters and seems stupid.

[target]

     Although there are quite a few good points being told/shown in this argument, I just find it quite hard to believe since it is leading to surreal claims. Plus the number of claims as such happened many times before already. Although I got to admit, the thought of this coming true is quite scary in a way. If it ever came true, a lot will he affected and chaos would take over(maybe). But really, things like this shouldn't be taken seriously and just rely more on experience and what you can be sure of and can be confident enough.

And it's already happening right now. The central banks could be the ones stacking Bitcoin already preparing for what is coming. but I think they are already prepared for this fall. They are not going to just give up on what is theirs, they had foreseen this coming as if they are the ones resetting all these.

They could even be the ones planing the covid19 and the timing for the winter, all these will really make the economy fail plus the political instabilty.

[Fesatmas]

Well, if the people were the cause of the death of central banks, I think that whoever or whatever replaces them will be easily deposed by the people, they are not like their predecessors that are deep rooted which means that they can easily be uprooted as they are still a young offshoot. The only way that the death of central bank will be unsavory for the many is when the private companies take over.

basically the central bank should not play with the people nowadays, because they are far more powerful than the institutions, imagine if they made a deal to deactivate their accounts because they felt it was difficult by the central bank regarding cryptocurrency (people who love crypto will do anything to against). Such income depends on how people feel safe keeping their wealth in the bank. then when things turn around, the bank will clearly experience a total fall.

[aesma]

Remember that Harry Dent is closely associated with Mike Maloney, whose entire precious metals/wealth consultancy business predicates on people buying into the idea that central banks will collapse overnight.

I still recall in one of the joint interviews between Dent and Maloney they made a prediction that the next economic crisis will unfold as a depression then hyperinflation within the decade of the 2010s - obviously, that never panned out.

Even now, reflation expectations are rare and interest rates remain very low, meaning that the implicit expected inflation remains to be quite low.

Whilst I do agree that central banks are a construct that will eventually be made obsolete, it is nowhere as easy as these guys make it sound. It would be naive and dangerous to put all your assets into timing a central bank collapse because it would likely not pan out the way you expect.

I totally agree. Watching these precious metals shills on youtube is very deceptive, because they spend good money making quality videos, even whole channels dedicated to it, and they've been doing it for a long time. They can explain to you that this or that will happen with a lot of confidence, I can see how many people would fall for that.

[nicecrypto]

Ruling elites would never allow the control and influence central banks give them to be tampered with.

This can be a very strong point to why the central banks are coming against cryptocurrency.

That is the point. Imagine a Government not been able to have that financial control over her own nation? They know with the full blown global wide adoption of cryptocurrency, how many people, industries or other organizations will have money in banks? the Governments run the banks and that is one way the control and have the powers they do and with out this, they know they are nothing so they will continue to see how they will shot crypto down.

[mindrust]

The central banks could be the ones stacking Bitcoin already preparing for what is coming.
They could even be the ones planing the covid19 and the timing for the winter, all these will really make the economy fail plus the political instabilty.

I don't think that's happening. They cannot hide that information. If they were stacking bitcoin they would have reported it. Central Banks are not your average sneaky investor. The moment they touch any crypto, the word would be out.