Cryptocurrency: Another 5 Million In U.S. File For Unemployment
The situation just keeps getting worse. No matter how we analyse it, the present system is falling apart before our eyes.
Over the last 3 weeks, more than 15 million people filed first time claims for unemployment. After having record low unemployment, we are now seeing a number that is around 15%.
On the bright side of things, the government started to send out its $1,200 stimulus checks to all American adults (children are getting $500). This is a helpful idea. Of course, if you are one who is already in debt, the banks are allowed to take that money and send it to your creditors.
The Federal Reserve and government is taking from the same playbook. Of the trillions that are being doled out, very little will ever make it into the economy. Instead, we are seeing hedge funds applying for small business loans, banks receiving billions that they are not lending out, instead opting to increase their excess reserve funds, and states refusing to implement the Congressional unemployment guidelines since there is no money to pay for it.
All this leads up to a mess.
Of course, we are only halfway through the most optimistic of shutdowns. In the United States, it will continue to at least the end of the month. Other countries, like the Great Britain, are discussing going until the end of May.
For years, we discussed the idea of the existing system collapsing on itself. Here we are seeing it. Fortunately, we have the foundation of an entirely new economic system.
Cryptocurrency is providing an alternative and each day, with more news, we see how this is the case. There are hundreds if millions of people who are unable to put their hands on any money. If there is nothing in the bank, and no income, how does one accomplish this?
There are some who are able to operate online. Others are part of the remote workforce that is being established. Nevertheless, as the numbers are showing, there is little going into the hands of "average people". All the pumping by central banks appears to be helping the upper end of the spectrum, which is always the case.
Over the past couple weeks, I wrote about how important something like Hive is. Unlike the present system, money is being distributed in a timely manner. Each week, the reward pool doles out payments directly to wallet holders. This is the reward for the accumulation of what took place over the previous week.
This happens like clockwork. It occurred (on Steem) when the economy was doing well and now it continues as the economy collapses. The coronavirus affects is none in this regard.
Code might not be perfect but it is a lot better than our centrally run system. As we can see, the actions of the central banks and governments are not going to help the situation. Instead, they just reward those who had a large hand in creating the economic weakness.
Unfortunately, the aftermath of all this is really going to surprise people. The coronavirus will speed up the move towards automation. Mega-corporations are going to be investing even greater sums of money into AI and robotics. Many of the jobs lost will never return.
This means that millions are going to be in this situation ongoing. In other words, the present system is basically leaving them behind.
Crypto-economics is poised to offer a much better alternative. The key will be engaging the millions who are displaced and educating them as to what is being offered. Presently, what most know about cryptocurrency is Bitcoin. While that could be a valuable avenue to pursue, it is basically useless unless one has some money to invest.
An ecosystem like Hive has a great deal to offer. This is the opportunity to alert many to what it holds. As more is developed, the possibilities just keep growing. The same cannot be said about the present economic system which is obviously going in the other direction.
It is time to get the word out there.
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gif by @doze
Posted via Steemleo
