Great news from Nigeria.... An experiment with a central bank digital currency (CBDC) has flopped. According to Bloomberg, only 1 in 200 Nigerians use the ‘eNaira’. That’s even after the government implemented discounts and other incentives to increase adoption. This came as a nasty surprise to the predator class.
Apparently, the people view their government as “hostile to them and therefore have no interest in anything it introduces.” BRAVO NIGERIA!
That attitude towards governments is the answer, not just in terms of the economy but in every possible way. Govern (the word) should be replaced by serve, resulting in a shift of consciousness towards the entire process and putting the people firmly and forever in charge of the decision making process. It should be a privilege to serve the people, not a status symbol or a badge of superiority. If serving civilisation were viewed this way, good people would be queuing up to apply for the job. As things stand, the job only attracts the greedy power-hungry psychos of this world!
Elon Musk quoted yesterday "Vox Populi, Vox Dei,” a Latin phrase meaning “the voice of the people, the voice of God.” and declared an amnesty for those suspended by Twitter. He acted upon the results of an opinion poll. Good move. I hope it works well for his ailing social media platform, maybe even inject a bit of sanity back into society as a whole. I can only hope.
So, if CBDC schemes are viewed with suspicion, what are the alternatives?
Let’s look at the case of Nigeria again.
It has one of the highest Bitcoin adoption rates in the world—ranking #11 among all countries. Other crypto currencies also find a market there.
I don’t know about you, but I have BIG reservations about crypto currencies.
Let me run them by you:
I am a grannie. How would I give the kiddies a bit of pocket money? Pay the window cleaner? Tip the cabbie or waitress? Help the homeless? Support a carnival? Buy some organic home grown veg from a struggling neighbour? I could go on and on....
I don't like the idea of imaginary tokens stored in cyber space. It is like owning Monopoly money! I cannot spend them, teach a child to count with them or play card games for pennies. I cannot see a result for my hard labour, solid in my hand or saved in a piggy bank for something I really need.
If the internet goes down, where is my money?
If the electricity grid gets zapped by an incoming sun flare, where is my money?
Nope.... Crypto has big drawbacks and red flags. Even the name means somewhere you store dead bodies! Not somewhere you should be visiting to conduct every financial transaction!
I think we can dream up something much better.
Something like the Bradbury Pound or the US Greenback - genuine national currencies, printed by ourselves, rather than by a hidden hand which charges astronomical interest that can never be repaid. In this way we cut the greedy middle men (banksters) right out of the picture.
Goodbye boys, you are now REDUNDANT.
Doesn’t that sound sensible to you?
Don’t be shy. Argue with me. Suggest a better idea. I am all ears.
Just don’t get too mathematical or techie on me cos I will zone out and nod off…..
In America, our founders warned many times against a central bank controlling the currency. They *knew* what would happen. We are now reaping the whirlwind for ignoring their sage advice
Legal Tender.