Posted 11 months ago | by Ben Armstrong
What Does Decentralization Mean to the Economic Overlords?
The meaning of a word can be changed to suit the needs of its user – which seems to be what the World Economic Forum (WEF) has done to the word 'decentralized'. According to a recent missive from the economic overlords the meaning of the word decentralized is –
“Traditionally, decentralization is defined as the transfer of powers and resources from central to sub-national government. Decentralization has been presented as a bearer of increased efficiency and a better economic outcome. However, empirical research reveals a burgeoning divergence between the theoretical and practical outcome of decentralization.”
I am pretty sure that most of the people in the crypto sphere would disagree with this traditional definition, as it totally disregards the role of an individual in how a group finds its way in the world.
The WEF is clearly backed by central planners who want to roll out some sort of nightmarish planned global economy, and is willing to cede its power to subordinate entities that have no real power to resist the plans that the core group creates.
Decentralization Means no Big Institutions
This might come as a surprise to the wannabe central planners at the WEF, but when we talk about things like decentralized finance (DeFi) – we mean that there is no overarching power structure at all.
No World Bank, no International Monetary Fund, no Fiat Central Banks – none of the crap that was porn out of the post-WW2 world order.
Instead, we are talking about creating systems that allow economic actors – both large and small – to make their own moved via platforms that ensure fair play for all involved. There are no animals here that are 'more equal', and there are no bailouts for politically connected banks.
This is real capitalism – the kind of system that has been responsible for wealth creation since the dawn of time. There is a reason why socialism appears when an economy has become burdened by too many laws – the people are entitled and lazy – they think that a government can keep the gravy train flowing.
That is exactly the case in the Western world today, and as the most advanced economies self destruct in spectacular fashion, we are left looking for ways to keep some level of economic production going.
CBDCs Aren't the Answer
Given the situation in the financial markets, is isn't shocking that the WEF is starting to push for Central Bank Digital Currencies (CBDCs) to be “taken seriously”.
To wit –
“Digital currencies could remove the cumbersome operational and security apparatus which surround conventional forms of money transmission. Reducing the ‘cost of friction’ can help financial inclusion of individuals, while also making global trade more efficient and less risky. Increasing transparency and traceability can protect against money laundering and other forms of financial crime.”
Again, as with the idea of decentralization, CBDCs are seen as a way to strengthen the position of the power structure, and disempower the individual. The theme here is totalitarian, and the WEF is pushing for some very dangerous ideas to be taken up at a global level.
Resist Totalitarian – You Won't Like Where it Leads
The ideas that the WEF is proposing aren't great for individual liberties – and they empower the kind of society that manifested in the USSR. The economy was kept going for a while, but it all fell apart in the end. During the rise and fall of the USSR there were purges, gulags, and a host of other horrors.
There are many tools that we can use to keep creating value, and also limit the reach of the power hungry central planners who are currently at the top of the economic ladder. We don't need their tools to survive, and when their plans implode, we will be ready to keep the economy alive.