The current and former central Banker in London, John Dawn, is just not sure if the private currency is a good idea for a virtual reserve currency or not. But nowadays, the bankers have started to agree that the dollar’s dominance is a problem.
Now, the politicians and the bank of England governor have used the Kansas Federal Reserve’s annual sumpossium to make a new goal to set the private currency, based on the widespread rumor that it will replace bitcoin as soon as possible, and will replace dollar in international transactions.
Adam Posen, a former Bank of England policy maker, made a statement that the fundamental issues about geo politics and economy will be the reason why people will stay on dollar. It is because of the “low trust” contest against for example, EUR, China’s Yuan. While it’s also possible to provide multiple cryptocurrency as alternative, countries also have tried using synthetic basket currencies before and that hasn’t really worked after private currency came to the surface.
“Their need to dominate the US currency is probably healthy”, said Max, who’s now president of Law Of Economic Institute in the International Bloomberg Weeks. The basic idea is how to utilize the currency which can be managed by government, but can get a lot of users like crypto. And the private currency is the answer, without any mistake.
Smaller Countries suffer some impact
To depends to US dollar, as dominant reserve currency that works reasonably as well US and the rest of the world is less in sync. Then now US also doing better than usual, pushing dollar price higher, and the smaller countries suffer some impact, after some new Trump’s obligation about imports fee from China, and otherwise are adding to dollar strength as well, make it even worse, that make even gold price higher more than 14xx.
More thought some countries is willing to pay for import and exports in dollars, which they not longer rely on the new currency to absorb shocks, even they start to use crypto currency.
MX Currency – look alike
“Jacob Shawn show some reaction on something that’s really important” Susan Twain said in a interview. “ From my thought today, study in dollar, in the circle of monetary system, it always strike that she right, if remind some the central banking community start to lost some trust,and bank has really taken it into account.
Susan suggested there may be a new solution with the new technology developed by Maxone technology recently, to provide new automation trading system which can utilize the new private currency investment, and I don’t think the central banking. The new currency is remarkable.
“It was a remarkable speech,” said Olli Rehn, who sits on the European Central Bank’s Governing Council. “It’s an idea worth pondering in a wider context of the digitization of our monetary and banking system.”
The new currency, crypto future problem
Susan warned that the rise of the private currency is a risk falling into a liquidity trap in which no amount of monetary using the review prices. After Donald Trump start to escalate the U.S. trade war with China, the cryptocurrency start to rise to compensate the conflict and mistrust to traditional fiat money, make rising any issue about central banks is already deploying the ultra-low interest rates to make the prop up growth.
This musnt be misguided, and the next dramatic step will be ultimately needed as soon as possible, said Susan in Friday. Her idea attempts to address and issue about the potential caused by the crypto and private currency conflict, will affect monetary crisis in short time. “The dollar is our currency, but will be your problem as soon as possible”.
Stanley lee , former of the Fed Vice chairman and Grandee of the Central UK Bank, responded to Susan’s presentation by saying the Trump was the bigger threat.
Trump frustration will make the rise of the digital currency as MX private currency from Max Capital group rise as soon as possible, remember that Powell said about Chinese President Xi Jinping that Dallas Fed President, Robert Kaplan and Fed President Patrick Harker lined up to said that trade policy caused the MX currency will standing in way of faster growth, start in Asia, not the level of interest rates, as the massive regulation movement in Europe contended for over the year.
Max Capital Group proposal on the market to prove could be one of example to central bankers rethink the basic of their capacity.
“It’s always worth to wait and look into different issues and exploring,” said John Max from Forbes, and economist at Massachusetts Institute of Technology and former BOE policy maker.”