YahooFinance picked up this news story from fxempire.com by Martin Young that "on June 6, the 48-year-old German-Finnish Internet entrepreneur and political activist took to Twitter with his predictions of economic collapse.
The premise is based on the fact that the U.S. has massive national debts (currently $30 trillion), and the Federal Reserve prints more money to pay for things. This causes higher inflation (8.3% at the moment) and devalues the underlying currency, also the world reserve currency.
Kim also accused the US government of being the biggest thief in history - “Nations everywhere hold USD as a secure asset. So when the US Govt prints trillions it’s robbing Americans and the entire world. The biggest theft in history.”
“You may have heard about the ‘great reset’ or the ‘new world order’. Is it a controlled demolition of the global markets, economies and the world as we know it?”
Many responses to the post, which was retweeted 3,600 times in just a few hours, suggested that Bitcoin and crypto could be the solution.
There are arguments for and against crypto being a savior of economic collapse. On the pro-crypto side is the biggest argument of all – decentralization.
There are some counter crypto arguments, however. In an epic global economic collapse scenario, crypto still requires electricity, the internet, and wallet infrastructure to operate. A government or state still has to be in control of this.
Volatility is also a massive downside as most digital assets are too volatile to be used as a daily currency.
The industry is also plagued with scams and exploits.
The author concludes that it remains to be seen if crypto will shine through as a financial liberator."
Source credit and full story - https://www.fxempire.com/news/article/kim-dotcom-predicts-great-economic-reset-is-crypto-a-solution-1023965
https://finance.yahoo.com/news/kim-dotcom-predicts-great-economic-035443684.html
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Printing new money is what has driven inflation in US to the highest levels in 40 years, but many people do not realize that the printed money is deployed in other countries, which is doubling and tripling inflation outside the US.
The question now is whether the US will be able to maintain the status-quo somehow or whether this unprecedented flooding of the paper dollars will lead to an economic collapse and a reset.
I don't think it will be a reset, but the devaluation of the US currency by overprinting and inflation may result in other countries no longer using US dollars as the benchmark. Already, we see more countries moving to crypto as a stable currency.
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