This is an opinion editorial by Kudzai Kutukwa, a passionate financial inclusion advocate who was recognized by Fast Company magazine as one of South Africa’s top-20 young entrepreneurs under 30.
Our society today is plagued by a trust problem. The institutions that govern our world are built on trust while they have now proven to be untrustworthy. On February 11, 2009, Satoshi Nakamoto posted a thread[1] stating,
“I've developed a new open source P2P e-cash system called Bitcoin. It's completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. […] The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”
By developing a decentralized monetary system that made trusted third parties (the banking system) obsolete, Nakamoto also chipped away at the source of their power: the money printer. It’s the money printer that made it possible for a small clique of central bankers to centralize and seize control of the global monetary system. Though waning, they continue to wield this power to this day.
The top-down, centralized decision-making structure is not unique to central banking, but it pervades all spectra of the political institutions that govern our society today. The World Economic Forum (WEF), the Bank of International Settlements, the International Monetary Fund (IMF), the U.S. Federal Reserve, the European Central Bank and the United Nations are but a few examples of the central planners of our day responsible for
