With mammoth amounts of government spending already underway and even more on the horizon, an inflation crisis—higher prices and far higher interest rates—is coming.
What can be done?
This episode of What’s Ahead puts forth a tantalizing possibility: a new kind of cryptocurrency that can actually act like the money we use every day instead of like a speculative toy, which is what almost all cryptos are currently.
The catalyst could be a country like Argentina, which once again is in the grips of a terrible inflation and where the U.S. dollar is the de facto currency. Out of desperation, entrepreneurs may finally realize the purpose of a crypto is not to soar in value but to be a stable thing that people can easily use for transactions, including long-term contracts. In other words, a workable, trustworthy alternative to government money.
The time is approaching when cryptocurrencies will be kryptonite to government currencies.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,
…
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.
Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.
Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).
Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.
In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.