The National Assembly of Ecuador has created a new electronic currency, while banning bitcoin and other decentralized alternatives.
I got this information with the comment:
The battle has begun…
I refer you to the website of my friend Bernard Lietaer.
and I invite you to read his breathtaking article, written with Robert Ulanowicz,
I refer you to the incredibly rich website of my friend Bernard Lietaer.
And I invite you to read his article, co-written with Robert Ulanowicz, Sally Goerner and Nadia McLaren : "Is Our Monetary Structure a Systemic Cause for Financial Instability? Evidence and Remedies from Nature"
Here’s the abstract:
"Fundamental laws govern all complex flow systems, including natural ecosystems, economic and financial systems. Natural ecosystems are practical exemplars of sustainability: enduring, vital, adaptive. The sustainability of any complex flow system can be measured with a single metric as an emergent property of its structural diversity and interconnectivity; it requires a balance in emphasis between efficiency and resilience.
The urgent message for economics from nature is that the monoculture of national currencies, justified on the basis of market efficiency, generates structural instability in our global financial system. Economic sustainability therefore requires diversification in types of currencies, specifically through complementary currencies."
I cannot refrain from citing again and again, the warning Nicolo Machiavelli addressed to his Prince (in his booklet "The Prince":
"It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them."
The battle is engaged: What bathe? Against who? For what and whom? Is it unavoidable?
See the article on Bernard’s website on the Wörgl experiment, and how it turned out