Fiat Currencies Are Doomed!

The first prototypes of the modern central banking system were the Bank of England and the Swedish Riksbank in the 17th century. The Bank of England was the first to acknowledge the role of lender of last resort.

Before the rise of central banks, the world was dominated by unified currency blocs, such as the sterling bloc. There were only 18 central banks in the world in 1900. This number more than doubled to 40 by 1940. As of May 2017, there were 168 central banks in the world.

It is important to note that most of the world’s central banks issue half-baked local currencies, meaning, currencies that are not well supported by productivity and are, therefore, subjected to continuous depreciations and devaluations in the hands of corrupt and/or incompetent governments.

Vulnerable countries should do away with their central banks and domestic currencies and replace them with a sound foreign currency such as the Euro or US dollar.

Panama, Ecuador, and El Salvador are prime examples of countries that have benefited from officially eliminating their domestic currencies and adopting the US dollar. Montenegro and Kosovo are examples of eurosation.

Benefits From Officially Eliminating A Weak Domestic Currency & Adopting A Strong Currency

• Economic stability, given by a sense of…