Lyn Alden is a macroeconomist and investment strategist, and Natalie Smolenski founded and leads the Texas Bitcoin Foundation. In this interview, we discuss the impact of digital currencies on government control, the breakdown of the US system of checks and balances, and the increasing influence of central governments. We also talk about the complexity of the monetary system, the current state of the financial system, and the future of Bitcoin.
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Lyn Alden and Natalue Smolenski are both acclaimed as peer leaders within their respective fields. I feel this is because they can provide engaging clarity to complex issues. However, I also feel that it is their ability to be authoritative, honest and calm, within an industry full of noise, miss truths and hidden agendas, that has led to them developing loyal followings. It was an honour to have these two heavyweights of the community coming together on the show.
Our conversation began with a discussion on the concept called the "narrow corridor of liberty," which Natalie explained as a theory describing the balance between the state and society in terms of technological advancements, and the race for liberty to stay ahead of tyranny. We then talked about how this applies to the race between Bitcoin and Central Bank Digital Currencies (CBDCs).
The conversation took a turn towards the challenges of explaining the upcoming financial challenges to friends and family, in the context of the need to rethink governance in a digital world to prevent excessive government control. The system of checks and balances in the United States has broken down, with laws now being made through federal agencies instead of Congress. These agencies are often not accountable to the American people.
Lyn talked about the correlation between the breakdown of the financial system and Increased government control. She emphasized the complexity and opacity of the money system, which fuels political polarization and distracts people from focusing on the real issues. Those in power may want to divert attention from the money system, whilst corporate interests have an undue influence on government decisions.
The need for reforms is readily apparent e.g. lobbyists' influence, Congress members trading stocks and the lack of term limits. But, the fundamental issue is the risks resulting from a concentration of power. Decentralisation is a bedrock of Bitcoin’s development, so there is real excitement that those pushing for change finally have a powerful tool with which to enact real and meaningful change. That is why Bitcoin has people of the calibre of Lyn and Natalie.
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Show notes: https://www.whatbitcoindid.com/podcast/are-central-banks-losing-control
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