Take 5 Minutes To Imagine What the World Would Look Like Without Bitcoin. Then Be Thankful.

In previous economic crises, we had no alternative at our disposal.

Thanksgiving 2021 has just come and gone. It is always a time to remember the things we are thankful for. After more than eighteen months of the COVID-19 pandemic, we can already be thankful that we are healthy for those who are. This pandemic is a test for the entire world, and it will profoundly change our societies. That is already a certainty.

This pandemic has also highlighted more than ever the flaws of the current monetary and financial system. These flaws have always been there since its inception in 1971 by Richard Nixon, but until now, the inhabitants of the richest countries had chosen to turn a blind eye, because the injustice of this system did not hit them directly.

With the monetary policies conducted by the world's major central banks over the last eighteen months, everyone will now be impacted. At different levels as always, but still. Inflation has reached 6.2% in America in October 2021, and this is a problem that Jerome Powell will have to deal with in the coming months.

In previous economic crises, we had no alternative at our disposal

After months of denying the obvious, Jerome Powell will no longer be able to hide from it and it will be one of the Fed's main tasks in this new term. This inflation has even become a political problem for Joe Biden who will try to activate several levers to reduce it or at least contain it in 2022. The stakes are high for him and the Democratic camp with the Midterms taking place at the end of 2022.

During the previous crises, like the one in 2008, the flaws of the system were already there for all to see, but nobody paid attention to them for the simple reason that we had no alternative at our disposal. What is the point of lamenting an unfair system if there is no alternative?