On most social media platforms there is a discussion on an ongoing of upcoming Great Reset. What does this entail and how does this relate to Bitcoin?
The IMF and the World Economic Forum (WEF), led by Klaus Schwab, supported by an elite financial and economic club, are calling for a global Great Reset. The global economic and financial should be completely transformed on the basis of the UN 2030 Sustainable Development Goals. The long-term impact of global lockdown policies on combating the 2020-21 pandemic presents a unique opportunity for the world and business leaders to meet the UN’s 2030 targets. According to Klaus Schwab, the pandemic has shown that the old structuring on which the current global economy operates is no longer sufficient for rebuilding a post-corona world.
An important component of the Great Reset concerns the implementation of a system of stakeholder capitalism. Companies must not only represent the interests of shareholders, but those of all stakeholders associated with the company. The goal of a company is to create long-term value for all stakeholders and not to maximize profits for only shareholders at the expense of other stakeholders. Neo-liberal principles and free market forces must be pushed aside for a more equitable form of capitalism with more equal outcomes for all.
Another important component, provides for the use of new technologies and the further digitization of the economy to bring about a fourth industrial revolution. Think of the advance of artificial intelligence, data mining, cloud computing, 3D printing, robotics, Internet of Things, Augmented Reality, etc. These technologies will contribute to a new industrial revolution and also the realization of a trans-humanistic agenda. Claus Schwab foresees that humans and computer technology will merge into a new superhuman.
Although Claus Schwab did not write about it in his book, central bank digital currencies will be an important new tool to facilitate this new digital technology era. The Great Reset is about reforming the social-economic order and will only be possible with help of a new Bretton Woods 2.0 conference where CBDC´s will help to facilitate this transition. The current fiat-financial system will reboot on a new digital infrastructure where CBDC´s are able to impact directly the economy. CBDC´s are programmable and will be used for efficient taxation, stimulus programs and surveillance of the currency streams. China is on the forefront of rolling out this new financial technology.
The top-down approach of this agenda is problematic as the current stakeholders of the system are in fact centralizing their power over society and money even further. The current debt based inflationary system with now negative interest rates and negative yielding debt is debasing the purchasing power of normal working people around the world. It is not clear how this Great Reset will improve this, in contrary, according to the World Economic Forum people will own nothing and be happy. A CBDC streaming through (central) banking apps is easy to tax, confiscate or inflate. This central bank money is not sound money you own, can save and spend as you do see fit. The Central Bank is in complete control.
Bitcoin as digital sound money provides a necessary, attractive alternative and safe haven for realizing financial sovereignty during a Great Reset of which the outcome is still unclear. There are many risks. As the history of collective top-down programs have often shown: the way to hell is based on good intentions. We might proactively start to migrate to an alternative decentralized bitcoin based system, just in case….