Over the weekend I was reminded once again of just how fast the times are a changing. I received a blog from one of my most respected sources mentioning that for the third time how China is testing its new Government Digital Currency.
Over the past weekend seems that the capitol city of Beijing distributed approximately 1.5 million worth of their central bank’s digital currency to 50,000 applicants. Each applicant chosen is to receive 200 Yuan (approx. 30.00 USD) of this digital currency and can spend it at several designated businesses during the upcoming Lunar New Year holiday.
In the past few months the cities of Shenzhen and Suzhou were chosen to hold comparable trials thus making at least three tests on the nation’s new digital currency. Several other nation-states are advancing similar tests using their own digital currencies. Other nations have decided to take a more aggressive approach. Canada being one of them as from the first of the year Prime Minister Justin Trudeau outright cancelled the Canadian currency as being the country’s Legal Tender! It’s a bold first step in deed.
Whatever you choose as investments is your choice. Just understand what is currently taking place right in front of everyone’s eyes. We’re all facing new challenges we’re seeing developments that as of a year prior would have been dismissed as lunacy or at the very least labeled conspiracy theories.
No sooner than we passed the prior important intersection which was the transfer of political power in the West do we rapidly approach the next important set of intersections and the ending of paper currencies certainly ranks as one of them.
We’re all experiencing new happenings. For most of us it’s the first time anything even close to these kinds of challenges have occurred… nothing like this has ever happened before! So here’s my take away point. If it’s never happened before who’s going to have any experience in how to go about solving it? Answer is NOBODY… and I just described why no two countries follow the same sets of rules pertaining to this exaggerated pandemic.
Judging by what we’re all experiencing in a very short amount of time those who cannot think out of the box will have the lid closed on them. Currently and for the greater percentage it’s just the blind leading the blind. Most are lost in the abyss and we all know what that promotes don’t we? Fear it promotes fear! Enough said! Until next time, Barry in DR.
LINKS:
Justin Trudeau cancels the Canadian Currency: https://www.youtube.com/watch?v=A1rO0HdH1Zc
Martin Armstrong Blog: “Canada and the Cancelling of their Currency”.: https://www.armstrongeconomics.com/in…
https://www.armstrongeconomics.com/market-talk/market-talk-february-8-2021/
