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@VDejan0000 A new system will replace the old. https://t.co/0qJHsXNMyC
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The world is on the verge of a significant change in the financial system. The traditional system is being replaced by blockchain, a digital accounting method that provides clarity on transactions. However, this shift raises concerns about the balance of power between states and citizens. To ensure a fair digital money system, a digital constitution of human rights is necessary. Contrary to popular belief, digital money will be sovereign in nature, with superpowers like China, the US, and Europe introducing their own digital currencies. The key question is whether this new system will cater to the needs of citizens worldwide and improve their lives, as that is the true measure of a successful world order.
Full Transcript
Speaker 0: Well, it may be a bit late for that. I remember talking to an Australian diplomat at one point about this break between the US and China and said, you know, both sides are gonna say whose team are you on? And he said, our job is to make sure the question never arises. But the question has arisen. And so I think we have to go deeper, and it's not about the US versus China.
It's about what underpins a world order is always the financial system. I was very privileged. My father was an adviser to Nixon when they came off the gold standard in 71, and so I was brought up with a kind of inside view of how very important the financial structure is to absolutely everything else. And what we're seeing in the world today, I think, is we are on the brink of a dramatic change where we are about to and I'll say this boldly. We're about to abandon the traditional system of money and accounting and introduce a new one.
And the new one, the new accounting, is what we call blockchain. It means digital. It means having a almost perfect record of every single transaction that happens in the economy, which will give us far greater clarity over what's going on. It also raises huge dangers in terms of the balance of power between states and citizens. In my opinion, we're going to need a digital constitution of human rights if we're going to have digital money.
But also this new money will be sovereign in nature. Most people think that digital money is crypto and private. But what I see are superpowers introducing digital currency. The Chinese were the first. The U.
S. Is on the brink, I think, of moving in the same direction. The Europeans have committed to that as well. And the question is, will that new system of digital money and digital accounting accommodate the competing needs of the citizens of all these locations so that every human being has a chance to have a better life, because that's the only measure of whether a world order really serves.