RE: Technology And Regulators: A Game Of Speed
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That is all true. We have no idea where the leadership will come from yet see a country like Estonia, small on the global scale, taking the digital lead.
The conversation gets really interesting if we think away from the nation-state mindset and start to envision a world of networks. After all, as many stated, the decision of a Facebook tends to impact people more than one made by they centralized national government.
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Our national and local governments still have quite a bit of influence over our lives. We pay our taxes to them and and rely on them for many services. A medieval type of world of international networks is clearly forming, though.
Yes but as less tax money is flowing into the system, the harder things become for them. We are seeing a lot of work from home which is starting to hammer real estate values, that kills property taxes which go to the local governments. Thus we will likely see budget issues.
Unlike the national governments, they cant just take on debt to finance everything.
It is going to get very interesting here soon. We are going to see a sovereign debt crisis arising at some point. This will likely start in the Middle East as a lot of those countries struggle with lower oil prices.
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Property taxes aren't as large a share of tax revenue everywhere as they are in the US. Yes, local governments can't print money but in a lot of countries the national governments do it for them through subsidies.
I agree that we are likely to see many national governments either default on their loans or try and print their way out of debt leading to currency debasement. There will be a flight to the dollar as it is the global reserve currency at present. The US federal government will be the last of the dominoes to fall. Bitcoin and gold will appreciate tremendously relative to the failing fiats.