International trade grew at an insane rate. 1950. Global trade in exports was only $ 62 billion in. It is currently more than $ 14 trillion. Including all products and services, it totals about $ 42 trillion. The global investment market and capital flows are even higher.
The second stage of globalization concerns the emergence of the World Wide Web, which set off an explosive course of events that has not yet slowed down.
In less than a decade, the web has become so fast, cheap, and ubiquitous that it has created a huge flood of information among more than four billion Internet users.
Today, they no longer use the web to access billions of websites, but they are also free to publish their own personal newspapers, create their own TV channels and send their news to any corner of the world.
But there is one important element of human society that has been almost completely excluded from the first two stages of globalization: money.
Even as global communication became virtually instantaneous and completely reshaped everything else, money remained exactly as localized and centrally controlled as it had been before the invention of the Internet.
This brings us to the third stage of globalization: the transformation of physical money into a truly global digital asset that is directly accessible to almost everyone in the world.
Remember: By its nature, money is nothing more than information – information about an asset or liability stored on a medium. Therefore, there is no reason why cash flow could not become as fast, cheap and ubiquitous as all other information flows – as easy as sending an email or calling someone else in the world.
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Until now, large global markets have been almost entirely a playground for huge multinational corporations and the super-rich, whether or not they have good intentions.
Only they had enough experience and acquaintance to easily move money over legal obstacles, invest in the world’s most profitable projects, take advantage of cheap foreign labor or even engage in human trafficking.
Only they knew how to hide their actions from governments, find tax havens and how to take advantage of all the legal – and illegal – opportunities for profit that globalization is known for.
Globalization has brought huge profits, but mainly to the world’s elite and sometimes to the world’s worst actors. Millions of average people were left out or completely excluded.
In the United States, industrial cities lost their factories and entire communities lost their jobs collectively.
Abroad, many middle-class people lost their savings due to currency devaluation and were then trapped by that devalued money.
The consequences were much, much worse for the poor and helpless.
Again, in these countries, only large corporations and rich people could find a way to save themselves, while the average population simply had to endure a blow.
The solution lies in open public cryptocurrencies , a currency without borders.
Anyone can buy, sell, exchange, receive and ship it; anywhere and anytime. And it is preparing to bring a whole new wave of globalization – this time for everyone.
Imagine this scenario in our near future …
The time will be a few years from now; place – anywhere.
No matter how little money you have or what village in the world you live in, you have a huge number of choices:
You can open an account with your local bank and participate in its financial system. Or you can participate in the global financial system as easily as a large equity investor with a bank account in Geneva, an exclusive family pension fund in the Cayman Islands, or a $ 100 million mansion in Palm Beach.
You can entrust your digital assets to a trusted supervisor. Or you don’t have to trust anyone and send your assets to physically take possession at any time.
You can send money to family and friends through Western Union and MoneyGram. You can also exclude an intermediary and transfer the money directly to anyone.
You can buy, sell and exchange your assets through banks and intermediaries; all of which use SWIFTI (Society for Worldwide Interbank Financial Transactions). Or you can leave SWIFT completely and trade directly with any individual or institution in the world.
This new form of globalization is for everyone. And it aims to break down the financial barriers that have divided the world for decades, keeping billions away from global financial markets.
The World Bank estimates that there are currently 1.7 billion people in the world who do not have access to even the simplest bank account. In addition, billions of people are caught in unsafe banks or unstable currencies.
What would happen if those billions had access to stocks, currency trading and milliseconds of capital movement around the world – all on a $ 20 Android phone?
Although it is too early to predict all the consequences, four global changes are already taking place:
Today, the business models of tens of thousands of commercial banks, deposit providers, credit unions, insurance companies and other financial supervisors have already been redesigned, mainly through digital money.
Your bank accounts and savings accounts have digital money. Your annual rentals and life insurance policies are also digital.
Exactly. Apart from the money you carry in your wallet or sometimes put in your piggy bank, all of your paychecks up to life insurance are nothing more than ones and zeros stored on the computers of the supervisory authorities.
First, they have been digital since creation. Unlike dollar bills, 25 and 10 cents, they have never had and never need a physical form. This aspect alone is revolutionary for the traditional banking system.
Secondly, no government has control over them. It’s even more shaky.
Third, they don’t need intermediaries or supervision, which is their most shocking feature at all.
The bottom line : Cryptographic money is in direct competition – and may even ever replace – with traditional digital money.
What will happen to the existing financial institutions in this scenario? Most are forced to rethink their business models. Many will disappear completely.
The cross-cutting feature of today’s globalization is the movement of workers to better paid countries. From there, they can send money home to their loved ones. According to the latest estimate, there were about 150 million such workers, almost half of them in North America and Western Europe and 14% in Asia.
This global drama is not just about Mexican farm workers in the United States or refugees from Zimbabwe in the United Kingdom. This includes Filipino domestic workers in Hong Kong, Brazilian restaurant workers in Bali and Americans on mission in Paris. Whether or not they work legally, most businesses, such as Western Union, depend on a price to pay for international debt.
But cryptocurrencies are borderless in nature. In a world where cryptographic assets have become commonplace, people working abroad no longer have to bother with third parties to transfer money to anyone, regardless of their physical location. In that case, there would be no difference between a local cash payment and sending money to another world. The term “international debt” itself disappears.
According to the IWG, the office manager in Switzerland, 70% of professionals around the world work from home at least once a week.
In the United States, Gallup says 43% of working Americans spend at least some of their time working remotely.
Teleworking is especially attractive to younger people who like to travel or move. It is well suited for married couples who have children and want to spend more time with their families. It also keeps older people active in the labor market for longer.
But teleworking is less common for a foreign company. International wage payments are quite costly, especially for low-paid jobs. This is especially burdensome when someone is trying to set up a global home business that involves a lot of micropayments. And if you live in a country whose regime is suppressing economic activity, it is virtually impossible.
Public open cryptocurrencies could change all that. Like the World Wide Web years ago, they can break down all geographical, linguistic, cultural, and political physical boundaries. They are opening up a huge international market for recruitment and work from home opportunities. They allow for a much more interconnected world and labor market than before.
A larger, more diverse network of industrial relations will be set up, connecting financial centers and remote, previously inaccessible regions.
If you are not one of the lucky few who live near large financial centers, it is much harder to raise capital to start a new business. And if you are one of the billions living south of the equator or east of the former Iron Curtain, it is probably almost impossible.
But in the case of public open cryptocurrencies, raising capital for a new project is a trivial matter – assuming, of course, that the global community sees value in your idea.
Cryptographic money avoids investment bankers and traditional fundraising intermediaries. They internationalize capital flows to an extent never before seen and even imagined. Microloans and microfinance transactions are suddenly becoming commonplace and growing in number.
Imagine that all these global changes are interacting and working together.
Just as traditional telephone companies rushed to share mobile and messaging, traditional banks are beginning to reinvent themselves and make global transactions accessible to all. Alternatively, person-to-person transactions replace many of their existing functions.
This will help turn global migration, which is currently a major problem, into a natural mechanism that will balance supply and demand for international labor.
It also makes working at home much easier for people, which in turn significantly reduces the need for migration in general.
All of the above frees up capital flows that can be managed in any amount around the world.
When all is said and done, these organic changes can do more to reduce global inequality than all the charities organized around the world combined.
We hope that national governments and international government organizations will overcome their fears and contribute to these changes with their own defense regulations.
Translation: Lucreds Plus OÜ