I'm willing to bet that the vast majority of people who read this have never given their relationship to money any thought. Those who are brought up to believe that resources are limited will never have enough. This is something that is normally taught to very young children by their parents and other members of the family. In addition to this, it is supported by fiat. A attitude of scarcity is likely to be fostered if one experiences a yearly decline of 7.7% of their purchasing power. Those who were designed differently were either brought up with an abundant mentality or actively worked to acquire one. In any case, the way you think about money and how you handle it is ultimately a decision; you have the ability to change or rewrite the software. This may come naturally to certain individuals. Others find it quite difficult to do so. There are also those who have a lot of money yet aren't content with their lives despite their wealth.
Many people in today's society are under the impression that having financial security is necessary to lead a fulfilling existence. There are those people who take things to an extreme and worship money. They revere those who are successful at making it, as well as those who make a lot of it. Count your blessings if you already have or are able to earn a significant amount of money. A man or woman who has few requirements can live a life that is more unfettered and plentiful than other people.
The majority of us have a unique connection to money, one that is frequently unrecognized or left unaddressed. For some people, it is the only purpose they have for existing in this world, whilst for others, it is only a means to a goal. As we see events unfold, such as the freezing of bank accounts belonging to Canadian truckers by Prime Minister Justin Trudeau or the theft of Russian reserves by Vice President Joe Biden, we start to become aware of certain unsettling truths regarding the nature of money. If you don't really have the monetary item in your hands, all you have is an IOU, which is a very precarious position to be in if the governing authorities decide that your words or actions don't fit in with their perspective of the world. Typically, the bank or credit union where you have deposited "your" money will be the entity that issues the IOU. The only catch is that the money is no longer "yours" once it has been placed into the bank.
People that use Bitcoin frequently use the phrase "Not your keys, not your coins." The fact that the money in a person's bank account does not legally belong to them is something that many individuals who are not Bitcoin users fail to realize. The global head of short-term interest rate strategy at Credit Suisse, Zoltan Pozsar, argues that we have entered a new era of Bretton Woods III, which involves inside money and outside money and claims that commodities will be at the foundation of international monetary affairs. Pozsar argues that we have entered this new era because we have entered a new era of Bretton Woods III. The term "inside money" refers to monetary transactions that include a third party, such as a bank. You are effectively holding an IOU for the entirety of the money in your possession. Money that is held in locations other than banks is referred to as outside money. You cannot have it taken away from you by being denied access to an account, and they cannot make it disappear by inflating it away.
Proof that work was done can be found in the form of monetary compensation. If you are fortunate, you will make more money than you require for the basic necessities of life. During the period when paper money was in circulation, this meant that you exchanged your valuable time, effort, and life force for thin strips of green paper and little disks of metal. You now give up your valuable time, hard work, and vital life force in exchange for pixels on a computer screen. When considered from this angle, it becomes clear that monetary value is nothing more than a representation of something else. If the only thing we have is an IOU with a bank, then it is very easy for governments and banks to get into all sorts of trouble. Bailouts, bailins, and even blatant thievery might fall under this category. This raises a lot of serious concerns. Because we use currencies that are issued by the state, our money is vulnerable to being taken away at the touch of a button or the flick of a pen.
The initial question may be further subdivided into two additional highly significant and personal questions, which are as follows:
Where Do You Stand With Regards To The United States Dollar?
I had a pretty blessed upbringing. I had the advantage of growing up in a family in which there was always food on the table, a roof over our heads, and we were never required to be concerned about money. A typical childhood in the middle class all the way through high school. I attended a public high school and then transferred to a private college, all of which I paid for myself. After graduation, I went straight into the workforce in my chosen field.
It was such a blessing that I never really gave much thought to money when I was younger. My attitude about it has not changed since it was ranked so low on my list of priorities. I seldom worried about having enough money, and most of the time I treated it as if it were a given. Even though I was living paycheck to paycheck in the early stages of my job, I did have some savings, even if they were on the small side, and my parents served as a financial safety net for me. A type of "banker of last resort" for the family business.
That childhood was a mixed bag of advantages and disadvantages for me. Why make a bad omen? Simply because I never really given much concern to money. On addition to the unstated principles that were modeled for me by my parents, I was never instructed in matters pertaining to money, our banking system, or our financial system. Those of us who are fortunate enough to call the United States home get the added benefit of carrying about the reserve currency for the whole globe. The majority of people in our country take that advantage for granted.
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Even while the United States dollar is still widely regarded as the most powerful currency in use today, it can no longer be trusted as a medium for value storage. After witnessing the Federal Reserve and our government throw ludicrous quantities of money into circulation, even the most wealthy individuals start to take note.
Everyone living in the United States of America today was raised with the dollar serving as the reserve currency of the globe. That has no significance for most people. When we were young, almost all of us undoubtedly remember the first time someone gave us cash—whether it was a five dollar note or any other denomination—and how it made us feel and what we were thinking at the time. "Wow, I'm rich!"
Do you have a great sense of pride in the United States and the ideas that it was founded on? Could this change how you feel about the value of the dollar? Do you feel embarrassed about the many wars that the United States has been fighting since Vietnam? Although it may appear to be unimportant, the way you feel will have a significant influence on your connection with the currency of the nation.
Are you a member of the investment team at a hedge fund? Are you a millennial? Do you belong to the boomer generation? Are you a venture capitalist? Your connection with the world's most attractive fiat money will develop in response to each of these factors. Do you consider the money in your bank account or your access to other forms of wealth to be a source of protection, a source of security, or a source of power? Do you consider it a luxury to be able to use a bank account? All of these things are signs. The vast majority of people throughout the world do not have bank accounts. In the year 2022, we have discovered that these symbols are becoming increasingly illusory and have lost much of their brilliance.
On January 3, 2009, a new competitor arrived on the scene after being introduced in a rather understated manner.
How do you feel about the cryptocurrency known as Bitcoin?
It is not taken seriously by a significant portion of individuals living in Western countries. It is difficult for us to put our faith in something that we do not fully comprehend, just as it is with any new forms of technology. till we are left with no other option. Bitcoin did not pique the interest of Canadian truck drivers until it became necessary for them to do so. It is my opinion that we have now reached a time in which the inadequacies of the monetary system have placed us in a position where the only option we have is to educate ourselves on bitcoin.
