The measures that have been taken to combat the economic crisis of 2020 are unprecedented. The U.S. government’s $2 trillion stimulus package even included a $1,200 stimulus check sent to all eligible citizens.While the gesture seems honorable, the amount of such a check is unfortunately far too small to help millions of Americans living in extreme poverty.
While the monetary and financial system is being rescued at all costs, while private companies are receiving millions of dollars from the federal government without any compensation, citizens have to make do with crumbs.
A growing number of people are beginning to understand that there is something wrong with the current system.
The current system, which was created 49 years ago, only increases the disparity in wealth between the rich and the poor. While the standard of living of the poor is rising over time, the progress is far too slow for their living conditions to really change.Moreover, the current system leads to one economic crisis after another.
All the actions taken by central banks and governments have resulted in making the rich even richer, while the poor will be hit hard by the great monetary inflation that this will induce.
Indeed, the unprecedented increase in the money supply will cause inflation that will impact first those who need help the most. Here we find the application of the Cantillon Effect theories, many of which consider Bitcoin as an antidote.
Jerome Powell, the Chairman of the Fed, made this clear in a recent interview for the 60 Minutes program:“The people who’re getting hurt the worst are the most recently hired, the lowest paid people. It’s women to an extraordinary extent. We’re actually releasing a report tomorrow that shows that, of the people who were working in February who were making less than $40,000 per year, almost 40% have lost their jobs in...