June 17: (My First!) Flip the Switch Triweekly Update!
- Adi Shemesh
- Jun 17, 2024
- 3 min read
by Adi Shemesh
June 17, 2024 (Originally published on Linkedin)
If you have attended one of my lectures or used my Crypto Kit, you are now witnessing the unfolding of what you already know :)
TLDR at the bottom of the post!
Did you notice that our global economy is going through its biggest shift in centuries ❓
Welcome to my first post! -
A quick summary of the past month or so.
I've been following the global economy closely for the past year, giving this specific topic more time and attention than ever before and turning it into the center of my career.
Recently, it feels that the shift in the global economy is accelerating, and significant news is coming through at a rapidly growing pace.
Crypto, liquidity crisis, banks closing branches or closing completely, CBDC, identity management, all-time highs in the stock market, cash disappearing—you name it, it's all related.
To what? To the fact that our global financial infrastructure is being replaced. Right under our noses. All one should do is just look and absorb the information.
From now on, I'll be posting about these topics, so if you're interested in knowing more,
please be sure to follow and share if you appreciate the content 👣
🔵 Europe:
Europe has announced its EU digital wallet, where all of the identities of European citizens will be managed and kept. Citizens will have access to their personal wallets to share information. The ownership and management are expected to be in the hands of the EU itself.
The European Union made its first cut to interest rates in five years last week.
🔵 Crypto, CBDCs, and the U.S. election race:
After opposing crypto just a few months ago, Trump has officially embraced crypto openly, accepting crypto donations to his campaign and claiming that he will "support the right to self-custody and never allow the creation of CBDC." (CBDC = Central Bank Digital Currency, a currency that is not only manageable by law but also by code, so there is no real ownership over it).
🔵 Citizens losing access to their money:
In Cuba, citizens woke up one day in mid-May to realize that their bank accounts were emptied and that no cash was available at ATMs. * (The same thing happened in Cyprus and in Lebanon a few years ago. In Lebanon, it resulted in the devaluation of their currency by 90% compared to the U.S. Dollar at once.)
Meanwhile, the U.S. Congress is pushing the IEEPA law amendments that will allow the government to legally freeze individual bank accounts, assets, and even whole institutions at will.
In Australia, people woke up to realize their banks had been closed. Within the span of one month, 79 branches are expected to be closing.
Macquarie, Australia's biggest bank, bans cash, saying the bank will completely eliminate it by November this year.
🔵 The Petrodollar coming to an end?
The agreement that Saudi Arabia and the U.S. created in 1974, stipulating that petroleum is to be sold in U.S. dollars only, has allegedly came to an end last week after 50 years. What will Saudi Arabia do next?
Want to know more about something? Leave a comment to let me know, and I'd be happy to answer
Adi Shemesh
Consultant and researcher in strategy, economics, and technology. Founder of the startup Trench and its complementary fashion currency Diamond, formerly with the Central Bank of Israel.
Can you explain how a currency can be "not only manageable by law but also by code" and how this is significant? What does it mean that a currency is manageable by law? I understand access by code, but who has the code? We have codes for accessing nearly everything today and we are told this is to secure our interests, so how is this different?