Agustín Carsten is the General Manager of the Bank of International Settlements (BIS), the institution which can be described as the central bank of central banks, and this is not the first time that he heavily criticized technological advancement.
Back in February 2018, in his “Money in the digital age” speech at Frankfurt’s Goethe University’s House of Finance, the BIS General Manager used the podium to blast Bitcoin (BTC) and cryptocurrencies in general.
“The novel technology is not the same as better technology or better economics,” Carsten began explaining. “That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme, and an environmental disaster,” he somehow deduced.
While he was giving his passionate speech, the stock market was losing trillions of dollars.
His latest interview with Swiss German-language newspaper Basler Zeitung showed us that he didn’t change his point of view, but instead deepened the void between new technologies and himself.
“Glance back into the past, and you will see that creating gold or money from nothing has been a regular obsession. It never worked. Even the great physicist Isaac Newton was at one point in his life obsessed by alchemy and the idea of making gold. He was very successful in many fields, but in this one, he failed. Newton ended up as head of the British Mint. Why? Because he could detect at once if a coin was counterfeit. After he failed in his attempt to make gold, he switched sides and sent counterfeiters to prison. So my message to young people would be: Stop trying to create money!”
Furthermore, Carsten stated that “it’s a fallacy to think money can be created from nothing,” maybe disregarding the mechanism behind the inflation of FIAT currencies.
It is important to note that gold hasn’t backed the US Dollar since August 15, 1971. Furthermore, the value of this world’s reserve currency has been steadily declining since the establishment of the US Federal Reserve, which is creating money from thin air (debt).
However, there are those who would, rather than spilling criticism, emphasize the ongoing financial trends. We should let the readers decide if the criticism is “unfounded” or not.
The Intercontinental Exchange Inc. (ICE) CEO, Jeffrey Sprecher was interviewed by Bloomberg back in April. He stated that his institution, which is the owner of the New York Stock Market, can’t ignore the traders’ willingness to invest in cryptocurrencies.
“People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed,” he explained, referring to the creator of Bitcoin (BTC), before concluding that people are naturally more comfortable with technology than the institutions of government and society they grew up with.
It is the best time to make a few plans for the future and it is time to be happy. I have learn this put up and if I may just I desire to suggest you few fascinating issues or advice. Maybe you can write next articles regarding this article. I desire to learn even more things approximately it!
fantastic issues altogether, you simply received a new reader. What would you recommend in regards to your submit that you simply made a few days ago? Any certain?
Throughout this great pattern of things you’ll get a B- with regard to hard work. Where exactly you misplaced us ended up being in your facts. You know, they say, details make or break the argument.. And that could not be much more accurate right here. Having said that, permit me say to you what did work. Your text is certainly pretty powerful and this is possibly the reason why I am taking an effort in order to comment. I do not really make it a regular habit of doing that. 2nd, whilst I can notice a jumps in reasoning you make, I am not necessarily certain of how you appear to connect the ideas which inturn produce your final result. For right now I will, no doubt yield to your issue however trust in the foreseeable future you link your facts better.
Je m’appelle Charles Migaud et je suis Consultant SEO à Lille depuis plusieurs années en tant que Freelance et chez l’annonceur. Expert du Référencement Naturel, j’accompagne mes clients pour gagner en visibilité sur Google.
Vous cherchez un Consultant SEO en Freelance à Lille efficace pour obtenir des résultats ? Félicitations, vous venez d’en trouver un !
sildenafil 50mg price cost suhagra 100mg sildalis medication
where can i buy minocin buy cheap actos buy pioglitazone 15mg without prescription
Thanks for your tips about this blog. Just one thing I wish to say is always that purchasing gadgets items over the Internet is not new. In fact, in the past 10 years alone, the market for online consumer electronics has grown drastically. Today, you can find practically any kind of electronic unit and other gadgets on the Internet, ranging from cameras in addition to camcorders to computer pieces and video games consoles.
excellent post, very informative. I wonder why the other specialists of this sector do not notice this. You must continue your writing. I am sure, you have a huge readers’ base already!
Everything is very open and very clear explanation of issues. was truly information. Your website is very useful. Thanks for sharing.