In this episode of the Market Disruptors podcast, Mark Moss is a guest on the Rethinking the Dollar podcast, where he shares his expertise and thoughts on a variety of financial subject matter, including the economy and markets. He delves in-depth on the declining power of the dollar, and how crypto can be an alternative money system.
TOPIC #1 MARK RETHINKS THE DOLLAR
Change is occuring as we speak. Mark says that right now, the dollar is in an interesting period, enough that within 50 or 100 years, history books will be rewritten about our present time. Rewriting what exactly? Well, the fact that the dollar is worthless right now. Mark outlines that for 5000 years in the past, we had gold and sound money as a monetary system until fiat money came along. Aside from the fact that the dollar is fragile right now, the current system took away all the education, rendering the people blind and deaf on what’s going on. We are in this transitional period where people need to rethink what money is.
TOPIC #2 IMPORTANCE OF MONETARY EDUCATION
Education is the cornerstone of many things, and financial well-being also hinges on education. Mark comments that education is one of the more essential things. Just like how time is a scarce resource, but time management is not really taught, money is basically the nation’s lifeblood, and also no one teaches it. Mark views this as on purpose; the financial system does not want the people to understand, because if they knew how banks work, then there would be a revolt overnight. A lot of times, people don’t know what or why things are needed because they don’t understand how our monetary system works. If you don’t understand that there is a problem in the first place, then you can’t seek a solution.
TOPIC #3 THE END OF THE DOLLAR
The world reserve currency transitions from country to country, and the last change was from Britain to the United States. The dollar took over from the pound sterling in the 1900s. Mark says that he is the most concerned about the dollar not going out with a bang, but with a whimper. Today, the dollar is in a very similar process as with the transition from sterling, and Mark sees all the factors lining up and continuing. The dollar is slowly losing its status as the world reserve currency. Mark also underscored how oil trading, as well as sanctions on swift codes, affect the value of the dollar.
TOPIC #4 OTHERS HAVE IT WORSE
De-dollarization is rampant in this modern age, but even with how bad the current state of the dollar is at present, other currencies have it even worse. Mark observes that all other countries are devaluing their currencies even further, so even though the dollar is so bad, it is still the most attractive option. President Trump recently ordered the Central Bank to basically go into negative interest rates, because the rest of the world is. But because all the other currencies have their share of problems, Mark sees that no other money will take over.
TOPIC #5 TAXATION AND FAKE MONIES
The IRS uses their ‘fake money system’ to entice people in collecting pieces of paper, and at the end of it all, IRS takes them back. This is Mark’s view on taxation. If the IRS would accept taxes in different currencies, such as cryptocurrencies, then they would lose the power of their fake money. But it also means that when it comes to paying taxes, you can convert these money systems you are holding into dollars to pay your dues.
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